Civic Intelligence

Housing Corporation of Corry

EIN 30-0801221 • 501(c)3 • Corry, PA

Profile

To provide housing to low-income families and the elderly under Section 8 of the United States Housing Act of 1937.

120 South Center StreetCorry, PA 16407

n/A

Siviq Scores

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

Liabilities / Assets

Score unavailable

No value available

Liabilities-to-assets requires both liabilities and assets on the latest valid filing.

Source year 2018

Liabilities / Revenue

20th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

501(c)3 • $1M-$5M nonprofits • Source year 2018

Net Margin

90th percentile

53%

Higher net margin than 90% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2018

Top Officer Pay

80th percentile

$140,892

Higher top officer pay than 80% of similar nonprofits.

Top officer pay equals 43.9% of source-year revenue.

501(c)3 • $1M-$5M nonprofits • Source year 2018

Asset Growth

2nd percentile

-100%

Faster asset growth than 2% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Revenue Growth

44th percentile

3.7%

Faster revenue growth than 44% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / AssetsScore unavailable

Assets

Down

$0

Down $934,962 (-100%) from 2017

Liabilities

Down

$0

Down $963,734 (-100%) from 2017

Net Assets

Up

$0

Up $28,772 (+100%) from 2017

Operations
Liabilities / Revenue20th percentileNet Margin90th percentile

Revenue

Up

$321,236

Up $11,560 (+3.7%) from 2017

Expenses

Down

$151,993

Down $108,033 (-42%) from 2017

Net Income

Up

$169,243

Up $119,593 (+241%) from 2017

Trend Graphs

Balance Sheet Trend

Asset Growth2nd percentile

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

$1.5M$1.0M$500K$0-$500KAssets 2015: $977,698Liabilities 2015: $1,092,099Net Assets 2015: -$114,4012015Assets 2016: $951,827Liabilities 2016: $1,030,249Net Assets 2016: -$78,4222016Assets 2017: $934,962Liabilities 2017: $963,734Net Assets 2017: -$28,7722017Assets 2018: $0Liabilities 2018: $0Net Assets 2018: $02018

Highlighted filing

2018

Assets$0
Liabilities$0
Net Assets$0
Open 2018 Filing

Operations Trend

Revenue Growth44th percentile

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

$400K$300K$200K$100K$0Revenue 2015: $308,244Expenses 2015: $275,144Net Income 2015: $33,1002015Revenue 2016: $317,353Expenses 2016: $281,374Net Income 2016: $35,9792016Revenue 2017: $309,676Expenses 2017: $260,026Net Income 2017: $49,6502017Revenue 2018: $321,236Expenses 2018: $151,993Net Income 2018: $169,2432018

Highlighted filing

2018

Revenue$321,236
Expenses$151,993
Net Income$169,243
Open 2018 Filing

Filings

Most recent year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$0
Liabilities
$0
Net assets
$0
Revenue
$321,236
Expenses
$151,993
Net income
$169,243
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2018Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.32$0.15$0.17
2017Detailed filing. Detailed filing data is available for this year.$0.93$0.96$0.03$0.31$0.26$0.05
2016Detailed filing. Detailed filing data is available for this year.$0.95$1.03$0.08$0.32$0.28$0.04
2015Detailed filing. Detailed filing data is available for this year.$0.98$1.09$0.11$0.31$0.28$0.03
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Sep 1, 2017 to Aug 31, 2018
Signed
Jan 9, 2019
Return Version
2017v2.2
Gross Receipts
$1,174,481
Mission and Program Overview

Mission

To provide housing to low-income families and the elderly under Section 8 of the United States Housing Act of 1937.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$424,476$0▼ $424,476
Cash and Non-Interest-Bearing Accounts$89,471$0▼ $89,471
Prepaid Expenses and Deferred Charges$18,952$0▼ $18,952
Accounts Receivable$7,321$0▼ $7,321
Savings and Temporary Cash Investments$3,175$0▼ $3,175
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$934,962$0▼ $934,962
Other Assets Total$391,567$0▼ $391,567
Liabilities
Mortgage Notes Payable Secured by Investment Property$902,937--
Accounts Payable and Accrued Expenses$43,561--
Other Liabilities$16,599--
Deferred Revenue$637--
Total Liabilities$963,734$0▼ $963,734
Net Assets / Fund Balance
Permanently Rstr Net Assets$210,575--
Unrestricted Net Assets$-239,347--
Total Net Assets Fund Balance$-28,772$0▲ $28,772
Total Liabilities and Net Assets / Fund Balance$934,962$0▼ $934,962
Compensation and Service Providers
Top Officer Pay80th percentile

