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Next Step Housing Corporation

Tax-deductible

Cambridge, MA501(c)(3)HousingEIN 83-0382839Revenue $232K in FY2024

On file with the IRS430 Rindge Ave Ste 301, 02140-2088 · Cambridge, MATax-exempt since Nov 2004Publicly supported — 509(a)(2)

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To construct, manage, operate, maintain and deal in all respects with the multi-family, low-income and transitional Housing development known as Next steps transitional, an affordable Housing development.

501(c)(3) charity; gifts are tax-deductible.
99¢ 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 $20K a year · 13% of revenue · last 5 filings
Concern: a surplus in 0 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
99%
of spending
Looks good: 99% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
1 mo
of spending, in cash
Fine: 1.2 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$853K
93% of total assets
Concern: liabilities are 93% of assets; over 80%.
Pt X · Ln 26
Independent board members
3
of 4 voting members
Looks good: 3 of 4 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$232K
+53% vs prior year
Spent
$249K
To programs
99%
Net assets
$60K
By yearFY2020–FY2024
Revenue
$232K
FY2024▲ +53%
Tap a bar for its year
Revenue by fiscal year
FY2020$119K
FY2021$134K
FY2022$103K
FY2023$151K
FY2024$232K
Expenses
$249K
FY2024▲ +50%
Tap a bar for its year
Expenses by fiscal year
FY2020$130K
FY2021$141K
FY2022$150K
FY2023$167K
FY2024$249K
Net assets
$60K
FY2024▼ -23%
Tap a bar for its year
Net assets by fiscal year
FY2020$146K
FY2021$139K
FY2022$92K
FY2023$77K
FY2024$60K

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 Nov 2004.

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

Where the money goes

99 cents of each dollar spent went to programs.

Program services 99% · $246K Management & general 1% · $3K

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

4 people listed on the 990.

Part VII, Section A · reportable compensation
Carl Nagy-Koechlin
Executive Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Michael Kuhn
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
See Next Step Housing 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 15aYes

Programs and updates

Develops and manages affordable housing for low-income and transitional residents.

Questions for Next Step Housing Corporation

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Provided by the organization

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1 program · $246K · in their own filed words · FY2024
01

To construct, manage, operate, and maintain and deal in all respects with the multi-family, low-income and transitional housing development known as next step transitional, an affordable housing development. Creation and operation of affordable transitional and permanent rental housing.

$246Kprogram expense

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$232K
Ln 12
Gifts and grantsLn 1h$440K
Fees for servicesLn 2g$13K
Investment incomeLn 3$2K
Money outPt IX
$249K
Ln 25
Programscol B$246K
Managementcol C$3K
Owns and owesPt X
$60K
net assets · Ln 32
Cash and savingsLn 1–2$24K
Total assetsLn 16$913K
LiabilitiesLn 26$853K
PeoplePt VI, VII
4
listed · VII A
PaidVII A0
Voting boardVI 1a4
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$440K
Government grantsLn 1e$185K
Noncash giftsLn 1g$254K
Fees for servicesLn 2g$13K
Investment incomeLn 3$2K
Gains on assetsLn 7−$254K
Total revenueLn 12$232K
Assets in detailPt X, end of year
CashLn 1$24K
Cash and savings togetherLn 1–2$24K
Land, buildings, equipmentLn 10c$792K
Other assetsLn 15$87K
Total assetsLn 16$913K
LiabilitiesLn 26$853K
Net assetsLn 32$60K
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$14K$24K
Land, buildings, equipmentLn 10c$873K$792K
Total assetsLn 16$1.2M$913K
LiabilitiesLn 26$1.2M$853K
Net assetsLn 32$77K$60K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$11K$11K
Legal feesLn 11b$299$135$164
Other fees for servicesLn 11g$27K$27K$269
Office expensesLn 13$5K$3K$2K
OccupancyLn 16$118K$117K$859
Depreciation, depletion and amortizationLn 22$84K$84K$75
Other expenses (24a–d)Ln 24$3K$3K
All other expensesLn 24e$1K$1K$135
Total functional expensesLn 25$249K$246K$3K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $232K$249K−$17K$60K 990 PDF
FY2023 $151K$167K−$15K$77K 990 PDF
FY2022 $103K$150K−$47K$92K 990 PDF
FY2021 $134K$141K−$7K$139K 990 PDF
FY2020 $119K$130K−$12K$146K 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 $231,770 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $133,498$439,900
I-9 Program service revenuePrior year $16,223$12,670
I-10 Investment incomePrior year $1,709−$252,773
I-11 Other revenuePrior year $23$31,973
I-12 Total revenuePrior year $151,453$231,770
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 $166,587$249,171
I-18 Total expensesPrior year $166,587$249,171
I-19 Revenue less expensesPrior year −$15,134−$17,401
Part VI · Governance 3 of 4 board members independent, no flags
VI-1a Voting members of the governing body4
VI-1b Independent voting members3
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
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $231,770 across 8 lines filed
Lines not itemized here account for $31,973 of total revenue; see the IRS return.
VIII-1d Related organizations$254,430
VIII-1e Government grants$185,470
VIII-1g Noncash contributions (included above)$254,430
VIII-1h Total contributions, gifts and grants$439,900
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $12,670$12,670
VIII-3 Investment incomeExcluded from tax $1,657$1,657
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$254,430−$254,430
VIII-12 Total revenueRelated to mission $44,643 · Unrelated business $0 · Excluded from tax −$252,773$231,770
Part IX · Statement of functional expenses $249,171 across 8 lines filed
IX-11a Management feesPrograms $10,952$10,952
IX-11b Legal feesPrograms $135 · Management $164$299
IX-11g Other fees for servicesPrograms $26,856 · Management $269$27,125
IX-13 Office expensesPrograms $3,093 · Management $1,688$4,781
IX-16 OccupancyPrograms $116,668 · Management $859$117,527
IX-22 Depreciation, depletion and amortizationPrograms $83,692 · Management $75$83,767
IX-24 Other expenses (24a–d)Programs $3,378$3,378
IX-24e All other expensesPrograms $1,207 · Management $135$1,342
IX-25 Total functional expensesPrograms $245,981 · Management $3,190 · Fundraising $0$249,171
Part X · Balance sheet $913,337 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $14,175$24,133
X-4 Accounts receivableStart of year $9,413$8,110
X-9 Prepaid expenses and deferred chargesStart of year $2,582$2,547
X-10c Land, buildings and equipment, netStart of year $872,899$791,957
X-15 Other assetsStart of year $333,108$86,590
X-16 Total assetsStart of year $1,232,177$913,337
X-17 Accounts payable and accrued expensesStart of year $48,722$24,975
X-25 Other liabilitiesStart of year $291,102$43,952
X-26 Total liabilitiesStart of year $1,154,869$853,430
X-27 Net assets without donor restrictionsStart of year $77,308$59,907
X-32 Total net assets or fund balancesStart of year $77,308$59,907
X-33 Total liabilities and net assetsStart of year $1,232,177$913,337
Part XI · Reconciliation of net assets $59,907 net assets at year end
XI-1 Total revenue$231,770
XI-2 Total expenses$249,171
XI-3 Revenue less expenses−$17,401
XI-4 Net assets at start of year$77,308
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$59,907

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

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