Civic Intelligence

Providence Northstar Housing Development Fund Corporation

990 • Fiscal year 2015 • EIN 20-1230703

Jan 01, 2015 to Dec 31, 2015 • Filed on Jun 27, 2016

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

95th percentile

1.23x

Higher debt load relative to assets than 95% of similar nonprofits.

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

Liabilities / Revenue

98th percentile

8.99x

Higher debt load relative to revenue than 98% of similar nonprofits.

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

Net Margin

7th percentile

-44%

Higher net margin than 7% of similar nonprofits.

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

Top Officer Pay

89th percentile

$104,681

Higher top officer pay than 89% of similar nonprofits.

Top officer pay equals 125.8% of source-year revenue.

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

Asset Growth

34th percentile

-2.8%

Faster asset growth than 34% of similar nonprofits.

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

Revenue Growth

43rd percentile

0.3%

Faster revenue growth than 43% of similar nonprofits.

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

Assets

Down

$605,894

Down $17,330 (-2.8%) from 2014

Net Assets

Down

-$142,212

Down $36,614 (-35%) from 2014

Liabilities

Up

$748,106

Up $19,284 (+2.6%) from 2014

Revenue

Up

$83,219

Up $240 (+0.3%) from 2014

Expenses

Up

$119,833

Up $20,778 (+21%) from 2014

Net Income

Down

-$36,614

Down $20,538 (-128%) from 2014

Historical Trend

Balance Sheet Trend

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

$1.0M$500K$0-$500KAssets 2012: $684,797Liabilities 2012: $759,974Net Assets 2012: -$75,1772012Assets 2013: $651,409Liabilities 2013: $740,931Net Assets 2013: -$89,5222013Assets 2014: $623,224Liabilities 2014: $728,822Net Assets 2014: -$105,5982014Assets 2015: $605,894Liabilities 2015: $748,106Net Assets 2015: -$142,2122015Assets 2016: $582,856Liabilities 2016: $729,184Net Assets 2016: -$146,3282016Assets 2017: $561,845Liabilities 2017: $715,639Net Assets 2017: -$153,7942017Assets 2018: $538,004Liabilities 2018: $691,505Net Assets 2018: -$153,5012018Assets 2019: $523,215Liabilities 2019: $680,765Net Assets 2019: -$157,5502019Assets 2020: $501,597Liabilities 2020: $399,224Net Assets 2020: $102,3732020Assets 2021: $298,632Liabilities 2021: $115,996Net Assets 2021: $182,6362021Assets 2022: $244,784Liabilities 2022: $39,112Net Assets 2022: $205,6722022Assets 2023: $204,615Liabilities 2023: $0Net Assets 2023: $204,6152023Assets 2024: $203,595Liabilities 2024: $0Net Assets 2024: $203,5952024

Highlighted filing

2015

Assets$605,894
Liabilities$748,106
Net Assets-$142,212

Operations Trend

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

$400K$200K$0-$200KRevenue 2012: $93,254Expenses 2012: $105,285Net Income 2012: -$12,0312012Revenue 2013: $81,742Expenses 2013: $96,087Net Income 2013: -$14,3452013Revenue 2014: $82,979Expenses 2014: $99,055Net Income 2014: -$16,0762014Revenue 2015: $83,219Expenses 2015: $119,833Net Income 2015: -$36,6142015Revenue 2016: $99,855Expenses 2016: $103,971Net Income 2016: -$4,1162016Revenue 2017: $97,986Expenses 2017: $105,452Net Income 2017: -$7,4662017Revenue 2018: $108,875Expenses 2018: $108,582Net Income 2018: $2932018Revenue 2019: $109,357Expenses 2019: $113,406Net Income 2019: -$4,0492019Revenue 2020: $381,886Expenses 2020: $121,963Net Income 2020: $259,9232020Revenue 2021: $168,082Expenses 2021: $87,819Net Income 2021: $80,2632021Revenue 2022: $45,728Expenses 2022: $22,692Net Income 2022: $23,0362022Revenue 2023: $0Expenses 2023: $1,057Net Income 2023: -$1,0572023Revenue 2024: $0Expenses 2024: $1,020Net Income 2024: -$1,0202024

Highlighted filing

2015

Revenue$83,219
Expenses$119,833
Net Income-$36,614
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Jun 27, 2016
Return Version
2015v2.1
Gross Receipts
$83,219
Mission and Program Overview

Mission

Provide quality affordable housing to low income families.

