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Bath Housing Development Corporation FY2023 filing

Tax-deductible

Bath, ME501(c)(3)Housing EIN 22-2618694Revenue $3.2M in FY2023

On file with the IRS520 Centre St, 04530-1524 · Bath, METax-exempt since Apr 1994Publicly supported — 509(a)(2)

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To foster, encourage, participate in, finance, own, operate, promote and advance the Development of Housing projects and related facilities affordable by primarily low income persons and families; to provide affordable financial and technical assistance and services to low income homeowners; to implement programs intended to enhance the growth of social and economic stability for low income families; and to promote the common good and general welfare of the inhabitants in the Bath, maine region.

501(c)(3) charity; gifts are tax-deductible.
90¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2023 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $1.2M a year · 33% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
90%
of spending
Looks good: 90% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Plus $366K in investments, Pt X · Ln 11–13
Fine: 0.9 months of spending in cash, plus $366K in investments.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $6K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$4.4M
34% of total assets
Looks good: liabilities are 34% of assets; 50% or less.
Pt X · Ln 26
Independent board members
11
of 11 voting members
Looks good: 11 of 11 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$3.2M
+13% vs prior year
Spent
$2.9M
To programs
90%
Net assets
$8.7M
By yearFY2020–FY2024
Revenue
$3.2M
FY2023▲ +13%
Tap a bar for its year
Revenue by fiscal year
FY2020$2.1M
FY2021$6.3M
FY2022$2.9M
FY2023$3.2M
FY2024$3.4M
Expenses
$2.9M
FY2023▲ +5%
Tap a bar for its year
Expenses by fiscal year
FY2020$1.3M
FY2021$1.9M
FY2022$2.8M
FY2023$2.9M
FY2024$3.1M
Net assets
$8.7M
FY2023▲ +4%
Tap a bar for its year
Net assets by fiscal year
FY2020$3.9M
FY2021$8.3M
FY2022$8.4M
FY2023$8.7M
FY2024$9.0M

From the FY2023 Form 990 · figures checked against the IRS filing · see the original

990 PDF Claim
You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Apr 1994.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

90 cents of each dollar spent went to programs.

Program services 90% · $2.6M Management & general 10% · $294K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

12 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Nancy Jennings
Vice Chair
$0Pt VII · Sec A
$0Pt VII · Sec A
Debora Keller
Secretary/Executive Direct
$0Pt VII · Sec A
Cr Davis
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Erik Nelson
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
See Bath Housing Development Corporation executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Develops and finances affordable housing, assists low-income homeowners, and promotes community stability.

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3 programs · $2.6M · in their own filed words · FY2023
01

Development, improvement and management of housing for low income persons. BHDC owns 175 multi-family apartments which it runs in accordance with its charitable mission.

$2.4Mprogram expense
02

BHDC operates comfortably home serving low-income, older adults and people with disabilities. The program conducts home modifications to allow people to thrive in their own homes.

$170Kprogram expense
03

BHDC leases a commercial office building to bath housing authority.

Pt IX · col B

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2024
Fidelity Investments Charitable Gift FundFY2024$6K
Total grants receivedfrom 1 funder$6K

