MASSACHUSETTS HOUSING INVESTMENT CORPORATION Charity Report

Public IRS 990 nonprofit record

MASSACHUSETTS HOUSING INVESTMENT CORPORATION

EIN 04-3094550 · Housing & Shelter (L120)

What they do

MHICS MISSION is to BE AN INNOVATIVE PRIVATE FINANCIER of AFFORABLE HOUSING and COMMUNITY DEVELOPMENT THROUGHOUT NEW ENGLAND, PROVIDING FINANCING THAT WOULD NOT OTHERWISE BE AVAILABLE, and EXTENDING THE IMPACT of THAT FINANCING to ENSURE THE BROADEST POSSIBLE BENEFIT.

Before you give

Should I give to this charity?

Easy charity check

Look at where the money went

Of every $100 spent, about $87.60 was reported for mission work. Use the spending picture below and ask what results that work produced.

Plain answer: A tax form cannot prove that a charity is doing good. It can show how the charity says it spent its money—and point out questions you should ask.

Basic facts we verified

IRS warning checkNo IRS revocation warning appears in this data.

Money report from 2024The charity has a recent tax report to read.

They explain their jobThe charity tells us what it is trying to do.

They name their leaders26 people are listed in the latest report.

You can reach themThey list contact information, so you can ask questions.

Money made simple

45.65%of revenue went to mission work87.6% of expenses · Program services

$52.12spent for every $100 of revenueRevenue covered expenses this year.

6.47%of revenue went to management and office costs12.4% of expenses

$7.89in assets for every $1 spent this yearSome assets cannot be spent right away.

46.8%of its money came from giftsOther money may come from services or investments.

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Who did you help? Ask for a recent story or report that shows real results.
What will my money do? Ask exactly what your gift will pay for.
Is this really the charity? Give only through its official website or confirmed phone number.

Pay context: The highest compensation shown in this filing is $719,734 for MODDIE TURAY (PRESIDENT & CEO). Compare pay with organizations of similar size and complexity.

Bottom line: Do not decide from a name, mission statement, or tax status alone. Look at where the money went, then ask what changed, who was helped, and what your gift will do. YouCanGiveBack does not endorse or grade organizations.

Money

Financial picture

Tax year 2024

A plain-language look at the latest Form 990 figures available. These numbers help you ask better questions; they do not, by themselves, rate whether a charity is good or bad.

$100revenue

How each $100 of revenue was used

The large number compares each expense with revenue. The smaller number shows its share of total expenses.

Total reported revenue$22,569,310

Mission workProgram services$10,302,67545.65% of revenue87.6% of expenses

ManagementOffice and general costs$1,459,9926.47% of revenue12.4% of expenses

FundraisingAsking for donations0.00% of revenue0.0% of expenses

Revenue left after expensesReported annual surplus$10,806,64347.88% of revenueShown in gray on the chart

Total expenses$11,762,66752.12% of revenue

Gray means reported revenue left after expenses for this filing year. It does not necessarily mean cash sitting in a bank account.

Has the pattern changed?

Colored bars = expense mix: how each year’s expenses were divided. Total expenses vs. revenue shows whether the charity spent less or more than it received. The current filing is first.

YearExpense mixDetails

2024CurrentExpense mix: 87.6% mission · 12.4% management · 0.0% fundraisingTotal expenses: 52.12% of revenue

2023Expense mix: 97.9% mission · 2.1% management · 0.0% fundraisingTotal expenses: 97.56% of revenue

2022Expense mix: 89.5% mission · 10.5% management · 0.0% fundraisingTotal expenses: 84.07% of revenue

2021Expense mix: 93.8% mission · 6.2% management · 0.0% fundraisingTotal expenses: 89.25% of revenue

2020Expense mix: 92.0% mission · 8.0% management · 0.0% fundraisingTotal expenses: 97.90% of revenue

2019Expense mix: 89.3% mission · 10.7% management · 0.0% fundraisingTotal expenses: 93.90% of revenue

2018Expense mix: 87.8% mission · 12.2% management · 0.0% fundraisingTotal expenses: 84.21% of revenue

2017Expense mix: 92.8% mission · 7.2% management · 0.0% fundraisingTotal expenses: 93.92% of revenue

Money in and money out

Revenue$22,569,310

Expenses$11,762,667

Annual surplus $10,806,643 Revenue was higher than expenses for this filing year.

