Civic Intelligence

Historic Salem Inc

EIN 04-6191407 • 501(c)3 • Salem, MA

Profile

Historic salem's mission is to ensure that the historic resources of salem, ma which are the key to its identity, its quality of life and its economic vitality, are preserved for future generations and that new development complements the historic character of the city. Historic salem accomplishes its mission through preservation, education, advocacy and partnership.

9 North StreetSalem, MA 01970

www.historicsalem.org

Siviq Scores

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

Liabilities / Assets

38th percentile

0.00x

Higher debt load relative to assets than 38% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2025

Liabilities / Revenue

45th percentile

0.01x

Higher debt load relative to revenue than 45% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2025

Net Margin

85th percentile

39%

Higher net margin than 85% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2025

Top Officer Pay

61st percentile

$26,196

Higher top officer pay than 61% of similar nonprofits.

Top officer pay equals 13.7% of source-year revenue.

501(c)3 • $500k-$1M nonprofits • Source year 2025

Asset Growth

63rd percentile

9.0%

Faster asset growth than 63% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2024 to 2025

Revenue Growth

61st percentile

15%

Faster revenue growth than 61% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2024 to 2025

Assets

Up

$921,418

Up $76,325 (+9.0%) from 2024

Liabilities

Flat

$1,490

Flat from 2024

Net Assets

Up

$919,928

Up $76,325 (+9.0%) from 2024

Revenue

Up

$190,816

Up $24,436 (+15%) from 2024

Expenses

Down

$116,837

Down $5,936 (-4.8%) from 2024

Net Income

Up

$73,979

Up $30,372 (+70%) from 2024

Trend Graphs

Balance Sheet Trend

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

$1.0M$500K$0Assets 2011: $616,167Liabilities 2011: $59Net Assets 2011: $616,1082011Assets 2012: $629,146Liabilities 2012: $3,507Net Assets 2012: $625,6392012Assets 2013: $618,234Liabilities 2013: $904Net Assets 2013: $617,3302013Assets 2014: $614,621Liabilities 2014: $884Net Assets 2014: $613,7372014Assets 2015: $594,050Liabilities 2015: $0Net Assets 2015: $594,0502015Assets 2016: $582,776Liabilities 2016: $0Net Assets 2016: $582,7762016Assets 2017: $549,913Liabilities 2017: $0Net Assets 2017: $549,9132017Assets 2018: $571,263Liabilities 2018: $0Net Assets 2018: $571,2632018Assets 2019: $574,540Liabilities 2019: $0Net Assets 2019: $574,5402019Assets 2020: $555,587Liabilities 2020: $0Net Assets 2020: $555,5872020Assets 2021: $600,628Liabilities 2021: $12,820Net Assets 2021: $587,8082021Assets 2022: $736,377Liabilities 2022: $1,115Net Assets 2022: $735,2622022Assets 2023: $777,983Liabilities 2023: $1,315Net Assets 2023: $776,6682023Assets 2024: $845,093Liabilities 2024: $1,490Net Assets 2024: $843,6032024Assets 2025: $921,418Liabilities 2025: $1,490Net Assets 2025: $919,9282025

