Civic Intelligence

Berkshire Housing Development Corp

990 • Fiscal year 2024 • EIN 04-2483322

Jul 01, 2023 to Jun 30, 2024 • Filed on Dec 05, 2024

1 Fenn StreetPittsfield, MA 01201

(413) 499-1630

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

42nd percentile

0.08x

Higher debt load relative to assets than 42% of similar nonprofits.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2024

Liabilities / Revenue

51st percentile

0.17x

Higher debt load relative to revenue than 51% of similar nonprofits.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2024

Net Margin

55th percentile

6.9%

Higher net margin than 55% of similar nonprofits.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2024

Top Officer Pay

79th percentile

$221,978

Higher top officer pay than 79% of similar nonprofits.

Top officer pay equals 5.9% of source-year revenue.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2024

Asset Growth

30th percentile

-1.0%

Faster asset growth than 30% of similar nonprofits.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Revenue Growth

80th percentile

39%

Faster revenue growth than 80% of similar nonprofits.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Assets

Down

$8,274,911

Down $80,021 (-1.0%) from 2023

Net Assets

Up

$7,640,478

Up $6,693 (+0.1%) from 2023

Liabilities

Down

$634,433

Down $86,714 (-12%) from 2023

Revenue

Up

$3,744,372

Up $1,041,769 (+39%) from 2023

Expenses

Up

$3,487,679

Up $704,163 (+25%) from 2023

Net Income

Up

$256,693

Up $337,606 (+417%) from 2023

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$10M$5.0M$0Assets 2015: $1,352,199Liabilities 2015: $585,734Net Assets 2015: $766,4652015Assets 2016: $1,550,460Liabilities 2016: $529,225Net Assets 2016: $1,021,2352016Assets 2017: $4,452,857Liabilities 2017: $754,780Net Assets 2017: $3,698,0772017Assets 2018: $4,933,820Liabilities 2018: $974,066Net Assets 2018: $3,959,7542018Assets 2019: $5,343,161Liabilities 2019: $678,151Net Assets 2019: $4,665,0102019Assets 2020: $6,689,987Liabilities 2020: $678,600Net Assets 2020: $6,011,3872020Assets 2021: $7,085,718Liabilities 2021: $484,020Net Assets 2021: $6,601,6982021Assets 2022: $8,403,585Liabilities 2022: $688,887Net Assets 2022: $7,714,6982022Assets 2023: $8,354,932Liabilities 2023: $721,147Net Assets 2023: $7,633,7852023Assets 2024: $8,274,911Liabilities 2024: $634,433Net Assets 2024: $7,640,4782024

Highlighted filing

2024

Assets$8,274,911
Liabilities$634,433
Net Assets$7,640,478

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$4.0M$3.0M$2.0M$1.0M$0-$1.0MRevenue 2015: $550,232Expenses 2015: $447,051Net Income 2015: $103,1812015Revenue 2016: $1,251,573Expenses 2016: $996,803Net Income 2016: $254,7702016Revenue 2017: $3,666,412Expenses 2017: $989,570Net Income 2017: $2,676,8422017Revenue 2018: $1,311,456Expenses 2018: $1,049,779Net Income 2018: $261,6772018Revenue 2019: $1,853,390Expenses 2019: $1,148,134Net Income 2019: $705,2562019Revenue 2020: $2,746,025Expenses 2020: $1,399,648Net Income 2020: $1,346,3772020Revenue 2021: $2,469,428Expenses 2021: $1,879,117Net Income 2021: $590,3112021Revenue 2022: $3,182,367Expenses 2022: $2,069,367Net Income 2022: $1,113,0002022Revenue 2023: $2,702,603Expenses 2023: $2,783,516Net Income 2023: -$80,9132023Revenue 2024: $3,744,372Expenses 2024: $3,487,679Net Income 2024: $256,6932024

Highlighted filing

2024

Revenue$3,744,372
Expenses$3,487,679
Net Income$256,693
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Dec 5, 2024
Return Version
2023v5.1
Gross Receipts
$3,744,372
Mission and Program Overview

Mission

Development and operation of housing and community development projects and programs that benefit low and moderate income people. Most significant current activities are developing affordable housing, administering the Section 8 HCV Program, administering housing assistance programs including RAFT, HomeBASE and Neighbor to Neighbor and operating the regionb

Development and operation of housing and community development projects and programs that benefit low and moderate income people. Most significant current activities are developing affordable housing, administering the Section 8 HCV Program, administering housing assistance programs including RAFT, HomeBASE and Neighbor to Neighbor and operating the region.

