Civic Intelligence

Charlestown Economic Development Corporation

990 • Fiscal year 2015 • EIN 04-2704682

Jan 01, 2015 to Dec 31, 2015 • Filed on Jun 29, 2016

Organization ProfileN/A
20 Devens StreetCharlestown, MA 02129

(617) 242-2600

Siviq Scores

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

Liabilities / Assets

83rd percentile

0.99x

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

2015 filings • 501(c)2 • $5M-$10M nonprofits • Source year 2015

Liabilities / Revenue

63rd percentile

6.16x

Higher debt load relative to revenue than 63% of similar nonprofits.

2015 filings • 501(c)2 • $5M-$10M nonprofits • Source year 2015

Net Margin

24th percentile

-22%

Higher net margin than 24% of similar nonprofits.

2015 filings • 501(c)2 • $5M-$10M nonprofits • Source year 2015

Top Officer Pay

40th percentile

$0

Higher top officer pay than 40% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2015 filings • 501(c)2 • $5M-$10M nonprofits • Source year 2015

Asset Growth

68th percentile

1.0%

Faster asset growth than 68% of similar nonprofits.

2015 filings • 501(c)2 • $5M-$10M nonprofits • Annualized from 2014 to 2015

Revenue Growth

52nd percentile

1.8%

Faster revenue growth than 52% of similar nonprofits.

2015 filings • 501(c)2 • $5M-$10M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets83rd percentile

Assets

Up

$5,324,926

Up $54,470 (+1.0%) from 2014

Net Assets

Down

$79,272

Down $183,197 (-70%) from 2014

Liabilities

Up

$5,245,654

Up $237,667 (+4.7%) from 2014

Revenue And Expenses
Liabilities / Revenue63rd percentileNet Margin24th percentile

Revenue

Up

$850,904

Up $15,261 (+1.8%) from 2014

Expenses

Up

$1,034,101

Up $211,483 (+26%) from 2014

Net Income

Down

-$183,197

Down $196,222 (-1507%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth68th percentile

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

$6.0M$4.0M$2.0M$0-$2.0MAssets 2010: $1,590,633Liabilities 2010: $1,762,354Net Assets 2010: -$171,7212010Assets 2011: $1,665,525Liabilities 2011: $1,735,365Net Assets 2011: -$69,8402011Assets 2012: $1,813,282Liabilities 2012: $1,736,798Net Assets 2012: $76,4842012Assets 2013: $2,001,840Liabilities 2013: $1,752,396Net Assets 2013: $249,4442013Assets 2014: $5,270,456Liabilities 2014: $5,007,987Net Assets 2014: $262,4692014Assets 2015: $5,324,926Liabilities 2015: $5,245,654Net Assets 2015: $79,2722015Assets 2016: $4,676,764Liabilities 2016: $4,707,212Net Assets 2016: -$30,4482016Assets 2017: $4,490,364Liabilities 2017: $4,676,513Net Assets 2017: -$186,1492017Assets 2018: $4,619,939Liabilities 2018: $4,920,052Net Assets 2018: -$300,1132018Assets 2019: $4,582,743Liabilities 2019: $4,548,933Net Assets 2019: $33,8102019Assets 2020: $4,634,986Liabilities 2020: $4,456,906Net Assets 2020: $178,0802020Assets 2021: $4,770,227Liabilities 2021: $4,409,909Net Assets 2021: $360,3182021Assets 2022: $4,861,998Liabilities 2022: $4,336,411Net Assets 2022: $525,5872022Assets 2023: $4,947,301Liabilities 2023: $4,272,676Net Assets 2023: $674,6252023Assets 2024: $5,160,409Liabilities 2024: $4,204,132Net Assets 2024: $956,2772024

Highlighted filing

2015

Assets$5,324,926
Liabilities$5,245,654
Net Assets$79,272
Open 2015 Filing

Operations Trend

Revenue Growth52nd percentile

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

$1.5M$1.0M$500K$0-$500KExpenses 2010: $600,4622010Expenses 2011: $598,4232011Expenses 2012: $597,3132012Revenue 2013: $822,735Expenses 2013: $649,775Net Income 2013: $172,9602013Revenue 2014: $835,643Expenses 2014: $822,618Net Income 2014: $13,0252014Revenue 2015: $850,904Expenses 2015: $1,034,101Net Income 2015: -$183,1972015Revenue 2016: $870,030Expenses 2016: $979,750Net Income 2016: -$109,7202016Revenue 2017: $864,804Expenses 2017: $1,020,505Net Income 2017: -$155,7012017Revenue 2018: $1,086,805Expenses 2018: $1,200,769Net Income 2018: -$113,9642018Revenue 2019: $1,041,272Expenses 2019: $1,039,556Net Income 2019: $1,7162019Revenue 2020: $1,077,283Expenses 2020: $933,013Net Income 2020: $144,2702020Revenue 2021: $1,101,953Expenses 2021: $919,715Net Income 2021: $182,2382021Revenue 2022: $1,156,515Expenses 2022: $991,246Net Income 2022: $165,2692022Revenue 2023: $1,228,185Expenses 2023: $1,079,147Net Income 2023: $149,0382023Revenue 2024: $1,305,354Expenses 2024: $1,023,702Net Income 2024: $281,6522024

