Civic Intelligence

Belmont Housing Resources for Wny Inc

EIN 16-1080227 • 501(c)3 • Buffalo, NY

Profile

Our mission is to expand affordable housing opportunites in western new york by assisting low and moderate income households to obtain housing, by producing and preserving housing units, and by professionally managing affordable housing.

2393 Main StreetBuffalo, NY 14214

www.belmonthousingwny.org

Siviq Scores

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

Liabilities / Assets

35th percentile

0.29x

Higher debt load relative to assets than 35% of similar nonprofits.

NTEE L • $10M-$25M nonprofits • Source year 2024

Liabilities / Revenue

28th percentile

0.58x

Higher debt load relative to revenue than 28% of similar nonprofits.

NTEE L • $10M-$25M nonprofits • Source year 2024

Net Margin

38th percentile

1.2%

Higher net margin than 38% of similar nonprofits.

NTEE L • $10M-$25M nonprofits • Source year 2024

Top Officer Pay

54th percentile

$219,456

Higher top officer pay than 54% of similar nonprofits.

Top officer pay equals 2.4% of source-year revenue.

NTEE L • $10M-$25M nonprofits • Source year 2024

Asset Growth

16th percentile

-3.7%

Faster asset growth than 16% of similar nonprofits.

NTEE L • $10M-$25M nonprofits • Annualized from 2023 to 2024

Revenue Growth

49th percentile

4.7%

Faster revenue growth than 49% of similar nonprofits.

NTEE L • $10M-$25M nonprofits • Annualized from 2023 to 2024

Assets

Down

$18,179,757

Down $694,116 (-3.7%) from 2023

Liabilities

Down

$5,267,652

Down $1,051,027 (-17%) from 2023

Net Assets

Up

$12,912,105

Up $356,911 (+2.8%) from 2023

Revenue

Up

$9,045,879

Up $408,616 (+4.7%) from 2023

Expenses

Up

$8,936,055

Up $407,719 (+4.8%) from 2023

Net Income

Up

$109,824

Up $897 (+0.8%) from 2023

Trend Graphs

Balance Sheet Trend

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

$20M$15M$10M$5.0M$0Assets 2011: $6,949,603Liabilities 2011: $3,803,750Net Assets 2011: $3,145,8532011Assets 2012: $9,943,503Liabilities 2012: $6,561,687Net Assets 2012: $3,381,8162012Assets 2013: $11,148,816Liabilities 2013: $7,759,347Net Assets 2013: $3,389,4692013Assets 2014: $8,433,796Liabilities 2014: $5,035,409Net Assets 2014: $3,398,3872014Assets 2015: $9,215,465Liabilities 2015: $5,159,727Net Assets 2015: $4,055,7382015Assets 2016: $9,620,503Liabilities 2016: $4,611,887Net Assets 2016: $5,008,6162016Assets 2017: $11,495,695Liabilities 2017: $5,207,969Net Assets 2017: $6,287,7262017Assets 2018: $11,401,035Liabilities 2018: $5,022,789Net Assets 2018: $6,378,2462018Assets 2019: $15,528,876Liabilities 2019: $7,291,442Net Assets 2019: $8,237,4342019Assets 2020: $18,303,022Liabilities 2020: $7,974,258Net Assets 2020: $10,328,7642020Assets 2021: $19,065,783Liabilities 2021: $6,567,339Net Assets 2021: $12,498,4442021Assets 2022: $18,607,433Liabilities 2022: $6,432,102Net Assets 2022: $12,175,3312022Assets 2023: $18,873,873Liabilities 2023: $6,318,679Net Assets 2023: $12,555,1942023Assets 2024: $18,179,757Liabilities 2024: $5,267,652Net Assets 2024: $12,912,1052024

