Civic Intelligence

Freeman Forest Housing Corp

EIN 01-0533179 • 501(c)3 • Bangor, ME

Profile

To operate a 22 unit low income housing development in orono, me which provides decent, safe and sanitary housing to the elderly and/or disabled. The development is subsidized by usda rural development as to its mortgage and rental income.

PO Box 2219Bangor, ME 04402
Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

95th percentile

1.24x

Higher debt load relative to assets than 95% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2024

Liabilities / Revenue

97th percentile

3.71x

Higher debt load relative to revenue than 97% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2024

Net Margin

44th percentile

1.6%

Higher net margin than 44% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2024

Top Officer Pay

55th percentile

$0

Higher top officer pay than 55% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

501(c)3 • $500k-$1M nonprofits • Source year 2024

Asset Growth

41st percentile

-0.2%

Faster asset growth than 41% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2023 to 2024

Revenue Growth

45th percentile

3.8%

Faster revenue growth than 45% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets95th percentile

Assets

Down

$891,967

Down $1,551 (-0.2%) from 2023

Liabilities

Down

$1,104,885

Down $6,200 (-0.6%) from 2023

Net Assets

Up

-$212,918

Up $4,649 (+2.1%) from 2023

Operations
Liabilities / Revenue97th percentileNet Margin44th percentile

Revenue

Up

$298,112

Up $10,999 (+3.8%) from 2023

Expenses

Up

$293,463

Up $11,388 (+4.0%) from 2023

Net Income

Down

$4,649

Down $389 (-7.7%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth41st percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$1.5M$1.0M$500K$0-$500KAssets 2010: $1,194,292Liabilities 2010: $1,249,169Net Assets 2010: -$54,8772010Assets 2011: $1,172,477Liabilities 2011: $1,239,594Net Assets 2011: -$67,1172011Assets 2012: $1,145,442Liabilities 2012: $1,236,335Net Assets 2012: -$90,8932012Assets 2013: $1,116,344Liabilities 2013: $1,222,042Net Assets 2013: -$105,6982013Assets 2014: $1,094,547Liabilities 2014: $1,212,657Net Assets 2014: -$118,1102014Assets 2015: $1,068,427Liabilities 2015: $1,204,873Net Assets 2015: -$136,4462015Assets 2016: $1,047,248Liabilities 2016: $1,201,024Net Assets 2016: -$153,7762016Assets 2017: $1,024,265Liabilities 2017: $1,188,963Net Assets 2017: -$164,6982017Assets 2018: $1,011,408Liabilities 2018: $1,183,345Net Assets 2018: -$171,9372018Assets 2019: $960,828Liabilities 2019: $1,157,203Net Assets 2019: -$196,3752019Assets 2020: $946,072Liabilities 2020: $1,156,261Net Assets 2020: -$210,1892020Assets 2021: $927,550Liabilities 2021: $1,143,344Net Assets 2021: -$215,7942021Assets 2022: $907,545Liabilities 2022: $1,130,150Net Assets 2022: -$222,6052022Assets 2023: $893,518Liabilities 2023: $1,111,085Net Assets 2023: -$217,5672023Assets 2024: $891,967Liabilities 2024: $1,104,885Net Assets 2024: -$212,9182024

Highlighted filing

2024

Assets$891,967
Liabilities$1,104,885
Net Assets-$212,918
Open 2024 Filing

Operations Trend

Revenue Growth45th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$300K$200K$100K$0-$100KExpenses 2010: $239,4502010Expenses 2011: $240,9642011Expenses 2012: $250,8532012Revenue 2013: $227,933Expenses 2013: $242,738Net Income 2013: -$14,8052013Revenue 2014: $229,106Expenses 2014: $241,518Net Income 2014: -$12,4122014Revenue 2015: $229,803Expenses 2015: $248,139Net Income 2015: -$18,3362015Revenue 2016: $229,292Expenses 2016: $246,622Net Income 2016: -$17,3302016Revenue 2017: $237,912Expenses 2017: $248,834Net Income 2017: -$10,9222017Revenue 2018: $243,291Expenses 2018: $250,530Net Income 2018: -$7,2392018Revenue 2019: $243,450Expenses 2019: $267,888Net Income 2019: -$24,4382019Revenue 2020: $248,178Expenses 2020: $261,992Net Income 2020: -$13,8142020Revenue 2021: $255,656Expenses 2021: $261,261Net Income 2021: -$5,6052021Revenue 2022: $273,208Expenses 2022: $280,019Net Income 2022: -$6,8112022Revenue 2023: $287,113Expenses 2023: $282,075Net Income 2023: $5,0382023Revenue 2024: $298,112Expenses 2024: $293,463Net Income 2024: $4,6492024

