Civic Intelligence

Savin Rock Communities Inc.

990 • Fiscal year 2023 • EIN 47-3073109

Jan 01, 2023 to Dec 31, 2023 • Filed on Aug 02, 2024

15 Glade StreetWest Haven, CT 06516

(203) 934-8671

Siviq Scores

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

Liabilities / Assets

73rd percentile

0.45x

Higher debt load relative to assets than 73% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Liabilities / Revenue

88th percentile

1.97x

Higher debt load relative to revenue than 88% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Net Margin

87th percentile

39%

Higher net margin than 87% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Top Officer Pay

15th percentile

$8,000

Higher top officer pay than 15% of similar nonprofits.

Top officer pay equals 0.2% of source-year revenue.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Asset Growth

98th percentile

183%

Faster asset growth than 98% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Revenue Growth

65th percentile

14%

Faster revenue growth than 65% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Assets

Up

$21,331,309

Up $13,805,697 (+183%) from 2022

Net Assets

Up

$11,708,954

Up $5,079,516 (+77%) from 2022

Liabilities

Up

$9,622,355

Up $8,726,181 (+974%) from 2022

Revenue

Up

$4,883,608

Up $596,342 (+14%) from 2022

Expenses

Up

$2,989,742

Up $861,283 (+40%) from 2022

Net Income

Down

$1,893,866

Down $264,941 (-12%) from 2022

Historical Trend

Balance Sheet Trend

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

$60M$40M$20M$0-$20MAssets 2017: $130,181Liabilities 2017: $145,485Net Assets 2017: -$15,3042017Assets 2018: $157,428Liabilities 2018: $204,614Net Assets 2018: -$47,1862018Assets 2019: $257,052Liabilities 2019: $327,663Net Assets 2019: -$70,6112019Assets 2020: $2,962,905Liabilities 2020: $656,656Net Assets 2020: $2,306,2492020Assets 2021: $4,949,836Liabilities 2021: $711,385Net Assets 2021: $4,238,4512021Assets 2022: $7,525,612Liabilities 2022: $896,174Net Assets 2022: $6,629,4382022Assets 2023: $21,331,309Liabilities 2023: $9,622,355Net Assets 2023: $11,708,9542023Assets 2024: $44,723,113Liabilities 2024: $31,903,194Net Assets 2024: $12,819,9192024

Highlighted filing

2023

Assets$21,331,309
Liabilities$9,622,355
Net Assets$11,708,954

Operations Trend

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

$8.0M$6.0M$4.0M$2.0M$0-$2.0MRevenue 2017: $84,111Expenses 2017: $145,270Net Income 2017: -$61,1592017Revenue 2018: $111,592Expenses 2018: $143,474Net Income 2018: -$31,8822018Revenue 2019: $181,256Expenses 2019: $204,681Net Income 2019: -$23,4252019Revenue 2020: $544,910Expenses 2020: $294,507Net Income 2020: $250,4032020Revenue 2021: $4,197,855Expenses 2021: $2,265,653Net Income 2021: $1,932,2022021Revenue 2022: $4,287,266Expenses 2022: $2,128,459Net Income 2022: $2,158,8072022Revenue 2023: $4,883,608Expenses 2023: $2,989,742Net Income 2023: $1,893,8662023Revenue 2024: $6,870,836Expenses 2024: $5,759,871Net Income 2024: $1,110,9652024

Highlighted filing

2023

Revenue$4,883,608
Expenses$2,989,742
Net Income$1,893,866
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Aug 2, 2024
Return Version
2023v5.1
Gross Receipts
$4,883,608
Mission and Program Overview

