Freeman Forest Housing Corporation
- Assets
- $927.6k
- Revenue
- $255.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Bangor, ME
- Founding
- 08/2004
- Data as of
- 12/2021
- EIN
- 01-0533179
Organization Overview
Freeman Forest Housing Corporation is located in Bangor, ME. The organization was established in 2004. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Freeman Forest Housing Corporation 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 12/2021, Freeman Forest Housing Corporation generated $255.7k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.5% each year. All expenses for the organization totaled $261.3k during the year ending 12/2021. While expenses have increased by 0.7% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO OPERATE A 22 UNIT LOW INCOME HOUSING DEVELOPMENT IN ORONO, ME WHICH PROVIDES DECENT, SAFE AND SANITARY HOUSING TO THE ELDERLY AND/OR DISABLED. THE DEVELOPMENT IS SUBSIDIZED BY USDA RURAL DEVELOPMENT AS TO ITS MORTGAGE AND RENTAL INCOME.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATED A 22 UNIT ELDERLY LOW INCOME HOUSING DEVELOPMENT IN ORONO, ME, PROVIDING DECENT, SAFE AND SANITARY HOUSING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Margaret Campbell Vice Preside | OfficerTrustee | 1 | $0 |
Dwight Hasbrouck President | OfficerTrustee | 1 | $0 |
Tom Perry Treasurer | OfficerTrustee | 1 | $0 |
Dyan Walsh Secretary | OfficerTrustee | 1 | $0 |
Robert Treadwell Director | Trustee | 1 | $0 |
Mary Phillips 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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $255,556 |
| Investment income | $100 |
| 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 | $255,656 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $21,042 |
| Fees for services: Legal | $2,696 |
| Fees for services: Accounting | $5,820 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $18 |
| Office expenses | $431 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $35,359 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $63,707 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $30,254 |
| Insurance | $8,249 |
| All other expenses | $10,457 |
| Total functional expenses | $261,261 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,268 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $763 |
| 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 | $11,273 |
| Net Land, buildings, and equipment | $784,840 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $118,406 |
| Total assets | $927,550 |
| Accounts payable and accrued expenses | $23,230 |
| 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 | $1,104,741 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $15,373 |
| Total liabilities | $1,143,344 |
| Net assets without donor restrictions | -$215,794 |
| 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 | $927,550 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Avesta Housing Management Corporation Portland, ME | $3,765,380 | $8,258,375 |
State Street Housing Preservation Corporation Portland, ME | $24,631,700 | $3,259,892 |
Monadnock Affordable Housing Corporation Keene, NH | $28,241,880 | $6,742,174 |
Affordable Housing Education And Development Inc Littleton, NH | $9,970,385 | $3,045,198 |
Bartlett Woods Inc Rockland, ME | $6,101,412 | $2,284,525 |
Housing Foundation Orono, ME | $3,133,048 | $2,829,758 |
Manchester Neighborhood Housing Services Inc Manchester, NH | $9,007,199 | $1,551,770 |
Laconia Area Community Land Trust Laconia, NH | $15,899,939 | $3,154,056 |
Bath Housing Development Corporation Bath, ME | $12,708,509 | $6,289,688 |
Housing Foundation Phase 1 & 2 Orono, ME | $5,226,993 | $1,967,341 |
Habitat For Humanity Of Greater Portland Inc Portland, ME | $4,759,457 | $2,582,640 |
Community Concepts Finance Corp Lewiston, ME | $13,201,299 | $1,637,763 |