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Firehouse Place INC

Tax-deductible

Beverly, MA501(c)(3)HousingEIN 27-3491241Revenue $88K in FY2024

On file with the IRSPo Box 507, 01915-0507 · Beverly, MATax-exempt since Apr 2011Publicly supported — 509(a)(2)

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To provide affordable housing for low-income individuals

501(c)(3) charity; gifts are tax-deductible.
85¢ 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
0 of 5
filings with a surplus
Average deficit $13K a year · 16% of revenue · last 5 filings
Concern: a surplus in 0 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
85%
of spending
Looks good: 85% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
8 mo
of spending, in cash
Looks good: 7.8 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$863K
93% of total assets
Concern: liabilities are 93% of assets; over 80%.
Pt X · Ln 26
Independent board members
13
of 13 voting members
Looks good: 13 of 13 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$88K
+8% vs prior year
Spent
$103K
To programs
85%
Net assets
$62K
By yearFY2020–FY2024
Revenue
$88K
FY2024▲ +8%
Tap a bar for its year
Revenue by fiscal year
FY2020$75K
FY2021$75K
FY2022$76K
FY2023$82K
FY2024$88K
Expenses
$103K
FY2024▲ +18%
Tap a bar for its year
Expenses by fiscal year
FY2020$95K
FY2021$85K
FY2022$92K
FY2023$87K
FY2024$103K
Net assets
$62K
FY2024▼ -20%
Tap a bar for its year
Net assets by fiscal year
FY2020$107K
FY2021$98K
FY2022$82K
FY2023$77K
FY2024$62K

From the FY2024 Form 990 · see the original

Form 990 (PDF) Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Apr 2011.

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

Where the money goes

85 cents of each dollar spent went to programs.

Program services 85% · $88K Management & general 15% · $16K

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

15 people listed on the 990.

Part VII, Section A · reportable compensation
Abu Toppin
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Dane Poeske
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
John Thomson
Treasurer
$0Pt VII · Sec A
Kevin Noyes
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Firehouse Place INC 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

Builds and manages affordable homes for people with low incomes.

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Provided by the organization

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1 program · $88K · in their own filed words · FY2024
01

To provide housing faciliities and food pantry to low-income individuals at a 4 unit residential and commercial complex in hamilton, massachusetts.

$88Kprogram expense

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$88K
Ln 12
Fees for servicesLn 2g$87K
Investment incomeLn 3$1K
Money outPt IX
$103K
Ln 25
Programscol B$88K
Managementcol C$16K
Owns and owesPt X
$62K
net assets · Ln 32
Cash and savingsLn 1–2$67K
Total assetsLn 16$924K
LiabilitiesLn 26$863K
PeoplePt VI, VII
15
listed · VII A
PaidVII A0
Voting boardVI 1a13
IndependentVI 1b13
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$87K
Investment incomeLn 3$1K
Total revenueLn 12$88K
Assets in detailPt X, end of year
CashLn 1$457
SavingsLn 2$67K
Cash and savings togetherLn 1–2$67K
Land, buildings, equipmentLn 10c$851K
Other assetsLn 15$4K
Total assetsLn 16$924K
LiabilitiesLn 26$863K
Net assetsLn 32$62K
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$77K$67K
Land, buildings, equipmentLn 10c$872K$851K
Total assetsLn 16$953K$924K
LiabilitiesLn 26$876K$863K
Net assetsLn 32$77K$62K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$23K$17K$6K
Accounting feesLn 11c$5K$5K
Office expensesLn 13$7K$3K$5K
OccupancyLn 16$20K$20K
TravelLn 17$150$150
InterestLn 20$4K$4K
Depreciation, depletion and amortizationLn 22$23K$23K
InsuranceLn 23$4K$4K
Other expenses (24a–d)Ln 24$18K$18K
Total functional expensesLn 25$103K$88K$16K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $88K$103K−$15K$62K 990 PDF
FY2023 $82K$87K−$5K$77K 990 PDF
FY2022 $76K$92K−$16K$82K 990 PDF
FY2021 $75K$85K−$10K$98K 990 PDF
FY2020 $75K$95K−$20K$107K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (6 parts)
Part I · Summary $88,198 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $80,524$87,053
I-10 Investment incomePrior year $1,140$1,145
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $81,664$88,198
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 $87,142$103,255
I-18 Total expensesPrior year $87,142$103,255
I-19 Revenue less expensesPrior year −$5,478−$15,057
Part VI · Governance 13 of 13 board members independent, 1 to look at
VI-1a Voting members of the governing body13
VI-1b Independent voting members13
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 $88,198 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $87,053$87,053
VIII-3 Investment incomeExcluded from tax $1,145$1,145
VIII-12 Total revenueRelated to mission $87,053 · Unrelated business $0 · Excluded from tax $1,145$88,198
Part IX · Statement of functional expenses $103,255 across 9 lines filed
IX-11a Management feesPrograms $16,645 · Management $6,452$23,097
IX-11c Accounting feesManagement $4,643$4,643
IX-13 Office expensesPrograms $2,540 · Management $4,554$7,094
IX-16 OccupancyPrograms $19,735$19,735
IX-17 TravelPrograms $150$150
IX-20 InterestPrograms $3,962$3,962
IX-22 Depreciation, depletion and amortizationPrograms $22,508$22,508
IX-23 InsurancePrograms $4,205$4,205
IX-24 Other expenses (24a–d)Programs $17,861$17,861
IX-25 Total functional expensesPrograms $87,606 · Management $15,649 · Fundraising $0$103,255
Part X · Balance sheet $924,486 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $11,037$457
X-2 Savings and temporary cash investmentsStart of year $65,912$67,037
X-4 Accounts receivable$260
X-9 Prepaid expenses and deferred chargesStart of year $2,262$2,683
X-10c Land, buildings and equipment, netStart of year $872,025$850,527
X-15 Other assetsStart of year $1,309$3,522
X-16 Total assetsStart of year $952,545$924,486
X-17 Accounts payable and accrued expensesStart of year $9,543$4,790
X-19 Deferred revenueStart of year $2,278$2,100
X-26 Total liabilitiesStart of year $875,963$862,961
X-27 Net assets without donor restrictionsStart of year $76,582$61,525
X-32 Total net assets or fund balancesStart of year $76,582$61,525
X-33 Total liabilities and net assetsStart of year $952,545$924,486
Part XI · Reconciliation of net assets $61,525 net assets at year end
XI-1 Total revenue$88,198
XI-2 Total expenses$103,255
XI-3 Revenue less expenses−$15,057
XI-4 Net assets at start of year$76,582
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$61,525

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

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