Civic Intelligence

Rivercrest Commons Housing Development Fund Company Inc.

990 • Fiscal year 2023 • EIN 20-0597209

Jan 01, 2023 to Dec 31, 2023 • Filed on Sep 17, 2024

52 Division StreetAmsterdam, NY 12010

(518) 842-2894

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Down

$414,817

Down $13,040 (-3.0%) from 2022

Net Assets

Down

$350,600

Down $40,799 (-10%) from 2022

Liabilities

Up

$64,217

Up $27,759 (+76%) from 2022

Revenue And Expenses

Revenue

Up

$62,043

Up $3,615 (+6.2%) from 2022

Expenses

Up

$102,842

Up $3,494 (+3.5%) from 2022

Net Income

Up

-$40,799

Up $121 (+0.3%) from 2022

Historical Trend

Balance Sheet Trend

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

$1.0M$500K$0Assets 2010: $979,575Liabilities 2010: $40,787Net Assets 2010: $938,7882010Assets 2011: $943,145Liabilities 2011: $44,531Net Assets 2011: $898,6142011Assets 2012: $911,608Liabilities 2012: $44,078Net Assets 2012: $867,5302012Assets 2013: $885,049Liabilities 2013: $40,471Net Assets 2013: $844,5782013Assets 2014: $863,817Liabilities 2014: $42,401Net Assets 2014: $821,4162014Assets 2015: $832,495Liabilities 2015: $43,356Net Assets 2015: $789,1392015Assets 2016: $822,991Liabilities 2016: $56,721Net Assets 2016: $766,2702016Assets 2017: $796,644Liabilities 2017: $54,471Net Assets 2017: $742,1732017Assets 2018: $768,364Liabilities 2018: $57,715Net Assets 2018: $710,6492018Assets 2019: $502,629Liabilities 2019: $14,988Net Assets 2019: $487,6412019Assets 2020: $472,559Liabilities 2020: $11,627Net Assets 2020: $460,9322020Assets 2021: $442,357Liabilities 2021: $10,038Net Assets 2021: $432,3192021Assets 2022: $427,857Liabilities 2022: $36,458Net Assets 2022: $391,3992022Assets 2023: $414,817Liabilities 2023: $64,217Net Assets 2023: $350,6002023Assets 2024: $415,741Liabilities 2024: $136,749Net Assets 2024: $278,9922024

Highlighted filing

2023

Assets$414,817
Liabilities$64,217
Net Assets$350,600

Operations Trend

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

$200K$100K$0-$100KRevenue 2010: $47,866Expenses 2010: $94,816Net Income 2010: -$46,9502010Revenue 2011: $49,251Expenses 2011: $89,425Net Income 2011: -$40,1742011Expenses 2012: $96,6592012Revenue 2013: $66,280Expenses 2013: $89,232Net Income 2013: -$22,9522013Revenue 2014: $66,360Expenses 2014: $89,522Net Income 2014: -$23,1622014Revenue 2015: $62,991Expenses 2015: $95,268Net Income 2015: -$32,2772015Revenue 2016: $65,895Expenses 2016: $88,764Net Income 2016: -$22,8692016Revenue 2017: $67,669Expenses 2017: $91,766Net Income 2017: -$24,0972017Revenue 2018: $66,200Expenses 2018: $97,724Net Income 2018: -$31,5242018Revenue 2019: $65,223Expenses 2019: $102,945Net Income 2019: -$37,7222019Revenue 2020: $65,743Expenses 2020: $92,452Net Income 2020: -$26,7092020Revenue 2021: $64,107Expenses 2021: $92,720Net Income 2021: -$28,6132021Revenue 2022: $58,428Expenses 2022: $99,348Net Income 2022: -$40,9202022Revenue 2023: $62,043Expenses 2023: $102,842Net Income 2023: -$40,7992023Revenue 2024: $63,027Expenses 2024: $134,635Net Income 2024: -$71,6082024

Highlighted filing

2023

Revenue$62,043
Expenses$102,842
Net Income-$40,799
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Sep 17, 2024
Return Version
2023v5.1
Gross Receipts
$62,043
Mission and Program Overview

Mission

Elderly and handicapped housing.

To provide services to the poor, distressed and underprivileged low-income families and individuals by developing, acquiring, constructing, renovating, operating, maintaining and improving rental housing and facilitating home ownership opportunities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$293,586$251,710▼ $41,876
Cash and Non-Interest-Bearing Accounts$2,980$50,165▲ $47,185
Prepaid Expenses and Deferred Charges$2,258$8,645▲ $6,387
Accounts Receivable$32,594$1,494▼ $31,100
Total Assets$427,857$414,817▼ $13,040
Other Assets Total$96,439$102,803▲ $6,364
Liabilities
Accounts Payable and Accrued Expenses$33,667$61,995▲ $28,328
Escrow Account Liability$2,791$1,810▼ $981
Other Liabilities$0$412▲ $412
Total Liabilities$36,458$64,217▲ $27,759
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$391,399$350,600▼ $40,799
Total Net Assets Fund Balance$391,399$350,600▼ $40,799
Total Liabilities and Net Assets / Fund Balance$427,857$414,817▼ $13,040

