ISLAND HOUSING TRUST CORPORATION: Form 990, tax year 2010

View the entire original 990 at ProPublica ↗

Organization: ISLAND HOUSING TRUST CORPORATION (EIN 02-0549245)
Tax period: 2010-01-01 to 2010-12-31
Filed: 2011-03-04
IRS object ID: 201120639349300422
Schema version: 2010v3.2
Source: Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header
Form 990
Schedule A
Schedule B
Schedule D
Schedule L
Schedule O
Schedule R

Return header ReturnHeader

Field	Value	IRS element (for citing)
Timestamp	2011-03-04T15:47:42-06:00	Timestamp
Tax Period End Date	2010-12-31	TaxPeriodEndDate

Preparer Firm PreparerFirm

Preparer Firm Business Name PreparerFirmBusinessName

Field	Value	IRS element (for citing)
Business Name Line1	SANDERS WALSH & EATON LLP	BusinessNameLine1

Preparer Firm US Address PreparerFirmUSAddress

Field	Value	IRS element (for citing)
Address Line1	PO BOX F	AddressLine1
City	OSTERVILLE	City
State	MA	State
ZIP Code	02655	ZIPCode

Field	Value	IRS element (for citing)
Return Type	990	ReturnType
Tax Period Begin Date	2010-01-01	TaxPeriodBeginDate

Filer Filer

Field	Value	IRS element (for citing)
EIN	020549245	EIN

Name Name

Field	Value	IRS element (for citing)
Business Name Line1	ISLAND HOUSING TRUST CORPORATION	BusinessNameLine1

Field	Value	IRS element (for citing)
Name Control	ISLA	NameControl
Phone	5086931117	Phone

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	PO BOX 779	AddressLine1
City	WEST TISBURY	City
State	MA	State
ZIP Code	02575	ZIPCode

Officer Officer

Field	Value	IRS element (for citing)
Name	PAUL MOREAU	Name
Title	TREASURER	Title
Phone	5086931117	Phone
Date Signed	2011-02-10	DateSigned

Preparer Preparer

Field	Value	IRS element (for citing)
Name	MICHAEL J WALSH CPA	Name
Phone	5084280790	Phone
Date Prepared	2011-03-04	DatePrepared

Field	Value	IRS element (for citing)
Tax Year	2010	TaxYear
Build TS	2016-02-24 21:20:13Z	BuildTS

Form 990 IRS990

Field	Value	IRS element (for citing)
Name Of Principal Officer Person	RICHARD LEONARD PRESIDENT	NameOfPrincipalOfficerPerson

Address Principal Officer US AddressPrincipalOfficerUS

Field	Value	IRS element (for citing)
Address Line1	PO BOX 779	AddressLine1
City	WEST TISBURY	City
State	MA	State
ZIP Code	02575	ZIPCode

Field	Value	IRS element (for citing)
Gross Receipts	3569735	GrossReceipts
Group Return For Affiliates	false	GroupReturnForAffiliates
Organization501c3	X	Organization501c3
Web Site	WWW.IHTMV.ORG	WebSite
Type Of Organization Corporation	X	TypeOfOrganizationCorporation
Year Formation	2000	YearFormation
State Legal Domicile	MA	StateLegalDomicile
Activity Or Mission Description	AFFORDABLE HOUSING	ActivityOrMissionDescription
Nbr Voting Members Governing Body	17	NbrVotingMembersGoverningBody
Nbr Independent Voting Members	17	NbrIndependentVotingMembers
Total Nbr Employees	1	TotalNbrEmployees
Total Gross UBI	0	TotalGrossUBI
Contributions Grants Prior Year	1526703	ContributionsGrantsPriorYear
Contributions Grants Current Year	546835	ContributionsGrantsCurrentYear
Program Service Revenue CY	0	ProgramServiceRevenueCY
Investment Income Current Year	0	InvestmentIncomeCurrentYear
Other Revenue Prior Year	42978	OtherRevenuePriorYear
Other Revenue Current Year	-1740870	OtherRevenueCurrentYear
Total Revenue Prior Year	1569681	TotalRevenuePriorYear
Total Revenue Current Year	-1194035	TotalRevenueCurrentYear
Grants And Similar Amnts CY	0	GrantsAndSimilarAmntsCY
Benefits Paid To Members CY	0	BenefitsPaidToMembersCY
Salaries Etc Prior Year	108138	SalariesEtcPriorYear
Salaries Etc Current Year	106858	SalariesEtcCurrentYear
Total Prof Fundrsng Exp CY	0	TotalProfFundrsngExpCY
Total Fundrsng Exp Current Year	0	TotalFundrsngExpCurrentYear
Other Expense Prior Year	74464	OtherExpensePriorYear
Other Expenses Current Year	39534	OtherExpensesCurrentYear
Total Expenses Prior Year	182602	TotalExpensesPriorYear
Total Expenses Current Year	146392	TotalExpensesCurrentYear
Revenues Less Expenses Prior Year	1387079	RevenuesLessExpensesPriorYear
Revenues Less Expenses CY	-1340427	RevenuesLessExpensesCY
Total Assets BOY	4129786	TotalAssetsBOY
Total Assets EOY	1434070	TotalAssetsEOY
Total Liabilities BOY	1616921	TotalLiabilitiesBOY
Total Liabilities EOY	261632	TotalLiabilitiesEOY
Net Assets Or Fund Balances BOY	2512865	NetAssetsOrFundBalancesBOY
Net Assets Or Fund Balances EOY	1172438	NetAssetsOrFundBalancesEOY
Mission Description	AFFORDABLE HOUSING	MissionDescription
Significant New Program Services	false	SignificantNewProgramServices
Significant Change	false	SignificantChange
Expense	27616	Expense
Description	TO OWN AND LEASE FOR THE PURPOSE OF DEVELOPING, BUILDING, MAINTAINING AND PROVIDING AFFORDABLE HOUSING ON MARTHA'S VINEYARD, MASSACHUSETTS. THE CORPORATION WAS CREATED AS A NON PROFIT HOUSING PARTNERSHIP BETWEEN ISLAND TOWNS, HOUSING ORGANIZATIONS AND HOMEOWNERS ON MARTHA'S VINEYARD, MASSACHUSETTS.	Description

