Civic Intelligence

West Elmwood Housing Development Corp

990 • Fiscal year 2020 • EIN 23-7138165

Jan 01, 2020 to Dec 31, 2020 • Filed on Oct 15, 2021

224 Dexter StreetProvidence, RI 02907

(401) 453-3220

Siviq Scores

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

Liabilities / Assets

73rd percentile

0.33x

Higher debt load relative to assets than 73% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

73rd percentile

0.39x

Higher debt load relative to revenue than 73% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Net Margin

60th percentile

11%

Higher net margin than 60% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

37th percentile

$0

Higher top officer pay than 37% of similar nonprofits.

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

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Asset Growth

53rd percentile

7.4%

Faster asset growth than 53% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Revenue Growth

89th percentile

65%

Faster revenue growth than 89% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Assets

Up

$2,957,242

Up $203,022 (+7.4%) from 2019

Net Assets

Up

$1,976,832

Up $283,404 (+17%) from 2019

Liabilities

Down

$980,410

Down $80,382 (-7.6%) from 2019

Revenue

Up

$2,494,096

Up $978,103 (+65%) from 2019

Expenses

Up

$2,227,975

Up $594,485 (+36%) from 2019

Net Income

Up

$266,121

Up $383,618 (+326%) from 2019

Historical Trend

Balance Sheet Trend

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

$8.0M$6.0M$4.0M$2.0M$0-$2.0MAssets 2010: $6,710,647Liabilities 2010: $1,650,991Net Assets 2010: $5,059,6562010Assets 2011: $6,179,749Liabilities 2011: $2,787,504Net Assets 2011: $3,392,2452011Assets 2012: $4,932,694Liabilities 2012: $2,093,995Net Assets 2012: $2,838,6992012Assets 2013: $4,157,190Liabilities 2013: $1,544,422Net Assets 2013: $2,612,7682013Assets 2014: $4,405,403Liabilities 2014: $2,095,298Net Assets 2014: $2,310,1052014Assets 2015: $2,689,691Liabilities 2015: $626,435Net Assets 2015: $2,063,2562015Assets 2016: $3,088,742Liabilities 2016: $983,001Net Assets 2016: $2,105,7412016Assets 2017: $3,265,176Liabilities 2017: $1,116,432Net Assets 2017: $2,148,7442017Assets 2018: $3,324,320Liabilities 2018: $1,533,075Net Assets 2018: $1,791,2452018Assets 2019: $2,754,220Liabilities 2019: $1,060,792Net Assets 2019: $1,693,4282019Assets 2020: $2,957,242Liabilities 2020: $980,410Net Assets 2020: $1,976,8322020Assets 2021: $2,683,865Liabilities 2021: $781,599Net Assets 2021: $1,902,2662021Assets 2022: $1,687,799Liabilities 2022: $180,932Net Assets 2022: $1,506,8672022Assets 2023: $1,641,336Liabilities 2023: $1,737,733Net Assets 2023: -$96,3972023Assets 2024: $1,570,270Liabilities 2024: $1,973,513Net Assets 2024: -$403,2432024

Highlighted filing

2020

Assets$2,957,242
Liabilities$980,410
Net Assets$1,976,832

Operations Trend

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

$4.0M$2.0M$0-$2.0MExpenses 2010: $3,663,2522010Expenses 2011: $2,928,6022011Expenses 2012: $1,021,4562012Revenue 2013: $791,968Expenses 2013: $1,030,698Net Income 2013: -$238,7302013Revenue 2014: $734,660Expenses 2014: $1,037,323Net Income 2014: -$302,6632014Revenue 2015: $1,033,107Expenses 2015: $1,277,720Net Income 2015: -$244,6132015Revenue 2016: $1,047,033Expenses 2016: $1,008,197Net Income 2016: $38,8362016Revenue 2017: $805,301Expenses 2017: $774,655Net Income 2017: $30,6462017Revenue 2018: $783,215Expenses 2018: $1,124,224Net Income 2018: -$341,0092018Revenue 2019: $1,515,993Expenses 2019: $1,633,490Net Income 2019: -$117,4972019Revenue 2020: $2,494,096Expenses 2020: $2,227,975Net Income 2020: $266,1212020Revenue 2021: $2,278,071Expenses 2021: $2,219,481Net Income 2021: $58,5902021Revenue 2022: $1,694,306Expenses 2022: $2,089,705Net Income 2022: -$395,3992022Revenue 2023: $1,560,489Expenses 2023: $1,712,555Net Income 2023: -$152,0662023Revenue 2024: $1,277,921Expenses 2024: $1,584,767Net Income 2024: -$306,8462024

