Rcap Solutions Inc
- Assets
- $9.1m
- Revenue
- $86.4m
- Investments
- $0.0
- Employees
- 169
- Location
- Worcester, MA
- Founding
- 02/1971
- Data as of
- 06/2022
- EIN
- 04-2454675
Organization Overview
Rcap Solutions Inc is located in Worcester, MA. The organization was established in 1971. According to its NTEE Classification (L99) the organization is classified as: Housing & Shelter N.E.C., under the broad grouping of Housing & Shelter and related organizations. As of 06/2022, Rcap Solutions Inc employed 169 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rcap Solutions Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Rcap Solutions Inc generated $86.4m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 16.0% each year . All expenses for the organization totaled $85.7m during the year ending 06/2022. While expenses have increased by 16.1% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
RENTAL ASSISTANCE RECEIVED FROM A GOVERNMENT AGENCY UNDER SECTION 8 OF THE HOUSING ASSISTANCE PAYMENTS PROGRAM. PROVIDING TECHNICAL ASSISTANCE AND TRAINING TO LOW-INCOME RURAL COMMUNITIES AND OTHER AGENCIES IN ORDER TO PROVIDE OR ENHANCE THEIR DRINKING WATER & WASTE DISPOSAL FACILITIES. MANAGE HUD 202 PROPERTIES FOR THE ELDERLY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CLIENT RESOURCES - THE CLIENT RESOURCES DIVISION WORKS WITH ELIGIBLEINDIVIDUALS AND FAMILIES IN MASSACHUSETTS TO PROVIDE A WIDE RANGE OFAFFORDABLE HOUSING, HOMELESSNESS PREVENTION, AND FAMILY UNIFICATION ANDSELF-SUFFICIENCY SERVICES. THESE SERVICES INCLUDE HOUSING ASSISTANCEPAYMENTS FOR LOW INCOME TENANTS, TRANSITIONAL HOUSING AND ASSISTANCEFOR THE HOMELESS OR THOSE FLEEING DOMESTIC VIOLENCE, LANDLORD TENANTMEDIATION, AND TRAINING AND SUPPORT FOR PROPERTY OWNERS AND FIRST TIMEHOMEOWNERS.
COMMUNITY RESOURCES - THE COMMUNITY RESOURCES DIVISION WORKS WITH COMMUNITIES THROUGHOUT THE NORTHEAST, PUERTO RICO AND THE U.S. VIRGIN ISLANDS TO PROMOTE PUBLIC, ENVIRONMENTAL, AND ECONOMIC HEALTH BY PROVIDING CONSULTING, PLANNING, FINANCING, BUILD-OUT OVERSIGHT, REGULATORY AND COMPLIANCE OVERSIGHT, MANAGEMENT, AND OPERATIONAL SUPPORT FOR A WIDE RANGE OF COMMUNITY DEVELOPMENT AND INFRASTRUCTURE PROJECTS.
PROPERTY MANAGEMENT - THE PROPERTY MANAGEMENT DIVISION OVERSEES THE OPERATIONS OF ALL RESIDENTIAL RENTAL PROPERTIES, AS WELL AS DEVELOPMENT ACTIVITY, TO ITS PROPERTIES LOCATED IN CENTRAL MASSACHUSETTS. THE COMPANY'S PORTFOLIO CURRENTLY INCLUDES TEN AFFORDABLE HOUSING PROJECTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Karen A Koller President/ceo/clerk | OfficerTrustee | 40 | $288,400 |
Laura Mcgee Chair | OfficerTrustee | 5 | $0 |
Timothy Morse Jr Vice Chair | OfficerTrustee | 5 | $0 |
Ken Reid Treasurer | OfficerTrustee | 5 | $0 |
Carl H Allen Jr Director | Trustee | 5 | $0 |
Susan Bachman Director | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $85,994,347 |
| All other contributions, gifts, grants, and similar amounts not included above | $12,054 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $86,006,401 |
| Total Program Service Revenue | $402,597 |
| Investment income | $3,706 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $86,440,230 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $74,310,038 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $642,059 |
| Compensation of current officers, directors, key employees. | $642,059 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,123,387 |
| Pension plan accruals and contributions | $247,887 |
| Other employee benefits | $536,650 |
| Payroll taxes | $523,807 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $38,887 |
| Fees for services: Accounting | $62,083 |
| Fees for services: Lobbying | $70,636 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,141,567 |
| Advertising and promotion | $23,251 |
| Office expenses | $438,319 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,053,522 |
| Travel | $153,482 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $37,695 |
| Interest | $7,971 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $46,677 |
| Insurance | $82,524 |
| All other expenses | $113,500 |
| Total functional expenses | $85,703,782 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,177,268 |
| Savings and temporary cash investments | $4,362,314 |
| Pledges and grants receivable | $2,336,410 |
| Accounts receivable, net | $742,041 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $19,032 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $114,743 |
| Net Land, buildings, and equipment | $286,145 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $46,570 |
| Total assets | $9,084,523 |
| Accounts payable and accrued expenses | $1,207,962 |
| Grants payable | $0 |
| Deferred revenue | $4,160,186 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $104,363 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $20,473 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $5,492,984 |
| Net assets without donor restrictions | $3,591,539 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $9,084,523 |