Civic Intelligence

Castle Apartments Inc

990 • Fiscal year 2015 • EIN 23-7147790

Apr 01, 2014 to Mar 31, 2015 • Filed on Jun 22, 2015

110 Whiting StreetPlainville, CT 06062-2112

(860) 570-2000

Siviq Scores

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

Liabilities / Assets

81st percentile

0.44x

Higher debt load relative to assets than 81% of similar nonprofits.

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

Liabilities / Revenue

83rd percentile

0.49x

Higher debt load relative to revenue than 83% of similar nonprofits.

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

Net Margin

71st percentile

13%

Higher net margin than 71% of similar nonprofits.

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

Top Officer Pay

49th percentile

$0

Higher top officer pay than 49% of similar nonprofits.

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

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

Asset Growth

36th percentile

-2.2%

Faster asset growth than 36% of similar nonprofits.

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

Revenue Growth

42nd percentile

-0.1%

Faster revenue growth than 42% of similar nonprofits.

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

Assets

Down

$585,763

Down $13,384 (-2.2%) from 2014

Net Assets

Up

$328,874

Up $70,914 (+27%) from 2014

Liabilities

Down

$256,889

Down $84,298 (-25%) from 2014

Revenue

Down

$528,281

Down $745 (-0.1%) from 2014

Expenses

Up

$457,367

Up $16,499 (+3.7%) from 2014

Net Income

Down

$70,914

Down $17,244 (-20%) from 2014

Historical Trend

Balance Sheet Trend

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

$800K$600K$400K$200K$0Assets 2013: $572,369Liabilities 2013: $402,567Net Assets 2013: $169,8022013Assets 2014: $599,147Liabilities 2014: $341,187Net Assets 2014: $257,9602014Assets 2015: $585,763Liabilities 2015: $256,889Net Assets 2015: $328,8742015Assets 2016: $555,626Liabilities 2016: $181,711Net Assets 2016: $373,9152016Assets 2017: $576,274Liabilities 2017: $162,886Net Assets 2017: $413,3882017Assets 2018: $677,990Liabilities 2018: $160,859Net Assets 2018: $517,1312018Assets 2019: $749,172Liabilities 2019: $171,845Net Assets 2019: $577,3272019Assets 2020: $428,049Liabilities 2020: $0Net Assets 2020: $428,0492020Assets 2021: $40,205Liabilities 2021: $0Net Assets 2021: $40,2052021Assets 2022: $38,638Liabilities 2022: $0Net Assets 2022: $38,6382022Assets 2023: $0Liabilities 2023: $0Net Assets 2023: $02023

Highlighted filing

2015

Assets$585,763
Liabilities$256,889
Net Assets$328,874

Operations Trend

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

$4.0M$3.0M$2.0M$1.0M$0-$1.0MExpenses 2013: $434,1172013Revenue 2014: $529,026Expenses 2014: $440,868Net Income 2014: $88,1582014Revenue 2015: $528,281Expenses 2015: $457,367Net Income 2015: $70,9142015Revenue 2016: $531,081Expenses 2016: $486,040Net Income 2016: $45,0412016Revenue 2017: $483,216Expenses 2017: $443,743Net Income 2017: $39,4732017Revenue 2018: $486,943Expenses 2018: $383,200Net Income 2018: $103,7432018Revenue 2019: $511,553Expenses 2019: $451,357Net Income 2019: $60,1962019Revenue 2020: $3,849,089Expenses 2020: $296,630Net Income 2020: $3,552,4592020Revenue 2021: $12,444Expenses 2021: $288Net Income 2021: $12,1562021Revenue 2022: $335Expenses 2022: $1,902Net Income 2022: -$1,5672022Revenue 2023: $0Expenses 2023: $2,750Net Income 2023: -$2,7502023

Highlighted filing

2015

Revenue$528,281
Expenses$457,367
Net Income$70,914
Jump To
Filing Snapshot
Filing Period
Apr 1, 2014 to Mar 31, 2015
Signed
Jun 22, 2015
Return Version
2014v5.0
Gross Receipts
$528,281
Mission and Program Overview

Mission

Castle apartments, inc. Is a charitable nonprofit ogrganization dedicated to improving the quality of families by providing low cost affordable housing for low and moderate income families in the plainville, ct area.

