Civic Intelligence

Riverside Housing Development Corporation

990 • Fiscal year 2016 • EIN 33-0468093

Jul 01, 2015 to Jun 30, 2016 • Filed on Feb 15, 2017

Organization Profilewww.rhdcca.org

View Organization Page

4250 Brockton AveRiverside, CA 92501-3447

(951) 341-6511

Siviq Scores

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

Liabilities / Assets

84th percentile

0.76x

Higher debt load relative to assets than 84% of similar nonprofits.

2016 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2016

Liabilities / Revenue

96th percentile

7.55x

Higher debt load relative to revenue than 96% of similar nonprofits.

2016 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2016

Net Margin

16th percentile

-9.5%

Higher net margin than 16% of similar nonprofits.

2016 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2016

Top Officer Pay

13th percentile

$111,452

Higher top officer pay than 13% of similar nonprofits.

Top officer pay equals 3.4% of source-year revenue.

2016 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2016

Asset Growth

50th percentile

2.4%

Faster asset growth than 50% of similar nonprofits.

2016 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2015 to 2016

Revenue Growth

27th percentile

-5.5%

Faster revenue growth than 27% of similar nonprofits.

2016 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets84th percentile

Assets

Up

$32,821,976

Up $771,377 (+2.4%) from 2015

Net Assets

Down

$7,871,901

Down $314,952 (-3.8%) from 2015

Liabilities

Up

$24,950,075

Up $1,086,329 (+4.6%) from 2015

Revenue And Expenses
Liabilities / Revenue96th percentileNet Margin16th percentile

Revenue

Down

$3,305,058

Down $193,306 (-5.5%) from 2015

Expenses

Up

$3,620,010

Up $25,777 (+0.7%) from 2015

Net Income

Down

-$314,952

Down $219,083 (-229%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth50th percentile

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

$40M$30M$20M$10M$0Assets 2010: $34,116,994Liabilities 2010: $27,046,282Net Assets 2010: $7,070,7122010Assets 2012: $33,400,764Liabilities 2012: $26,591,507Net Assets 2012: $6,809,2572012Assets 2013: $30,768,412Liabilities 2013: $23,945,304Net Assets 2013: $6,823,1082013Assets 2014: $31,453,981Liabilities 2014: $23,744,346Net Assets 2014: $7,709,6352014Assets 2015: $32,050,599Liabilities 2015: $23,863,746Net Assets 2015: $8,186,8532015Assets 2016: $32,821,976Liabilities 2016: $24,950,075Net Assets 2016: $7,871,9012016Assets 2017: $32,784,713Liabilities 2017: $25,292,296Net Assets 2017: $7,492,4172017Assets 2018: $33,261,104Liabilities 2018: $25,752,704Net Assets 2018: $7,508,4002018Assets 2019: $34,774,012Liabilities 2019: $26,910,771Net Assets 2019: $7,863,2412019Assets 2020: $35,172,347Liabilities 2020: $27,295,972Net Assets 2020: $7,876,3752020Assets 2021: $35,448,091Liabilities 2021: $27,367,081Net Assets 2021: $8,081,0102021Assets 2022: $36,307,163Liabilities 2022: $28,171,137Net Assets 2022: $8,136,0262022Assets 2023: $35,731,283Liabilities 2023: $28,542,330Net Assets 2023: $7,188,9532023Assets 2024: $34,898,564Liabilities 2024: $28,178,664Net Assets 2024: $6,719,9002024Assets 2025: $34,555,866Liabilities 2025: $27,996,499Net Assets 2025: $6,559,3672025

