Somerville Community Land Trust
- Assets
- $3.8m
- Revenue
- $270.3k
- Investments
- $0.0
- Employees
- 2
- Location
- Somerville, MA
- Founding
- 12/2019
- Data as of
- 12/2022
- EIN
- 83-4461699
Organization Overview
Somerville Community Land Trust is located in Somerville, MA. The organization was established in 2019. According to its NTEE Classification (L50) the organization is classified as: Homeowners & Tenants Associations, under the broad grouping of Housing & Shelter and related organizations. As of 12/2022, Somerville Community Land Trust employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Somerville Community Land Trust is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
SCLT PROMOTES NEIGHBORHOOD STABILITY AND ENGAGEMENT THROUGH CREATION PRESERVATION OF PERMANENTLY AFFORDABLE HOUSING TO LOWINCOME RESIDENTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCLT PROMOTES NEIGHBORHOOD STABILITY AND ENGAGEMENT THROUGH THE CREATION & PRESERVATION OF PERMANENTLY AFFORDABLE HOUSING BY OFFERING DEEPLY SUBSIDIZED HOMEOWNERSHIP OPPORTUNITIES TO LOW-INCOME RESIDENTS. ADDITIONALLY, SCLT WORKS TO DEVELOP INNOVATIVE METHODS TO INCREASE HOMEOWNERSHIP, AND EMPOWERS LOW- AND MODERATE-INCOME PEOPLE ALONG WITH THOSE WHO SHARE ITS VISION OF COMMUNITY CONTROL OF LAND BY FOSTERING STEWARDSHIP OF PERPETUALLY AFFORDABLE HOMEOWNERSHIP AND RENTAL HOUSING AND PROVIDING SUPPORTIVE SERVICES.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Elizabeth Haney President | OfficerTrustee | 1 | $0 |
Jill Arnold Treasurer | OfficerTrustee | 1 | $0 |
Michael Gintz Clerk | OfficerTrustee | 1 | $0 |
David Gibbs Director | Trustee | 1 | $0 |
Jhenny Saint-Surin Director | Trustee | 1 | $0 |
Cherai Mills Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $270,297 |
| Noncash contributions included in lines 1a–1f | $33,088 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $270,297 |
| Total Program Service Revenue | $0 |
| 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 | $270,297 |
| 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. | $51,390 |
| Compensation of current officers, directors, key employees. | $6,167 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $2,900 |
| Other employee benefits | $0 |
| Payroll taxes | $8,673 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $6,769 |
| Office expenses | $6,143 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $4,424 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $16,938 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $286,963 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $442,720 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $116,500 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,323 |
| Net Land, buildings, and equipment | $768,000 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,510,070 |
| Total assets | $3,840,613 |
| Accounts payable and accrued expenses | $40,368 |
| 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 | $20,000 |
| Secured mortgages and notes payable | $3,730,143 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $30,000 |
| Total liabilities | $3,820,511 |
| Net assets without donor restrictions | $20,102 |
| Net assets with donor restrictions | $0 |
| 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 | $3,840,613 |