Nonprofit · EIN 04-3379905
MASSDEVELOPMENT HEFA TRUST
Tax-exempt · BOSTON, MA 02110
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| June 30, 2025 | 990 | $1,489,894 | $250,266 | $1,239,628 | $10,889,047 | $865 | $10,888,182 |
| June 30, 2024 | 990 | $510,141 | $446,405 | $63,736 | $10,059,179 | $9,912 | $10,049,267 |
| June 30, 2023 | 990 | $74,249 | $247,455 | -$173,206 | $9,317,179 | $22,594 | $9,294,585 |
Financial details: 990 for the year ended June 30, 2025
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $0
- Investment income
- $1,485,559
- Net gain from sales of assets
- $1,180,926
- Other revenue
- $4,335
Expenses
- Grants and similar amounts paid
- $100,000
- Salaries, compensation and benefits (total)
- $0
- Professional fundraising fees
- $0
- Program services (functional)
- $100,000
- Management and general (functional)
- $150,266
Balance sheet and other
- Total assets, start of year
- $10,059,179
- Total assets, end of year
- $10,889,047
- Total liabilities, end of year
- $865
- Net assets, end of year
- $10,888,182
- Publicly traded securities
- $9,361,528
- Net assets without donor restrictions
- $10,888,182
- Gross receipts
- $14,340,113
- Employees
- 0
- Volunteers
- 5
- Year formed
- 1997
- State of legal domicile
- MA
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended June 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| SIMON GERLIN | EVP FINANCE/CFO Officer | 1 | $0 | $240,080 | $65,382 |
| CYNTHIA TONUCCI | INTERIM EVP FINANCE PROGRAMS Highest-paid employee | 1 | $0 | $245,888 | $48,233 |
| SEAN CALNAN | DIRECTOR/CLERK Trustee or director, Officer | 1 | $0 | $210,481 | $53,153 |
| DANIEL RIVERA | PRESIDENT/CEO Officer | 1 | $0 | $199,031 | $39,556 |
| BRIAN KAVOOGIAN | TRUSTEE Trustee or director, Officer | 1 | $0 | $0 | $0 |
990 for the year ended June 30, 2024: 5 people
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| SIMON GERLIN | EVP FINANCE/CFO Highest-paid employee | 1 | $0 | $232,837 | $65,473 |
| CYNTHIA TONUCCI | INTERIM EVP FINANCE PROGRAMS Highest-paid employee | 1 | $0 | $226,929 | $48,775 |
| DANIEL RIVERA | PRESIDENT/CEO Highest-paid employee | 1 | $0 | $227,407 | $48,258 |
| SEAN CALNAN | DIRECTOR/CLERK Trustee or director | 1 | $0 | $190,618 | $59,547 |
| BRIAN KAVOOGIAN | TRUSTEE Trustee or director | 1 | $0 | $0 | $0 |
990 for the year ended June 30, 2023: 4 people
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| RICKS P FRAZIER | TRUSTEE (THRU 03/2023) Trustee or director | 0.3 | $0 | $213,786 | $24,045 |
| SEAN CALNAN | TRUSTEE (AS OF 06/2023) Trustee or director | 0.3 | $0 | $148,686 | $41,641 |
| BRIAN KAVOOGIAN | TRUSTEE Trustee or director | 0.3 | $0 | $0 | $0 |
| MIKE KENNEALY | TRUSTEE (THRU 01/2023) Trustee or director | 0.3 | $0 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 99 HIGH STREET 11TH FLOOR, BOSTON, MA 02110-2320
- In care of
- % MASS HEFA
- Principal officer (990 for 2024)
- SEAN CALNAN, 99 HIGH STREET 11TH FLOOR, BOSTON, MA 02110
- Signed the 990
- SEAN CALNAN, TRUSTEE
- Phone
- (617) 330-2000
- Return prepared by
- CLIFTONLARSONALLEN LLP
Mission
THE TRUST MAY PROVIDE FUNDS (I) FOR THE BENEFIT OF MASSACHUSETTS DEVELOPMENT FINANCE AGENCY (MASSDEVELOPMENT), A QUASIPUBLIC ENTITY, TO REDUCE CHARGES THAT IT OTHERWISE WOULD IMPOSE ON CERTAIN INSTITUTIONS USING ITS SERVICES AND (II) FOR THE BENEFIT OF (SEE SCHEDULE O) CERTAIN CHARITABLE ORGANIZATIONS AND GOVERNMENTAL ENTITIES THAT THE FORMER MASSACHUSETTS HEALTH AND EDUCATIONAL FACILITIES AUTHORITY, PRIOR TO ITS MERGER BY LAW INTO MASSDEVELOPMENT, WAS AUTHORIZED BY STATUTE TO ASSIST.
Program accomplishments
- FUNDED HEALTHCARE INITIATIVES FOR VARIOUS HEALTHCARE ENTITIES TO HELP THEM BETTER SERVE THEIR COMMUNITIES.Expenses $100,000 · grants $100,000 · revenue $1,489,894
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in June, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | June 30, 2026 | November 16, 2026 | Not due yet |
| 2024 | June 30, 2025 | November 17, 2025 | 990 on file |
| 2023 | June 30, 2024 | November 15, 2024 | 990 on file |
IRS record
- EIN
- 04-3379905
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Supporting organization (509(a)(3))
- Donations deductible (Pub 78)
- Supporting organization of unknown type
- Exempt since
- 1997
- Accounting year ends
- June
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Philanthropy, voluntarism and grantmaking foundations (T30Z)
- Assets (IRS master file)
- $10,889,047
- Income (IRS master file)
- $14,340,113
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | June 2025 | $1,489,894 | $250,266 | $10,889,047 | IRS |
| 990 | June 2024 | $510,141 | $446,405 | $10,059,179 | IRS |
| 990 | June 2023 | $74,249 | $247,455 | $9,317,179 | XML |
| 990 | June 2022 | $807,797 | $1,071,438 | $8,927,090 | IRS |
| 990 | June 2021 | – | – | – | IRS |
| 990 | June 2020 | – | – | – | IRS |
| 990 | June 2019 | – | – | – | IRS |
| 990 | June 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 04-3379905).
Questions about MASSDEVELOPMENT HEFA TRUST
- What is the EIN of MASSDEVELOPMENT HEFA TRUST?
- The employer identification number (EIN) of MASSDEVELOPMENT HEFA TRUST is 04-3379905.
- Is MASSDEVELOPMENT HEFA TRUST tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1997.
- Are donations to MASSDEVELOPMENT HEFA TRUST tax-deductible?
- Yes. It is listed in IRS Publication 78 (Supporting organization of unknown type).
- Which annual return does MASSDEVELOPMENT HEFA TRUST file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of MASSDEVELOPMENT HEFA TRUST due?
- The return for tax year 2025 (the year ending June 30, 2026) is due November 16, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did MASSDEVELOPMENT HEFA TRUST last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended June 2025.
- Who is the principal officer of MASSDEVELOPMENT HEFA TRUST?
- The 990 for the year ended June 30, 2025 names SEAN CALNAN.
- Who are the officers and directors of MASSDEVELOPMENT HEFA TRUST?
- The 990 for the year ended June 30, 2025 lists 5 people; 0 received compensation from the organization.
- How much revenue does MASSDEVELOPMENT HEFA TRUST have?
- On its 990 for the year ended June 30, 2025 it reported revenue of $1,489,894, expenses of $250,266 and total assets of $10,889,047 at year end.
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