Activity Other ActivityOther

Field	Value	IRS element (for citing)
Expense	76010	Expense

Field	Value	IRS element (for citing)
Total Of Other Program Service Exp	76010	TotalOfOtherProgramServiceExp
Total Program Service Expense	103626	TotalProgramServiceExpense
Described In501 C3	true	DescribedIn501C3
Schedule B Required	true	ScheduleBRequired
Political Activities	false	PoliticalActivities
Lobbying Activities	false	LobbyingActivities
Subject To Proxy Tax	false	SubjectToProxyTax
Donor Advised Funds	false	DonorAdvisedFunds
Conservation Easements	false	ConservationEasements
Collections Of Art	false	CollectionsOfArt
Credit Counseling	false	CreditCounseling
Term Or Permanent Endowments	false	TermOrPermanentEndowments
Report Land Bldg Equip	true	ReportLandBldgEquip
Report Invest Oth Securities	false	ReportInvestOthSecurities
Report Prog Rel Invest	false	ReportProgRelInvest
Report Other Assets	true	ReportOtherAssets
Report Other Liabilities	false	ReportOtherLiabilities
Report Fin48 Footnote	false	ReportFin48Footnote
Independent Audit Financial Stmt	true	IndependentAuditFinancialStmt
Consolidated Audit Financial Stmt	false	ConsolidatedAuditFinancialStmt
School	false	School
Foreign Office	false	ForeignOffice
Foreign Activities	false	ForeignActivities
More Than5000 K To Organizations	false	MoreThan5000KToOrganizations
More Than5000 K To Individuals	false	MoreThan5000KToIndividuals
Professional Fundraising	false	ProfessionalFundraising
Fundraising Activities	false	FundraisingActivities
Gaming	false	Gaming
Hospital	false	Hospital
Grants To Organizations	false	GrantsToOrganizations
Grants To Individuals	false	GrantsToIndividuals
Schedule J Required	false	ScheduleJRequired
Tax Exempt Bonds	false	TaxExemptBonds
Excess Benefit Transaction	false	ExcessBenefitTransaction
Prior Excess Benefit Transaction	false	PriorExcessBenefitTransaction
Loan To Officer Or DQP	false	LoanToOfficerOrDQP
Grant To Related Person	false	GrantToRelatedPerson
Bsnss Rltnshp With Organization	false	BsnssRltnshpWithOrganization
Bsnss Rltnshp Thru Family Member	false	BsnssRltnshpThruFamilyMember
Officer Entity With Bsnss Rltnshp	true	OfficerEntityWithBsnssRltnshp
Deductible Non Cash Contributions	false	DeductibleNonCashContributions
Deductible Contributions Of Art	false	DeductibleContributionsOfArt
Terminated	false	Terminated
Partial Liquidation	false	PartialLiquidation
Disregarded Entity	false	DisregardedEntity
Related Entity	true	RelatedEntity
Related Org Controlled Entity	true	RelatedOrgControlledEntity
Transaction Related Entity	true	TransactionRelatedEntity
Transfers To Exempt Non Chrtbl Org	false	TransfersToExemptNonChrtblOrg
Activities Conducted Partnership	false	ActivitiesConductedPartnership
Schedule O Required	true	ScheduleORequired
Number Forms Transmitted With1096	1	NumberFormsTransmittedWith1096
Number W2 G Included	0	NumberW2GIncluded
Compliance With Backup Witholding	true	ComplianceWithBackupWitholding
Number Of Employees	1	NumberOfEmployees
Employment Tax Returns Filed	true	EmploymentTaxReturnsFiled
Unrelated Business Income	false	UnrelatedBusinessIncome
Foreign Financial Account	false	ForeignFinancialAccount
Prohibited Tax Shelter Trans	false	ProhibitedTaxShelterTrans
Taxable Party Notification	false	TaxablePartyNotification
Non Deductible Contributions	false	NonDeductibleContributions
Quid Pro Quo Contributions	false	QuidProQuoContributions
Form8282 Property Disposed Of	false	Form8282PropertyDisposedOf
Funds To Pay Premiums	false	FundsToPayPremiums
Premiums Paid	false	PremiumsPaid
Form8899 Filed	false	Form8899Filed
Form1098 C Filed	false	Form1098CFiled
Indoor Tanning Services	false	IndoorTanningServices
Info In Schedule O Part VI	X	InfoInScheduleOPartVI
Nbr Voting Governing Body Members	17	NbrVotingGoverningBodyMembers
Number Independent Voting Members	17	NumberIndependentVotingMembers
Family Or Business Relationship	false	FamilyOrBusinessRelationship
Delegation Of Management Duties	false	DelegationOfManagementDuties
Changes To Organizing Docs	false	ChangesToOrganizingDocs
Material Diversion Or Misuse	false	MaterialDiversionOrMisuse
Members Or Stockholders	false	MembersOrStockholders
Election Of Board Members	false	ElectionOfBoardMembers
Decisions Subject To Approval	false	DecisionsSubjectToApproval
Minutes Of Governing Body	true	MinutesOfGoverningBody
Minutes Of Committees	true	MinutesOfCommittees
Officer Mailing Address	false	OfficerMailingAddress
Local Chapters	false	LocalChapters
Form990 Provided To Governing Body	true	Form990ProvidedToGoverningBody
Conflict Of Interest Policy	true	ConflictOfInterestPolicy
Annual Disclosure Covered Persons	true	AnnualDisclosureCoveredPersons
Regular Monitoring Enforcement	true	RegularMonitoringEnforcement
Whistleblower Policy	true	WhistleblowerPolicy
Document Retention Policy	true	DocumentRetentionPolicy
Compensation Process CEO	true	CompensationProcessCEO
Compensation Process Other	true	CompensationProcessOther
Investment In Joint Venture	false	InvestmentInJointVenture
States Where Copy Of Return Is Filed	MA	StatesWhereCopyOfReturnIsFiled
Upon Request	X	UponRequest

