Civic Intelligence

Welch Terrace Housing Development

990 • Fiscal year 2015 • EIN 16-1442502

Jan 01, 2015 to Dec 31, 2015 • Filed on May 16, 2016

518 James Street No 240Syracuse, NY 13203

(315) 422-5611

Siviq Scores

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

Liabilities / Assets

61st percentile

0.11x

Higher debt load relative to assets than 61% of similar nonprofits.

2015 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2015

Liabilities / Revenue

74th percentile

0.22x

Higher debt load relative to revenue than 74% of similar nonprofits.

2015 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2015

Net Margin

12th percentile

-24%

Higher net margin than 12% of similar nonprofits.

2015 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2015

Top Officer Pay

49th percentile

$0

Higher top officer pay than 49% of similar nonprofits.

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

2015 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2015

Asset Growth

26th percentile

-4.9%

Faster asset growth than 26% of similar nonprofits.

2015 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2014 to 2015

Revenue Growth

40th percentile

-0.6%

Faster revenue growth than 40% of similar nonprofits.

2015 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2014 to 2015

Assets

Down

$549,970

Down $28,131 (-4.9%) from 2014

Net Assets

Down

$490,509

Down $63,604 (-11%) from 2014

Liabilities

Up

$59,461

Up $35,473 (+148%) from 2014

Revenue

Down

$266,683

Down $1,643 (-0.6%) from 2014

Expenses

Up

$330,287

Up $43,068 (+15%) from 2014

Net Income

Down

-$63,604

Down $44,711 (-237%) from 2014

Historical Trend

Balance Sheet Trend

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

$800K$600K$400K$200K$0Assets 2011: $644,176Liabilities 2011: $21,214Net Assets 2011: $622,9622011Assets 2012: $617,239Liabilities 2012: $21,655Net Assets 2012: $595,5842012Assets 2013: $597,754Liabilities 2013: $24,748Net Assets 2013: $573,0062013Assets 2014: $578,101Liabilities 2014: $23,988Net Assets 2014: $554,1132014Assets 2015: $549,970Liabilities 2015: $59,461Net Assets 2015: $490,5092015Assets 2016: $497,216Liabilities 2016: $63,509Net Assets 2016: $433,7072016Assets 2017: $453,535Liabilities 2017: $70,155Net Assets 2017: $383,3802017Assets 2018: $374,631Liabilities 2018: $47,731Net Assets 2018: $326,9002018Assets 2019: $335,041Liabilities 2019: $60,632Net Assets 2019: $274,4092019Assets 2020: $277,751Liabilities 2020: $60,271Net Assets 2020: $217,4802020Assets 2021: $318,864Liabilities 2021: $95,753Net Assets 2021: $223,1112021

Highlighted filing

2015

Assets$549,970
Liabilities$59,461
Net Assets$490,509

Operations Trend

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

$400K$300K$200K$100K$0-$100KExpenses 2011: $306,7672011Expenses 2012: $301,9122012Revenue 2013: $269,465Expenses 2013: $292,043Net Income 2013: -$22,5782013Revenue 2014: $268,326Expenses 2014: $287,219Net Income 2014: -$18,8932014Revenue 2015: $266,683Expenses 2015: $330,287Net Income 2015: -$63,6042015Revenue 2016: $265,959Expenses 2016: $322,761Net Income 2016: -$56,8022016Revenue 2017: $262,877Expenses 2017: $313,204Net Income 2017: -$50,3272017Revenue 2018: $265,651Expenses 2018: $322,131Net Income 2018: -$56,4802018Revenue 2019: $257,968Expenses 2019: $310,459Net Income 2019: -$52,4912019Revenue 2020: $246,145Expenses 2020: $303,074Net Income 2020: -$56,9292020Revenue 2021: $256,237Expenses 2021: $250,606Net Income 2021: $5,6312021

Highlighted filing

2015

Revenue$266,683
Expenses$330,287
Net Income-$63,604
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
May 16, 2016
Return Version
2015v2.1
Gross Receipts
$266,683
Mission and Program Overview

Mission

The corporation was organized solely and specifically to develop, own, and operate a low-income housing project on a nonprofit basis pursuant to section 811 of the national affordable housing act.

