Civic Intelligence

Plumbers & Pipefitters Local No 51 Realty Corporation

990 • Fiscal year 2022 • EIN 05-0452545

May 01, 2021 to Apr 30, 2022 • Filed on Sep 15, 2022

11 Hemingway DriveEast Providence, RI 02915

(401) 943-3033

Siviq Scores

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

Liabilities / Assets

25th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

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

Liabilities / Revenue

24th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

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

Net Margin

13th percentile

-56%

Higher net margin than 13% of similar nonprofits.

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

Top Officer Pay

78th percentile

$196,834

Higher top officer pay than 78% of similar nonprofits.

Top officer pay equals 69.2% of source-year revenue.

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

Asset Growth

27th percentile

-3.8%

Faster asset growth than 27% of similar nonprofits.

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

Revenue Growth

39th percentile

-0.8%

Faster revenue growth than 39% of similar nonprofits.

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

Assets

Down

$4,052,845

Down $160,201 (-3.8%) from 2021

Net Assets

Down

$4,052,845

Down $160,201 (-3.8%) from 2021

Liabilities

Flat

$0

Flat from 2021

Revenue

Down

$284,381

Down $2,360 (-0.8%) from 2021

Expenses

Up

$443,094

Up $131,054 (+42%) from 2021

Net Income

Down

-$158,713

Down $133,414 (-527%) from 2021

Historical Trend

Balance Sheet Trend

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

$6.0M$4.0M$2.0M$0Assets 2012: $4,682,775Liabilities 2012: $0Net Assets 2012: $4,682,7752012Assets 2013: $4,618,480Liabilities 2013: $0Net Assets 2013: $4,618,4802013Assets 2014: $4,586,720Liabilities 2014: $0Net Assets 2014: $4,586,7202014Assets 2015: $4,551,703Liabilities 2015: $0Net Assets 2015: $4,551,7032015Assets 2016: $4,481,449Liabilities 2016: $0Net Assets 2016: $4,481,4492016Assets 2017: $4,428,376Liabilities 2017: $0Net Assets 2017: $4,428,3762017Assets 2018: $4,390,250Liabilities 2018: $0Net Assets 2018: $4,390,2502018Assets 2019: $4,276,480Liabilities 2019: $0Net Assets 2019: $4,276,4802019Assets 2020: $4,240,280Liabilities 2020: $0Net Assets 2020: $4,240,2802020Assets 2021: $4,213,046Liabilities 2021: $0Net Assets 2021: $4,213,0462021Assets 2022: $4,052,845Liabilities 2022: $0Net Assets 2022: $4,052,8452022Assets 2023: $3,943,367Liabilities 2023: $0Net Assets 2023: $3,943,3672023Assets 2025: $3,640,547Liabilities 2025: $0Net Assets 2025: $3,640,5472025

Highlighted filing

2022

Assets$4,052,845
Liabilities$0
Net Assets$4,052,845

Operations Trend

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

$600K$400K$200K$0-$200KExpenses 2012: $305,4032012Revenue 2013: $289,110Expenses 2013: $353,534Net Income 2013: -$64,4242013Revenue 2014: $288,932Expenses 2014: $320,242Net Income 2014: -$31,3102014Revenue 2015: $288,482Expenses 2015: $323,499Net Income 2015: -$35,0172015Revenue 2016: $238,540Expenses 2016: $308,444Net Income 2016: -$69,9042016Revenue 2017: $280,312Expenses 2017: $334,341Net Income 2017: -$54,0292017Revenue 2018: $285,803Expenses 2018: $322,665Net Income 2018: -$36,8622018Revenue 2019: $286,736Expenses 2019: $401,213Net Income 2019: -$114,4772019Revenue 2020: $286,001Expenses 2020: $325,245Net Income 2020: -$39,2442020Revenue 2021: $286,741Expenses 2021: $312,040Net Income 2021: -$25,2992021Revenue 2022: $284,381Expenses 2022: $443,094Net Income 2022: -$158,7132022Revenue 2023: $283,019Expenses 2023: $392,497Net Income 2023: -$109,4782023Revenue 2025: $288,943Expenses 2025: $433,596Net Income 2025: -$144,6532025

Highlighted filing

2022

Revenue$284,381
Expenses$443,094
Net Income-$158,713
Jump To
Filing Snapshot
Filing Period
May 1, 2021 to Apr 30, 2022
Signed
Sep 15, 2022
Return Version
2021v4.0
Gross Receipts
$284,381
Mission and Program Overview

Mission

The Local 51 Realty Corporation holds title to commercial property located at 11 Hemingway Drive, East Providence, Rhode Island on behalf of the Plumbers and Pipefitters Local No.51 Pension Plan.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$4,213,046$4,052,845▼ $160,201
Land, Buildings, and Equipment, Net$3,240,346$3,121,016▼ $119,330
Cash and Non-Interest-Bearing Accounts$627,631$586,805▼ $40,826
Savings and Temporary Cash Investments$342,321$342,276▼ $45
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$4,213,046$4,052,845▼ $160,201
Other Assets Total$2,748$2,748→ $0
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Total Net Assets Fund Balance$4,213,046$4,052,845▼ $160,201
Total Liabilities and Net Assets / Fund Balance$4,213,046$4,052,845▼ $160,201

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,544,853$1,554,843$3,099,696
Leasehold Improvements$965,104$659,438$1,624,542
Land$574,608-$574,608
Other Land Buildings$36,451$45,230$81,681
Compensation and Service Providers

