3I Housing of Maine

What it reported doing in 2024

See Schedule O.Accomplishments to Date:1. Launch Maine's first sustainable, universally-designed multi-family affordable rental apartments for people with disabilities in a diverse community-based setting with cutting-edge, new and proven assistive and adaptive technologies, integrated support services in a welcoming and expansive community network. - Our first project, in partnership with Preservation of Affordable Housing (POAH) is co-developing a fully-accessible low-income housing complex (51 units) in Scarborough, Maine. To date we have over 70 public inquiries regarding our project in Scarborough, which has been named Sturgeon Place (https://sturgeonplace.org). The 1-, 2- and 3-bedroom apartments are designed according to principles of Universal Design for easy mobility with or without a wheelchair. Bathrooms, kitchens and all living areas will be barrier free, and the entire building will be wired for adaptable environmental controls and smart home functionality. During 2024, the most appropriate SMART assistive technologies and SMART appliances to be used throughout the building were identified. The apartments are targeted for occupancy in 2027.2. Be the innovator and catalyst, starting in Maine, for researchers, inventors, educators, advocates and people living with disabilities and mobility impairments by identifying issues and needs; designing, testing and implementing technologies; and managing a state-of-the-art 3i HoME mobility and assistive technology hub (MATH) and Workshop (ATEC). - Our Mobility and Assistive Technology Hub (MATH) and our Adaptive Technology Enhancement Center (ATEC), will be located on the ground floor of our Scarborough project. The MATH will be the focal point for problem solving and developing AT (Assistive Technology) solutions for our residents and for members of the general community. We have had substantive discussions with local thought leaders including: the University of Maine, Northeastern University, the University of New England and Harvard University. In the summer of 2024, 3i HoME worked hand-in-hand with Northeastern's Roux Institute to launch a 6-week pilot Enabling Engineering program involving high school robotics enthusiasts. Students worked with a 3i HoME Board of Directors member to create a safety related device to attach to a wheelchair, solving a real power chair user challenge.3. 3i HoME Infrastructure - 3i HoME continues to advance its culture of transparency, accountability, and trust while seeking to secure additional sustainable funding in support of its mission. 3i HoME's leadership will continue to build the organization's human resource capacity; and implement policies and procedures following sound business practices including personnel, document retention and destruction and whistleblowing policies. 3i HoME hired a full-time COO in July of 2024 and a two-year strategic plan calls for further consultant and/or staff expansion in late 2025 and into 2026. In particular, 3i HoME will be seeking specific fund-raising expertise in 2025.

Financial Efficiency

• Mission deployment rate: 100%; rating input score 100
• Program expense ratio: 68.6%; rating input score 69
• Fundraising efficiency: $0.64 raised per $1 spent on fundraising; rating input score 5; 5th percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
• Pay-setting controls: Limited
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 77.8%; rating input score 78; 20th percentile among comparable filings
• Governance controls: 6 of 9 controls in place; rating input score 67
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: Fail
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Fail
  • Independent financial-statement audit: Fail

Sustainability

• Operating margin: -123.5%; rating input score 2; 2nd percentile among comparable filings
• Total-asset coverage ratio: 5.88; rating input score 82; 82nd percentile among comparable filings
• Liabilities to assets ratio: 0; rating input score 51; 51st percentile among comparable filings
• Officer compensation ratio: 32.9%; rating input score 9; 9th percentile among comparable filings

Growth

• Program expense growth: 80% per year; rating input score 100; 98th percentile among comparable filings
• Revenue growth: -175.2% per year; rating input score 0; 0th percentile among comparable filings
• Asset growth: -8.8% per year; rating input score 0; 7th percentile among comparable filings