Civic Intelligence

Providence St Andrews Housing Development Fund Company Inc

990 • Fiscal year 2019 • EIN 16-1633628

Jan 01, 2019 to Dec 31, 2019 • Filed on May 18, 2020

1150 Buffalo RoadRochester, NY 14624

(585) 328-3228

Siviq Scores

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

Liabilities / Assets

90th percentile

0.87x

Higher debt load relative to assets than 90% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Liabilities / Revenue

97th percentile

7.78x

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

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Net Margin

6th percentile

-51%

Higher net margin than 6% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Top Officer Pay

80th percentile

$134,128

Higher top officer pay than 80% of similar nonprofits.

Top officer pay equals 117.5% of source-year revenue.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2019

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2019

Assets

$1,019,080

No earlier filing loaded for comparison.

Net Assets

$130,883

No earlier filing loaded for comparison.

Liabilities

$888,197

No earlier filing loaded for comparison.

Revenue

$114,187

No earlier filing loaded for comparison.

Expenses

$172,071

No earlier filing loaded for comparison.

Net Income

-$57,884

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

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

$1.5M$1.0M$500K$0-$500KAssets 2019: $1,019,080Liabilities 2019: $888,197Net Assets 2019: $130,8832019Assets 2020: $945,195Liabilities 2020: $881,114Net Assets 2020: $64,0812020Assets 2021: $864,606Liabilities 2021: $857,375Net Assets 2021: $7,2312021Assets 2022: $811,324Liabilities 2022: $863,464Net Assets 2022: -$52,1402022Assets 2023: $742,778Liabilities 2023: $858,619Net Assets 2023: -$115,8412023Assets 2024: $711,813Liabilities 2024: $876,744Net Assets 2024: -$164,9312024

Highlighted filing

2019

Assets$1,019,080
Liabilities$888,197
Net Assets$130,883

Operations Trend

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

$300K$200K$100K$0-$100KRevenue 2019: $114,187Expenses 2019: $172,071Net Income 2019: -$57,8842019Revenue 2020: $115,631Expenses 2020: $174,666Net Income 2020: -$59,0352020Revenue 2021: $108,199Expenses 2021: $165,049Net Income 2021: -$56,8502021Revenue 2022: $114,219Expenses 2022: $173,590Net Income 2022: -$59,3712022Revenue 2023: $130,867Expenses 2023: $194,568Net Income 2023: -$63,7012023Revenue 2024: $159,599Expenses 2024: $208,689Net Income 2024: -$49,0902024

Highlighted filing

2019

Revenue$114,187
Expenses$172,071
Net Income-$57,884
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
May 18, 2020
Return Version
2019v5.1
Gross Receipts
$114,187
Mission and Program Overview

Mission

Provide quality affordable housing to low income individuals with developmental and physical disabilities.

Operating a low-income housing project for individuals with disabilities, in Rochester, New York.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$0$805,255▲ $805,255
Savings and Temporary Cash Investments-$175,991-
Cash and Non-Interest-Bearing Accounts-$24,403-
Prepaid Expenses and Deferred Charges-$2,632-
Accounts Receivable-$1,664-
Total Assets$0$1,019,080▲ $1,019,080
Other Assets Total$0$9,135▲ $9,135
Liabilities
Mortgage Notes Payable Secured by Investment Property-$837,086-
Other Liabilities$0$30,125▲ $30,125
Accounts Payable and Accrued Expenses-$13,126-
Escrow Account Liability-$7,782-
Deferred Revenue-$78-
Total Liabilities$0$888,197▲ $888,197
Net Assets / Fund Balance
Net Assets Without Donor Restrictions-$130,883-
Total Net Assets Fund Balance$0$130,883▲ $130,883
Total Liabilities and Net Assets / Fund Balance$0$1,019,080▲ $1,019,080

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$735,602$944,110$1,679,712
Equipment$0$128,282$128,282
Land$69,653-$69,653
Compensation and Service Providers

Employees

NameTitleOtherTotal
Dan SturgisTreasurer$134,128$134,128
Helen BianchiSecretary$127,675$127,675
Mark GreisbergerVice President$64,828$64,828

Board Members and Trustees

NameTitle
Jack BalinskyPresident
Lisa PasseroDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$113,333
Investment Income
$403
Other Revenue
$451
Change in Net Assets
$-57,884

Audited Revenue Reconciliation

Revenue per Audited Statements
$114,187
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$114,187
Total Revenue per Form 990
$114,187
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$172,071
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$54,390--$54,390
Fees for Services Management-$39,651-$39,651
Occupancy$29,247--$29,247
Fees for Services Other$20,728$4,825-$25,553
Interest$8,896--$8,896
Office Expenses-$4,343-$4,343
Insurance-$3,847-$3,847
All Other Expenses-$3,329-$3,329
Fees for Services Accounting-$1,560-$1,560
Other Expenses-$667-$667
Fees for Services Legal-$588-$588
Total Functional Expenses$113,261$58,810$0$172,071

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$172,071
Total Expenses per Audited Statements$172,071
Total Expenses per Form 990$172,071
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 Partnership Administration Fee$30,125
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
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 is reviewed annually with all employees 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

Providence St. Andrews 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
Providence St Andrews Housing
EIN
16-1633628
Phone
5853283228
Address
1150 Buffalo Road, Rochester, NY 14624

Signing Officer

Name
Mark Greisberger
Title
Vice President
Phone
5853283228
Signed
2020-05-18
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mark Greisberger
Formed
2003
Legal Domicile
Ny
Voting Board Members
5
Independent Board Members
2
Employees
0
Volunteers
5

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 20,728. Management and general expenses 0. Fundraising expenses 0. Total expenses 20,728. Other: Program service expenses 0. Management and general expenses 4,825. Fundraising expenses 0. Total expenses 4,825.

Form 990, Part XI, line 9:

Transfer from Providence St. Andrews, LP 188,767.

Financial Statement Notes

Part IV, Line 2B:

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

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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 is reviewed annually with all employees 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/ExplanationTxt6Providence St. Andrews 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 20,728. Management and general expenses 0. Fundraising expenses 0. Total expenses 20,728. Other: Program service expenses 0. Management and general expenses 4,825. Fundraising expenses 0. Total expenses 4,825.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt9Transfer from Providence St. Andrews, LP 188,767.
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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