Civic Intelligence

Townsend Elderly Residences Inc C/O Rcap Solutions Inc

990 • Fiscal year 2015 • EIN 22-2619885

Nov 01, 2014 to Oct 31, 2015 • Filed on Jul 25, 2016

Organization ProfileN/A
205 School StreetGardner, MA 01440

(978) 630-6600

Siviq Scores

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

Liabilities / Assets

97th percentile

1.64x

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

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Liabilities / Revenue

95th percentile

5.36x

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

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Net Margin

36th percentile

-1.2%

Higher net margin than 36% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Top Officer Pay

35th percentile

$0

Higher top officer pay than 35% of similar nonprofits.

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

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Asset Growth

36th percentile

-2.1%

Faster asset growth than 36% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Revenue Growth

55th percentile

5.5%

Faster revenue growth than 55% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets97th percentile

Assets

Down

$2,068,985

Down $44,883 (-2.1%) from 2014

Net Assets

Down

-$1,330,891

Down $7,645 (-0.6%) from 2014

Liabilities

Down

$3,399,876

Down $37,238 (-1.1%) from 2014

Revenue And Expenses
Liabilities / Revenue95th percentileNet Margin36th percentile

Revenue

Up

$634,009

Up $33,048 (+5.5%) from 2014

Expenses

Down

$641,654

Down $83,923 (-12%) from 2014

Net Income

Up

-$7,645

Up $116,971 (+94%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth36th percentile

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

$4.0M$2.0M$0-$2.0MAssets 2010: $2,722,373Liabilities 2010: $3,632,547Net Assets 2010: -$910,1742010Assets 2011: $2,641,231Liabilities 2011: $3,598,812Net Assets 2011: -$957,5812011Assets 2012: $2,556,285Liabilities 2012: $3,564,065Net Assets 2012: -$1,007,7802012Assets 2013: $2,307,454Liabilities 2013: $3,506,084Net Assets 2013: -$1,198,6302013Assets 2014: $2,113,868Liabilities 2014: $3,437,114Net Assets 2014: -$1,323,2462014Assets 2015: $2,068,985Liabilities 2015: $3,399,876Net Assets 2015: -$1,330,8912015Assets 2016: $1,989,067Liabilities 2016: $3,332,953Net Assets 2016: -$1,343,8862016Assets 2017: $1,865,028Liabilities 2017: $3,231,744Net Assets 2017: -$1,366,7162017Assets 2018: $1,770,349Liabilities 2018: $3,145,615Net Assets 2018: -$1,375,2662018Assets 2019: $1,714,716Liabilities 2019: $3,093,277Net Assets 2019: -$1,378,5612019Assets 2020: $1,629,422Liabilities 2020: $3,001,492Net Assets 2020: -$1,372,0702020Assets 2021: $1,555,194Liabilities 2021: $2,919,696Net Assets 2021: -$1,364,5022021Assets 2022: $1,433,455Liabilities 2022: $2,829,450Net Assets 2022: -$1,395,9952022Assets 2023: $1,365,363Liabilities 2023: $2,712,989Net Assets 2023: -$1,347,6262023Assets 2024: $1,323,830Liabilities 2024: $2,647,311Net Assets 2024: -$1,323,4812024

Highlighted filing

2015

Assets$2,068,985
Liabilities$3,399,876
Net Assets-$1,330,891
Open 2015 Filing

Operations Trend

Revenue Growth55th percentile

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

$1.0M$500K$0-$500KExpenses 2010: $611,1042010Expenses 2011: $640,0702011Expenses 2012: $640,3112012Expenses 2013: $783,9032013Revenue 2014: $600,961Expenses 2014: $725,577Net Income 2014: -$124,6162014Revenue 2015: $634,009Expenses 2015: $641,654Net Income 2015: -$7,6452015Revenue 2016: $608,312Expenses 2016: $621,307Net Income 2016: -$12,9952016Revenue 2017: $623,433Expenses 2017: $646,263Net Income 2017: -$22,8302017Revenue 2018: $631,407Expenses 2018: $639,957Net Income 2018: -$8,5502018Revenue 2019: $648,919Expenses 2019: $652,214Net Income 2019: -$3,2952019Revenue 2020: $649,759Expenses 2020: $643,268Net Income 2020: $6,4912020Revenue 2021: $674,633Expenses 2021: $667,065Net Income 2021: $7,5682021Revenue 2022: $664,847Expenses 2022: $696,340Net Income 2022: -$31,4932022Revenue 2023: $724,719Expenses 2023: $676,350Net Income 2023: $48,3692023Revenue 2024: $748,682Expenses 2024: $724,537Net Income 2024: $24,1452024

Highlighted filing

2015

Revenue$634,009
Expenses$641,654
Net Income-$7,645
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Nov 1, 2014 to Oct 31, 2015
Signed
Jul 25, 2016
Return Version
2014v6.0
Gross Receipts
$634,009
Mission and Program Overview

Mission

To provide affordable residential housing for elderly persons in townsend, ma.

