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← HOMEOWNERSHIP AFFORDABILITY TRUST FUND

Form 990 for tax year 2023

Filed by HOMEOWNERSHIP AFFORDABILITY TRUST FUND.

Totals

Total revenue
$5,807,699
Total expenses
$5,515,407
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$2,697,614
Investment income
$3,110,085
Other revenue
$0
Total assets, end of year
$113,830,936
Total liabilities, end of year
$500,000
Net assets or fund balances, end of year
$113,330,936
Program services expenses (Part IX)
$5,500,000
Management and general expenses
$15,407
Fundraising expenses
$0
Program service expenses (Part III)
$5,500,000

Program services were 99.7% 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: PARTICIPATING MORTGAGO

    total $2,697,614 · related or exempt $2,697,614

  • 3 · Investment income

    total $3,110,085 · related or exempt $3,110,085

Functional expenses

Part IX, the statement of functional expenses.

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $5,000,000 · program services $5,000,000

  • 24b · Other expenses: HOUSING INITIATIVES

    total $500,000 · program services $500,000

  • 24c · Other expenses: OTHER ADMINISTRATIVE EX

    total $15,407 · management and general $15,407

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $53,849,686 · end of year $46,172,478

  • 4 · Accounts receivable

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

  • 7 · Other notes and loans receivable

    beginning of year $47,910,291 · end of year $56,021,250

  • 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 $11,599,534 · end of year $11,082,099

  • 12 · Investments: other securities

    beginning of year $13,363 · end of year $13,101

  • 15 · Other assets

    beginning of year $68,083 · end of year $121,090

  • 17 · Accounts payable and accrued expenses

    beginning of year $557,147 · end of year $500,000

  • 29 · Capital stock, trust principal or current funds

    beginning of year $113,304,728 · end of year $113,330,936

  • 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 · 2023

Mission

PRESERVATION OF AFFORDABLE HOUSING IN THE STATE OF RHODE ISLAND

  • TRUST RECEIPTS AND INTEREST ON LOANS AND PROGRAM INVESTMENTS

    Expenses $5,500,000 · Revenue $5,807,699

As filed on the 2023 return.

Listed in Part VII

  • Stefan Pryor

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    0.25 + 0.25 related

  • Carol Ventura

    EXECUTIVE DIRECTOR

    Total calculated
    $258,151
    From this org
    $0
    From related orgs
    $216,013
    Other
    $42,138
    Hours/week
    0.25 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $216,013 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $21,278 related
    Nontaxable benefits
    $0 + $20,860 related
    Filer's total
    $0 + $258,151 related

  • Kara Lachapelle

    CFO

    Total calculated
    $238,182
    From this org
    $0
    From related orgs
    $209,777
    Other
    $28,405
    Hours/week
    0.25 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $209,777 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $19,377 related
    Nontaxable benefits
    $0 + $9,028 related
    Filer's total
    $0 + $238,182 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
2023
Filed
3 March 2025
IRS schema version
2023v6.0
Source object
202500659349300730

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