Chrysalis Center Real Estate Corporation
- Assets
- $47.8m
- Revenue
- $6.0m
- Investments
- $0.0
- Employees
- 0
- Location
- Hartford, CT
- Founding
- 08/2004
- Data as of
- 06/2022
- EIN
- 20-0243489
Organization Overview
Chrysalis Center Real Estate Corporation is located in Hartford, CT. The organization was established in 2004. According to its NTEE Classification (S47) the organization is classified as: Real Estate Associations, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations.
For the year ending 06/2022, Chrysalis Center Real Estate Corporation generated $6.0m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of 0.0% each year. All expenses for the organization totaled $3.7m during the year ending 06/2022. 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
REAL ESTATE HOLDING CORPORATION FOR THE CHRYSALIS CENTER, INC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CORPORATE SITE - MAINTAINS OPERATIONAL HEADQUARTERS FOR CHRYSALIS CENTER, INC. AT 255 HOMESTEAD AVENUE IN HARTFORD AND A SATELLITE OFFICE AT 1338 BALDWIN AVENUE IN WATERBURY.CHRYSALIS CENTER, INC. IS A MULTI-SERVICE NON-PROFIT ORGANIZATION SERVING HARTFORD AND GREATER HARTFORD WITH COMMUNITY PROGRAMS AND SERVICES TO A WIDE RANGE OF INDIVIDUALS AND FAMILIES IN NEED OF SUPPORT. THE ORGANIZATION PROVIDES SERVICES IN 5 CORE AREAS: COMMUNITY CASE MANAGEMENT, SUPPORTIVE HOUSING SERVICES, EMPLOYMENT SERVICES, RECOVERY SERVICES AND COMMUNITY CONNECTIONS. CHRYSALIS CENTER SERVES OVER 4,000 INDIVIDUALS EACH YEAR WHO FACE SUCH CHALLENGES AS MENTAL ILLNESS, SUBSTANCE ABUSE, HIVAIDS, HOMELESSNESS, RETURN FROM INCARCERATION AND OTHER CHALLENGES. SERVICES ARE PROVIDED TO ASSIST EACH INDIVIDUAL WITH THE RIGHT SUPPORT TO MAXIMIZE THEIR ABILITY TO RECOVER AND REMAIN PRODUCTIVE AND STABLE IN THEIR COMMUNITY. THE ORGANIZATION IS ACCREDITED BY THE COMMISSION FOR ACCREDITATION OF REHABILITATIVE FACILITIES FOR: COMMUNITY CASE MANAGEMENT, SUPPORTIVE HOUSING SERVICES AND COMMUNITY BASED REHABILITATIVE SERVICES.
HUDSON VIEW COMMONS - AFFORDABLE/SUPPORTIVE HOUSINGHUDSON VIEW COMMONS WAS ONE OF THE FIRST SUPPORTIVE HOUSING PROJECTS TO OPEN IN CONNECTICUT AT 525 HUDSON STREET IN HARTFORD, CT. THE BUILDING IS 28 ONE BEDROOM AND EFFICIENCY UNITS AND SERVES FORMERLY CHRONICALLY HOMELESS AND LOW INCOME INDIVIDUALS. IN DECEMBER OF 2012, CHRYSALIS CENTER THROUGH ITS REAL ESTATE CORPORATION TOOK OWNERSHIP OF THE PROPERTY AND CONTINUES TO PROVIDE ALL ON-SITE CASE MANAGEMENT SERVICES TO THE TENANTS.
COSGROVE COMMONS - SUPPORTIVE HOUSINGCHRYSALIS CENTER WAS AWARDED A GRANT FROM THE CONNECTICUT HOUSING AND FINANCE AUTHORITY TO PURCHASE AN EMPTY LOT AT 815 WETHERSFIELD AVENUE IN HARTFORD AND TO CONSTRUCT A 24 UNIT APARTMENT BUILDING. THE APARTMENTS HOUSE FORMERLY HOMELESS VETERANS AS WELL AS 6 UNITS ASSIGNED TO HOUSE YOUNG ADULTS IDENTIFIED AS HOMELESS. CHRYSALIS CENTER THROUGH ITS REAL ESTATE CORPORATION IS THE DEVELOPER, OWNER AND SERVICE PROVIDER FOR THIS PROJECT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven Ruth Chair | OfficerTrustee | 1 | $0 |
James Christopher Secretary/treasurer | OfficerTrustee | 1 | $0 |
Sharon Castelli Chrysalis CEO | Officer | 1 | $0 |
Wendy D Briere Chrysalis CFO | Officer | 1 | $0 |
Jordan Fogel Director | Trustee | 1 | $0 |
Frank Giguere Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Konover Residental Corporation Property Management | 6/29/22 | $412,713 |
Enterprise Builders Inc Construction | 6/29/22 | $172,997 |
Hammer N Nails Construction | 6/29/22 | $102,007 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,750,063 |
| 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 | $3,750,063 |
| Total Program Service Revenue | $2,243,927 |
| Investment income | $1,325 |
| 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 | $6,009,738 |
| 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 | $10,134 |
| Fees for services: Legal | $41,155 |
| Fees for services: Accounting | $40,469 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $77,960 |
| Advertising and promotion | $2,786 |
| Office expenses | $127,818 |
| Information technology | $3,698 |
| Royalties | $0 |
| Occupancy | $1,224,260 |
| Travel | $8,625 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,171 |
| Interest | $207,084 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,313,782 |
| Insurance | $2,306 |
| All other expenses | $6,497 |
| Total functional expenses | $3,650,765 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,310,692 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $77,126 |
| 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 | $2,655 |
| Net Land, buildings, and equipment | $43,308,126 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,138,542 |
| Total assets | $47,837,141 |
| Accounts payable and accrued expenses | $1,389,886 |
| 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 | $17,391,125 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,898,383 |
| Total liabilities | $22,679,394 |
| Net assets without donor restrictions | $2,097,027 |
| Net assets with donor restrictions | $23,060,720 |
| 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 | $47,837,141 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
156 West 106th Street Holding Corp New York, NY | $627,698 | $10,000,000 |
University At Albany Bioscience Development Corporation Albany, NY | $44,515,468 | $7,817,426 |
Tgm Realty Corp 20 New York, NY | $499,485,449 | $22,200,197 |
121 W Chestnut Associates Inc Boston, MA | $88,401,570 | $6,440,632 |
Greater Boston Real Estate Board Boston, MA | $10,089,510 | $6,801,550 |
Realty Advisory Board On Labor Relations Incorporated New York, NY | $24,561,185 | $8,236,641 |
Cil Realty Inc Hartford, CT | $204,453,350 | $9,350,874 |
Dhu Realty Corp New York, NY | $1,097,719 | $3,124,620 |
330 North Brand Inc Hartford, CT | $104,479,705 | $8,295,726 |
Massachusetts Association Of Realtors Inc Foxborough, MA | $16,699,943 | $5,237,756 |
Town Center Apartments Inc Boston, MA | $89,126,403 | $7,900,572 |
Chrysalis Center Real Estate Corporation Hartford, CT | $47,837,141 | $6,009,738 |