Civic Intelligence

Providence Clemens Housing Corporation

EIN 82-2100361 • 501(c)3 • Rochester, NY

Profile

Provide quality affordable housing to low income families.

1150 Buffalo RoadRochester, NY 14624

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

99th percentile

3.42x

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

501(c)3 • $500k-$1M nonprofits • Source year 2024

Liabilities / Revenue

99th percentile

10.32x

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

501(c)3 • $500k-$1M nonprofits • Source year 2024

Net Margin

6th percentile

-58%

Higher net margin than 6% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2024

Top Officer Pay

94th percentile

$161,123

Higher top officer pay than 94% of similar nonprofits.

Top officer pay equals 64.7% of source-year revenue.

501(c)3 • $500k-$1M nonprofits • Source year 2024

Asset Growth

19th percentile

-12%

Faster asset growth than 19% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2023 to 2024

Revenue Growth

38th percentile

-0.4%

Faster revenue growth than 38% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2023 to 2024

Assets

Down

$942,629

Down $109,343 (-10%) from 2021

Liabilities

Up

$2,459,093

Up $40,429 (+1.7%) from 2021

Net Assets

Down

-$1,516,464

Down $149,772 (-11%) from 2021

Revenue

Up

$204,519

Up $16,678 (+8.9%) from 2021

Expenses

Up

$354,291

Up $14,167 (+4.2%) from 2021

Net Income

Up

-$149,772

Up $2,511 (+1.6%) from 2021

Trend Graphs

Balance Sheet Trend

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

$3.0M$2.0M$1.0M$0-$1.0M-$2.0MAssets 2018: $1,362,178Liabilities 2018: $2,319,041Net Assets 2018: -$956,8632018Assets 2019: $1,254,031Liabilities 2019: $2,353,670Net Assets 2019: -$1,099,6392019Assets 2020: $1,156,135Liabilities 2020: $2,370,544Net Assets 2020: -$1,214,4092020Assets 2021: $1,051,972Liabilities 2021: $2,418,664Net Assets 2021: -$1,366,6922021Assets 2022: $942,629Liabilities 2022: $2,459,093Net Assets 2022: -$1,516,4642022

Highlighted filing

2022

Assets$942,629
Liabilities$2,459,093
Net Assets-$1,516,464

Operations Trend

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

$400K$200K$0-$200KRevenue 2018: $194,124Expenses 2018: $340,313Net Income 2018: -$146,1892018Revenue 2019: $187,999Expenses 2019: $330,775Net Income 2019: -$142,7762019Revenue 2020: $195,702Expenses 2020: $310,472Net Income 2020: -$114,7702020Revenue 2021: $187,841Expenses 2021: $340,124Net Income 2021: -$152,2832021Revenue 2022: $204,519Expenses 2022: $354,291Net Income 2022: -$149,7722022

Highlighted filing

2022

Revenue$204,519
Expenses$354,291
Net Income-$149,772

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Apr 13, 2023
Return Version
2022v5.0
Gross Receipts
$204,519
Mission and Program Overview

Mission

Provide quality affordable housing to low income families.

Operating a 30-unit residential low-income housing project, located in Elmira, New York.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$964,545$847,707▼ $116,838
Savings and Temporary Cash Investments$56,304$58,457▲ $2,153
Cash and Non-Interest-Bearing Accounts$7,794$11,489▲ $3,695
Prepaid Expenses and Deferred Charges$8,464$10,227▲ $1,763
Accounts Receivable$1,716$1,723▲ $7
Total Assets$1,051,972$942,629▼ $109,343
Other Assets Total$13,149$13,026▼ $123
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,721,090$1,757,067▲ $35,977
Other Liabilities$667,390$674,911▲ $7,521
Accounts Payable and Accrued Expenses$16,666$13,111▼ $3,555
Escrow Account Liability$13,149$13,026▼ $123
Deferred Revenue$369$978▲ $609
Total Liabilities$2,418,664$2,459,093▲ $40,429
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-1,366,692$-1,516,464▼ $149,772
Total Net Assets Fund Balance$-1,366,692$-1,516,464▼ $149,772
Total Liabilities and Net Assets / Fund Balance$1,051,972$942,629▼ $109,343

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$839,058$2,047,141$2,886,199
Equipment$0$72,220$72,220
Land$8,649-$8,649
Compensation and Service Providers

Employees

NameTitleOtherTotal
Dan SturgisTreasurer$147,571$147,571
Helen BianchiSecretary$146,179$146,179
Mark GreisbergerPresident$74,389$74,389
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$201,448
Investment Income
$46
Other Revenue
$3,025
Change in Net Assets
$-149,772

