Civic Intelligence

Sheldon Terrace Supportive Housing Corporation

990 • Fiscal year 2024 • EIN 26-1712321

Jul 01, 2023 to Jun 30, 2024 • Filed on Mar 26, 2025

109 Legion AvenueNew Haven, CT 06519

(203) 562-2264

Siviq Scores

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

Liabilities / Assets

51st percentile

0.06x

Higher debt load relative to assets than 51% of similar nonprofits.

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

Liabilities / Revenue

89th percentile

1.02x

Higher debt load relative to revenue than 89% of similar nonprofits.

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

Net Margin

7th percentile

-43%

Higher net margin than 7% of similar nonprofits.

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

Top Officer Pay

96th percentile

$378,561

Higher top officer pay than 96% of similar nonprofits.

Top officer pay equals 217.0% of source-year revenue.

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

Asset Growth

32nd percentile

-1.5%

Faster asset growth than 32% of similar nonprofits.

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

Revenue Growth

59th percentile

14%

Faster revenue growth than 59% of similar nonprofits.

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

Assets

Down

$2,739,563

Down $177,059 (-6.1%) from 2021

Net Assets

Down

$2,562,372

Down $251,041 (-8.9%) from 2021

Liabilities

Up

$177,191

Up $73,982 (+72%) from 2021

Revenue

Up

$174,481

Up $11,025 (+6.7%) from 2021

Expenses

Down

$249,255

Down $2,760 (-1.1%) from 2021

Net Income

Up

-$74,774

Up $13,785 (+16%) from 2021

Historical Trend

Balance Sheet Trend

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

$4.0M$3.0M$2.0M$1.0M$0Assets 2014: $3,421,472Liabilities 2014: $2,697,812Net Assets 2014: $723,6602014Assets 2015: $3,362,126Liabilities 2015: $2,683,797Net Assets 2015: $678,3292015Assets 2016: $3,286,091Liabilities 2016: $2,660,779Net Assets 2016: $625,3122016Assets 2017: $3,205,429Liabilities 2017: $2,665,860Net Assets 2017: $539,5692017Assets 2018: $3,135,853Liabilities 2018: $57,977Net Assets 2018: $3,077,8762018Assets 2019: $3,064,266Liabilities 2019: $89,997Net Assets 2019: $2,974,2692019Assets 2020: $2,987,220Liabilities 2020: $85,248Net Assets 2020: $2,901,9722020Assets 2021: $2,916,622Liabilities 2021: $103,209Net Assets 2021: $2,813,4132021Assets 2024: $2,739,563Liabilities 2024: $177,191Net Assets 2024: $2,562,3722024

Highlighted filing

2024

Assets$2,739,563
Liabilities$177,191
Net Assets$2,562,372

Operations Trend

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

$300K$200K$100K$0-$100K-$200KRevenue 2014: $176,046Expenses 2014: $271,205Net Income 2014: -$95,1592014Revenue 2015: $174,671Expenses 2015: $220,002Net Income 2015: -$45,3312015Revenue 2016: $173,506Expenses 2016: $226,523Net Income 2016: -$53,0172016Revenue 2017: $174,195Expenses 2017: $259,938Net Income 2017: -$85,7432017Revenue 2018: $169,846Expenses 2018: $241,639Net Income 2018: -$71,7932018Revenue 2019: $167,490Expenses 2019: $271,097Net Income 2019: -$103,6072019Revenue 2020: $167,377Expenses 2020: $239,674Net Income 2020: -$72,2972020Revenue 2021: $163,456Expenses 2021: $252,015Net Income 2021: -$88,5592021Revenue 2024: $174,481Expenses 2024: $249,255Net Income 2024: -$74,7742024

Highlighted filing

2024

Revenue$174,481
Expenses$249,255
Net Income-$74,774
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Mar 26, 2025
Return Version
2023v6.0
Gross Receipts
$174,481
Mission and Program Overview

Mission

The organization provides elderly or disabled persons with housing facilities and services specially designed to meet their physical, social, and psychological needs, and to promote their health, security, happiness and usefulness in longer living.