Employees

NameTitleFull / Part TimeOtherTotal
Michael McNierneyExecutive DirectorPT$140,892$140,892

Board Members and Trustees

NameTitle
Daniel McEldowneyPresident
Denny BakerVice President
Chris HornickDirector
Gerry DahlSecretary
Crystal CatalfuTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$55,912
Program Service Revenue
$10,289
Investment Income
$255,035
Other Revenue
$0
Change in Net Assets
$169,243

Audited Revenue Reconciliation

Revenue per Audited Statements
$321,236
Total Revenue per Audited Statements
$321,236
Total Revenue per Form 990
$321,236
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$143,032
Salaries, Compensation, and Employee Benefits$8,961
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$37,178--$37,178
Interest$32,545--$32,545
Other Salaries and Wages$4,657$4,304-$8,961
Depreciation Depletion$7,961--$7,961
Fees for Services Other$4,790--$4,790
Fees for Services Management-$4,217-$4,217
Fees for Services Accounting-$3,500-$3,500
Fees for Services Legal-$2,680-$2,680
Office Expenses$308$199-$507
Information Technology-$225-$225
Advertising-$160-$160
Other Expenses$54$391-$54
Total Functional Expenses$88,334$63,659$0$151,993

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$151,993
Total Expenses per Audited Statements$151,993
Total Expenses per Form 990$151,993
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
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 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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Line 3: Description of Delegated Duties to Management Company

“The Corporation has entered into a management agreement with the Housing Authority of the County of Erie, Pennsylvania to provide functions including leasing of apartments, collection of rents, financial record-keeping and reporting, tenant relations, and repairs and maintenance of the property. As part of this agreement, the Corporation pays a monthly management fee of 7% of the gross rents collected.”

Form 990, Part VI, Line 11B: Form 990 Review Process

“A copy of the 990 was reviewed by the Executive Director prior to filing. A copy of the 990 is given to the board of directors after it has been filed.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“The organization makes its governing documents and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Housing Corporation of Corry
EIN
30-0801221
Phone
8146655161
Address
120 South Center Street, Corry, PA 16407

Signing Officer

Name
Daniel McEldowney
Title
President
Signed
2019-01-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Daniel McEldowney
Formed
1974
Legal Domicile
Pa
Voting Board Members
5
Independent Board Members
5
Employees
0

Preparer

Firm
Root Spitznas & Smiley Inc
Address
5473 Village Common Dr Suite 205, Erie, PA 16506-4961
Preparer
Michael N Barko CPA
Phone
8144537731
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

“The Corporation has adopted the provisions of FASB ASC 740, Income Taxes. FASB ASC 740 prescribes a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken in a tax return. The Corporation records any related interest expense and penalties, if any, as a tax expense. For the year ended August 31, 2018, there were no unrecognized tax benefits or interest and penalty expense incurred. Tax years that remain subject to examination are years 2015 and forward.”

