Civic Intelligence

Roc USA LLC

990 • Fiscal year 2013 • EIN 35-2319441

Jan 01, 2013 to Dec 31, 2013 • Filed on Apr 09, 2014

7 Wall Street03301

(603) 856-0246

Siviq Scores

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

Liabilities / Assets

81st percentile

0.69x

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

2013 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2013

Liabilities / Revenue

93rd percentile

4.24x

Higher debt load relative to revenue than 93% of similar nonprofits.

2013 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2013

Net Margin

92nd percentile

57%

Higher net margin than 92% of similar nonprofits.

2013 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2013

Top Officer Pay

38th percentile

$192,913

Higher top officer pay than 38% of similar nonprofits.

Top officer pay equals 2.7% of source-year revenue.

2013 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2013

Asset Growth

90th percentile

28%

Faster asset growth than 90% of similar nonprofits.

2013 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2012 to 2013

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2013

Assets

Up

$44,398,965

Up $9,677,033 (+28%) from 2012

Net Assets

Up

$13,704,401

Up $4,098,853 (+43%) from 2012

Liabilities

Up

$30,694,564

Up $5,578,180 (+22%) from 2012

Revenue

$7,236,852

No earlier filing loaded for comparison.

Expenses

Up

$3,137,999

Up $460,695 (+17%) from 2012

Net Income

$4,098,853

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

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

$200M$150M$100M$50M$0Assets 2010: $14,401,925Liabilities 2010: $6,740,491Net Assets 2010: $7,661,4342010Assets 2012: $34,721,932Liabilities 2012: $25,116,384Net Assets 2012: $9,605,5482012Assets 2013: $44,398,965Liabilities 2013: $30,694,564Net Assets 2013: $13,704,4012013Assets 2015: $51,216,786Liabilities 2015: $39,498,433Net Assets 2015: $11,718,3532015Assets 2016: $65,071,125Liabilities 2016: $52,669,277Net Assets 2016: $12,401,8482016Assets 2017: $78,672,155Liabilities 2017: $66,300,891Net Assets 2017: $12,371,2642017Assets 2018: $87,459,246Liabilities 2018: $75,312,462Net Assets 2018: $12,146,7842018Assets 2019: $123,751,390Liabilities 2019: $109,657,996Net Assets 2019: $14,093,3942019Assets 2020: $129,035,432Liabilities 2020: $114,574,711Net Assets 2020: $14,460,7212020Assets 2021: $163,263,242Liabilities 2021: $146,850,317Net Assets 2021: $16,412,9252021Assets 2022: $179,101,638Liabilities 2022: $160,186,984Net Assets 2022: $18,914,6542022

Highlighted filing

2013

Assets$44,398,965
Liabilities$30,694,564
Net Assets$13,704,401

Operations Trend

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

$15M$10M$5.0M$0-$5.0MExpenses 2010: $1,463,6732010Expenses 2012: $2,677,3042012Revenue 2013: $7,236,852Expenses 2013: $3,137,999Net Income 2013: $4,098,8532013Revenue 2015: $3,484,204Expenses 2015: $4,173,911Net Income 2015: -$689,7072015Revenue 2016: $4,800,457Expenses 2016: $4,116,962Net Income 2016: $683,4952016Revenue 2017: $5,685,216Expenses 2017: $5,715,800Net Income 2017: -$30,5842017Revenue 2018: $5,766,636Expenses 2018: $5,991,116Net Income 2018: -$224,4802018Revenue 2019: $7,646,765Expenses 2019: $7,822,551Net Income 2019: -$175,7862019Revenue 2020: $9,691,078Expenses 2020: $9,136,251Net Income 2020: $554,8272020Revenue 2021: $13,007,393Expenses 2021: $10,867,689Net Income 2021: $2,139,7042021Revenue 2022: $14,090,679Expenses 2022: $11,401,450Net Income 2022: $2,689,2292022

Highlighted filing

2013

Revenue$7,236,852
Expenses$3,137,999
Net Income$4,098,853
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
Apr 9, 2014
Return Version
2013v3.0
Gross Receipts
$7,236,852
Mission and Program Overview

Mission

Make quality, resident-ownership of manufactured home communities viable nationwide.