Audited Revenue Reconciliation

Revenue per Audited Statements
$204,519
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$204,519
Total Revenue per Form 990
$204,519
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$354,291
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$116,838--$116,838
Occupancy$87,380--$87,380
Interest$54,446--$54,446
Fees for Services Other$39,228$4,635-$43,863
Insurance$21,700--$21,700
Fees for Services Management-$9,841-$9,841
Office Expenses-$4,234-$4,234
All Other Expenses$3,459$384-$3,843
Fees for Services Accounting-$3,600-$3,600
Other Expenses-$1,267-$1,267
Fees for Services Legal-$711-$711
Total Functional Expenses$323,051$31,240$0$354,291

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$354,291
Total Expenses per Audited Statements$354,291
Total Expenses per Form 990$354,291
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
Deferred Interest - Affiliate$239,225
Developer Loan - Affiliate$229,536
Note Payable - Affiliate$110,000
Accrued Expenses - Affiliates$96,150
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
Yes
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, line 3

The Organization is managed by Providence Housing Development Corporation, the supported organization.

Form 990, Part VI, Section A, line 6

Providence Housing Development Corporation is the sole member of the Organization.

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

Providence Housing Development Corporation has the right to appoint members of the Organization's Board of Directors.

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

There are no other committees besides the full board.

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

The draft 990 report was sent electronically to all board members. Responses were received and evaluated if there were questions prior to filing the report.

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

Employee compliance with the conflict of interest policy is reviewed annually with all employees of the parent corporation at a general meeting. Each employee signs a form to reaffirm his/her understanding of the policy. Board members are asked to acknowledge their compliance annually with forms returned to the Secretary of the Board rather than management.

Form 990, Part VI, Section B, line 15

Providence Clemens Housing Corporation does not have any direct compensation expense since all employees are officially employed by the parent company, Providence Housing Development Corporation. The wages and benefits of all top management employees are determined by the board of the parent company, Providence Housing Development Corporation. The process includes independent review, comparability data, and deliberation by the board.

Form 990, Part VI, Section C, line 19

All documents will be made available for public inspection based on the requirements of applicable law.

Filing and Contact Details

Filer

Filer Name
Providence Clemens Housing Corporation
EIN
82-2100361
Phone
5853283210
Address
1150 Buffalo Road, Rochester, NY 14624

Signing Officer

Name
Dan Sturgis
Title
Treasurer
Phone
5853283210
Signed
2023-04-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dan Sturgis
Formed
2017
Legal Domicile
Ny
Voting Board Members
3
Independent Board Members
0
Employees
0
Volunteers
3

Preparer

Firm
Heveron & Company CPAs PLLC
Address
260 Plymouth Avenue South, Rochester, NY 14608
Preparer
Daniel O'Dea
Phone
5852322956
Supplemental Narrative

Additional Explanations

Form 990, Part IX, line 11G

Contracted Program Management: Program service expenses 39,228. Management and general expenses 0. Fundraising expenses 0. Total expenses 39,228. Other: Program service expenses 0. Management and general expenses 4,635. Fundraising expenses 0. Total expenses 4,635.

Financial Statement Notes

Part IV, Line 2B:

The escrow represents security deposits held for the Organization's tenants.

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IRS990ScheduleD/RevenueSubtotalAmt0204519
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The escrow represents security deposits held for the Organization's tenants.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part IV, Line 2b:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0847707
IRS990ScheduleD/TotalExpensesPerForm990Amt0354291
IRS990ScheduleD/TotalLiabilityAmt0674911
IRS990ScheduleD/TotalRevenuePerForm990Amt0204519
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0204519
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0354291
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IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The Organization is managed by Providence Housing Development Corporation, the supported organization.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Providence Housing Development Corporation is the sole member of the Organization.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Providence Housing Development Corporation has the right to appoint members of the Organization's Board of Directors.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3There are no other committees besides the full board.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4The draft 990 report was sent electronically to all board members. Responses were received and evaluated if there were questions prior to filing the report.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Employee compliance with the conflict of interest policy is reviewed annually with all employees of the parent corporation at a general meeting. Each employee signs a form to reaffirm his/her understanding of the policy. Board members are asked to acknowledge their compliance annually with forms returned to the Secretary of the Board rather than management.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6Providence Clemens Housing Corporation does not have any direct compensation expense since all employees are officially employed by the parent company, Providence Housing Development Corporation. The wages and benefits of all top management employees are determined by the board of the parent company, Providence Housing Development Corporation. The process includes independent review, comparability data, and deliberation by the board.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7All documents will be made available for public inspection based on the requirements of applicable law.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8Contracted Program Management: Program service expenses 39,228. Management and general expenses 0. Fundraising expenses 0. Total expenses 39,228. Other: Program service expenses 0. Management and general expenses 4,635. Fundraising expenses 0. Total expenses 4,635.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, line 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section A, line 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section A, line 7a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section A, line 8b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section B, line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Section B, line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part VI, Section B, line 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7Form 990, Part VI, Section C, line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8Form 990, Part IX, line 11g
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt0Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt1Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt2Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt3Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt4Providence Housing Development Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt5Providence Housing Development Corporation
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt10Providence Housing Development Corporation
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt19Providence Housing Development Corporation
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