Board Members and Trustees

NameTitle
Paul AlvarezCo-chairman
Robert BoltonCo-chairman
Alfred ArchettoTrustee
David GreenbergTrustee
David RamponeTrustee
Francis ByrneTrustee
John McMullenTrustee
Michael MachadoTrustee
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$282,937
Investment Income
$1,444
Other Revenue
$0
Change in Net Assets
$-158,713

Audited Revenue Reconciliation

Revenue per Audited Statements
$284,381
Revenue Not Reported on Form 990
$-1,188
Total Revenue per Audited Statements
$283,193
Total Revenue per Form 990
$284,381
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$443,094
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
Depreciation Depletion-$129,855-$129,855
Fees for Services Accounting-$53,500-$53,500
Other Expenses-$42,173-$42,173
All Other Expenses-$2,112-$2,112
Office Expenses-$40-$40
Total Functional Expenses$0$443,094$0$443,094

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$443,394
Expenses per Audited Statements$443,094
Total Expenses per Form 990$443,094
Expenses Not Reported on Form 990$300
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
No
Backup withholding compliance
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
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 9: Officer, Director, Trustee, Key Employee Mailing Address

Robert M Bolton435 Narragansett Park Dr.Pawtucket, RI 02861David Greenberg44 Wilclar StWarwick, RI 02886Dave Rampone800 Scenic Dr.Cumberland,RI 02864

Form 990, Part VI, Line 11B: Form 990 Review Process

Form 990 is given to the board of trustees for review,and Timothy Byrne, Business Manager and Co-Chair, for signature.

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

The Corporation does not have a policy on the disclosing of governing documents, policies and financial statements.

Filing and Contact Details

Filer

Filer Name
Plumbers & Pipefitters Local No 51
EIN
05-0452545
Phone
4019433033
Address
11 Hemingway Drive, East Providence, RI 02915

Signing Officer

Name
Paul Alvarez
Title
Trustee
Signed
2022-09-15
Discuss with paid preparer
Yes

Organization Details

Formed
1989
Legal Domicile
Ri
Voting Board Members
8
Independent Board Members
6
Employees
0

Preparer

Firm
Ward Fisher & Company LLP
Address
250C Centerville Road, Warwick, RI 02886
Preparer
Robert D Giudici
Phone
4013846464
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

The Internal Revenue Service (IRS) has determined and informed the Corporation by a letter dated May 3, 1992 that the Corporation is tax exempt under section 501(c)(2)of the Internal Revenue Code (IRC). The Corporation's management and the Corporation's tax counsel believe that the Corporation is designed and is currently being operated in compliance with the applicable requirements of the IRC.Accounting principles require the Corporation's management to evaluate tax positions taken by the Corporation and recognize a tax liability (or asset) if the Corporation has taken an uncertain tax position that more likely than not would not be sustained upon examination by the IRS. Management has analyzed the tax positions taken by the Corporation, and has concluded that as of the current period, 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. The Corporation is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any periods in progress.

Part XII, Line 2D: Other expenses and losses per audited F/S

Investment Expenses $300

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IRS990ScheduleD/RevenueNotReportedAmt0-1188
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Internal Revenue Service (IRS) has determined and informed the Corporation by a letter dated May 3, 1992 that the Corporation is tax exempt under section 501(c)(2)of the Internal Revenue Code (IRC). The Corporation's management and the Corporation's tax counsel believe that the Corporation is designed and is currently being operated in compliance with the applicable requirements of the IRC.Accounting principles require the Corporation's management to evaluate tax positions taken by the Corporation and recognize a tax liability (or asset) if the Corporation has taken an uncertain tax position that more likely than not would not be sustained upon examination by the IRS. Management has analyzed the tax positions taken by the Corporation, and has concluded that as of the current period, 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. The Corporation is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any periods in progress.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1Investment Expenses $300
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Part XII, Line 2d: Other expenses and losses per audited F/S
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt062608
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt162608
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0John McMullen
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1Paul Alvarez
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0Trustee
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1Co-chairman
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Robert M Bolton435 Narragansett Park Dr.Pawtucket, RI 02861David Greenberg44 Wilclar StWarwick, RI 02886Dave Rampone800 Scenic Dr.Cumberland,RI 02864
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Form 990 is given to the board of trustees for review,and Timothy Byrne, Business Manager and Co-Chair, for signature.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The Corporation does not have a policy on the disclosing of governing documents, policies and financial statements.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 9: Officer, Director, Trustee, Key Employee Mailing Address
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd5N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0Plumbers & Pipe LU #51 Pension
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt1Plumbers & Pipe LU #51 Annuity
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt2Plumbers & Pipe LU #51 Health
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt3Plumbers & Pipe LU #51 JATC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt4Plumbers & Pipe LU #51 Scholarship
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt5Plumbers & Pipe LU #51 Union
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt5501(c)(5)
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd4RI
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd5RI
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0Provide pension benefits to members.
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt1Provide annuity benefits to members.
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt2provide health & welfare benefits to mem
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt3training fund for members
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt4scholarship program for members
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt5union
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt011 Hemingway Drive
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt111 Hemingway Drive
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt211 Hemingway Drive
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt311 Hemingway Drive
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt411 Hemingway Drive
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt511 Hemingway Drive
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0East Providence
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm1East Providence
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm2East Providence
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm3East Providence
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm4East Providence
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm5East Providence
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0RI
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IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd0true
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IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt034524
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt134524
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt234506
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt3140720
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt41548
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt537116
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0Plumbers & Pipe LU #51 Pension

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