Civic Intelligence

Charlestown Economic Development Corporation

990 • Fiscal year 2022 • EIN 04-2704682

Jan 01, 2022 to Dec 31, 2022 • Filed on Dec 19, 2023

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

87th percentile

0.89x

Higher debt load relative to assets than 87% of similar nonprofits.

2022 filings • 501(c)2 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

70th percentile

3.75x

Higher debt load relative to revenue than 70% of similar nonprofits.

2022 filings • 501(c)2 • $1M-$5M nonprofits • Source year 2022

Net Margin

53rd percentile

14%

Higher net margin than 53% of similar nonprofits.

2022 filings • 501(c)2 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

54th percentile

$0

Higher top officer pay than 54% of similar nonprofits.

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

2022 filings • 501(c)2 • $1M-$5M nonprofits • Source year 2022

Asset Growth

71st percentile

1.9%

Faster asset growth than 71% of similar nonprofits.

2022 filings • 501(c)2 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

58th percentile

5.0%

Faster revenue growth than 58% of similar nonprofits.

2022 filings • 501(c)2 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets87th percentile

Assets

Up

$4,861,998

Up $91,771 (+1.9%) from 2021

Net Assets

Up

$525,587

Up $165,269 (+46%) from 2021

Liabilities

Down

$4,336,411

Down $73,498 (-1.7%) from 2021

Revenue And Expenses
Liabilities / Revenue70th percentileNet Margin53rd percentile

Revenue

Up

$1,156,515

Up $54,562 (+5.0%) from 2021

Expenses

Up

$991,246

Up $71,531 (+7.8%) from 2021

Net Income

Down

$165,269

Down $16,969 (-9.3%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth71st 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

2022

Assets$4,861,998
Liabilities$4,336,411
Net Assets$525,587
Open 2022 Filing

Operations Trend

Revenue Growth58th 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

2022

Revenue$1,156,515
Expenses$991,246
Net Income$165,269
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Dec 19, 2023
Return Version
2022v5.0
Gross Receipts
$1,156,515
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$3,463,027$3,328,836▼ $134,191
Cash and Non-Interest-Bearing Accounts$323,157$522,068▲ $198,911
Prepaid Expenses and Deferred Charges$7,395$11,903▲ $4,508
Accounts Receivable$2,779$2,195▼ $584
Total Assets$4,770,227$4,861,998▲ $91,771
Other Assets Total$973,869$996,996▲ $23,127
Liabilities
Mortgage Notes Payable Secured by Investment Property$4,300,867$4,248,510▼ $52,357
Accounts Payable and Accrued Expenses$90,441$71,191▼ $19,250
Escrow Account Liability$16,280$16,673▲ $393
Deferred Revenue$2,321$37▼ $2,284
Total Liabilities$4,409,909$4,336,411▼ $73,498
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$360,318$525,587▲ $165,269
Total Net Assets Fund Balance$360,318$525,587▲ $165,269
Total Liabilities and Net Assets / Fund Balance$4,770,227$4,861,998▲ $91,771

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,209,297$2,412,148$5,621,445
Other Land Buildings$114,589$344,166$458,755
Land$4,950-$4,950
Other Assets Org$659,626--
Compensation and Service Providers
Top Officer Pay54th 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$213,445
Revenue and Support

Revenue Composition

Contributions and Grants
$911,790
Program Service Revenue
$216,376
Investment Income
$13,358
Other Revenue
$14,991
Change in Net Assets
$165,269

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,156,515
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$1,156,515
Total Revenue per Form 990
$1,156,515
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$991,246
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---$608,047
Fees for Services Other---$184,010
Depreciation Depletion---$144,325
Fees for Services Management---$29,630
Fees for Services Accounting---$24,709
Fees for Services Legal---$525
Total Functional Expenses$0$0$0$991,246

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$991,246
Total Expenses per Audited Statements$991,246
Total Expenses per Form 990$991,246
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, 2022 were $29,630.”

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

“The form is reviewed by the president and treasurer. It is then sent to the full board prior to submission.”

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
2023-12-19
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
350 GRANITE STREET SUITE 1200, BRAINTREE, MA 02184
Preparer
Jolanta Tuck CPA
Phone
7813803520
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Consultants 5,404. Management services 178,606.”

Financial Statement Notes

PART IV, LINE 2B:

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

PART X, LINE 2:

“Management has analyzed the tax positions taken by the corporation and has concluded that, as of december 31, 2022 and 2021, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. Accordingly, these financial statements do not reflect a provision for income taxes and the corporation has no other tax positions which must be considered for disclosure. Income tax returns filed by the corporation are subject to examination by the irs for a period of three years. While no income tax returns are currently being examined by the irs, tax years since 2019 remain open.”

