Civic Intelligence

West Town Village Housing Development Fund Company Inc

990 • Fiscal year 2018 • EIN 16-1575986

Jan 01, 2018 to Dec 31, 2018 • Filed on May 29, 2019

1150 Buffalo RoadRochester, NY 14624

(585) 328-3210

Siviq Scores

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

Liabilities / Assets

55th percentile

0.76x

Higher debt load relative to assets than 55% of similar nonprofits.

2018 filings • NTEE L • $1M-$5M nonprofits • Source year 2018

Liabilities / Revenue

73rd percentile

6.21x

Higher debt load relative to revenue than 73% of similar nonprofits.

2018 filings • NTEE L • $1M-$5M nonprofits • Source year 2018

Net Margin

12th percentile

-52%

Higher net margin than 12% of similar nonprofits.

2018 filings • NTEE L • $1M-$5M nonprofits • Source year 2018

Top Officer Pay

68th percentile

$123,697

Higher top officer pay than 68% of similar nonprofits.

Top officer pay equals 34.4% of source-year revenue.

2018 filings • NTEE L • $1M-$5M nonprofits • Source year 2018

Asset Growth

14th percentile

-6.7%

Faster asset growth than 14% of similar nonprofits.

2018 filings • NTEE L • $1M-$5M nonprofits • Annualized from 2017 to 2018

Revenue Growth

24th percentile

-3.3%

Faster revenue growth than 24% of similar nonprofits.

2018 filings • NTEE L • $1M-$5M nonprofits • Annualized from 2017 to 2018

Assets

Down

$2,954,018

Down $210,600 (-6.7%) from 2017

Net Assets

Down

$717,813

Down $210,773 (-23%) from 2017

Liabilities

Up

$2,236,205

Up $173 (+0.0%) from 2017

Revenue

Down

$359,878

Down $12,436 (-3.3%) from 2017

Expenses

Up

$547,578

Up $15,269 (+2.9%) from 2017

Net Income

Down

-$187,700

Down $27,705 (-17%) from 2017

Historical Trend

Balance Sheet Trend

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

$4.0M$3.0M$2.0M$1.0M$0-$1.0MAssets 2016: $3,344,379Liabilities 2016: $2,255,798Net Assets 2016: $1,088,5812016Assets 2017: $3,164,618Liabilities 2017: $2,236,032Net Assets 2017: $928,5862017Assets 2018: $2,954,018Liabilities 2018: $2,236,205Net Assets 2018: $717,8132018Assets 2019: $2,797,717Liabilities 2019: $2,235,043Net Assets 2019: $562,6742019Assets 2020: $2,581,216Liabilities 2020: $2,229,504Net Assets 2020: $351,7122020Assets 2021: $2,435,220Liabilities 2021: $2,255,860Net Assets 2021: $179,3602021Assets 2022: $2,215,250Liabilities 2022: $2,237,264Net Assets 2022: -$22,0142022Assets 2023: $2,071,550Liabilities 2023: $2,254,729Net Assets 2023: -$183,1792023Assets 2024: $1,862,423Liabilities 2024: $2,220,871Net Assets 2024: -$358,4482024

Highlighted filing

2018

Assets$2,954,018
Liabilities$2,236,205
Net Assets$717,813

Operations Trend

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

$1.0M$500K$0-$500KRevenue 2016: $180,050Expenses 2016: $297,184Net Income 2016: -$117,1342016Revenue 2017: $372,314Expenses 2017: $532,309Net Income 2017: -$159,9952017Revenue 2018: $359,878Expenses 2018: $547,578Net Income 2018: -$187,7002018Revenue 2019: $380,135Expenses 2019: $520,646Net Income 2019: -$140,5112019Revenue 2020: $382,076Expenses 2020: $567,138Net Income 2020: -$185,0622020Revenue 2021: $397,200Expenses 2021: $569,552Net Income 2021: -$172,3522021Revenue 2022: $395,963Expenses 2022: $597,337Net Income 2022: -$201,3742022Revenue 2023: $433,822Expenses 2023: $594,987Net Income 2023: -$161,1652023Revenue 2024: $445,416Expenses 2024: $620,685Net Income 2024: -$175,2692024

Highlighted filing

2018

Revenue$359,878
Expenses$547,578
Net Income-$187,700
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
May 29, 2019
Return Version
2018v3.1
Gross Receipts
$359,878
Mission and Program Overview

Mission

Operate a quality affordable housing to low income individuals and families.