The Books Are In Care Of TheBooksAreInCareOf

Field	Value	IRS element (for citing)
Name Person	PAUL MOREAU TREASURER	NamePerson
Telephone Number	5086931117	TelephoneNumber

Address US AddressUS

Field	Value	IRS element (for citing)
Address Line1	346 STATE ROAD	AddressLine1
City	VINEYARD HAVEN	City
State	MA	State
ZIP Code	02575	ZIPCode

Field	Value	IRS element (for citing)
No Listed Persons Compensated	X	NoListedPersonsCompensated

Form990 Part VII Section A Form990PartVIISectionA (17 entries)

TitleTitle	Average Hours Per WeekAverageHoursPerWeek	Individual Trustee Or DirectorIndividualTrusteeOrDirector	OfficerOfficer	Reportable Comp From OrganizationReportableCompFromOrganization	Reportable Comp From Related OrgsReportableCompFromRelatedOrgs	Other CompensationOtherCompensation
RICHARD LEONARD
PRESIDENT	1.00	X	X	0	0	0
PAUL MOREAU
TREASURER	1.00	X	X	0	0	0
VICTORIA HAESELBARTH
CLERK	1.00	X	X	0	0	0
RICHARD BLUESTEIN
BOARD MEMBER	1.00	X		0	0	0
WARREN DOTY
BOARD MEMBER	1.00	X		0	0	0
EWELL HOPKINS
BOARD MEMBER	1.00	X		0	0	0
JANET HATHAWAY
BOARD MEMBER	1.00	X		0	0	0
JANET HEATH
BOARD MEMBER	1.00	X		0	0	0
TRISTAN ISRAEL
BOARD MEMBER	1.00	X		0	0	0
DORIANA KLUMICK
BOARD MEMBER	1.00	X		0	0	0
RICHARD KNABEL
BOARD MEMBER	1.00	X		0	0	0
THERESA MANNING
BOARD MEMBER	1.00	X		0	0	0
ANDRE MALLEGOL
BOARD MEMBER	1.00	X		0	0	0
ISAAC D RUSSELL
BOARD MEMBER	1.00	X		0	0	0
MONICA MILLER
BOARD MEMBER	1.00	X		0	0	0
DOUG RUSKIN
BOARD MEMBER	1.00	X		0	0	0
WENDY SWOLINZKY
BOARD MEMBER	1.00	X		0	0	0

