Civic Intelligence

Villita Apartments Inc

EIN 38-3725519 • 501(c)3 • Providence, RI

Profile

Cost incurred in connection with the provisions of project-based section 8 and section 524(a)and (c) of the multifamily assisted housing reform and affordability act of 1997 (mahra). Owns and operates a 17 unit apartment complex in providence, ri for low income elderly tenants.

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

90th percentile

0.76x

Higher debt load relative to assets than 90% of similar nonprofits.

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

Liabilities / Revenue

95th percentile

3.67x

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

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

Net Margin

64th percentile

13%

Higher net margin than 64% 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

47th percentile

2.3%

Faster asset growth than 47% of similar nonprofits.

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

Revenue Growth

48th percentile

6.2%

Faster revenue growth than 48% of similar nonprofits.

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

Assets

Up

$1,438,070

Up $32,405 (+2.3%) from 2023

Liabilities

Down

$1,099,994

Down $5,832 (-0.5%) from 2023

Net Assets

Up

$338,076

Up $38,237 (+13%) from 2023

Revenue

Up

$300,002

Up $17,415 (+6.2%) from 2023

Expenses

Down

$261,764

Down $3,956 (-1.5%) from 2023

Net Income

Up

$38,238

Up $21,371 (+127%) from 2023

Trend Graphs

Balance Sheet Trend

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

$2.0M$1.5M$1.0M$500K$0Assets 2011: $1,563,857Liabilities 2011: $894,168Net Assets 2011: $669,6892011Assets 2012: $1,547,442Liabilities 2012: $907,653Net Assets 2012: $639,7892012Assets 2013: $1,545,135Liabilities 2013: $936,779Net Assets 2013: $608,3562013Assets 2014: $1,518,368Liabilities 2014: $948,121Net Assets 2014: $570,2472014Assets 2015: $1,491,156Liabilities 2015: $961,578Net Assets 2015: $529,5782015Assets 2016: $1,472,863Liabilities 2016: $980,106Net Assets 2016: $492,7572016Assets 2017: $1,455,534Liabilities 2017: $1,000,085Net Assets 2017: $455,4492017Assets 2018: $1,437,346Liabilities 2018: $1,012,148Net Assets 2018: $425,1982018Assets 2019: $1,412,523Liabilities 2019: $1,036,489Net Assets 2019: $376,0342019Assets 2020: $1,396,991Liabilities 2020: $1,053,982Net Assets 2020: $343,0092020Assets 2021: $1,376,049Liabilities 2021: $1,076,225Net Assets 2021: $299,8242021Assets 2023: $1,405,665Liabilities 2023: $1,105,826Net Assets 2023: $299,8392023Assets 2024: $1,438,070Liabilities 2024: $1,099,994Net Assets 2024: $338,0762024

Highlighted filing

2024

Assets$1,438,070
Liabilities$1,099,994
Net Assets$338,076

Operations Trend

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

$400K$300K$200K$100K$0-$100KExpenses 2011: $261,3732011Expenses 2012: $232,9342012Revenue 2013: $206,423Expenses 2013: $237,856Net Income 2013: -$31,4332013Revenue 2014: $205,579Expenses 2014: $243,688Net Income 2014: -$38,1092014Revenue 2015: $204,158Expenses 2015: $244,827Net Income 2015: -$40,6692015Revenue 2016: $211,295Expenses 2016: $248,116Net Income 2016: -$36,8212016Revenue 2017: $214,412Expenses 2017: $251,720Net Income 2017: -$37,3082017Revenue 2018: $219,121Expenses 2018: $249,372Net Income 2018: -$30,2512018Revenue 2019: $224,639Expenses 2019: $273,803Net Income 2019: -$49,1642019Revenue 2020: $227,511Expenses 2020: $260,536Net Income 2020: -$33,0252020Revenue 2021: $231,743Expenses 2021: $274,929Net Income 2021: -$43,1862021Revenue 2023: $282,587Expenses 2023: $265,720Net Income 2023: $16,8672023Revenue 2024: $300,002Expenses 2024: $261,764Net Income 2024: $38,2382024

Highlighted filing

2024

Revenue$300,002
Expenses$261,764
Net Income$38,238

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.44$1.10$0.34$0.30$0.26$0.04
2023Detailed filing. Detailed filing data is available for this year.$1.41$1.11$0.30$0.28$0.27$0.02
2021Detailed filing. Detailed filing data is available for this year.$1.38$1.08$0.30$0.23$0.27$0.04
2020Detailed filing. Detailed filing data is available for this year.$1.40$1.05$0.34$0.23$0.26$0.03
2019Detailed filing. Detailed filing data is available for this year.$1.41$1.04$0.38$0.22$0.27$0.05
2018Detailed filing. Detailed filing data is available for this year.$1.44$1.01$0.43$0.22$0.25$0.03
2017Detailed filing. Detailed filing data is available for this year.$1.46$1.00$0.46$0.21$0.25$0.04
2016Detailed filing. Detailed filing data is available for this year.$1.47$0.98$0.49$0.21$0.25$0.04
2015Detailed filing. Detailed filing data is available for this year.$1.49$0.96$0.53$0.20$0.24$0.04
2014Detailed filing. Detailed filing data is available for this year.$1.52$0.95$0.57$0.21$0.24$0.04
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.55$0.94$0.61$0.21$0.24$0.03
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.55$0.91$0.64$0.23
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.56$0.89$0.67$0.26
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
$300,002
Mission and Program Overview

Mission

Cost incurred in connection with the provisions of project-based section 8 and section 524(a)and (c) of the multifamily assisted housing reform and affordability act of 1997 (mahra). Owns and operates a 17 unit apartment complex in providence, ri for low income elderly tenants.