Highlighted filing

2015

Revenue$850,904
Expenses$1,034,101
Net Income-$183,197
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Jun 29, 2016
Return Version
2015v2.1
Gross Receipts
$850,904
Mission and Program Overview

Mission

To provide housing to the elderly in a 30 unit complex in charlestown, ma.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$4,013,558$4,123,512▲ $109,954
Cash and Non-Interest-Bearing Accounts$198,427$240,078▲ $41,651
Prepaid Expenses and Deferred Charges$14,958$7,205▼ $7,753
Accounts Receivable$685$947▲ $262
Total Assets$5,270,456$5,324,926▲ $54,470
Other Assets Total$1,042,828$953,184▼ $89,644
Liabilities
Mortgage Notes Payable Secured by Investment Property$4,387,222$4,759,970▲ $372,748
Accounts Payable and Accrued Expenses$608,730$473,689▼ $135,041
Other Liabilities$12,031$11,995▼ $36
Deferred Revenue$4--
Total Liabilities$5,007,987$5,245,654▲ $237,667
Net Assets / Fund Balance
Unrestricted Net Assets$262,469$79,272▼ $183,197
Total Net Assets Fund Balance$262,469$79,272▼ $183,197
Total Liabilities and Net Assets / Fund Balance$5,270,456$5,324,926▲ $54,470

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,803,051$1,420,856$5,223,907
Other Land Buildings$315,511$271,973$587,484
Land$4,950-$4,950
Other Assets Org$156,071--
Compensation and Service Providers
Top Officer Pay40th percentile

Board Members and Trustees

NameTitle
Thomas CunhaPresident
Carol a BratleySecretary
Eric PhillipeTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$846,332
Investment Income
$1,650
Other Revenue
$2,922
Change in Net Assets
$-183,197

Audited Revenue Reconciliation

Revenue per Audited Statements
$850,904
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$850,904
Total Revenue per Form 990
$850,904
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,034,101
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
Interest---$262,626
Fees for Services Management---$159,818
Depreciation Depletion---$158,205
Occupancy---$92,037
Insurance---$56,610
Fees for Services Accounting---$24,957
Office Expenses---$12,671
Fees for Services Legal---$718
Other Expenses---$183
Total Functional Expenses$0$0$0$1,034,101

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,034,101
Total Expenses per Audited Statements$1,034,101
Total Expenses per Form 990$1,034,101
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
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Security Deposits$11,995
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, line 3

“The organization delegates management responsibilities to barkan management company, a property management company.”

Form 990, Part VI, Section B, line 11

“One of the officers or directors signs the form 990 after it is reviewed by the treasurer.”

Form 990, Part VI, Section C, line 19

“This information is available upon request.”

Filing and Contact Details

Filer

Filer Name
Charlestown Economic Development
EIN
04-2704682
Phone
6172422600
Address
20 DEVENS STREET, CHARLESTOWN, MA 02129

Signing Officer

Name
Thomas Cunha
Title
President
Phone
6172422600
Signed
2016-06-29
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Thomas Cunha
Formed
1976
Legal Domicile
Ma
Voting Board Members
3
Independent Board Members
3
Employees
0
Volunteers
0

Preparer

Firm
Cohnreznick Llp
Address
ONE BOSTON PLACE SUITE 500, BOSTON, MA 02108
Preparer
Edward Mcneil
Phone
6176481400
Supplemental Narrative

Financial Statement Notes

Part X, Line 2:

“The Corporation may be subject to federal taxation in future periods to the extent of its "Unrelated Business Taxable Income" ("UBTI"). During the year ended December 31, 2015, the Corporation's revenues and support were realized totally from exempt activities. Management has evaluated significant tax positions against the criteria established by professional standards and believes there are no such tax positions requiring accounting recognition in the financial statements. Management does not believe its evaluation of tax positions will significantly change within twelve months of December 31, 2015. Any changes in tax positions will be recorded when the ultimate outcome becomes known. The Corporation's income tax returns are subject to examination by taxing authorities generally for the years ended December 31, 2012, 2013 and 2014.”

