Civic Intelligence

Adelante Inc

EIN 26-1407220 • 501(c)3 • Providence, RI

Profile

To provide low income housing to the elderly and disabled in the providence, ri area under section 202 of the national affordable housing act.

861A Broad StreetProvidence, RI 02907

www.wdchoc.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

95th percentile

1.22x

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

501(c)3 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

97th percentile

6.95x

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

501(c)3 • $1M-$5M nonprofits • Source year 2024

Net Margin

25th percentile

-7.5%

Higher net margin than 25% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

40th percentile

$0

Higher top officer pay than 40% of similar nonprofits.

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

501(c)3 • $1M-$5M nonprofits • Source year 2024

Asset Growth

32nd percentile

-2.0%

Faster asset growth than 32% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

36th percentile

-0.2%

Faster revenue growth than 36% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets95th percentile

Assets

Down

$3,759,070

Down $77,051 (-2.0%) from 2023

Liabilities

Down

$4,572,950

Down $27,945 (-0.6%) from 2023

Net Assets

Down

-$813,880

Down $49,106 (-6.4%) from 2023

Operations
Liabilities / Revenue97th percentileNet Margin25th percentile

Revenue

Down

$658,018

Down $1,363 (-0.2%) from 2023

Expenses

Up

$707,124

Up $42,148 (+6.3%) from 2023

Net Income

Down

-$49,106

Down $43,511 (-778%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth32nd percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$6.0M$4.0M$2.0M$0-$2.0MAssets 2011: $5,245,494Liabilities 2011: $4,553,866Net Assets 2011: $691,6282011Assets 2012: $5,451,528Liabilities 2012: $4,563,387Net Assets 2012: $888,1412012Assets 2013: $5,318,899Liabilities 2013: $4,561,684Net Assets 2013: $757,2152013Assets 2014: $5,109,752Liabilities 2014: $4,515,439Net Assets 2014: $594,3132014Assets 2015: $4,957,069Liabilities 2015: $4,531,562Net Assets 2015: $425,5072015Assets 2016: $4,780,918Liabilities 2016: $4,522,537Net Assets 2016: $258,3812016Assets 2017: $4,537,458Liabilities 2017: $4,522,870Net Assets 2017: $14,5882017Assets 2018: $4,409,193Liabilities 2018: $4,542,976Net Assets 2018: -$133,7832018Assets 2019: $4,202,558Liabilities 2019: $4,559,901Net Assets 2019: -$357,3432019Assets 2020: $4,053,692Liabilities 2020: $4,600,678Net Assets 2020: -$546,9862020Assets 2021: $4,026,882Liabilities 2021: $4,667,082Net Assets 2021: -$640,2002021Assets 2023: $3,836,121Liabilities 2023: $4,600,895Net Assets 2023: -$764,7742023Assets 2024: $3,759,070Liabilities 2024: $4,572,950Net Assets 2024: -$813,8802024

Highlighted filing

2024

Assets$3,759,070
Liabilities$4,572,950
Net Assets-$813,880
Open 2024 Filing

Operations Trend

Revenue Growth36th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$1.0M$500K$0-$500KExpenses 2011: $725,7642011Expenses 2012: $708,3042012Expenses 2013: $719,4462013Revenue 2014: $589,901Expenses 2014: $752,724Net Income 2014: -$162,8232014Revenue 2015: $577,736Expenses 2015: $746,602Net Income 2015: -$168,8662015Revenue 2016: $574,628Expenses 2016: $741,754Net Income 2016: -$167,1262016Revenue 2017: $575,496Expenses 2017: $820,452Net Income 2017: -$244,9562017Revenue 2018: $575,590Expenses 2018: $725,559Net Income 2018: -$149,9692018Revenue 2019: $583,547Expenses 2019: $807,107Net Income 2019: -$223,5602019Revenue 2020: $568,962Expenses 2020: $758,605Net Income 2020: -$189,6432020Revenue 2021: $560,880Expenses 2021: $654,094Net Income 2021: -$93,2142021Revenue 2023: $659,381Expenses 2023: $664,976Net Income 2023: -$5,5952023Revenue 2024: $658,018Expenses 2024: $707,124Net Income 2024: -$49,1062024