The organization's purpose is to aid people living in manufactured home communities (mhcs) so that as a group they can purchase their communities and operate them as resident-owned and/or controlled entities thereby: (i) preserving longterm existence and affordability of the manufactured housing sector;(ii) creating a stable environment for reasonably priced(non-predatory) single-family lending and the resulting asset appreciation;(iii) lessening the burdens of state and local governments arising out of the loss of this sector of affordable housing (i.e. Primarily the demands for relocation assistance and subsidized housing alternatives arising from mhc closures); (iv)combating deterioration of mhcs; and (v) eliminating the economic discrimination and stigma suffered by owners of manufactured and mobile homes within mhcs.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Program Related$27,743,341$29,949,218▲ $2,205,877
Savings and Temporary Cash Investments$4,552,819$8,737,223▲ $4,184,404
Pledges and Grants Receivable$646,597$4,068,985▲ $3,422,388
Cash and Non-Interest-Bearing Accounts$1,378,762$1,175,176▼ $203,586
Prepaid Expenses and Deferred Charges$49,514$54,022▲ $4,508
Land, Buildings, and Equipment, Net$26,597$23,869▼ $2,728
Total Assets$34,721,932$44,398,965▲ $9,677,033
Other Assets Total$324,302$390,472▲ $66,170
Liabilities
Unsecured Notes Loans Payable$14,750,000$20,250,000▲ $5,500,000
Other Liabilities$6,442,950$7,081,222▲ $638,272
Escrow Account Liability$2,709,385$3,128,679▲ $419,294
Accounts Payable and Accrued Expenses$194,049$186,963▼ $7,086
Mortgage Notes Payable Secured by Investment Property$1,000,000$31,500▼ $968,500
Deferred Revenue$20,000$16,200▼ $3,800
Total Liabilities$25,116,384$30,694,564▲ $5,578,180
Net Assets / Fund Balance
Temporarily Rstr Net Assets$4,061,432$8,022,500▲ $3,961,068
Unrestricted Net Assets$5,044,116$5,181,901▲ $137,785
Permanently Rstr Net Assets$500,000$500,000→ $0
Total Net Assets Fund Balance$9,605,548$13,704,401▲ $4,098,853
Total Liabilities and Net Assets / Fund Balance$34,721,932$44,398,965▲ $9,677,033

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$23,869$100,569$124,438
Investment Program Related Org$29,949,218--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Paul BradleyPresidentFT$168,813$24,100$192,913
Michael SlossManaging DirectorFT$145,945$17,488$163,433
MARY O'HARADirector of Training and DevelopmentFT$115,276-$115,276
David DoyonChief Financial OfficerPT$99,891-$99,891

Board Members and Trustees

NameTitle
Terry SimonetteVice Chair
Andrea LevereVice President/ Board Chair
Adnan BokhariDirector
Colleen PrestonDirector
Diane GasawayDirector
John WiltseDirector
Liz WoodDirector
Michael SwackDirector
Natividad SeefeldDirector
Scott SporteDirector
Michael ForsterAssistant Secretary
Juliana EadesSecretary/treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$5,096,536
Program Service Revenue
$2,118,642
Investment Income
$21,674
Other Revenue
$0
All Other Contributions
$5,050,500
Change in Net Assets
$4,098,853

Audited Revenue Reconciliation

Revenue per Audited Statements
$7,236,852
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$4,800
Total Revenue per Audited Statements
$7,241,652
Total Revenue per Form 990
$7,236,852
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,841,112
Salaries, Compensation, and Employee Benefits$1,076,231
Grants and Similar Amounts Paid$220,656
Total Fundraising Expense$27,193
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$762,725--$762,725
Other Salaries and Wages$577,237$51,310$12,827$641,374
Current Officers, Directors, Trustees, and Key Employees$263,420$23,415$5,854$292,689
Grants to Domestic Orgs$220,656--$220,656
Fees for Services Other$150,666$13,101-$163,767
Travel$125,526$10,915-$136,441
Occupancy$85,034$7,559$1,889$94,482
Office Expenses$77,613$6,899$1,725$86,237
Other Employee Benefits$64,612$5,743$1,436$71,791
Payroll Taxes$63,339$5,630$1,408$70,377
Fees for Services Legal-$67,868-$67,868
Insurance$25,463$2,263$566$28,292
Fees for Services Accounting-$28,096-$28,096
Depreciation Depletion$15,748$1,400$350$17,498
Other Expenses$13,472$1,198$299$14,969
Advertising$10,696$951$237$11,884
All Other Expenses$6,433$559-$6,992
Total Functional Expenses$2,881,491$229,315$27,193$3,137,999

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$3,142,799
Expenses per Audited Statements$3,137,999
Total Expenses per Form 990$3,137,999
Expenses Not Reported on Form 990$4,800
Expenses Not Reported on Financial Statements$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
04-3241596-501(c)(3)Capacity Building$75,000
81-0543240-501(c)(3)Capacity Building$50,000
26-2901912-501(c)(3)Capacity Building$15,000
16-1183242-501(c)(3)Capacity Building$15,000
41-1953515-501(c)(3)Capacity Building$15,000
91-1355457-501(c)(3)Capacity Building$15,000
22-2524015-501(c)(3)Capacity Building$15,000
93-0977842-501(c)(3)Capacity Building$15,000
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

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Colleen PrestonBoard MemberPresident of Cranberry Village Residents Association, Which Roc USA Has a Loan Receivable With.No$254,451
Natividad SeefeldBoard MemberPresident of Park Plaza Cooperative, Which Roc USA Has a Loan Receivable With.No$103,411
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Non-recourse Participations in Loans Receivable$7,081,222
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

Roc usa, llc has three llc members, each of which are exempt under internal revenue code section 501(c)(3).