Highlighted filing

2025

Assets$921,418
Liabilities$1,490
Net Assets$919,928

Operations Trend

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

$300K$200K$100K$0-$100KExpenses 2011: $83,5102011Expenses 2012: $77,5722012Revenue 2013: $72,352Expenses 2013: $84,062Net Income 2013: -$11,7102013Revenue 2014: $60,473Expenses 2014: $70,779Net Income 2014: -$10,3062014Revenue 2015: $62,800Expenses 2015: $85,561Net Income 2015: -$22,7612015Revenue 2016: $93,331Expenses 2016: $101,821Net Income 2016: -$8,4902016Revenue 2017: $98,851Expenses 2017: $135,411Net Income 2017: -$36,5602017Revenue 2018: $126,034Expenses 2018: $111,808Net Income 2018: $14,2262018Revenue 2019: $110,652Expenses 2019: $109,025Net Income 2019: $1,6272019Revenue 2020: $134,551Expenses 2020: $144,124Net Income 2020: -$9,5732020Revenue 2021: $105,751Expenses 2021: $85,099Net Income 2021: $20,6522021Revenue 2022: $216,976Expenses 2022: $78,797Net Income 2022: $138,1792022Revenue 2023: $132,464Expenses 2023: $81,176Net Income 2023: $51,2882023Revenue 2024: $166,380Expenses 2024: $122,773Net Income 2024: $43,6072024Revenue 2025: $190,816Expenses 2025: $116,837Net Income 2025: $73,9792025

Highlighted filing

2025

Revenue$190,816
Expenses$116,837
Net Income$73,979

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$9.21$0.01$9.20$1.91$1.17$0.74
2024Detailed filing. Detailed filing data is available for this year.$8.45$0.01$8.44$1.66$1.23$0.44
2023Detailed filing. Detailed filing data is available for this year.$7.78$0.01$7.77$1.32$0.81$0.51
2022Detailed filing. Detailed filing data is available for this year.$7.36$0.01$7.35$2.17$0.79$1.38
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.01$0.13$5.88$1.06$0.85$0.21
2020Detailed filing. Detailed filing data is available for this year.$5.56$0.00$5.56$1.35$1.44$0.10
2019Detailed filing. Detailed filing data is available for this year.$5.75$0.00$5.75$1.11$1.09$0.02
2018Detailed filing. Detailed filing data is available for this year.$5.71$0.00$5.71$1.26$1.12$0.14
2017Detailed filing. Detailed filing data is available for this year.$5.50$0.00$5.50$0.99$1.35$0.37
2016Detailed filing. Detailed filing data is available for this year.$5.83$0.00$5.83$0.93$1.02$0.08
2015Detailed filing. Detailed filing data is available for this year.$5.94$0.00$5.94$0.63$0.86$0.23
2014Detailed filing. Detailed filing data is available for this year.$6.15$0.01$6.14$0.60$0.71$0.10
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.18$0.01$6.17$0.72$0.84$0.12
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.29$0.04$6.26$0.78
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.16$0.00$6.16$0.84
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Apr 1, 2024 to Mar 31, 2025
Signed
Dec 22, 2025
Return Version
2024v5.0
Gross Receipts
$226,303
Mission and Program Overview

Mission

Historic salem's mission is to ensure that the historic resources of salem, ma which are the key to its identity, its quality of life and its economic vitality, are preserved for future generations and that new development complements the historic character of the city. Historic salem accomplishes its mission through preservation, education, advocacy and partnership.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$843,603$919,928▲ $76,325
Land, Buildings, and Equipment, Net$405,002$389,908▼ $15,094
Savings and Temporary Cash Investments$186,168$247,023▲ $60,855
Investments in Publicly Traded Securities$153,372$161,417▲ $8,045
Cash and Non-Interest-Bearing Accounts$100,551$123,070▲ $22,519
Total Assets$845,093$921,418▲ $76,325
Liabilities
Other Liabilities$1,490$1,490→ $0
Total Liabilities$1,490$1,490→ $0
Net Assets / Fund Balance
Total Net Assets Fund Balance$843,603$919,928▲ $76,325
Total Liabilities and Net Assets / Fund Balance$845,093$921,418▲ $76,325

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$193,324$235,627$428,951
Leasehold Improvements$146,584$16,051$162,635
Land$50,000-$50,000

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2024----$15,817
Compensation and Service Providers

