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← HOMEOWNERSHIP AFFORDABILITY TRUST FUND

Form 990 for tax year 2024

Filed by HOMEOWNERSHIP AFFORDABILITY TRUST FUND.

Totals

Total revenue
$5,551,001
Total expenses
-$2,154,594
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$1,931,644
Investment income
$3,619,357
Other revenue
$0
Total assets, end of year
$121,201,871
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$121,201,871
Program services expenses (Part IX)
-$2,154,594
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
-$2,154,594

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: TRUST RECEIPTS

    total $1,931,644 · related or exempt $1,931,644

  • 3 · Investment income

    total $3,619,357 · related or exempt $3,619,357

Functional expenses

Part IX, the statement of functional expenses.

  • 24a · Other expenses: HOUSING INITIATIVES

    total $1,000,000 · program services $1,000,000

  • 24b · Other expenses: OTHER ADMINISTRATIVE EX

    total $15,134 · program services $15,134

  • 24c · Other expenses: PROVISION FOR LOAN LOSS

    total -$3,169,728 · program services -$3,169,728

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $46,172,478 · end of year $45,063,469

  • 4 · Accounts receivable

    beginning of year $17,781 · end of year $17,781

  • 7 · Other notes and loans receivable

    beginning of year $56,021,250 · end of year $64,967,581

  • 10a · Land, buildings and equipment: cost or other basis

    $403,137

  • 10c · Land, buildings and equipment, net

    beginning of year $403,137 · end of year $403,137

  • 11 · Investments: publicly traded securities

    beginning of year $11,082,099 · end of year $10,559,473

  • 12 · Investments: other securities

    beginning of year $13,101 · end of year $12,365

  • 15 · Other assets

    beginning of year $121,090 · end of year $178,065

  • 17 · Accounts payable and accrued expenses

    beginning of year $500,000 · end of year $0

  • 29 · Capital stock, trust principal or current funds

    beginning of year $113,330,936 · end of year $121,201,871

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $0 · end of year $0

Mission and programs · 2024

Mission

PRESERVATION OF AFFORDABLE HOUSING IN THE STATE OF RHODE ISLAND

  • TRUST RECEIPTS AND INTEREST ON LOANS AND PROGRAM INVESTMENTS

    Expenses -$2,154,594 · Revenue $5,551,001

As filed on the 2024 return.

Listed in Part VII

  • Deborah Goddard

    CHAIRWOMAN

    Total calculated
    $0
    Hours/week
    0.25 + 0.25 related

  • Carol Ventura

    EXECUTIVE DIRECTOR

    Total calculated
    $264,157
    From this org
    $0
    From related orgs
    $220,237
    Other
    $43,920
    Hours/week
    0.25 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $220,237 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $22,024 related
    Nontaxable benefits
    $0 + $21,896 related
    Filer's total
    $0 + $264,157 related

  • Kara Lachapelle

    CFO

    Total calculated
    $222,741
    From this org
    $0
    From related orgs
    $193,168
    Other
    $29,573
    Hours/week
    0.25 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $193,168 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $20,105 related
    Nontaxable benefits
    $0 + $9,468 related
    Filer's total
    $0 + $222,741 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • RHODE ISLAND HOUSING AND MORTGAGE FINANCE CORPORATION

    170(C)1 · HFA · RI

Provenance

Return type
form_990
Tax year
2024
Filed
16 March 2026
IRS schema version
2024v5.5
Source object
202610779349300036

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