Highlighted filing

2024

Assets$18,179,757
Liabilities$5,267,652
Net Assets$12,912,105

Operations Trend

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

$15M$10M$5.0M$0-$5.0MRevenue 2011: $6,399,754Expenses 2011: $6,062,127Net Income 2011: $337,6272011Revenue 2012: $5,516,112Expenses 2012: $5,356,584Net Income 2012: $159,5282012Revenue 2013: $5,626,802Expenses 2013: $5,879,344Net Income 2013: -$252,5422013Revenue 2014: $6,139,272Expenses 2014: $6,199,503Net Income 2014: -$60,2312014Revenue 2015: $6,668,284Expenses 2015: $5,964,964Net Income 2015: $703,3202015Revenue 2016: $6,820,968Expenses 2016: $5,893,190Net Income 2016: $927,7782016Revenue 2017: $7,358,327Expenses 2017: $6,223,778Net Income 2017: $1,134,5492017Revenue 2018: $6,709,889Expenses 2018: $6,450,696Net Income 2018: $259,1932018Revenue 2019: $8,232,434Expenses 2019: $6,700,232Net Income 2019: $1,532,2022019Revenue 2020: $10,428,213Expenses 2020: $8,458,509Net Income 2020: $1,969,7042020Revenue 2021: $9,706,045Expenses 2021: $7,720,129Net Income 2021: $1,985,9162021Revenue 2022: $8,832,569Expenses 2022: $8,626,151Net Income 2022: $206,4182022Revenue 2023: $8,637,263Expenses 2023: $8,528,336Net Income 2023: $108,9272023Revenue 2024: $9,045,879Expenses 2024: $8,936,055Net Income 2024: $109,8242024

Highlighted filing

2024

Revenue$9,045,879
Expenses$8,936,055
Net Income$109,824

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$18.2$5.27$12.9$9.05$8.94$0.11
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$18.9$6.32$12.6$8.64$8.53$0.11
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$18.6$6.43$12.2$8.83$8.63$0.21
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$19.1$6.57$12.5$9.71$7.72$1.99
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$18.3$7.97$10.3$10.4$8.46$1.97
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$15.5$7.29$8.24$8.23$6.70$1.53
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$11.4$5.02$6.38$6.71$6.45$0.26
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$11.5$5.21$6.29$7.36$6.22$1.13
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$9.62$4.61$5.01$6.82$5.89$0.93
2015Detailed filing. Detailed filing data is available for this year.$9.22$5.16$4.06$6.67$5.96$0.70
2014Detailed filing. Detailed filing data is available for this year.$8.43$5.04$3.40$6.14$6.20$0.06
2013XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$11.1$7.76$3.39$5.63$5.88$0.25
2012Summary only. Only limited summary data is available for this year.$9.94$6.56$3.38$5.52$5.36$0.16
2011Summary only. Only limited summary data is available for this year.$6.95$3.80$3.15$6.40$6.06$0.34
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 15, 2025
Return Version
2024v5.2
Gross Receipts
$9,539,950
Mission and Program Overview

Mission

Our mission is to expand affordable housing opportunites in western new york by assisting low and moderate income households to obtain housing, by producing and preserving housing units, and by professionally managing affordable housing.

Our mission is to expand affordable housing opportunities in western new york by assisting low and moderate income households to obtain housing, by producing and preserving housing units, and by professionally managing affordable housing.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$5,994,496$5,839,623▼ $154,873
Other Notes and Loans Receivable, Net$4,660,082$4,799,525▲ $139,443
Investments in Publicly Traded Securities$3,622,795$3,936,638▲ $313,843
Accounts Receivable$1,656,786$991,049▼ $665,737
Savings and Temporary Cash Investments$984,052$511,925▼ $472,127
Prepaid Expenses and Deferred Charges$180,051$193,201▲ $13,150
Total Assets$18,873,873$18,179,757▼ $694,116
Other Assets Total$1,775,611$1,907,796▲ $132,185
Liabilities
Mortgage Notes Payable Secured by Investment Property$4,022,380$3,184,776▼ $837,604
Accounts Payable and Accrued Expenses$1,817,761$1,595,023▼ $222,738
Other Liabilities$478,538$487,853▲ $9,315
Total Liabilities$6,318,679$5,267,652▼ $1,051,027
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$12,544,999$12,902,110▲ $357,111
Net Assets With Donor Restrictions$10,195$9,995▼ $200
Total Net Assets Fund Balance$12,555,194$12,912,105▲ $356,911
Total Liabilities and Net Assets / Fund Balance$18,873,873$18,179,757▼ $694,116

