Civic Intelligence

Charlestown Economic Development Corporation

990 • Fiscal year 2023 • EIN 04-2704682

Jan 01, 2023 to Dec 31, 2023 • Filed on Oct 29, 2024

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

0.86x

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

2023 filings • 501(c)2 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

70th percentile

3.48x

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

2023 filings • 501(c)2 • $1M-$5M nonprofits • Source year 2023

Net Margin

52nd percentile

12%

Higher net margin than 52% of similar nonprofits.

2023 filings • 501(c)2 • $1M-$5M nonprofits • Source year 2023

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.

2023 filings • 501(c)2 • $1M-$5M nonprofits • Source year 2023

Asset Growth

67th percentile

1.8%

Faster asset growth than 67% of similar nonprofits.

2023 filings • 501(c)2 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

56th percentile

6.2%

Faster revenue growth than 56% of similar nonprofits.

2023 filings • 501(c)2 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets87th percentile

Assets

Up

$4,947,301

Up $85,303 (+1.8%) from 2022

Net Assets

Up

$674,625

Up $149,038 (+28%) from 2022

Liabilities

Down

$4,272,676

Down $63,735 (-1.5%) from 2022

Revenue And Expenses
Liabilities / Revenue70th percentileNet Margin52nd percentile

Revenue

Up

$1,228,185

Up $71,670 (+6.2%) from 2022

Expenses

Up

$1,079,147

Up $87,901 (+8.9%) from 2022

Net Income

Down

$149,038

Down $16,231 (-9.8%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth67th 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

2023

Assets$4,947,301
Liabilities$4,272,676
Net Assets$674,625
Open 2023 Filing

Operations Trend

Revenue Growth56th 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

2023

Revenue$1,228,185
Expenses$1,079,147
Net Income$149,038
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Oct 29, 2024
Return Version
2023v5.1
Gross Receipts
$1,228,185
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$3,328,836$3,236,365▼ $92,471
Cash and Non-Interest-Bearing Accounts$522,068$537,379▲ $15,311
Prepaid Expenses and Deferred Charges$11,903$14,242▲ $2,339
Accounts Receivable$2,195$2,195→ $0
Total Assets$4,861,998$4,947,301▲ $85,303
Other Assets Total$996,996$1,157,120▲ $160,124
Liabilities
Mortgage Notes Payable Secured by Investment Property$4,248,510$4,193,640▼ $54,870
Accounts Payable and Accrued Expenses$71,191$62,944▼ $8,247
Escrow Account Liability$16,673$15,990▼ $683
Deferred Revenue$37$102▲ $65
Total Liabilities$4,336,411$4,272,676▼ $63,735
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$525,587$674,625▲ $149,038
Total Net Assets Fund Balance$525,587$674,625▲ $149,038
Total Liabilities and Net Assets / Fund Balance$4,861,998$4,947,301▲ $85,303

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,104,685$2,516,760$5,621,445
Other Land Buildings$126,730$373,973$500,703
Land$4,950-$4,950
Other Assets Org$651,681--
Compensation and Service Providers
Top Officer Pay54th percentile

Board Members and Trustees

NameTitle
Thomas CunhaPresident/director
Eileen WardClerk
Kevin RocheOfficer
Eric T PhillipiTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Barkan Management Company INCManagement Services7 WELLS AVENUE, Newton, MA 02459$229,111
Revenue and Support

Revenue Composition

Contributions and Grants
$946,752
Program Service Revenue
$226,899
Investment Income
$53,686
Other Revenue
$848
Change in Net Assets
$149,038

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,228,185
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$1,228,185
Total Revenue per Form 990
$1,228,185
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,079,147
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---$663,447
Fees for Services Other---$193,130
Depreciation Depletion---$144,385
Fees for Services Management---$30,772
Office Expenses---$23,658
Fees for Services Accounting---$23,195
Fees for Services Legal---$560
Total Functional Expenses$0$0$0$1,079,147

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,079,147
Total Expenses per Audited Statements$1,079,147
Total Expenses per Form 990$1,079,147
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
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, 2023 were $30,722.”

