Freeport Housing Trust Inc

Nonprofit profile at a glance

EIN
010449761
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Freeport, ME, USA
Phone
2078651652
Rating
77
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Reported finances

Revenue
$2,024,988
Expenses
$1,264,524
Assets
$10,417,290
Liabilities
$3,945,067

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

13 people listed

Executive titles in this filing

  • CHRIS RONEY (PRESIDENT)
  • BRIDGET DORNBACH (VICE PRESIDENT)
  • SUZANNE NORTON (ASSISTANT VICE PRESIDENT)
  • MATT PETERS (EXECUTIVE DIRECTOR)

Highest reported compensation

  • MATT PETERS (EXECUTIVE DIRECTOR): $64,611 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Provide low-income housing.

What it reported doing in 2024

Operation of an 18 unit low-income housing project known as maplewood terrace.

Operating model

Revenue model
Other-operating. 93% of the money available for current operations came from other operating revenue.
Distribution model
Direct operator. The filing allocates 99% 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.

The verdict

SUPPORTED - The filed numbers largely add up and a large share of available resources goes toward mission work. Some filing-based governance responses are negative or unanswered and some filed totals do not add up.

Rating breakdown

  • Financial Efficiency: 65
  • Transparency & Controls: 92
  • Accountability: 74
  • Sustainability: 77
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 61%; rating input score 61
  • Program expense ratio: 92.2%; rating input score 92
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 91.7%; rating input score 92; 7th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 90.9%; rating input score 91; 26th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 3 of 8 controls in place; rating input score 38
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 37.6%; rating input score 88; 88th percentile among comparable filings
  • Total-asset coverage ratio: 8.24; rating input score 89; 89th percentile among comparable filings
  • Liabilities to assets ratio: 0.38; rating input score 28; 28th percentile among comparable filings
  • Officer compensation ratio: 5.1%; rating input score 53; 53rd percentile among comparable filings

Growth

  • Program expense growth: 8.4% per year; rating input score 100; 57th percentile among comparable filings
  • Revenue growth: 9.9% per year; rating input score 100; 68th percentile among comparable filings
  • Asset growth: 7.8% per year; rating input score 100; 49th percentile among comparable filings

Details

  • Where the money goes: 61% of revenue deployed · 92.2% of spending went to programs
  • Governance: 13 of 13 board members independent · 3 of 8 filing controls reported
  • Programs: 4 filed program accomplishments · $1.2M in reported program spending
  • Leadership: top reported pay $65K · 13 people listed
  • Consistency: 23 of 24 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes grants
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: 9 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.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Accountability: Governance controls: 5 of 8 not reported.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 28/100.
  • Review — Sustainability: Officer compensation ratio scored 53/100.