Highlighted filing

2024

Revenue$658,018
Expenses$707,124
Net Income-$49,106
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,759,070
Liabilities
$4,572,950
Net assets
-$813,880
Revenue
$658,018
Expenses
$707,124
Net income
-$49,106
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$3.76$4.57$0.81$0.66$0.71$0.05
2023Detailed filing. Detailed filing data is available for this year.$3.84$4.60$0.76$0.66$0.66$0.01
2021Detailed filing. Detailed filing data is available for this year.$4.03$4.67$0.64$0.56$0.65$0.09
2020Detailed filing. Detailed filing data is available for this year.$4.05$4.60$0.55$0.57$0.76$0.19
2019Detailed filing. Detailed filing data is available for this year.$4.20$4.56$0.36$0.58$0.81$0.22
2018Detailed filing. Detailed filing data is available for this year.$4.41$4.54$0.13$0.58$0.73$0.15
2017Detailed filing. Detailed filing data is available for this year.$4.54$4.52$0.01$0.58$0.82$0.24
2016Detailed filing. Detailed filing data is available for this year.$4.78$4.52$0.26$0.57$0.74$0.17
2015Detailed filing. Detailed filing data is available for this year.$4.96$4.53$0.43$0.58$0.75$0.17
2014Detailed filing. Detailed filing data is available for this year.$5.11$4.52$0.59$0.59$0.75$0.16
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.32$4.56$0.76$0.72
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.45$4.56$0.89$0.71
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.25$4.55$0.69$0.73
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Nov 13, 2024
Return Version
2023v5.1
Gross Receipts
$658,018
Mission and Program Overview

Mission

To provide low income housing to the elderly and disabled in the providence, ri area under section 202 of the national affordable housing act.

To provide affordable housing in providence, rhode island for senior citizens and the disabled under section 202 of the national affordable housing act.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$3,294,513$3,246,989▼ $47,524
Savings and Temporary Cash Investments$490,423$452,809▼ $37,614
Prepaid Expenses and Deferred Charges$33,907$40,188▲ $6,281
Cash and Non-Interest-Bearing Accounts$17,051$14,083▼ $2,968
Accounts Receivable$227$5,001▲ $4,774
Total Assets$3,836,121$3,759,070▼ $77,051
Liabilities
Mortgage Notes Payable Secured by Investment Property$4,435,800$4,435,800→ $0
Accounts Payable and Accrued Expenses$153,559$125,345▼ $28,214
Other Liabilities$11,536$11,805▲ $269
Total Liabilities$4,600,895$4,572,950▼ $27,945
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-764,774$-813,880▼ $49,106
Total Net Assets Fund Balance$-764,774$-813,880▼ $49,106
Total Liabilities and Net Assets / Fund Balance$3,836,121$3,759,070▼ $77,051

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,324,926$2,182,061$4,506,987
Land$920,031-$920,031
Other Land Buildings$2,032$102,073$104,105
Compensation and Service Providers
Top Officer Pay40th percentile

Board Members and Trustees

NameTitle
Frank SheaPresident
Vickie WaltersVice President
Michelle BrophySecretary
Larry KellamTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$466,240
Program Service Revenue
$173,312
Investment Income
$17,927
Other Revenue
$539
Change in Net Assets
$-49,106

Audited Revenue Reconciliation

Revenue per Audited Statements
$658,018
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$658,018
Total Revenue per Form 990
$658,018
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$546,143
Salaries, Compensation, and Employee Benefits$160,981
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$277,041--$277,041
Other Salaries and Wages$160,981--$160,981
Depreciation Depletion$111,468--$111,468
Fees for Services Management-$47,648-$47,648
Insurance$46,833--$46,833
Fees for Services Accounting-$22,757-$22,757
Office Expenses$130$18,184-$18,314
Other Expenses$9,655--$9,655
Fees for Services Legal-$331-$331
Total Functional Expenses$618,204$88,920$0$707,124

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$707,124
Total Expenses per Audited Statements$707,124
Total Expenses per Form 990$707,124
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
Tenant Security Deposit Liab$11,805
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
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
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“Form 990 is available for review by the governing board upon request.”