To develop and operate a low-income housing project for handicapped (hiv) persons on a non-profit basis.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$419,364$359,153▼ $60,211
Cash and Non-Interest-Bearing Accounts$37,572$29,580▼ $7,992
Prepaid Expenses and Deferred Charges$4,596$9,178▲ $4,582
Accounts Receivable$4,249$5,464▲ $1,215
Total Assets$578,101$549,970▼ $28,131
Other Assets Total$112,320$146,595▲ $34,275
Liabilities
Other Liabilities$5,570$35,946▲ $30,376
Accounts Payable and Accrued Expenses$18,418$23,515▲ $5,097
Total Liabilities$23,988$59,461▲ $35,473
Net Assets / Fund Balance
Temporarily Rstr Net Assets$1,614,700$1,614,700→ $0
Unrestricted Net Assets$-1,060,587$-1,124,191▼ $63,604
Total Net Assets Fund Balance$554,113$490,509▼ $63,604
Total Liabilities and Net Assets / Fund Balance$578,101$549,970▼ $28,131

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$310,881$1,322,999$1,633,880
Land$45,600-$45,600
Equipment$2,672$9,021$11,693
Other Land Buildings$0$7,605$7,605
Other Assets Org$6,500--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Evelyn KinseyBoard President
Dottie DesimoneBoard Vice President
Audrey HopkinsDirector
Brenda ZookDirector
Joan CincottaDirector
Karen DeatonDirector
Larry FullerDirector
Lisa LippoldtDirector
Lois SchroederDirector
Minch LewisDirector
Patricia McmahonDirector
Rosemary PerezDirector
Therese HowingtonDirector
Gail CarmichelSecretary
Gwen EichornTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$27,431
Program Service Revenue
$236,543
Investment Income
$151
Other Revenue
$2,558
All Other Contributions
$7,187
Change in Net Assets
$-63,604

Audited Revenue Reconciliation

Revenue per Audited Statements
$266,683
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$266,683
Total Revenue per Form 990
$266,683
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$271,875
Salaries, Compensation, and Employee Benefits$58,412
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$60,211--$60,211
Other Salaries and Wages-$58,412-$58,412
Occupancy$26,435--$26,435
Insurance$26,094--$26,094
Fees for Services Management-$24,111-$24,111
Fees for Services Other$14,100$1,803-$15,903
Office Expenses-$10,570-$10,570
Fees for Services Accounting-$8,900-$8,900
Fees for Services Legal-$5,312-$5,312
Other Expenses$3,393--$3,393
All Other Expenses$1,772$31-$1,803
Conferences and Meetings-$100-$100
Total Functional Expenses$221,048$109,239$0$330,287

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$330,287
Total Expenses per Audited Statements$330,287
Total Expenses per Form 990$330,287
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
Due to Hud$29,446
Tenant Security Deposits$6,500
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
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
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
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

The organization delegated control over management duties to central new york services under the direct supervision of the board of directors. This includes bookkeeping, property management and personnel related functions.

Form 990, Part VI, Section B, Line 11

The finance director for the managing agent receives the 990 from the auditor and reviews the form. The approved draft is forwarded to members of the governing board for their review and comments before filing.

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

The managing agent reviews the conflict of interest certifications annually. If a conflict arises they monitor the transaction to ensure it is conducted at arms-length. They discourage this type of relationship and recommend an alternative situation if at all possible.

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
Welch Terrace Housing Development
EIN
16-1442502
Phone
3154225611
Address
518 JAMES STREET NO 240, SYRACUSE, NY 13203

Signing Officer

Name
Gwen Eichorn
Title
Treasurer
Phone
3154225611
Signed
2016-05-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Gwen Eichorn
Formed
1995
Legal Domicile
Ny
Voting Board Members
15
Independent Board Members
15
Employees
0
Volunteers
0

Preparer

Firm
Dermody Burke & Brown Cpas LLC
Address
443 N FRANKLIN ST STE 100, SYRACUSE, NY 13204-1441
Preparer
David J De Silva
Phone
3154719171
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

The corporation has been determined to be exempt from federal income taxation under section 501(c)(3) of the internal revenue code and has been classified as an organization that is not a private foundation under section 509(a). Management is unaware of any unrelated business activities that may be subject to unrelated business income tax or any activities that would jeopardize the corporations exempt status.

