Civic Intelligence

Providence Westside Housing Development Fund Company Inc

990 • Fiscal year 2023 • EIN 01-0607626

Jan 01, 2023 to Dec 31, 2023 • Filed on Apr 17, 2024

1150 Buffalo RoadRochester, NY 14624

(585) 328-3210

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

92nd percentile

2.42x

Higher debt load relative to assets than 92% of similar nonprofits.

2023 filings • NTEE L • $500k-$1M nonprofits • Source year 2023

Liabilities / Revenue

83rd percentile

9.05x

Higher debt load relative to revenue than 83% of similar nonprofits.

2023 filings • NTEE L • $500k-$1M nonprofits • Source year 2023

Net Margin

8th percentile

-80%

Higher net margin than 8% of similar nonprofits.

2023 filings • NTEE L • $500k-$1M nonprofits • Source year 2023

Top Officer Pay

80th percentile

$154,713

Higher top officer pay than 80% of similar nonprofits.

Top officer pay equals 63.0% of source-year revenue.

2023 filings • NTEE L • $500k-$1M nonprofits • Source year 2023

Asset Growth

12th percentile

-7.9%

Faster asset growth than 12% of similar nonprofits.

2023 filings • NTEE L • $500k-$1M nonprofits • Annualized from 2022 to 2023

Revenue Growth

71st percentile

11%

Faster revenue growth than 71% of similar nonprofits.

2023 filings • NTEE L • $500k-$1M nonprofits • Annualized from 2022 to 2023

Assets

Down

$919,451

Down $79,225 (-7.9%) from 2022

Net Assets

Down

-$1,302,391

Down $197,471 (-18%) from 2022

Liabilities

Up

$2,221,842

Up $118,246 (+5.6%) from 2022

Revenue

Up

$245,390

Up $24,018 (+11%) from 2022

Expenses

Up

$442,869

Up $202 (+0.0%) from 2022

Net Income

Up

-$197,479

Up $23,816 (+11%) from 2022

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$3.0M$2.0M$1.0M$0-$1.0M-$2.0MAssets 2019: $1,303,605Liabilities 2019: $1,802,851Net Assets 2019: -$499,2462019Assets 2020: $1,230,059Liabilities 2020: $1,896,669Net Assets 2020: -$666,6102020Assets 2021: $1,135,454Liabilities 2021: $2,006,352Net Assets 2021: -$870,8982021Assets 2022: $998,676Liabilities 2022: $2,103,596Net Assets 2022: -$1,104,9202022Assets 2023: $919,451Liabilities 2023: $2,221,842Net Assets 2023: -$1,302,3912023Assets 2024: $868,135Liabilities 2024: $2,365,783Net Assets 2024: -$1,497,6482024

Highlighted filing

2023

Assets$919,451
Liabilities$2,221,842
Net Assets-$1,302,391

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$600K$400K$200K$0-$200K-$400KRevenue 2019: $205,701Expenses 2019: $355,993Net Income 2019: -$150,2922019Revenue 2020: $210,651Expenses 2020: $356,773Net Income 2020: -$146,1222020Revenue 2021: $218,206Expenses 2021: $396,005Net Income 2021: -$177,7992021Revenue 2022: $221,372Expenses 2022: $442,667Net Income 2022: -$221,2952022Revenue 2023: $245,390Expenses 2023: $442,869Net Income 2023: -$197,4792023Revenue 2024: $235,979Expenses 2024: $431,236Net Income 2024: -$195,2572024

Highlighted filing

2023

Revenue$245,390
Expenses$442,869
Net Income-$197,479
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Apr 17, 2024
Return Version
2023v5.0
Gross Receipts
$245,390
Mission and Program Overview

Mission

Provide quality affordable housing to low income families.

Operating a low-income housing project, located in the City of Rochester, New York.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$837,234$755,219▼ $82,015
Savings and Temporary Cash Investments$98,951$90,206▼ $8,745
Cash and Non-Interest-Bearing Accounts$23,432$33,298▲ $9,866
Prepaid Expenses and Deferred Charges$15,711$16,004▲ $293
Accounts Receivable$8,626$8,628▲ $2
Total Assets$998,676$919,451▼ $79,225
Other Assets Total$14,722$16,096▲ $1,374
Liabilities
Mortgage Notes Payable Secured by Investment Property$2,045,906$2,164,904▲ $118,998
Accounts Payable and Accrued Expenses$33,730$31,079▼ $2,651
Escrow Account Liability$14,722$16,096▲ $1,374
Other Liabilities$8,803$9,305▲ $502
Deferred Revenue$435$458▲ $23
Total Liabilities$2,103,596$2,221,842▲ $118,246
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-1,104,920$-1,302,391▼ $197,471
Total Net Assets Fund Balance$-1,104,920$-1,302,391▼ $197,471
Total Liabilities and Net Assets / Fund Balance$998,676$919,451▼ $79,225

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$730,646$1,812,357$2,543,003
Equipment$0$201,230$201,230
Land$24,573-$24,573
Compensation and Service Providers

Employees

NameTitleOtherTotal
Mark GreisbergerPresident$69,104$69,104

Board Members and Trustees

NameTitle
Helen BianchiSecretary
Dan SturgisTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$240,065
Investment Income
$61
Other Revenue
$5,264
Change in Net Assets
$-197,479

Audited Revenue Reconciliation

Revenue per Audited Statements
$245,390
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$245,390
Total Revenue per Form 990
$245,390
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$442,869
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$121,064--$121,064
Interest$118,998--$118,998
Depreciation Depletion$82,016--$82,016
Fees for Services Other$45,365$4,915-$50,280
Insurance$23,301--$23,301
Fees for Services Management-$17,214-$17,214
Other Expenses-$9,873-$9,873
Fees for Services Legal-$6,588-$6,588
Office Expenses-$6,140-$6,140
All Other Expenses$1,673$2,602-$4,275
Fees for Services Accounting-$3,120-$3,120
Total Functional Expenses$392,417$50,452$0$442,869

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$442,869
Total Expenses per Audited Statements$442,869
Total Expenses per Form 990$442,869
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accrued Expenses - Affiliates$9,305
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, line 3

The Organization is managed by Providence Housing Development Corporation, the supported organization.

