Avesta Housing Development Corporation
- Assets
- $56.8m
- Revenue
- $8.7m
- Investments
- $0.0
- Employees
- 41
- Location
- Portland, ME
- Founding
- 11/1976
- Data as of
- 12/2019
- EIN
- 01-0315296
Organization Overview
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.
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Board, Officers & Key Employees
| 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 |
Outside Vendors & Contractors
| 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 |
Financial Statements
| 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 |
Grants Recieved
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 |
Peer Organizations
| 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 |