Operate a housing project for low income individuals in the Town of Henrietta.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,671,183$2,488,429▼ $182,754
Savings and Temporary Cash Investments$369,962$357,342▼ $12,620
Cash and Non-Interest-Bearing Accounts$81,841$72,548▼ $9,293
Prepaid Expenses and Deferred Charges$8,215$5,217▼ $2,998
Accounts Receivable$4,675$2,145▼ $2,530
Total Assets$3,164,618$2,954,018▼ $210,600
Other Assets Total$28,742$28,337▼ $405
Liabilities
Mortgage Notes Payable Secured by Investment Property$2,108,295$2,109,179▲ $884
Other Liabilities$60,501$65,357▲ $4,856
Accounts Payable and Accrued Expenses$38,166$33,270▼ $4,896
Escrow Account Liability$28,742$28,337▼ $405
Deferred Revenue$328$62▼ $266
Total Liabilities$2,236,032$2,236,205▲ $173
Net Assets / Fund Balance
Unrestricted Net Assets$928,586$717,813▼ $210,773
Total Net Assets Fund Balance$928,586$717,813▼ $210,773
Total Liabilities and Net Assets / Fund Balance$3,164,618$2,954,018▼ $210,600

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,205,415$3,114,406$5,319,821
Land$275,926-$275,926
Equipment$7,088$127,335$134,423
Compensation and Service Providers

Employees

NameTitleOtherTotal
Helen BianchiSecretary$123,697$123,697
Dan SturgisTreasurer$107,327$107,327
Mark GreisbergerVice President$56,134$56,134

Board Members and Trustees

NameTitle
Jack BalinskyPresident
Jeffrey SmithDirector
Lynette RobinsonDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$357,817
Investment Income
$497
Other Revenue
$1,564
Change in Net Assets
$-187,700

Audited Revenue Reconciliation

Revenue per Audited Statements
$359,878
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$359,878
Total Revenue per Form 990
$359,878
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$547,578
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$182,754--$182,754
Occupancy$135,546--$135,546
Fees for Services Other$84,463--$84,463
Fees for Services Management-$73,823-$73,823
Interest$21,583--$21,583
Insurance$15,823--$15,823
Office Expenses$2,860$11,848-$14,708
Fees for Services Accounting-$10,680-$10,680
Travel$3,584--$3,584
Fees for Services Legal-$605-$605
Advertising$293--$293
Other Expenses$51$3,665-$51
Total Functional Expenses$446,957$100,621$0$547,578

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$547,578
Total Expenses per Audited Statements$547,578
Total Expenses per Form 990$547,578
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
Accrued Accounts Payable - Affiliates$65,357
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
Yes
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, line 3

The Organization is managed by Providence Housing Development Corporation, the supported organization.

Form 990, Part VI, Section A, line 6

Providence Housing Development Corporation is the sole member of the Organization.

Form 990, Part VI, Section A, line 7A

Providence Housing Development Corporation has the right to appoint members of the Organization's Board of Directors.

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

There are no other committees besides the full board.

Form 990, Part VI, Section B, line 11B

The draft 990 report was sent electronically to all board members. Responses were received and evaluated if there were questions prior to filing the report.

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

Employee compliance with the conflict of interest policy is reviewed annually with all employees of the parent organization at a general meeting. Each employee signs a form to reaffirm his/her understanding of the policy. Board members are asked to acknowledge their compliance annually with forms returned to the Secretary of the Board rather than management.