Employees

NameTitleBaseTotal
Mary Ramsay WilbertDirector$26,196$26,196

Board Members and Trustees

NameTitle
Richard LindemanPresident
Adrienne AllardDirector
Brendan MurrayDirector
Colleen BrewsterDirector
Connie BarlowDirector
David CovielloDirector
Ian PopkenDirector
John CaseyDirector
Jonathan LavashDirector
Julia LippmanDirector
Kathleen Keefe TernesDirector
Lori BoudoDirector
Maria BuckleyDirector
Milo MartinezDirector
Tim HammDirector
Cheri GrishinEduc Program
Gavin GardnerNational Par
Mary Pax LenneyTreasurer
Paul WrightVice Preside
Timothy ObertVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$59,569
Program Service Revenue
$8,586
Investment Income
$9,651
Other Revenue
$113,010
Change in Net Assets
$73,979
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$90,641
Salaries, Compensation, and Employee Benefits$26,196
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees-$26,196-$26,196
Occupancy$17,959--$17,959
Depreciation Depletion-$15,094-$15,094
Fees for Services Other$14,963--$14,963
Insurance$8,177--$8,177
Office Expenses-$5,491-$5,491
Fees for Services Accounting-$5,047-$5,047
Information Technology$4,492--$4,492
All Other Expenses$1,076$415-$1,491
Other Expenses$1,000$6,510-$1,000
Conferences and Meetings-$231-$231
Total Functional Expenses$57,853$58,984$0$116,837
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$118,647
Fundraising Direct Expenses$35,487
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
X Mas Tour$118,647$118,647$25,833$92,814
Total Events$118,647$118,647$25,833$92,814
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 Deposits$1,225
Prepaids$265
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
Yes
Conflict-of-interest policy
No
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 organization has approximately 200 members who pay dues. Members met at the annual meeting to elect directors and officers according to the organization's bylaws. Members were invited to special events, and were provided on a regular basis through the year with information concerning issues affecting the local community.

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

The organization received the form 990 from the outside independent accountant. It was then reviewed by the president and treasurer then submitted for review by the full board before it was filed.

Form 990, Page 6, Part VI, Line 15B

Hsi has no employees. It contracts with outside professionals who serve as part-time preservation manager, operations manager, or historians. The contractor's pay is determined by review of compensation paid to others in similar positions in the area. Officers and directors receive no compensation for their board service.

Form 990, Page 6, Part VI, Line 19

The organization makes its governing documents available to the public upon request. Financial information is provided at the annual meeting.

Filing and Contact Details

Filer

Filer Name
Historic Salem Inc
EIN
04-6191407
Phone
9787450799
Address
9 NORTH STREET, SALEM, MA 01970

Signing Officer

Name
Mary Pax Lenney
Title
Treasurer
Phone
9787450799
Signed
2025-12-22

Organization Details

Principal Officer
Richard Lindeman
Formed
1944
Legal Domicile
Ma
Voting Board Members
21
Independent Board Members
21
Employees
0
Volunteers
200

Preparer

Firm
David P Miller CPA
Address
84 LEWIS ST, LYNN, MA 01902-4841
Preparer
David P Miller
Phone
7815986640
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

Historic salem's mission is to ensure that the historic resources of salem, ma which are the key to its identity, its quality of life and its economic vitality, are preserved for future generations and that new development complements the historic character of the city. Historic salem accomplishes its mission through preservation, education, advocacy and partnership.

