Civic Intelligence

Housing Opportunities of Salem Inc

EIN 92-2561529 • 501(c)3 • Salem, MA

Profile

To develop and sustain affordable and low-income housing and to provide related resident services within such housing facilities which are consistent with community needs and desires of the people in the Greater Salem area in Massachusetts.

27 Charter StreetSalem, MA 01970
Siviq Scores

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

Liabilities / Assets

17th percentile

0.00x

Higher debt load relative to assets than 17% of similar nonprofits.

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

Liabilities / Revenue

44th percentile

0.12x

Higher debt load relative to revenue than 44% of similar nonprofits.

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

Net Margin

97th percentile

88%

Higher net margin than 97% of similar nonprofits.

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

Top Officer Pay

23rd percentile

$0

Higher top officer pay than 23% of similar nonprofits.

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

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

Asset Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2023 to 2024

Revenue Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets17th percentile

Assets

Up

$8,095,949

Up $8,095,949 from 2023

Liabilities

Up

$40,471

Up $40,471 from 2023

Net Assets

Up

$8,055,478

Up $8,055,478 from 2023

Operations
Liabilities / Revenue44th percentileNet Margin97th percentile

Revenue

Up

$340,798

Up $340,798 from 2023

Expenses

Up

$40,471

Up $40,471 from 2023

Net Income

Up

$300,327

Up $300,327 from 2023

Trend Graphs

Balance Sheet Trend

Asset GrowthScore unavailable

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

$10M$5.0M$0Assets 2023: $0Liabilities 2023: $0Net Assets 2023: $02023Assets 2024: $8,095,949Liabilities 2024: $40,471Net Assets 2024: $8,055,4782024

Highlighted filing

2024

Assets$8,095,949
Liabilities$40,471
Net Assets$8,055,478
Open 2024 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$400K$300K$200K$100K$0Revenue 2023: $0Expenses 2023: $0Net Income 2023: $02023Revenue 2024: $340,798Expenses 2024: $40,471Net Income 2024: $300,3272024

Highlighted filing

2024

Revenue$340,798
Expenses$40,471
Net Income$300,327
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$8,095,949
Liabilities
$40,471
Net assets
$8,055,478
Revenue
$340,798
Expenses
$40,471
Net income
$300,327
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.10$0.04$8.06$0.34$0.04$0.30
2023Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.00$0.00$0.00
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 17, 2025
Return Version
2024v5.0
Gross Receipts
$340,798
Mission and Program Overview

Mission

To develop and sustain affordable and low-income housing and to provide related resident services within such housing facilities which are consistent with community needs and desires of the people in the Greater Salem area in Massachusetts.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net-$7,755,151-
Cash and Non-Interest-Bearing Accounts-$340,798-
Total Assets$0$8,095,949▲ $8,095,949
Liabilities
Accounts Payable and Accrued Expenses-$40,471-
Total Liabilities$0$40,471▲ $40,471
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$0$8,055,478▲ $8,055,478
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$0$8,055,478▲ $8,055,478
Total Liabilities and Net Assets / Fund Balance$0$8,095,949▲ $8,095,949
Compensation and Service Providers
Top Officer Pay23rd percentile

Board Members and Trustees

NameTitle
Aaron PaternosterChair/Director
Cathy SheehanPresident/Clerk
Doneeca Thurston-ChavezSecond Vice Chair/Director
Emily UllmanVice Chair/Director
Veronica MirandaDirector
Romell KiddTreasurer/Director
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$333,506
Investment Income
$7,292
Other Revenue
$0
Change in Net Assets
$300,327
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$40,471
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
Fees for Services Management$40,471--$40,471
Total Functional Expenses$40,471$0$0$40,471
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
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

“A copy of the Form 990 is reviewed with the governing body prior to submission.”

Form 990, Part VI, Section C, Line 19

“All governing documents are available upon written request to the Board of Directors.”

Filing and Contact Details

Filer

Filer Name
Housing Opportunities of Salem Inc
EIN
92-2561529
Phone
6172240621
Address
27 Charter Street, Salem, MA 01970

Signing Officer

Name
Cathy Hoog
Title
President
Phone
6172240621
Signed
2025-11-17

Organization Details

Principal Officer
Cathy Sheehan
Formed
2023
Legal Domicile
Ma
Voting Board Members
6
Independent Board Members
6
Employees
0
Volunteers
0
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Housing Opportunities of Salem, Inc. has a mortgage note receivable with BC Leefort Terrace LLC in the original aggregate amount of $7,755,151 to fund development costs.”

Raw XML Appendix330 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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Housing Opportunities of Salem, Inc. has a mortgage note receivable with BC Leefort Terrace LLC in the original aggregate amount of $7,755,151 to fund development costs.
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ReturnHeader/TaxPeriodEndDt02024-12-31
ReturnHeader/TaxYr02024

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