North East Housing Initiative Inc
- Assets
- $6.0m
- Revenue
- $3.2m
- Investments
- $0.0
- Employees
- 11
- Location
- Baltimore, MD
- Founding
- 02/2016
- Data as of
- 12/2022
- EIN
- 47-3748163
Organization Overview
North East Housing Initiative Inc is located in Baltimore, MD. The organization was established in 2016. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. As of 12/2022, North East Housing Initiative Inc employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. North East Housing Initiative Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, North East Housing Initiative Inc generated $3.2m in total revenue. All expenses for the organization totaled $2.9m during the year ending 12/2022. While expenses have increased by 175.0% per year over the past 3 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO BUILD COMMUNITY ONE HOME AT A TIME THROUGH THE DEVELOPMENT OF AFFORDABLE HOUSING FOR RESIDENTS AT OR BELOW 60% OF THE AREA MEDIAN INCOME (AMI).
Describe the Organization's Program Activity:
Part 3 - Line 4a
ACQUIRED 10 PROPERTIES FOR DEVELOPMENT AND SALE. COMPLETED REHAB ON 9 HOMES, AND SOLD 7 HOMES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Garrick R Good Executive Director | Officer | 40 | $0 |
Danise Jones Dorsey Chairperson | OfficerTrustee | 1 | $0 |
Dave Overton Vice-Chair | OfficerTrustee | 1 | $0 |
Maggie Duncan Augustt Trustee | Trustee | 1 | $0 |
Henry Daniyan Trustee | Trustee | 1 | $0 |
Reverend FR Ty Hollinger Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,075,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $25,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,100,000 |
| Total Program Service Revenue | $1,063,612 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,163,612 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $85,000 |
| Compensation of current officers, directors, key employees. | $29,750 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $944,085 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $73,587 |
| Payroll taxes | $245,462 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $23,500 |
| Fees for services: Accounting | $56,852 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $33,925 |
| Advertising and promotion | $28,616 |
| Office expenses | $83,399 |
| Information technology | $31,220 |
| Royalties | $0 |
| Occupancy | $39,517 |
| Travel | $12,440 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $307,633 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,419 |
| Insurance | $9,123 |
| All other expenses | $0 |
| Total functional expenses | $2,899,722 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $198,522 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,877,555 |
| Accounts receivable, net | $888,745 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $254,801 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,345,002 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,457,145 |
| Total assets | $6,021,770 |
| Accounts payable and accrued expenses | $452,357 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $858,798 |
| Unsecured mortgages and notes payable | $342,807 |
| Other liabilities | $0 |
| Total liabilities | $1,653,962 |
| Net assets without donor restrictions | $3,992,808 |
| Net assets with donor restrictions | $375,000 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $6,021,770 |