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← BANGOR HOUSING DEVELOPMENT CORPORATION

Form 990 for tax year 2022

Filed by BANGOR HOUSING DEVELOPMENT CORPORATION.

Totals

Total revenue
$2,693,999
Total expenses
$3,036,759
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$2,658,584
Investment income
$35,415
Other revenue
$0
Total assets, end of year
$18,401,431
Total liabilities, end of year
$15,906,484
Net assets or fund balances, end of year
$2,494,947
Program services expenses (Part IX)
$2,873,619
Management and general expenses
$163,140
Fundraising expenses
$0
Program service expenses (Part III)
$2,873,619

Program services were 94.6% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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: TENANT RENT

    total $2,156,859 · related or exempt $2,156,859

  • 2b · Program service revenue: HOUSING ASSISTANCE

    total $484,267 · related or exempt $484,267

  • 2c · Program service revenue: MISCELLANEOUS

    total $17,458 · related or exempt $17,458

  • 3 · Investment income

    total $35,415 · excluded $35,415

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $238,952 · program services $238,952

  • 9 · Other employee benefits

    total $52,007 · program services $52,007

  • 11a · Fees: management

    total $153,035 · program services $153,035

  • 11b · Fees: legal

    total $10,954 · program services $10,954

  • 11c · Fees: accounting

    total $42,641 · management and general $42,641

  • 11g · Fees: other

    total $105,212 · management and general $105,212

  • 20 · Interest

    total $292,816 · program services $292,816

  • 22 · Depreciation, depletion and amortization

    total $540,454 · program services $540,454

  • 23 · Insurance

    total $86,002 · program services $86,002

  • 24a · Other expenses: REPAIRS & MAINTENANCE

    total $729,656 · program services $729,656

  • 24b · Other expenses: UTILITIES

    total $593,310 · program services $593,310

  • 24c · Other expenses: TAXES

    total $114,536 · program services $114,536

  • 24d · Other expenses: OTHER ADMIN EXPENSE

    total $43,698 · program services $28,411 · management and general $15,287

  • 24e · All other expenses

    total $33,486 · program services $33,486

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $714,979 · end of year $872,567

  • 2 · Savings and temporary cash investments

    beginning of year $892,542 · end of year $863,889

  • 4 · Accounts receivable

    beginning of year $35,969 · end of year $61,822

  • 9 · Prepaid expenses and deferred charges

    beginning of year $18,688 · end of year $16,538

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

    $15,780,118

  • 10b · Land, buildings and equipment: accumulated depreciation

    $7,163,800

  • 10c · Land, buildings and equipment, net

    beginning of year $8,448,561 · end of year $8,616,318

  • 15 · Other assets

    beginning of year $1,098,885 · end of year $7,970,297

  • 17 · Accounts payable and accrued expenses

    beginning of year $645,668 · end of year $1,384,100

  • 23 · Secured mortgages and notes payable

    beginning of year $7,521,426 · end of year $14,318,783

  • 25 · Other liabilities

    beginning of year $205,619 · end of year $203,601

  • 27 · Net assets without donor restrictions

    beginning of year $2,836,911 · end of year $2,494,947

Mission and programs · 2022

Mission

BANGOR HOUSING DEVELOPMENT WAS FORMED TO ADVOCATE FOR LOWER INCOME INDIVIDUALS AND FAMILIES

  • THE ORGANIZATION OWNS FOUR LOW-INCOME HOUSING PROJECTS AND TWO AFFORDABLE MARKET RATE PROJECTS LOCATED IN THE STATE OF MAINE. THESE INCLUDE AUTUMN PARK WEST, CRESTWOOD PLACE, GREENFIELD APARTMENTS, GRIFFIN SQUARE, THE LOFTS AT FREESE, OHIO STREET AND DAVIS ROAD SENIOR HOUSING.

    Expenses $2,873,619 · Revenue $2,658,584

As filed on the 2022 return.

Listed in Part VII

  • Elizabeth Hayward

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Rodney McKay

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Michael Myatt

    SECRETARY

    Total calculated
    $56,500
    From this org
    $56,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Jane Johnson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Roberta Downey

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Richard Lafertie

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Paul Chaiken

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Brenda Brown

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

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.

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.

  • BANGOR HOUSING AUTHORITY

    501(C)(1) · AFFORDABLE HOUSING · ME · controlled entity

Provenance

Return type
form_990
Tax year
2022
Filed
14 May 2024
IRS schema version
2022v5.0
Source object
202431359349307173

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