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
2024-10-29
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Thomas Cunha
Formed
1976
Legal Domicile
Ma
Voting Board Members
4
Independent Board Members
4
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

“Management services 193,130.”

Financial Statement Notes

PART IV, LINE 2B:

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

PART X, LINE 2:

“The corporation has applied for and received a determination letter from the internal revenue service ("irs") to be treated as a tax-exempt entity pursuant to section 501(c)(3) of the internal revenue code and did not have any unrelated business income for the year ended december 31, 2023. Due to its tax-exempt status, the corporation is not subject to income taxes. The corporation is required to file and does file tax returns with the irs and other taxing authorities. Management has analyzed the tax positions taken by the corporation and has concluded that, as of december 31, 2023, 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 2020 remain open.”

Raw XML Appendix337 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/RevenueSubtotalAmt01228185
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION REPORTS TENANT SECURITY DEPOSITS ON PART X LINE 21.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1THE CORPORATION HAS APPLIED FOR AND RECEIVED A DETERMINATION LETTER FROM THE INTERNAL REVENUE SERVICE ("IRS") TO BE TREATED AS A TAX-EXEMPT ENTITY PURSUANT TO SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND DID NOT HAVE ANY UNRELATED BUSINESS INCOME FOR THE YEAR ENDED DECEMBER 31, 2023. DUE TO ITS TAX-EXEMPT STATUS, THE CORPORATION IS NOT SUBJECT TO INCOME TAXES. THE CORPORATION IS REQUIRED TO FILE AND DOES FILE TAX RETURNS WITH THE IRS AND OTHER TAXING AUTHORITIES. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE CORPORATION AND HAS CONCLUDED THAT, AS OF DECEMBER 31, 2023, 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 2020 REMAIN OPEN.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART IV, LINE 2B:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt03236365
IRS990ScheduleD/TotalBookValueOtherAssetsAmt01157120
IRS990ScheduleD/TotalExpensesPerForm990Amt01079147
IRS990ScheduleD/TotalRevenuePerForm990Amt01228185
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01228185
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01079147
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, 2023 WERE $30,722.
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/ExplanationTxt3MANAGEMENT SERVICES 193,130.
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/TotalAssetsBOYAmt04861998
IRS990/TotalAssetsEOYAmt04947301
IRS990/TotalAssetsGrp/BOYAmt04861998
IRS990/TotalAssetsGrp/EOYAmt04947301
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0946752
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt01079147
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt04336411
IRS990/TotalLiabilitiesEOYAmt04272676
IRS990/TotalLiabilitiesGrp/BOYAmt04336411
IRS990/TotalLiabilitiesGrp/EOYAmt04272676
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0525587
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0674625
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceRevenueAmt0226899
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt053686
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0227747
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01228185
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt04861998
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt04947301
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt020 DEVENS STREET
IRS990/USAddress/CityNm0CHARLESTOWN
IRS990/USAddress/StateAbbreviationCd0MA
IRS990/USAddress/ZIPCd002129
IRS990/VotingMembersGoverningBodyCnt04
IRS990/VotingMembersIndependentCnt04
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02024-10-15 13:58:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0THOMAS CUNHA
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum06172422600
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-10-29
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/IRSResponsiblePrtyInfoCurrInd01
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0221478099
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0COHNREZNICK LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0350 GRANITE STREET SUITE 1200
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0BRAINTREE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd002184
ReturnHeader/PreparerPersonGrp/PhoneNum07813803520
ReturnHeader/PreparerPersonGrp/PreparationDt02024-10-29
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JOLANTA TUCK CPA
ReturnHeader/ReturnTs02024-10-29T14:00:50-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-01-01
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,947,301
Liabilities
$4,272,676
Net assets
$674,625
Revenue
$1,228,185
Expenses
$1,079,147
Net income
$149,038
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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