Mission

To provide safe, sanitary and suitable living accommodations to persons of low, moderate and middle income in the state of connecticut through the ownership, construction, development, renovation, improvement, sponsorship, financing, refinancing, management, leasing and operation of certain pieces or parcels of real property.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$2,087,615$4,410,559▲ $2,322,944
Land, Buildings, and Equipment, Net$1,857,955$3,710,266▲ $1,852,311
Cash and Non-Interest-Bearing Accounts$2,089,041$1,647,607▼ $441,434
Investments Other Securities$924,164$1,349,169▲ $425,005
Prepaid Expenses and Deferred Charges$93,181$0▼ $93,181
Accounts Receivable$6,644$53,083▲ $46,439
Total Assets$7,525,612$21,331,309▲ $13,805,697
Other Assets Total$467,012$10,160,625▲ $9,693,613
Liabilities
Unsecured Notes Loans Payable-$8,526,166-
Accounts Payable and Accrued Expenses$755,898$924,379▲ $168,481
Other Liabilities$140,276$171,810▲ $31,534
Total Liabilities$896,174$9,622,355▲ $8,726,181
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$6,629,438$11,708,954▲ $5,079,516
Total Net Assets Fund Balance$6,629,438$11,708,954▲ $5,079,516
Total Liabilities and Net Assets / Fund Balance$7,525,612$21,331,309▲ $13,805,697

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,250,469$12,652,128-
Land$221,858--
Equipment$1,237,939--
Other Assets Org$10,063,218--
Closely Held Equity Interests$1,349,169--
Compensation and Service Providers

Employees

NameTitleBaseTotal
John CounterPresident$8,000$8,000
Wayne OrioTreasurer$8,000$8,000
Douglas RuickoldtDirector$8,000$8,000
JOHN O'CONNORDirector$8,000$8,000
Rosemarie PaineDirector$8,000$8,000
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$4,829,649
Investment Income
$53,959
Other Revenue
$0
Change in Net Assets
$1,893,866
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,110,904
Salaries, Compensation, and Employee Benefits$878,838
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$565,740$102,610-$668,350
Fees for Services Management-$278,418-$278,418
Depreciation Depletion$217,823--$217,823
Other Employee Benefits$210,488--$210,488
Office Expenses$60,233$138,402-$198,635
Insurance$159,896--$159,896
Fees for Services Legal$112,046--$112,046
Fees for Services Other$40,000--$40,000
Other Expenses$29,668--$29,668
Advertising$5,000--$5,000
Travel$3,948--$3,948
Fees for Services Accounting-$2,150-$2,150
All Other Expenses$2,119--$2,119
Total Functional Expenses$2,468,162$521,580$0$2,989,742
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
Security Deposits$110,237
Pilot Payable$61,573
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

The board does not have committees.

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

The 990 is reviewed by the controller and president. Once the review is completed, the 990 is approved for issuance.

Form 990, Part VI, Section C, Line 19

The organization's governing documents and conflict of interest policy are available upon request. The organization does not issue financial statements.

Filing and Contact Details

Filer

Filer Name
Savin Rock Communities Inc
EIN
47-3073109
Phone
2039348671
Address
15 GLADE STREET, WEST HAVEN, CT 06516

Signing Officer

Name
John Counter
Title
President
Phone
2039348671
Signed
2024-08-02
Discuss with paid preparer
Yes

Organization Details

Principal Officer
John Counter
Formed
2015
Legal Domicile
Ct
Voting Board Members
5
Independent Board Members
4
Employees
0
Volunteers
0

Preparer

Firm
Simione Macca & Larrow Llp
Address
900 NORTHROP RD STE 2F, WALLINGFORD, CT 06492
Preparer
Rocco Guerrera
Phone
2032810540
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

To adjust opening net assets equity in new entity - john prete apartments llc 3,185,650.

