Island Housing Trust Corporation
- Assets
- $30.0m
- Revenue
- $5.8m
- Investments
- $0.0
- Employees
- 12
- Location
- West Tisbury, MA
- Founding
- 11/2002
- Data as of
- 12/2021
- EIN
- 02-0549245
Organization Overview
Island Housing Trust Corporation is located in West Tisbury, MA. The organization was established in 2002. 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 12/2021, Island Housing Trust Corporation employed 12 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Island Housing Trust 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, Island Housing Trust Corporation generated $5.8m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 17.3% each year . All expenses for the organization totaled $2.7m during the year ending 12/2021. While expenses have increased by 25.3% 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
THE DEVELOPMENT AND STEWARDSHIP OF AFFORDABLE HOUSING ON THE ISLAND OF MARTHA'S VINEYARD, MASS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOUSING DEVELOPMENT - DEVELOP SIMPLE, DURABLE, ENERGY EFFICIENT HOUSING, BOTH RENTAL AND OWNERSHIP, THAT ARE DESIGNED AND BUILT TO BE TRULY AFFORDABLE TO PURCHASE OR RENT AND MAINTAIN FOR GENERATIONS.
RENTAL PROGRAMS - ENSURE THAT RENTAL PROPERTIES ARE WELL MAINTAINED, PROPERLY MANAGED AND FINANCIALLY SELF-SUSTAINABLE.
COMMUNICATIONS - BUILD COMMUNITY AWARENESS, UNDERSTANDING OF, AND SUPPORT FOR ISLAND HOUSING TRUST'S MISSION OF BUILDING AND PRESERVING PERMANENTLY AFFORDABLE HOUSING ON MARTHA'S VINEYARD.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Philippe Jordi Executive Director | Officer | 40 | $114,734 |
Delos Lander Vice President | OfficerTrustee | 2 | $0 |
Dan Seidman Treasurer | OfficerTrustee | 2 | $0 |
Peter Freeman Clerk | OfficerTrustee | 2 | $0 |
Doug Ruskin President | OfficerTrustee | 2 | $0 |
Richard Leonard Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Capebuilt Construction Inc Construction | 12/30/21 | $2,480,648 |
Bay State Leisure Homes Inc Construction | 12/30/21 | $338,104 |
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 | $5,044,194 |
| Noncash contributions included in lines 1a–1f | $352,741 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,044,194 |
| Total Program Service Revenue | $727,756 |
| Investment income | $1,835 |
| 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 | $5,778,836 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $550,000 |
| 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. | $140,073 |
| Compensation of current officers, directors, key employees. | $38,519 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $567,247 |
| Pension plan accruals and contributions | $5,101 |
| Other employee benefits | $115,438 |
| Payroll taxes | $55,017 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,413 |
| Fees for services: Accounting | $71,927 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $35,142 |
| Advertising and promotion | $44,929 |
| Office expenses | $99,518 |
| Information technology | $13,556 |
| Royalties | $0 |
| Occupancy | $698,924 |
| Travel | $5,724 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,122 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $327,501 |
| Insurance | $3,550 |
| All other expenses | $0 |
| Total functional expenses | $2,738,182 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,527,003 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $2,079,402 |
| Accounts receivable, net | $141,558 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $90,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $13,734 |
| Net Land, buildings, and equipment | $14,888,887 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,286,969 |
| Total assets | $30,027,553 |
| Accounts payable and accrued expenses | $391,155 |
| 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 | $8,303,799 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $8,694,954 |
| Net assets without donor restrictions | $19,233,831 |
| Net assets with donor restrictions | $2,098,768 |
| 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 | $30,027,553 |
Grants Awarded
Over the last fiscal year, Island Housing Trust Corporation has awarded $550,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Vineyard Haven, MA PURPOSE: TO CONTINUE MAKING PROGRESS ON INNOVATION AND EDUCATIONAL CENTER INCLUDING FARMWORKER HOUSING. | $250,000 |
Edgartown, MA PURPOSE: CONTINUING DEVELOPMENT OF ISLAND AUTISM CENTER AND PURCHASE OF LAND. | $200,000 |
Vineyard Haven, MA PURPOSE: TO PURCHASE PROPERTY FOR THE PURPOSES OF PROVIDING HOUSING AND SUPPORTIVE SERVICES TO HOMELESS RESIDENTS. | $100,000 |
Grants Recieved
Over the last fiscal year, we have identified 12 grants that Island Housing Trust Corporation has recieved totaling $143,661.
| Awarding Organization | Amount |
|---|---|
The Linda And Lenny Bell Family Foundation Wilmington, DE PURPOSE: GENERAL & UNRESTRICTED | $25,000 |
Greater Washington Community Foundation Washington, DC PURPOSE: GENERAL SUPPORT | $25,000 |
Impactassets Inc Bethesda, MD PURPOSE: GENERAL SUPPORT | $24,000 |
Schwab Charitable Fund San Francisco, CA PURPOSE: HUMAN SERVICES | $19,850 |
Associated Jewish Charities Of Baltimore Baltimore, MD PURPOSE: GENERAL SUPPORT | $12,500 |
Ayco Charitable Foundation Cohoes, NY PURPOSE: COMMUNITY & HUMAN SERVICES | $11,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Services For The Underserved Inc New York, NY | $8,662,192 | $15,624,121 |
Hudson River Housing Poughkeepsie, NY | $27,296,400 | $16,670,773 |
Division Housing Corporation Brooklyn, NY | $37,066,960 | $16,618,579 |
Cambridge Affordable Housing Corporation Cambridge, MA | $128,682,054 | $13,147,216 |
Boston Tremont Housing Development Fund Corporation New York, NY | $28,761,784 | $24,917,100 |
Highbridge Community Housing Development Fund Corporation Bronx, NY | $37,198,979 | $10,077,862 |
Harlem West Ii Housing Dev Fund Co Inc New York, NY | $7,149,098 | $1,214,746 |
Augustus & James Corporation New York, NY | $14,865,131 | $12,141,215 |
Rupco Inc Kingston, NY | $24,947,682 | $11,097,811 |
Fit-Nhnh Inc Manchester, NH | $20,051,648 | $10,413,245 |
Cambridge Community Housing Development Inc Cambridge, MA | $56,982,552 | $7,704,327 |
New Samaritan Corporation Inc Storrs, CT | $12,270,724 | $7,624,848 |