Provided housing and living assistance to disabled persons.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,716,700$2,654,902▼ $61,798
Savings and Temporary Cash Investments$42,132$51,506▲ $9,374
Cash and Non-Interest-Bearing Accounts$17,830$21,252▲ $3,422
Accounts Receivable$2,930$3,630▲ $700
Prepaid Expenses and Deferred Charges$288$314▲ $26
Total Assets$2,779,880$2,739,563▼ $40,317
Other Assets Total$0$7,959▲ $7,959
Liabilities
Other Liabilities$120,246$163,408▲ $43,162
Accounts Payable and Accrued Expenses$17,805$11,116▼ $6,689
Deferred Revenue$4,683$2,667▼ $2,016
Total Liabilities$142,734$177,191▲ $34,457
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,637,146$2,562,372▼ $74,774
Total Net Assets Fund Balance$2,637,146$2,562,372▼ $74,774
Total Liabilities and Net Assets / Fund Balance$2,779,880$2,739,563▼ $40,317

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,679,902$998,782$2,678,684
Land$975,000-$975,000
Compensation and Service Providers

Board Members and Trustees

NameTitle
Maureen WeaverChairperson
Patti L WalkerPresident & CEO (until 7/2/24)
James N RascatiVice Chairperson
Barbara EllinghausDirector
Jay Brotman AiaDirector
Katharine S GoodbodyDirector
Michael FumiattiDirector
Susan M Graham Bs MsnDirector
Tobias Wasser MdDirector
Cathy R GravesDirector (until 06/24)
Virginia T SpellDirector (until 06/24)
Angela WestwoodCFO
Brian GouletController
James FarralesExecutive VP of Program Operations
Mark SevillaSecretary
Robert a ColeTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$92,902
Program Service Revenue
$81,264
Investment Income
$38
Other Revenue
$277
Change in Net Assets
$-74,774

Audited Revenue Reconciliation

Revenue per Audited Statements
$174,481
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$174,481
Total Revenue per Form 990
$174,481
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$224,586
Salaries, Compensation, and Employee Benefits$24,669
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$69,628--$69,628
Depreciation Depletion$61,345--$61,345
Insurance$43,162--$43,162
Other Salaries and Wages$7,422$17,247-$24,669
Fees for Services Accounting-$16,388-$16,388
Fees for Services Other$16,104--$16,104
Fees for Services Management$12,221--$12,221
Other Expenses$2,444$3,174-$2,444
Fees for Services Legal$120--$120
Total Functional Expenses$212,446$36,809$0$249,255

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$249,255
Total Expenses per Audited Statements$249,255
Total Expenses per Form 990$249,255
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
Due to Related Parties$158,565
Tenant Security Deposits$4,843
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 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
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

Demarco management corporation, a property management company, is utilized to operate this facility.

Form 990, Part VI, Section A, Line 8B

No committee has the authority to act on behalf of the governing body.

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

A draft is distributed to the entire board to discuss and ask questions. The finance team will make a recommendation to file the returns at a board meeting.

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

The agency requires that all employees upon hire acknowledge that they have received and understand the agency's policy on corporate compliance, ethics, and conflicts of interest as outlined in the employee handbook. Annually, the agency requires all staff to complete a competency-based training on ethics and compliance which also includes conflicts of interest. Board members are also required to sign a conflict disclosure statement.

Form 990, Part VI, Section C, Line 19

Documents are available upon request and through the state of connecticut.

Filing and Contact Details

Filer

Filer Name
Sheldon Terrace Supportive Housing
EIN
26-1712321
Phone
2035622264
Address
109 LEGION AVENUE, NEW HAVEN, CT 06519

Signing Officer

Name
Angela Westwood CPA
Title
CFO
Phone
2035622254
Signed
2025-03-26
Discuss with paid preparer
Yes

Organization Details

Principal Officer
James G Farrales
Formed
2007
Legal Domicile
Ct
Voting Board Members
10
Independent Board Members
10
Employees
0
Volunteers
12

Preparer

Firm
Cliftonlarsonallen
Address
29 SOUTH MAIN STREET 4TH FLOOR, WEST HARTFORD, CT 06107
Preparer
Mary Kay Curtiss
Phone
8605614000
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

There have not been any changes to the organization's committee that assumes the responsibility for oversight of both the audit of the consolidated and separate financial statements and the selection of the independent auditors.

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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0OTHER INCOME - 2019 AMOUNT: $ 172. 2020 AMOUNT: $ 1,869. 2023 AMOUNT: $ 277.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME:
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