Field	Value	IRS element (for citing)
Formers Listed	false	FormersListed
Total Comp GT150 K	false	TotalCompGT150K
Compensation From Other Sources	false	CompensationFromOtherSources

Contractor Compensation ContractorCompensation (2 entries)

Address Line1AddressOfContractor/AddressUS/AddressLine1	CityAddressOfContractor/AddressUS/City	StateAddressOfContractor/AddressUS/State	ZIP CodeAddressOfContractor/AddressUS/ZIPCode	Description Of ServicesDescriptionOfServices	CompensationCompensation
ICMC INC
151 BEACH RD	VINEYARD HAVEN	MA	02568	BUILDING CONTRA	1018155
SOUTH MOUNTAIN COMPANY
RED ARROW RD PO BOX 1260	WEST TISBURY	MA	02568	BUILDING CONTRA	742047

Field	Value	IRS element (for citing)
Number Of Contractors GT100 K	2	NumberOfContractorsGT100K
All Other Contributions	546835	AllOtherContributions
Total Contributions	546835	TotalContributions

Gross Rents GrossRents

Field	Value	IRS element (for citing)
Real	21879	Real

Less Rental Expenses LessRentalExpenses

Field	Value	IRS element (for citing)
Real	8938	Real

Rental Income Or Loss RentalIncomeOrLoss

Field	Value	IRS element (for citing)
Real	12941	Real

Net Rental Income Or Loss NetRentalIncomeOrLoss

Field	Value	IRS element (for citing)
Total Revenue Column	12941	TotalRevenueColumn
Related Or Exempt Function Income	12941	RelatedOrExemptFunctionIncome

Field	Value	IRS element (for citing)
Gross Sales Of Inventory	2982500	GrossSalesOfInventory
Cost Of Goods Sold	4754832	CostOfGoodsSold

Net Income Or Loss NetIncomeOrLoss

Field	Value	IRS element (for citing)
Total Revenue Column	-1772332	TotalRevenueColumn
Related Or Exempt Function Income	-1772332	RelatedOrExemptFunctionIncome

Other Revenue Misc OtherRevenueMisc

Field	Value	IRS element (for citing)
Description	OTHER REVENUE	Description
Total Revenue Column	18521	TotalRevenueColumn
Related Or Exempt Function Income	18521	RelatedOrExemptFunctionIncome

Field	Value	IRS element (for citing)
Total Other Revenue	18521	TotalOtherRevenue

Total Revenue TotalRevenue

Field	Value	IRS element (for citing)
Total Revenue Column	-1194035	TotalRevenueColumn
Related Or Exempt Function Income	-1740870	RelatedOrExemptFunctionIncome

Comp Current Officers Directors CompCurrentOfficersDirectors

Field	Value	IRS element (for citing)
Total	84456	Total
Program Services	76010	ProgramServices
Management And General	8446	ManagementAndGeneral

Payroll Taxes PayrollTaxes

Field	Value	IRS element (for citing)
Total	22402	Total
Program Services	20162	ProgramServices
Management And General	2240	ManagementAndGeneral

Fees For Services Accounting FeesForServicesAccounting

Field	Value	IRS element (for citing)
Total	11010	Total
Program Services	750	ProgramServices
Management And General	10260	ManagementAndGeneral

Advertising Advertising

Field	Value	IRS element (for citing)
Total	413	Total
Management And General	413	ManagementAndGeneral

Office Expenses OfficeExpenses

Field	Value	IRS element (for citing)
Total	907	Total
Management And General	907	ManagementAndGeneral

Occupancy Occupancy

Field	Value	IRS element (for citing)
Total	6741	Total
Management And General	6741	ManagementAndGeneral

Travel Travel

Field	Value	IRS element (for citing)
Total	1127	Total
Management And General	1127	ManagementAndGeneral

Interest Interest

Field	Value	IRS element (for citing)
Total	6704	Total
Program Services	6704	ProgramServices

Insurance Insurance

Field	Value	IRS element (for citing)
Total	1713	Total
Management And General	1713	ManagementAndGeneral

Other Expenses OtherExpenses (4 entries)

DescriptionDescription	TotalTotal	Management And GeneralManagementAndGeneral
MISCELLANEOUS	8034	8034
UTILITIES	1335	1335
TELEPHONE	1285	1285
FILING FEES	265	265

