Form 990 for tax year 2023
Filed by BANGOR HOUSING DEVELOPMENT CORPORATION.
Totals
- Total revenue
- $3,558,806
- Total expenses
- $3,408,452
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $3,508,336
- Investment income
- $50,470
- Other revenue
- $0
- Total assets, end of year
- $11,329,345
- Total liabilities, end of year
- $8,362,902
- Net assets or fund balances, end of year
- $2,966,443
- Program services expenses (Part IX)
- $3,060,107
- Management and general expenses
- $348,345
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $3,060,107
Program services were 89.8% 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 $2,148,536 · related or exempt $2,148,536
-
2b · Program service revenue: DEVELOPER FEE
total $850,000 · related or exempt $850,000
-
2c · Program service revenue: HOUSING ASSISTANCE
total $488,567 · related or exempt $488,567
-
2d · Program service revenue: MISCELLANEOUS
total $21,233 · related or exempt $21,233
-
3 · Investment income
total $50,470 · excluded $50,470
Functional expenses
Part IX, the statement of functional expenses.
-
7 · Other salaries and wages
total $316,227 · program services $316,227
-
9 · Other employee benefits
total $101,669 · program services $101,669
-
11a · Fees: management
total $139,045 · program services $139,045
-
11b · Fees: legal
total $19,618 · program services $19,618
-
11c · Fees: accounting
total $38,514 · management and general $38,514
-
11g · Fees: other
total $289,069 · management and general $289,069
-
20 · Interest
total $287,296 · program services $287,296
-
22 · Depreciation, depletion and amortization
total $507,402 · program services $507,402
-
23 · Insurance
total $95,540 · program services $95,540
-
24a · Other expenses: REPAIRS & MAINTENANCE
total $883,135 · program services $883,135
-
24b · Other expenses: UTILITIES
total $555,678 · program services $555,678
-
24c · Other expenses: TAXES
total $115,363 · program services $115,363
-
24d · Other expenses: OTHER ADMIN EXPENSE
total $30,469 · program services $9,707 · management and general $20,762
-
24e · All other expenses
total $29,427 · program services $29,427
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $872,567 · end of year $404,678
-
2 · Savings and temporary cash investments
beginning of year $863,889 · end of year $466,943
-
4 · Accounts receivable
beginning of year $61,822 · end of year $822,209
-
9 · Prepaid expenses and deferred charges
beginning of year $16,538 · end of year $17,364
-
10a · Land, buildings and equipment: cost or other basis
$16,381,013
-
10b · Land, buildings and equipment: accumulated depreciation
$7,667,493
-
10c · Land, buildings and equipment, net
beginning of year $8,616,318 · end of year $8,713,520
-
13 · Investments: program-related
beginning of year $0 · end of year $320,000
-
15 · Other assets
beginning of year $7,970,297 · end of year $584,631
-
17 · Accounts payable and accrued expenses
beginning of year $1,384,100 · end of year $882,003
-
23 · Secured mortgages and notes payable
beginning of year $14,318,783 · end of year $7,267,216
-
25 · Other liabilities
beginning of year $203,601 · end of year $213,683
-
27 · Net assets without donor restrictions
beginning of year $2,494,947 · end of year $2,966,443
Mission and programs · 2023
Mission
THE SPECIFIC PURPOSES OF THE CORPORATION ARE TO ORGANIZE, DEVELOP, FINANCIALLY ASSIST, OR MANAGE, ON A NON-PROFIT BASIS, PROJECTS OR PROGRAMS PROVIDING LOW- AND MODERATE-INCOME RENTALS IN MAINE.
-
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, AND OHIO STREET. THE ORGANIZATION ENTERED INTO A DEVELOPMENT AGREEMENT WITH DAVIS ROAD SENIOR HOUSING LP WHICH IS AN ENTITY WITH THE PURPOSE OF ACQURING OR CONSTRUCTING AN AFFORDABLE HOUSING COMPLEX.
Expenses $3,060,107 · Revenue $3,508,336
As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Elizabeth HaywardELIZABETH HAYWARD
PRESIDENT
- Total calculated
- $0
- Hours/week
- 1
-
Rodney McKayRODNEY MCKAY
VICE PRESIDENT
- Total calculated
- $0
- Hours/week
- 1
-
Michael MyattMICHAEL MYATT
SECRETARY/TREASURER
- Total calculated
- $228,395
- From this org
- $59,075
- From related orgs
- $150,523
- Other
- $18,797
- Hours/week
- 1
Schedule J breakdown matched by us
- Base
- $59,075 + $150,523 related
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0 + $18,797 related
- Filer's total
- $59,075 + $169,320 related
-
Jane JohnsonJANE JOHNSON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Roberta DowneyROBERTA DOWNEY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Richard LafertieRICHARD LAFERTIE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Paul ChaikenPAUL CHAIKEN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Brenda BrownBRENDA 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. 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.
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BANGOR HOUSING AUTHORITY
501(C)(1) · AFFORDABLE HOUSING · ME · controlled entity
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.
Related corporations and trusts
Part IV: related organizations taxable as a corporation or trust.
-
BANGOR HOUSING CORPORATION
C · REAL ESTATE · ME · 100% owned · share of assets $320,091
Directly controlled by BANGOR HOUSING DEVELOPMENT CORPORATION
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 30 April 2025
- IRS schema version
- 2023v6.0
- Source object
- 202501209349301045
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