Civic Intelligence

Rivertown Housing Development Fund Company Inc.

990 • Fiscal year 2023 • EIN 22-2767974

Jan 01, 2023 to Dec 31, 2023 • Filed on Sep 30, 2024

Organization ProfileWWW.RIVERTOWNHOUSING.ORG
19 Third StreetAthens, NY 12015

(518) 945-1751

Siviq Scores

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

Liabilities / Assets

88th percentile

1.69x

Higher debt load relative to assets than 88% of similar nonprofits.

2023 filings • NTEE L • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

80th percentile

7.61x

Higher debt load relative to revenue than 80% of similar nonprofits.

2023 filings • NTEE L • $1M-$5M nonprofits • Source year 2023

Net Margin

38th percentile

-15%

Higher net margin than 38% of similar nonprofits.

2023 filings • NTEE L • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

46th percentile

$0

Higher top officer pay than 46% of similar nonprofits.

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

2023 filings • NTEE L • $1M-$5M nonprofits • Source year 2023

Asset Growth

79th percentile

7.1%

Faster asset growth than 79% of similar nonprofits.

2023 filings • NTEE L • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

49th percentile

3.5%

Faster revenue growth than 49% of similar nonprofits.

2023 filings • NTEE L • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets88th percentile

Assets

Up

$1,763,264

Up $116,739 (+7.1%) from 2022

Net Assets

Down

-$1,220,776

Down $60,725 (-5.2%) from 2022

Liabilities

Up

$2,984,040

Up $177,464 (+6.3%) from 2022

Revenue And Expenses
Liabilities / Revenue80th percentileNet Margin38th percentile

Revenue

Up

$392,094

Up $13,111 (+3.5%) from 2022

Expenses

Up

$452,819

Up $21,133 (+4.9%) from 2022

Net Income

Down

-$60,725

Down $8,022 (-15%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth79th percentile

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

$4.0M$2.0M$0-$2.0MAssets 2011: $1,366,667Liabilities 2011: $2,090,176Net Assets 2011: -$723,5092011Assets 2012: $1,392,493Liabilities 2012: $2,094,574Net Assets 2012: -$702,0812012Assets 2013: $1,408,022Liabilities 2013: $2,102,102Net Assets 2013: -$694,0802013Assets 2014: $1,356,477Liabilities 2014: $2,176,972Net Assets 2014: -$820,4952014Assets 2015: $1,292,117Liabilities 2015: $2,161,507Net Assets 2015: -$869,3902015Assets 2016: $1,214,671Liabilities 2016: $2,140,576Net Assets 2016: -$925,9052016Assets 2017: $1,153,032Liabilities 2017: $2,148,487Net Assets 2017: -$995,4552017Assets 2018: $1,095,781Liabilities 2018: $2,125,759Net Assets 2018: -$1,029,9782018Assets 2019: $1,069,155Liabilities 2019: $2,102,072Net Assets 2019: -$1,032,9172019Assets 2020: $1,017,388Liabilities 2020: $2,077,448Net Assets 2020: -$1,060,0602020Assets 2021: $1,070,706Liabilities 2021: $2,178,054Net Assets 2021: -$1,107,3482021Assets 2022: $1,646,525Liabilities 2022: $2,806,576Net Assets 2022: -$1,160,0512022Assets 2023: $1,763,264Liabilities 2023: $2,984,040Net Assets 2023: -$1,220,7762023Assets 2024: $1,868,427Liabilities 2024: $3,163,851Net Assets 2024: -$1,295,4242024

Highlighted filing

2023

Assets$1,763,264
Liabilities$2,984,040
Net Assets-$1,220,776
Open 2023 Filing

Operations Trend

Revenue Growth49th percentile

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

$600K$400K$200K$0-$200KRevenue 2011: $414,113Expenses 2011: $450,225Net Income 2011: -$36,1122011Expenses 2012: $420,3982012Revenue 2013: $460,779Expenses 2013: $452,397Net Income 2013: $8,3822013Revenue 2014: $415,093Expenses 2014: $541,508Net Income 2014: -$126,4152014Revenue 2015: $399,833Expenses 2015: $448,728Net Income 2015: -$48,8952015Revenue 2016: $397,280Expenses 2016: $453,794Net Income 2016: -$56,5142016Revenue 2017: $392,848Expenses 2017: $462,398Net Income 2017: -$69,5502017Revenue 2018: $393,642Expenses 2018: $428,165Net Income 2018: -$34,5232018Revenue 2019: $405,526Expenses 2019: $408,465Net Income 2019: -$2,9392019Revenue 2020: $376,862Expenses 2020: $408,450Net Income 2020: -$31,5882020Revenue 2021: $365,894Expenses 2021: $413,182Net Income 2021: -$47,2882021Revenue 2022: $378,983Expenses 2022: $431,686Net Income 2022: -$52,7032022Revenue 2023: $392,094Expenses 2023: $452,819Net Income 2023: -$60,7252023Revenue 2024: $410,206Expenses 2024: $484,854Net Income 2024: -$74,6482024