Balance Sheet Detail
LineBeginningEndChange
Assets
Receivables From Officers Etc$4,192,948$3,960,113▼ $232,835
Accounts Receivable$2,313,889$2,177,209▼ $136,680
Cash and Non-Interest-Bearing Accounts$1,450,371$1,595,678▲ $145,307
Prepaid Expenses and Deferred Charges$42,775$87,168▲ $44,393
Investments Other Securities$76,000$44,000▼ $32,000
Land, Buildings, and Equipment, Net$23,457$21,667▼ $1,790
Other Notes and Loans Receivable, Net-$10,847-
Savings and Temporary Cash Investments-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$8,354,932$8,274,911▼ $80,021
Other Assets Total$255,492$378,229▲ $122,737
Liabilities
Other Liabilities$142,934$253,540▲ $110,606
Unsecured Notes Loans Payable$243,925$243,925→ $0
Accounts Payable and Accrued Expenses$334,288$136,968▼ $197,320
Total Liabilities$721,147$634,433▼ $86,714
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$7,633,785$7,640,478▲ $6,693
Total Net Assets Fund Balance$7,633,785$7,640,478▲ $6,693
Total Liabilities and Net Assets / Fund Balance$8,354,932$8,274,911▼ $80,021

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$21,667$18,345$40,012
Equipment-$30,002$30,002
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Eileen PeltierPresidentFT$204,000$17,978$221,978

Board Members and Trustees

NameTitle
Arthur MilanoChairman
Michael BarbieriVice Chairman
Amber BesawDirector
Cynthia CardeliDirector
Lisa TrybusDirector
Matt EmprimoDirector
Michael DentonDirector
Michael WynnDirector
Shaun MahoneyDirector
Jay SacchettiClerk
Steven OwensTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$150,000
Program Service Revenue
$3,575,565
Investment Income
$18,807
Other Revenue
$0
All Other Contributions
$150,000
Change in Net Assets
$256,693
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,062,759
Other Expenses$874,920
Grants and Similar Amounts Paid$550,000
Total Fundraising Expense$125,371
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,195,924$206,701$73,820$1,476,445
Grants to Domestic Orgs$550,000--$550,000
Current Officers, Directors, Trustees, and Key Employees$165,239$28,560$10,201$204,000
Other Employee Benefits$156,422$27,036$9,656$193,114
Payroll Taxes$102,016$17,632$6,297$125,945
Occupancy$53,996$9,333$3,332$66,661
Pension Plan Contributions$51,236$8,856$3,163$63,255
Office Expenses$49,703$8,591$3,068$61,362
All Other Expenses$37,106$6,415$2,290$45,811
Insurance$31,506$5,446$1,944$38,896
Fees for Services Accounting$24,340$4,207$1,503$30,050
Other Expenses$20,762$3,588$1,282$25,632
Fees for Services Legal$17,221$2,977$1,063$21,261
Advertising$14,928$2,580$922$18,430
Conferences and Meetings$5,996$1,036$370$7,402
Interest$3,952$683$244$4,879
Depreciation Depletion$1,450$251$88$1,789
Total Functional Expenses$3,011,259$351,049$125,371$3,487,679
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees$4,192,948$3,960,113▼ $232,835
Receivables from Disqualified Persons-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Operating Lease Liability$124,715
Accrued Salaries and Vacation$103,489
AP Reuse funds$19,648
Security Deposits Payable$3,655
Accrued Bond Interest$2,033
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

The board of directors will review in detail the form 990 before the form is to be filed.

Form 990, Part VI, Section B, Line 15A

Board performs annual review of ceo performance and determines annual increase. Board decisions on annual compensation documented and shared with finance staff for processing.

Form 990, Part VI, Section B, Line 15B

NONE

Form 990, Part VI, Section C, Line 19

They are available upon request.

Filing and Contact Details

Filer

Filer Name
Hearthway Inc
EIN
04-2483322
Phone
4134991630
Address
1 FENN STREET, PITTSFIELD, MA 01201

Signing Officer

Name
Eileen Peltier
Title
President
Signed
2024-12-05
Discuss with paid preparer
Yes

Organization Details

Formed
1971
Legal Domicile
Ma
Voting Board Members
11
Independent Board Members
11
Employees
90

Preparer

Firm
Lombardi Clairmont & Keegan CPAs
Address
35 Pearl Street, Pittsfield, MA 01201
Preparer
Barry J Clairmont
Phone
4134993733
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 4D

Other program services 4: other program services other program services 5: real estate development - produce and rehabilitate affordable housing to create housing opportunities for low-to-moderate income and vunerable people, and to foster community development across berkshire county.

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IRS990/MissionDesc0Development and operation of housing and community development projects and programs that benefit low and moderate income people. Most significant current activities are developing affordable housing, administering the Section 8 HCV Program, administering housing assistance programs including RAFT, HomeBASE and Neighbor to Neighbor and operating the region.
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IRS990/ProgSrvcAccomActy2Grp/Desc0HCEC - The Housing Consumer Education Center serves as a single source of information, referrals and services for anyone with a housing related issue. Tenants, landlords, prospective buyers, and homeowners can access information designed to maximize housing stability, strengthen investments, and minimize disputes. Through our programs and supports, we strive to prevent homelessness, foster economic self-sufficiency, and ensure housing stability for everyone in the Berkshire County area.
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