Essex Street Management Incorporated
- Assets
- $44.2m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Cambridge, MA
- Founding
- 11/2001
- Data as of
- 12/2021
- EIN
- 04-3534715
Organization Overview
Essex Street Management Incorporated is located in Cambridge, MA. The organization was established in 2001. 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. Essex Street Management Incorporated 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, Essex Street Management Incorporated generated $1.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (28.7%) each year. All expenses for the organization totaled $1.1m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (26.7%) per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDES MANAGEMENT AND SUPPORTING SERVICES FOR RELATED ORGANIZATIONS IN CAMBRIDGE, MA
Describe the Organization's Program Activity:
Part 3 - Line 4a
OWNER/OPERATOR OF 14 LOW-INCOME HOUSING UNITS AND AN 8-UNIT HOUSING COMPLEX FOR QUALIFIED LOW-INCOME INDIVIDUALS IN THE CITY OF CAMBRIDGE, MA, AND DEVELOPER AND MANAGING MEMBER OF SEVEN PUBLIC HOUSING REHABILITATION PROJECTS CURRENTLY UNDERGOING SIGNIFICANT PROPERTY REVITALIZATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael J Johnston Clerk | OfficerTrustee | 1 | $0 |
Elaine Derosa President | OfficerTrustee | 1 | $0 |
Gerald J Clark Treasurer | OfficerTrustee | 1 | $0 |
Louis Bacci III Vice President | OfficerTrustee | 1 | $0 |
Brenda Snowden Downing Deputy Executive Director | Officer | 1 | $0 |
John Filip Chief Financial Officer | Officer | 1 | $0 |
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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $941,184 |
| Investment income | $31,178 |
| 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 | $1,080,953 |
| 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 | $21,432 |
| Pension plan accruals and contributions | $8,414 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $52,086 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $22,020 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,600 |
| Advertising and promotion | $0 |
| Office expenses | $897 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $51,995 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $52,927 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $128,007 |
| Insurance | $47,468 |
| All other expenses | $2,536 |
| Total functional expenses | $1,090,459 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $32,455,010 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,670,036 |
| 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 | $16,186 |
| Net Land, buildings, and equipment | $3,007,555 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,050,118 |
| Total assets | $44,198,905 |
| Accounts payable and accrued expenses | $145,241 |
| Grants payable | $0 |
| Deferred revenue | $603 |
| 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 | $2,701,381 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $32,757,802 |
| Total liabilities | $35,605,027 |
| Net assets without donor restrictions | $8,593,878 |
| 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 | $44,198,905 |
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 |