Highlighted filing

2023

Revenue$392,094
Expenses$452,819
Net Income-$60,725
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Sep 30, 2024
Return Version
2023v5.0
Gross Receipts
$392,094
Mission and Program Overview

Mission

Low-income senior housing - to own, operate, and manage senior citizen apartment projects under fmha guidelines - 52 units.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,370,553$1,422,927▲ $52,374
Savings and Temporary Cash Investments$186,268$244,563▲ $58,295
Cash and Non-Interest-Bearing Accounts$86,588$90,364▲ $3,776
Prepaid Expenses and Deferred Charges$3,116$5,410▲ $2,294
Total Assets$1,646,525$1,763,264▲ $116,739
Liabilities
Mortgage Notes Payable Secured by Investment Property$2,754,257$2,931,018▲ $176,761
Accounts Payable and Accrued Expenses$39,142$39,845▲ $703
Deferred Revenue$13,177$13,177→ $0
Total Liabilities$2,806,576$2,984,040▲ $177,464
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-1,160,051$-1,220,776▼ $60,725
Total Net Assets Fund Balance$-1,160,051$-1,220,776▼ $60,725
Total Liabilities and Net Assets / Fund Balance$1,646,525$1,763,264▲ $116,739

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$435,746$1,753,757$2,189,503
Leasehold Improvements$133,532$702,940$836,472
Other Land Buildings$776,196-$776,196
Equipment$35,453$73,990$109,443
Land$42,000-$42,000
Compensation and Service Providers
Top Officer Pay46th percentile

Board Members and Trustees

NameTitle
Paul SalvinoPresident
Ed BloomerTrustee/dire
Tami BoneTrustee/dire
Barbara IraciSecretary
Mary BrandowTreasurer
Richard GoldenVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$190,400
Program Service Revenue
$164,069
Investment Income
$239
Other Revenue
$37,386
Change in Net Assets
$-60,725

Audited Revenue Reconciliation

Revenue per Audited Statements
$392,094
Total Revenue per Audited Statements
$392,094
Total Revenue per Form 990
$392,094
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$355,627
Salaries, Compensation, and Employee Benefits$97,192
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$103,816--$103,816
Interest$67,453--$67,453
Current Officers, Directors, Trustees, and Key Employees$7,924$51,390-$59,314
All Other Expenses$40,512--$40,512
Other Salaries and Wages$30,578--$30,578
Fees for Services Accounting-$20,914-$20,914
Insurance$19,205--$19,205
Other Expenses$13,416--$13,416
Payroll Taxes$3,369$3,931-$7,300
Office Expenses-$2,559-$2,559
Advertising$297--$297
Total Functional Expenses$374,025$78,794$0$452,819

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$452,819
Total Expenses per Audited Statements$452,819
Total Expenses per Form 990$452,819
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 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
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“A copy of the form and all appropriate schedules was sent to each board member for review and comment before filing.”

Form 990, Page 6, Part VI, Line 12C

“The written conflict of interest policy is in accordance with usda rural development guidelines and is monitored accordingly.”

Form 990, Page 6, Part VI, Line 15A

“Management salaries are calculated using formulas provided by usda rural development. In addition, formal budgets are approved by usda rural development.”

Form 990, Page 6, Part VI, Line 19

“The only activity of the organization is operation of usda rural development low-income housing. Accordingly, all governing documents and policies are published by usda and the organization directs the public to appropriate websites and/or offices. Financial statements are made available upon request.”

Filing and Contact Details

Filer

Filer Name
Rivertown Housing Development Fund
EIN
22-2767974
Phone
5189451751
Address
19 THIRD STREET, ATHENS, NY 12015

Signing Officer

Name
Paul Salvino
Title
President
Phone
5189451751
Signed
2024-09-30

Organization Details

Principal Officer
Paul Salvino
Formed
1986
Legal Domicile
Ny
Voting Board Members
6
Independent Board Members
6
Employees
3

