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Saco Housing Development Corp

Tax-deductible

Portland, ME501(c)(3) EIN 23-7356022Revenue $1.0M in FY2024

On file with the IRS307 Cumberland Ave, 04101-4920 · Portland, METax-exempt since Oct 1976Publicly supported — 509(a)(2)

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Provide low-income Housing to the elderly and families.

501(c)(3) charity; gifts are tax-deductible.
100¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2024 · 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
2 of 5
filings with a surplus
Average surplus $327K a year · 34% of revenue · last 5 filings
Worth a look: a surplus in 2 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
3 mo
of spending, in cash
Fine: 2.8 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$5.4M
78% of total assets
Worth a look: liabilities are 78% of assets; over 65%.
Pt X · Ln 26
Independent board members
17
of 17 voting members
Looks good: 17 of 17 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.0M
+7% vs prior year
Spent
$1.2M
To programs
100%
Net assets
$1.6M
By yearFY2020–FY2024
Revenue
$1.0M
FY2024▲ +7%
Tap a bar for its year
Revenue by fiscal year
FY2020$265K
FY2021$277K
FY2022$2.3M
FY2023$937K
FY2024$1.0M
Expenses
$1.2M
FY2024▲ +16%
Tap a bar for its year
Expenses by fiscal year
FY2020$271K
FY2021$275K
FY2022$417K
FY2023$994K
FY2024$1.2M
Net assets
$1.6M
FY2024▼ -9%
Tap a bar for its year
Net assets by fiscal year
FY2020−$79K
FY2021−$77K
FY2022$1.8M
FY2023$1.7M
FY2024$1.6M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

990 PDF Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Oct 1976.

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

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $1.2M

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

23 people listed on the 990.

Part VII, Section A · reportable compensation
Jim Hanley
Director
$0Pt VII · Sec A
Alice Kabore
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Timothy Agnew
Treasurer
$0Pt VII · Sec A
Peter Bass
Director
$0Pt VII · Sec A
See Saco Housing Development Corp 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

Offers affordable homes to seniors and families in need.

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1 program · $1.2M · in their own filed words · FY2024
01

Provide low-income housing to the elderly and families.

$1.2Mprogram expense

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.0M
Ln 12
Fees for servicesLn 2g$574K
Gifts and grantsLn 1h$403K
Investment incomeLn 3$25K
Money outPt IX
$1.2M
Ln 25
Programscol B$1.2M
Owns and owesPt X
$1.6M
net assets · Ln 32
Cash and savingsLn 1–2$267K
Total assetsLn 16$6.9M
LiabilitiesLn 26$5.4M
PeoplePt VI, VII
23
listed · VII A
PaidVII A0
Voting boardVI 1a17
IndependentVI 1b17
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$403K
Government grantsLn 1e$403K
Fees for servicesLn 2g$574K
Investment incomeLn 3$25K
Total revenueLn 12$1.0M
Assets in detailPt X, end of year
CashLn 1$43K
SavingsLn 2$224K
Cash and savings togetherLn 1–2$267K
Land, buildings, equipmentLn 10c$6.3M
Other assetsLn 15$323K
Total assetsLn 16$6.9M
LiabilitiesLn 26$5.4M
Net assetsLn 32$1.6M
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
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 FY24End FY24
Cash and savingsLn 1–2$341K$267K
Land, buildings, equipmentLn 10c$6.4M$6.3M
Total assetsLn 16$7.1M$6.9M
LiabilitiesLn 26$5.4M$5.4M
Net assetsLn 32$1.7M$1.6M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$58K$58K
Legal feesLn 11b$2K$2K
Accounting feesLn 11c$13K$13K
Advertising and promotionLn 12$157$157
Office expensesLn 13$14K$14K
InterestLn 20$270K$270K
Payments to affiliatesLn 21$31K$31K
Depreciation, depletion and amortizationLn 22$136K$136K
InsuranceLn 23$38K$38K
Other expenses (24a–d)Ln 24$556K$556K
All other expensesLn 24e$33K$33K
Total functional expensesLn 25$1.2M$1.2M$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $1.0M$1.2M−$149K$1.6M 990 PDF
FY2023 $937K$994K−$57K$1.7M 990 PDF
FY2022 $2.3M$417K$1.8M$1.8M 990 PDF
FY2021 $277K$275K$2K−$77K 990 PDF
FY2020 $265K$271K−$6K−$79K 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 FY2024 990 (6 parts)
Part I · Summary $1,001,601 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $363,644$402,521
I-9 Program service revenuePrior year $549,570$573,948
I-10 Investment incomePrior year $23,479$25,132
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $936,693$1,001,601
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 $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $993,690$1,150,817
I-18 Total expensesPrior year $993,690$1,150,817
I-19 Revenue less expensesPrior year −$56,997−$149,216
Part VI · Governance 17 of 17 board members independent, 1 to look at
VI-1a Voting members of the governing body17
VI-1b Independent voting members17
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 $1,001,601 across 5 lines filed
VIII-1e Government grants$402,521
VIII-1h Total contributions, gifts and grants$402,521
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $573,948$573,948
VIII-3 Investment incomeRelated to mission $25,132$25,132
VIII-12 Total revenueRelated to mission $599,080 · Unrelated business $0 · Excluded from tax $0$1,001,601
Part IX · Statement of functional expenses $1,150,817 across 11 lines filed
IX-11a Management feesPrograms $58,218$58,218
IX-11b Legal feesPrograms $2,145$2,145
IX-11c Accounting feesPrograms $13,200$13,200
IX-12 Advertising and promotionPrograms $157$157
IX-13 Office expensesPrograms $13,552$13,552
IX-20 InterestPrograms $269,947$269,947
IX-21 Payments to affiliatesPrograms $30,776$30,776
IX-22 Depreciation, depletion and amortizationPrograms $135,953$135,953
IX-23 InsurancePrograms $37,782$37,782
IX-24 Other expenses (24a–d)Programs $556,442$556,442
IX-24e All other expensesPrograms $32,645$32,645
IX-25 Total functional expensesPrograms $1,150,817 · Management $0 · Fundraising $0$1,150,817
Part X · Balance sheet $6,938,222 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $94,669$43,250
X-2 Savings and temporary cash investmentsStart of year $246,303$223,615
X-4 Accounts receivableStart of year $3,601$6,652
X-9 Prepaid expenses and deferred chargesStart of year $26,979$33,068
X-10c Land, buildings and equipment, netStart of year $6,382,426$6,308,332
X-15 Other assetsStart of year $308,832$323,305
X-16 Total assetsStart of year $7,062,810$6,938,222
X-17 Accounts payable and accrued expensesStart of year $31,129$55,118
X-19 Deferred revenueStart of year $10,114$7,011
X-25 Other liabilitiesStart of year $68,207$71,290
X-26 Total liabilitiesStart of year $5,352,638$5,377,266
X-32 Total net assets or fund balancesStart of year $1,710,172$1,560,956
X-33 Total liabilities and net assetsStart of year $7,062,810$6,938,222
Part XI · Reconciliation of net assets $1,560,956 net assets at year end
XI-1 Total revenue$1,001,601
XI-2 Total expenses$1,150,817
XI-3 Revenue less expenses−$149,216
XI-4 Net assets at start of year$1,710,172
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$1,560,956

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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