Groton Affordable Housing Inc
- Assets
- $567.4k
- Revenue
- $515.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Worcester, MA
- Founding
- 12/1987
- Data as of
- 06/2022
- EIN
- 22-2831170
Organization Overview
Groton Affordable Housing Inc is located in Worcester, MA. The organization was established in 1987. 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. Groton Affordable Housing 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 06/2022, Groton Affordable Housing Inc generated $515.0k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.8% each year. All expenses for the organization totaled $458.5k during the year ending 06/2022. 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 ACQUIRE, CONSTRUCT, REHABILITATE AND OPERATE 34 UNITS OF AFFORDABLE RESIDENTIAL HOUSING FOR ELDERLY PERSONS IN GROTON, MA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE AFFORDABLE RESIDENTIAL HOUSING FOR PERSONS PRIMARILY ELDERLY IN GROTON, MA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stephanie Marchetti Director | Trustee | 0.1 | $0 |
Kathy Shelp Director | Trustee | 0.1 | $0 |
Deborah A Foley Clerk/resident Agent | Officer | 0.1 | $0 |
Brian Scales Interim President/treasurer | Officer | 0.1 | $0 |
Karen Koller President/treasurer | Officer | 0.1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $370,670 |
| 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 | $370,670 |
| Total Program Service Revenue | $140,553 |
| Investment income | $26 |
| 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 | $514,974 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $36,484 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $11,250 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $92,182 |
| Advertising and promotion | $520 |
| Office expenses | $18,832 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $254,300 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $848 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $19,568 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $458,523 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $29,594 |
| Savings and temporary cash investments | $8,772 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $553 |
| 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 | $7,320 |
| Net Land, buildings, and equipment | $428,855 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $92,294 |
| Total assets | $567,388 |
| Accounts payable and accrued expenses | $39,822 |
| Grants payable | $0 |
| Deferred revenue | $218 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $9,877 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,924,945 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $6,978 |
| Total liabilities | $1,981,840 |
| Net assets without donor restrictions | -$1,414,452 |
| 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 | $567,388 |