Form 990, Page 2, Part III, Line 2

YES - SCH O UPDATED

Form 990, Page 2, Part III, Line 4A

Historic salem, inc. (hsi) is one of the nation's oldest preservation advocacy organizations, founded in 1944 to save the historically important jonathan corwin and the nathaniel bowditch houses from demolition for street widening. Later, hsi was a leader in blocking urban renewal in the 1970s. In 2000, hsi retook responsibility for and ownership of the national register nathaniel bowditch house after years of neglect during municipal ownership, restoring its late 18th-century interior. In 2022 we continued significant preservation of the house by replacing the wood shingle roof with historic accuracy. Hsi actively collaborates with and advocates before neighborhood groups, the city, and city boards and commissions on issues ranging from demolition of historic structures and new development to the city's preservation planning and execution. In concert with a neighborhood group, in 2007, hsi saved the 1790s pope house, an early quaker-owned property. In 2022, we successfully advocated for the city amendment of its demolition delay ordinance to enhance protections for buildings 50 to 100 years old. Historic salem inc has a positive impact on shaping design proposals for major development projects in salem, including el centro, a housing and health center, the ac marriott hotel, and the lifebridge/harborlights development. Hsi has also actively engaged in discussions concerning new construction at key gateway locations, such as 301 essex street and 252 bridge street (the exchange). Additionally hsi provided consultation to the ropes mansion regarding the design and installation of sidewalk bricks and protective bollards. Hsi also weighed in on the planned relocation of pioneer village, salem's open air museum that interprets 17th-century life. In 2024, hsi partnered with the greater endicott street neighborhood (gesn) to assess the area's eligibility for listing on the national register of historic places. Acting on behalf of the neighborhood, hsi submitted an application and successfully secured a matching grant from the massachusetts historical commission to support a comprehensive historic resource inventory. Historic salem sponsors an annual christmas in salem tour for the public that showcases historic homes and buildings decorated for the holiday season. This annual event draws thousands of people to enjoy the extraordinary wealth of intact historical architecture and building fabric in our nearly 400-year-old coastal community. Hsi also presents lectures, symposia, walking tours, and panel discussions. In 2015 we organized with the peabody essex museum a widely recognized symposium on ada louise huxtable, showcasing her leading role in launching the national historic preservation movement. The symposium focused on the importance of preservation both for its sense of place as well as its economic value. Talking about design (tad), an hsi lecture series, focuses on the important elements of urban design in preservation, and its more informal beards and brews talks showcase interesting elements of historical architecture and social history. Additionally, hsi partners with other community non-profits, including the salem athenaeum, the pickering house, the house of seven gables, the salem historical society, the salem garden club, and the peabody essex museum, and is a member of salem's preservation partnership.

Form 990, Part IX, Line 11G

Preservation consultant 14,963 0 0

Financial Statement Notes

Schedule D, Page 1, Part II, Line 5

YES

Schedule D, Page 1, Part II, Line 9

We do not identify revenue and expenses associated with each property apart from the general statement of activity and of financial position a) 9 north st: both revenue (rents) and expenses (building care) are tracked using codes on statement of actvity. They also appear in the state of financial position within the values of hte bank accounts and with fixed assets as part of the calculation of property value. B) 11 central st: revenue received from the inspection of the property is shown as a transfer of funds from the restricted holding account of the hsi operating account. C) 69 boston st: there has been no revenue or expense associated with this property.

Schedule D, Page 2, Part IV, Line 1B

In may 2024, historic salem inc and the greater endicott street neighborhood initiated a collaborative partnership to pursue eligibility for listing of the neighborhood on the national register of historic places. The neighborhood raised funds to 1) pay for an initial survey of its historically significant buildings, and 2) to meet the requirements for a matching grant from the massachusetts historical commission for further study of the architectural and historic assets of the neighborhood. Hsi agreed to hold funds raised by neighborhood in a separate bank account. Current funds are held as restricted donations to hsi. If the project proceeds, they will convert to tax deductible donations. If the project does not proceed, the funds will be returned to the donors.