Reported spending amounts

Mission work means the Form 990 category called program services. These are reported accounting categories—not an independent measurement of results.

Mission work (program services)$10,302,675 · 87.6% of expenses

Management and office costs$1,459,992 · 12.4% of expenses

See all reported dollar amounts

Revenue$22,569,310

Expenses$11,762,667

Assets$92,801,133

Income$22,569,310

Contributions$10,555,830

Mission work (program services)$10,302,675

Grants given$862,667

Average grant$20,540

Management and general$1,459,992

Executive compensation (total)$1,835,371

Accounting fees$98,850

People

Leadership and board

Tax year 2024

Names, titles, time, and compensation below are reported by the organization on its Form 990.

People reported as paid

Person and titleCompensation

MODDIE TURAYPRESIDENT & CEO · 40 hrs/week $719,734Base $623,189 · Other $96,545

WILLIAM THOMPSONCHIEF FINANCIAL OFFICER · 40 hrs/week $430,879Base $358,557 · Other $72,322

SCOTT BACKMANDIRECTOR OF ASSET MANAGEMENT · 40 hrs/week $344,497Base $289,103 · Other $55,394

JOHN-PAUL VACHONDEPUTY DIRECTOR EQUITY INVESTMENTS · 40 hrs/week $329,064Base $271,345 · Other $57,719

K BETH ODONNELLDIRECTOR OF COMMUNITY INVESTMENT · 40 hrs/week $326,904Base $252,812 · Other $74,092

TRAVIS WATSONDIRECTOR OF COMMUNITY IMPACT · 40 hrs/week $326,308Base $247,221 · Other $79,087

CHARLES EDWARDSDIRECTOR OF FINANCE · 40 hrs/week $325,003Base $278,440 · Other $46,563

MASON SHEELERSENIOR FUND MANAGER · 40 hrs/week $321,808Base $249,437 · Other $72,371

SEAN BEIRNEDIRECTOR OF CAPITAL DEVELOPMENT · 40 hrs/week $301,281Base $228,640 · Other $72,641

Compensation alone does not tell whether pay is reasonable. Consider the charity’s size, work, location, and results.

See everyone listed on the board or leadership roster (26)

MODDIE TURAYPRESIDENT & CEO

WILLIAM THOMPSONCHIEF FINANCIAL OFFICER

SCOTT BACKMANDIRECTOR OF ASSET MANAGEMENT

JOHN-PAUL VACHONDEPUTY DIRECTOR EQUITY INVESTMENTS

K BETH ODONNELLDIRECTOR OF COMMUNITY INVESTMENT

TRAVIS WATSONDIRECTOR OF COMMUNITY IMPACT

CHARLES EDWARDSDIRECTOR OF FINANCE

MASON SHEELERSENIOR FUND MANAGER

SEAN BEIRNEDIRECTOR OF CAPITAL DEVELOPMENT

KEITH NISBETDIRECTOR

TOM GLEASONDIRECTOR

THOMAS ALPERINDIRECTOR

SHEILA DILLONDIRECTOR

PETER GAGLIARDIDIRECTOR

PATRICIA MARINILLIDIRECTOR

PAMELA FEINGOLDDIRECTOR

AL ULUATAMDIRECTOR

KEITH FAIREYDIRECTOR

JENNIFER MADDOXDIRECTOR

EVELYN FRIEDMANDIRECTOR

ELIZABETH GRUBERCHAIR

DIANE SMITHDIRECTOR

DANIEL CRUZ JRVICE CHAIR

B JOHN DILLTREASURER

AMY SCHECTMANDIRECTOR

AMY FARRELLDIRECTOR

About this charity

Recognized since: January 1993
Location: 21 CUSTOM HOUSE ST 8TH F, BOSTON, MA 02110-3507
County: Suffolk
In care of: % JOSEPH L FLATLEY
Primary officer: WILLIAM THOMPSON, CHIEF FINANCIAL OFFICER

How to reach them

WebsiteVisit the charity’s website Emailodonnell@mhic.com Phone(617) 850-1000

Filing and classification

Latest tax year: 2024
Tax period began: January 1, 2024
Return type: 990
Tax preparer: DANIEL DENNIS & COMPANY LLP
NTEE classification: Housing & Shelter (L120)
IRS tax category: Other Grantmaking and Giving Services
Grant-giving organization: Yes