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IRS990/Form990PartVIISectionAGrp/PersonNm0Denny Baker
IRS990/Form990PartVIISectionAGrp/PersonNm1Daniel McEldowney
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IRS990/Form990PartVIISectionAGrp/PersonNm4Michael McNierney
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IRS990/PYProgramServiceRevenueAmt051363
IRS990/PYRevenuesLessExpensesAmt049650
IRS990/PYSalariesCompEmpBnftPaidAmt040612
IRS990/PYTotalExpensesAmt0260026
IRS990/PYTotalRevenueAmt0309676
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0169243
IRS990/RegularMonitoringEnfrcInd0false
IRS990/RelatedEntityInd0true
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0false
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt010289
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt03175
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt055912
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0258284
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0263669
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0288115
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0267358
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt01133338
IRS990ScheduleA/GovtFurnSrvcFcltsVl170Grp/TotalAmt00
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt06039
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt029
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt01469
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt01101
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt01216
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt09854
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt0162719
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus2YearsAmt01095
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus3YearsAmt0824
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus4YearsAmt0787
IRS990ScheduleA/OtherIncome170Grp/TotalAmt02706
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.98900
IRS990ScheduleA/PublicSupportPY170Pct00.99330
IRS990ScheduleA/PublicSupportTotal170Amt01133338
IRS990ScheduleA/SubstantialContributorsTotAmt00
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft170Grp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt055912
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0258284
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0263669
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0288115
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0267358
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt01133338
IRS990ScheduleA/TotalSupportAmt01145898
IRS990ScheduleA/UnrelatedBusinessNetIncm170Grp/TotalAmt00
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/ExpensesSubtotalAmt0151993
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/RevenueSubtotalAmt0321236
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Corporation has adopted the provisions of FASB ASC 740, Income Taxes. FASB ASC 740 prescribes a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken in a tax return. The Corporation records any related interest expense and penalties, if any, as a tax expense. For the year ended August 31, 2018, there were no unrecognized tax benefits or interest and penalty expense incurred. Tax years that remain subject to examination are years 2015 and forward.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
IRS990ScheduleD/TotalExpensesPerForm990Amt0151993
IRS990ScheduleD/TotalRevenuePerForm990Amt0321236
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0321236
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0151993
IRS990/ScheduleJRequiredInd0false
IRS990ScheduleN/AssetsDistributedInd0true
IRS990ScheduleN/AttorneyGeneralNotifiedInd0true
IRS990ScheduleN/BondLiabilitiesDischargedInd0false
IRS990ScheduleN/BondsOutstandingInd0false
IRS990ScheduleN/DirectorOfSuccessorInd0true
IRS990ScheduleN/EmployeeOfSuccessorInd0false
IRS990ScheduleN/LiabilitiesPaidInd0true
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/AssetsDistriOrExpnssPaidDesc0All assets, net of liabilities, of the organization
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/DistributionDt02017-12-01
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/EIN0251655604
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/FairMarketValueOfAssetAmt01093491
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/IRCSectionTxt0Government Authority
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/MethodOfFMVDeterminationTxt0Book Value
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/AddressLine1Txt0120 South Center Street
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/CityNm0Corry
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/StateAbbreviationCd0PA
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/ZIPCd016407
IRS990ScheduleN/OwnerOfSuccessorInd0false
IRS990ScheduleN/ReceiveCompensationInd0false
IRS990ScheduleN/RequiredToNotifyAGInd0true
IRS990ScheduleN/SupplementalInformationDetail/ExplanationTxt0Michael McNierney, Executive Director of Housing Corporation of Corry, was the Executive Director of the Erie County Housing Authority at the time of the dissolution.
IRS990ScheduleN/SupplementalInformationDetail/FormAndLineReferenceDesc0Sch N, Part III, Additional Information
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The Corporation has entered into a management agreement with the Housing Authority of the County of Erie, Pennsylvania to provide functions including leasing of apartments, collection of rents, financial record-keeping and reporting, tenant relations, and repairs and maintenance of the property. As part of this agreement, the Corporation pays a monthly management fee of 7% of the gross rents collected.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1A copy of the 990 was reviewed by the Executive Director prior to filing. A copy of the 990 is given to the board of directors after it has been filed.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The organization makes its governing documents and financial statements available to the public upon request.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 3: Description of Delegated Duties to Management Company
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
IRS990ScheduleR/AssetExchangeInd0false
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd0false
IRS990ScheduleR/AssetSaleToOtherOrgInd0true
IRS990ScheduleR/DivRelatedOrganizationInd0false
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd0false
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd0false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0Housing Authority County of Erie PA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0251655604
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0PA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0Low Income Housing
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt0120 South Center Street
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0Corry
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0PA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd016407
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd0false
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd0false
IRS990ScheduleR/PaidEmployeesSharingInd0false
IRS990ScheduleR/PerformOfServicesByOtherOrgInd0true
IRS990ScheduleR/PerformOfServicesForOthOrgInd0false
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd0false
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd0false
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd0false
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd0false
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd0false

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