Rivercrest Developement Corporation
- Assets
- $2.6m
- Revenue
- $420.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Amsterdam, NY
- Founding
- 03/2000
- Data as of
- 12/2023
- EIN
- 14-1815076
Organization Overview
Rivercrest Developement Corporation is located in Amsterdam, NY. The organization was established in 2000. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rivercrest Developement 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 12/2023, Rivercrest Developement Corporation generated $420.4k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 8.3% each year. All expenses for the organization totaled $292.6k during the year ending 12/2023. While expenses have increased by 7.2% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE SERVICES TO THE POOR, DISTRESSED AND UNDERPRIVILEGED LOW-INCOME FAMILIES AND INDIVIDUALS BY DEVELOPING, ACQUIRING, CONSTRUCTING, RENOVATING, OPERATING, MAINTAINING, AND IMPROVING RENTAL HOUSING AND FACILITATING HOME OWNERSHIP OPPORTUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE LOW INCOME HOUSING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Damaris Carbone Executive Direct | OfficerTrustee | 0.3 | $0 |
Colleen Mcheard Chair | OfficerTrustee | 0.3 | $0 |
Paul Salerno Vice-Chair | OfficerTrustee | 0.3 | $0 |
Diane Madej Secretary | OfficerTrustee | 0.3 | $0 |
Richard Dimatteo Treasurer | OfficerTrustee | 0.3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Dodson Construction Construction | 12/30/17 | $158,573 |
Lewandowski Home Improvement Construction | 12/30/17 | $123,291 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $156,720 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $156,720 |
| Total Program Service Revenue | $263,492 |
| Investment income | $153 |
| 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 | $420,365 |
| 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 | $34,597 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $10,479 |
| Payroll taxes | $0 |
| Fees for services: Management | $23,052 |
| Fees for services: Legal | $402 |
| Fees for services: Accounting | $4,132 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $37,993 |
| Advertising and promotion | $0 |
| Office expenses | $1,825 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $19,717 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $15,541 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $52,631 |
| Insurance | $18,505 |
| All other expenses | $0 |
| Total functional expenses | $292,627 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $692,424 |
| Savings and temporary cash investments | $487,593 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $26,985 |
| 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 | $15,047 |
| Net Land, buildings, and equipment | $1,304,517 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $28,069 |
| Total assets | $2,554,635 |
| Accounts payable and accrued expenses | $115,572 |
| Grants payable | $0 |
| Deferred revenue | $156,256 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $16,553 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $193,683 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $19 |
| Total liabilities | $482,083 |
| Net assets without donor restrictions | $923,479 |
| Net assets with donor restrictions | $1,149,073 |
| 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 | $2,554,635 |