Highlighted filing

2024

Revenue$298,112
Expenses$293,463
Net Income$4,649
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$891,967
Liabilities
$1,104,885
Net assets
-$212,918
Revenue
$298,112
Expenses
$293,463
Net income
$4,649
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.89$1.10$0.21$0.30$0.29$0.00
2023Detailed filing. Detailed filing data is available for this year.$0.89$1.11$0.22$0.29$0.28$0.01
2022Detailed filing. Detailed filing data is available for this year.$0.91$1.13$0.22$0.27$0.28$0.01
2021Detailed filing. Detailed filing data is available for this year.$0.93$1.14$0.22$0.26$0.26$0.01
2020Detailed filing. Detailed filing data is available for this year.$0.95$1.16$0.21$0.25$0.26$0.01
2019Detailed filing. Detailed filing data is available for this year.$0.96$1.16$0.20$0.24$0.27$0.02
2018Detailed filing. Detailed filing data is available for this year.$1.01$1.18$0.17$0.24$0.25$0.01
2017Detailed filing. Detailed filing data is available for this year.$1.02$1.19$0.16$0.24$0.25$0.01
2016Detailed filing. Detailed filing data is available for this year.$1.05$1.20$0.15$0.23$0.25$0.02
2015Detailed filing. Detailed filing data is available for this year.$1.07$1.20$0.14$0.23$0.25$0.02
2014Detailed filing. Detailed filing data is available for this year.$1.09$1.21$0.12$0.23$0.24$0.01
2013Detailed filing. Detailed filing data is available for this year.$1.12$1.22$0.11$0.23$0.24$0.01
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.15$1.24$0.09$0.25
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.17$1.24$0.07$0.24
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.19$1.25$0.05$0.24
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Jul 2, 2025
Return Version
2024v5.0
Gross Receipts
$298,112
Mission and Program Overview

Mission

To operate a 22 unit low income housing development in orono, me which provides decent, safe and sanitary housing to the elderly and/or disabled. The development is subsidized by usda rural development as to its mortgage and rental income.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$730,889$719,741▼ $11,148
Cash and Non-Interest-Bearing Accounts$8,347$36,211▲ $27,864
Prepaid Expenses and Deferred Charges$11,764$12,081▲ $317
Accounts Receivable-$1,850-
Total Assets$893,518$891,967▼ $1,551
Other Assets Total$142,518$122,084▼ $20,434
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,073,990$1,057,239▼ $16,751
Accounts Payable and Accrued Expenses$21,839$32,463▲ $10,624
Other Liabilities$15,256$15,183▼ $73
Total Liabilities$1,111,085$1,104,885▼ $6,200
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-217,567$-212,918▲ $4,649
Total Net Assets Fund Balance$-217,567$-212,918▲ $4,649
Total Liabilities and Net Assets / Fund Balance$893,518$891,967▼ $1,551

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$607,801$538,011$1,145,812
Land$83,263-$83,263
Other Land Buildings$28,677$26,589$55,266
Equipment-$6,368$6,368
Other Assets Org$14,061--
Compensation and Service Providers
Top Officer Pay55th percentile

Board Members and Trustees

NameTitle
Dwight HasbrouckPresident
Dyan WalshBoard Member
Mary PhillipsBoard Member
Mitch StoneBoard Member
Oleksandr TyutyunnykBoard Member
Tabatha CasoSecretary
Tom PerryTreasurer
Leo KenneyVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$297,377
Investment Income
$735
Other Revenue
$0
Change in Net Assets
$4,649

Audited Revenue Reconciliation

Revenue per Audited Statements
$298,112
Total Revenue per Audited Statements
$298,112
Total Revenue per Form 990
$298,112
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$293,463
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$61,046--$61,046
Occupancy$44,450--$44,450
Depreciation Depletion$31,853--$31,853
Fees for Services Management-$26,015-$26,015
Other Expenses$11,690$2,300-$13,990
All Other Expenses$11,500--$11,500
Insurance$8,455$1,824-$10,279
Fees for Services Accounting-$6,475-$6,475
Fees for Services Legal-$1,961-$1,961
Office Expenses$374$146-$520
Total Functional Expenses$254,742$38,721$0$293,463

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$293,463
Total Expenses per Audited Statements$293,463
Total Expenses per Form 990$293,463
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Security Deposit Liability$14,683
Prepaid Tenant Rent$500
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
No
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

“The corporation was organized with members that elect the board of directors. Members of the corporation serve a 3 year term.”

