Cambridge Affordable Housing Corporation
- Assets
- $123.2m
- Revenue
- $10.0m
- Investments
- $0.0
- Employees
- 0
- Location
- Cambridge, MA
- Founding
- 05/1990
- Data as of
- 12/2022
- EIN
- 22-3026442
Organization Overview
Cambridge Affordable Housing Corporation is located in Cambridge, MA. The organization was established in 1990. 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. Cambridge Affordable 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, Cambridge Affordable Housing Corporation generated $10.0m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 18.0% each year . All expenses for the organization totaled $11.7m during the year ending 12/2022. While expenses have increased by 18.6% 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
MANAGEMENT & SERVICES FOR RELATED ORGANIZATIONS WHICH OWN & OPERATE LOW INCOME HOUSING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AFFORDABLE HOUSING - MANAGEMENT AND SUPPORTING SERVICES FOR RELATED ORGANIZATIONS WHICH OWN AND OPERATE HOUSING FOR LOW AND MODERATE INCOME PERSONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael J Johnston Clerk | OfficerTrustee | 1 | $0 |
Brenda Snowden Downing Deputy Executive Director | Officer | 1 | $0 |
Margaret Donnelly-Moran Director Of Planning & Dev | Officer | 1 | $0 |
John Filip Chief Financial Officer | Officer | 1 | $0 |
Kevin J Braga Director Of Operations | Officer | 1 | $0 |
Hannah M Bolcome Director Of Leased Housing (until 2/22) | 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 | $256,975 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $256,975 |
| Total Program Service Revenue | $8,164,686 |
| Investment income | $2,921 |
| 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 | $10,017,577 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $256,975 |
| 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 | $1,122,480 |
| Pension plan accruals and contributions | $210,908 |
| Other employee benefits | $322,846 |
| Payroll taxes | $0 |
| Fees for services: Management | $387,923 |
| Fees for services: Legal | $1,533 |
| Fees for services: Accounting | $74,048 |
| 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 | $55,715 |
| Information technology | $20,754 |
| Royalties | $0 |
| Occupancy | $2,073,265 |
| Travel | $6,755 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,841,870 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,147,947 |
| Insurance | $423,661 |
| All other expenses | $56,914 |
| Total functional expenses | $11,729,737 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $19,589,830 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $216,100 |
| 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 | $289,714 |
| Net Land, buildings, and equipment | $29,203,466 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $73,909,875 |
| Total assets | $123,208,985 |
| Accounts payable and accrued expenses | $1,435,498 |
| Grants payable | $0 |
| Deferred revenue | $17,992 |
| 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 | $97,172,889 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $26,044,553 |
| Total liabilities | $124,670,932 |
| Net assets without donor restrictions | -$1,461,947 |
| 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 | $123,208,985 |
Grants Awarded
Over the last fiscal year, Cambridge Affordable Housing Corporation has awarded $256,975 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
CAMBRIDGE HOUSING AUTHORITY PURPOSE: CHARITABLE | $176,725 |
CAMBRIDGE COMMUNITY FOUNDATION PURPOSE: CHARITABLE | $76,500 |
RESIDENT SERVICES EMPOWERMENT PURPOSE: CHARITABLE | $3,750 |