Raw XML AppendixShowing 400 of 447 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/OtherIncome509Grp/TotalAmt06
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportCY509Pct00.99530
IRS990ScheduleA/PublicSupportPY509Pct00.99870
IRS990ScheduleA/PublicSupportTotal509Amt014030077
IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/TotalAmt00
IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind0X
IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt04829649
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt04275406
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt04197855
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt0545917
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt0181250
IRS990ScheduleA/Total509Grp/TotalAmt014030077
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt04883608
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt04287266
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt04197855
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0545917
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt0181256
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt014095902
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt02250469
IRS990ScheduleD/BuildingsGrp/DepreciationAmt012652128
IRS990ScheduleD/BuildingsGrp/InvestmentCostOrOtherBasisAmt014902597
IRS990ScheduleD/CloselyHeldEquityInterestsGrp/BookValueAmt01349169
IRS990ScheduleD/CloselyHeldEquityInterestsGrp/MethodValuationCd0C
IRS990ScheduleD/EquipmentGrp/BookValueAmt01237939
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt01237939
IRS990ScheduleD/LandGrp/BookValueAmt0221858
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt0221858
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt097407
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt110063218
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0CP ARCHITECTURE FEES AND COSTS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1CONSTRUCTION IN PROGRESS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0110237
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt161573
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0SECURITY DEPOSITS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1PILOT PAYABLE
IRS990ScheduleD/TotalBookValueLandBuildingsAmt03710266
IRS990ScheduleD/TotalBookValueOtherAssetsAmt010160625
IRS990ScheduleD/TotalBookValueSecuritiesAmt01349169
IRS990ScheduleD/TotalLiabilityAmt0171810
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE BOARD DOES NOT HAVE COMMITTEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE 990 IS REVIEWED BY THE CONTROLLER AND PRESIDENT. ONCE THE REVIEW IS COMPLETED, THE 990 IS APPROVED FOR ISSUANCE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST. THE ORGANIZATION DOES NOT ISSUE FINANCIAL STATEMENTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3TO ADJUST OPENING NET ASSETS EQUITY IN NEW ENTITY - JOHN PRETE APARTMENTS LLC 3,185,650.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART XI, LINE 9:
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt0SAVIN ROCK COMMUNITIES INC
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt1SAVIN ROCK COMMUNITIES INC
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt0SAVIN ROCK LLC
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt1JOHN PRETE APARTMENTS LLC
IRS990ScheduleR/IdDisregardedEntitiesGrp/EIN0923178535
IRS990ScheduleR/IdDisregardedEntitiesGrp/EndOfYearAssetsAmt017544304
IRS990ScheduleR/IdDisregardedEntitiesGrp/EndOfYearAssetsAmt12612928
IRS990ScheduleR/IdDisregardedEntitiesGrp/LegalDomicileStateCd0CT
IRS990ScheduleR/IdDisregardedEntitiesGrp/LegalDomicileStateCd1CT
IRS990ScheduleR/IdDisregardedEntitiesGrp/PrimaryActivitiesTxt0PROVIDE RENTAL OF REAL PROPERTY
IRS990ScheduleR/IdDisregardedEntitiesGrp/PrimaryActivitiesTxt1PROVIDE RENTAL OF REAL PROPERTY
IRS990ScheduleR/IdDisregardedEntitiesGrp/TotalIncomeAmt04212643
IRS990ScheduleR/IdDisregardedEntitiesGrp/TotalIncomeAmt15660
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/AddressLine1Txt015 GLADE STREET
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/AddressLine1Txt115 GLADE STREET
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/CityNm0WEST HAVEN
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/CityNm1WEST HAVEN
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/StateAbbreviationCd0CT
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/StateAbbreviationCd1CT
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/ZIPCd006516
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/ZIPCd106516
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingEntityName/BusinessNameLine1Txt0SAVIN ROCK COMMUNITIES INC
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DisproportionateAllocationsInd00
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/EIN0061516939
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/GeneralOrManagingPartnerInd01
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/LegalDomicileStateCd0CT
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/OwnershipPct00.00010
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/PredominantIncomeTypeTxt0RELATED
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/PrimaryActivitiesTxt0RENTAL OF REAL PROPERTY
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/RelatedOrganizationName/BusinessNameLine1Txt0MEADOW LANDING I LP
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/ShareOfEOYAssetsAmt015347345
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/ShareOfTotalIncomeAmt0665005
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/AddressLine1Txt015 GLADE STREET
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/CityNm0WEST HAVEN
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/StateAbbreviationCd0CT
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/ZIPCd006516
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt07525612
IRS990/TotalAssetsEOYAmt021331309
IRS990/TotalAssetsGrp/BOYAmt07525612
IRS990/TotalAssetsGrp/EOYAmt021331309
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0521580
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt02468162
IRS990/TotalFunctionalExpensesGrp/TotalAmt02989742
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0896174
IRS990/TotalLiabilitiesEOYAmt09622355
IRS990/TotalLiabilitiesGrp/BOYAmt0896174
IRS990/TotalLiabilitiesGrp/EOYAmt09622355
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt06629438
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt011708954
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt02468162
IRS990/TotalProgramServiceRevenueAmt04829649
IRS990/TotalReportableCompFromOrgAmt040000
IRS990/TotalRevenueGrp/ExclusionAmt053959
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt04829649
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt04883608
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00

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