Common Ground Development Corporation
- Assets
- $3.8m
- Revenue
- $854.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Lowell, MA
- Founding
- 02/2004
- Data as of
- 06/2022
- EIN
- 03-0494844
Organization Overview
Common Ground Development Corporation is located in Lowell, MA. The organization was established in 2004. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Common Ground Development 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 06/2022, Common Ground Development Corporation generated $854.8k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (2.0%) each year. All expenses for the organization totaled $472.7k during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (10.8%) per year over the past 8 years. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO DEVELOP AFFORDABLE HOUSING FOR LOW AND MODERATE INCOME PERSONS IN THE GREATER LOWELL AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COMMUNITY DEVELOPMENT - DEVELOP, OWN, AND OPERATE AFFORDABLE HOUSING FOR LOW AND MODERATE INCOME PERSONS AND FAMILIES IN LOWELL, MA, AND OTHER COMMUNITIES IN NORTHERN MASSACHUSETTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Glenn Goldman President | OfficerTrustee | 1 | $0 |
Jim Wilde Vice Preside | OfficerTrustee | 1 | $0 |
James Hogan Treasurer | OfficerTrustee | 1 | $0 |
Germaine Vigeant-Trudel Assistant Tr | OfficerTrustee | 1 | $0 |
Marie Sweeney Clerk | OfficerTrustee | 1 | $0 |
Tim Hirbour Assistant Cl | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Rm Cochran Company Inc Architectural | 6/29/22 | $939,444 |
Baker Wohl Architects Architectural | 6/29/22 | $133,825 |
Maugel Architects Inc Architectural | 6/29/22 | $107,041 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $715,319 |
| Investment income | $11,468 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$567,088 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $854,841 |
| Statement of Expenses | |
|---|---|
| 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 to disqualified persons | $0 |
| Other salaries and wages | $14,154 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $2,469 |
| Payroll taxes | $1,163 |
| Fees for services: Management | $130,607 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $43,476 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $8,045 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $136,554 |
| Travel | $306 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $55,042 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $60,906 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $472,651 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $525,809 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $200,944 |
| 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 | $4,313 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,583,527 |
| Total assets | $3,841,002 |
| Accounts payable and accrued expenses | $906,704 |
| Grants payable | $0 |
| Deferred revenue | $901 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $1,735 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $347,470 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,256,810 |
| Net assets without donor restrictions | $2,284,717 |
| Net assets with donor restrictions | $299,475 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $2,584,192 |