To acquire, construct, rehabilitate and operate 50 units of affordable residential housing for elderly persons in townsend, ma.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,982,744$1,882,115▼ $100,629
Cash and Non-Interest-Bearing Accounts$16,094$59,789▲ $43,695
Prepaid Expenses and Deferred Charges$23,325$23,982▲ $657
Accounts Receivable$216$5,519▲ $5,303
Total Assets$2,113,868$2,068,985▼ $44,883
Other Assets Total$91,489$97,580▲ $6,091
Liabilities
Mortgage Notes Payable Secured by Investment Property$3,385,905$3,317,081▼ $68,824
Accounts Payable and Accrued Expenses$34,073$63,896▲ $29,823
Escrow Account Liability$17,077$17,571▲ $494
Deferred Revenue$59$1,328▲ $1,269
Total Liabilities$3,437,114$3,399,876▼ $37,238
Net Assets / Fund Balance
Unrestricted Net Assets$-1,323,246$-1,330,891▼ $7,645
Total Net Assets Fund Balance$-1,323,246$-1,330,891▼ $7,645
Total Liabilities and Net Assets / Fund Balance$2,113,868$2,068,985▼ $44,883

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,774,678$2,174,005$3,948,683
Equipment$33,514$70,326$103,840
Land$69,924-$69,924
Other Land Buildings$3,999$5,858$9,857
Compensation and Service Providers
Top Officer Pay35th percentile

Board Members and Trustees

NameTitle
Linda a KirwanPresident/treasurer
David ProfitDirector
Faith K LaksoDirector
Janet M WessonDirector
Janis C ConlonDirector
Linda L HargravesDirector
Deborah FoleyClerk/resident Agent

Highest Paid Contractors

ContractorServicesLocationCompensation
Rcap Solutions INCManagement Services205 SCHOOL STREET, Gardner, MA 01440$178,966
Revenue and Support

Revenue Composition

Contributions and Grants
$404,409
Program Service Revenue
$203,913
Investment Income
$24
Other Revenue
$25,663
Change in Net Assets
$-7,645

Audited Revenue Reconciliation

Revenue per Audited Statements
$634,009
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$634,009
Total Revenue per Form 990
$634,009
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$641,654
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$317,806--$317,806
Fees for Services Other$105,180--$105,180
Depreciation Depletion$103,803--$103,803
Fees for Services Management$41,250--$41,250
Office Expenses$14,000--$14,000
Fees for Services Accounting$8,525--$8,525
Insurance$2,512--$2,512
Conferences and Meetings$923--$923
Other Expenses$267--$267
Fees for Services Legal$231--$231
Total Functional Expenses$641,654$0$0$641,654

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$641,654
Total Expenses per Audited Statements$641,654
Total Expenses per Form 990$641,654
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
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
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

“The corporation incurred and paid a management fee of $41,250 for the year ended october 31, 2015 due to rcap. The management fee is equal to 6.75% of total rent collections plus authorized residual receipts account releases used to offset the hap subsidy. The agreement is in effect until canceled by hud, the corporation or rcap.”

Form 990, Part VI, Section B, Line 11

“The management company cfo works closely with the cpa firm and provide information necessary to complete the 990. The 990 is discussed with the townsend board, highlighting the importance of compliance with irs regulations as it is presented on the 990. The form is electronically sent to the board of directors once completed by the cpa firm.”

Form 990, Part VI, Section C, Line 19

“A copy of the financial statements and governing documents are made available to the public when requested in writing. Requests should be directed to the president of the board of the directors. In addition the form 990 is available at the massachusetts attorney general's website.”

Filing and Contact Details

Filer

Filer Name
Townsend Elderly Residences Inc
EIN
22-2619885
Phone
9786306600
Address
205 SCHOOL STREET, GARDNER, MA 01440

Signing Officer

Name
Linda Kirwan
Title
President/treasurer
Phone
9786306600
Signed
2016-07-25
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Linda Kirwan
Formed
1985
Legal Domicile
Ma
Voting Board Members
5
Independent Board Members
5
Employees
0
Volunteers
0

Preparer

Firm
Kevin P Martin Associates Pc
Address
10 FORBES WEST, BRAINTREE, MA 02184
Preparer
Jolanta Tuck CPA
Phone
7813803520
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Management services: program service expenses 105,180. Management and general expenses 0. Fundraising expenses 0. Total expenses 105,180.”

