Civic Intelligence

Forest Springs Inc.

990 • Fiscal year 2019 • EIN 82-1035827

Jan 01, 2019 to Dec 31, 2019 • Filed on Sep 02, 2020

41 Mahaiwe StreetGreat Barrington, MA 01230

(413) 528-1985

Siviq Scores

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

Liabilities / Assets

88th percentile

0.75x

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

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Liabilities / Revenue

99th percentile

22.09x

Higher debt load relative to revenue than 99% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Net Margin

6th percentile

-51%

Higher net margin than 6% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Top Officer Pay

55th percentile

$73,870

Higher top officer pay than 55% of similar nonprofits.

Top officer pay equals 62.6% of source-year revenue.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Asset Growth

32nd percentile

-1.7%

Faster asset growth than 32% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Revenue Growth

19th percentile

-14%

Faster revenue growth than 19% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Assets

Down

$3,468,570

Down $60,406 (-1.7%) from 2018

Net Assets

Down

$862,724

Down $59,600 (-6.5%) from 2018

Liabilities

Down

$2,605,846

Down $806 (-0.0%) from 2018

Revenue

Down

$117,972

Down $18,552 (-14%) from 2018

Expenses

Up

$177,572

Up $35,717 (+25%) from 2018

Net Income

Down

-$59,600

Down $54,269 (-1018%) from 2018

Historical Trend

Balance Sheet Trend

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

$4.0M$3.0M$2.0M$1.0M$0Assets 2017: $2,637,481Liabilities 2017: $1,709,826Net Assets 2017: $927,6552017Assets 2018: $3,528,976Liabilities 2018: $2,606,652Net Assets 2018: $922,3242018Assets 2019: $3,468,570Liabilities 2019: $2,605,846Net Assets 2019: $862,7242019Assets 2020: $3,415,602Liabilities 2020: $2,587,293Net Assets 2020: $828,3092020Assets 2021: $3,352,358Liabilities 2021: $2,569,186Net Assets 2021: $783,1722021Assets 2022: $3,290,322Liabilities 2022: $2,555,395Net Assets 2022: $734,9272022Assets 2023: $3,205,193Liabilities 2023: $2,548,172Net Assets 2023: $657,0212023Assets 2024: $3,140,215Liabilities 2024: $2,543,189Net Assets 2024: $597,0262024

Highlighted filing

2019

Assets$3,468,570
Liabilities$2,605,846
Net Assets$862,724

Operations Trend

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

$1.0M$500K$0-$500KRevenue 2017: $928,862Expenses 2017: $1,207Net Income 2017: $927,6552017Revenue 2018: $136,524Expenses 2018: $141,855Net Income 2018: -$5,3312018Revenue 2019: $117,972Expenses 2019: $177,572Net Income 2019: -$59,6002019Revenue 2020: $124,361Expenses 2020: $158,776Net Income 2020: -$34,4152020Revenue 2021: $121,186Expenses 2021: $166,323Net Income 2021: -$45,1372021Revenue 2022: $134,844Expenses 2022: $183,089Net Income 2022: -$48,2452022Revenue 2023: $119,427Expenses 2023: $197,333Net Income 2023: -$77,9062023Revenue 2024: $126,547Expenses 2024: $186,542Net Income 2024: -$59,9952024

Highlighted filing

2019

Revenue$117,972
Expenses$177,572
Net Income-$59,600
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Sep 2, 2020
Return Version
2019v5.1
Gross Receipts
$117,972
Mission and Program Overview

Mission

To change and save lives through housing options and related services. The organization provides rental housing units for persons of very low to 60% of median income to meet the critical need for housing in our community and in an effort to meet the state's affordable housing goals.