Highlighted filing

2020

Revenue$2,494,096
Expenses$2,227,975
Net Income$266,121
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Oct 15, 2021
Return Version
2020v4.0
Gross Receipts
$2,929,675
Mission and Program Overview

Mission

West elmwood housing development corporation (wehdc) is a private, not- for-profit organization incorporated in 1970. The key components of our mission are: enabling home ownership, community engagement and economic development. The mission of west elmwood housing development corporation is to promote the development of healthy, sustainable communities through housing services to help individuals and neighborhoods meet their affordable housing needs in the west end neighborhood and other parts of providence and rhode island. Wehdc strives to fulfill this mission by building and renovating homes, attracting resources into the neighborhood and investing in the diverse people who live in, work in and support the community. Wehdc accomplishes these goals by offering a variety of programs and services related to real estate development, economic development, home ownership development, including lending and community building and organizing and through strategic alliances.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$1,332,750$1,332,750→ $0
Pledges and Grants Receivable-$720,378-
Cash and Non-Interest-Bearing Accounts$519,342$525,834▲ $6,492
Savings and Temporary Cash Investments$15,540$268,472▲ $252,932
Accounts Receivable$225,429--
Investments in Publicly Traded Securities$105,753$131,291▲ $25,538
Inventories for Sale or Use$388,986$74,422▼ $314,564
Land, Buildings, and Equipment, Net$45,410$41,392▼ $4,018
Prepaid Expenses and Deferred Charges-$4,700-
Investments Other Securities$1,100$1,100→ $0
Total Assets$2,754,220$2,957,242▲ $203,022
Other Assets Total$119,910$-143,097▼ $263,007
Liabilities
Other Liabilities$568,211$566,742▼ $1,469
Accounts Payable and Accrued Expenses$155,318$313,683▲ $158,365
Deferred Revenue-$88,767-
Mortgage Notes Payable Secured by Investment Property$337,263$11,218▼ $326,045
Total Liabilities$1,060,792$980,410▼ $80,382
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$232,323$1,607,500▲ $1,375,177
Net Assets With Donor Restrictions$1,461,105$369,332▼ $1,091,773
Total Net Assets Fund Balance$1,693,428$1,976,832▲ $283,404
Total Liabilities and Net Assets / Fund Balance$2,754,220$2,957,242▲ $203,022

Asset Categories

AssetBook ValueDepreciationBasis
Buildings-$74,124$74,124
Equipment$23,671$5,918$29,589
Land$15,327-$15,327
Leasehold Improvements$2,394$1,816$4,210
Compensation and Service Providers

Board Members and Trustees

NameTitle
Sean FontesPresident
Adriana DawsonDirector
Andrea RayDirector
Brandford DavisDirector
Gibran GonzalesDirector
Jennifer VincentDirector
Juan WilsonDirector
Julius SearightDirector
Rachel DotsonDirector
Dariel BlancoSecretary
Colleen RamosTreasurer
Angela AnkomaVice-preside
Revenue and Support