Total Functional Expenses TotalFunctionalExpenses

Field	Value	IRS element (for citing)
Total	146392	Total
Program Services	103626	ProgramServices
Management And General	42766	ManagementAndGeneral
Fundraising	0	Fundraising

Cash Non Interest Bearing CashNonInterestBearing

Field	Value	IRS element (for citing)
BOY	82623	BOY
EOY	64848	EOY

Accounts Receivable AccountsReceivable

Field	Value	IRS element (for citing)
BOY	1899	BOY
EOY	3450	EOY

Inventories For Sale Or Use InventoriesForSaleOrUse

Field	Value	IRS element (for citing)
BOY	3095696	BOY
EOY	41654	EOY

Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges

Field	Value	IRS element (for citing)
EOY	3990	EOY

Field	Value	IRS element (for citing)
Land Buildings Equipment Basis	230510	LandBuildingsEquipmentBasis
Land Bldg Equipment Accum Deprec	59857	LandBldgEquipmentAccumDeprec

Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet

Field	Value	IRS element (for citing)
BOY	179591	BOY
EOY	170653	EOY

Other Assets Total OtherAssetsTotal

Field	Value	IRS element (for citing)
BOY	769977	BOY
EOY	1149475	EOY

Total Assets TotalAssets

Field	Value	IRS element (for citing)
BOY	4129786	BOY
EOY	1434070	EOY

Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses

Field	Value	IRS element (for citing)
BOY	159836	BOY
EOY	11192	EOY

Deferred Revenue DeferredRevenue

Field	Value	IRS element (for citing)
EOY	25746	EOY

Mort Notes Pybl Secured Invest Prop MortNotesPyblSecuredInvestProp

Field	Value	IRS element (for citing)
BOY	1457085	BOY
EOY	224694	EOY

Total Liabilities TotalLiabilities

Field	Value	IRS element (for citing)
BOY	1616921	BOY
EOY	261632	EOY

Field	Value	IRS element (for citing)
Follow SFAS117	X	FollowSFAS117

Unrestricted Net Assets UnrestrictedNetAssets

Field	Value	IRS element (for citing)
BOY	94599	BOY
EOY	1172438	EOY

Temporarily Restricted Net Assets TemporarilyRestrictedNetAssets

Field	Value	IRS element (for citing)
BOY	2418266	BOY

Total Net Assets Fund Balances TotalNetAssetsFundBalances

Field	Value	IRS element (for citing)
BOY	2512865	BOY
EOY	1172438	EOY

Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances

Field	Value	IRS element (for citing)
BOY	4129786	BOY
EOY	1434070	EOY

Field	Value	IRS element (for citing)
Reconcilation Revenue Expenses	-1340427	ReconcilationRevenueExpenses
Method Of Accounting Accrual	X	MethodOfAccountingAccrual
Accountant Compile Or Review	false	AccountantCompileOrReview
FS Audited	true	FSAudited
Audit Committee	true	AuditCommittee
Financial Statement Consolidated	X	FinancialStatementConsolidated
Federal Grant Audit Required	false	FederalGrantAuditRequired

Schedule A IRS990ScheduleA

Field	Value	IRS element (for citing)
Publicly Supported Org509a2	X	PubliclySupportedOrg509a2

Gifts Grants Contrib Received509 GiftsGrantsContribReceived509

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	557211	CurrentTaxYearMinus4Years
Current Tax Year Minus3 Years	409853	CurrentTaxYearMinus3Years
Current Tax Year Minus2 Years	294957	CurrentTaxYearMinus2Years
Current Tax Year Minus1 Year	1526703	CurrentTaxYearMinus1Year
Current Tax Year	572581	CurrentTaxYear
Total	3361305	Total

Gross Receipts From Admissions GrossReceiptsFromAdmissions

Field	Value	IRS element (for citing)
Current Tax Year Minus1 Year	16795	CurrentTaxYearMinus1Year
Current Tax Year	3022900	CurrentTaxYear
Total	3039695	Total

Gross Receipts From Non UBI GrossReceiptsFromNonUBI

Field	Value	IRS element (for citing)
Current Tax Year Minus3 Years	1216500	CurrentTaxYearMinus3Years
Current Tax Year Minus2 Years	10700	CurrentTaxYearMinus2Years
Current Tax Year Minus1 Year	16852	CurrentTaxYearMinus1Year
Current Tax Year	18521	CurrentTaxYear
Total	1262573	Total

Value Of Svcs Fclts Furnishd By Govt ValueOfSvcsFcltsFurnishdByGovt

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	-811939	CurrentTaxYearMinus4Years
Total	-811939	Total

