Civic Intelligence

Saugatucket Springs Inc

EIN 04-3733576 • 501(c)3 • Providence, RI

Profile

To provide low income housing to the elderly and disabled in the hopkinton, ri area under section 202 of the national affordable housing act.

861A Broad StreetProvidence, RI 02907

www.wdchoc.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

97th percentile

1.59x

Higher debt load relative to assets than 97% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

99th percentile

12.65x

Higher debt load relative to revenue than 99% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Net Margin

11th percentile

-29%

Higher net margin than 11% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

22nd percentile

-5.2%

Faster asset growth than 22% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

62nd percentile

14%

Faster revenue growth than 62% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets97th percentile

Assets

Down

$4,511,716

Down $247,074 (-5.2%) from 2023

Liabilities

Down

$7,167,571

Down $80,868 (-1.1%) from 2023

Net Assets

Down

-$2,655,855

Down $166,206 (-6.7%) from 2023

Operations
Liabilities / Revenue99th percentileNet Margin11th percentile

Revenue

Up

$566,826

Up $70,264 (+14%) from 2023

Expenses

Up

$733,032

Up $43,874 (+6.4%) from 2023

Net Income

Up

-$166,206

Up $26,390 (+14%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth22nd percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$10M$5.0M$0-$5.0MAssets 2011: $6,635,083Liabilities 2011: $7,121,913Net Assets 2011: -$486,8302011Assets 2012: $6,491,837Liabilities 2012: $7,108,760Net Assets 2012: -$616,9232012Assets 2013: $6,325,950Liabilities 2013: $7,104,893Net Assets 2013: -$778,9432013Assets 2014: $6,173,345Liabilities 2014: $7,131,528Net Assets 2014: -$958,1832014Assets 2015: $6,035,164Liabilities 2015: $7,108,860Net Assets 2015: -$1,073,6962015Assets 2016: $5,882,852Liabilities 2016: $7,098,872Net Assets 2016: -$1,216,0202016Assets 2017: $5,741,375Liabilities 2017: $7,101,701Net Assets 2017: -$1,360,3262017Assets 2018: $5,590,580Liabilities 2018: $7,112,418Net Assets 2018: -$1,521,8382018Assets 2019: $5,400,800Liabilities 2019: $7,114,238Net Assets 2019: -$1,713,4382019Assets 2020: $5,209,829Liabilities 2020: $7,098,221Net Assets 2020: -$1,888,3922020Assets 2021: $5,034,094Liabilities 2021: $7,102,355Net Assets 2021: -$2,068,2612021Assets 2023: $4,758,790Liabilities 2023: $7,248,439Net Assets 2023: -$2,489,6492023Assets 2024: $4,511,716Liabilities 2024: $7,167,571Net Assets 2024: -$2,655,8552024

Highlighted filing

2024

Assets$4,511,716
Liabilities$7,167,571
Net Assets-$2,655,855
Open 2024 Filing

Operations Trend

Revenue Growth62nd percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$1.0M$500K$0-$500KExpenses 2011: $584,7022011Revenue 2012: $462,368Expenses 2012: $592,461Net Income 2012: -$130,0932012Revenue 2013: $453,365Expenses 2013: $615,385Net Income 2013: -$162,0202013Revenue 2014: $470,399Expenses 2014: $649,639Net Income 2014: -$179,2402014Revenue 2015: $505,006Expenses 2015: $620,519Net Income 2015: -$115,5132015Revenue 2016: $458,554Expenses 2016: $600,878Net Income 2016: -$142,3242016Revenue 2017: $476,553Expenses 2017: $620,859Net Income 2017: -$144,3062017Revenue 2018: $474,842Expenses 2018: $636,354Net Income 2018: -$161,5122018Revenue 2019: $453,786Expenses 2019: $645,386Net Income 2019: -$191,6002019Revenue 2020: $465,677Expenses 2020: $640,631Net Income 2020: -$174,9542020Revenue 2021: $457,043Expenses 2021: $636,912Net Income 2021: -$179,8692021Revenue 2023: $496,562Expenses 2023: $689,158Net Income 2023: -$192,5962023Revenue 2024: $566,826Expenses 2024: $733,032Net Income 2024: -$166,2062024

