Civic Intelligence

Worcester Community Housing Resources Inc.

990 • Fiscal year 2021 • EIN 22-2719744

Jan 01, 2021 to Dec 31, 2021 • Filed on Jun 28, 2022

Organization ProfileWCHR.ORG
11 Pleasant Street 300Worcester, MA 01609

(508) 799-0322

Siviq Scores

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

Liabilities / Assets

46th percentile

0.17x

Higher debt load relative to assets than 46% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Liabilities / Revenue

87th percentile

1.93x

Higher debt load relative to revenue than 87% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Net Margin

57th percentile

15%

Higher net margin than 57% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Top Officer Pay

26th percentile

$160,461

Higher top officer pay than 26% of similar nonprofits.

Top officer pay equals 7.2% of source-year revenue.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Asset Growth

14th percentile

-2.4%

Faster asset growth than 14% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2020 to 2021

Revenue Growth

42nd percentile

7.6%

Faster revenue growth than 42% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets46th percentile

Assets

Down

$25,013,732

Down $623,921 (-2.4%) from 2020

Net Assets

Down

$20,694,784

Down $128,760 (-0.6%) from 2020

Liabilities

Down

$4,318,948

Down $495,161 (-10%) from 2020

Revenue And Expenses
Liabilities / Revenue87th percentileNet Margin57th percentile

Revenue

Up

$2,233,936

Up $158,580 (+7.6%) from 2020

Expenses

Down

$1,892,514

Down $158,344 (-7.7%) from 2020

Net Income

Up

$341,422

Up $316,924 (+1294%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth14th percentile

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

$30M$20M$10M$0Assets 2010: $7,387,821Liabilities 2010: $5,936,511Net Assets 2010: $1,451,3102010Assets 2011: $21,254,459Liabilities 2011: $20,115,658Net Assets 2011: $1,138,8012011Assets 2012: $24,846,137Liabilities 2012: $6,098,722Net Assets 2012: $18,747,4152012Assets 2013: $23,658,131Liabilities 2013: $4,345,535Net Assets 2013: $19,312,5962013Assets 2014: $23,071,882Liabilities 2014: $3,644,827Net Assets 2014: $19,427,0552014Assets 2015: $22,657,608Liabilities 2015: $2,960,833Net Assets 2015: $19,696,7752015Assets 2016: $22,836,323Liabilities 2016: $2,736,189Net Assets 2016: $20,100,1342016Assets 2017: $23,473,245Liabilities 2017: $3,218,382Net Assets 2017: $20,254,8632017Assets 2018: $27,015,023Liabilities 2018: $5,582,173Net Assets 2018: $21,432,8502018Assets 2019: $26,528,608Liabilities 2019: $5,729,562Net Assets 2019: $20,799,0462019Assets 2020: $25,637,653Liabilities 2020: $4,814,109Net Assets 2020: $20,823,5442020Assets 2021: $25,013,732Liabilities 2021: $4,318,948Net Assets 2021: $20,694,7842021Assets 2022: $24,267,608Liabilities 2022: $3,993,808Net Assets 2022: $20,273,8002022Assets 2023: $25,920,232Liabilities 2023: $4,273,899Net Assets 2023: $21,646,3332023