To own and manage a low to moderate income housing project in great barrington, massachusetts.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$3,471,702$3,384,176▼ $87,526
Cash and Non-Interest-Bearing Accounts$26,477$42,676▲ $16,199
Savings and Temporary Cash Investments$30,163$40,180▲ $10,017
Accounts Receivable$634$1,538▲ $904
Total Assets$3,528,976$3,468,570▼ $60,406
Liabilities
Mortgage Notes Payable Secured by Investment Property$2,569,000$2,564,773▼ $4,227
Accounts Payable and Accrued Expenses$27,150$29,101▲ $1,951
Other Liabilities$10,156$10,164▲ $8
Deferred Revenue$346$1,808▲ $1,462
Total Liabilities$2,606,652$2,605,846▼ $806
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$917,324$857,724▼ $59,600
Net Assets With Donor Restrictions$5,000$5,000→ $0
Total Net Assets Fund Balance$922,324$862,724▼ $59,600
Total Liabilities and Net Assets / Fund Balance$3,528,976$3,468,570▼ $60,406

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,340,576$160,464$3,501,040
Land$43,600-$43,600
Compensation and Service Providers

Employees

NameTitleOtherTotal
Jane RalphExecutive Director$73,870$73,870

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$114,734
Investment Income
$9
Other Revenue
$3,229
Change in Net Assets
$-59,600

Audited Revenue Reconciliation

Revenue per Audited Statements
$117,972
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$117,972
Total Revenue per Form 990
$117,972
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$177,572
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$87,526--$87,526
Fees for Services Other$22,310$5,569-$27,879
Interest$24,771--$24,771
Fees for Services Accounting-$10,000-$10,000
All Other Expenses$2,844$170-$3,014
Other Expenses$1,357--$1,357
Fees for Services Legal-$633-$633
Office Expenses-$256-$256
Total Functional Expenses$160,944$16,628$0$177,572

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$177,572
Total Expenses per Audited Statements$177,572
Total Expenses per Form 990$177,572
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 Escrow$10,164
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
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 B, Line 11B

A draft of from 990 is provideed to board members for review and approval prior to filing.

Form 990, Part VI, Section C, Line 19

The governing documents, information return form 990, and financial statements are available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Forest Springs Inc
EIN
82-1035827
Phone
4135281985
Address
41 MAHAIWE STREET, GREAT BARRINGTON, MA 01230

Signing Officer

Name
Keith Seidman
Title
Treasurer
Phone
4135281985
Signed
2020-09-02
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Keith Seidman
Formed
2017
Legal Domicile
Ma
Voting Board Members
18
Independent Board Members
18
Employees
0
Volunteers
18

Preparer

Firm
Adelson & Company Pc
Address
100 NORTH STREET, PITTSFIELD, MA 01201
Preparer
David M Irwin CPA
Phone
4134436408
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

Contracted services: program service expenses 10,809. Management and general expenses 5,569. Fundraising expenses 0. Total expenses 16,378. Property management fees: program service expenses 11,501. Management and general expenses 0. Fundraising expenses 0. Total expenses 11,501.

Financial Statement Notes

PART X, LINE 2:

Management has evaluated significant tax positions against the criteria established by professional standards and believes there are no such tax positions requiring accounting recognition.