Highlighted filing

2024

Revenue$566,826
Expenses$733,032
Net Income-$166,206
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,511,716
Liabilities
$7,167,571
Net assets
-$2,655,855
Revenue
$566,826
Expenses
$733,032
Net income
-$166,206
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$4.51$7.17$2.66$0.57$0.73$0.17
2023Detailed filing. Detailed filing data is available for this year.$4.76$7.25$2.49$0.50$0.69$0.19
2021Detailed filing. Detailed filing data is available for this year.$5.03$7.10$2.07$0.46$0.64$0.18
2020Detailed filing. Detailed filing data is available for this year.$5.21$7.10$1.89$0.47$0.64$0.17
2019Detailed filing. Detailed filing data is available for this year.$5.40$7.11$1.71$0.45$0.65$0.19
2018Detailed filing. Detailed filing data is available for this year.$5.59$7.11$1.52$0.47$0.64$0.16
2017Detailed filing. Detailed filing data is available for this year.$5.74$7.10$1.36$0.48$0.62$0.14
2016Detailed filing. Detailed filing data is available for this year.$5.88$7.10$1.22$0.46$0.60$0.14
2015Detailed filing. Detailed filing data is available for this year.$6.04$7.11$1.07$0.51$0.62$0.12
2014Detailed filing. Detailed filing data is available for this year.$6.17$7.13$0.96$0.47$0.65$0.18
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.33$7.10$0.78$0.45$0.62$0.16
2012Summary only. Only limited summary data is available for this year.$6.49$7.11$0.62$0.46$0.59$0.13
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.64$7.12$0.49$0.58
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Nov 13, 2024
Return Version
2023v5.1
Gross Receipts
$566,826
Mission and Program Overview

Mission

To provide low income housing to the elderly and disabled in the hopkinton, ri area under section 202 of the national affordable housing act.

To provide affordable housing in hopkinton, rhode island for senior citizens and the disabled under section 202 of the national affordable housing act.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$4,456,547$4,292,105▼ $164,442
Savings and Temporary Cash Investments$190,333$170,705▼ $19,628
Prepaid Expenses and Deferred Charges$29,853$36,963▲ $7,110
Cash and Non-Interest-Bearing Accounts$491$7,524▲ $7,033
Accounts Receivable$81,566$4,419▼ $77,147
Total Assets$4,758,790$4,511,716▼ $247,074
Liabilities
Mortgage Notes Payable Secured by Investment Property$7,028,200$7,028,200→ $0
Accounts Payable and Accrued Expenses$199,853$115,329▼ $84,524
Other Liabilities$19,880$21,319▲ $1,439
Deferred Revenue$506$2,723▲ $2,217
Total Liabilities$7,248,439$7,167,571▼ $80,868
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-2,489,649$-2,655,855▼ $166,206
Total Net Assets Fund Balance$-2,489,649$-2,655,855▼ $166,206
Total Liabilities and Net Assets / Fund Balance$4,758,790$4,511,716▼ $247,074

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,910,286$2,905,786$6,816,072
Land$380,000-$380,000
Equipment$1,167$34,609$35,776
Other Land Buildings$652$12,278$12,930
Compensation and Service Providers
Top Officer PayScore unavailable

Board Members and Trustees

NameTitle
Frank SheaPresident
Vickie WaltersVice President
Michelle BrophySecretary
Larry KellamTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$276,560
Program Service Revenue
$287,798
Investment Income
$2,468
Other Revenue
$0
Change in Net Assets
$-166,206

Audited Revenue Reconciliation

Revenue per Audited Statements
$566,826
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$566,826
Total Revenue per Form 990
$566,826
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$586,904
Salaries, Compensation, and Employee Benefits$146,128
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$242,378--$242,378
Depreciation Depletion$180,162--$180,162
Other Salaries and Wages$146,128--$146,128
Fees for Services Management-$55,312-$55,312
Insurance$40,432--$40,432
Fees for Services Accounting-$23,306-$23,306
Office Expenses-$16,564-$16,564
Other Expenses$7,346$6,406-$6,406
Travel-$3,767-$3,767
Fees for Services Legal$143--$143
Total Functional Expenses$627,677$105,355$0$733,032

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$733,032
Total Expenses per Audited Statements$733,032
Total Expenses per Form 990$733,032
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
Tenant Security Deposit Liab$21,319
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

“Form 990 is available for review by the governing board upon request.”

