Overview
What is Avesta Housing Development Corporation?
Avesta Housing Development Corporation, based in Portland, Maine, is a nonprofit organization dedicated to the development and maintenance of affordable housing for low-income elderly residents and those enrolled in the Section 8 Rental Program. With a team of 57 employees, they focus on improving access to comfortable and secure housing solutions. Their mission is to provide essential housing services and better living conditions for those in need.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81% (Three-Star out of Four Star rating)
Avesta Housing Development Corporation has received a Three-Star rating from Charity Navigator, reflecting a solid performance in terms of accountability and finance. The organization scored 81% in this category, showcasing strengths in governance and financial practices, particularly with a fully independent board and comprehensive audit and oversight measures.
The nonprofit's accountability metrics are commendable, with perfect scores for various policies such as conflict of interest and whistleblower protections. Additionally, it has demonstrated a strong commitment to program expenses, allocating 100% of its expenditures towards its mission-related activities. This indicates a focused approach to ensuring that funds are used effectively for its housing development initiatives.
However, the organization faces some challenges, particularly in its liabilities to assets ratio, which stands at 67.67%. This ratio suggests that a significant portion of its assets is tied up in liabilities, which could pose risks to financial stability over time. Overall, while Avesta Housing Development Corporation shows a strong commitment to transparency and effective use of funds, attention to its financial leverage may enhance its sustainability.
This AI summary has been generated from information found on Charity Navigator.
Is Avesta Housing Development Corporation legitimate?
Avesta Housing Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Avesta Housing Development Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $901,015
Professional Fundraising Fees: $0
Other Salaries and Wages: $3,548,869
For more financial information, click here
What is the mission statement of Avesta Housing Development Corporation?
Avesta Housing Development Corporation is dedicated to the development and maintenance of affordable housing for low-income individuals. This non-profit organization prioritizes creating living spaces for the elderly and those participating in the Section 8 housing rental program. Its mission encompasses all expenses related to the construction and upkeep of these housing units. By providing affordable housing solutions, Avesta Housing Development Corporation plays a crucial role in ensuring that individuals in need have access to a stable living environment.
Who is the CEO of Avesta Housing Development Corporation?
Eric Boucher is the Director of Avesta Housing Development Corporation. The CEO's salary of Avesta Housing Development Corporation is $185,435 and their total compensation is $226,435.
What is the revenue of Avesta Housing Development Corporation?
Avesta Housing Development Corporation's revenue in 2022 was $13,921,623.
Who are the executives of Avesta Housing Development Corporation and what are their salaries?
The average compensation at Avesta Housing Development Corporation during 2022 was $78,068. There are 57 employees at Avesta Housing Development Corporation.
Here are 23 key members and their salaries (Avesta Housing Development Corporation's CEO's salary is $185,435 and their total compensation is $226,435):
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- Compensation: $185,435
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- Compensation: $157,819
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- Other: $27,000
Where can I find the form 990 for Avesta Housing Development Corporation?
Avesta Housing Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Avesta Housing Development Corporation
Avesta Housing Development Corporation is a dedicated organization that focuses on the development and maintenance of affordable housing for low-income individuals. This mission extends to elder housing and the administration of Section 8 Existing Housing Rental Programs.
In essence, Avesta Housing Development Corporation strives to create and preserve affordable living environments for those in need. Their efforts encompass the development of new structures for the elderly, as well as the upkeep of existing rentals under the Section 8 program. By providing affordable housing solutions, they contribute significantly to the wellbeing and stability of their residents.
Affordable housing remains a crucial aspect of ensuring the overall health and productivity of communities. With Avesta Housing Development Corporation, the development and maintenance of such housing becomes a priority. They invest in the future of their residents, creating safe, comfortable spaces where individuals and families can build a foundation for a better tomorrow.
Avesta Housing Development Corporation's commitment to affordable housing is unwavering. Through their development projects and the maintenance of their rental properties, they consistently aim to improve the lives of low-income individuals, making a positive impact on their communities.
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Impact
August, 2024
Avesta Housing Development Corporation has a profound impact by developing and maintaining low-income housing for elderly individuals and running Section 8 existing housing rental programs in Portland, ME. Their mission focuses on providing affordable housing options for those in need, helping to address the pressing issue of housing insecurity in the community. Through their efforts, Avesta Housing Development Corporation plays a crucial role in improving the quality of life for low-income individuals and families by ensuring they have safe and stable housing options.
This information is meant to be a general summary of Avesta Housing Development Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $1,023,002
- Program Service Revenue: $7,207,147
- Gross Receipts: $17,638,337
Assets and Liabilities:
- Total Assets: $77,344,426
- Total Liabilities: $52,341,391
- Net Assets: $25,003,035
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
DEVELOPMENT OPERATIONS
Revenue
$4,133,943
TENANT RENTS
Revenue
$2,133,910
LAUNDRY & MISCELLANEOUS
Revenue
$570,249
STATE REFUNDABLE CREDITS
Revenue
$369,045
Organization Details
Founding Year
1972
Phone
(207) 553-7777Principal Officer
Eric Boucher
Main Address
307 CUMBERLAND AVENUE, PORTLAND, ME, 04101
NTEE Category
Code: L210 - Housing
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