Civic Intelligence

Victory Gardens Inc.

990 • Fiscal year 2015 • EIN 52-2366069

Jul 01, 2014 to Jun 30, 2015 • Filed on Dec 18, 2015

Organization ProfileN/A
95 Berkeley StreetNew Haven, CT 06510

(203) 772-1625

Siviq Scores

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

Liabilities / Assets

46th percentile

0.08x

Higher debt load relative to assets than 46% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Liabilities / Revenue

80th percentile

0.64x

Higher debt load relative to revenue than 80% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Net Margin

11th percentile

-27%

Higher net margin than 11% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Top Officer Pay

96th percentile

$368,807

Higher top officer pay than 96% of similar nonprofits.

Top officer pay equals 73.3% of source-year revenue.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Asset Growth

24th percentile

-4.6%

Faster asset growth than 24% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Revenue Growth

85th percentile

36%

Faster revenue growth than 85% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets46th percentile

Assets

Down

$3,923,532

Down $188,125 (-4.6%) from 2014

Net Assets

Down

$3,603,148

Down $133,899 (-3.6%) from 2014

Liabilities

Down

$320,384

Down $54,226 (-14%) from 2014

Revenue And Expenses
Liabilities / Revenue80th percentileNet Margin11th percentile

Revenue

Up

$502,874

Up $133,503 (+36%) from 2014

Expenses

Up

$636,773

Up $120,370 (+23%) from 2014

Net Income

Up

-$133,899

Up $13,133 (+8.9%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth24th percentile

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

$6.0M$4.0M$2.0M$0Assets 2011: $4,465,836Liabilities 2011: $257,781Net Assets 2011: $4,208,0552011Assets 2012: $4,376,537Liabilities 2012: $300,827Net Assets 2012: $4,075,7102012Assets 2013: $4,239,045Liabilities 2013: $354,966Net Assets 2013: $3,884,0792013Assets 2014: $4,111,657Liabilities 2014: $374,610Net Assets 2014: $3,737,0472014Assets 2015: $3,923,532Liabilities 2015: $320,384Net Assets 2015: $3,603,1482015Assets 2016: $3,821,436Liabilities 2016: $265,772Net Assets 2016: $3,555,6642016Assets 2017: $3,744,517Liabilities 2017: $218,904Net Assets 2017: $3,525,6132017Assets 2018: $3,610,718Liabilities 2018: $226,246Net Assets 2018: $3,384,4722018Assets 2019: $3,480,073Liabilities 2019: $226,673Net Assets 2019: $3,253,4002019Assets 2020: $3,384,405Liabilities 2020: $240,295Net Assets 2020: $3,144,1102020Assets 2021: $3,269,126Liabilities 2021: $104,647Net Assets 2021: $3,164,4792021Assets 2022: $3,175,943Liabilities 2022: $117,541Net Assets 2022: $3,058,4022022Assets 2023: $3,095,938Liabilities 2023: $115,380Net Assets 2023: $2,980,5582023

Highlighted filing

2015

Assets$3,923,532
Liabilities$320,384
Net Assets$3,603,148
Open 2015 Filing

Operations Trend

Revenue Growth85th percentile

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

$1.0M$500K$0-$500KExpenses 2011: $449,5392011Expenses 2012: $484,7762012Expenses 2013: $539,6932013Revenue 2014: $369,371Expenses 2014: $516,403Net Income 2014: -$147,0322014Revenue 2015: $502,874Expenses 2015: $636,773Net Income 2015: -$133,8992015Revenue 2016: $502,953Expenses 2016: $550,437Net Income 2016: -$47,4842016Revenue 2017: $499,089Expenses 2017: $529,140Net Income 2017: -$30,0512017Revenue 2018: $491,450Expenses 2018: $632,591Net Income 2018: -$141,1412018Revenue 2019: $474,512Expenses 2019: $605,584Net Income 2019: -$131,0722019Revenue 2020: $508,327Expenses 2020: $617,617Net Income 2020: -$109,2902020Revenue 2021: $568,765Expenses 2021: $548,396Net Income 2021: $20,3692021Revenue 2022: $578,025Expenses 2022: $684,102Net Income 2022: -$106,0772022Revenue 2023: $580,444Expenses 2023: $658,288Net Income 2023: -$77,8442023

Highlighted filing

2015

Revenue$502,874
Expenses$636,773
Net Income-$133,899
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
Dec 18, 2015
Return Version
2014v6.0
Gross Receipts
$502,874
Mission and Program Overview

Mission

To provide low income elderly persons with affordable housing

To provide low income elderly housing

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$3,942,476$3,811,494▼ $130,982
Savings and Temporary Cash Investments$121,202$85,976▼ $35,226
Cash and Non-Interest-Bearing Accounts$5,958$14,803▲ $8,845
Prepaid Expenses and Deferred Charges$17,990$10,128▼ $7,862
Accounts Receivable$24,031$1,131▼ $22,900
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$4,111,657$3,923,532▼ $188,125
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$319,146$265,275▼ $53,871
Other Liabilities$54,120$54,032▼ $88
Deferred Revenue$1,344$1,077▼ $267
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$374,610$320,384▼ $54,226
Net Assets / Fund Balance
Unrestricted Net Assets$3,737,047$3,603,148▼ $133,899
Permanently Rstr Net Assets$0$0→ $0
Temporarily Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$3,737,047$3,603,148▼ $133,899
Total Liabilities and Net Assets / Fund Balance$4,111,657$3,923,532▼ $188,125

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,767,954$1,223,866$4,991,820
Other Land Buildings$2,540$143,800$146,340
Land$41,000-$41,000
Equipment-$3,705$3,705
Compensation and Service Providers
Top Officer Pay96th percentile