Financial Statement Notes

PART IV, LINE 2B:

“The tenant security deposits are held in a separate bank account. Policy is to collect a security deposit of up to one month's rent from the tenant. Upon termination of the lease, the security deposits can be used to pay for damages caused by the tenant or used against unpaid receivables with the remaining balance being refunded to the tenant.”

PART X, LINE 2:

“Gaap prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. For the year ended october 31, 2015, the corporation has determined that it has not taken any tax positions which would result in an uncertainty requiring recognition in the accompanying financial statements. The corporation recognizes interest and penalties, if any, related to unrecognized tax benefits in interest expense. Generally, the corporation's information returns remain open for possible federal income tax examination for three years after the filing date. The corporation is not currently under examination by any taxing jurisdiction.”

Raw XML AppendixShowing 400 of 434 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/PYProgramServiceRevenueAmt0208733
IRS990/PYRevenuesLessExpensesAmt0-124616
IRS990/PYSalariesCompEmpBnftPaidAmt00
IRS990/PYTotalExpensesAmt0725577
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0600961
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0-7645
IRS990/RegularMonitoringEnfrcInd00
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt0229576
IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/TotalAmt00
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearAmt0404409
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus1YearAmt0389179
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus2YearsAmt0393513
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus3YearsAmt0399889
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus4YearsAmt0394050
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/TotalAmt01981040
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearAmt024
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus1YearAmt043
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus2YearsAmt046
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus3YearsAmt0183
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus4YearsAmt0432
IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt0728
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt0203913
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt0208733
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt0196925
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt0187527
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt0190721
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt0987819
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt024
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt043
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus2YearsAmt046
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus3YearsAmt0183
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus4YearsAmt0432
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt0728
IRS990ScheduleA/InvestmentIncomeCYPct00.00020
IRS990ScheduleA/InvestmentIncomePYPct00.00050
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearAmt025663
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus1YearAmt03006
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus2YearsAmt02569
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus3YearsAmt02513
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus4YearsAmt07460
IRS990ScheduleA/OtherIncome509Grp/TotalAmt041211
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportCY509Pct00.98610
IRS990ScheduleA/PublicSupportPY509Pct00.99340
IRS990ScheduleA/PublicSupportTotal509Amt02968859
IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/TotalAmt00
IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind0X
IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt0608322
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt0597912
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt0590438
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt0587416
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt0584771
IRS990ScheduleA/Total509Grp/TotalAmt02968859
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt0634009
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt0600961
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt0593053
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0590112
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt0592663
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt03010798
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/AgentTrusteeEtcInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt01774678
IRS990ScheduleD/BuildingsGrp/DepreciationAmt02174005
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt03948683
IRS990ScheduleD/EquipmentGrp/BookValueAmt033514
IRS990ScheduleD/EquipmentGrp/DepreciationAmt070326
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0103840
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0641654
IRS990ScheduleD/ExplanationProvidedInd0X
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd01
IRS990ScheduleD/LandGrp/BookValueAmt069924
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt069924
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt03999
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt05858
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt09857
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0634009
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE TENANT SECURITY DEPOSITS ARE HELD IN A SEPARATE BANK ACCOUNT. POLICY IS TO COLLECT A SECURITY DEPOSIT OF UP TO ONE MONTH'S RENT FROM THE TENANT. UPON TERMINATION OF THE LEASE, THE SECURITY DEPOSITS CAN BE USED TO PAY FOR DAMAGES CAUSED BY THE TENANT OR USED AGAINST UNPAID RECEIVABLES WITH THE REMAINING BALANCE BEING REFUNDED TO THE TENANT.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1GAAP PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. FOR THOSE BENEFITS TO BE RECOGNIZED, A TAX POSITION MUST BE MORE-LIKELY-THAN-NOT TO BE SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. FOR THE YEAR ENDED OCTOBER 31, 2015, THE CORPORATION HAS DETERMINED THAT IT HAS NOT TAKEN ANY TAX POSITIONS WHICH WOULD RESULT IN AN UNCERTAINTY REQUIRING RECOGNITION IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE CORPORATION RECOGNIZES INTEREST AND PENALTIES, IF ANY, RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST EXPENSE. GENERALLY, THE CORPORATION'S INFORMATION RETURNS REMAIN OPEN FOR POSSIBLE FEDERAL INCOME TAX EXAMINATION FOR THREE YEARS AFTER THE FILING DATE. THE CORPORATION IS NOT CURRENTLY UNDER EXAMINATION BY ANY TAXING JURISDICTION.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART IV, LINE 2B:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt01882115
IRS990ScheduleD/TotalExpensesPerForm990Amt0641654
IRS990ScheduleD/TotalRevenuePerForm990Amt0634009
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0634009
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0641654
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE CORPORATION INCURRED AND PAID A MANAGEMENT FEE OF $41,250 FOR THE YEAR ENDED OCTOBER 31, 2015 DUE TO RCAP. THE MANAGEMENT FEE IS EQUAL TO 6.75% OF TOTAL RENT COLLECTIONS PLUS AUTHORIZED RESIDUAL RECEIPTS ACCOUNT RELEASES USED TO OFFSET THE HAP SUBSIDY. THE AGREEMENT IS IN EFFECT UNTIL CANCELED BY HUD, THE CORPORATION OR RCAP.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE MANAGEMENT COMPANY CFO WORKS CLOSELY WITH THE CPA FIRM AND PROVIDE INFORMATION NECESSARY TO COMPLETE THE 990. THE 990 IS DISCUSSED WITH THE TOWNSEND BOARD, HIGHLIGHTING THE IMPORTANCE OF COMPLIANCE WITH IRS REGULATIONS AS IT IS PRESENTED ON THE 990. THE FORM IS ELECTRONICALLY SENT TO THE BOARD OF DIRECTORS ONCE COMPLETED BY THE CPA FIRM.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2A COPY OF THE FINANCIAL STATEMENTS AND GOVERNING DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC WHEN REQUESTED IN WRITING. REQUESTS SHOULD BE DIRECTED TO THE PRESIDENT OF THE BOARD OF THE DIRECTORS. IN ADDITION THE FORM 990 IS AVAILABLE AT THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3MANAGEMENT SERVICES: PROGRAM SERVICE EXPENSES 105,180. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 105,180.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART IX, LINE 11G
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0MA
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt02113868
IRS990/TotalAssetsEOYAmt02068985
IRS990/TotalAssetsGrp/BOYAmt02113868
IRS990/TotalAssetsGrp/EOYAmt02068985
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0404409
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0641654
IRS990/TotalFunctionalExpensesGrp/TotalAmt0641654
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt03437114
IRS990/TotalLiabilitiesEOYAmt03399876
IRS990/TotalLiabilitiesGrp/BOYAmt03437114
IRS990/TotalLiabilitiesGrp/EOYAmt03399876
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-1323246
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-1330891
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0641654
IRS990/TotalProgramServiceRevenueAmt0203913
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt024
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0229576
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0634009
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt02113868
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt02068985
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0-1323246
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0-1330891
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0205 SCHOOL STREET
IRS990/USAddress/CityNm0GARDNER
IRS990/USAddress/StateAbbreviationCd0MA

Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,068,985
Liabilities
$3,399,876
Net assets
-$1,330,891
Revenue
$634,009
Expenses
$641,654
Net income
-$7,645
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.32$2.65$1.32$0.75$0.72$0.02
2023Detailed filing. Detailed filing data is available for this year.$1.37$2.71$1.35$0.72$0.68$0.05
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.43$2.83$1.40$0.66$0.70$0.03
2021Detailed filing. Detailed filing data is available for this year.$1.56$2.92$1.36$0.67$0.67$0.01
2020Detailed filing. Detailed filing data is available for this year.$1.63$3.00$1.37$0.65$0.64$0.01
2019Detailed filing. Detailed filing data is available for this year.$1.71$3.09$1.38$0.65$0.65$0.00
2018Detailed filing. Detailed filing data is available for this year.$1.77$3.15$1.38$0.63$0.64$0.01
2017Detailed filing. Detailed filing data is available for this year.$1.87$3.23$1.37$0.62$0.65$0.02
2016Detailed filing. Detailed filing data is available for this year.$1.99$3.33$1.34$0.61$0.62$0.01
2015Detailed filing. Detailed filing data is available for this year.$2.07$3.40$1.33$0.63$0.64$0.01
2014Detailed filing. Detailed filing data is available for this year.$2.11$3.44$1.32$0.60$0.73$0.12
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.31$3.51$1.20$0.78
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.56$3.56$1.01$0.64
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.64$3.60$0.96$0.64
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.72$3.63$0.91$0.61