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IRS990/MissionDesc0TO CHANGE AND SAVE LIVES THROUGH HOUSING OPTIONS AND RELATED SERVICES. THE ORGANIZATION PROVIDES RENTAL HOUSING UNITS FOR PERSONS OF VERY LOW TO 60% OF MEDIAN INCOME TO MEET THE CRITICAL NEED FOR HOUSING IN OUR COMMUNITY AND IN AN EFFORT TO MEET THE STATE'S AFFORDABLE HOUSING GOALS.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt02569000
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt02564773
IRS990/NetAssetsOrFundBalancesBOYAmt0922324
IRS990/NetAssetsOrFundBalancesEOYAmt0862724
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt0917324
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt0857724
IRS990/NondeductibleContributionsInd00
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt0256
IRS990/OfficeExpensesGrp/TotalAmt0256
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherExpensesGrp/Desc0REPAIRS AND MAINTENANCE
IRS990/OtherExpensesGrp/Desc1WATER AND SEWER
IRS990/OtherExpensesGrp/Desc2GARBAGE REMOVAL
IRS990/OtherExpensesGrp/Desc3UTILITIES
IRS990/OtherExpensesGrp/ProgramServicesAmt010905
IRS990/OtherExpensesGrp/ProgramServicesAmt19191
IRS990/OtherExpensesGrp/ProgramServicesAmt22040
IRS990/OtherExpensesGrp/ProgramServicesAmt31357
IRS990/OtherExpensesGrp/TotalAmt010905
IRS990/OtherExpensesGrp/TotalAmt19191
IRS990/OtherExpensesGrp/TotalAmt22040
IRS990/OtherExpensesGrp/TotalAmt31357
IRS990/OtherLiabilitiesGrp/BOYAmt010156
IRS990/OtherLiabilitiesGrp/EOYAmt010164
IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/Desc0OTHER INCOME
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt03229
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt03229
IRS990/OtherRevenueTotalAmt03229
IRS990/PartialLiquidationInd00
IRS990/PoliticalCampaignActyInd00
IRS990/PrincipalOfficerNm0KEITH SEIDMAN
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0624200
IRS990/ProgramServiceRevenueGrp/Desc0PROGRAM REVENUES
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0114734
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0114734
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt036982
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt07
IRS990/PYOtherExpensesAmt0141855
IRS990/PYOtherRevenueAmt019440
IRS990/PYProgramServiceRevenueAmt080095
IRS990/PYRevenuesLessExpensesAmt0-5331
IRS990/PYSalariesCompEmpBnftPaidAmt00
IRS990/PYTotalExpensesAmt0141855
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0136524
IRS990/QuidProQuoContributionsInd00
IRS990/ReconcilationRevenueExpnssAmt0-59600
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt0117963
IRS990/SavingsAndTempCashInvstGrp/BOYAmt030163
IRS990/SavingsAndTempCashInvstGrp/EOYAmt040180
IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/TotalAmt00
IRS990ScheduleA/First5Years509Ind0X
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearAmt00
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus1YearAmt036982
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus2YearsAmt0928862
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/TotalAmt0965844
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearAmt09
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus1YearAmt07
IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt016
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt0117963
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt099535
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt0217498
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt09
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt07
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt016
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportTotal509Amt01183342
IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/TotalAmt00
IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt0117963
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt0136517
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt0928862
IRS990ScheduleA/Total509Grp/TotalAmt01183342
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt0117972
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt0136524
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt0928862
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt01183358
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt03340576
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0160464
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt03501040
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0177572
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt043600
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt043600
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt010164
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0TENANT SECURITY DEPOSIT ESCROW
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0117972
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0MANAGEMENT HAS EVALUATED SIGNIFICANT TAX POSITIONS AGAINST THE CRITERIA ESTABLISHED BY PROFESSIONAL STANDARDS AND BELIEVES THERE ARE NO SUCH TAX POSITIONS REQUIRING ACCOUNTING RECOGNITION.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt03384176
IRS990ScheduleD/TotalExpensesPerForm990Amt0177572
IRS990ScheduleD/TotalLiabilityAmt010164
IRS990ScheduleD/TotalRevenuePerForm990Amt0117972
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0117972
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0177572
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A DRAFT OF FROM 990 IS PROVIDEED TO BOARD MEMBERS FOR REVIEW AND APPROVAL PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE GOVERNING DOCUMENTS, INFORMATION RETURN FORM 990, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2CONTRACTED SERVICES: PROGRAM SERVICE EXPENSES 10,809. MANAGEMENT AND GENERAL EXPENSES 5,569. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 16,378. PROPERTY MANAGEMENT FEES: PROGRAM SERVICE EXPENSES 11,501. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 11,501.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART IX, LINE 11G
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt0CONSTRUCT INC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0CONSTRUCT INC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0237099108
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0MA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0DEVELOPS AND MANAGES AFFORDABLE HOUSING
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0LINE 10

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