Total509 Total509

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	-254728	CurrentTaxYearMinus4Years
Current Tax Year Minus3 Years	1626353	CurrentTaxYearMinus3Years
Current Tax Year Minus2 Years	305657	CurrentTaxYearMinus2Years
Current Tax Year Minus1 Year	1560350	CurrentTaxYearMinus1Year
Current Tax Year	3614002	CurrentTaxYear
Total	6851634	Total

Field	Value	IRS element (for citing)
Public Support Total509	6851634	PublicSupportTotal509

Gross Investment Income509 GrossInvestmentIncome509

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	249	CurrentTaxYearMinus4Years
Current Tax Year Minus3 Years	172	CurrentTaxYearMinus3Years
Current Tax Year Minus1 Year	80	CurrentTaxYearMinus1Year
Current Tax Year	36	CurrentTaxYear
Total	537	Total

Investment Income And UBTI InvestmentIncomeAndUBTI

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	249	CurrentTaxYearMinus4Years
Current Tax Year Minus3 Years	172	CurrentTaxYearMinus3Years
Current Tax Year Minus1 Year	80	CurrentTaxYearMinus1Year
Current Tax Year	36	CurrentTaxYear
Total	537	Total

Net Income From Other UBI NetIncomeFromOtherUBI

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	7169	CurrentTaxYearMinus4Years
Total	7169	Total

Other Income509 OtherIncome509

Field	Value	IRS element (for citing)
Current Tax Year Minus3 Years	38159	CurrentTaxYearMinus3Years
Current Tax Year Minus2 Years	10101	CurrentTaxYearMinus2Years
Current Tax Year Minus1 Year	9331	CurrentTaxYearMinus1Year
Current Tax Year	18521	CurrentTaxYear
Total	76112	Total

Total Support Total TotalSupportTotal

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	-247310	CurrentTaxYearMinus4Years
Current Tax Year Minus3 Years	1664684	CurrentTaxYearMinus3Years
Current Tax Year Minus2 Years	315758	CurrentTaxYearMinus2Years
Current Tax Year Minus1 Year	1569761	CurrentTaxYearMinus1Year
Current Tax Year	3632559	CurrentTaxYear
Total	6935452	Total

Field	Value	IRS element (for citing)
Public Support Percentage509	0.98790	PublicSupportPercentage509
Prior Year Support Percentage	0.98200	PriorYearSupportPercentage
Investment Income Percentage	0.00000	InvestmentIncomePercentage
Thirty Three Percnt Tests CY509	X	ThirtyThreePercntTestsCY509

Schedule B IRS990ScheduleB

Contributor Info ContributorInfo

Field	Value	IRS element (for citing)
Contributor Number	RESTRICTED	ContributorNumber

Contributor Name Business ContributorNameBusiness

Field	Value	IRS element (for citing)
Business Name Line1	RESTRICTED	BusinessNameLine1

Contributor Address US ContributorAddressUS

Field	Value	IRS element (for citing)
Address Line1	RESTRICTED	AddressLine1
Address Line2	RESTRICTED	AddressLine2
City	RESTRICTED	City
State	RESTRICTED	State
ZIP Code	RESTRICTED	ZIPCode

Field	Value	IRS element (for citing)
Aggregate Contributions	RESTRICTED	AggregateContributions

Schedule D IRS990ScheduleD

Field	Value	IRS element (for citing)
Disclosed Orgs Legal Control	false	DisclosedOrgsLegalControl
Disclosed For Charitable Purposes	false	DisclosedForCharitablePurposes
Written Policy Monitoring	false	WrittenPolicyMonitoring
Sect170h Requirements Satisfied	false	Sect170hRequirementsSatisfied
Solicited Assets For Sale	false	SolicitedAssetsForSale
Agent Trustee Etc	false	AgentTrusteeEtc
Included On FS	false	IncludedOnFS
Endowments Held By Unrelated Orgs	false	EndowmentsHeldByUnrelatedOrgs
Endowments Held By Related Orgs	false	EndowmentsHeldByRelatedOrgs
Are Related Orgs Listed Schedule R	false	AreRelatedOrgsListedScheduleR

Other Land Buildings OtherLandBuildings

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	230510	OtherCostOrOtherBasis
Depreciation	59857	Depreciation
Book Value	170653	BookValue

Field	Value	IRS element (for citing)
Total Of Book Value Land Buildings	170653	TotalOfBookValueLandBuildings

Other Assets OtherAssets (2 entries)

DescriptionDescription	Book ValueBookValue
GROUND LEASED LAND	1139475
LAND HELD FOR DEVELOPMENT	10000

