Civic Intelligence

Lacasa Development Corporation

EIN 05-0516463 • 501(c)3 • Providence, RI

Profile

To provide low income housing to the elderly and disabled in the south kingstown, 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

1.64x

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

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

Liabilities / Revenue

99th percentile

16.70x

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

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

Net Margin

6th percentile

-53%

Higher net margin than 6% of similar nonprofits.

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

Top Officer Pay

40th percentile

$0

Higher top officer pay than 40% of similar nonprofits.

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

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

Asset Growth

27th percentile

-3.8%

Faster asset growth than 27% of similar nonprofits.

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

Revenue Growth

38th percentile

0.8%

Faster revenue growth than 38% of similar nonprofits.

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

Assets

Down

$3,912,669

Down $152,780 (-3.8%) from 2023

Liabilities

Up

$6,407,923

Up $52,212 (+0.8%) from 2023

Net Assets

Down

-$2,495,254

Down $204,992 (-9.0%) from 2023

Revenue

Up

$383,703

Up $3,128 (+0.8%) from 2023

Expenses

Up

$588,695

Up $27,628 (+4.9%) from 2023

Net Income

Down

-$204,992

Down $24,500 (-14%) from 2023

Trend Graphs

Balance Sheet Trend

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

$10M$5.0M$0-$5.0MAssets 2011: $5,827,227Liabilities 2011: $6,410,710Net Assets 2011: -$583,4832011Assets 2012: $5,714,539Liabilities 2012: $6,376,430Net Assets 2012: -$661,8912012Assets 2013: $5,552,820Liabilities 2013: $6,354,035Net Assets 2013: -$801,2152013Assets 2014: $5,429,742Liabilities 2014: $6,358,419Net Assets 2014: -$928,6772014Assets 2015: $5,280,247Liabilities 2015: $6,340,555Net Assets 2015: -$1,060,3082015Assets 2016: $5,169,881Liabilities 2016: $6,363,729Net Assets 2016: -$1,193,8482016Assets 2017: $5,016,524Liabilities 2017: $6,345,716Net Assets 2017: -$1,329,1922017Assets 2018: $4,885,703Liabilities 2018: $6,366,162Net Assets 2018: -$1,480,4592018Assets 2019: $4,706,629Liabilities 2019: $6,358,277Net Assets 2019: -$1,651,6482019Assets 2020: $4,566,118Liabilities 2020: $6,346,639Net Assets 2020: -$1,780,5212020Assets 2021: $4,404,350Liabilities 2021: $6,338,958Net Assets 2021: -$1,934,6082021Assets 2023: $4,065,449Liabilities 2023: $6,355,711Net Assets 2023: -$2,290,2622023Assets 2024: $3,912,669Liabilities 2024: $6,407,923Net Assets 2024: -$2,495,2542024

Highlighted filing

2024

Assets$3,912,669
Liabilities$6,407,923
Net Assets-$2,495,254

Operations Trend

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

$600K$400K$200K$0-$200K-$400KExpenses 2011: $545,3892011Expenses 2012: $531,2732012Revenue 2013: $402,559Expenses 2013: $541,883Net Income 2013: -$139,3242013Revenue 2014: $417,908Expenses 2014: $545,370Net Income 2014: -$127,4622014Revenue 2015: $420,286Expenses 2015: $551,917Net Income 2015: -$131,6312015Revenue 2016: $418,594Expenses 2016: $552,134Net Income 2016: -$133,5402016Revenue 2017: $414,118Expenses 2017: $549,462Net Income 2017: -$135,3442017Revenue 2018: $419,606Expenses 2018: $570,873Net Income 2018: -$151,2672018Revenue 2019: $408,671Expenses 2019: $579,860Net Income 2019: -$171,1892019Revenue 2020: $412,420Expenses 2020: $541,293Net Income 2020: -$128,8732020Revenue 2021: $394,557Expenses 2021: $548,644Net Income 2021: -$154,0872021Revenue 2023: $380,575Expenses 2023: $561,067Net Income 2023: -$180,4922023Revenue 2024: $383,703Expenses 2024: $588,695Net Income 2024: -$204,9922024

Highlighted filing

2024

Revenue$383,703
Expenses$588,695
Net Income-$204,992

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$3.91$6.41$2.50$0.38$0.59$0.20
2023Detailed filing. Detailed filing data is available for this year.$4.07$6.36$2.29$0.38$0.56$0.18
2021Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$4.40$6.34$1.93$0.39$0.55$0.15
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.57$6.35$1.78$0.41$0.54$0.13
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.71$6.36$1.65$0.41$0.58$0.17
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.89$6.37$1.48$0.42$0.57$0.15
2017Detailed filing. Detailed filing data is available for this year.$5.02$6.35$1.33$0.41$0.55$0.14
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.17$6.36$1.19$0.42$0.55$0.13
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.28$6.34$1.06$0.42$0.55$0.13
2014Detailed filing. Detailed filing data is available for this year.$5.43$6.36$0.93$0.42$0.55$0.13
2013Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$5.55$6.35$0.80$0.40$0.54$0.14
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.71$6.38$0.66$0.53
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.83$6.41$0.58$0.55
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
$383,703
Mission and Program Overview