Preparer

Firm
Accounting Offices of Tom Fucito CPA Pc
Address
PO BOX 897, CAIRO, NY 12413-0897
Preparer
Thomas Fucito CPA
Phone
5186222844
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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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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0205778
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt0935650
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt0979580
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0194990
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0205778
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IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt02189503
IRS990ScheduleD/EquipmentGrp/BookValueAmt035453
IRS990ScheduleD/EquipmentGrp/DepreciationAmt073990
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0109443
IRS990ScheduleD/ExpensesSubtotalAmt0452819
IRS990ScheduleD/LandGrp/BookValueAmt042000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt042000
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt0133532
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0702940
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0836472
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0776196
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0776196
IRS990ScheduleD/RevenueSubtotalAmt0392094
IRS990ScheduleD/TotalBookValueLandBuildingsAmt01422927
IRS990ScheduleD/TotalExpensesPerForm990Amt0452819
IRS990ScheduleD/TotalRevenuePerForm990Amt0392094
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0392094
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IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A COPY OF THE FORM AND ALL APPROPRIATE SCHEDULES WAS SENT TO EACH BOARD MEMBER FOR REVIEW AND COMMENT BEFORE FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE WRITTEN CONFLICT OF INTEREST POLICY IS IN ACCORDANCE WITH USDA RURAL DEVELOPMENT GUIDELINES AND IS MONITORED ACCORDINGLY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2MANAGEMENT SALARIES ARE CALCULATED USING FORMULAS PROVIDED BY USDA RURAL DEVELOPMENT. IN ADDITION, FORMAL BUDGETS ARE APPROVED BY USDA RURAL DEVELOPMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ONLY ACTIVITY OF THE ORGANIZATION IS OPERATION OF USDA RURAL DEVELOPMENT LOW-INCOME HOUSING. ACCORDINGLY, ALL GOVERNING DOCUMENTS AND POLICIES ARE PUBLISHED BY USDA AND THE ORGANIZATION DIRECTS THE PUBLIC TO APPROPRIATE WEBSITES AND/OR OFFICES. FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/SignificantNewProgramSrvcInd0false
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IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt01646525
IRS990/TotalAssetsEOYAmt01763264
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IRS990/TotalContributionsAmt0190400
IRS990/TotalEmployeeCnt03
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IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0374025
IRS990/TotalFunctionalExpensesGrp/TotalAmt0452819
IRS990/TotalGrossUBIAmt00
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IRS990/TotalLiabilitiesEOYAmt02984040
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IRS990/TotalLiabilitiesGrp/EOYAmt02984040
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IRS990/TotalProgramServiceExpensesAmt0374025
IRS990/TotalProgramServiceRevenueAmt0164069
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IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01763264
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt049 SALVINO DR
IRS990/USAddress/CityNm0ATHENS
IRS990/USAddress/StateAbbreviationCd0NY
IRS990/USAddress/ZIPCd012015
IRS990/VotingMembersGoverningBodyCnt06
IRS990/VotingMembersIndependentCnt06
IRS990/WebsiteAddressTxt0WWW.RIVERTOWNHOUSING.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02024-10-15 13:58:12Z
ReturnHeader/BusinessOfficerGrp/PersonNm0PAUL SALVINO
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum05189451751
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-09-30
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0RIVERTOWN HOUSING DEVELOPMENT FUND
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0CO INC
ReturnHeader/Filer/BusinessNameControlTxt0RIVE
ReturnHeader/Filer/EIN0222767974
ReturnHeader/Filer/PhoneNum05189451751
ReturnHeader/Filer/USAddress/AddressLine1Txt019 THIRD STREET
ReturnHeader/Filer/USAddress/CityNm0ATHENS
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
ReturnHeader/Filer/USAddress/ZIPCd012015
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0471943623
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0ACCOUNTING OFFICES OF TOM FUCITO CPA PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0PO BOX 897
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0CAIRO
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0124130897
ReturnHeader/PreparerPersonGrp/PhoneNum05186222844
ReturnHeader/PreparerPersonGrp/PreparationDt02024-09-30
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0THOMAS FUCITO CPA
ReturnHeader/ReturnTs02024-10-02T12:43:50-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-01-01
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,763,264
Liabilities
$2,984,040
Net assets
-$1,220,776
Revenue
$392,094
Expenses
$452,819
Net income
-$60,725
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.87$3.16$1.30$0.41$0.48$0.07
2023Detailed filing. Detailed filing data is available for this year.$1.76$2.98$1.22$0.39$0.45$0.06
2022Detailed filing. Detailed filing data is available for this year.$1.65$2.81$1.16$0.38$0.43$0.05
2021Detailed filing. Detailed filing data is available for this year.$1.07$2.18$1.11$0.37$0.41$0.05
2020Detailed filing. Detailed filing data is available for this year.$1.02$2.08$1.06$0.38$0.41$0.03
2019Detailed filing. Detailed filing data is available for this year.$1.07$2.10$1.03$0.41$0.41$0.00
2018Detailed filing. Detailed filing data is available for this year.$1.10$2.13$1.03$0.39$0.43$0.03
2017Detailed filing. Detailed filing data is available for this year.$1.15$2.15$1.00$0.39$0.46$0.07
2016Detailed filing. Detailed filing data is available for this year.$1.21$2.14$0.93$0.40$0.45$0.06
2015Detailed filing. Detailed filing data is available for this year.$1.29$2.16$0.87$0.40$0.45$0.05
2014Detailed filing. Detailed filing data is available for this year.$1.36$2.18$0.82$0.42$0.54$0.13
2013Detailed filing. Detailed filing data is available for this year.$1.41$2.10$0.69$0.46$0.45$0.01
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.39$2.09$0.70$0.42
2011Summary only. Only limited summary data is available for this year.$1.37$2.09$0.72$0.41$0.45$0.04