Raw XML Appendix335 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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IRS990ScheduleD/OtherAssetsOrgGrp/Desc0SECURITY DEPOSITS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1REPLACEMENT RESERVE
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2REAL ESTATE TAX AND INSURANCE ESCROW
IRS990ScheduleD/OtherAssetsOrgGrp/Desc3RESIDUAL RECEIPTS RESERVE
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION REPORTS TENANT SECURITY DEPOSITS ON PART X LINE 21.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE CORPORATION AND HAS CONCLUDED THAT, AS OF DECEMBER 31, 2022 AND 2021, THERE ARE NO UNCERTAIN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS. ACCORDINGLY, THESE FINANCIAL STATEMENTS DO NOT REFLECT A PROVISION FOR INCOME TAXES AND THE CORPORATION HAS NO OTHER TAX POSITIONS WHICH MUST BE CONSIDERED FOR DISCLOSURE. INCOME TAX RETURNS FILED BY THE CORPORATION ARE SUBJECT TO EXAMINATION BY THE IRS FOR A PERIOD OF THREE YEARS. WHILE NO INCOME TAX RETURNS ARE CURRENTLY BEING EXAMINED BY THE IRS, TAX YEARS SINCE 2019 REMAIN OPEN.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART IV, LINE 2B:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART X, LINE 2:
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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, 2022 WERE $29,630.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FORM IS REVIEWED BY THE PRESIDENT AND TREASURER. IT IS THEN SENT TO THE FULL BOARD PRIOR TO SUBMISSION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THIS INFORMATION IS AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3CONSULTANTS 5,404. MANAGEMENT SERVICES 178,606.
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
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IRS990/SignificantChangeInd00
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IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
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IRS990/TotalEmployeeCnt00
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IRS990/TotalGrossUBIAmt00
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IRS990/TotReportableCompRltdOrgAmt00
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IRS990/USAddress/AddressLine1Txt020 DEVENS STREET
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IRS990/WhistleblowerPolicyInd00
ReasonableCauseExplanation/ExplanationTxt0FROM 990 WAS TIMELY FILED ON OCTOBER 25, 2023. UPON SUBMISSION, THE RETURN WAS REJECTED BY THE IRS, WITH A REJECTION CODE OF F990-902-01 INDICATING THAT THE "EIN" IN THE RETURN MUST HAVE BEEN ESTABLISHED AS AN EXEMPT ORGANIZATION RETURN FILER IN THE E-FILE DATABASE. THE ORGANIZATION HAS TIMELY FILED ITS RETURNS FOR THE PAST THREE YEARS AND DID NOT RECEIVE ANY NOTICE FROM THE IRS INDICATING THAT ITS EXEMPT STATUS HAS BEEN REVOKED. FURTHER, THE ORGANIZATION CONTINUES TO BE LISTED IN THE EXEMPT ORG BUSINESS MASTER FILE. THE RETURN WAS RE-FILED ON NOVEMBER 2, 2023 AND REJECTED UPON SUBMISSION WITH A REJECTION CODE OF F990-902-01.ON NOVEMBER 13, 2023, A PHONE CALL WAS PLACED TO THE IRS TO ADDRESS THE ISSUE. IN SPEAKING WITH AGENT NUMBER 1003361511, WE WERE INFORMED THAT THE MATTER WOULD BE ESCALATED FOR REVIEW, AND WE SHOULD EXPECT A PHONE CALL WITH NEXT STEPS WITHING THREE TO FIVE BUSINESS DAYS. THE CASE NUMBER WAS IM575774.A FOLLOW UP PHONE CALL WAS MADE TO THE IRS ON NOVEMBER 17, 2023, WHERE IN SPEAKING WITH AGENT IT WAS DETERMINED THAT THE MATTER WAS STILL OPEN, AND HAD NOT YET BEEN ADDRESSED. THE IRS AGENT SUGGESTED THAT WE SUBMIT THE RETURN FOR E-FILING AGAIN. THE RETURN WAS FILED AGAIN ON NOVEMBER 27, 2023. UPON SUBMISSION, THE RETURN WAS REJECTED WITH THE SAME REJECTION CODE OF F990-902-01.ON NOVEMBER 29, 2023, ANOTHER FOLLOW UP CALL WAS MADE TO THE IRS. AGENT NUMBER 1000151247 INFORMED US THAT THE CASE WAS ASSIGNED TO AN IRS ANALYST AND WAS STILL BEING REVIEWED. WE WERE ADVISED TO WAIT FOR A CALL BACK FROM AN AGENT ONCE THE REVIEW WAS COMPLETE. ON DECEMBER 5, 2023, ANOTHER FOLLOW UP CALL WAS MADE TO THE IRS. AGENT NUMBER 1003555882 REITERATED THAT THEY WERE BACKLOGGED WITH REJECTIONS FOR REVIEW. NO FURTHER INFORMATION WAS PROVIDED.ON DECEMBER 18, 2023, A CALL WAS RECEIVED FROM THE IRS ANALYST ASSIGNED TO THE CASE, AGENT NUMBER 1000143060. THE ANALYST INFORMED US THAT IRS RECORDS SHOW THAT THE ORGANIZATION HAD TERMINATED BUSINESS AS OF SEPTEMBER 2023. WE INFORMED THE AGENT THAT THIS WAS INCORRECT AND THAT THE ORGANIZATION IS STILL IN BUSINESS. THE AGENT INFORMED US THAT THEY WILL REVIEW THE ISSUE AND UPDATE THE ORGANIZATION'S INFORMATION IN THE IRS SYSTEM. BASED ON THE FACT STATED ABOVE, WE REQUEST THAT NO PENALTIES BE ASSESSED AS REASONABLE ACTION WAS TAKEN TO TIMELY FILE THE FORM 990.
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ReturnHeader/BusinessOfficerGrp/PersonNm0THOMAS CUNHA
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
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ReturnHeader/BusinessOfficerGrp/SignatureDt02023-12-19
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0CHARLESTOWN ECONOMIC DEVELOPMENT
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0CORPORATION
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ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0221478099
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0COHNREZNICK LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0350 GRANITE STREET SUITE 1200
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0BRAINTREE
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ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd002184
ReturnHeader/PreparerPersonGrp/PhoneNum07813803520
ReturnHeader/PreparerPersonGrp/PreparationDt02023-12-19
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JOLANTA TUCK CPA
ReturnHeader/ReturnTs02023-12-19T15:00:25-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0THOMAS
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0CUNHA
ReturnHeader/TaxPeriodBeginDt02022-01-01
ReturnHeader/TaxPeriodEndDt02022-12-31
ReturnHeader/TaxYr02022

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,861,998
Liabilities
$4,336,411
Net assets
$525,587
Revenue
$1,156,515
Expenses
$991,246
Net income
$165,269
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

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