Form 990, Part VI, Section B, line 15

West Town Village Housing Development Fund Company, Inc. does not have any direct compensation expense since all employees are officially employed by the parent company, Providence Housing Development Corporation. The wages and benefits of all top management employees are determined by the board of the parent company, Providence Housing Development Corporation. The process includes independent review, comparability data, and deliberation by the board.

Form 990, Part VI, Section C, line 19

All documents will be made available for public inspection based on the requirements of applicable law.

Filing and Contact Details

Filer

Filer Name
West Town Village Housing Development
EIN
16-1575986
Phone
5853283210
Address
1150 Buffalo Road, Rochester, NY 14624

Signing Officer

Name
Mark Greisberger
Title
Vice President
Phone
5853283210
Signed
2019-05-29
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mark Greisberger
Formed
1999
Legal Domicile
Ny
Voting Board Members
6
Independent Board Members
3
Employees
0
Volunteers
6

Preparer

Firm
Heveron & Company CPAs PLLC
Address
260 Plymouth Avenue South, Rochester, NY 14608
Preparer
Stephanie Annunziata
Phone
5852322956
Supplemental Narrative

Additional Explanations

Form 990, Part IX, line 11G

Contracted Program Management: Program service expenses 84,463. Management and general expenses 0. Fundraising expenses 0. Total expenses 84,463.

Form 990, Part XI, line 9:

Transfer to Affiliate -23,073.

Financial Statement Notes

Part IV, Line 2B:

The escrow represents security deposits held for the Organization's tenants.

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IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0Providence Housing Development Fund Corporation
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IRS990ScheduleD/BuildingsGrp/DepreciationAmt03114406
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt05319821
IRS990ScheduleD/EquipmentGrp/BookValueAmt07088
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0127335
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0134423
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IRS990ScheduleD/ExpensesSubtotalAmt0547578
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IRS990ScheduleD/RevenueNotReportedAmt00
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IRS990ScheduleD/RevenueSubtotalAmt0359878
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The escrow represents security deposits held for the Organization's tenants.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part IV, Line 2b:
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IRS990ScheduleD/TotalLiabilityAmt065357
IRS990ScheduleD/TotalRevenuePerForm990Amt0359878
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The Organization is managed by Providence Housing Development Corporation, the supported organization.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Providence Housing Development Corporation is the sole member of the Organization.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Providence Housing Development Corporation has the right to appoint members of the Organization's Board of Directors.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3There are no other committees besides the full board.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4The draft 990 report was sent electronically to all board members. Responses were received and evaluated if there were questions prior to filing the report.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Employee compliance with the conflict of interest policy is reviewed annually with all employees of the parent organization at a general meeting. Each employee signs a form to reaffirm his/her understanding of the policy. Board members are asked to acknowledge their compliance annually with forms returned to the Secretary of the Board rather than management.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6West Town Village Housing Development Fund Company, Inc. does not have any direct compensation expense since all employees are officially employed by the parent company, Providence Housing Development Corporation. The wages and benefits of all top management employees are determined by the board of the parent company, Providence Housing Development Corporation. The process includes independent review, comparability data, and deliberation by the board.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7All documents will be made available for public inspection based on the requirements of applicable law.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8Contracted Program Management: Program service expenses 84,463. Management and general expenses 0. Fundraising expenses 0. Total expenses 84,463.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt9Transfer to Affiliate -23,073.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, line 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section A, line 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section A, line 7a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section A, line 8b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section B, line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Section B, line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part VI, Section B, line 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7Form 990, Part VI, Section C, line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8Form 990, Part IX, line 11g
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc9Form 990, Part XI, line 9:
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt0Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt1Providence Housing Development Corporation
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt3Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt4Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt5Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt6Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt7Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt8Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt9Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt10Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt11Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt12Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt13Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt14Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt15Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt16Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt17Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt18Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt19Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt20Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt21Providence Housing Development Corporation
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt23Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt24Providence Housing Development Corporation
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