Highlighted filing

2021

Assets$25,013,732
Liabilities$4,318,948
Net Assets$20,694,784
Open 2021 Filing

Operations Trend

Revenue Growth42nd percentile

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

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $1,332,5472010Expenses 2011: $1,522,6962011Expenses 2012: $1,515,1472012Revenue 2013: $1,673,773Expenses 2013: $1,348,528Net Income 2013: $325,2452013Revenue 2014: $1,578,552Expenses 2014: $1,464,093Net Income 2014: $114,4592014Revenue 2015: $1,706,661Expenses 2015: $1,436,941Net Income 2015: $269,7202015Revenue 2016: $1,877,411Expenses 2016: $1,474,053Net Income 2016: $403,3582016Revenue 2017: $1,740,848Expenses 2017: $1,586,119Net Income 2017: $154,7292017Revenue 2018: $1,929,345Expenses 2018: $1,722,141Net Income 2018: $207,2042018Revenue 2019: $1,859,772Expenses 2019: $2,455,407Net Income 2019: -$595,6352019Revenue 2020: $2,075,356Expenses 2020: $2,050,858Net Income 2020: $24,4982020Revenue 2021: $2,233,936Expenses 2021: $1,892,514Net Income 2021: $341,4222021Revenue 2022: $1,872,287Expenses 2022: $2,293,271Net Income 2022: -$420,9842022Revenue 2023: $4,245,225Expenses 2023: $2,872,692Net Income 2023: $1,372,5332023

Highlighted filing

2021

Revenue$2,233,936
Expenses$1,892,514
Net Income$341,422
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Jun 28, 2022
Return Version
2021v4.0
Gross Receipts
$2,446,857
Mission and Program Overview

Mission

Worcester community housing resources' mission is to help create and preserve affordable housing and to initiate and support neighborhood revitalization in the greater worcester area. Since 1994 we have proven ourselves to be a successful organization that meets its mission by development of our own projects and utilizing our loan fund to help meet the financial needs of other affordable housing developers. Our services are targeted to low and moderate income individuals in the great worcester area.

Our mission is to help create and preserve affordable housing and to initiate and support neighborhood revitalization in the greater Worcester area.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$5,018,745$4,905,164▼ $113,581
Other Notes and Loans Receivable, Net$2,226,436$2,007,346▼ $219,090
Cash and Non-Interest-Bearing Accounts$875,953$797,867▼ $78,086
Accounts Receivable$156,282$176,801▲ $20,519
Investments in Publicly Traded Securities$107,983$107,994▲ $11
Prepaid Expenses and Deferred Charges$122,325$82,907▼ $39,418
Savings and Temporary Cash Investments$9,741$9,685▼ $56
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$25,637,653$25,013,732▼ $623,921
Other Assets Total$17,120,188$16,925,968▼ $194,220
Liabilities
Mortgage Notes Payable Secured by Investment Property$3,463,124$3,351,425▼ $111,699
Other Liabilities$1,270,213$885,125▼ $385,088
Accounts Payable and Accrued Expenses$80,772$82,398▲ $1,626
Total Liabilities$4,814,109$4,318,948▼ $495,161
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$20,004,723$19,212,493▼ $792,230
Net Assets With Donor Restrictions$818,821$1,482,291▲ $663,470
Total Net Assets Fund Balance$20,823,544$20,694,784▼ $128,760
Total Liabilities and Net Assets / Fund Balance$25,637,653$25,013,732▼ $623,921

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$4,263,287$3,392,088$7,655,375
Land$629,892-$629,892
Other Land Buildings$11,985$22,350$34,335
Other Assets Org$57,204--
Compensation and Service Providers
Top Officer Pay26th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jennifer Schanck-bolwellExecutive DirectorFT$130,606$29,855$160,461
Andrew HowarthDirector of Devel.FT$112,574$12,005$124,579

Board Members and Trustees

NameTitle
James HayesPresident
Elizabeth SanningVice President
Arlette M LynchDirector
Caleb CookDirector
Clara SavageDirector
Gary MacconnellDirector
George CoxDirector
Indrek ButtnerDirector
Jane LorangerDirector
John P FoleyDirector
Karen CarreiroDirector
Keith NisbetDirector
Kenneth MudieDirector
Kwasi SarpongDirector
Michael ComiskeyDirector
Steven GrocciaDirector
Susan IsabelleDirector
Timothy C GrinhamDirector
Lynda K MonahanTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,111,373
Program Service Revenue
$1,062,007
Investment Income
$60,556
Other Revenue
$0
All Other Contributions
$1,111,373
Change in Net Assets
$341,422