Mission

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

To provide affordable housing in south kingstown, 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$3,841,652$3,682,949▼ $158,703
Prepaid Expenses and Deferred Charges$27,459$34,728▲ $7,269
Savings and Temporary Cash Investments$18,642$19,252▲ $610
Accounts Receivable$6,862$9,831▲ $2,969
Cash and Non-Interest-Bearing Accounts$2,712$15▼ $2,697
Total Assets$4,065,449$3,912,669▼ $152,780
Other Assets Total$168,122$165,894▼ $2,228
Liabilities
Mortgage Notes Payable Secured by Investment Property$6,281,100$6,281,100→ $0
Accounts Payable and Accrued Expenses$55,271$104,850▲ $49,579
Other Liabilities$18,626$18,443▼ $183
Deferred Revenue$714$3,530▲ $2,816
Total Liabilities$6,355,711$6,407,923▲ $52,212
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-2,290,262$-2,495,254▼ $204,992
Total Net Assets Fund Balance$-2,290,262$-2,495,254▼ $204,992
Total Liabilities and Net Assets / Fund Balance$4,065,449$3,912,669▼ $152,780

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,493,949$2,852,428$6,346,377
Land$189,000-$189,000
Other Land Buildings$0$51,824$51,824
Compensation and Service Providers

Board Members and Trustees

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

Revenue Composition

Contributions and Grants
$141,807
Program Service Revenue
$239,233
Investment Income
$2,663
Other Revenue
$0
Change in Net Assets
$-204,992
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$485,243
Salaries, Compensation, and Employee Benefits$103,452
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$189,181--$189,181
Depreciation Depletion$165,794--$165,794
Other Salaries and Wages$103,452--$103,452
Insurance$38,104--$38,104
Fees for Services Management-$37,626-$37,626
Fees for Services Accounting-$23,267-$23,267
Office Expenses$5,443$3,338-$8,781
Other Expenses$6,925--$6,925
Fees for Services Legal-$132-$132
Total Functional Expenses$524,332$64,363$0$588,695
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 Liabilities$18,443
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
Lacasa Development Corporation
EIN
05-0516463
Phone
4019412900
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
2001
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 413 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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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt0237
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt0305
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt0485
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IRS990/ScheduleBRequiredInd00
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IRS990ScheduleD/BuildingsGrp/DepreciationAmt02852428
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt06346377
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt0189000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0189000
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt00
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IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt051824
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt018443
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0TENANT SECURITY LIABILITIES
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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IRS990ScheduleD/TotalLiabilityAmt018443
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
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/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd10
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0HOUSING OPPORTUNITIES CORPORATION
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt1RODMAN COMMONS INC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0222487344
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN1364677601
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd1RI
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0MANAGEMENT OF LOW-INCOME HOUSING
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt1LOW-INCOME HOUSING
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0ACTIVE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt1ACTIVE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt0861A BROAD ST
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IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
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IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd01
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IRS990ScheduleR/SharingOfFacilitiesInd00
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IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt26532
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IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt1COST
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt2COST
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt3LEASE AGREEMENT
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0HOUSING OPPORTUNITIES CORPORATION
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt1HOUSING OPPORTUNITIES CORPORATION
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt2HOUSING OPPORTUNITIES CORPORATION
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt3RODMAN COMMONS INC
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IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
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IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0861A BROAD ST
IRS990/USAddress/CityNm0PROVIDENCE
IRS990/USAddress/StateAbbreviationCd0RI
IRS990/USAddress/ZIPCd002907
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0WWW.WDCHOC.ORG
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02024-10-15 13:58:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0FRANK SHEA
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum04019412900
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-11-13
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0LACASA DEVELOPMENT CORPORATION
ReturnHeader/Filer/BusinessNameControlTxt0LACA
ReturnHeader/Filer/EIN0050516463
ReturnHeader/Filer/PhoneNum04019412900
ReturnHeader/Filer/USAddress/AddressLine1Txt0861A BROAD STREET
ReturnHeader/Filer/USAddress/CityNm0PROVIDENCE
ReturnHeader/Filer/USAddress/StateAbbreviationCd0RI
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ReturnHeader/IRSResponsiblePrtyInfoCurrInd01
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0453085083

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