Field	Value	IRS element (for citing)
Total Book Value Other Assets	1149475	TotalBookValueOtherAssets
Total Revenue	-1194035	TotalRevenue
Total Expenses	146392	TotalExpenses
Excess Or Deficit For Year	-1340427	ExcessOrDeficitForYear
Excess Or Deficit Per FS	-1340427	ExcessOrDeficitPerFS
Tot Revenue Etc Audited Fincl Stmt	-1194035	TotRevenueEtcAuditedFinclStmt
Revenue Subtotal	-1194035	RevenueSubtotal
Total Revenue Per Form990	-1194035	TotalRevenuePerForm990
Tot Expenses Etc Audited Fincl Stmt	146392	TotExpensesEtcAuditedFinclStmt
Expenses Subtotal	146392	ExpensesSubtotal
Total Expenses Per Form990	146392	TotalExpensesPerForm990

Schedule L IRS990ScheduleL

DQP Table DQPTable

Name Business NameBusiness

Field	Value	IRS element (for citing)
Business Name Line1	SOUTH MOUNTAIN COMPANY	BusinessNameLine1
Business Name Line2	WEST TISBURY MA 02575-1260	BusinessNameLine2

Field	Value	IRS element (for citing)
Description Of Transaction	OWNER=BOARD MEM	DescriptionOfTransaction
Transaction Corrected	true	TransactionCorrected

Schedule O IRS990ScheduleO

General Explanation GeneralExplanation (5 entries)

IdentifierIdentifier	Return ReferenceReturnReference	ExplanationExplanation
ORGANIZATION'S PROCESS USED TO REVIEW FORM 990	FORM 990, PAGE 6, PART VI, LINE 11B	THE BOARD PRESIDENT HAS BEEN DESIGNATED AS THE FINAL REVIEWER OF THE FORM 990. BOARD MEMBERS RESOLVE ANY QUESTIONS/ISSUES AND/OR REVIEW THROUGH THE BOARD PRESIDENT AND MANAGEMENT, WHEN NECESSARY, THE RETURN IS REVIEWED BY OUTSIDE LEGAL COUNSEL. FINALLY, THE RETURN IS APPROVED AT THE BOARD MEETING.
ENFORCEMENT OF CONFLICTS POLICY	FORM 990, PAGE 6, PART VI, LINE 12C	THE ORGANIZATION REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH THE POLICY BY REQUIRING ALL DIRECTORS AND OFFICERS TO SIGN A CONFLICT OF INTEREST AND DISCLOSURE FORM ANNUALLY AND TO AFFIRMATIVELY DISCLOSE POTENTIOAL CONFLICTS AS THEY ARISE.
COMPENSATION PROCESS FOR TOP OFFICIAL	FORM 990, PAGE 6, PART VI, LINE 15A	EXECUTIVE DIRECTORS COMPENSATION IS REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS.
COMPENSATION PROCESS FOR OFFICERS	FORM 990, PAGE 6, PART VI, LINE 15B	THE ORGANIZATION HAS AN INDEPENDENT COMPENSATION COMMITTEE WHICH COLLECTS AND EVALUATES ANNUALLY OUTSIDE DATA FOR COMPENSATION WHICH IS VOTED ON BY THE BOARD OF DIRECTORS ON AN ANNUAL BASIS FOR THE EXECUTIVE DIRECTOR AND ALL KEY EMPLOYEES.
GOVERNING DOCUMENTS DISCLOSURE EXPLANATION	FORM 990, PAGE 6, PART VI, LINE 19	THE GOVERNING DOCUMENTS, POLICIES, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST.

Schedule R IRS990ScheduleR

Form990 Schedule R Part II Form990ScheduleRPartII

Name Of Disregarded Entity NameOfDisregardedEntity

Field	Value	IRS element (for citing)
Business Name Line1	ISLAND AFFORDABLE HOUSING FUND	BusinessNameLine1

Address US AddressUS

Field	Value	IRS element (for citing)
Address Line1	346 STATE ROAD	AddressLine1
City	WEST TISBURY	City
State	MA	State
ZIP Code	02568	ZIPCode

Field	Value	IRS element (for citing)
Primary Activities	HOUSING	PrimaryActivities
Direct Controlling Entity NA	N/A	DirectControllingEntityNA
Controlled Org	false	ControlledOrg