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$4,992,430$826,139$5,818,569
Equipment$179,577$453,153$632,730
Leasehold Improvements$379,516$148,937$528,453
Land$288,100-$288,100
Other Assets Org$151,395--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Michael D RiegelPresidentPT$191,662$27,794$219,456
Brad PackardChief Operating OfficerPT$161,644$8,111$169,755
Aaron HejmowskiCFO/board TreasurerPT$152,069$7,712$159,781
Pamela BergerVice President/secretaryPT$143,765$13,967$157,732
Joyelle TedeschiVP of HousingPT$127,572$24,785$152,357
Eric SchiffmanSenior Housing Rehab Programs ManagerFT$102,280$22,739$125,019
Lynn AugustyniakHuman Resources ManagerFT$102,896$11,917$114,813

Board Members and Trustees

NameTitle
Kelly PattersonBoard Member/board Chair
Bruce C BairdBoard Member
Donna MostillerBoard Member
Ed NegronBoard Member
Elizabeth HuckaboneBoard Member
Jill SzalachBoard Member
Rodney RichardsonBoard Member
Scott DelucaBoard Member
Thomas UlbrichBoard Member

Highest Paid Contractors

ContractorServicesLocationCompensation
Jacobson Remodeling LLCConstruction93 DALTON DR, Tonawanda, NY 14223$226,901
M&b ContractorsConstruction2995 KRUEGER ROAD, North Tonawanda, NY 14210$219,705
Surety RemodelingConstruction1 BRINKMAN AVE, Buffalo, NY 14221$206,915
Scarpone And Sons INCConstruction1608 RICHLEY RD, Corfu, NY 14036$135,695
Cjs Architects LLPArchitects114 SOUTH URBAN STREET, Rochester, NY 14607$132,625
Revenue and Support

Revenue Composition

Contributions and Grants
$2,372,889
Program Service Revenue
$5,926,363
Investment Income
$310,481
Other Revenue
$436,146
All Other Contributions
$772,447
Change in Net Assets
$109,824

Audited Revenue Reconciliation

Revenue per Audited Statements
$9,045,879
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$588,158
Total Revenue per Audited Statements
$9,634,037
Total Revenue per Form 990
$9,045,879
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$7,157,222
Other Expenses$1,778,833
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$4,426,413$456,128-$4,882,541
Other Employee Benefits$734,840$88,350-$823,190
Current Officers, Directors, Trustees, and Key Employees$704,588$72,124-$776,712
Payroll Taxes$414,106$41,236-$455,342
All Other Expenses$346,256$38,537-$384,793
Office Expenses$187,766$54,246-$242,012
Fees for Services Other$205,006$29,003-$234,009
Insurance$211,884$16,263-$228,147
Pension Plan Contributions$194,751$24,686-$219,437
Depreciation Depletion$131,345$50,324-$181,669
Other Expenses$66,399$23,747-$90,146
Interest$68,774$19,290-$88,064
Fees for Services Accounting$52,982$14,149-$67,131
Conferences and Meetings$40,974$1,981-$42,955
Advertising$13,940$99-$14,039
Fees for Services Legal$4,376$1,169-$5,545
Total Functional Expenses$7,991,446$944,609$0$8,936,055

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$9,277,126
Expenses per Audited Statements$8,936,055
Total Expenses per Form 990$8,936,055
Expenses Not Reported on Form 990$341,071
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Refundable Advances$336,458
Operating Lease Liabilities$151,395
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 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
Yes
Other officer compensation reviewed
Yes
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

The form 990 is prepared by an outside, independent accounting firm. It is reviewed by the board of directors prior to filing.

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

Each member of the board of directors completes a questionnaire and signs it agreeing to comply with the conflict of interest policy. Each employee signs a form that says they received and reviewed the code of conduct.