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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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IRS990/ActivityOrMissionDesc0HISTORIC SALEM'S MISSION IS TO ENSURE THAT THE HISTORIC RESOURCES OF SALEM, MA WHICH ARE THE KEY TO ITS IDENTITY, ITS QUALITY OF LIFE AND ITS ECONOMIC VITALITY, ARE PRESERVED FOR FUTURE GENERATIONS AND THAT NEW DEVELOPMENT COMPLEMENTS THE HISTORIC CHARACTER OF THE CITY. HISTORIC SALEM ACCOMPLISHES ITS MISSION THROUGH PRESERVATION, EDUCATION, ADVOCACY AND PARTNERSHIP.
IRS990/AllOtherExpensesGrp/ManagementAndGeneralAmt0415
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IRS990/BooksInCareOfDetail/PersonNm0RICHARD LINDEMAN
IRS990/BooksInCareOfDetail/PhoneNum06174487126
IRS990/BooksInCareOfDetail/USAddress/AddressLine1Txt0113 B FEDERAL STREET
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IRS990/Desc0HISTORIC SALEM, INC. (HSI) IS ONE OF THE NATION'S OLDEST PRESERVATION ADVOCACY ORGANIZATIONS, FOUNDED IN 1944 TO SAVE THE HISTORICALLY IMPORTANT JONATHAN CORWIN AND THE NATHANIEL BOWDITCH HOUSES FROM DEMOLITION FOR STREET WIDENING. LATER, HSI WAS A LEADER IN BLOCKING URBAN RENEWAL IN THE 1970S. IN 2000, HSI RETOOK RESPONSIBILITY FOR AND OWNERSHIP OF THE NATIONAL REGISTER NATHANIEL BOWDITCH HOUSE AFTER YEARS OF NEGLECT DURING MUNICIPAL OWNERSHIP, RESTORING ITS LATE 18TH-CENTURY INTERIOR. IN 2022 WE CONTINUED SIGNIFICANT PRESERVATION OF THE HOUSE BY REPLACING THE WOOD SHINGLE ROOF WITH HISTORIC ACCURACY. HSI ACTIVELY COLLABORATES WITH AND ADVOCATES BEFORE NEIGHBORHOOD GROUPS, THE CITY, AND CITY BOARDS AND COMMISSIONS ON ISSUES RANGING FROM DEMOLITION OF HISTORIC STRUCTURES AND NEW DEVELOPMENT TO THE CITY'S PRESERVATION PLANNING AND EXECUTION. IN CONCERT WITH A NEIGHBORHOOD GROUP, IN 2007, HSI SAVED THE 1790S POPE HOUSE, AN EARLY QUAKER-OWNED PROPERTY. IN 2022, WE SUCCESSFULLY ADVOCATED FOR THE CITY AMENDMENT OF ITS DEMOLITION DELAY ORDINANCE TO ENHANCE PROTECTIONS FOR BUILDINGS 50 TO 100 YEARS OLD. HISTORIC SALEM INC HAS A POSITIVE IMPACT ON SHAPING DESIGN PROPOSALS FOR MAJOR DEVELOPMENT PROJECTS IN SALEM, INCLUDING EL CENTRO, A HOUSING AND HEALTH CENTER, THE AC MARRIOTT HOTEL, AND THE LIFEBRIDGE/HARBORLIGHTS DEVELOPMENT. HSI HAS ALSO ACTIVELY ENGAGED IN DISCUSSIONS CONCERNING NEW CONSTRUCTION AT KEY GATEWAY LOCATIONS, SUCH AS 301 ESSEX STREET AND 252 BRIDGE STREET (THE EXCHANGE). ADDITIONALLY HSI PROVIDED CONSULTATION TO THE ROPES MANSION REGARDING THE DESIGN AND INSTALLATION OF SIDEWALK BRICKS AND PROTECTIVE BOLLARDS. HSI ALSO WEIGHED IN ON THE PLANNED RELOCATION OF PIONEER VILLAGE, SALEM'S OPEN AIR MUSEUM THAT INTERPRETS 17TH-CENTURY LIFE. IN 2024, HSI PARTNERED WITH THE GREATER ENDICOTT STREET NEIGHBORHOOD (GESN) TO ASSESS THE AREA'S ELIGIBILITY FOR LISTING ON THE NATIONAL REGISTER OF HISTORIC PLACES. ACTING ON BEHALF OF THE NEIGHBORHOOD, HSI SUBMITTED AN APPLICATION AND SUCCESSFULLY SECURED A MATCHING GRANT FROM THE MASSACHUSETTS HISTORICAL COMMISSION TO SUPPORT A COMPREHENSIVE HISTORIC RESOURCE INVENTORY. HISTORIC SALEM SPONSORS AN ANNUAL CHRISTMAS IN SALEM TOUR FOR THE PUBLIC THAT SHOWCASES HISTORIC HOMES AND BUILDINGS DECORATED FOR THE HOLIDAY SEASON. THIS ANNUAL EVENT DRAWS THOUSANDS OF PEOPLE TO ENJOY THE EXTRAORDINARY WEALTH OF INTACT HISTORICAL ARCHITECTURE AND BUILDING FABRIC IN OUR NEARLY 400-YEAR-OLD COASTAL COMMUNITY. HSI ALSO PRESENTS LECTURES, SYMPOSIA, WALKING TOURS, AND PANEL DISCUSSIONS. IN 2015 WE ORGANIZED WITH THE PEABODY ESSEX MUSEUM A WIDELY RECOGNIZED SYMPOSIUM ON ADA LOUISE HUXTABLE, SHOWCASING HER LEADING ROLE IN LAUNCHING THE NATIONAL HISTORIC PRESERVATION MOVEMENT. THE SYMPOSIUM FOCUSED ON THE IMPORTANCE OF PRESERVATION BOTH FOR ITS SENSE OF PLACE AS WELL AS ITS ECONOMIC VALUE. TALKING ABOUT DESIGN (TAD), AN HSI LECTURE SERIES, FOCUSES ON THE IMPORTANT ELEMENTS OF URBAN DESIGN IN PRESERVATION, AND ITS MORE INFORMAL BEARDS AND BREWS TALKS SHOWCASE INTERESTING ELEMENTS OF HISTORICAL ARCHITECTURE AND SOCIAL HISTORY. ADDITIONALLY, HSI PARTNERS WITH OTHER COMMUNITY NON-PROFITS, INCLUDING THE SALEM ATHENAEUM, THE PICKERING HOUSE, THE HOUSE OF SEVEN GABLES, THE SALEM HISTORICAL SOCIETY, THE SALEM GARDEN CLUB, AND THE PEABODY ESSEX MUSEUM, AND IS A MEMBER OF SALEM'S PRESERVATION PARTNERSHIP.
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IRS990/MissionDesc0HISTORIC SALEM'S MISSION IS TO ENSURE THAT THE HISTORIC RESOURCES OF SALEM, MA WHICH ARE THE KEY TO ITS IDENTITY, ITS QUALITY OF LIFE AND ITS ECONOMIC VITALITY, ARE PRESERVED FOR FUTURE GENERATIONS AND THAT NEW DEVELOPMENT COMPLEMENTS THE HISTORIC CHARACTER OF THE CITY. HISTORIC SALEM ACCOMPLISHES ITS MISSION THROUGH PRESERVATION, EDUCATION, ADVOCACY AND PARTNERSHIP.
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1WE DO NOT IDENTIFY REVENUE AND EXPENSES ASSOCIATED WITH EACH PROPERTY APART FROM THE GENERAL STATEMENT OF ACTIVITY AND OF FINANCIAL POSITION A) 9 NORTH ST: BOTH REVENUE (RENTS) AND EXPENSES (BUILDING CARE) ARE TRACKED USING CODES ON STATEMENT OF ACTVITY. THEY ALSO APPEAR IN THE STATE OF FINANCIAL POSITION WITHIN THE VALUES OF HTE BANK ACCOUNTS AND WITH FIXED ASSETS AS PART OF THE CALCULATION OF PROPERTY VALUE. B) 11 CENTRAL ST: REVENUE RECEIVED FROM THE INSPECTION OF THE PROPERTY IS SHOWN AS A TRANSFER OF FUNDS FROM THE RESTRICTED HOLDING ACCOUNT OF THE HSI OPERATING ACCOUNT. C) 69 BOSTON ST: THERE HAS BEEN NO REVENUE OR EXPENSE ASSOCIATED WITH THIS PROPERTY.

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