Highlighted filing

2016

Assets$32,821,976
Liabilities$24,950,075
Net Assets$7,871,901
Open 2016 Filing

Operations Trend

Revenue Growth27th percentile

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

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $2,982,0062010Expenses 2012: $3,489,9822012Expenses 2013: $3,258,6062013Revenue 2014: $4,273,947Expenses 2014: $3,387,420Net Income 2014: $886,5272014Revenue 2015: $3,498,364Expenses 2015: $3,594,233Net Income 2015: -$95,8692015Revenue 2016: $3,305,058Expenses 2016: $3,620,010Net Income 2016: -$314,9522016Revenue 2017: $3,357,070Expenses 2017: $3,736,554Net Income 2017: -$379,4842017Revenue 2018: $3,922,708Expenses 2018: $3,906,725Net Income 2018: $15,9832018Revenue 2019: $4,125,690Expenses 2019: $3,832,468Net Income 2019: $293,2222019Revenue 2020: $4,056,855Expenses 2020: $4,250,121Net Income 2020: -$193,2662020Revenue 2021: $4,567,899Expenses 2021: $4,574,298Net Income 2021: -$6,3992021Revenue 2022: $4,699,812Expenses 2022: $4,644,796Net Income 2022: $55,0162022Revenue 2023: $4,066,421Expenses 2023: $5,013,494Net Income 2023: -$947,0732023Revenue 2024: $4,892,424Expenses 2024: $5,361,477Net Income 2024: -$469,0532024Revenue 2025: $4,844,828Expenses 2025: $5,005,361Net Income 2025: -$160,5332025

Highlighted filing

2016

Revenue$3,305,058
Expenses$3,620,010
Net Income-$314,952
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
Feb 15, 2017
Return Version
2015v3.0
Gross Receipts
$3,305,058
Mission and Program Overview

Mission

Organized for the purposes of participating in the development and operation of housing that is affordable to low and moderated income people within Riverside and San Bernardino counties in California, lessening the burden of the government, combating community detorioration, and eliminating neighborhood blight.

Organized for the development and operation of housing that is affordable to low & moderate income people within Riverside & San Bernardino counties, lessening the burden of the government, combating community detorioration, & eliminating neighborhood blight.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$27,244,071$27,542,603▲ $298,532
Savings and Temporary Cash Investments$2,668,858$3,326,934▲ $658,076
Cash and Non-Interest-Bearing Accounts$260,156$577,610▲ $317,454
Accounts Receivable$367,095$271,086▼ $96,009
Other Notes and Loans Receivable, Net$235,921$240,325▲ $4,404
Prepaid Expenses and Deferred Charges$69,886$74,765▲ $4,879
Total Assets$32,050,599$32,821,976▲ $771,377
Other Assets Total$1,204,612$788,653▼ $415,959
Liabilities
Mortgage Notes Payable Secured by Investment Property$21,118,141$22,084,155▲ $966,014
Other Liabilities$2,028,572$1,922,881▼ $105,691
Accounts Payable and Accrued Expenses$648,705$797,938▲ $149,233
Deferred Revenue$68,328$145,101▲ $76,773
Total Liabilities$23,863,746$24,950,075▲ $1,086,329
Net Assets / Fund Balance
Unrestricted Net Assets$7,732,976$7,415,324▼ $317,652
Permanently Rstr Net Assets$448,378$448,378→ $0
Temporarily Rstr Net Assets$5,499$8,199▲ $2,700
Total Net Assets Fund Balance$8,186,853$7,871,901▼ $314,952
Total Liabilities and Net Assets / Fund Balance$32,050,599$32,821,976▲ $771,377

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$22,508,863$6,641,694$29,150,557
Land$5,007,935-$5,007,935
Other Land Buildings$25,805$37,246$63,051
Compensation and Service Providers
Top Officer Pay13th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Bruce KulpaCEOFT$111,452$111,452

Board Members and Trustees

NameTitle
Ralph J MegnaChairman
Peter BenavidezVice Chairman
Aaron BrownCFO
Bill Bogle JrMember
Charissa LeachMember
Douglas MerktMember
Duncan WebbMember
Florence WhiteMember
Jaime HurtadoMember
Kevin Randolphmember
Kristi CamplinMember
Lois CarsonMember
Mike Van StockumMember
Rick DeJongMember
Rose MayesMember
Steve SandersMember
Nancy MelendezSecretary

Highest Paid Contractors

ContractorServicesLocationCompensation
K & S ConstructionContractor21556 Skyhill Place, Perris, CA 92570$990,000
Revenue and Support

Revenue Composition

Contributions and Grants
$309,880
Program Service Revenue
$2,905,707
Investment Income
$2,762
Other Revenue
$86,709
All Other Contributions
$203,280
Change in Net Assets
$-314,952

