Civic Intelligence

Charlestown Economic Development Corporation

990 • Fiscal year 2019 • EIN 04-2704682

Jan 01, 2019 to Dec 31, 2019 • Filed on Oct 07, 2020

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

90th percentile

0.99x

Higher debt load relative to assets than 90% of similar nonprofits.

2019 filings • 501(c)2 • $1M-$5M nonprofits • Source year 2019

Liabilities / Revenue

74th percentile

4.37x

Higher debt load relative to revenue than 74% of similar nonprofits.

2019 filings • 501(c)2 • $1M-$5M nonprofits • Source year 2019

Net Margin

36th percentile

0.2%

Higher net margin than 36% of similar nonprofits.

2019 filings • 501(c)2 • $1M-$5M nonprofits • Source year 2019

Top Officer Pay

52nd percentile

$0

Higher top officer pay than 52% of similar nonprofits.

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

2019 filings • 501(c)2 • $1M-$5M nonprofits • Source year 2019

Asset Growth

47th percentile

-0.8%

Faster asset growth than 47% of similar nonprofits.

2019 filings • 501(c)2 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Revenue Growth

30th percentile

-4.2%

Faster revenue growth than 30% of similar nonprofits.

2019 filings • 501(c)2 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets90th percentile

Assets

Down

$4,582,743

Down $37,196 (-0.8%) from 2018

Net Assets

Up

$33,810

Up $333,923 (+111%) from 2018

Liabilities

Down

$4,548,933

Down $371,119 (-7.5%) from 2018

Revenue And Expenses
Liabilities / Revenue74th percentileNet Margin36th percentile

Revenue

Down

$1,041,272

Down $45,533 (-4.2%) from 2018

Expenses

Down

$1,039,556

Down $161,213 (-13%) from 2018

Net Income

Up

$1,716

Up $115,680 (+102%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth47th 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

2019

Assets$4,582,743
Liabilities$4,548,933
Net Assets$33,810
Open 2019 Filing

Operations Trend

Revenue Growth30th 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

2019

Revenue$1,041,272
Expenses$1,039,556
Net Income$1,716
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Oct 7, 2020
Return Version
2019v5.1
Gross Receipts
$1,041,272
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$3,746,051$3,679,918▼ $66,133
Cash and Non-Interest-Bearing Accounts$297,347$102,428▼ $194,919
Prepaid Expenses and Deferred Charges$5,403$15,244▲ $9,841
Accounts Receivable$2,925$1,591▼ $1,334
Total Assets$4,619,939$4,582,743▼ $37,196
Other Assets Total$568,213$783,562▲ $215,349
Liabilities
Mortgage Notes Payable Secured by Investment Property$4,418,679$4,395,289▼ $23,390
Other Liabilities$332,207$0▼ $332,207
Accounts Payable and Accrued Expenses$155,105$136,518▼ $18,587
Escrow Account Liability$14,061$14,745▲ $684
Deferred Revenue-$2,381-
Total Liabilities$4,920,052$4,548,933▼ $371,119
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-300,113$33,810▲ $333,923
Total Net Assets Fund Balance$-300,113$33,810▲ $333,923
Total Liabilities and Net Assets / Fund Balance$4,619,939$4,582,743▼ $37,196

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,557,370$2,064,075$5,621,445
Other Land Buildings$117,598$262,157$379,755
Land$4,950-$4,950
Other Assets Org$344,237--
Compensation and Service Providers
Top Officer Pay52nd percentile

Board Members and Trustees

NameTitle
Thomas CunhaPresident
Carol a BratleySecretary
Eric PhillipeTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Barkan Management Company INCManagement Services7 WELLS AVENUE, Newton, MA 02459$173,121
Revenue and Support

Revenue Composition

Contributions and Grants
$843,222
Program Service Revenue
$180,138
Investment Income
$15,330
Other Revenue
$2,582
Change in Net Assets
$1,716

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,041,272
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$1,041,272
Total Revenue per Form 990
$1,041,272
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,039,556
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---$671,755
Depreciation Depletion---$159,633
Fees for Services Other---$141,845
Fees for Services Management---$26,880
Office Expenses---$20,574
Fees for Services Accounting---$18,869
Total Functional Expenses$0$0$0$1,039,556

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,039,556
Total Expenses per Audited Statements$1,039,556
Total Expenses per Form 990$1,039,556
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
No
Backup withholding compliance
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
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 project is managed by barkan management company inc., pursuant to a management agreement dated august 1, 2006. The current management agreement provides for a management fee of 2.62% of gross effective income. Management fees charged to operations during the year ended december 31, 2019 were $26,880.”