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,233,936
Total Revenue per Audited Statements
$2,233,936
Total Revenue per Form 990
$2,233,936
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,166,970
Salaries, Compensation, and Employee Benefits$725,544
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$396,876$26,122-$422,998
Occupancy$240,574$57,400-$297,974
Depreciation Depletion$268,466$2,254-$270,720
Current Officers, Directors, Trustees, and Key Employees$122,613$7,993-$130,606
Other Employee Benefits$111,968$7,353-$119,321
Insurance$87,518$4,614-$92,132
Interest$84,148--$84,148
Payroll Taxes$49,376$3,243-$52,619
Office Expenses$22,516$25,353-$47,869
All Other Expenses$25,322$2,942-$28,264
Other Expenses$18,735$7,725-$18,735
Advertising$2,715$5,872-$8,587
Travel$1,343$405-$1,748
Total Functional Expenses$1,735,458$157,056$0$1,892,514

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,892,514
Total Expenses per Audited Statements$1,892,514
Total Expenses per Form 990$1,892,514
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Contingent Loans$547,060
Deferred Fees$219,282
Due to Attorney Generals Office$61,579
Tenant Security Deposits$57,204
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
No
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

“The board of directors receive the completed form 990 to review and the board submits questions to the executive director. Once all questions are adequately addressed, the board approves the form 990 to be filed with the irs.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“The board reviews and monitors the conflict of interest policy.”

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

“The board review, monitors and approves all executive compensation.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“The board review, monitors and approves all key employees compensation.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“All governing documents, conflict of interest policy, and fiancial statements are available during normal working hours upon request.”

Filing and Contact Details

Filer

Filer Name
Worcester Comm Housing Resource Inc
EIN
22-2719744
Phone
5087990322
Address
11 PLEASANT STREET 300, WORCESTER, MA 01609

Signing Officer

Name
James Hayes
Title
President
Signed
2022-06-28
Discuss with paid preparer
Yes

Organization Details

Formed
1988
Legal Domicile
Ma
Voting Board Members
19
Independent Board Members
19
Employees
8

Preparer

Firm
Houssan & Ojerholm Pc
Address
333 SHREWSBURY STREET, WORCESTER, MA 01604
Preparer
Michael E Houssan CPA
Phone
5087919501
Supplemental Narrative

Additional Explanations

Other Changes In Net Assets Or Fund Balances - Other Decreases

“TO = -$470182”

Part 12, Part XII, Financial Statements & Reporting Question 2

“The audit committee is charged with the oversight and governance of the audit.”

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Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$25,013,732
Liabilities
$4,318,948
Net assets
$20,694,784
Revenue
$2,233,936
Expenses
$1,892,514
Net income
$341,422
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Summary only. Only limited summary data is available for this year.$25.9$4.27$21.6$4.25$2.87$1.37
2022Summary only. Only limited summary data is available for this year.$24.3$3.99$20.3$1.87$2.29$0.42
2021Detailed filing. Detailed filing data is available for this year.$25.0$4.32$20.7$2.23$1.89$0.34
2020Summary only. Only limited summary data is available for this year.$25.6$4.81$20.8$2.08$2.05$0.02
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$26.5$5.73$20.8$1.86$2.46$0.60
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$27.0$5.58$21.4$1.93$1.72$0.21
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$23.5$3.22$20.3$1.74$1.59$0.15
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$22.8$2.74$20.1$1.88$1.47$0.40
2015Detailed filing. Detailed filing data is available for this year.$22.7$2.96$19.7$1.71$1.44$0.27
2014Detailed filing. Detailed filing data is available for this year.$23.1$3.64$19.4$1.58$1.46$0.11
2013Detailed filing. Detailed filing data is available for this year.$23.7$4.35$19.3$1.67$1.35$0.33
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$24.8$6.10$18.7$1.52
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$21.3$20.1$1.14$1.52
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.39$5.94$1.45$1.33