Board Members and Trustees

NameTitle
Susan MccannPresident
Althea MarshallDirector
Beverly BatesTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$502,827
Investment Income
$47
Other Revenue
$0
Change in Net Assets
$-133,899

Audited Revenue Reconciliation

Revenue per Audited Statements
$502,874
Total Revenue per Audited Statements
$502,874
Total Revenue per Form 990
$502,874
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$561,126
Salaries, Compensation, and Employee Benefits$75,647
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$130,982--$130,982
Other Salaries and Wages$56,112--$56,112
Fees for Services Other$39,290--$39,290
Insurance$36,288--$36,288
All Other Expenses$34,461--$34,461
Fees for Services Management$20,160--$20,160
Other Employee Benefits$15,488--$15,488
Other Expenses$13,735--$13,735
Office Expenses$13,205--$13,205
Fees for Services Accounting$9,718--$9,718
Payroll Taxes$4,047--$4,047
Conferences and Meetings$770--$770
Fees for Services Legal$423--$423
Interest$385--$385
Advertising$126--$126
Total Functional Expenses$636,773$0$0$636,773

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$636,773
Total Expenses per Audited Statements$636,773
Total Expenses per Form 990$636,773
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
The Community Builders IncSee Part VSee Part VNo$110,126

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Note Payable to Tcb, Inc$35,943
Security Deposits Held in Trust$14,799
Accrued Interest on Lt Note$3,290
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
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
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
Yes

Governance Explanations

FORM 990, PART VI, SECTION A, LINE 3:

“Explanation: the corporation contracted with the community builders, inc. To manage the property for a monthly fixed rate of $40 per unit. The management agreement is in effect until cancelled by hud, the corporation, or the management agent.”

FORM 990, PART VI, SECTION B, LINE 11:

“Explanation: the asset department reviews the 990 before approving the return.”

FORM 990, PART VI, SECTION C, LINE 19:

“Explanation: the organization makes all of its governing documents, audited financial statements, and form 990's available upon request.”

Filing and Contact Details

Filer

Filer Name
Victory Gardens Inc
EIN
52-2366069
In Care Of
% MICK VERGURA CFO
Phone
2037721625
Address
95 BERKELEY STREET, NEW HAVEN, CT 06510

Signing Officer

Name
Beverly Bates
Title
Treasurer
Phone
2037721625
Signed
2015-12-18
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Susan Mccann
Formed
2002
Legal Domicile
Ct
Voting Board Members
3
Independent Board Members
3
Employees
0
Volunteers
0

Preparer

Firm
Habif Arogeti & Wynne Llp
Address
FIVE CONCOURSE PARKWAY SUITE 1000, ATLANTA, GA 30328
Preparer
Dan Simms
Phone
4048929651
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

“Explanation: there has been no change from the prior year.”

Financial Statement Notes

FORM 990, SCH D, PART X, LINE 2:

“Explanation: the owning corporation is organized and operated exclusively for charitable, not-for-profit purposes. In 2002, the internal revenue service issued its determination letter reflecting that victory gardens, inc. Is exempt from federal income tax under section 501(c)(3) of the internal revenue code. The corporation has also been classified as an entity that is not a private foundation within the meaning of section 509(a)(2) and qualifies for deductible contributions as provided in section 170(b)(1)(a)(vi). Therefore, no income tax provision has been included in the financial statements.”

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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0SECURITY DEPOSITS HELD IN TRUST
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1NOTE PAYABLE TO TCB, INC
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2ACCRUED INTEREST ON LT NOTE
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0EXPLANATION: THE OWNING CORPORATION IS ORGANIZED AND OPERATED EXCLUSIVELY FOR CHARITABLE, NOT-FOR-PROFIT PURPOSES. IN 2002, THE INTERNAL REVENUE SERVICE ISSUED ITS DETERMINATION LETTER REFLECTING THAT VICTORY GARDENS, INC. IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE CORPORATION HAS ALSO BEEN CLASSIFIED AS AN ENTITY THAT IS NOT A PRIVATE FOUNDATION WITHIN THE MEANING OF SECTION 509(A)(2) AND QUALIFIES FOR DEDUCTIBLE CONTRIBUTIONS AS PROVIDED IN SECTION 170(B)(1)(A)(VI). THEREFORE, NO INCOME TAX PROVISION HAS BEEN INCLUDED IN THE FINANCIAL STATEMENTS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, SCH D, PART X, LINE 2:
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Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,923,532
Liabilities
$320,384
Net assets
$3,603,148
Revenue
$502,874
Expenses
$636,773
Net income
-$133,899
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Summary only. Only limited summary data is available for this year.$3.10$0.12$2.98$0.58$0.66$0.08
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.18$0.12$3.06$0.58$0.68$0.11
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.27$0.10$3.16$0.57$0.55$0.02
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.38$0.24$3.14$0.51$0.62$0.11
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.48$0.23$3.25$0.47$0.61$0.13
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.61$0.23$3.38$0.49$0.63$0.14
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.74$0.22$3.53$0.50$0.53$0.03
2016Detailed filing. Detailed filing data is available for this year.$3.82$0.27$3.56$0.50$0.55$0.05
2015Detailed filing. Detailed filing data is available for this year.$3.92$0.32$3.60$0.50$0.64$0.13
2014Detailed filing. Detailed filing data is available for this year.$4.11$0.37$3.74$0.37$0.52$0.15
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.24$0.35$3.88$0.54
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.38$0.30$4.08$0.48
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.47$0.26$4.21$0.45