Revenue Composition

Contributions and Grants
$2,348,940
Program Service Revenue
$63,748
Investment Income
$60,854
Other Revenue
$20,554
All Other Contributions
$394,711
Change in Net Assets
$266,121
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$958,370
Salaries, Compensation, and Employee Benefits$881,161
Grants and Similar Amounts Paid$388,444
Total Fundraising Expense$956
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$713,615$44,829-$758,444
Grants to Domestic Individuals$388,444--$388,444
Payroll Taxes$83,282$9,162-$92,444
Occupancy$42,534$9,980-$52,514
Office Expenses$26,665$20,694$34$47,393
Information Technology$30,445$11,600$43$42,088
Fees for Services Accounting$22,825$14,625-$37,450
Other Expenses$36,150$1,237-$37,387
All Other Expenses$16,302$19,162$7$35,471
Other Employee Benefits$29,255$1,018-$30,273
Insurance$7,089$12,131-$19,220
Fees for Services Other$2,332$3,983-$6,315
Depreciation Depletion$2,959$1,059-$4,018
Conferences and Meetings$526$944-$1,470
Advertising$414$175$872$1,461
Interest$1,286--$1,286
Travel$915$129-$1,044
Fees for Services Legal-$900-$900
Total Functional Expenses$2,042,951$184,068$956$2,227,975
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
Other Liabilities$566,742
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
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
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
No

Governance Explanations

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

No review was or will be conducted.

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

The organizations policies are reviewed on a regular basis and updated on an as needed basis. Annual conflict of interest disclosures are required from officers, directors, and trustees. The organizations office manager is responsible for ensuring that these annual disclosures are completed.

Form 990, Page 6, Part VI, Line 19

The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.

Filing and Contact Details

Filer

Filer Name
West Elmwood Housing Development Co
EIN
23-7138165
Phone
4014533220
Address
224 DEXTER STREET, PROVIDENCE, RI 02907

Signing Officer

Name
Oanh Bui Torres
Title
Finance Manager
Phone
4014533220
Signed
2021-10-15

Organization Details

Principal Officer
Maria Carvalho
Formed
1970
Legal Domicile
Ri
Voting Board Members
12
Independent Board Members
12
Employees
25

Preparer

Firm
Wadovick & Company
Address
1300 DIVISION RD STE 104, WEST WARWICK, RI 02893
Preparer
Jeffrey D Wadovick CPA
Phone
4018234004
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

West elmwood housing development corporation (wehdc) is a private, not- for-profit organization incorporated in 1970. The key components of our mission are: enabling home ownership, community engagement and economic development. The mission of west elmwood housing development corporation is to promote the development of healthy, sustainable communities through housing services to help individuals and neighborhoods meet their affordable housing needs in the west end neighborhood and other parts of providence and rhode island. Wehdc strives to fulfill this mission by building and renovating homes, attracting resources into the neighborhood and investing in the diverse people who live in, work in and support the community. Wehdc accomplishes these goals by offering a variety of programs and services related to real estate development, economic development, home ownership development, including lending and community building and organizing and through strategic alliances.

Form 990, Page 2, Part III, Line 4A

Sankofa's mission is to transform blighted properties, provides affordable, convenient, culturally appropriate, fresh, healthy, and locally produced food, expands economic opportunities, and encourages west end residents to meaningfully connect by fostering cultivation of land, lives, and community. The principles of sankofa have guided wehdc and its partners in its work to address modern health, financial and community challenges through increased access to the healthy foods that are traditional to the west ends ethnically diverse community. In 2011, resident demand around healthy food access in the west end, spearheaded the formation of wehdcs sankofa initiative. Many residents, especially those of african and southeast asian backgrounds, reported that they were unable to find fresh, affordable food that was reflective of their native diets. Sankofa builds community around food and culture in providences diverse west end community. Through the development of the projects below, the sankofa initiative aims to build community around food and culture in providences diverse west end community. Is transforming the west end into an innovative center for agriculture, economic development and housing with a special eye towards promoting, celebrating and supporting the neighborhoods rich cultural identity.sankofa builds community around food and culture in providences diverse west end community.