Castle apartments, inc. Is a charitable nonprofit organization dedicated to improving the quality of families by providing low cost affordable housing for low and moderate income families in the plainville, ct area.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$226,131$294,542▲ $68,411
Cash and Non-Interest-Bearing Accounts$86,461$53,147▼ $33,314
Prepaid Expenses and Deferred Charges$34,984$35,358▲ $374
Pledges and Grants Receivable$7,296$7,437▲ $141
Total Assets$599,147$585,763▼ $13,384
Other Assets Total$244,275$195,279▼ $48,996
Liabilities
Other Liabilities$199,684$123,181▼ $76,503
Accounts Payable and Accrued Expenses$129,987$122,642▼ $7,345
Unsecured Notes Loans Payable$11,516$11,066▼ $450
Total Liabilities$341,187$256,889▼ $84,298
Net Assets / Fund Balance
Unrestricted Net Assets$257,960$328,874▲ $70,914
Total Net Assets Fund Balance$257,960$328,874▲ $70,914
Total Liabilities and Net Assets / Fund Balance$599,147$585,763▼ $13,384

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$170,281$1,080,730$1,251,011
Land$124,261-$124,261
Other Assets Org$899--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Pamela HarrisPresident
David UnderwoodVice-president
Helen BergentyDirector
Jeff CedarfieldDirector
Kaara Koplowitz-larsenDirector
Richard WrightDirector
Kenneth HodgeSecretary
Janice BrayneTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$78,603
Program Service Revenue
$449,448
Investment Income
$230
Other Revenue
$0
Change in Net Assets
$70,914

Audited Revenue Reconciliation

Revenue per Audited Statements
$528,281
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$528,281
Total Revenue per Form 990
$528,281
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$409,408
Salaries, Compensation, and Employee Benefits$47,959
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$125,037--$125,037
Other Salaries and Wages$18,349$25,607-$43,956
Insurance$43,530--$43,530
Fees for Services Management-$43,379-$43,379
Depreciation Depletion$35,220--$35,220
Fees for Services Accounting-$15,640-$15,640
Interest$10,442--$10,442
Fees for Services Legal-$6,267-$6,267
Advertising-$5,335-$5,335
Payroll Taxes$4,003--$4,003
Other Expenses$116,780$3,935-$3,935
Office Expenses-$3,843-$3,843
Total Functional Expenses$353,361$104,006$0$457,367

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$457,367
Total Expenses per Audited Statements$457,367
Total Expenses per Form 990$457,367
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Mortgage$95,590
Tenant Deposits$27,591
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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

Management delegated konover residential corp

Form 990, Part VI, Section B, Line 11

Organization's process to review form 990 board reviews form 990 at a meeting helf before form is filed

Form 990, Part VI, Section B, Line 12C

Enforcement of conflicts policy board reviews any conflicts on an annual basis

Form 990, Part VI, Section C, Line 19

Governing documents disclosure explanation the organization makes all governing documents, conflict of interest policy and financial statements available to the public by request at its management companies headquarters in west hartford, ct. The form 990 is also available on www.guidestar.org.

Filing and Contact Details

Filer

Filer Name
Castle Apartments Inc
EIN
23-7147790
Phone
8605702000
Address
110 WHITING STREET, PLAINVILLE, CT 06062-2112

Signing Officer

Name
Pamela Harris
Title
President
Phone
8605702000
Signed
2015-06-22
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Pamela Harris
Formed
1970
Legal Domicile
Ct
Voting Board Members
8
Independent Board Members
8
Employees
0
Volunteers
0

Preparer

Firm
Cohnreznick Llp
Address
350 CHURCH STREET 12TH FLOOR, HARTFORD, CT 06103
Preparer
Daniel Donofrio
Phone
9592007000
Supplemental Narrative

Additional Explanations

Form 990. Part XII, Line 2C.

NO CHANGE IN PROCESS.

Financial Statement Notes

PART X, LINE 2:

The corporation accounts for uncertainty in income taxes in accordance with the income tax topic of the financial accounting standards boards accounting standards codification. The corporation has not timely filed its required form 990 tax returns for tax year 2004, fiscal year ending march 31, 2005 through tax year 2011. The corporation is required to file a federal income tax return, which represents the major tax jurisdiction of the corporation. As of march 31, 2014, all federal form 990 tax returns have been filed.