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$241,404$869,321$1,110,725
Equipment$5,306$21,658$26,964
Land$5,000-$5,000
Other Assets Org$1,810--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Colleen McheardChairperson
Paul SalernoVice Chair
Damaris CarboneExecutive Director
Diane MadejSecretary
Richard DimatteoTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$28,524
Program Service Revenue
$27,596
Investment Income
$19
Other Revenue
$5,904
Change in Net Assets
$-40,799

Audited Revenue Reconciliation

Revenue per Audited Statements
$62,043
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$62,043
Total Revenue per Form 990
$62,043
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$92,504
Salaries, Compensation, and Employee Benefits$10,338
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$41,876--$41,876
Occupancy$10,951--$10,951
Fees for Services Other$6,119$3,764-$9,883
Insurance$8,696--$8,696
Other Salaries and Wages$4,851$1,931-$6,782
Other Employee Benefits-$3,556-$3,556
Fees for Services Management-$1,931-$1,931
Fees for Services Accounting-$918-$918
Other Expenses$2,265$655-$655
Total Functional Expenses$83,994$18,848$0$102,842

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$102,842
Total Expenses per Audited Statements$102,842
Total Expenses per Form 990$102,842
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
Prepaid Rent$412
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
No
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 company pays management fees equal to 6.68% of net rental collections to rivercrest development corporation, an affiliate of the company. Management fees for the year ended december 31, 2023 amounted to $1,931.

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

The company has no such committees.

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

The form 990 is reviewed by the management and presented to the board after filing.

Form 990, Part VI, Section C, Line 19

AVAILABLE UPON REQUEST

Filing and Contact Details

Filer

Filer Name
Rivercrest Commons Housing
EIN
20-0597209
Phone
5188422894
Address
52 DIVISION STREET, AMSTERDAM, NY 12010

Signing Officer

Name
Damaris Carbone
Title
Executive Director
Phone
5188422894
Signed
2024-09-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Damaris Carbone
Formed
2004
Legal Domicile
Ny
Voting Board Members
5
Independent Board Members
4
Employees
0
Volunteers
0

Preparer

Firm
Efpr Group Cpas Pllc
Address
6390 MAIN STREET SUITE 200, WILLIAMSVILLE, NY 14221
Preparer
David a Urban CPA
Phone
7166340700
Supplemental Narrative

Additional Explanations

FORM 990 PART XII, LINE 2C:

No change in audit selection or oversight during the current year.

Financial Statement Notes

PART IV, LINE 2B:

The escrow account liability on part x line 21 consists of tenant security deposits which are held in a separate bank account. The deposits are returned to the tenant upon termination of the lease.

PART X, LINE 2:

The company is exempt from income taxes under section 501(c)(3) of the internal revenue code (the code); therefore, no provision for income taxes is reflected in the financial statements. The company has been classified as a publicly supported organization that is not a private foundation under section 509(a) of the code. The company presently discloses or recognizes income tax positions based on managements estimate of whether it is reasonably possible or probable that a liability has been incurred for unrecognized income taxes. Management has concluded that the company has taken no uncertain tax positions that require adjustment in their financial statements. U.s. Forms 990 filed by the company are subject to examination by taxing authorities.

