Hancock Estates Corp
- Assets
- $2.5m
- Revenue
- $385.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Cumberland, RI
- Founding
- 04/2000
- Data as of
- 03/2022
- EIN
- 05-0508939
Organization Overview
Hancock Estates Corp is located in Cumberland, RI. The organization was established in 2000. 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. Hancock Estates Corp 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 03/2022, Hancock Estates Corp generated $385.0k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.4% each year. All expenses for the organization totaled $488.7k during the year ending 03/2022. While expenses have increased by 1.8% per year over the past 7 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 PROVIDE AFFORDABLE HOUSING TO THE ELDERLY AND DISABLED IN TIVERTON, RI.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE LOW INCOME HOUSING TO THE ELDERLY AND DISABLED IN THE TIVERTON, RI AREA UNDER SECTION 202 OF THE NATIONAL HOUSING ACT.(51 UNITS)
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eugene Mcmahon Chairman | Officer | 0.5 | $0 |
Joseph Lamagna Vice Chairman | Officer | 0.5 | $0 |
James Dilley Director | Trustee | 0.5 | $0 |
William Enos Director | Trustee | 0.5 | $0 |
Edward Mulholland Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $164,974 |
| 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 | $164,974 |
| Total Program Service Revenue | $219,885 |
| Investment income | $103 |
| 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 | $384,962 |
| 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 | $73,229 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $13,601 |
| Payroll taxes | $8,055 |
| Fees for services: Management | $41,872 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $11,376 |
| 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 | $8,780 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $196,608 |
| Travel | $496 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $105,182 |
| Insurance | $21,707 |
| All other expenses | $0 |
| Total functional expenses | $488,660 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,224 |
| Savings and temporary cash investments | $18,052 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $2,295,194 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $155,204 |
| Total assets | $2,470,674 |
| Accounts payable and accrued expenses | $143,784 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $4,239,560 |
| Other liabilities | $17,459 |
| Total liabilities | $4,400,803 |
| Net assets without donor restrictions | -$1,930,129 |
| 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 | $2,470,674 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Community Builders Inc Boston, MA | $148,217,575 | $87,790,279 |
Cambridge Affordable Housing Corporation Cambridge, MA | $128,682,054 | $13,147,216 |
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 |
Mishawum Park Tenants Association Inc Braintree, MA | $36,767,027 | $4,697,884 |
2life Partners Inc Brighton, MA | $42,841,795 | $8,582,335 |
Trout Brook Realty Advisors Inc West Hartford, CT | $35,554,371 | $4,287,874 |
Presidential Gardens Neighborhood Association Inc Bradford, MA | $19,680,718 | $3,390,576 |
Town Of Lincoln Housing Authority Lincoln, RI | $10,343,855 | $3,775,446 |
National Affordable Housing Foundation Taunton Inc Waltham, MA | $6,510,586 | $2,055,606 |
Greater Groton Realty Corporation Groton, CT | $1,206,230 | $3,281,621 |
Island Housing Trust Corporation West Tisbury, MA | $30,027,553 | $5,778,836 |