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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt0290
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt0352
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt0445
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt01556
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt02205879
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.99570
IRS990ScheduleA/PublicSupportPY170Pct00.99430
IRS990ScheduleA/PublicSupportTotal170Amt0362748
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt078603
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt086068
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt069513
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt068699
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt059865
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt0362748
IRS990ScheduleA/TotalSupportAmt0364304
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/BuildingsGrp/BookValueAmt0170281
IRS990ScheduleD/BuildingsGrp/DepreciationAmt01080730
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt01251011
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0457367
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt0124261
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0124261
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt0139190
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt127591
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt219450
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt38149
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt4899
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0REPLACEMENT RESERVE
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1TENANT DEPOSITS HELD
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2ESCROW DEPOSITS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc3OTHER RESERVES
IRS990ScheduleD/OtherAssetsOrgGrp/Desc4RESIDUAL RECEIPTS RESERVE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt027591
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt195590
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0TENANT DEPOSITS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1MORTGAGE
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0528281
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE CORPORATION ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES IN ACCORDANCE WITH THE INCOME TAX TOPIC OF THE FINANCIAL ACCOUNTING STANDARDS BOARDS ACCOUNTING STANDARDS CODIFICATION. THE CORPORATION HAS NOT TIMELY FILED ITS REQUIRED FORM 990 TAX RETURNS FOR TAX YEAR 2004, FISCAL YEAR ENDING MARCH 31, 2005 THROUGH TAX YEAR 2011. THE CORPORATION IS REQUIRED TO FILE A FEDERAL INCOME TAX RETURN, WHICH REPRESENTS THE MAJOR TAX JURISDICTION OF THE CORPORATION. AS OF MARCH 31, 2014, ALL FEDERAL FORM 990 TAX RETURNS HAVE BEEN FILED.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0294542
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0195279
IRS990ScheduleD/TotalExpensesPerForm990Amt0457367
IRS990ScheduleD/TotalLiabilityAmt0123181
IRS990ScheduleD/TotalRevenuePerForm990Amt0528281
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0528281
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0457367
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0MANAGEMENT DELEGATED KONOVER RESIDENTIAL CORP
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ORGANIZATION'S PROCESS TO REVIEW FORM 990 BOARD REVIEWS FORM 990 AT A MEETING HELF BEFORE FORM IS FILED
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ENFORCEMENT OF CONFLICTS POLICY BOARD REVIEWS ANY CONFLICTS ON AN ANNUAL BASIS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3GOVERNING DOCUMENTS DISCLOSURE EXPLANATION THE ORGANIZATION MAKES ALL GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC BY REQUEST AT ITS MANAGEMENT COMPANIES HEADQUARTERS IN WEST HARTFORD, CT. THE FORM 990 IS ALSO AVAILABLE ON WWW.GUIDESTAR.ORG.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4NO CHANGE IN PROCESS.
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 B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990. PART XII, LINE 2C.
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0CT
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0599147
IRS990/TotalAssetsEOYAmt0585763
IRS990/TotalAssetsGrp/BOYAmt0599147
IRS990/TotalAssetsGrp/EOYAmt0585763
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt078603
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0104006
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0353361
IRS990/TotalFunctionalExpensesGrp/TotalAmt0457367
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0341187
IRS990/TotalLiabilitiesEOYAmt0256889
IRS990/TotalLiabilitiesGrp/BOYAmt0341187
IRS990/TotalLiabilitiesGrp/EOYAmt0256889
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0257960
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0328874
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0353361
IRS990/TotalProgramServiceRevenueAmt0449448
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt0230
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0449448
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0528281
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0599147
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0585763
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0257960
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0328874
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt011516
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt011066
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0106 PIERPONT ROAD UNIT B7
IRS990/USAddress/CityNm0WATERBURY
IRS990/USAddress/StateAbbreviationCd0CT
IRS990/USAddress/ZIPCd006705
IRS990/VotingMembersGoverningBodyCnt08
IRS990/VotingMembersIndependentCnt08
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02016-02-25 16:41:14Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0PAMELA HARRIS
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum08605702000
ReturnHeader/BusinessOfficerGrp/SignatureDt02015-06-22
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0CASTLE APARTMENTS INC
ReturnHeader/Filer/BusinessNameControlTxt0CAST
ReturnHeader/Filer/EIN0237147790
ReturnHeader/Filer/PhoneNum08605702000
ReturnHeader/Filer/USAddress/AddressLine1Txt0110 WHITING STREET
ReturnHeader/Filer/USAddress/CityNm0PLAINVILLE

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