Form 990, Part VI, Section B, Line 15

Belmont's compensation program is developed by senior management, the human resources manager, and an employee benefits and compensation consulting firm, and reviewed by the hr and compensation committee of the board of directors. This compensation program applies to all staff, including officers. In addition, all compensation of the officers is approved by the board of directors. The compensation program includes market pricing and job slotting within established salary grades and ranges based on information provided by the independent consulting firm.

Form 990, Part VI, Section C, Line 18

The organization's form 990 is available upon request. It is also available on the website guidestar.org.

Form 990, Part VI, Section C, Line 19

The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Belmont Housing Resources for Wny Inc
EIN
16-1080227
Phone
7168847791
Address
2393 MAIN STREET, BUFFALO, NY 14214

Signing Officer

Name
Brad Packard
Title
Current President
Phone
7168847791
Signed
2025-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Brad Packard
Formed
1977
Legal Domicile
Ny
Voting Board Members
9
Independent Board Members
9
Employees
149
Volunteers
9

Preparer

Firm
Withum Smith & Brown Pc
Address
424 MAIN STREET SUITE 800, BUFFALO, NY 14202-3508
Preparer
Mary Madonia
Phone
7168472651
Supplemental Narrative

Additional Explanations

FORM 990, PART III, LINE #4A

Accomplishments: assisting low- and moderate income individuals and families to obtain safe, affordable housing. Affordable rental opportunities over 375 new households given opportunity for affordable rental through our housing choice voucher program administration paid over $35 million in housing assistance payments to private landlords education conducted pre-purchase homeownership classes enabling 581 attendees to make smart decisions about buying their first home conducted 24 landlord seminars promoting professional and effective property management affordable homeownership helped 230 homeowners in danger of foreclosure to retain their homes

FORM 990, PART III, LINE #4B

Accomplishments: producing and preserving quality, affordable housing opportunities. Healthy homes rehabilitated 144 owner-occupied homes in western new york performed over 1,000 visual assessments for defective lead paint and required remediation where needed through the lead hazard control program.

FORM 990, PART III, LINE #4C

Accomplishments: manage, maintain, and market affordable properties in which organization has ownership, and for others when in keeping with our mission to expand affordable housing opportunities. Secured financing for rehabilitation of 5 units of affordable rental housing for families

Form 990, Part XII, Line 2C

The organization's process for selection of an independent accountant and monitoring of the audit process has not changed from the prior year.

Financial Statement Notes

PART X, LINE 2:

The company is exempt from taxation under section 501(c)(3) of the internal revenue code and, accordingly, no provision for income taxes has been reflected in the accompanying financial statements. Accounting principles generally accepted in the united states of america (us gaap) provides guidance on the financial statement recognition and measurement for income tax positions that the company has taken or expects to take in the company's income tax returns. Organizations take many tax positions relative to tax laws, including those taken in determining whether tax is due, a refund is owed, a tax return needs to be filed, or the characterization of income as taxable (for example, unrelated business income) or nontaxable. The company has not recorded any liabilities relating to uncertain tax positions. The company files its return of organization exempt from income tax in the u.s. Federal jurisdiction and it's annual filing of charitable organizations in new york state.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Rental expenses netted against revenue 341,071.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Rental expenses netted against revenue 341,071.

Raw XML AppendixShowing 400 of 1,248 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/ActivityOrMissionDesc0OUR MISSION IS TO EXPAND AFFORDABLE HOUSING OPPORTUNITIES IN WESTERN NEW YORK BY ASSISTING LOW AND MODERATE INCOME HOUSEHOLDS TO OBTAIN HOUSING, BY PRODUCING AND PRESERVING HOUSING UNITS, AND BY PROFESSIONALLY MANAGING AFFORDABLE HOUSING.
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IRS990/ProgSrvcAccomActy2Grp/Desc0SEE DETAILED DESCRIPTION OF PROGRAM SERVICE ACCOMPLISHMENTS FOR LINE #4B ON SCHEDULE O.
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