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IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherExpensesGrp/Desc0EQUIPMENT RENTAL & MAIN
IRS990/OtherExpensesGrp/Desc1HUD RECAPTURE
IRS990/OtherExpensesGrp/Desc2TRASH REMOVAL
IRS990/OtherExpensesGrp/Desc3SNOW REMOVAL
IRS990/OtherExpensesGrp/ProgramServicesAmt050062
IRS990/OtherExpensesGrp/ProgramServicesAmt129446
IRS990/OtherExpensesGrp/ProgramServicesAmt29535
IRS990/OtherExpensesGrp/ProgramServicesAmt33393
IRS990/OtherExpensesGrp/TotalAmt050062
IRS990/OtherExpensesGrp/TotalAmt129446
IRS990/OtherExpensesGrp/TotalAmt29535
IRS990/OtherExpensesGrp/TotalAmt33393
IRS990/OtherLiabilitiesGrp/BOYAmt05570
IRS990/OtherLiabilitiesGrp/EOYAmt035946
IRS990/OtherRevenueMiscGrp/BusinessCd0812300
IRS990/OtherRevenueMiscGrp/BusinessCd1811000
IRS990/OtherRevenueMiscGrp/BusinessCd2900099
IRS990/OtherRevenueMiscGrp/Desc0LAUNDRY & VENDING REVE
IRS990/OtherRevenueMiscGrp/Desc1TENANT CHARGES
IRS990/OtherRevenueMiscGrp/Desc2MISCELLANEOUS INCOME
IRS990/OtherRevenueMiscGrp/ExclusionAmt01832
IRS990/OtherRevenueMiscGrp/ExclusionAmt1721
IRS990/OtherRevenueMiscGrp/ExclusionAmt25
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt01832
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt1721
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt25
IRS990/OtherRevenueTotalAmt02558
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt058412
IRS990/OtherSalariesAndWagesGrp/TotalAmt058412
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt04596
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt09178
IRS990/PrincipalOfficerNm0GWEN EICHORN
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0531110
IRS990/ProgramServiceRevenueGrp/Desc0RENTAL INCOME - NET OF
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0236543
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0236543
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt026882
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt0126
IRS990/PYOtherExpensesAmt0225985
IRS990/PYOtherRevenueAmt02803
IRS990/PYProgramServiceRevenueAmt0238515
IRS990/PYRevenuesLessExpensesAmt0-18893
IRS990/PYSalariesCompEmpBnftPaidAmt061234
IRS990/PYTotalExpensesAmt0287219
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0268326
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0-63604
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd01
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt0236543
IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/TotalAmt00
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearAmt027431
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus1YearAmt026882
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus2YearsAmt031869
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus3YearsAmt032552
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus4YearsAmt042274
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/TotalAmt0161008
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearAmt0151
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus1YearAmt0126
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus2YearsAmt0117
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus3YearsAmt070
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus4YearsAmt061
IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt0525
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt0236543
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt0238515
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt0234218
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt0240133
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt0202710
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt01152119
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt0151
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt0126
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus2YearsAmt0117
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus3YearsAmt070
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus4YearsAmt061
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt0525
IRS990ScheduleA/InvestmentIncomeCYPct00.00040
IRS990ScheduleA/InvestmentIncomePYPct00.00040
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearAmt02558
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus1YearAmt02803
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus2YearsAmt03261
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus3YearsAmt01779
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus4YearsAmt05415
IRS990ScheduleA/OtherIncome509Grp/TotalAmt015816
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportCY509Pct00.98770
IRS990ScheduleA/PublicSupportPY509Pct00.98830
IRS990ScheduleA/PublicSupportTotal509Amt01313127
IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/TotalAmt00
IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind0X
IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt0263974
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt0265397
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt0266087
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt0272685
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt0244984
IRS990ScheduleA/Total509Grp/TotalAmt01313127
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt0266683
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt0268326
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt0269465
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0274534
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt0250460
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt01329468
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/BuildingsGrp/BookValueAmt0310881
IRS990ScheduleD/BuildingsGrp/DepreciationAmt01322999
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt01633880
IRS990ScheduleD/EquipmentGrp/BookValueAmt02672
IRS990ScheduleD/EquipmentGrp/DepreciationAmt09021
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt011693
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0330287
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt045600
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt045600
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt0104899
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt135196
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt26500
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0RESERVE FOR REPLACEMENT
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1RESIDUAL RECEIPTS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2DEPOSITS - OTHER
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt07605
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt07605
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt06500

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