2024-11-14T13:29:22-06:00 2023-12-31 010523282 Berry Dunn McNeil & Parker LLC 1000 Elm Street 4th Floor Manchester NH 03101 990 2023-01-01 030301520 Gilman Housing Trust Inc GILM 8024733925 1222 Main Street St Johnsbury VT 05819 Patrick Shattuck Executive Director 8024733925 2024-11-14 1 1 Barbara J McGuan CPA P00219457 6036697337 2024-11-14 2023 2024-10-15 13:58:12Z Rural Edge Patrick Shattuck 1222 Main Street St Johnsbury VT 05819 9593098 0 X www.RuralEdge.org X 1992 VT To develop, own and manage affordable residential housing units and related facilities for qualified low-income families. 9 9 72 11 0 0 3613118 4805783 4510091 4762062 49814 19332 228411 0 8401434 9587177 691518 22991 0 0 2870066 3139997 0 0 0 3540760 4962404 7102344 8125392 1299090 1461785 23402374 26142035 11909228 13187104 11493146 12954931 To develop, own and manage affordable residential housing units and related facilities for qualified low-income families. 0 0 7158434 22991 4762062 Provides affordable housing to low-income families in northern Vermont. 7158434 1 1 0 0 0 0 0 0 0 0 1 1 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 1 59 0 1 72 1 0 0 0 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 X Patrick Shattuck 8024733925 1222 Main Street St Johnsbury VT 05819 Tim O'Neill President 1.00 5.00 X X 0 0 0 Patricia Sears Vice President 1.00 5.00 X X 0 0 0 Nikole Brainard Treasurer 1.00 5.00 X X 0 0 0 Loraine Janowski Secretary 1.00 5.00 X X 0 0 0 Bobby Farlice-Rubio Director 1.00 2.50 X 0 0 0 Kimico Perry Director 1.00 2.50 X 0 0 0 Reverend Dr Jeff Potter Director 1.00 2.50 X 0 0 0 Kelsey Stavseth Director 1.00 2.50 X 0 0 0 Terri Lynn Williams Director 1.00 2.50 X 0 0 0 Jennifer Cleveland Past Director 1.00 2.50 X 0 0 0 Scott Campbell Past Director 1.00 2.50 X 0 0 0 Patrick Shattuck Executive Director 40.00 5.00 X 125747 0 22748 Diana Cazaudumec Director of Finance and Compliance 40.00 5.00 X 110383 0 20668 236130 0 43416 2 0 0 0 Jeremie Kerstetter dba Kerstetter C 2924 Underpass Road Sutton VT 05867 Construction/Rehabitilation 143168 1 4121872 683911 4805783 Rental Income 531110 2387322 2387322 Property Management 531110 1388513 1388513 Support Services 561000 645054 645054 Other Operating Revenu 531110 210262 210262 Development Fees 531110 130911 130911 4762062 25253 25253 5921 -5921 -5921 -5921 9587177 4762062 0 19332 22991 22991 279546 279546 2277828 2134967 142861 36417 30927 5490 347042 319437 27605 199164 161949 37215 5422 5422 44331 44271 60 102444 34200 68244 62226 5195 57031 2743 2743 198504 151402 47102 46900 22061 24839 1564802 1525547 39255 157541 146487 11054 24814 24814 261159 210939 50220 628503 602602 25901 177368 130513 46855 Pass-through Grants 1397242 1397242 Operating & Maintenance 177288 164242 13046 Impairment Expenses 69808 69808 Other Expenses 41309 20483 20826 8125392 7158434 966958 0 X 826300 421399 1976047 1522442 68231 195321 30357 5976 61396 75307 27376133 8057755 16740388 19318378 1907849 1907849 1791806 2695363 23402374 26142035 739942 726815 10302274 11352532 161135 379135 705877 728622 11909228 13187104 X 11325429 12824706 167717 130225 11493146 12954931 23402374 26142035 1461785 0 X 0 1 X 1 1 1 X 814074 4022774 3545532 3613118 4805783 16801281 814074 4022774 3545532 3613118 4805783 16801281 16801281 66176 8075 9615 11109 25253 120228 41194 68583 228411 338188 17259697 19653330 0.97340 0.94970 X Schedule A, Part II, Line 10, Explanation of Other Income: Tax Credit Income - Forgiveness of Debt - 2020 Amount: $ 41,194. 2021 Amount: $ 68,583. 2022 Amount: $ 228,411. 2023 Amount: $ 0. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1983747 1983747 22586955 7371262 15215693 424155 284498 139657 2381276 401995 1979281 19318378 Investment in Partnerships 1768809 C Investment in Corporations 139040 C 1907849 Due from Related Parties 2134764 Deferred Interest Receivable 344804 Development Fee Receivable 99944 Tenant Security Deposits 115851 2695363 Deferred Development Fee 104233 Tenant Security Deposits 114017 Deferred Interest Payable 510372 728622 X Part X, Line 2: RuralEdge, Groton Village Housing, Memphremagog Senior Citizen Housing, Inc., Passumpsic View, Inc. and Gilman Housing Corporation are tax-exempt Section 170(b)(1)(A)(vi) public charities as described in Section 501(c)(3) of the Internal Revenue Code (the Code) and are exempt from income taxes on related income pursuant to Section 501(a) of the Code. Accordingly, no provision for income taxes has been reflected in these consolidated financial statements. The standards for accounting for uncertainty in income taxes require the Organization to report any uncertain tax positions and to adjust its consolidated financial statements for the impact thereof. As of December 31, 2023 and 2022, the Organization determined that it had no tax positions that did not meet the more-likely-than-not threshold of being sustained by the applicable tax authority. The Organization files an informational return in the United States. This return is generally subject to examination by the federal government for up to three years. 1 Groton Commercial LLC 100 Bank Street Suite 400 Burlington VT 05401 061678666 0 10220 FMV Forgiveness of Debt Forgiveness of Debt Dean Hale LLC PO Box 86 Lyndonville VT 05851 204808022 0 12771 FMV Forgiveness of Debt Forgiveness of Debt 0 2 Part I, Line 2: The grant to Dean Hale, LLC is a passthrough grant to a 100% controlled related party, further monitoring of funds deemed unnecessary. The grant to Groton Commercial, LLC is a forgiveness of debt, further monitoring of funds deemed unnecessary. Gilman Housing Trust received CRF funding to run the Re-Housing Recovery program where landlords apply for grant funding to make improvements to vacant properties, and in turn, the landlords must rent the units at no more than HUD area fair market rents for a period of five years. One of the procedures GHT has put into place to make sure the landlords and their contractors are successful in meeting program requirements is by conducting bi-weekly follow-up calls with landlords to check on their progress. This program continued in 2023. Form 990, Part VI, Section B, line 11b The Form 990 was reviewed by the CEO prior to submission. Form 990, Part VI, Section B, line 12c All transactions are reviewed to comply with the organization conflict of interest policy. Form 990, Part VI, Section B, line 15 The organization reviews compensation data of comparable organizations in the area. Form 990, Part VI, Section C, line 19 All organizing and operating documents are available to the public upon request. Form 990, Part X, Line 10: Land, Buildings, and Equipment: Section 1.263(a)-3(n) Election: Gilman Housing Trust, Inc. d/b/a Rural Edge 1222 Main Street St. Johnsbury, VT 05819 EIN: 03-0301520 Gilman Housing Trust is electing to capitalize repair and maintenance costs under Regulation Section 1.263(a)-3(n). 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