Evernorth
- Assets
- $26.0m
- Revenue
- $8.2m
- Investments
- $0.0
- Employees
- 51
- Location
- Burlington, VT
- Founding
- Data as of
- 12/2021
- EIN
- 85-1409438
Organization Overview
Evernorth is located in Burlington, VT. 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. As of 12/2021, Evernorth employed 51 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Evernorth is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
PRODUCE PERMANENTLY AFFORDABLE HOUSING AND ENABLE INVESTMENTS IN ECONOMIC AND COMMUNITY DEVELOPMENT TO BENEFIT RESIDENTS THROUGH PARTNERSHIPS WITH COMMUNITIES AND THE PRIVATE SECTOR.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FOSTERING LOW-INCOME HOUSING, AND COMMUNITY DEVELOPMENT, ALLEVIATION AND PREVENTATION OF COMMUNITY DETERIORATION THROUGH THE PRODUCTION AND REHABILITATION OF AFFORDABLE HOUSING AS PROVIDED IN INTERNAL REVENUE SERVICE REVENUE PROCEDURE 96-32 (INLUDING SPECIFICALLY THE REQUIREMENTS THAT MUST BE SATISFIED TO QUALIFY UNDER THE SAFE HARBOR OF "FACTS AND CIRCUMSTANCES" TESTS).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Shanahan Co-President | Officer | 40 | $216,017 |
Nancy Owens Co-President | Officer | 40 | $197,747 |
Kathy Beyer VP - Development | 40 | $153,619 | |
Janet Spitler Chief Financial Officer | Officer | 40 | $146,791 |
Holly Burbank Vice President | 40 | $142,043 | |
Elizabeth Wagner-Boutin VP - Community Investments | 40 | $135,507 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cohnreznick Llp Consulting | 12/30/21 | $199,075 |
Otis Atwell Accounting Services | 12/30/21 | $141,125 |
Nolan Sheehan Patten Llp Legal Services | 12/30/21 | $435,580 |
Gravel And Shea Legal Services | 12/30/21 | $103,017 |
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 | $254,182 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $254,182 |
| Total Program Service Revenue | $7,714,558 |
| Investment income | $154,011 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $82,245 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,207,006 |
| 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. | $1,515,754 |
| Compensation of current officers, directors, key employees. | $121,260 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,037,489 |
| Pension plan accruals and contributions | $158,000 |
| Other employee benefits | $497,972 |
| Payroll taxes | $319,331 |
| Fees for services: Management | $213,105 |
| Fees for services: Legal | $116,892 |
| Fees for services: Accounting | $193,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $11,989 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $133,953 |
| Information technology | $170,790 |
| Royalties | $0 |
| Occupancy | $339,955 |
| Travel | $86,175 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $36,737 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $103,972 |
| Insurance | $73,114 |
| All other expenses | $275,986 |
| Total functional expenses | $7,485,233 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,949,552 |
| Savings and temporary cash investments | $673,095 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $11,964,558 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $976,144 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $137,020 |
| Net Land, buildings, and equipment | $569,037 |
| Investments—publicly traded securities | $6,106,051 |
| Investments—other securities | $0 |
| Investments—program-related | $501,172 |
| Intangible assets | $0 |
| Other assets | $144,194 |
| Total assets | $26,020,823 |
| Accounts payable and accrued expenses | $697,090 |
| Grants payable | $0 |
| Deferred revenue | $8,044,005 |
| 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 | $578,000 |
| Total liabilities | $9,319,095 |
| Net assets without donor restrictions | $16,452,546 |
| Net assets with donor restrictions | $249,182 |
| 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 | $26,020,823 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Evernorth has recieved totaling $5,000.
| Awarding Organization | Amount |
|---|---|
The Nathan Cummings Foundation Inc New York, NY PURPOSE: GENERAL SUPPORT | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Services For The Underserved Inc New York, NY | $8,662,192 | $15,624,121 |
Hudson River Housing Poughkeepsie, NY | $27,296,400 | $16,670,773 |
Division Housing Corporation Brooklyn, NY | $37,066,960 | $16,618,579 |
Cambridge Affordable Housing Corporation Cambridge, MA | $128,682,054 | $13,147,216 |
Boston Tremont Housing Development Fund Corporation New York, NY | $28,761,784 | $24,917,100 |
Highbridge Community Housing Development Fund Corporation Bronx, NY | $37,198,979 | $10,077,862 |
Harlem West Ii Housing Dev Fund Co Inc New York, NY | $7,149,098 | $1,214,746 |
Augustus & James Corporation New York, NY | $14,865,131 | $12,141,215 |
Rupco Inc Kingston, NY | $24,947,682 | $11,097,811 |
Fit-Nhnh Inc Manchester, NH | $20,051,648 | $10,413,245 |
Cambridge Community Housing Development Inc Cambridge, MA | $56,982,552 | $7,704,327 |
Providence Housing Development Corporation Rochester, NY | $12,131,024 | $9,484,321 |