Civic Intelligence

Realty Endeavors for Affordable Community Housing

990 • Fiscal year 2014 • EIN 05-0456120

Oct 01, 2013 to Jun 30, 2014 • Filed on May 11, 2015

204 Broad Street02860

(401) 723-8730

Siviq Scores

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

Liabilities / Assets

Score unavailable

No value available

Liabilities-to-assets requires both liabilities and assets on this filing.

Source year 2014

Liabilities / Revenue

13th percentile

0.00x

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

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Net Margin

8th percentile

-36%

Higher net margin than 8% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Top Officer Pay

54th percentile

$70,294

Higher top officer pay than 54% of similar nonprofits.

Top officer pay equals 11.7% of source-year revenue.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Asset Growth

1st percentile

-100%

Faster asset growth than 1% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2013 to 2014

Revenue Growth

7th percentile

-35%

Faster revenue growth than 7% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2013 to 2014

Assets

Down

$0

Down $5,728,964 (-100%) from 2013

Net Assets

Down

$0

Down $478,453 (-100%) from 2013

Liabilities

Down

$0

Down $5,250,511 (-100%) from 2013

Revenue

Down

$602,748

Down $327,797 (-35%) from 2013

Expenses

Up

$818,371

Up $17,923 (+2.2%) from 2013

Net Income

Down

-$215,623

Down $345,720 (-266%) from 2013

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 2011: $5,159,909Liabilities 2011: $5,027,478Net Assets 2011: $132,4312011Assets 2012: $5,522,213Liabilities 2012: $5,173,857Net Assets 2012: $348,3562012Assets 2013: $5,728,964Liabilities 2013: $5,250,511Net Assets 2013: $478,4532013Assets 2014: $0Liabilities 2014: $0Net Assets 2014: $02014

Highlighted filing

2014

Assets$0
Liabilities$0
Net Assets$0

Operations Trend

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

$1.5M$1.0M$500K$0-$500KRevenue 2011: $609,996Expenses 2011: $707,568Net Income 2011: -$97,5722011Expenses 2012: $1,255,0352012Revenue 2013: $930,545Expenses 2013: $800,448Net Income 2013: $130,0972013Revenue 2014: $602,748Expenses 2014: $818,371Net Income 2014: -$215,6232014

Highlighted filing

2014

Revenue$602,748
Expenses$818,371
Net Income-$215,623
Jump To
Filing Snapshot
Filing Period
Oct 1, 2013 to Jun 30, 2014
Signed
May 11, 2015
Return Version
2013v4.0
Gross Receipts
$1,385,896
Mission and Program Overview

Mission

To research, develop, and implement programs and policies designed to ensure that people of low and moderate incomes are able to own or rent housing at an affordable cost.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$4,753,263$0▼ $4,753,263
Investments Program Related$543,149$0▼ $543,149
Cash and Non-Interest-Bearing Accounts$252,907$0▼ $252,907
Accounts Receivable$94,933$0▼ $94,933
Prepaid Expenses and Deferred Charges$20,876$0▼ $20,876
Savings and Temporary Cash Investments$14,303$0▼ $14,303
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 in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$5,728,964$0▼ $5,728,964
Other Assets Total$49,533$0▼ $49,533
Liabilities
Mortgage Notes Payable Secured by Investment Property$2,978,595--
Deferred Revenue$1,755,720--
Accounts Payable and Accrued Expenses$507,563--
Unsecured Notes Loans Payable$4,974--
Other Liabilities$3,659$0▼ $3,659
Total Liabilities$5,250,511$0▼ $5,250,511
Net Assets / Fund Balance
Unrestricted Net Assets$478,453$0▼ $478,453
Total Net Assets Fund Balance$478,453$0▼ $478,453
Total Liabilities and Net Assets / Fund Balance$5,728,964$0▼ $5,728,964
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
William SiemersExecutive DirectorFT$63,402$6,892$70,294

