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Nonprofiteer
← ISLAND HOUSING TRUST CORPORATION

Form 990 for tax year 2024

Filed by ISLAND HOUSING TRUST CORPORATION.

Totals

Total revenue
$10,071,962
Total expenses
$5,121,979
Contributions and grants received
$8,340,544
Grants paid
$400,000
Program service revenue
$1,423,584
Investment income
$135,369
Other revenue
$172,465
Total assets, end of year
$46,644,818
Total liabilities, end of year
$16,041,452
Net assets or fund balances, end of year
$30,603,366
Program services expenses (Part IX)
$4,016,858
Management and general expenses
$744,305
Fundraising expenses
$360,816
Program service expenses (Part III)
$4,016,858

Program services were 78.4% 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.

  • 1e · Government grants (contributions)

    $3,425,479

  • 1f · All other contributions, gifts and grants

    $4,915,065

  • 1g · Noncash contributions included above

    $189,424

  • 2a · Program service revenue: RENTAL INCOME

    total $1,379,784 · related or exempt $1,379,784

  • 2b · Program service revenue: GROUND LEASE INCOME

    total $43,800 · related or exempt $43,800

  • 3 · Investment income

    total $74,443 · excluded $74,443

  • 7a · Gross sales of assets other than inventory

    securities $152,972 · other assets $1,100,000

  • 7b · Less cost or other basis and sales expenses

    securities $9,009 · other assets $1,183,037

  • 7c · Gain or loss

    securities $143,963 · other assets -$83,037

  • 7d · Net gain or loss

    total $60,926 · related or exempt -$83,037 · excluded $143,963

  • 11d · All other revenue

    total $172,465 · related or exempt $172,465

  • 11e · Other revenue, total

    $172,465

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $400,000 · program services $400,000

  • 5 · Compensation of officers, directors and key employees

    total $201,243 · program services $103,471 · management and general $76,922 · fundraising $20,850

  • 7 · Other salaries and wages

    total $977,362 · program services $502,518 · management and general $373,580 · fundraising $101,264

  • 8 · Pension plan contributions

    total $14,585 · program services $7,499 · management and general $5,575 · fundraising $1,511

  • 9 · Other employee benefits

    total $152,923 · program services $78,626 · management and general $58,453 · fundraising $15,844

  • 10 · Payroll taxes

    total $90,204 · program services $46,379 · management and general $34,479 · fundraising $9,346

  • 11a · Fees: management

    total $92,806 · program services $92,806

  • 11b · Fees: legal

    total $3,203 · management and general $3,203

  • 11c · Fees: accounting

    total $55,855 · program services $26,531 · management and general $15,360 · fundraising $13,964

  • 11e · Fees: professional fundraising services

    total $124,488 · fundraising $124,488

  • 11f · Fees: investment management

    total $13,946 · management and general $13,946

  • 11g · Fees: other

    total $83,715 · program services $36,472 · management and general $25,556 · fundraising $21,687

  • 13 · Office expenses

    total $279,076 · program services $250,117 · management and general $17,694 · fundraising $11,265

  • 14 · Information technology

    total $19,938 · program services $9,470 · management and general $5,483 · fundraising $4,985

  • 16 · Occupancy

    total $893,622 · program services $813,061 · management and general $74,097 · fundraising $6,464

  • 17 · Travel

    total $8,452 · program services $4,015 · management and general $2,324 · fundraising $2,113

  • 19 · Conferences, conventions and meetings

    total $5,619 · management and general $5,619

  • 22 · Depreciation, depletion and amortization

    total $685,359 · program services $653,345 · management and general $32,014

  • 24a · Other expenses: CREDIT LOSS EXPENSE

    total $992,548 · program services $992,548

  • 24b · Other expenses: EVENT EXPENSE

    total $27,035 · fundraising $27,035

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,410,092 · end of year $3,414,098

  • 2 · Savings and temporary cash investments

    beginning of year $4,080,959 · end of year $1,447,330

  • 3 · Pledges and grants receivable

    beginning of year $2,835,524 · end of year $5,386,340

  • 4 · Accounts receivable

    beginning of year $79,880 · end of year $112,490

  • 7 · Other notes and loans receivable

    beginning of year $199,472 · end of year $26,761

  • 9 · Prepaid expenses and deferred charges

    beginning of year $850 · end of year $0

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

    $32,615,617

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

    $2,926,789

  • 10c · Land, buildings and equipment, net

    beginning of year $26,755,078 · end of year $29,688,828

  • 11 · Investments: publicly traded securities

    end of year $3,577,870

  • 12 · Investments: other securities

    beginning of year $9,009 · end of year $0

  • 15 · Other assets

    beginning of year $3,592,317 · end of year $2,991,101

  • 17 · Accounts payable and accrued expenses

    beginning of year $50,336 · end of year $271,947

  • 23 · Secured mortgages and notes payable

    beginning of year $13,036,633 · end of year $13,560,505

  • 24 · Unsecured notes and loans payable

    beginning of year $1,234,000 · end of year $2,209,000

  • 27 · Net assets without donor restrictions

    beginning of year $22,664,775 · end of year $24,533,810

  • 28 · Net assets with donor restrictions

    beginning of year $2,977,437 · end of year $6,069,556

Mission and programs · 2024

Mission

TO OWN AND LEASE LAND FOR THE PURPOSE OF DEVELOPING, BUILDING AND MAINTAINING AFFORDABLE HOUSING ON MARTHA'S VINEYARD, MASSACHUSETTS.

