Homeowners Rehab Inc
- Assets
- $137.8m
- Revenue
- $13.6m
- Investments
- $25.6m
- Employees
- 14
- Location
- Cambridge, MA
- Founding
- 12/1975
- Data as of
- 12/2022
- EIN
- 04-2519279
Organization Overview
Homeowners Rehab Inc is located in Cambridge, MA. The organization was established in 1975. According to its NTEE Classification (L80) the organization is classified as: Housing Support, under the broad grouping of Housing & Shelter and related organizations. As of 12/2023, Homeowners Rehab Inc employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Homeowners Rehab Inc 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 12/2022, Homeowners Rehab Inc generated $13.6m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 10.8% each year . All expenses for the organization totaled $5.6m during the year ending 12/2022. While expenses have increased by 18.5% per year over the past 5 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO MAKE LOW INTEREST LOANS TO LOW INCOME HOMEOWNERS FOR IMPROVEMENTS. DEVELOPMENT OF LOW INCOME HOUSING AND REHABING OLD HOUSING STOCK.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AFFILIATE ACTIVITIES - TO ACQUIRE, RENOVATE, CONSTRUCT, DEVELOP, OWN,LEASE OR MANAGE LOW-INCOME OR MIXED-INCOME FAMILY HOUSING IN CAMBRIDGE, MASSACHUSETTS.
DEVELOPMENT AND OPERATING-HRI IS INVOLVED IN VARIOUS PROJECTS TO DEVELOP LOW INCOME HOUSING. HRI ALSO FACILITATES THE REHABILITATION OF OLD HOUSING STOCK.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
George Beal Treasurer | OfficerTrustee | 5 | $0 |
Louise Elving President | OfficerTrustee | 5 | $0 |
John Hixson Clerk | OfficerTrustee | 5 | $0 |
Amy Walsh Farrell Board Member | Trustee | 5 | $0 |
Aviva Rothman-Shore Board Member | Trustee | 5 | $0 |
Debra Fox Board Member | Trustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Nei General Contracting Construction | 12/30/19 | $745,100 |
Star Construction Construction | 12/30/19 | $112,868 |
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 | $781,570 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $781,570 |
| Total Program Service Revenue | $10,792,473 |
| Investment income | $1,591,999 |
| 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 | $13,581,541 |
| 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. | $306,394 |
| Compensation of current officers, directors, key employees. | $23,368 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,294,479 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $290,810 |
| Payroll taxes | $100,321 |
| Fees for services: Management | $57,519 |
| Fees for services: Legal | $171,038 |
| Fees for services: Accounting | $331,737 |
| 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 | $75,206 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $160,183 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,471,537 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $337,595 |
| Insurance | $26,925 |
| All other expenses | $27,163 |
| Total functional expenses | $5,555,508 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $19,382,449 |
| Savings and temporary cash investments | $4,356,498 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,172,137 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $25,511,098 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $32,162 |
| Net Land, buildings, and equipment | $53,579,932 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $25,613,328 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,125,067 |
| Total assets | $137,772,671 |
| Accounts payable and accrued expenses | $1,524,866 |
| Grants payable | $0 |
| Deferred revenue | $1,841,404 |
| 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 | $64,944,744 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,586,445 |
| Total liabilities | $72,897,459 |
| Net assets without donor restrictions | $64,875,212 |
| 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 | $137,772,671 |