Nonprofit · EIN 01-0315296
AVESTA HOUSING DEVELOPMENT CORPORATION
Tax-exempt · PORTLAND, ME 04101
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $13,450,256 | $14,778,036 | -$1,327,780 | $82,732,095 | $57,782,435 | $24,949,660 |
| December 31, 2023 | 990 | $10,774,074 | $10,908,019 | -$133,945 | $78,003,139 | $52,412,522 | $25,590,617 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $5,278,417
- of which government grants
- $4,673,975
- Program service revenue
- $7,432,464
- Investment income
- $739,375
- Net gain from sales of assets
- $557,126
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $1,105,615
- Other salaries and wages
- $4,162,592
- Salaries, compensation and benefits (total)
- $6,409,040
- Professional fundraising fees
- $0
- Legal fees
- $125,737
- Accounting fees
- $185,940
- Travel
- $32,225
- Depreciation
- $1,170,948
- Program services (functional)
- $14,778,036
Balance sheet and other
- Total assets, start of year
- $78,003,139
- Total assets, end of year
- $82,732,095
- Total liabilities, end of year
- $57,782,435
- Net assets, end of year
- $24,949,660
- Land, buildings and equipment
- $24,183,298
- Net assets without donor restrictions
- $24,949,660
- Gross receipts
- $13,483,055
- Employees
- 57
- Volunteers
- 0
- Year formed
- 1972
- State of legal domicile
- ME
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| REBECCA HATFIELD | PRESIDENT (PAST) Officer | 1 | $422,503 | $0 | $23,000 |
| ERIC BOUCHER | INTERIM PRESIDENT AND CEO Officer | 1 | $205,707 | $0 | $47,322 |
| KATY SMITH | VP OF SENIOR LIVING Officer | 1 | $167,149 | $0 | $40,500 |
| KIM FARRAR | VP OF STRATEGIC INITIATIVE Officer | 1 | $164,198 | $0 | $18,383 |
| SARA OLSON | VP OF ADVANCEMENT Officer | 1 | $146,058 | $0 | $30,500 |
| AMANDA GILLIAM | VP OF PROPERTY MANAGEMENT Officer | 1 | $0 | $134,309 | $28,558 |
| JIM HANLEY | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| ALICE KABORE | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| JANICE DE LIMA | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| KIMBERLY TWITCHELL | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| DR RENEE FAY-LEBLANC | VICE CHAIR Trustee or director | 1 | $0 | $0 | $0 |
| DEBRA ORELLANA-MEJIA | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| TIMOTHY AGNEW | TREASURER Trustee or director | 1 | $0 | $0 | $0 |
| PETER BASS | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| CHOMBA KALUBA | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
8 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| JAMES ELKINS | DIRECTOR Trustee or director | 1 | $0 |
| ANDREA DODGE PATSTONE | CHAIR Trustee or director | 1 | $0 |
| DR JULIA REDDING | DIRECTOR Trustee or director | 1 | $0 |
| LYNNE ROCHE | DIRECTOR Trustee or director | 1 | $0 |
| NATHAN POORE | DIRECTOR Trustee or director | 1 | $0 |
| DOUGLAS STOCKBRIDGE | DIRECTOR Trustee or director | 1 | $0 |
| PETER PITEGOFF | SECRETARY Trustee or director | 1 | $0 |
| AMY SMITH | DIRECTOR Trustee or director | 1 | $0 |
990 for the year ended December 31, 2023: 22 people
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| REBECCA HATFIELD | PRESIDENT Officer | 1 | $265,049 | $0 | $45,000 |
| ERIC BOUCHER | SR. VP OF FINANCE AND ADMINISTRATION Officer | 1 | $192,384 | $0 | $45,000 |
| KATY SMITH | VP OF SENIOR LIVING Officer | 1 | $160,223 | $0 | $38,333 |
| KIM FARRAR | VP OF STRATEGIC INITIATIVE Officer | 1 | $149,722 | $0 | $17,975 |
| AMANDA GILLIAM | VP OF PROPERTY MANAGEMENT & RESIDENT SERVICES Officer | 1 | $0 | $110,407 | $34,411 |
| JIM HANLEY | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| ALICE KABORE | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| JANICE DE LIMA | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| KIMBERLY TWITCHELL | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| DR RENEE FAY-LEBLANC | VICE CHAIR Trustee or director | 1 | $0 | $0 | $0 |
| DEBRA ORELLANA-MEJIA | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| TIMOTHY AGNEW | TREASURER Trustee or director | 1 | $0 | $0 | $0 |
| PETER BASS | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| CHOMBA KALUBA | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| JAMES ELKINS | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| ANDREA DODGE PATSTONE | CHAIR Trustee or director | 1 | $0 | $0 | $0 |
| DR JULIA REDDING | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| LYNNE ROCHE | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| NATHAN POORE | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| DOUG STOCKBRIDGE | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| PETER PITEGOFF | SECRETARY Trustee or director | 1 | $0 | $0 | $0 |
| AMY SMITH | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 307 CUMBERLAND AVE, PORTLAND, ME 04101-4920
- Principal officer (990 for 2024)
- ERIC BOUCHER, 307 CUMBERLAND AVENUE, PORTLAND, ME 04101
- Signed the 990
- ERIC BOUCHER, SR VP OF FINANCE AND ADMINISTRATION
- Phone
- (207) 553-7777
- Return prepared by
- OTIS ATWELL
Mission
AVESTA HOUSING DEVELOPMENT CORPORATION'S MISSION IS TO IMPROVE LIVES AND STRENGTHEN COMMUNITIES BY PROMOTING AND PROVIDING QUALITY AFFORDABLE HOMES FOR PEOPLE IN NEED.