Field	Value	IRS element (for citing)
Receipt Of Int Ann Rents Royalties	false	ReceiptOfIntAnnRentsRoyalties
Gift Grant Or Cap Contr To Other Org	false	GiftGrantOrCapContrToOtherOrg
Gift Grant Or Cap Contr Fr Other Org	true	GiftGrantOrCapContrFrOtherOrg
Loans Or Guarantees To Other Org	false	LoansOrGuaranteesToOtherOrg
Loans Or Guarantees From Other Org	false	LoansOrGuaranteesFromOtherOrg
Sale Of Assets To Other Org	false	SaleOfAssetsToOtherOrg
Purchase Of Assets From Other Org	false	PurchaseOfAssetsFromOtherOrg
Exchange Of Assets	false	ExchangeOfAssets
Rental Of Facilities To Other Orgs	false	RentalOfFacilitiesToOtherOrgs
Rental Of Facilities Fr Other Orgs	false	RentalOfFacilitiesFrOtherOrgs
Perform Of Services For Other Orgs	true	PerformOfServicesForOtherOrgs
Perform Of Services By Other Orgs	false	PerformOfServicesByOtherOrgs
Sharing Of Facilities	false	SharingOfFacilities
Sharing Of Paid Employees	false	SharingOfPaidEmployees
Reimbursement Paid To Other Org	false	ReimbursementPaidToOtherOrg
Reimbursement Paid By Other Org	false	ReimbursementPaidByOtherOrg
Other Transfer To Other Org	false	OtherTransferToOtherOrg
Other Transfer From Other Org	false	OtherTransferFromOtherOrg

Transactions Related Orgs Table TransactionsRelatedOrgsTable (2 entries)

Transaction TypeTransactionType	Amount InvolvedAmountInvolved
ISLAND AFFORDABLE HOUSING FUND
C	335508
SOUTH MOUNTAIN COMPANY INC
K	742047

ISLAND HOUSING TRUST CORPORATION: Form 990, tax year 2010

Return header ReturnHeader

Preparer Firm PreparerFirm

Preparer Firm Business Name PreparerFirmBusinessName

Preparer Firm US Address PreparerFirmUSAddress

Filer Filer

Name Name

US Address USAddress

Officer Officer

Preparer Preparer

Form 990 IRS990

Address Principal Officer US AddressPrincipalOfficerUS

Activity Other ActivityOther

The Books Are In Care Of TheBooksAreInCareOf

Address US AddressUS

Form990 Part VII Section A Form990PartVIISectionA (17 entries)

Contractor Compensation ContractorCompensation (2 entries)

Gross Rents GrossRents

Less Rental Expenses LessRentalExpenses

Rental Income Or Loss RentalIncomeOrLoss

Net Rental Income Or Loss NetRentalIncomeOrLoss

Net Income Or Loss NetIncomeOrLoss

Other Revenue Misc OtherRevenueMisc

Total Revenue TotalRevenue

Comp Current Officers Directors CompCurrentOfficersDirectors

Payroll Taxes PayrollTaxes

Fees For Services Accounting FeesForServicesAccounting

Advertising Advertising

Office Expenses OfficeExpenses

Occupancy Occupancy

Travel Travel

Interest Interest

Insurance Insurance

Other Expenses OtherExpenses (4 entries)

Total Functional Expenses TotalFunctionalExpenses

Cash Non Interest Bearing CashNonInterestBearing

Accounts Receivable AccountsReceivable

Inventories For Sale Or Use InventoriesForSaleOrUse

Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges

Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet

Other Assets Total OtherAssetsTotal

Total Assets TotalAssets

Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses

Deferred Revenue DeferredRevenue

Mort Notes Pybl Secured Invest Prop MortNotesPyblSecuredInvestProp

Total Liabilities TotalLiabilities

Unrestricted Net Assets UnrestrictedNetAssets

Temporarily Restricted Net Assets TemporarilyRestrictedNetAssets

Total Net Assets Fund Balances TotalNetAssetsFundBalances

Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances

Schedule A IRS990ScheduleA

Gifts Grants Contrib Received509 GiftsGrantsContribReceived509

Gross Receipts From Admissions GrossReceiptsFromAdmissions

Gross Receipts From Non UBI GrossReceiptsFromNonUBI

Value Of Svcs Fclts Furnishd By Govt ValueOfSvcsFcltsFurnishdByGovt

Total509 Total509

Gross Investment Income509 GrossInvestmentIncome509

Investment Income And UBTI InvestmentIncomeAndUBTI

Net Income From Other UBI NetIncomeFromOtherUBI

Other Income509 OtherIncome509

Total Support Total TotalSupportTotal

Schedule B IRS990ScheduleB

Contributor Info ContributorInfo

Contributor Name Business ContributorNameBusiness

Contributor Address US ContributorAddressUS

Schedule D IRS990ScheduleD

Other Land Buildings OtherLandBuildings

Other Assets OtherAssets (2 entries)

Schedule L IRS990ScheduleL

DQP Table DQPTable

Name Business NameBusiness

Schedule O IRS990ScheduleO

General Explanation GeneralExplanation (5 entries)

Schedule R IRS990ScheduleR

Form990 Schedule R Part II Form990ScheduleRPartII

Name Of Disregarded Entity NameOfDisregardedEntity

Address US AddressUS

Transactions Related Orgs Table TransactionsRelatedOrgsTable (2 entries)

Comments