Raw XML Appendix324 raw XML fields

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/ExplanationTxt0The Corporation may be subject to federal taxation in future periods to the extent of its "Unrelated Business Taxable Income" ("UBTI"). During the year ended December 31, 2015, the Corporation's revenues and support were realized totally from exempt activities. Management has evaluated significant tax positions against the criteria established by professional standards and believes there are no such tax positions requiring accounting recognition in the financial statements. Management does not believe its evaluation of tax positions will significantly change within twelve months of December 31, 2015. Any changes in tax positions will be recorded when the ultimate outcome becomes known. The Corporation's income tax returns are subject to examination by taxing authorities generally for the years ended December 31, 2012, 2013 and 2014.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X, Line 2:
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION DELEGATES MANAGEMENT RESPONSIBILITIES TO BARKAN MANAGEMENT COMPANY, A PROPERTY MANAGEMENT COMPANY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ONE OF THE OFFICERS OR DIRECTORS SIGNS THE FORM 990 AFTER IT IS REVIEWED BY THE TREASURER.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THIS INFORMATION IS AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, line 3
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IRS990/TotalAssetsGrp/BOYAmt05270456
IRS990/TotalAssetsGrp/EOYAmt05324926
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt01034101
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt05007987
IRS990/TotalLiabilitiesEOYAmt05245654
IRS990/TotalLiabilitiesGrp/BOYAmt05007987
IRS990/TotalLiabilitiesGrp/EOYAmt05245654
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0262469
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt079272
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt01034101
IRS990/TotalProgramServiceRevenueAmt0846332
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt01650
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0849254
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0850904
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt05270456
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt05324926
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0262469
IRS990/UnrestrictedNetAssetsGrp/EOYAmt079272
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt020 DEVENS STREET
IRS990/USAddress/CityNm0CHARLESTOWN
IRS990/USAddress/StateAbbreviationCd0MA
IRS990/USAddress/ZIPCd002129
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt03
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02016-09-27 15:27:22Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0THOMAS CUNHA
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum06172422600
ReturnHeader/BusinessOfficerGrp/SignatureDt02016-06-29
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0CHARLESTOWN ECONOMIC DEVELOPMENT
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0CORPORATION
ReturnHeader/Filer/BusinessNameControlTxt0CHAR
ReturnHeader/Filer/EIN0042704682
ReturnHeader/Filer/PhoneNum06172422600
ReturnHeader/Filer/USAddress/AddressLine1Txt020 DEVENS STREET
ReturnHeader/Filer/USAddress/CityNm0CHARLESTOWN
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MA
ReturnHeader/Filer/USAddress/ZIPCd002129
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0221478099
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0COHNREZNICK LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0ONE BOSTON PLACE SUITE 500
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0BOSTON
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd002108
ReturnHeader/PreparerPersonGrp/PhoneNum06176481400
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0EDWARD MCNEIL
ReturnHeader/ReturnTs02016-07-14T08:15:29-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02015-01-01
ReturnHeader/TaxPeriodEndDt02015-12-31
ReturnHeader/TaxYr02015

Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$5,324,926
Liabilities
$5,245,654
Net assets
$79,272
Revenue
$850,904
Expenses
$1,034,101
Net income
-$183,197
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$5.16$4.20$0.96$1.31$1.02$0.28
2023Detailed filing. Detailed filing data is available for this year.$4.95$4.27$0.67$1.23$1.08$0.15
2022Detailed filing. Detailed filing data is available for this year.$4.86$4.34$0.53$1.16$0.99$0.17
2021Detailed filing. Detailed filing data is available for this year.$4.77$4.41$0.36$1.10$0.92$0.18
2020Detailed filing. Detailed filing data is available for this year.$4.63$4.46$0.18$1.08$0.93$0.14
2019Detailed filing. Detailed filing data is available for this year.$4.58$4.55$0.03$1.04$1.04$0.00
2018Detailed filing. Detailed filing data is available for this year.$4.62$4.92$0.30$1.09$1.20$0.11
2017Detailed filing. Detailed filing data is available for this year.$4.49$4.68$0.19$0.86$1.02$0.16
2016Detailed filing. Detailed filing data is available for this year.$4.68$4.71$0.03$0.87$0.98$0.11
2015Detailed filing. Detailed filing data is available for this year.$5.32$5.25$0.08$0.85$1.03$0.18
2014Detailed filing. Detailed filing data is available for this year.$5.27$5.01$0.26$0.84$0.82$0.01
2013Detailed filing. Detailed filing data is available for this year.$2.00$1.75$0.25$0.82$0.65$0.17
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.81$1.74$0.08$0.60
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.67$1.74$0.07$0.60
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.59$1.76$0.17$0.60