Housing Initiatives Of New England
- Assets
- $101.5m
- Revenue
- $30.6m
- Investments
- $8.1m
- Employees
- 5
- Location
- Scarborough, ME
- Founding
- 06/1991
- Data as of
- 12/2023
- EIN
- 22-3100803
Organization Overview
Housing Initiatives Of New England is located in Scarborough, ME. The organization was established in 1991. According to its NTEE Classification (L99) the organization is classified as: Housing & Shelter N.E.C., under the broad grouping of Housing & Shelter and related organizations. As of 12/2023, Housing Initiatives Of New England employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Housing Initiatives Of New England 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 12/2023, Housing Initiatives Of New England generated $30.6m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 18.8% each year . All expenses for the organization totaled $3.2m during the year ending 12/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
LOW-INCOME HOUSING
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAINTAINED EIGHT (8) QUALITY LOW-INCOME ELDERLY AND FAMILY (SECTION 8) PROJECTS AND PRESERVED THEM FOR LOW-INCOME HOUSING PURPOSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Silk Chairperson | Trustee | 5 | $0 |
Cynthia J Milliken Taylor President | Trustee | 40 | $399,021 |
Timothy Hassett Treasurer | Trustee | 5 | $0 |
Jane O'rourke Secretary | Trustee | 5 | $0 |
Marc Poulin Vice President | Trustee | 5 | $0 |
William W Walker Vice President | Officer | 40 | $214,732 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Stewart Property Management Management And Administrative | 12/30/18 | $371,741 |
Crockett Taylor And Co Consulting | 12/30/18 | $196,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $939,755 |
| 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 | $939,755 |
| Total Program Service Revenue | $9,219,170 |
| Investment income | $1,936,836 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $18,460,682 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $30,556,443 |
| 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. | $613,753 |
| Compensation of current officers, directors, key employees. | $613,753 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $269,059 |
| Pension plan accruals and contributions | $201,806 |
| Other employee benefits | $112,776 |
| Payroll taxes | $49,330 |
| Fees for services: Management | $93,769 |
| Fees for services: Legal | $10,725 |
| Fees for services: Accounting | $48,700 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $225,000 |
| Advertising and promotion | $62 |
| Office expenses | $92,516 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $22,429 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $225,083 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $416,613 |
| Insurance | $60,271 |
| All other expenses | $249,383 |
| Total functional expenses | $3,197,692 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $199,406 |
| Savings and temporary cash investments | $24,256,361 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $17,899 |
| 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 | $28,891 |
| Net Land, buildings, and equipment | $8,893,869 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $8,117,756 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $60,015,437 |
| Total assets | $101,529,619 |
| Accounts payable and accrued expenses | $80,351 |
| 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 | $3,138,341 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $60,819 |
| Total liabilities | $3,279,511 |
| Net assets without donor restrictions | $98,250,108 |
| 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 | $101,529,619 |