Falmouth Housing Corporation
- Assets
- $8.6m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 15
- Location
- Falmouth, MA
- Founding
- 02/1997
- Data as of
- 12/2022
- EIN
- 04-3333866
Organization Overview
Falmouth Housing Corporation is located in Falmouth, MA. The organization was established in 1997. 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. As of 12/2022, Falmouth Housing Corporation employed 15 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Falmouth 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 12/2022, Falmouth Housing Corporation generated $1.3m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.8%) each year. All expenses for the organization totaled $804.4k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (3.5%) 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
EDUCATE, STIMULATE, RESEARCH AND PROVIDE AFFORDABLE HOUSING IN THE TOWN OF FALMOUTH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ACQUIRE, CONSTRUCT, MANAGE, MAINTAIN AND MAKE AVAILABLE, THROUGH ANY AVAILABLE RESOURCE, AFFORDABLE HOUSING IN THE TOWN OF FALMOUTH TO A PERSON OR FAMILIES IN NEED OF ECONOMIC ASSISTANCE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Linda Clark President/ex | Officer | 40 | $0 |
Frank K Duffy Jr ESQ Clerk | Officer | 3 | $0 |
Eric T Turkington Treasurer | Officer | 3 | $0 |
Jessica Erickson Whritenour Director | Trustee | 1 | $0 |
Thomas Lebach Director | Trustee | 1 | $0 |
Molly English-Braga Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $360,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $24,342 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $384,342 |
| Total Program Service Revenue | $885,665 |
| Investment income | $129,305 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$87,663 |
| Net Income from Fundraising Events | $24,555 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,339,676 |
| 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 | $386,299 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $10,761 |
| Payroll taxes | $32,382 |
| Fees for services: Management | $54,871 |
| Fees for services: Legal | $10,740 |
| Fees for services: Accounting | $12,910 |
| 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 | $36,710 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $3,484 |
| Travel | $6,528 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $11,338 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $71,040 |
| Insurance | $7,973 |
| All other expenses | $33,566 |
| Total functional expenses | $804,410 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,736,492 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $140,000 |
| Accounts receivable, net | $476,516 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $737,085 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,723 |
| Net Land, buildings, and equipment | $1,134,227 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,392,719 |
| Total assets | $8,622,762 |
| Accounts payable and accrued expenses | $3,874 |
| 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 | $173,762 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $177,636 |
| Net assets without donor restrictions | $8,235,126 |
| Net assets with donor restrictions | $210,000 |
| 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 | $8,622,762 |