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← HOMEOWNERSHIP AFFORDABILITY TRUST FUND

Form 990 for tax year 2022

Filed by HOMEOWNERSHIP AFFORDABILITY TRUST FUND.

Totals

Total revenue
$6,426,249
Total expenses
$3,678,162
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$3,586,606
Investment income
$2,839,643
Other revenue
$0
Total assets, end of year
$113,861,875
Total liabilities, end of year
$557,147
Net assets or fund balances, end of year
$113,304,728
Program services expenses (Part IX)
$3,662,500
Management and general expenses
$15,662
Fundraising expenses
$0
Program service expenses (Part III)
$3,662,500

Program services were 99.6% 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: PARTICIPATING MORTGAGO

    total $3,586,606 · related or exempt $3,586,606

  • 3 · Investment income

    total $2,839,643 · related or exempt $2,839,643

Functional expenses

Part IX, the statement of functional expenses.

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $3,000,000 · program services $3,000,000

  • 24b · Other expenses: HOUSING INITIATIVES

    total $662,500 · program services $662,500

  • 24c · Other expenses: OTHER ADMINISTRATIVE EX

    total $15,662 · management and general $15,662

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $58,039,456 · end of year $53,849,686

  • 4 · Accounts receivable

    beginning of year $43,716 · end of year $17,781

  • 7 · Other notes and loans receivable

    beginning of year $40,195,826 · end of year $47,910,291

  • 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 $12,478,483 · end of year $11,599,534

  • 12 · Investments: other securities

    beginning of year $11,145 · end of year $13,363

  • 15 · Other assets

    beginning of year $66,933 · end of year $68,083

  • 17 · Accounts payable and accrued expenses

    beginning of year $45,955 · end of year $557,147

  • 29 · Capital stock, trust principal or current funds

    beginning of year $111,192,741 · end of year $113,304,728

  • 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 · 2022

Mission

PRESERVATION OF AFFORDABLE HOUSING IN THE STATE OF RHODE ISLAND

  • TRUST RECEIPTS AND INTEREST ON LOANS AND PROGRAM INVESTMENTS

    Expenses $3,662,500 · Revenue $6,426,249

As filed on the 2022 return.

Listed in Part VII

  • Kara Lachapelle

    CFO

    Total calculated
    $214,595
    From this org
    $0
    From related orgs
    $187,224
    Other
    $27,371
    Hours/week
    0.25 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $187,224 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $18,722 related
    Nontaxable benefits
    $0 + $8,649 related
    Filer's total
    $0 + $214,595 related

  • Stefan Pryor

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    0.25 + 0.25 related

  • Carol Ventura

    EXECUTIVE DIRECTOR

    Total calculated
    $283,474
    From this org
    $0
    From related orgs
    $242,815
    Other
    $40,659
    Hours/week
    0.25 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $242,815 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $20,573 related
    Nontaxable benefits
    $0 + $20,086 related
    Filer's total
    $0 + $283,474 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
2022
Filed
29 April 2024
IRS schema version
2022v5.0
Source object
202431229349301728

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