Program accomplishments
- ALL EXPENSES RELATE TO THE DEVELOPMENT AND PRESERVATION OF AFFORDABLE HOUSING. AVESTA DRAWS UPON YEARS OF RECIPROCAL RELATIONSHIPS WITH THE FINANCIAL INDUSTRY, FUNDERS, COMMUNITY LEADERS, AND HOUSING ADVOCATES TO DEVELOP, ACQUIRE, AND PRESERVE HUNDREDS OF AFFORDABLE UNITS EACH YEAR. AVESTA'S DEVELOPMENT STAFF CONTRIBUTES EXTENSIVE MANAGEMENT, LEGAL, FINANCIAL, COMMUNITY PLANNING, AND CONSTRUCTION EXPERIENCE. WE ADHERE TO SMART GROWTH PRINCIPLES, SUSTAINABILITY GUIDELINES, AND DESIGN STANDARDS INFORMED BY OUR DEVELOPMENT AND PROPERTY MANAGEMENT EXPERIENCE. IN ADDITION TO DEVELOPING NEW PROPERTIES, AVESTA INVESTS IN MAINE AND NEW HAMPSHIRE'S LARGE STOCK OF OLDER, AFFORDABLE, MULTI-FAMILY HOUSING, INCLUDING DEVELOPMENTS REGULATED BY USDA RURAL DEVELOPMENT, HUD, MAINEHOUSING, AND NEW HAMPSHIRE HOUSING. AVESTA WORKS WITH MUNICIPALITIES, NEIGHBORHOOD GROUPS, AND LOCAL BUSINESSES TO ENSURE THAT EVERY DEVELOPMENT MEETS THE NEEDS OF THE COMMUNITY.IN 2024, AVESTA LAUNCHED A PROGRAM THAT ACQUIRES AND RESTORES EXISTING HOMES, MAKING THEM AVAILABLE AT BELOW-MARKET PRICES FOR LOW TO MODERATE-INCOME HOMEBUYERS.Expenses $14,778,036 · revenue $8,171,839
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 01-0315296
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 1976
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Housing and shelter (L210)
- Assets (IRS master file)
- $82,732,095
- Income (IRS master file)
- $13,483,055
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $13,450,256 | $14,778,036 | $82,732,095 | XML |
| 990 | December 2023 | $10,774,074 | $10,908,019 | $78,003,139 | XML |
| 990 | December 2022 | $13,921,623 | $12,679,009 | $77,344,426 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 01-0315296).
Questions about AVESTA HOUSING DEVELOPMENT CORPORATION
- What is the EIN of AVESTA HOUSING DEVELOPMENT CORPORATION?
- The employer identification number (EIN) of AVESTA HOUSING DEVELOPMENT CORPORATION is 01-0315296.
- Is AVESTA HOUSING DEVELOPMENT CORPORATION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1976.
- Are donations to AVESTA HOUSING DEVELOPMENT CORPORATION tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does AVESTA HOUSING DEVELOPMENT CORPORATION file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of AVESTA HOUSING DEVELOPMENT CORPORATION due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did AVESTA HOUSING DEVELOPMENT CORPORATION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of AVESTA HOUSING DEVELOPMENT CORPORATION?
- The 990 for the year ended December 31, 2024 names ERIC BOUCHER.
- Who are the officers and directors of AVESTA HOUSING DEVELOPMENT CORPORATION?
- The 990 for the year ended December 31, 2024 lists 23 people; 5 received compensation from the organization, the highest $422,503 (REBECCA HATFIELD, PRESIDENT (PAST)).
- How much revenue does AVESTA HOUSING DEVELOPMENT CORPORATION have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $13,450,256, expenses of $14,778,036 and total assets of $82,732,095 at year end.
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