New Marblehead Seniors Housing Corp C/o Avesta Housing

Overview

Mission

To provide low income housing

What it reported doing in 2024

Provide subsidized low-income housing to the elderly.

Operating model

Revenue model
Grant-funded. 77% of the money available for current operations came from government grants.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

Nonprofit profile at a glance

EIN
010353352
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Headquarters
Portland, ME, USA
Phone
2075537777
Rating
73
Verdict
SUPPORTED
Rating confidence
Moderate

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 67
  • Transparency & Controls: 65
  • Accountability: 91
  • Sustainability: 63
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 59.9%; rating input score 60
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 40.1%; rating input score 88; 88th percentile among comparable filings
  • Total-asset coverage ratio: 3.3; rating input score 71; 71st percentile among comparable filings
  • Liabilities to assets ratio: 1.03; rating input score 5; 5th percentile among comparable filings
  • Officer compensation ratio: 69.7%; rating input score 2; 2nd percentile among comparable filings

Growth

  • Program expense growth: 3.1% per year; rating input score 100; 45th percentile among comparable filings
  • Revenue growth: 3.5% per year; rating input score 100; 44th percentile among comparable filings
  • Asset growth: 8.6% per year; rating input score 100; 61st percentile among comparable filings

Details

  • Where the money goes: 59.9% of revenue deployed · 100% of spending went to programs
  • Governance: 17 of 17 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $270K in reported program spending
  • Leadership: top reported pay $446K · 23 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 22 of 22 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 14 annual filings from 2010 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 90 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Leadership & pay

23 people listed

Highest reported compensation

  • REBECCA HATFIELD (PRESIDENT (PAST)): $445,503 total reported compensation
  • ERIC BOUCHER (INTERIM PRESIDENT AND CEO): $253,029 total reported compensation
  • KATY SMITH (VP OF SENIOR LIVING): $207,649 total reported compensation

Source: IRS Form 990. Selected filing: FY2024.