Form 990 for the fiscal year ending December 2024 (IRS tax year 2024).
Develops and manages permanently affordable housing and community facilities to support low- and moderate-income residents in northwest Vermont.
For fiscal year 2024 it reported $55.9M in revenue, $39.3M in expenses, and $143.8M in net assets.Pt I
Yes — A charitable, religious, educational, scientific, or literary organization. Contributions are generally tax-deductible for donors.
IRS Business Master File records this organization as tax-exempt with deductible contributions. See detail →
Can I donate to this org right now?
✓ GOOD
No revocation on IRS record
This EIN does not appear on the IRS auto-revocation list. See detail →
Is this organization up to date?
✓ GOOD
Filed FY2024 (typical filing lag)
Most recent Form 990 on file is for fiscal year 2024 (2 years ago). See detail →
Is it receiving grants from reputable foundations?
✓ GOOD
1 funder — Vermont Low Income Trust for Electricity INC
1 distinct foundation funder(s) on file, $60K received in the most recent year with grants. See detail →
How is the money spent?
✓ GOOD
86% to programs
86% of total functional expenses went to program services in the most recent filing (Form 990 Part IX); the rest is overhead and fundraising. See detail →
What's its financial size and trend?
• NEUTRAL
$10–100M · ↑ +38% vs prior year
Revenue band $10–100M, +38% versus the prior filing year (up). See detail →
Where the money goes · FY2024
Total revenue
$55.9M
Pt VIII · Ln 12
Total expenses
$39.3M
Pt IX · Ln 25
Net assets
$143.8M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $16.7M
Where spending went · Part IX cols B–D
86%
13%
Program services $0.86 Management & general $0.13 Fundraising $0.01
Program efficiency
86%
of spending reaches programs▲ +2% vs prior filing year
Operating runway
7.2mo
months of highly liquid reserves at operating expense rate▼ -9% vs prior filing year
Surplus margin
+30%
revenue over expenses, this year▲ +23% vs prior filing year
Michael Monte’s $169K as CEO
is at the 29th percentile of top reported officer pay among 676 $10–100M housing nonprofits.
Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.
Compensation history total reportable pay by year · 8 named individuals · Part VII
Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.
3 program services account for $34.0M of program spending, described in the organization's own filed words · FY2024.
01
The organization owns and manages property to provide access to permanently affordable housing for low and moderate income households. The organization also provides a wide range of tenant and resident services to help alleviate homelessness and promote housing and financial stability.
$19.9Mprogram expense
02
The organization is engaged in real estate development, focused on providing affordable housing for low and moderate income households as well as nonprofit community facilities.
$10.3Mprogram expense
03
The organization provides a suite of homeownership services including education to assist with credit, budgeting, home purchase, and post-purchase topics; affordable loans to assist with the purchase or essential repair of homes; and access to affordable home purchases through its signature shared equity program.
Individual Michael Monte · Reported title CEO · Highest reported compensation $169K · Total expenses $39.3M
0.4%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $14.6M · Total expenses $39.3M
37%
Peer comparison
Same NTEE category, revenue band, and state where available. Descriptive — not a grade.
Metric
This org
Peer median
Percentile
Program ratio
86%
—
—
Overhead ratio
13%
—
—
Fundraising cost ratio
1.0%
—
—
Revenue growth
38%
—
—
Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.
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Sources
Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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