Board Members and Trustees

NameTitle
James RuthowskiPresident
John ChopoorianVice President
Kim SmithDirector
Maurice BrousseauDirector
Robert PoirierSecretary
Leo DufresneTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$182,288
Program Service Revenue
$578,570
Investment Income
$-161,328
Other Revenue
$3,218
All Other Contributions
$182,288
Change in Net Assets
$-215,623

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Real Estate Residential1$50,000Fair Market Value (FMV)
Total Noncash Contributions1$50,000-

Audited Revenue Reconciliation

Revenue per Audited Statements
$602,748
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$701,674
Total Revenue per Audited Statements
$1,304,422
Total Revenue per Form 990
$602,748
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$613,570
Salaries, Compensation, and Employee Benefits$204,801
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$75,726$73,866-$149,592
Depreciation Depletion$148,727--$148,727
Occupancy$103,848$6,704-$110,552
Current Officers, Directors, Trustees, and Key Employees-$55,209-$55,209
Fees for Services Accounting-$43,470-$43,470
Interest$32,429--$32,429
Insurance$27,324--$27,324
Fees for Services Management$22,456--$22,456
Office Expenses$10,739$6,232-$16,971
Other Expenses$10,416$2,750-$2,750
Travel$1,137--$1,137
Total Functional Expenses$630,140$188,231$0$818,371

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,520,045
Expenses per Audited Statements$818,371
Total Expenses per Form 990$818,371
Expenses Not Reported on Form 990$701,674
Expenses Not Reported on Financial Statements$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
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
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
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
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 8B

The organization has no committees to act on behalf of the board of directors.

Form 990, Part VI, Section B, Line 11

The board of directors does not approve the form 990 before it is filed. The executive director and board secretary review the form 990 before it is filed.

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

Employees are required to disclose any potential conflicts of interest as they arise. Members of the board of directors are required to disclose annually any interests that could cause conflicts.

Form 990, Part VI, Section B, Line 15A

The compensation for the executive director is determined and approved by the board of directors.

Form 990, Part VI, Section C, Line 19

Public documents are made available upon request.

Filing and Contact Details

Filer

EIN
05-0456120
Phone
4017238730

Signing Officer

Name
William Siemers
Title
Executive Director
Phone
4017238730
Signed
2015-05-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Nancy Whit
Formed
1988
Legal Domicile
Ri
Voting Board Members
6
Independent Board Members
6
Employees
7
Volunteers
0

Preparer

Preparer
Gerald Iadeluca
Phone
4014214800
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Net assets contributed to successor organization -262,830.

FORM 990, PART XII, LINE 2C:

The audit oversight process is performed by the board of directors.

Financial Statement Notes

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Cost of asset sold -part viii, line 7b 701,674.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Cost of asset sold - part viii, line 7b 701,674.