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,305,058
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$206,400
Total Revenue per Audited Statements
$3,511,458
Total Revenue per Form 990
$3,305,058
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,484,401
Salaries, Compensation, and Employee Benefits$1,135,609
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$709,664$50,132-$759,796
Other Salaries and Wages$403,323$345,510-$748,833
Interest$380,018$17,260-$397,278
Insurance$197,670$14,611-$212,281
Other Employee Benefits$134,515$41,331-$175,846
Current Officers, Directors, Trustees, and Key Employees-$111,452-$111,452
Payroll Taxes$39,857$44,100-$83,957
Fees for Services Accounting$17,419$40,806-$58,225
Office Expenses$25,631$26,397-$52,028
Other Expenses$46,169$28,009-$46,169
Occupancy$26,678$8,893-$35,571
All Other Expenses$11,049$11,783-$22,832
Fees for Services Other$6,193$14,451-$20,644
Pension Plan Contributions$5,051$10,470-$15,521
Fees for Services Legal$12,335--$12,335
Conferences and Meetings-$2,033-$2,033
Advertising$354$387-$741
Total Functional Expenses$2,852,385$767,625$0$3,620,010

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$3,826,410
Expenses per Audited Statements$3,620,010
Total Expenses per Form 990$3,620,010
Expenses Not Reported on Form 990$206,400
Expenses Not Reported on Financial Statements$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
Refundable Advances$1,661,952
Security Deposits$260,929
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
Yes
Other officer compensation reviewed
Yes
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 11

“The CEO reviews the 990 before it is filed”

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

“Annual memos are distributed to document compliance for the year.”

Form 990, Part VI, Section B, line 15

“Statistical data for the surrounding area is gathered and reviewed to determine average salary for specific job requirements & responsibilities. Annual salary evaluations are performed by the organization”

Form 990, Part VI, Section C, line 19

“Upon written request the organization will make available the governing documents, policies and/or financial statements.”

Filing and Contact Details

Filer

Filer Name
Riverside Housing Development
EIN
33-0468093
Phone
9513416511
Address
4250 Brockton Ave, Riverside, CA 92501-3447

Signing Officer

Name
Bruce Kulpa
Title
CEO
Phone
9513416511
Signed
2017-02-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Bruce Kulpa
Formed
1991
Legal Domicile
CA
Voting Board Members
17
Independent Board Members
17
Employees
25
Volunteers
0

Preparer

Firm
Smith Marion & Co LLP
Address
1940 Orange Tree Lane Suite 100, Redlands, CA 92374
Preparer
Janet Smith
Phone
9093072323
Supplemental Narrative

Financial Statement Notes

Part X, Line 2:

“In accordance with accounting standards, which provides accounting and disclosure guidance about uncertain tax positions taken by an organization, management believes that all of the positions taken by the organization in its federal and state income tax returns are more likely than not to be sustained upon examination. The organization files returns in the US Federal jurisdiction and the State of California. The Organization's federal income tax returns for the years 2011 and beyond remain subject to examination by the Internal Revenue Service. The Organization's California income tax returns for 2010 and beyond remain subject to examination by the Franchise Tax Board.”