Activities or mission (Part I)

TO OWN AND LEASE LAND FOR THE PURPOSE OF DEVELOPING, BUILDING AND MAINTAINING AFFORDABLE HOUSING.

  • HOUSING DEVELOPMENT - DEVELOP SIMPLE, DURABLE, ENERGY EFFICIENT HOUSING, BOTH RENTAL AND OWNERSHIP, THAT ARE DESIGNED AND BUILT TO BE TRULY AFFORDABLE TO PURCHASE OR RENT AND MAINTAIN FOR GENERATIONS.

    Expenses $2,056,454 · Grants $400,000

  • RENTAL PROGRAMS - ENSURE THAT RENTAL PROPERTIES ARE WELL MAINTAINED, PROPERLY MANAGED AND FINANCIALLY SELF-SUSTAINABLE.

    Expenses $1,660,816 · Revenue $1,513,012

  • COMMUNICATIONS - BUILD COMMUNITY AWARENESS, UNDERSTANDING OF, AND SUPPORT FOR ISLAND HOUSING TRUST'S MISSION OF BUILDING AND PRESERVING PERMANENTLY AFFORDABLE HOUSING ON MARTHA'S VINEYARD.

    Expenses $299,588

As filed on the 2024 return.

Listed in Part VII

  • Pamela Craven

    PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • John Schaefer

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • Doug Ruskin

    CLERK (UNTIL 3/24)

    Total calculated
    $0
    Hours/week
    1

  • James Hanrahan

    DIRECTOR/CLERK (AS OF 3/24)

    Total calculated
    $0
    Hours/week
    2

  • Norman Werthwein

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Bob Egerton

    VICE TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Barbara Bellissimo

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Beverly Wright

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Delos Lander

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jane Hawkes

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jason Mazar-Kelly

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Karen Tewhey

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Lisa Berkower

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Victoria Haeselbarth

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Wendy Wolf

    DIRECTOR (UNTIL 3/24)

    Total calculated
    $0
    Hours/week
    1

  • Philippe Jordi

    EXECUTIVE DIRECTOR

    Total calculated
    $201,243
    From this org
    $168,203
    From related orgs
    $0
    Other
    $33,040
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $168,203
    Bonus
    $0
    Other
    $0
    Deferred
    $3,310
    Nontaxable benefits
    $29,730
    Filer's total
    $201,243

  • Terese Bernert

    DIRECTOR OF REAL ESTATE

    Total calculated
    $133,459
    From this org
    $123,528
    From related orgs
    $0
    Other
    $9,931
    Hours/week
    40

  • Keith McGuire

    PROJECT DEVELOPMENT DIRECTOR

    Total calculated
    $144,839
    From this org
    $120,703
    From related orgs
    $0
    Other
    $24,136
    Hours/week
    40

  • Ellen Biskis

    CONTROLLER

    Total calculated
    $149,879
    From this org
    $117,650
    From related orgs
    $0
    Other
    $32,229
    Hours/week
    40

  • Breeze Tonnesen

    COO & COMMUNICATIONS DIRECTOR

    Total calculated
    $130,983
    From this org
    $116,782
    From related orgs
    $0
    Other
    $14,201
    Hours/week
    37.5

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

  • 3 · Approval by the board or compensation committee

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

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • SCOTTS GROVE LLC

    DEVELOPMENT OF LOW INCOME APARTMENTS · MA · income $162,492 · assets $3,084,783

    Directly controlled by ISLAND HOUSING TRUST CORPORATION

  • HANOVER HOUSE LLC

    DEVELOPMENT OF LOW INCOME APARTMENTS · MA · income $267,585 · assets $2,973,106

    Directly controlled by ISLAND HOUSING TRUST CORPORATION

  • PERLMAN HOUSE LLC

    DEVELOPMENT OF LOW INCOME APARTMENTS · MA · income $139,340 · assets $2,569,433

    Directly controlled by ISLAND HOUSING TRUST CORPORATION

  • KUEHNS WAY LLC

    DEVELOPMENT OF LOW INCOME APARTMENTS · MA · income $480,418 · assets $11,126,710

    Directly controlled by ISLAND HOUSING TRUST CORPORATION

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • BELLEVUE VETERANS' COMMUNITY LLC

    RELATED · LOW INCOME HOUSING · MA · 50% owned · share of assets $405,313 · general or managing partner

Provenance

Return type
form_990
Tax year
2024
Filed
8 July 2025
IRS schema version
2024v5.2
Source object
202521919349300517

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