Form 990, Part VI, Section A, line 6

Providence Housing Development Corporation is the sole member of the Organization.

Form 990, Part VI, Section A, line 7A

Providence Housing Development Corporation has the right to appoint members of the Organization's Board of Directors.

Form 990, Part VI, Section A, line 8B

There are no other committees besides the full board.

Form 990, Part VI, Section B, line 11B

The draft 990 report was sent electronically to all board members. Responses were received and evaluated if there were questions prior to filing the report.

Form 990, Part VI, Section B, line 12C

Employee compliance with the conflict of interest policy is reviewed annually with all employees of the parent corporation at a general meeting. Each employee signs a form to reaffirm his/her understanding of the policy. Board members are asked to acknowledge their compliance annually with forms returned to the Secretary of the Board rather than management.

Form 990, Part VI, Section B, line 15

Providence Westside Housing Development Fund Company, Inc. does not have any direct compensation expense since all employees are officially employed by the parent company, Providence Housing Development Corporation. The wages and benefits of all top management employees are determined by the board of the parent company, Providence Housing Development Corporation. The process includes independent review, comparability data, and deliberation by the board.

Form 990, Part VI, Section C, line 19

All documents will be made available for public inspection based on the requirements of applicable law.

Filing and Contact Details

Filer

Filer Name
Providence Westside Housing Development
EIN
01-0607626
Phone
5853283210
Address
1150 Buffalo Road, Rochester, NY 14624

Signing Officer

Name
Dan Sturgis
Title
Treasurer
Phone
5853283210
Signed
2024-04-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dan Sturgis
Formed
2002
Legal Domicile
Ny
Voting Board Members
3
Independent Board Members
0
Employees
0
Volunteers
3

Preparer

Firm
Heveron & Company CPAs PLLC
Address
260 Plymouth Avenue South, Rochester, NY 14608
Preparer
Daniel O'Dea
Phone
5852322956
Supplemental Narrative

Additional Explanations

Form 990, Part IX, line 11G

Contracted Program Management: Program service expenses 45,365. Management and general expenses 0. Fundraising expenses 0. Total expenses 45,365. Other: Program service expenses 0. Management and general expenses 4,915. Fundraising expenses 0. Total expenses 4,915.

Form 990, Part XI, line 9:

Rounding Adjustment 8.

Financial Statement Notes

Part IV, Line 2B:

The escrow represents security deposits held for the Organization's tenants.

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part IV, Line 2b:
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IRS990ScheduleD/TotalExpensesPerForm990Amt0442869
IRS990ScheduleD/TotalLiabilityAmt09305
IRS990ScheduleD/TotalRevenuePerForm990Amt0245390
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0245390
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0442869
IRS990ScheduleJ/AnyNonFixedPaymentsInd00
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IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd00
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt1138727
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt15340
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt00
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Dan Sturgis
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1Helen Bianchi
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0Treasurer
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1Secretary
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt0154713
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt1153567
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt0Providence Westside Housing Development Fund Company, Inc. does not have any direct compensation expense since all employees are officially employed by the parent company, Providence Housing Development Corporation. The wages and benefits of all top management employees are determined by the board of the parent company, Providence Housing Development Corporation. The process includes independent review, comparability data, and deliberation by the board.
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc0Part I, Line 3
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The Organization is managed by Providence Housing Development Corporation, the supported organization.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Providence Housing Development Corporation is the sole member of the Organization.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Providence Housing Development Corporation has the right to appoint members of the Organization's Board of Directors.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3There are no other committees besides the full board.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4The draft 990 report was sent electronically to all board members. Responses were received and evaluated if there were questions prior to filing the report.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Employee compliance with the conflict of interest policy is reviewed annually with all employees of the parent corporation at a general meeting. Each employee signs a form to reaffirm his/her understanding of the policy. Board members are asked to acknowledge their compliance annually with forms returned to the Secretary of the Board rather than management.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6Providence Westside Housing Development Fund Company, Inc. does not have any direct compensation expense since all employees are officially employed by the parent company, Providence Housing Development Corporation. The wages and benefits of all top management employees are determined by the board of the parent company, Providence Housing Development Corporation. The process includes independent review, comparability data, and deliberation by the board.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7All documents will be made available for public inspection based on the requirements of applicable law.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8Contracted Program Management: Program service expenses 45,365. Management and general expenses 0. Fundraising expenses 0. Total expenses 45,365. Other: Program service expenses 0. Management and general expenses 4,915. Fundraising expenses 0. Total expenses 4,915.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt9Rounding Adjustment 8.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, line 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section A, line 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section A, line 7a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section A, line 8b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section B, line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Section B, line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part VI, Section B, line 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7Form 990, Part VI, Section C, line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8Form 990, Part IX, line 11g
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc9Form 990, Part XI, line 9:
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IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
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IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd110
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd190
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd200
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd210
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt0Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt1Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt2Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt3Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt4Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt5Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt6Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt7Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt8Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt9Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt10Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt11Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt12Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt13Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt14Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt15Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt16Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt17Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt18Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt19Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt20Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt21Providence Housing Development Corporation
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN3202596305
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN4204711462

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