N.H. Attorney General: Harbor Homes is low on cash
From Wire and Staff Reports
NASHUA – The New Hampshire Attorney General’s Office said Harbor Homes is low on cash and needs to simplify operations to stay afloat – at the same time state documents show CEO Peter Kelleher collected a salary of $336,000 last year.
The Nashua-based nonprofit provides low-income housing, mental health counseling and substance use disorder treatment.
The Charitable Trusts Unit of the AG’s office released a report on Harbor Homes on Friday. The report states Harbor Homes has grown into an “unnecessarily complex set of organizations with inadequate financial systems and operational issues.” The 39 year-old organization takes in nearly $40 million per year, most of it through government contracts and grants, the government said.
The report said Kelleher’s compensation pay of $336,000 was at the “high end” of comparable organizations.
“The Harbor Homes entities have suffered combined losses from 2015 through 2018 that total $851,618 and the organizations face ongoing challenges of liquidity. The board of directors should review the president’s compensation,” a report from the AG’s office states.
In response, via a prepared statement, officials at Harbor Homes said they are cooperating with state officials.
“We are actively working with the state of New Hampshire to implement a series of procedural changes that will enable us to better meet regulations for all nonprofits contracted with the state, some new this year, related to financial metrics. In particular, we are working to change the Days of Cash on Hand to a minimum of 30,” the statement reads in part.
“Harbor Homes is strong, and the work of our dedicated staff each day is critical to the health and well-being of our fellow Granite Staters. We are grateful for the opportunity to serve our state and with these updates, look forward to continuing our service in the years ahead,” it adds.