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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/AgentTrusteeEtcInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt0241404
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0869321
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt01110725
IRS990ScheduleD/EquipmentGrp/BookValueAmt05306
IRS990ScheduleD/EquipmentGrp/DepreciationAmt021658
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt026964
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0102842
IRS990ScheduleD/ExplanationProvidedInd0X
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd01
IRS990ScheduleD/LandGrp/BookValueAmt05000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt05000
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt057288
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt135074
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt28631
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt31810
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0RESERVE FOR REPLACEMENTS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1RESIDUAL RECEIPTS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2TAX AND INSURANCE ESCROW
IRS990ScheduleD/OtherAssetsOrgGrp/Desc3TENANTS' SECURITY DEPOSITS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0412
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0PREPAID RENT
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt062043
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ESCROW ACCOUNT LIABILITY ON PART X LINE 21 CONSISTS OF TENANT SECURITY DEPOSITS WHICH ARE HELD IN A SEPARATE BANK ACCOUNT. THE DEPOSITS ARE RETURNED TO THE TENANT UPON TERMINATION OF THE LEASE.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1THE COMPANY IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (THE CODE); THEREFORE, NO PROVISION FOR INCOME TAXES IS REFLECTED IN THE FINANCIAL STATEMENTS. THE COMPANY HAS BEEN CLASSIFIED AS A PUBLICLY SUPPORTED ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION UNDER SECTION 509(A) OF THE CODE. THE COMPANY PRESENTLY DISCLOSES OR RECOGNIZES INCOME TAX POSITIONS BASED ON MANAGEMENTS ESTIMATE OF WHETHER IT IS REASONABLY POSSIBLE OR PROBABLE THAT A LIABILITY HAS BEEN INCURRED FOR UNRECOGNIZED INCOME TAXES. MANAGEMENT HAS CONCLUDED THAT THE COMPANY HAS TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT IN THEIR FINANCIAL STATEMENTS. U.S. FORMS 990 FILED BY THE COMPANY ARE SUBJECT TO EXAMINATION BY TAXING AUTHORITIES.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART IV, LINE 2B:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0251710
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0102803
IRS990ScheduleD/TotalExpensesPerForm990Amt0102842
IRS990ScheduleD/TotalLiabilityAmt0412
IRS990ScheduleD/TotalRevenuePerForm990Amt062043
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt062043
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0102842
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE COMPANY PAYS MANAGEMENT FEES EQUAL TO 6.68% OF NET RENTAL COLLECTIONS TO RIVERCREST DEVELOPMENT CORPORATION, AN AFFILIATE OF THE COMPANY. MANAGEMENT FEES FOR THE YEAR ENDED DECEMBER 31, 2023 AMOUNTED TO $1,931.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE COMPANY HAS NO SUCH COMMITTEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE FORM 990 IS REVIEWED BY THE MANAGEMENT AND PRESENTED TO THE BOARD AFTER FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3AVAILABLE UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4NO CHANGE IN AUDIT SELECTION OR OVERSIGHT DURING THE CURRENT YEAR.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990 PART XII, LINE 2C:
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0NY
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0427857
IRS990/TotalAssetsEOYAmt0414817
IRS990/TotalAssetsGrp/BOYAmt0427857
IRS990/TotalAssetsGrp/EOYAmt0414817
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt028524
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt018848
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt083994
IRS990/TotalFunctionalExpensesGrp/TotalAmt0102842
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt036458
IRS990/TotalLiabilitiesEOYAmt064217
IRS990/TotalLiabilitiesGrp/BOYAmt036458
IRS990/TotalLiabilitiesGrp/EOYAmt064217
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0391399
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0350600
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt083994
IRS990/TotalProgramServiceRevenueAmt027596
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt05923
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt027596
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt062043
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0427857
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0414817
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt052 DIVISION STREET
IRS990/USAddress/CityNm0AMSTERDAM
IRS990/USAddress/StateAbbreviationCd0NY
IRS990/USAddress/ZIPCd012010
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt04
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02024-08-08 14:25:15Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0DAMARIS CARBONE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum05188422894
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-09-17
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0RIVERCREST COMMONS HOUSING
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0DEVELOPMENT FUND COMPANY INC
ReturnHeader/Filer/BusinessNameControlTxt0RIVE
ReturnHeader/Filer/EIN0200597209
ReturnHeader/Filer/PhoneNum05188422894
ReturnHeader/Filer/USAddress/AddressLine1Txt052 DIVISION STREET
ReturnHeader/Filer/USAddress/CityNm0AMSTERDAM
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
ReturnHeader/Filer/USAddress/ZIPCd012010
ReturnHeader/IRSResponsiblePrtyInfoCurrInd00
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0474526160
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0EFPR GROUP CPAS PLLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt06390 MAIN STREET SUITE 200
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0WILLIAMSVILLE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd014221
ReturnHeader/PreparerPersonGrp/PhoneNum07166340700
ReturnHeader/PreparerPersonGrp/PreparationDt02024-09-17
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0DAVID A URBAN CPA
ReturnHeader/ReturnTs02024-09-17T16:01:34-05:00
ReturnHeader/ReturnTypeCd0990

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$4.16$1.37$2.79$0.63$1.35$0.72
2023Detailed filing. Detailed filing data is available for this year.$4.15$0.64$3.51$0.62$1.03$0.41
2022Detailed filing. Detailed filing data is available for this year.$4.28$0.36$3.91$0.58$0.99$0.41
2021Detailed filing. Detailed filing data is available for this year.$4.42$0.10$4.32$0.64$0.93$0.29
2020Detailed filing. Detailed filing data is available for this year.$4.73$0.12$4.61$0.66$0.92$0.27
2019Detailed filing. Detailed filing data is available for this year.$5.03$0.15$4.88$0.65$1.03$0.38
2018Detailed filing. Detailed filing data is available for this year.$7.68$0.58$7.11$0.66$0.98$0.32
2017Detailed filing. Detailed filing data is available for this year.$7.97$0.54$7.42$0.68$0.92$0.24
2016Detailed filing. Detailed filing data is available for this year.$8.23$0.57$7.66$0.66$0.89$0.23
2015Detailed filing. Detailed filing data is available for this year.$8.32$0.43$7.89$0.63$0.95$0.32
2014Detailed filing. Detailed filing data is available for this year.$8.64$0.42$8.21$0.66$0.90$0.23
2013Detailed filing. Detailed filing data is available for this year.$8.85$0.40$8.45$0.66$0.89$0.23
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.12$0.44$8.68$0.97
2011Summary only. Only limited summary data is available for this year.$9.43$0.45$8.99$0.49$0.89$0.40
2010Summary only. Only limited summary data is available for this year.$9.80$0.41$9.39$0.48$0.95$0.47