Overview
What is Island Housing Trust?
Island Housing Trust, based in Mount Desert, Maine, is a nonprofit organization dedicated to fostering sustainable, year-round island communities. Through its mission, it focuses on advancing permanent workforce housing on Mount Desert Island. As part of its initiatives, Island Housing Trust constructed the first phase of a new neighborhood, adding six affordable homes. They also acquired a house from willing sellers at below market value, selling the improvements with a 99-year lease and covenants to eligible households. In addition, the organization provides downpayment assistance through its Homeownership Assistance Program (HOAP), in exchange for covenants that maintain the affordability of the homes. By December 31, 2022, Island Housing Trust held covenants on 42 houses across all four Mount Desert Island towns, providing homes for 119 individuals living permanently on the island. The team consists of four dedicated individuals.
Official website here: www.islandhousingtrust.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 62% (Two-Star out of Four Star rating)
Island Housing Trust has received a 62% rating from Charity Navigator, indicating a need for improvement in its accountability and financial practices. While it excels in leadership and adaptability, achieving a perfect score of 100, its overall financial health is a concern, with a low program expense ratio of 42.24% and a liabilities to assets ratio of 0.28%. These figures suggest that a significant portion of its resources may not be directed towards its programs.
Strengths of the organization include a fully independent board, effective oversight mechanisms, and robust policies governing conflicts of interest and whistleblower protections. Additionally, Island Housing Trust has strategic goals focused on increasing year-round residential opportunities and advocating for housing affordability, which aligns with its mission to address housing challenges in the community.
However, limitations are evident, particularly in financial transparency and program funding. The absence of tax forms on its website raises questions about its financial reporting practices. Addressing these weaknesses could enhance the organization's credibility and effectiveness in fulfilling its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Island Housing Trust legitimate?
Island Housing Trust is a legitimate nonprofit organization registered as a 501(c)(3) entity. Island Housing Trust 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: $77,225
Professional Fundraising Fees: $0
Other Salaries and Wages: $136,468
For more financial information, click here
Official website here: www.islandhousingtrust.org
What is the mission statement of Island Housing Trust?
The Island Housing Trust promotes sustainable, year-round communities by facilitating the creation of permanent workforce housing. They achieve this by advancing housing projects, such as constructing new neighborhoods and purchasing houses below market value to lease long-term. The trust provides financial assistance through its Homeowner Assistance Program (HOAP), enabling eligible households to purchase affordable homes. As of December 31, 2022, the trust holds covenants on 42 houses across various towns, providing housing for over 119 individuals living on the island year-round.
Official website here: www.islandhousingtrust.org
Who is the CEO of Island Housing Trust?
Edith Deedie' Bouscaren is the President of Island Housing Trust.
Official website here: www.islandhousingtrust.org
What is the revenue of Island Housing Trust?
Island Housing Trust's revenue in 2022 was $591,049.
Official website here: www.islandhousingtrust.org
Who are the executives of Island Housing Trust and what are their salaries?
The average compensation at Island Housing Trust during 2022 was $53,423. There are 4 employees and 20 volunteers at Island Housing Trust.
Here are 15 key members and their salaries:
- Compensation: $77,225
- Related: $0
- Other: $4,753
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.islandhousingtrust.org
Where can I find the form 990 for Island Housing Trust?
Island Housing Trust's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.islandhousingtrust.org
Learn more at the official website: www.islandhousingtrust.org
Mission Statement of Island Housing Trust
Island Housing Trust, a nonprofit organization, is dedicated to fostering sustainable, year-round communities by championing the development of permanent workforce housing. Its mission is to advance this cause on Mount Desert Island, Maine. The trust achieves this goal by constructing affordable housing neighborhoods, such as the recent first phase that saw the completion of six new homes, with plans for additional homes in 2023. Island Housing Trust also purchases homes from willing sellers at below appraised value, retaining the property and leasing out the improvements to eligible households with a 99-year lease and covenants. This innovative approach, coupled with the Homeowner Assistance Program (HOAP), provides downpayment assistance to qualified homebuyers, ensuring the long-term affordability of the properties. As a result, Island Housing Trust has secured covenants on 42 homes across all four Mount Desert Island towns, providing year-round housing for 119 individuals.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
July, 2024
Island Housing Trust's impact can be seen in the advancement of permanent workforce housing on Mount Desert Island, Maine. By constructing new homes and facilitating the sale of properties at below-appraised value with long-term affordability covenants, Island Housing Trust has helped provide homes for individuals living year-round on the island. Through initiatives like the Homeownership Assistance Program (HOAP) and holding covenants on multiple houses across Mount Desert Island, Island Housing Trust plays a crucial role in promoting viable, year-round island communities.
This information is meant to be a general summary of Island Housing Trust. 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: -$81,447
- Program Service Revenue: $526
- Gross Receipts: $1,583,859
Assets and Liabilities:
- Total Assets: $4,799,071
- Total Liabilities: $47,932
- Net Assets: $4,751,139
Want to help this charity, for free? You can click here to learn more about Give Freely
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LAND LEASE
Revenue
$526
Organization Details
Founding Year
1989
Phone
(207) 244-8011Principal Officer
Edith Deedie' Bouscaren
Main Address
PO BOX 851, MOUNT DESERT, ME, 04660
Website
www.islandhousingtrust.orgNTEE Category
Code: L20Z - Housing
If you are a representative of Island Housing Trust and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.