To provide affordable housing in providence,ri for senior citizens and the disabled.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$959,124$942,338▼ $16,786
Savings and Temporary Cash Investments$382,454$417,031▲ $34,577
Cash and Non-Interest-Bearing Accounts$55,383$60,385▲ $5,002
Prepaid Expenses and Deferred Charges$8,651$18,194▲ $9,543
Accounts Receivable$53$122▲ $69
Total Assets$1,405,665$1,438,070▲ $32,405
Liabilities
Mortgage Notes Payable Secured by Investment Property$740,597$736,120▼ $4,477
Accounts Payable and Accrued Expenses$362,444$360,909▼ $1,535
Other Liabilities$2,533$2,533→ $0
Deferred Revenue$252$432▲ $180
Total Liabilities$1,105,826$1,099,994▼ $5,832
Net Assets / Fund Balance
Net Assets With Donor Restrictions$887,060$887,060→ $0
Net Assets Without Donor Restrictions$-587,221$-548,984▲ $38,237
Total Net Assets Fund Balance$299,839$338,076▲ $38,237
Total Liabilities and Net Assets / Fund Balance$1,405,665$1,438,070▲ $32,405

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$911,488$681,843$1,593,331
Other Land Buildings$0$37,716$37,716
Land$29,054-$29,054
Equipment$1,796$23,651$25,447
Compensation and Service Providers

Board Members and Trustees

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

Revenue Composition

Contributions and Grants
$218,380
Program Service Revenue
$71,124
Investment Income
$10,498
Other Revenue
$0
Change in Net Assets
$38,238

Audited Revenue Reconciliation

Revenue per Audited Statements
$300,002
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$300,002
Total Revenue per Form 990
$300,002
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$207,177
Salaries, Compensation, and Employee Benefits$54,587
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$62,727--$62,727
Interest$54,730--$54,730
Other Salaries and Wages$54,587--$54,587
Depreciation Depletion$41,768--$41,768
Fees for Services Management-$22,132-$22,132
Insurance$11,997--$11,997
Fees for Services Accounting-$7,500-$7,500
Office Expenses-$4,278-$4,278
Other Expenses-$1,531-$1,531
Travel-$423-$423
Fees for Services Legal-$91-$91
Total Functional Expenses$225,809$35,955$0$261,764

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$261,764
Total Expenses per Audited Statements$261,764
Total Expenses per Form 990$261,764
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$2,533
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
Villita Apartments Inc
EIN
38-3725519
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
2005
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 XI, LINE 9:

ROUNDING -1.

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 409 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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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt0602
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt0698
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt06234
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt021092
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt0297296
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.97880
IRS990ScheduleA/PublicSupportPY170Pct00.98350
IRS990ScheduleA/PublicSupportTotal170Amt0975047
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0218380
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0220323
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0191787
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0175809
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0168748
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt0975047
IRS990ScheduleA/TotalSupportAmt0996139
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt0911488
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0681843
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt01593331
IRS990ScheduleD/EquipmentGrp/BookValueAmt01796
IRS990ScheduleD/EquipmentGrp/DepreciationAmt023651
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt025447
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0261764
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt029054
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt029054
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt037716
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt037716
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt02533
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0TENANT SECURITY DEPOSIT LIAB
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0300002
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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IRS990ScheduleD/TotalExpensesPerForm990Amt0261764
IRS990ScheduleD/TotalLiabilityAmt02533
IRS990ScheduleD/TotalRevenuePerForm990Amt0300002
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0300002
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0261764
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
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/ExplanationTxt3ROUNDING -1.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THERE 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 XI, LINE 9:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990 PART XII LINE 2C
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0HOUSING OPPORTUNITIES CORP
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IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd01
IRS990ScheduleR/PerformOfServicesByOtherOrgInd01
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd01
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt022132
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt154587
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt21954
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0COST
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IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0HOUSING OPPORTUNITIES CORPORATION
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IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
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IRS990/TaxablePartyNotificationInd00
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IRS990/TotalEmployeeCnt00
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IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0225809
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IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
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IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0WWW.WDCHOC.ORG
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02024-10-15 13:58:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0FRANK SHEA
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum04019412900
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-11-13
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0VILLITA APARTMENTS INC
ReturnHeader/Filer/BusinessNameControlTxt0VILL
ReturnHeader/Filer/EIN0383725519
ReturnHeader/Filer/PhoneNum04019412900
ReturnHeader/Filer/USAddress/AddressLine1Txt0861A BROAD STREET
ReturnHeader/Filer/USAddress/CityNm0PROVIDENCE
ReturnHeader/Filer/USAddress/StateAbbreviationCd0RI
ReturnHeader/Filer/USAddress/ZIPCd002907
ReturnHeader/IRSResponsiblePrtyInfoCurrInd01
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0453085083
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0DAMIANO BURK & NUTTALL PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt06 BLACKSTONE VALLEY PL STE 109
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0LINCOLN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0RI

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