The Woonsocket Neighborhood Development Corporation
- Assets
- $24.6m
- Revenue
- $3.0m
- Investments
- $0.0
- Employees
- 56
- Location
- Woonsocket, RI
- Founding
- 10/1993
- Data as of
- 12/2021
- EIN
- 22-2907602
Organization Overview
The Woonsocket Neighborhood Development Corporation, operating under the name Neighborworks Blackstone River Vall, is located in Woonsocket, RI. The organization was established in 1993. According to its NTEE Classification (L80) the organization is classified as: Housing Support, under the broad grouping of Housing & Shelter and related organizations. As of 12/2021, Neighborworks Blackstone River Vall employed 56 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Neighborworks Blackstone River Vall 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 12/2021, Neighborworks Blackstone River Vall generated $3.0m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (5.4%) each year. All expenses for the organization totaled $2.8m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (5.0%) per year over the past 7 years. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
NEIGHBORWORKS BLACKSTONE RIVER VALLEY (NWBRV) IS A NONPROFIT COMMUNITY DEVELOPMENT CORPORATION THAT WORKS WITH RESIDENTS, BUSINESSES, NEIGHBORHOOD INSTITUTIONS, PARTNERS AND COMMUNITIES TO ENRICH NEIGHBORHOOD LIFE AND MAKE AFFORDABLE HOUSING OPPORTUNITIES AVAILABLE THROUGHOUT THE BLACKSTONE RIVER VALLEY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
REAL ESTATE DEVELOPMENT: OVER THE COURSE OF 2021, THE THIRD AND FOURTH PHASES OF THE SELF-HOUSING PROJECT CONTINUED WITH THE FINAL FIFTEEN HOMES. SEVERAL OTHER PROJECTS IN THE REAL ESTATE DEVELOPMENT PIPELINE ALSO ADVANCED WITH PREDEVELOPMENT WORK AND PROJECT FUNDRAISING.
HOMEOWNERSHIP: OUR HOMEOWNERSHIP CENTER ASSISTED OVER 59 BUYERS PURCHASE THEIR FIRST HOME AND ASSISTED ANOTHER 22 HOMEOWNERS SAVE THEIR HOME FROM FORECLOSURE. THE PROGRAM ALSO ASSISTED ANOTHER 263 HOUSEHOLDS WITH HOMEBUYER EDUCATION AND COUNSELING.
COMMUNITY BUILDING AND ENGAGEMENT: THE PROGRAM DEPLOYED 10 AMERICORPS MEMBERS THAT PROVIDED HOUSING STABILIZATION SERVICES TO 671 RHODE ISLANDERS. THE MILLRACE KITCHEN PROVIDED A HOME TO 32 START-UP FOOD BUSINESSES. THE LEVITT AMP WOONSOCKET MUSIC SERIES ENRICHED THE LIVES OF 2700+ ATTENDEES. THE K-12TH GRADE LEARNING CENTERS CONTINUED TO SUPPORT AREA YOUTH.
ASSET MANAGEMENT: STAFF CONTINUE TO MANAGE THE PORTFOLIO TO MINIMIZEVACANCIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph Garlick Executive Director | Officer | 40 | $122,601 |
Richard Kyte Jr President | OfficerTrustee | 1.5 | $0 |
Gabrielle Prescott Treasurer | OfficerTrustee | 1.5 | $0 |
Nancy Giambusso Vice President | OfficerTrustee | 1.5 | $0 |
Emma Dandy Secretary | OfficerTrustee | 1.5 | $0 |
Barbara Dechristofaro Director | Trustee | 1.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ed Wojcik Architect Ltd Architect | 12/30/21 | $251,995 |
Trident Environmental Group Construction | 12/30/21 | $228,064 |
Raz Heating And Plumbing Inc Contractor | 12/30/21 | $115,948 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $117,999 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $929,308 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,654,718 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,702,025 |
| Total Program Service Revenue | $433,501 |
| Investment income | $19,204 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$268,217 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,965,788 |
| 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. | $159,269 |
| Compensation of current officers, directors, key employees. | $71,670 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,237,472 |
| Pension plan accruals and contributions | $24,202 |
| Other employee benefits | $220,149 |
| Payroll taxes | $121,817 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $38,780 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $39,098 |
| Advertising and promotion | $0 |
| Office expenses | $25,507 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $281,496 |
| Travel | $0 |
| 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 | $127,003 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $2,781,543 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $186,906 |
| Savings and temporary cash investments | $390,649 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $870,131 |
| 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 | $10,601 |
| Net Land, buildings, and equipment | $1,684,733 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $13,474,506 |
| Intangible assets | $0 |
| Other assets | $8,022,117 |
| Total assets | $24,639,643 |
| Accounts payable and accrued expenses | $342,519 |
| 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 | $18,745,592 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $9,175 |
| Total liabilities | $19,097,286 |
| Net assets without donor restrictions | $4,278,266 |
| Net assets with donor restrictions | $1,264,091 |
| 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 | $24,639,643 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that The Woonsocket Neighborhood Development Corporation has recieved totaling $403,902.
| Awarding Organization | Amount |
|---|---|
The Rhode Island Community Foundation Providence, RI PURPOSE: KEEP RHODE ISLANDERS HOUSED; NWBRV REDI TRAINING (RACE, EQUITY, DIVERSITY & INCLUSION); NWBRV COMPREHENSIVE COVID-19 RESPONSE II; ACCESSING HOME; COMMUNITY HOOPS; COVID-19 VACCINATION INCENTIVE FUND GRANT | $208,885 |
Local Initiatives Support Corporation New York, NY PURPOSE: SEE PART IV | $110,000 |
United Way Of Rhode Island Inc Providence, RI PURPOSE: DESIGNATED DONATION/GRANT | $75,000 |
Cvs Health Charity Classic Inc Woonsocket, RI PURPOSE: GENERAL | $10,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $17 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Centerboard Inc Lynn, MA | $21,186,335 | $15,673,773 |
United Residents In Academy Homes Ii Inc Roxbury, MA | $30,056,643 | $8,930,600 |
Homeowners Rehab Inc Cambridge, MA | $114,049,178 | $6,783,220 |
Ccba Tai Tung Management Inc Boston, MA | $39,986,974 | $8,662,376 |
The Caleb Group Inc Swampscott, MA | $1,718,156 | $4,435,338 |
The Woonsocket Neighborhood Development Corporation Woonsocket, RI | $24,639,643 | $2,965,788 |
Neighborhood Housing Services Of New Haven Inc New Haven, CT | $6,243,957 | $2,148,185 |
Edgewood Senior Solutions Group Inc North Andover, MA | $3,534,707 | $1,609,645 |
Partnership For Strong Communities Inc Hartford, CT | $1,890,234 | $2,064,161 |
Housing Operations Management Enterprises Inc New Haven, CT | $7,329,269 | $1,749,422 |
Habitat For Humanity International Inc Acton, MA | $3,032,022 | $1,870,114 |
Neighborhood Housing Services Of Waterbury Inc Waterbury, CT | $4,411,618 | $1,389,491 |