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

“One of the officers or director 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
2020-10-07
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
Kevin P Martin & Associates Pc
Address
10 FORBES WEST, BRAINTREE, MA 02184
Preparer
Jolanta Tuck CPA
Phone
7813803520
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Management services 141,845.”

Financial Statement Notes

PART IV, LINE 2B:

“The organization reports tenant security deposits on part x line 21.”

Raw XML Appendix340 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.

Path#Value
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IRS990/ActivitiesConductedPrtshpInd00
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IRS990/IRPDocumentCnt00
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IRS990ScheduleD/OtherAssetsOrgGrp/Desc0SECURITY DEPOSITS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1REPLACEMENT RESERVE
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2REAL ESTATE TAX AND INSURANCE ESCROW
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION REPORTS TENANT SECURITY DEPOSITS ON PART X LINE 21.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART IV, LINE 2B:
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IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE PROJECT IS MANAGED BY BARKAN MANAGEMENT COMPANY INC., PURSUANT TO A MANAGEMENT AGREEMENT DATED AUGUST 1, 2006. THE CURRENT MANAGEMENT AGREEMENT PROVIDES FOR A MANAGEMENT FEE OF 2.62% OF GROSS EFFECTIVE INCOME. MANAGEMENT FEES CHARGED TO OPERATIONS DURING THE YEAR ENDED DECEMBER 31, 2019 WERE $26,880.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ONE OF THE OFFICERS OR DIRECTOR SIGNS THE FORM 990 AFTER IT IS REVIEWED BY THE TREASURER.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THIS INFORMATION IS AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3MANAGEMENT SERVICES 141,845.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART IX, LINE 11G
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0MA
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt04619939
IRS990/TotalAssetsEOYAmt04582743
IRS990/TotalAssetsGrp/BOYAmt04619939
IRS990/TotalAssetsGrp/EOYAmt04582743
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0843222
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt01039556
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt04920052
IRS990/TotalLiabilitiesEOYAmt04548933
IRS990/TotalLiabilitiesGrp/BOYAmt04920052
IRS990/TotalLiabilitiesGrp/EOYAmt04548933
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-300113
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt033810
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceRevenueAmt0180138
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt015330
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0182720
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01041272
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt04619939
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt04582743
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
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/BuildTS02021-04-22 16:20:28Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0THOMAS CUNHA
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum06172422600
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-10-07
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
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ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId0CB723D511B4361143C95584A8FE9F03509BC83C0
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId02ACDE7CC8E1A2FD168FC5B21471A3A4E7FA857D4
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt070.91.219.129
ReturnHeader/FilingSecurityInformation/IPDt02020-10-07
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0ED
ReturnHeader/FilingSecurityInformation/IPTm013:17:21
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0043097400
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0KEVIN P MARTIN & ASSOCIATES PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt010 FORBES WEST
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0BRAINTREE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd002184
ReturnHeader/PreparerPersonGrp/PhoneNum07813803520
ReturnHeader/PreparerPersonGrp/PreparationDt02020-10-07
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JOLANTA TUCK CPA
ReturnHeader/ReturnTs02020-10-12T13:38:01-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02019-01-01
ReturnHeader/TaxPeriodEndDt02019-12-31
ReturnHeader/TaxYr02019

Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,582,743
Liabilities
$4,548,933
Net assets
$33,810
Revenue
$1,041,272
Expenses
$1,039,556
Net income
$1,716
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
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2019 filings • 501(c)2 • $1M-$5M nonprofits