Avesta Housing Development Corporation is located in Portland, ME. The organization was established in 1976. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, under the broad grouping of Housing & Shelter and related organizations. As of 12/2019, Avesta Housing Development Corporation employed 41 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations.
For the year ending 12/2019, Avesta Housing Development Corporation generated $8.7m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (3.9%) each year. All expenses for the organization totaled $9.5m during the year ending 12/2019. 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
2019
Describe the Organization's Mission:
Part 3 - Line 1
DEVELOPMENT AND MAINTENANCE OF LOW INCOME HOUSING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ALL EXPENSES RELATE TO DEVELOPMENT AND MAINTENANCE OF LOW INCOME ELDERLY HOUSING AND SECTION 8 EXISTING HOUSING RENTAL PROGRAMS.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Dana Totman Chief Executive Officer | Officer | 1 | $196,830 |
Eric Boucher Chief Financial Officer | Officer | 1 | $144,873 |
Kim Farrar VP Of Strategic Initiative | Officer | 1 | $121,245 |
Rebecca Hatfield Senior VP Of Real Estate | Officer | 1 | $119,670 |
Katy Tavares VP Of Senior Living | Officer | 1 | $41,486 |
Douglas Gardner VP Residential Services | Officer | 1 | $40,183 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Kaplan Thompson Architects Architectural | 12/30/19 | $311,502 |
Cws Architects Architectural | 12/30/19 | $253,655 |
Curtis Thaxter Llc Legal | 12/30/19 | $183,239 |
Heb Engineers Engineering | 12/30/19 | $130,020 |
Clark Insurance Insurance | 12/30/19 | $100,668 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $3,110,934 |
All other contributions, gifts, grants, and similar amounts not included above | $1,019,669 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $4,130,603 |
Total Program Service Revenue | $5,097,852 |
Investment income | $159,469 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | -$646,162 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $8,741,762 |
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. | $664,287 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $2,319,260 |
Pension plan accruals and contributions | $0 |
Other employee benefits | $508,085 |
Payroll taxes | $206,024 |
Fees for services: Management | $241,222 |
Fees for services: Legal | $16,758 |
Fees for services: Accounting | $114,493 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $0 |
Advertising and promotion | $39,094 |
Office expenses | $0 |
Information technology | $35,402 |
Royalties | $0 |
Occupancy | $0 |
Travel | $31,431 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $940,146 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $740,474 |
Insurance | $111,295 |
All other expenses | $1,384,194 |
Total functional expenses | $9,472,372 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $3,293,780 |
Savings and temporary cash investments | $2,722,149 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $607,915 |
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 | $114,382 |
Net Land, buildings, and equipment | $18,480,596 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $31,607,290 |
Total assets | $56,826,112 |
Accounts payable and accrued expenses | $1,800,598 |
Grants payable | $0 |
Deferred revenue | $344,784 |
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 | $36,804,214 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $734,408 |
Total liabilities | $39,684,004 |
Net assets without donor restrictions | $16,434,689 |
Net assets with donor restrictions | $707,419 |
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 | $56,826,112 |
Over the last fiscal year, we have identified 6 grants that Avesta Housing Development Corporation has recieved totaling $80,000.
Awarding Organization | Amount |
---|---|
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: GENERAL SUPPORT | $20,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: GENERAL SUPPORT | $20,000 |
Sam L Cohen Foundation Portland, ME PURPOSE: HOMELESS TO HOUSING COLLABORATION | $15,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: GENERAL SUPPORT | $10,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: GENERAL SUPPORT | $10,000 |
W R Berkley Corporation Charitable Foundation Wilmington, DE PURPOSE: BUILDING HOMES FOR OUR COMMUNITIES PROGRAM | $5,000 |
Organization Name | Assets | Revenue |
---|---|---|
Coastal Enterprises Inc Brunswick, ME | $105,726,277 | $9,413,252 |
Fit-Nhnh Inc Manchester, NH | $20,211,623 | $14,555,429 |
Avesta Housing Development Corporation Portland, ME | $56,826,112 | $8,741,762 |
Housing Benefits Manchester, NH | $20,714,993 | $2,978,794 |
Community Housing Of Maine Inc Portland, ME | $34,277,846 | $3,169,867 |
Village Square Housing Corporation Portland, ME | $3,747,395 | $2,703,745 |
Diocesan Bureau Of Housing Deering Pavilion Portland, ME | $10,288,358 | $2,370,569 |
United States Catholic Conference Portland, ME | $5,948,587 | $1,470,740 |
Rural Housing For The Elderly Manchester, NH | $2,991,518 | $1,105,911 |
Northern Lights Housing Corp Littleton, NH | $1,471,556 | $829,101 |
Berry Park Housing Corporation Portland, ME | $4,044,442 | $679,381 |
Stella Maris Housing Development Corp Rockland, ME | $1,687,730 | $609,770 |