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

“The governing body adheres to the conflict of interest policy that is in place. This policy is reviewed periodically.”

Form 990, Part VI, Section C, Line 19

“The governing documents and form 990 are available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Adelante Inc
EIN
26-1407220
Phone
4019412900
Address
861A BROAD STREET, PROVIDENCE, RI 02907

Signing Officer

Name
Frank Shea
Title
Executive Director
Phone
4019412900
Signed
2024-11-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Frank Shea
Formed
2008
Legal Domicile
Ri
Voting Board Members
7
Independent Board Members
7
Employees
0
Volunteers
0

Preparer

Firm
Damiano Burk & Nuttall Pc
Address
6 BLACKSTONE VALLEY PL STE 109, LINCOLN, RI 02865
Preparer
Jason Nuttall
Phone
4013332880
Supplemental Narrative

Additional Explanations

Form 990 Part XII Line 2C

“There have been no changes to the organization's process for selecting independent auditors or with respect to oversight of the audit.”

Financial Statement Notes

PART X, LINE 2:

“Income tax benefits are recognized for income tax positions taken or expected to be taken in a tax return, only when it is determined that the income tax position will more-likely-than-not be sustained upon examination by taxing authorities. The corporation has analyzed tax positions taken for filing with the internal revenue service and all state jurisdictions where it operates. Management believes that income tax filing positions will be sustained upon examination and does not anticipate any adjustments that would result in a material adverse effect to the corporation 's financial condition, results of operations or cash flows. Accordingly, the corporation has not recorded any reserves, or related accruals for interest and penalties for uncertain income tax positions at june 30, 2024. Tax years prior to 2020 have been closed for examination by taxing authorities.”

Raw XML AppendixShowing 400 of 424 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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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0INCOME TAX BENEFITS ARE RECOGNIZED FOR INCOME TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, ONLY WHEN IT IS DETERMINED THAT THE INCOME TAX POSITION WILL MORE-LIKELY-THAN-NOT BE SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. THE CORPORATION HAS ANALYZED TAX POSITIONS TAKEN FOR FILING WITH THE INTERNAL REVENUE SERVICE AND ALL STATE JURISDICTIONS WHERE IT OPERATES. MANAGEMENT BELIEVES THAT INCOME TAX FILING POSITIONS WILL BE SUSTAINED UPON EXAMINATION AND DOES NOT ANTICIPATE ANY ADJUSTMENTS THAT WOULD RESULT IN A MATERIAL ADVERSE EFFECT TO THE CORPORATION 'S FINANCIAL CONDITION, RESULTS OF OPERATIONS OR CASH FLOWS. ACCORDINGLY, THE CORPORATION HAS NOT RECORDED ANY RESERVES, OR RELATED ACCRUALS FOR INTEREST AND PENALTIES FOR UNCERTAIN INCOME TAX POSITIONS AT JUNE 30, 2024. TAX YEARS PRIOR TO 2020 HAVE BEEN CLOSED FOR EXAMINATION BY TAXING AUTHORITIES.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FORM 990 IS AVAILABLE FOR REVIEW BY THE GOVERNING BOARD UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE GOVERNING BODY ADHERES TO THE CONFLICT OF INTEREST POLICY THAT IS IN PLACE. THIS POLICY IS REVIEWED PERIODICALLY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE GOVERNING DOCUMENTS AND FORM 990 ARE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THERE HAVE BEEN NO CHANGES TO THE ORGANIZATION'S PROCESS FOR SELECTING INDEPENDENT AUDITORS OR WITH RESPECT TO OVERSIGHT OF THE AUDIT.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990 PART XII LINE 2C
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IRS990ScheduleR/AssetSaleToOtherOrgInd00
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ReturnHeader/BuildTS02024-10-15 13:58:12Z
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