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IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt0273752
IRS990/SavingsAndTempCashInvstGrp/BOYAmt014303
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
IRS990ScheduleA/Form990ScheduleAPartIVGrp/ExplanationTxt0THE ORGANIZATION CEASED OPERATIONS AS OF 06/30/14 AND EFFECTIVE 07/01/14 MERGED INTO PAWTUCKET CENTRAL FALLS DEVELOPMENT CORPORATION A 501(C)(3) ORAGANIZATION; EIN:22-3241611.
IRS990ScheduleA/Form990ScheduleAPartIVGrp/FormAndLineReferenceDesc0FORM 990, PAGE 1, LINE A:
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0182288
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0431826
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0273240
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0125538
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0258045
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt01270937
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt0537
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt0115
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt0206
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt011
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt0869
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt03947122
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearAmt03218
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus1YearAmt05656
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus2YearsAmt04093
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus3YearsAmt05597
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus4YearsAmt013589
IRS990ScheduleA/OtherIncome170Grp/TotalAmt032153
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.97470
IRS990ScheduleA/PublicSupportPY170Pct00.97000
IRS990ScheduleA/PublicSupportTotal170Amt01270937
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0182288
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0431826
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0273240
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0125538
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0258045
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt01270937
IRS990ScheduleA/TotalSupportAmt01303959
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/ExpensesNotReportedAmt0701674
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0818371
IRS990ScheduleD/OtherExpensesIncludedAmt0701674
IRS990ScheduleD/OtherRevenueAmt0701674
IRS990ScheduleD/RevenueNotReportedAmt0701674
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0602748
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0COST OF ASSET SOLD -PART VIII, LINE 7B 701,674.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1COST OF ASSET SOLD - PART VIII, LINE 7B 701,674.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART XI, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART XII, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalExpensesPerForm990Amt0818371
IRS990ScheduleD/TotalRevenuePerForm990Amt0602748
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01304422
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01520045
IRS990ScheduleJ/AnyNonFixedPaymentsInd00
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd00
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd00
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990ScheduleJ/InitialContractExceptionInd00
IRS990/ScheduleJRequiredInd00
IRS990ScheduleJ/SeverancePaymentInd01
IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION PAID A SEVERANCE PAYMENT OF $16,225 TO ITS RETIRING EXECUTIVE DIRECTOR - WILLIAM SIEMERS, REPRESENTING UNUSED VACATION AND SICK TIME AS WELL AS A BONUS FOR YEARS OF SERVICE.
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc0PART I, LINE 4A
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990ScheduleM/AnyPropertyThatMustBeHeldInd00
IRS990ScheduleM/RealEstateResidentialGrp/ContributionCnt01
IRS990ScheduleM/RealEstateResidentialGrp/MethodOfDeterminingRevenuesTxt0FMV
IRS990ScheduleM/RealEstateResidentialGrp/NonCashCheckboxInd0X
IRS990ScheduleM/RealEstateResidentialGrp/NoncashContributionsRptF990Amt050000
IRS990ScheduleM/ReviewProcessUnusualNCGiftsInd00
IRS990ScheduleM/ThirdPartiesUsedInd00
IRS990ScheduleN/AssetsDistributedInd01
IRS990ScheduleN/AttorneyGeneralNotifiedInd01
IRS990ScheduleN/BondsOutstandingInd00
IRS990ScheduleN/DirectorOfSuccessorInd01
IRS990ScheduleN/EmployeeOfSuccessorInd00
IRS990ScheduleN/LiabilitiesPaidInd01
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/AssetsDistriOrExpnssPaidDesc0NET ASSETS CONTRIBUTED TO SUCCESSOR ORGANIZATION
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/BusinessName/BusinessNameLine10PAWTUCKET CENTRAL FALLS DEVELOPMENT CORPORATION
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/DistributionDt02014-07-01
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/EIN0223241611
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/FairMarketValueOfAssetAmt0262830
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/IRCSectionTxt0501(C)3
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/MethodOfFMVDeterminationTxt0BOOK VALUE
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/AddressLine10204 BROAD STREET
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/City0PAWTUCKET
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/State0RI
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/ZIPCode002860
IRS990ScheduleN/OwnerOfSuccessorInd00
IRS990ScheduleN/ReceiveCompensationInd00
IRS990ScheduleN/RequiredToNotifyAGInd01
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION HAS NO COMMITTEES TO ACT ON BEHALF OF THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BOARD OF DIRECTORS DOES NOT APPROVE THE FORM 990 BEFORE IT IS FILED. THE EXECUTIVE DIRECTOR AND BOARD SECRETARY REVIEW THE FORM 990 BEFORE IT IS FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2EMPLOYEES ARE REQUIRED TO DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST AS THEY ARISE. MEMBERS OF THE BOARD OF DIRECTORS ARE REQUIRED TO DISCLOSE ANNUALLY ANY INTERESTS THAT COULD CAUSE CONFLICTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE COMPENSATION FOR THE EXECUTIVE DIRECTOR IS DETERMINED AND APPROVED BY THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4PUBLIC DOCUMENTS ARE MADE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5NET ASSETS CONTRIBUTED TO SUCCESSOR ORGANIZATION -262,830.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE AUDIT OVERSIGHT PROCESS IS PERFORMED BY THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XI, LINE 9:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART XII, LINE 2C:
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd00

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