Form 990, Page 6, Part VI, Line 7A

“New board members are elected by the current members of the corporation.”

Form 990, Page 6, Part VI, Line 11B

“The form 990 is provided to the president of the board and management agent for review prior to filing.”

Form 990, Page 6, Part VI, Line 12C

“The organization is required to report to the usda rural development regarding any conflict of interest relationship on an annual basis.”

Form 990, Page 6, Part VI, Line 19

“Governing documents are made available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Freeman Forest Housing Corp
EIN
01-0533179
Address
PO BOX 2219, BANGOR, ME 04402

Signing Officer

Name
Dwight Hasbrouck
Title
President
Phone
2079476795
Signed
2025-07-02

Organization Details

Principal Officer
Dwight Hasbrouck
Formed
2006
Legal Domicile
Me
Voting Board Members
8
Independent Board Members
8
Employees
0

Preparer

Firm
Freeman & Associates Cpas
Address
1020 STILLWATER AVENUE, BANGOR, ME 04401
Preparer
Michael P Jones CPA
Phone
2073867870
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“To operate a 22 unit low income housing development in orono, me which provides decent, safe, and sanitary housing to the elderly and/or disabled. The development is subsidized by usda rural development as to its mortgage and rental income.”

Financial Statement Notes

Schedule D, Page 3, Part X

“Income taxes the organization is exempt from federal income tax under section 501(c)(3) of the internal revenue code. Accordingly, no provision for income tax has been recorded in the accompanying financial statements. The organization did not have any unrelated business income for the years ended december 31, 2024 and 2023. The organization's income tax filings are subject to audit by various taxing authorities. Any interest or penalties assessed to the organization are recorded in operating expenses. For the years ended december 31, 2024 and 2023 there were no interest or penalties recorded in the accompanying financial statements.”

Raw XML Appendix376 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleD/OtherAssetsOrgGrp/Desc1SECURITY DEPOSIT ACCOUNT
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2TAX AND INSURANCE
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0INCOME TAXES THE ORGANIZATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, NO PROVISION FOR INCOME TAX HAS BEEN RECORDED IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE ORGANIZATION DID NOT HAVE ANY UNRELATED BUSINESS INCOME FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023. THE ORGANIZATION'S INCOME TAX FILINGS ARE SUBJECT TO AUDIT BY VARIOUS TAXING AUTHORITIES. ANY INTEREST OR PENALTIES ASSESSED TO THE ORGANIZATION ARE RECORDED IN OPERATING EXPENSES. FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 THERE WERE NO INTEREST OR PENALTIES RECORDED IN THE ACCOMPANYING FINANCIAL STATEMENTS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0TO OPERATE A 22 UNIT LOW INCOME HOUSING DEVELOPMENT IN ORONO, ME WHICH PROVIDES DECENT, SAFE, AND SANITARY HOUSING TO THE ELDERLY AND/OR DISABLED. THE DEVELOPMENT IS SUBSIDIZED BY USDA RURAL DEVELOPMENT AS TO ITS MORTGAGE AND RENTAL INCOME.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE CORPORATION WAS ORGANIZED WITH MEMBERS THAT ELECT THE BOARD OF DIRECTORS. MEMBERS OF THE CORPORATION SERVE A 3 YEAR TERM.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2NEW BOARD MEMBERS ARE ELECTED BY THE CURRENT MEMBERS OF THE CORPORATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE FORM 990 IS PROVIDED TO THE PRESIDENT OF THE BOARD AND MANAGEMENT AGENT FOR REVIEW PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION IS REQUIRED TO REPORT TO THE USDA RURAL DEVELOPMENT REGARDING ANY CONFLICT OF INTEREST RELATIONSHIP ON AN ANNUAL BASIS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5GOVERNING DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 19
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ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/PersonNm0DWIGHT HASBROUCK
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum02079476795
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-07-02
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0FREEMAN FOREST HOUSING CORP
ReturnHeader/Filer/BusinessNameControlTxt0FREE
ReturnHeader/Filer/EIN0010533179
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 2219
ReturnHeader/Filer/USAddress/CityNm0BANGOR
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ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0FREEMAN & ASSOCIATES CPAS
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01020 STILLWATER AVENUE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0BANGOR
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0ME
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd004401
ReturnHeader/PreparerPersonGrp/PhoneNum02073867870
ReturnHeader/PreparerPersonGrp/PreparationDt02025-07-02
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0MICHAEL P JONES CPA
ReturnHeader/ReturnTs02025-07-02T09:15:34-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02024-01-01
ReturnHeader/TaxPeriodEndDt02024-12-31
ReturnHeader/TaxYr02024

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