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IRS990/Form990PartVIISectionAGrp/PersonNm16Kevin Randolph
IRS990/Form990PartVIISectionAGrp/PersonNm17Bruce Kulpa
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IRS990/Form990PartVIISectionAGrp/TitleTxt2Secretary
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IRS990/Form990PartVIISectionAGrp/TitleTxt5Member
IRS990/Form990PartVIISectionAGrp/TitleTxt6Member
IRS990/Form990PartVIISectionAGrp/TitleTxt7Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt8Member
IRS990/Form990PartVIISectionAGrp/TitleTxt9Vice Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt10Member
IRS990/Form990PartVIISectionAGrp/TitleTxt11Member
IRS990/Form990PartVIISectionAGrp/TitleTxt12Member
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IRS990/MissionDesc0Organized for the purposes of participating in the development and operation of housing that is affordable to low and moderated income people within Riverside and San Bernardino counties in California, lessening the burden of the government, combating community detorioration, and eliminating neighborhood blight.
IRS990/MoreThan5000KToIndividualsInd00
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IRS990/NetAssetsOrFundBalancesEOYAmt07871901
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IRS990/OfficeExpensesGrp/ProgramServicesAmt025631
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IRS990/OperateHospitalInd00
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IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt041331
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0134515
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0175846
IRS990/OtherExpensesGrp/Desc0Maintenance
IRS990/OtherExpensesGrp/Desc1Rental Utilities
IRS990/OtherExpensesGrp/Desc2Rental & maintenance
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IRS990/OtherExpensesGrp/ProgramServicesAmt0484264
IRS990/OtherExpensesGrp/ProgramServicesAmt1190011
IRS990/OtherExpensesGrp/ProgramServicesAmt2162184
IRS990/OtherExpensesGrp/ProgramServicesAmt346169
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IRS990/OtherExpensesGrp/TotalAmt1190011
IRS990/OtherExpensesGrp/TotalAmt2162184
IRS990/OtherExpensesGrp/TotalAmt346169
IRS990/OtherLiabilitiesGrp/BOYAmt02028572
IRS990/OtherLiabilitiesGrp/EOYAmt01922881
IRS990/OtherRevenueMiscGrp/Desc0gain on sale of assets
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IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt084084
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt12625
IRS990/OtherRevenueTotalAmt086709
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0345510
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0403323
IRS990/OtherSalariesAndWagesGrp/TotalAmt0748833
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt0235921
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt0240325
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt044100
IRS990/PayrollTaxesGrp/ProgramServicesAmt039857
IRS990/PayrollTaxesGrp/TotalAmt083957
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt010470
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt05051
IRS990/PensionPlanContributionsGrp/TotalAmt015521
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IRS990/PermanentlyRstrNetAssetsGrp/EOYAmt0448378
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt074765
IRS990/PrincipalOfficerNm0Bruce Kulpa
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/Desc0Section 8 Rental Prop
IRS990/ProgramServiceRevenueGrp/Desc1Development Fees
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1485633
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt02420074
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1485633
IRS990/ProgSrvcAccomActy2Grp/Desc0Rehabilitation Programs - Helping low income homeowners in Riverside and Banning rehab and maintain their houses to be free of health and safety and code related issues.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0144241
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt0105396
IRS990/ProgSrvcAccomActy3Grp/Desc0Property management for other agencies
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt0238837
IRS990/ProgSrvcAccomActy3Grp/RevenueAmt0380237
IRS990/ProgSrvcAccomActyOtherGrp/Desc0Neighborhood Stabilization Program - Purchased properties for resale - this program is part of the stimulus package. Purchased foreclosed homes that are a blight to the community. Rehabilitate and sell the homes to low income first time home buyers.
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Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$32,821,976
Liabilities
$24,950,075
Net assets
$7,871,901
Revenue
$3,305,058
Expenses
$3,620,010
Net income
-$314,952
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$34.6$28.0$6.56$4.84$5.01$0.16
2024Detailed filing. Detailed filing data is available for this year.$34.9$28.2$6.72$4.89$5.36$0.47
2023Detailed filing. Detailed filing data is available for this year.$35.7$28.5$7.19$4.07$5.01$0.95
2022Detailed filing. Detailed filing data is available for this year.$36.3$28.2$8.14$4.70$4.64$0.06
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$35.4$27.4$8.08$4.57$4.57$0.01
2020Detailed filing. Detailed filing data is available for this year.$35.2$27.3$7.88$4.06$4.25$0.19
2019Detailed filing. Detailed filing data is available for this year.$34.8$26.9$7.86$4.13$3.83$0.29
2018Detailed filing. Detailed filing data is available for this year.$33.3$25.8$7.51$3.92$3.91$0.02
2017Detailed filing. Detailed filing data is available for this year.$32.8$25.3$7.49$3.36$3.74$0.38
2016Detailed filing. Detailed filing data is available for this year.$32.8$25.0$7.87$3.31$3.62$0.31
2015Detailed filing. Detailed filing data is available for this year.$32.1$23.9$8.19$3.50$3.59$0.10
2014Detailed filing. Detailed filing data is available for this year.$31.5$23.7$7.71$4.27$3.39$0.89
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$30.8$23.9$6.82$3.26
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$33.4$26.6$6.81$3.49
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$34.1$27.0$7.07$2.98