Form 990, Page 2, Part III, Line 4D

Wehdc other major service accomplishments include the following: real estate development-this program consists of multifamily, rental, homeownership, rehab, mixed-use and commercial development, brownfields remediation, construction management, green construction, and healthy homes. The agency has leveraged over 75 million for real estate activity and infrastructure in the west end over 40 years. Asset management of wehdcs various for-profit holdings and related non-profit entities including lending activities thru its west elmwood neighborworks home ownership center.

Financial Statement Notes

Schedule D, Page 3, Part X

Wehdc, hrrc and wenhoc are exempt from federal income taxes under section 501(c)(3) of the internal revenue code and therefore have made no provision for federal income taxes in the accompanying financial statements. In addition, wehdc has been determined by the internal revenue service not to be a private foundation within the meaning of section 509(a) of the internal revenue code. The organization evaluates all significant tax positions as required by gaap. As of december 31, 2020, the organization does not believe that it has taken any tax positions that would require the recording of any additional tax liability nor does it believe that there are any unrealized tax benefits that would either increase or decrease within the next twelve months. The organizations income tax returns are subject to examination by the appropriate taxing jurisdictions. As of december 31, 2020, the organizations returns generally remain open for examination for three years from the date filed with each taxing jurisdiction.

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IRS990/Form990PartVIISectionAGrp/TitleTxt0VICE-PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt1SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
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IRS990/MissionDesc0WEST ELMWOOD HOUSING DEVELOPMENT CORPORATION (WEHDC) IS A PRIVATE, NOT- FOR-PROFIT ORGANIZATION INCORPORATED IN 1970. THE KEY COMPONENTS OF OUR MISSION ARE: ENABLING HOME OWNERSHIP, COMMUNITY ENGAGEMENT AND ECONOMIC DEVELOPMENT. THE MISSION OF WEST ELMWOOD HOUSING DEVELOPMENT CORPORATION IS TO PROMOTE THE DEVELOPMENT OF HEALTHY, SUSTAINABLE COMMUNITIES THROUGH HOUSING SERVICES TO HELP INDIVIDUALS AND NEIGHBORHOODS MEET THEIR AFFORDABLE HOUSING NEEDS IN THE WEST END NEIGHBORHOOD AND OTHER PARTS OF PROVIDENCE AND RHODE ISLAND. WEHDC STRIVES TO FULFILL THIS MISSION BY BUILDING AND RENOVATING HOMES, ATTRACTING RESOURCES INTO THE NEIGHBORHOOD AND INVESTING IN THE DIVERSE PEOPLE WHO LIVE IN, WORK IN AND SUPPORT THE COMMUNITY. WEHDC ACCOMPLISHES THESE GOALS BY OFFERING A VARIETY OF PROGRAMS AND SERVICES RELATED TO REAL ESTATE DEVELOPMENT, ECONOMIC DEVELOPMENT, HOME OWNERSHIP DEVELOPMENT, INCLUDING LENDING AND COMMUNITY BUILDING AND ORGANIZING AND THROUGH STRATEGIC ALLIANCES.
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IRS990/PrincipalOfficerNm0MARIA CARVALHO
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt212224
