East Bay Community Development Corporation
- Assets
- $4.2m
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 23
- Location
- Bristol, RI
- Founding
- 04/1992
- Data as of
- 06/2024
- EIN
- 05-0445955
Organization Overview
East Bay Community Development Corporation is located in Bristol, RI. The organization was established in 1992. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. As of 06/2024, East Bay Community Development Corporation employed 23 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. East Bay Community Development Corporation 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 06/2024, East Bay Community Development Corporation generated $1.6m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 15.5% each year . All expenses for the organization totaled $1.7m during the year ending 06/2024. While expenses have increased by 13.7% per year over the past 9 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE DECENT AND AFFORDABLE HOUSING OPPORTUNITIES TO LOW AND MODERATE INCOME PERSONS
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION PURCHASES, SELLS AND RENTS HOUSING FOR LOW AND MODERATE INCOME PERSONS. THE ORGANIZATION HAS ACQUIRED A PROPERTY TO BE USED IN TAX CREDIT LOW INCOME HOUSING. IN ADDITION, THE ORGANIZATION OWNS AND RENTS 4 UNITS OF HOUSING OUTRIGHT AND MANAGES LOW INCOME HOUSING PROPERTIES WITH OVER 333 UNITS IN WHICH IT HAS A GENERAL PARTNER INTEREST OR CONTROLLING INTEREST. SUBSTANTIALLY ALL OF UNITS ARE RENTED TO LOW AND MODERATE INCOME PERSONS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bette Walpole Director | Trustee | 1 | $0 |
Anthony Marouchoc Director | Trustee | 1 | $0 |
Aida Cabral Director | Trustee | 1 | $0 |
Josue Canario Director | Trustee | 1 | $0 |
Vicky White Treasurer | OfficerTrustee | 1 | $0 |
Denise Asciola President | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $695,561 |
| All other contributions, gifts, grants, and similar amounts not included above | $33,800 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $729,361 |
| Total Program Service Revenue | $843,322 |
| Investment income | $21,136 |
| 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 | $1,593,849 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $22,250 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $7,000 |
| Advertising and promotion | $0 |
| Office expenses | $14,630 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,039 |
| Interest | $9,179 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $36,789 |
| Insurance | $23,788 |
| All other expenses | $36,532 |
| Total functional expenses | $1,727,107 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $49,757 |
| Savings and temporary cash investments | $652,543 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $679,359 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $28,395 |
| Net Land, buildings, and equipment | $1,077,702 |
| Investments—publicly traded securities | $827,958 |
| Investments—other securities | $0 |
| Investments—program-related | $161,402 |
| Intangible assets | $6,159 |
| Other assets | $740,560 |
| Total assets | $4,223,835 |
| Accounts payable and accrued expenses | $127,623 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $616,110 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,765 |
| Total liabilities | $746,498 |
| Net assets without donor restrictions | $3,285,341 |
| Net assets with donor restrictions | $191,996 |
| 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 | $4,223,835 |