Rochester Management Inc
- Assets
- $15.1m
- Revenue
- $11.9m
- Investments
- $0.0
- Employees
- 238
- Location
- Rochester, NY
- Founding
- 03/1999
- Data as of
- 08/2023
- EIN
- 16-1556654
Organization Overview
Rochester Management Inc is located in Rochester, NY. The organization was established in 1999. 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. As of 08/2023, Rochester Management Inc employed 238 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rochester Management 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 08/2023, Rochester Management Inc generated $11.9m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 9.7% each year. All expenses for the organization totaled $12.4m during the year ending 08/2023. While expenses have increased by 11.7% per year over the past 4 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 CLEAN, SAFE, WELL MAINTAINED, AND AFFORDABLE APARTMENTS AND TOWNHOUSES, SUITABLE FOR ANYONE, IN MANY LOCATIONS THROUGHOUT ROCHESTER, NEW YORK.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ROCHESTER MANAGEMENT, INC. (RMI) MANAGES LOW TO MIDDLE INCOME RENTAL HOUSING PROJECTS FOR NONPROFIT HOUSING CORPORATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James A Costanza Vice Chairman | OfficerTrustee | 0 | $0 |
Margaret J Hill President | OfficerTrustee | 20 | $244,117 |
Margaret Bringewatt Director | Trustee | 0 | $0 |
Carol Wheeler Director | Trustee | 0 | $0 |
Richard Mueller Chairman | OfficerTrustee | 0 | $0 |
Allen Williams Director | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $493,887 |
| 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 | $493,887 |
| Total Program Service Revenue | $10,796,497 |
| Investment income | $349,747 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $82,643 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,884,676 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,743,755 |
| 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. | $411,317 |
| Compensation of current officers, directors, key employees. | $411,317 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,849,913 |
| Pension plan accruals and contributions | $184,896 |
| Other employee benefits | $1,115,079 |
| Payroll taxes | $589,067 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $900 |
| Fees for services: Accounting | $17,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $22,715 |
| Fees for services: Other | $107,546 |
| Advertising and promotion | $18,139 |
| Office expenses | $54,080 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $29,746 |
| Travel | $15,235 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $87,059 |
| Insurance | $74,465 |
| All other expenses | $0 |
| Total functional expenses | $12,382,017 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $100 |
| Savings and temporary cash investments | $6,964,885 |
| Pledges and grants receivable | $103,588 |
| Accounts receivable, net | $3,211,054 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $90,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $58,642 |
| Net Land, buildings, and equipment | $960,936 |
| Investments—publicly traded securities | $2,458,428 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,291,663 |
| Total assets | $15,139,296 |
| Accounts payable and accrued expenses | $1,005,998 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $314,264 |
| Total liabilities | $1,320,262 |
| Net assets without donor restrictions | $13,819,034 |
| 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 | $15,139,296 |
Grants Awarded
Over the last fiscal year, Rochester Management Inc has awarded $1,723,829 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
IRONDEQUOIT SENIOR LIVING MM LLC PURPOSE: GRANT IS FOR PROMOTING AFFORDABLE HOUSING PRESERVATION AND CONSTRUCTION. | $498,829 |
PLYMOUTH GARDENS INC PURPOSE: COBBS HILL REDEVELOPMENT PROJECT | $1,200,000 |
UNIVERSITY OF ROCHESTER PURPOSE: DONATION | $10,000 |
FOODLINK INC PURPOSE: DONATION | $10,000 |
PATHSTONE CORPORATION PURPOSE: DONATION | $5,000 |