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$3.2M
Ln 12
Fees for servicesLn 2g$2.1M
Gifts and grantsLn 1h$1.1M
Investment incomeLn 3$29K
Money outPt IX
$2.9M
Ln 25
Programscol B$2.6M
Managementcol C$294K
Owns and owesPt X
$8.7M
net assets · Ln 32
Cash and savingsLn 1–2$229K
Total assetsLn 16$13.1M
LiabilitiesLn 26$4.4M
PeoplePt VI, VII
12
listed · VII A
PaidVII A0
Voting boardVI 1a11
IndependentVI 1b11
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$1.1M
Government grantsLn 1e$608K
Fees for servicesLn 2g$2.1M
Investment incomeLn 3$29K
Gains on assetsLn 7$0
Total revenueLn 12$3.2M
Assets in detailPt X, end of year
CashLn 1$219K
SavingsLn 2$10K
Cash and savings togetherLn 1–2$229K
InvestmentsLn 11–13$366K
Land, buildings, equipmentLn 10c$10.4M
Other assetsLn 15$1.8M
Total assetsLn 16$13.1M
LiabilitiesLn 26$4.4M
Net assetsLn 32$8.7M
OperationsPt I, VI
EmployeesI 50
VolunteersI 615
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$260K$229K
InvestmentsLn 11–13$315K$366K
Land, buildings, equipmentLn 10c$10.6M$10.4M
Total assetsLn 16$12.4M$13.1M
LiabilitiesLn 26$4.1M$4.4M
Net assetsLn 32$8.4M$8.7M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$362K$177K$185K
Other employee benefitsLn 9$96K$41K$54K
Management feesLn 11a$318K$318K
Legal feesLn 11b$16K$11K$6K
Accounting feesLn 11c$50K$44K$6K
Investment management feesLn 11f$2K$2K
Advertising and promotionLn 12$4K$863$3K
Office expensesLn 13$3K$3K
Information technologyLn 14$595$595
OccupancyLn 16$1.4M$1.4M$2K
InterestLn 20$161K$161K
Depreciation, depletion and amortizationLn 22$292K$286K$6K
InsuranceLn 23$111K$108K$4K
Other expenses (24a–d)Ln 24$73K$48K$24K
Total functional expensesLn 25$2.9M$2.6M$294K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $3.4M$3.1M$265K$9.0M 990 PDF
FY2023 Viewing $3.2M$2.9M$326K$8.7M 990 PDF
FY2022 $2.9M$2.8M$93K$8.4M 990 PDF
FY2021 $6.3M$1.9M$4.4M$8.3M 990 PDF
FY2020 $2.1M$1.3M$745K$3.9M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $3,223,929 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $891,117$1,084,854
I-9 Program service revenuePrior year $1,943,179$2,110,382
I-10 Investment incomePrior year $23,396$28,693
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $2,857,692$3,223,929
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $312,532$457,678
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $2,452,098$2,440,610
I-18 Total expensesPrior year $2,764,630$2,898,288
I-19 Revenue less expensesPrior year $93,062$325,641
Part VI · Governance 11 of 11 board members independent, 1 to look at
VI-1a Voting members of the governing body11
VI-1b Independent voting members11
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $3,223,929 across 7 lines filed
VIII-1e Government grants$608,156
VIII-1f All other contributions, gifts and grants$476,698
VIII-1h Total contributions, gifts and grants$1,084,854
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $2,110,382$2,110,382
VIII-3 Investment incomeExcluded from tax $28,693$28,693
VIII-7 Net gain or loss on sales of assets$0
VIII-12 Total revenueRelated to mission $2,110,382 · Unrelated business $0 · Excluded from tax $28,693$3,223,929
Part IX · Statement of functional expenses $2,898,288 across 14 lines filed
IX-7 Other salaries and wagesPrograms $177,258 · Management $184,904$362,162
IX-9 Other employee benefitsPrograms $41,446 · Management $54,070$95,516
IX-11a Management feesPrograms $318,151$318,151
IX-11b Legal feesPrograms $10,832 · Management $5,576$16,408
IX-11c Accounting feesPrograms $44,323 · Management $5,821$50,144
IX-11f Investment management feesManagement $1,745$1,745
IX-12 Advertising and promotionPrograms $863 · Management $3,013$3,876
IX-13 Office expensesManagement $2,546$2,546
IX-14 Information technologyPrograms $595$595
IX-16 OccupancyPrograms $1,408,156 · Management $1,807$1,409,963
IX-20 InterestPrograms $161,442$161,442
IX-22 Depreciation, depletion and amortizationPrograms $285,564 · Management $6,466$292,030
IX-23 InsurancePrograms $107,552 · Management $3,585$111,137
IX-24 Other expenses (24a–d)Programs $48,237 · Management $24,336$72,573
IX-25 Total functional expensesPrograms $2,604,419 · Management $293,869 · Fundraising $0$2,898,288
Part X · Balance sheet $13,138,904 assets, 17 lines filed
X-1 Cash, non-interest-bearingStart of year $244,793$219,002
X-2 Savings and temporary cash investmentsStart of year $15,369$9,854
X-4 Accounts receivableStart of year $34,645$286,499
X-9 Prepaid expenses and deferred chargesStart of year $33,650$33,979
X-10c Land, buildings and equipment, netStart of year $10,587,668$10,375,826
X-11 Publicly traded securitiesStart of year $314,803$366,252
X-14 Intangible assetsStart of year $29,192$29,624
X-15 Other assetsStart of year $1,163,076$1,817,868
X-16 Total assetsStart of year $12,423,196$13,138,904
X-17 Accounts payable and accrued expensesStart of year $80,241$77,958
X-19 Deferred revenueStart of year $7,815$12,771
X-25 Other liabilitiesStart of year $168,082$203,445
X-26 Total liabilitiesStart of year $4,071,584$4,426,354
X-27 Net assets without donor restrictionsStart of year $4,311,075$4,812,955
X-28 Net assets with donor restrictionsStart of year $4,040,537$3,899,595
X-32 Total net assets or fund balancesStart of year $8,351,612$8,712,550
X-33 Total liabilities and net assetsStart of year $12,423,196$13,138,904
Part XI · Reconciliation of net assets $8,712,550 net assets at year end
XI-1 Total revenue$3,223,929
XI-2 Total expenses$2,898,288
XI-3 Revenue less expenses$325,641
XI-4 Net assets at start of year$8,351,612
XI-5 Net unrealized gains (losses) on investments$35,297
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$8,712,550

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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