IRS990/ProgSrvcAccomActy2Grp/Desc0DUNAMIS SYNERGY IS A 2 GENERATION INITIATIVE TO SUPPORT PARENTS WITH YOUNG CHILDREN ACQUIRE POSTSECONDARY CREDENTIALS AND CAREER TRACK EMPLOYMENT WHILE PREPARING THEIR CHILDREN FOR SUCCESSFUL FUTURES. DUNAMIS SYNERGY UTILIZES THE ASPEN INSTITUTES ASCEND FRAMEWORK, WHICH ESTABLISHES A TWO- GENERATION APPROACH FOCUSING ON CHILDREN AND THEIR PARENTS TOGETHER. THE FRAMEWORK SETS FORTH THAT POSTSECONDARY AND EARLY EDUCATION, ECONOMIC SUPPORTS, SOCIAL CAPITAL DEVELOPMENT, AND HEALTH AND WELL-BEING ARE THE CORE ELEMENTS REQUIRED TO CREATE AN INTERGENERATIONAL CYCLE OF OPPORTUNITY. DUNAMIS PROVIDES SUPPORT SERVICES FOR EDUCATION, HEALTH & WELLBEING, FINANCIAL ASSET BUILDING, SOCIAL CAPITAL DEVELOPMENT AND EARLY CHILDHOOD EDUCATION.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0454236
IRS990/ProgSrvcAccomActy2Grp/GrantAmt01030
IRS990/ProgSrvcAccomActy3Grp/Desc0THE WEHDC EQUITY ZONE (HEZ) IS AN INNOVATIVE, PLACE-BASED APPROACH THAT BRINGS PEOPLE TOGETHER TO BUILD HEALTHY, RESILIENT COMMUNITIES ACROSS RHODE ISLAND. THE INITIATIVE IS GROUNDED IN RESEARCH THAT SHOWS UP TO 80% OF HEALTH OUTCOMES ARE DETERMINED BY FACTORS OUTSIDE CLINICAL SETTINGS, SUCH AS ACCESS TO AFFORDABLE, HEALTHY FOODS; HIGH-QUALITY EDUCATION; EMPLOYMENT OPPORTUNITIES; AND SAFE NEIGHBORHOODS.
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt0739079
IRS990/ProgSrvcAccomActy3Grp/GrantAmt0382414
IRS990/ProgSrvcAccomActyOtherGrp/Desc0WEHDC OTHER MAJOR SERVICE ACCOMPLISHMENTS INCLUDE THE FOLLOWING: REAL ESTATE DEVELOPMENT-THIS PROGRAM CONSISTS OF MULTIFAMILY, RENTAL, HOMEOWNERSHIP, REHAB, MIXED-USE AND COMMERCIAL DEVELOPMENT, BROWNFIELDS REMEDIATION, CONSTRUCTION MANAGEMENT, GREEN CONSTRUCTION, AND HEALTHY HOMES. THE AGENCY HAS LEVERAGED OVER 75 MILLION FOR REAL ESTATE ACTIVITY AND INFRASTRUCTURE IN THE WEST END OVER 40 YEARS. ASSET MANAGEMENT OF WEHDCS VARIOUS FOR-PROFIT HOLDINGS AND RELATED NON-PROFIT ENTITIES INCLUDING LENDING ACTIVITIES THRU ITS WEST ELMWOOD NEIGHBORWORKS HOME OWNERSHIP CENTER.
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.57$1.97$0.40$1.28$1.58$0.31
2023Detailed filing. Detailed filing data is available for this year.$1.64$1.74$0.10$1.56$1.71$0.15
2022Detailed filing. Detailed filing data is available for this year.$1.69$0.18$1.51$1.69$2.09$0.40
2021Detailed filing. Detailed filing data is available for this year.$2.68$0.78$1.90$2.28$2.22$0.06
2020Detailed filing. Detailed filing data is available for this year.$2.96$0.98$1.98$2.49$2.23$0.27
2019Detailed filing. Detailed filing data is available for this year.$2.75$1.06$1.69$1.52$1.63$0.12
2018Detailed filing. Detailed filing data is available for this year.$3.32$1.53$1.79$0.78$1.12$0.34
2017Detailed filing. Detailed filing data is available for this year.$3.27$1.12$2.15$0.81$0.77$0.03
2016Detailed filing. Detailed filing data is available for this year.$3.09$0.98$2.11$1.05$1.01$0.04
2015Detailed filing. Detailed filing data is available for this year.$2.69$0.63$2.06$1.03$1.28$0.24
2014Detailed filing. Detailed filing data is available for this year.$4.41$2.10$2.31$0.73$1.04$0.30
2013Detailed filing. Detailed filing data is available for this year.$4.16$1.54$2.61$0.79$1.03$0.24
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.93$2.09$2.84$1.02
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.18$2.79$3.39$2.93
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.71$1.65$5.06$3.66