Island Housing Trust
- Assets
- $4.7m
- Revenue
- $2.7m
- Investments
- $0.0
- Employees
- 3
- Location
- Mount Desert, ME
- Founding
- 09/1994
- Data as of
- 12/2021
- EIN
- 22-2993615
Organization Overview
Island Housing Trust is located in Mount Desert, ME. The organization was established in 1994. 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 12/2021, Island Housing Trust employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Island Housing Trust 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, Island Housing Trust generated $2.7m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 39.4% each year . All expenses for the organization totaled $475.6k during the year ending 12/2021. While expenses have increased by 8.8% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
ISLAND HOUSING TRUST PROMOTES VIABLE, YEAR-ROUND ISLAND COMMUNITIES BY ADVANCING PERMANENT WORKFORCE HOUSING ON MOUNT DESERT ISLAND, MAINE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ISLAND HOUSING TRUST (IHT) COMPLETED A 3.5 MILLION CAPITAL CAMPAIGN, RAISING FUNDS TO BUILD A NEW NEIGHBORHOOD OF 10 YEAR-ROUND HOMES AFFORDABLE TO MDI'S WORKFORCE EARNING AN AVERAGE INCOME ON MDI. IHT FACILITATED THE PURCHASE (BY A PARTNER) AND SALE (TO ELIGIBLE BUYERS) OF A HOUSE IN NORTHEAST HARBOR. IHT MADE A LOAN TO THE PARTNER TO ENABLE THEM TO PURCHASE AND HOLD THE PROPERTY UNTIL THE ELIGIBLE BUYERS OBTAINED FINANCING. IHT SUBSEQUENTLY TOOK ON THE RESPONSIBILITY TO MAINTAIN THE RELATIONSHIP WITH THE HOMEOWNER AND MONITOR THE LEASE AND COVENANTS OF THAT PROPERTY FOR THE LANDOWNER/PARTNER. IHT COMPLETED THE PERMITTING PROCESS FOR ITS NEW NEIGHBORHOOD AT JONES MARSH IN BAR HARBOR. AS OF DECEMBER 31, 2021 IHT HOLDS COVENANTS ON 36 HOMES IN ALL 4 MDI TOWNS, SERVING 106 INDIVIDUALS LIVING YEAR-ROUND ON THE ISLAND.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marla O'byrne Executive Di | Officer | 40 | $67,540 |
Edith Deedie' Bouscaren President | OfficerTrustee | 10 | $0 |
Joanne Harris Vice Preside | OfficerTrustee | 2 | $0 |
Greg Dalton Secretary | OfficerTrustee | 2 | $0 |
Sandy Johnson Treasurer | OfficerTrustee | 5 | $0 |
Jason Briggs Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,017 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,723,376 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,725,393 |
| Total Program Service Revenue | $480 |
| Investment income | $2,545 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,672 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,726,746 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $520 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $71,554 |
| Compensation of current officers, directors, key employees. | $44,615 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $104,758 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $31,907 |
| Payroll taxes | $9,304 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,234 |
| Fees for services: Accounting | $7,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $131,418 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $26,826 |
| Advertising and promotion | $6,415 |
| Office expenses | $43,169 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $14,518 |
| Travel | $0 |
| 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 | $0 |
| Insurance | $3,227 |
| All other expenses | $0 |
| Total functional expenses | $475,592 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,146,938 |
| Pledges and grants receivable | $1,760,000 |
| 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 | $2,070 |
| Net Land, buildings, and equipment | $653,395 |
| Investments—publicly traded securities | $72,380 |
| Investments—other securities | $0 |
| Investments—program-related | $50,675 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,685,458 |
| Accounts payable and accrued expenses | $12,272 |
| 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 | $0 |
| Other liabilities | $0 |
| Total liabilities | $12,272 |
| Net assets without donor restrictions | $2,195,672 |
| Net assets with donor restrictions | $2,477,514 |
| 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 | $4,685,458 |
Grants Recieved
Over the last fiscal year, we have identified 14 grants that Island Housing Trust has recieved totaling $424,740.
| Awarding Organization | Amount |
|---|---|
Edward C Johnson Fund Boston, MA PURPOSE: CONSTRUCTION | $200,000 |
Grace Institute New York, NY PURPOSE: Operational Support | $75,000 |
William & Mary Greve Foundation Inc Norfolk, CT PURPOSE: FOR GENERAL OPERATING SUPPORT. | $50,000 |
Schwab Charitable Fund San Francisco, CA PURPOSE: HUMAN SERVICES | $34,700 |
Ausolus Tr Boston, MA PURPOSE: EXEMPT PURPOSE | $25,000 |
Cornolia Cogswell Rossi Foundation Inc Wilmington, DE PURPOSE: GENERAL & UNRESTRICTED | $15,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Avesta Housing Management Corporation Portland, ME | $3,765,380 | $8,258,375 |
State Street Housing Preservation Corporation Portland, ME | $24,631,700 | $3,259,892 |
Monadnock Affordable Housing Corporation Keene, NH | $28,241,880 | $6,742,174 |
Affordable Housing Education And Development Inc Littleton, NH | $9,970,385 | $3,045,198 |
Bartlett Woods Inc Rockland, ME | $6,101,412 | $2,284,525 |
Housing Foundation Orono, ME | $3,133,048 | $2,829,758 |
Manchester Neighborhood Housing Services Inc Manchester, NH | $9,007,199 | $1,551,770 |
Laconia Area Community Land Trust Laconia, NH | $15,899,939 | $3,154,056 |
Bath Housing Development Corporation Bath, ME | $12,708,509 | $6,289,688 |
Housing Foundation Phase 1 & 2 Orono, ME | $5,226,993 | $1,967,341 |
Habitat For Humanity Of Greater Portland Inc Portland, ME | $4,759,457 | $2,582,640 |
Community Concepts Finance Corp Lewiston, ME | $13,201,299 | $1,637,763 |