Form 990, Part VI, Section A, Line 7A

Each llc member is able to elect two board members.

Form 990, Part VI, Section A, Line 7B

Anything outside of authority of the governing board as granted in the operating agreement.

Form 990, Part VI, Section B, Line 11

The form 990 is prepared by the audit firm, reviewed and approved by the president who submits the form 990 to the audit committee, along with the audited financial statements, which the committee will review and approve and recommend for approval to the board. The board will review and approve the form 990.

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

The organization requires employees and board members to complete an annual conflict of interest survey.

Form 990, Part VI, Section B, Line 15

Governance committee under the chairmanship of terry simonette, reviewed market information generated by quatt associates in january 2008 in a compensation review for the executive positions for ncb capital impact. The data used for that review included two, not-for-profit comparisons: a comparator group of nine national community development financial institutions and policy development and research organizations (using irs form 990s); and the watson wyatt top management survey of not-for-profit financial service organizations. As a result of review of the data described above, the committee concluded and reported to the full board that the compensation to be paid to the roc usa, llc president is fair and appropriate. The board concurred. As to the remaining management positions, the president used guidestar.org to review salaries and benefit totals of other national community development financial institutions. Salaries in both cases were in the middle of the range. Analysis is kept on file.

Form 990, Part VI, Section C, Line 19

The organization will make its form 990 available to the public through a third-party public website as well as upon request. The organization's form 1023 is available upon request.

Filing and Contact Details

Filer

EIN
35-2319441
Phone
6038560246

Signing Officer

Name
Paul Bradley
Title
President
Phone
6038560246
Signed
2014-04-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Paul Bradley
Formed
2007
Legal Domicile
De
Voting Board Members
12
Independent Board Members
10
Employees
12
Volunteers
0

Preparer

Preparer
David Kelleher CPA
Phone
5083669100
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

Roc usa, llc has an audit committee which is responsible for selecting independent auditors, oversight of the audit and review and approval of audited financial statements.

Financial Statement Notes

PART IV, LINE 2B:

The organization's wholly-owned lending subsidiary, resident ownership capital, llc (d/b/a roc usa capital) holds $3,128,679 of 23 borrowers property tax and insurance escrow funds on behalf of the borrowers. Roc usa capital acts as escrow agent for these funds but does not provide credit counseling or debt management services to the borrower.

PART X, LINE 2:

Roc usa follows the accounting for uncertainty in income taxes standard, which requires roc usa to report the effects of any uncertain tax positions in its consolidated financial statements. As of december 31, 2013, roc usa determined that it had no tax positions that did not meet the "more likely than not" threshold of being sustained by tax authorities. Roc usa files information returns in the united states federal, new york and new hampshire state jurisdictions and is still subject to tax examinations in these jurisdictions from 2010 forward.

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IRS990/ActivityOrMissionDesc0THE ORGANIZATION'S PURPOSE IS TO AID PEOPLE LIVING IN MANUFACTURED HOME COMMUNITIES (MHCS) SO THAT AS A GROUP THEY CAN PURCHASE THEIR COMMUNITIES AND OPERATE THEM AS RESIDENT-OWNED AND/OR CONTROLLED ENTITIES THEREBY: (I) PRESERVING LONGTERM EXISTENCE AND AFFORDABILITY OF THE MANUFACTURED HOUSING SECTOR;(II) CREATING A STABLE ENVIRONMENT FOR REASONABLY PRICED(NON-PREDATORY) SINGLE-FAMILY LENDING AND THE RESULTING ASSET APPRECIATION;(III) LESSENING THE BURDENS OF STATE AND LOCAL GOVERNMENTS ARISING OUT OF THE LOSS OF THIS SECTOR OF AFFORDABLE HOUSING (I.E. PRIMARILY THE DEMANDS FOR RELOCATION ASSISTANCE AND SUBSIDIZED HOUSING ALTERNATIVES ARISING FROM MHC CLOSURES); (IV)COMBATING DETERIORATION OF MHCS; AND (V) ELIMINATING THE ECONOMIC DISCRIMINATION AND STIGMA SUFFERED BY OWNERS OF MANUFACTURED AND MOBILE HOMES WITHIN MHCS.
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