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

“The governing body adheres to the conflict of interest policy that is in place. This policy is reviewed periodically.”

Form 990, Part VI, Section C, Line 19

“The governing documents and form 990 are available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Saugatucket Springs Inc
EIN
04-3733576
Phone
4019415900
Address
861A BROAD STREET, PROVIDENCE, RI 02907

Signing Officer

Name
Frank Shea
Title
Executive Director
Phone
4019412900
Signed
2024-11-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Frank Shea
Formed
2002
Legal Domicile
Ri
Voting Board Members
7
Independent Board Members
7
Employees
0
Volunteers
0

Preparer

Firm
Damiano Burk & Nuttall Pc
Address
6 BLACKSTONE VALLEY PL STE 109, LINCOLN, RI 02865
Preparer
Jason Nuttall
Phone
4013332880
Supplemental Narrative

Additional Explanations

Form 990 Part XII Line 2C

“There have been no changes to the organization's process for selecting independent auditors or with respect to oversight of the audit.”

Financial Statement Notes

PART X, LINE 2:

“Income tax benefits are recognized for income tax positions taken or expected to be taken in a tax return, only when it is determined that the income tax position will more-likely-than-not be sustained upon examination by taxing authorities. The corporation has analyzed tax positions taken for filing with the internal revenue service and all state jurisdictions where it operates. Management believes that income tax filing positions will be sustained upon examination and does not anticipate any adjustments that would result in a material adverse effect to the corporation 's financial condition, results of operations or cash flows. Accordingly, the corporation has not recorded any reserves, or related accruals for interest and penalties for uncertain income tax positions at june 30, 2024. Tax years prior to 2020 have been closed for examination by taxing authorities.”

Raw XML AppendixShowing 400 of 427 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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IRS990/ScheduleBRequiredInd00
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0INCOME TAX BENEFITS ARE RECOGNIZED FOR INCOME TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, ONLY WHEN IT IS DETERMINED THAT THE INCOME TAX POSITION WILL MORE-LIKELY-THAN-NOT BE SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. THE CORPORATION HAS ANALYZED TAX POSITIONS TAKEN FOR FILING WITH THE INTERNAL REVENUE SERVICE AND ALL STATE JURISDICTIONS WHERE IT OPERATES. MANAGEMENT BELIEVES THAT INCOME TAX FILING POSITIONS WILL BE SUSTAINED UPON EXAMINATION AND DOES NOT ANTICIPATE ANY ADJUSTMENTS THAT WOULD RESULT IN A MATERIAL ADVERSE EFFECT TO THE CORPORATION 'S FINANCIAL CONDITION, RESULTS OF OPERATIONS OR CASH FLOWS. ACCORDINGLY, THE CORPORATION HAS NOT RECORDED ANY RESERVES, OR RELATED ACCRUALS FOR INTEREST AND PENALTIES FOR UNCERTAIN INCOME TAX POSITIONS AT JUNE 30, 2024. TAX YEARS PRIOR TO 2020 HAVE BEEN CLOSED FOR EXAMINATION BY TAXING AUTHORITIES.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FORM 990 IS AVAILABLE FOR REVIEW BY THE GOVERNING BOARD UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE GOVERNING BODY ADHERES TO THE CONFLICT OF INTEREST POLICY THAT IS IN PLACE. THIS POLICY IS REVIEWED PERIODICALLY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE GOVERNING DOCUMENTS AND FORM 990 ARE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THERE HAVE BEEN NO CHANGES TO THE ORGANIZATION'S PROCESS FOR SELECTING INDEPENDENT AUDITORS OR WITH RESPECT TO OVERSIGHT OF THE AUDIT.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990 PART XII LINE 2C
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IRS990ScheduleR/AssetSaleToOtherOrgInd00
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IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
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ReturnHeader/BuildTS02024-10-15 13:58:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01

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