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Nonprofiteer
← FREEPORT HOUSING TRUST INC

Form 990 for tax year 2022

Filed by FREEPORT HOUSING TRUST INC.

Totals

Total revenue
$1,434,260
Total expenses
$1,223,552
Contributions and grants received
$0
Grants paid
$16,000
Program service revenue
$1,340,774
Investment income
$93,486
Other revenue
$0
Total assets, end of year
$8,521,439
Total liabilities, end of year
$3,766,145
Net assets or fund balances, end of year
$4,755,294
Program services expenses (Part IX)
$1,223,552
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$1,223,552

Program services were 100.0% 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 $1,198,561 · related or exempt $1,198,561

  • 2b · Program service revenue: FLOWTHROUGH PAYMENTS -

    total $107,322 · related or exempt $107,322

  • 2c · Program service revenue: LAUNDRY/MISCELLANEOUS

    total $32,264 · related or exempt $32,264

  • 2d · Program service revenue: INCENTIVE MANAGEMENT F

    total $2,627 · related or exempt $2,627

  • 3 · Investment income

    total $87,712 · related or exempt $87,712

  • 7a · Gross sales of assets other than inventory

    securities $5,774

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

    securities $0

  • 7c · Gain or loss

    securities $5,774

  • 7d · Net gain or loss

    total $5,774 · related or exempt $5,774

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $16,000 · program services $16,000

  • 5 · Compensation of officers, directors and key employees

    total $88,600 · program services $88,600

  • 9 · Other employee benefits

    total $485 · program services $485

  • 10 · Payroll taxes

    total $5,097 · program services $5,097

  • 11a · Fees: management

    total $128,102 · program services $128,102

  • 11b · Fees: legal

    total $8,584 · program services $8,584

  • 11c · Fees: accounting

    total $23,214 · program services $23,214

  • 12 · Advertising and promotion

    total $853 · program services $853

  • 17 · Travel

    total $1,647 · program services $1,647

  • 20 · Interest

    total $88,125 · program services $88,125

  • 22 · Depreciation, depletion and amortization

    total $205,919 · program services $205,919

  • 23 · Insurance

    total $52,115 · program services $52,115

  • 24a · Other expenses: MAINTENANCE & REPAIRS

    total $163,937 · program services $163,937

  • 24b · Other expenses: UTILITIES

    total $159,748 · program services $159,748

  • 24c · Other expenses: CONTRACTUAL SERVICES

    total $121,244 · program services $121,244

  • 24d · Other expenses: PROPERTY TAXES

    total $68,972 · program services $68,972

  • 24e · All other expenses

    total $90,910 · program services $90,910

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $3,230,116 · end of year $3,356,481

  • 4 · Accounts receivable

    beginning of year $7,697 · end of year $81,818

  • 7 · Other notes and loans receivable

    beginning of year $400,000 · end of year $500,000

  • 9 · Prepaid expenses and deferred charges

    beginning of year $9,352 · end of year $4,400

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

    $6,980,444

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

    $3,305,498

  • 10c · Land, buildings and equipment, net

    beginning of year $3,811,639 · end of year $3,674,946

  • 13 · Investments: program-related

    beginning of year $71,116 · end of year $71,116

  • 15 · Other assets

    beginning of year $739,625 · end of year $832,678

  • 17 · Accounts payable and accrued expenses

    beginning of year $59,747 · end of year $65,422

  • 23 · Secured mortgages and notes payable

    beginning of year $3,671,450 · end of year $3,614,258

  • 25 · Other liabilities

    beginning of year $83,976 · end of year $86,465

  • 27 · Net assets without donor restrictions

    beginning of year $4,454,372 · end of year $4,755,294

Mission and programs · 2022

Mission

PROVIDE LOW-INCOME HOUSING.

  • OPERATION OF A 30 UNIT LOW-INCOME HOUSING PROJECT KNOWN AS VARNEY SQUARE.

    Expenses $490,410 · Revenue $519,114

  • OPERATION OF A 30 UNIT LOW-INCOME HOUSING PROJECT KNOWN AS VILLAGE VIEW.

    Expenses $351,496 · Revenue $436,744

  • OPERATION OF AN 18 UNIT LOW-INCOME HOUSING PROJECT KNOWN AS MAPLEWOOD TERRACE.

    Expenses $197,974 · Revenue $220,657

  • DEVELOPMENT AND MANAGEMENT OF VARIOUS LOW-INCOME HOUSING PROJECTS.

    Expenses $183,672 · Grants $16,000 · Revenue $257,745

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Chris Roney

    PRESIDENT

    Total calculated
    $0
    Hours/week
    3

  • Amy Cartmell

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • Thomas Whelan

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Thomas H Kelley

    SECRETARY & CLERK

    Total calculated
    $0
    Hours/week
    2

  • Dr Jeffrey Stenzel

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Maryellen Carew

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Drew Wing

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Mary Atala Lessard

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Suzanne Norton

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Elizabeth Carlton

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Lincoln Jeffers

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Prince Pombo

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Matt Peters

    EXECUTIVE DIRECTOR

    Total calculated
    $89,085
    From this org
    $88,600
    From related orgs
    $0
    Other
    $485
    Hours/week
    30

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

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.

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 partnerships

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

  • VARNEY SQUARE ASSOCIATES LP

    RELATED · AFFORDABLE HOUSING · ME · general or managing partner

  • FREEPORT ELDERLY HOUSING LP

    RELATED · AFFORDABLE HOUSING · ME · general or managing partner

  • OAKLEAF 2 ASSOCIATES LP

    RELATED · AFFORDABLE HOUSING · ME · general or managing partner

  • FHT QUARRY RIDGE LP

    RELATED · AFFORDABLE HOUSING · ME · general or managing partner

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • FHT HOLDINGS INC

    C · AFFORDABLE HOUSING · ME · 100% owned

Provenance

Return type
form_990
Tax year
2022
Filed
15 February 2024
IRS schema version
2022v5.0
Source object
202430469349302813

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