Operating 11 apartments for low income individuals in the City of Rochester.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$591,474$577,385▼ $14,089
Cash and Non-Interest-Bearing Accounts$6,373$7,439▲ $1,066
Prepaid Expenses and Deferred Charges$2,610$1,501▼ $1,109
Accounts Receivable$3,106$402▼ $2,704
Total Assets$623,224$605,894▼ $17,330
Other Assets Total$19,661$19,167▼ $494
Liabilities
Mortgage Notes Payable Secured by Investment Property$682,208$667,444▼ $14,764
Other Liabilities$29,235$59,326▲ $30,091
Accounts Payable and Accrued Expenses$12,854$15,616▲ $2,762
Escrow Account Liability$4,525$5,720▲ $1,195
Total Liabilities$728,822$748,106▲ $19,284
Net Assets / Fund Balance
Unrestricted Net Assets$-105,598$-142,212▼ $36,614
Total Net Assets Fund Balance$-105,598$-142,212▼ $36,614
Total Liabilities and Net Assets / Fund Balance$623,224$605,894▼ $17,330

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$576,885$300,807$877,692
Equipment$0$2,000$2,000
Land$500-$500
Compensation and Service Providers

Employees

NameTitleOtherTotal
Helen BianchiSecretary$104,681$104,681
Mark GreisbergerVice President$41,293$41,293
Dan SturgisTreasurer$22,484$22,484

Board Members and Trustees

NameTitle
Jack BalinskyPresident
Father Robert RingDirector
Lisa PasseroDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$69,431
Investment Income
$0
Other Revenue
$13,788
Change in Net Assets
$-36,614
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$119,833
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
Occupancy$50,857--$50,857
Depreciation Depletion$30,569--$30,569
Fees for Services Other$12,099--$12,099
Fees for Services Management-$7,233-$7,233
Interest$3,821--$3,821
Insurance$2,837--$2,837
Office Expenses-$2,734-$2,734
Fees for Services Accounting-$2,540-$2,540
Fees for Services Legal-$950-$950
Travel$624--$624
Other Expenses$217$5,338-$217
Advertising$14--$14
Total Functional Expenses$101,038$18,795$0$119,833
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 Affiliate$59,326
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 11

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 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 Northstar Housing Development Fund Corporation 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 Northstar Housing
EIN
20-1230703
Phone
5853283210
Address
1150 Buffalo Road, Rochester, NY 14624

Signing Officer

Name
Mark Greisberger
Title
Vice President
Phone
5853283210
Signed
2016-06-27
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mark Greisberger
Formed
2005
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 Administrative Services: Program service expenses 12,099. Management and general expenses 0. Fundraising expenses 0. Total expenses 12,099.

Financial Statement Notes

Part IV, Line 2B:

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

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IRS990ScheduleD/BuildingsGrp/BookValueAmt0576885
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0300807
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0877692
IRS990ScheduleD/EquipmentGrp/BookValueAmt00
IRS990ScheduleD/EquipmentGrp/DepreciationAmt02000
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt02000
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IRS990ScheduleD/LandGrp/BookValueAmt0500
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0500
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt059326
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Due to Affiliate
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The escrow represents security deposits held for the Organization's tenants.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part IV, Line 2b:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0577385
IRS990ScheduleD/TotalLiabilityAmt059326
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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 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 Northstar Housing Development Fund Corporation 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 Administrative Services: Program service expenses 12,099. Management and general expenses 0. Fundraising expenses 0. Total expenses 12,099.
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 11
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
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt0Providence Housing Development Corporation
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