BANGOR HOUSING DEVELOPMENT CORPORATION

EIN: 222970652 501(c)(3)

BANGOR, ME

Total Revenue
$3,558,806
Total Expenses
$3,408,452
Total Assets
$11,329,345
Net Assets
$2,966,443
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1987
Legal Domicile
ME
Principal Officer
MICHAEL MYATT
Phone
2079426365
Tax Period
2023-07-01 to 2024-06-30

BANGOR HOUSING DEVELOPMENT CORPORATION, founded in 1987, is a community nonprofit that reported $3.6M in total revenue in fiscal year 2023. Revenue surged 32% from the prior year, signaling strong growth momentum. Expenses of $3.4M left a modest 4% surplus.

Mission

THE SPECIFIC PURPOSES OF THE CORPORATION ARE TO ORGANIZE, DEVELOP, FINANCIALLY ASSIST, OR MANAGE, ON A NON-PROFIT BASIS, PROJECTS OR PROGRAMS PROVIDING LOW- AND MODERATE-INCOME RENTALS IN MAINE.

Program Service Accomplishments

Program 1
Expenses: $3,060,107 Revenue: $3,508,336

THE ORGANIZATION OWNS FOUR LOW-INCOME HOUSING PROJECTS AND TWO AFFORDABLE MARKET RATE PROJECTS LOCATED IN THE STATE OF MAINE. THESE INCLUDE AUTUMN PARK WEST, CRESTWOOD PLACE, GREENFIELD APARTMENTS...

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THE ORGANIZATION OWNS FOUR LOW-INCOME HOUSING PROJECTS AND TWO AFFORDABLE MARKET RATE PROJECTS LOCATED IN THE STATE OF MAINE. THESE INCLUDE AUTUMN PARK WEST, CRESTWOOD PLACE, GREENFIELD APARTMENTS, GRIFFIN SQUARE, THE LOFTS AT FREESE, AND OHIO STREET. THE ORGANIZATION ENTERED INTO A DEVELOPMENT AGREEMENT WITH DAVIS ROAD SENIOR HOUSING LP WHICH IS AN ENTITY WITH THE PURPOSE OF ACQURING OR CONSTRUCTING AN AFFORDABLE HOUSING COMPLEX.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $3,508,336
Investment Income $50,470
Other Revenue $0
TOTAL REVENUE $3,558,806

Expense Breakdown

Grants Paid $0
Salaries & Benefits $417,896
Fundraising Expenses $0
Program Expenses $3,060,107
Other Expenses $2,990,556
TOTAL EXPENSES $3,408,452

Year-over-Year Comparison

2023 2022 Change
Revenue $3,558,806 $2,693,999 +0.3%
Expenses $3,408,452 $3,036,759 +0.1%
Net Income $150,354 $-342,760 -1.4%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Governance

Voting Members
7
Independent Members
7
Employees
N/A
Volunteers
7

Governance Policies

✓ Conflict of Interest Policy
✓ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
3
$228,395
Total Directors
8
$228,395
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
ELIZABETH HAYWARD PRESIDENT 1.00
Officer Director
$0 $0 $0
RODNEY MCKAY VICE PRESIDENT 1.00
Officer Director
$0 $0 $0
MICHAEL MYATT SECRETARY/TREASURER 1.00
Officer Director
$59,075 $18,797 $228,395
JANE JOHNSON DIRECTOR 1.00
Director
$0 $0 $0
ROBERTA DOWNEY DIRECTOR 1.00
Director
$0 $0 $0
RICHARD LAFERTIE DIRECTOR 1.00
Director
$0 $0 $0
PAUL CHAIKEN DIRECTOR 1.00
Director
$0 $0 $0
BRENDA BROWN DIRECTOR 1.00
Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 No data No data No data No data
2024 $3,558,806 $3,408,452 $11,329,345 $150,354
2023 $2,693,999 $3,036,759 $18,401,431 $-342,760
2022 $2,631,454 $3,121,880 $11,209,624 $-490,426
2021 $2,567,289 $2,679,510 $11,349,927 $-112,221
2020 $2,507,970 $2,784,641 $11,644,694 $-276,671
2019 $3,592,338 $2,683,408 $11,861,799 $908,930
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