Island Housing Trust Corporation
- Assets
- $40.0m
- Revenue
- $5.8m
- Investments
- $9.0k
- Employees
- 16
- Location
- West Tisbury, MA
- Founding
- 11/2002
- Data as of
- 12/2023
- 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 12/2023, Island Housing Trust Corporation employed 16 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 12/2023, Island Housing Trust Corporation generated $5.8m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 13.2% each year . All expenses for the organization totaled $4.4m during the year ending 12/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO OWN AND LEASE LAND FOR THE PURPOSE OF DEVELOPING, BUILDING AND MAINTAINING AFFORDABLE HOUSING.
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 |
|---|---|---|---|
Pamela Craven President | OfficerTrustee | 2 | $0 |
Doug Ruskin Pres (until 3/23)/clerk (as Of 3/23) | OfficerTrustee | 2 | $0 |
Victoria Haeselbarth Vice President | OfficerTrustee | 2 | $0 |
Norman Werthwein Treasurer | OfficerTrustee | 2 | $0 |
Peter Freeman Clerk (until 3/23) | OfficerTrustee | 2 | $0 |
Barbara Bellissimo Director (as Of 5/23) | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Capebuilt Construction Inc Construction | 12/30/22 | $5,362,885 |
Bay State Leisure Homes Inc Construction | 12/30/22 | $301,975 |
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 | $4,315,486 |
| Noncash contributions included in lines 1a–1f | $375,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,315,486 |
| Total Program Service Revenue | $1,261,727 |
| Investment income | $113,738 |
| 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 | $5,790,854 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $90,135 |
| 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. | $187,398 |
| Compensation of current officers, directors, key employees. | $46,849 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $962,076 |
| Pension plan accruals and contributions | $14,527 |
| Other employee benefits | $128,828 |
| Payroll taxes | $91,216 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $10,957 |
| Fees for services: Accounting | $42,141 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $72,304 |
| Advertising and promotion | $0 |
| Office expenses | $295,735 |
| Information technology | $22,683 |
| Royalties | $0 |
| Occupancy | $908,206 |
| Travel | $6,308 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,237 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $457,397 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $4,383,899 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,410,092 |
| Savings and temporary cash investments | $4,080,959 |
| Pledges and grants receivable | $2,835,524 |
| Accounts receivable, net | $79,880 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $199,472 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $850 |
| Net Land, buildings, and equipment | $26,755,078 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $9,009 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,592,317 |
| Total assets | $39,963,181 |
| Accounts payable and accrued expenses | $50,336 |
| 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 | $13,036,633 |
| Unsecured mortgages and notes payable | $1,234,000 |
| Other liabilities | $0 |
| Total liabilities | $14,320,969 |
| Net assets without donor restrictions | $22,664,775 |
| Net assets with donor restrictions | $2,977,437 |
| 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 | $39,963,181 |
Grants Awarded
Over the last fiscal year, Island Housing Trust Corporation has awarded $550,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
ISLAND GROWN INITIATIVE PURPOSE: TO CONTINUE MAKING PROGRESS ON INNOVATION AND EDUCATIONAL CENTER INCLUDING FARMWORKER HOUSING. | $250,000 |
ISLAND AUTISM GROUP LLC PURPOSE: CONTINUING DEVELOPMENT OF ISLAND AUTISM CENTER AND PURCHASE OF LAND. | $200,000 |
HARBOR HOMES OF MARTHA'S VINEYARD LLC PURPOSE: TO PURCHASE PROPERTY FOR THE PURPOSES OF PROVIDING HOUSING AND SUPPORTIVE SERVICES TO HOMELESS RESIDENTS. | $100,000 |