The Woonsocket Neighborhood Development Corporation
- Assets
- $23.6m
- Revenue
- $2.6m
- Investments
- $0.0
- Employees
- 58
- Location
- Woonsocket, RI
- Founding
- 10/1993
- Data as of
- 12/2023
- 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 12/2023, Neighborworks Blackstone River Vall employed 58 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 12/2023, Neighborworks Blackstone River Vall generated $2.6m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (5.5%) each year. All expenses for the organization totaled $5.3m during the year ending 12/2023. 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
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 2023, DEVELOPMENT COMMENCED ON THE REHABILITATION OF 3 HISTORIC MILLS IN WOONSOCKET INTO 70 UNITS OF AFFORDABLE HOUSING AND 16,000 S/F OF COMMERCIAL/COMMUNITY SPACE. CONSTRUCTION CONTINUED ON 13 HOMEOWNERSHIP UNITS IN EAST PROVIDENCE; UNITS INCLUDE 4 LIVE/WORK WITH FIRST FLOOR COMMERCIAL, 1 ACCESSIBLE UNIT WITH ELEVETTE, AND 8 ADDITIONAL TOWNHOUSE STYLE UNITS.
ASSET MANAGEMENT: STAFF CONTINUE TO MANAGE THE PORTFOLIO TO MINIMIZE VACANCIES.
HOMEOWNERSHIP: THE HOMEOWNERSHIP CENTER SUPPORTED 52 CUSTOMERS IN PURCHASING A HOME, ASSISTED 10 INDIVIDUALS IN PRESERVING THEIR HOME FROM FORECLOSURE, AND SUPPORTED A TOTAL OF 241 HOUSEHOLDS WITH HOMEBUYER EDUCATION AND COUNSELING.
COMMUNITY BUILDING AND ENGAGEMENT: THE ACCESSING HOME AMERICORPS PROGRAM DEPLOYED 11 AMERICORPS MEMBERS TO PROVIDE HOUSING STABILIZATION SERVICES TO 2,022 RHODE ISLANDERS. THE MILLRACE KITCHEN SUPPORTED 24 START-UP FOOD BUSINESS. THE LEVITT AMP WOONSOCKET MUSIC SERIES ENRICHED THE LIVES OF 2,500+ ATTENDEES THROUGH THE POWER OF FREE, LIVE MUSIC. THE K-12TH GRADE LEARNING CENTERS PROVIDED PROGRAMMING TO 31 AREA YOUTH.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Kyte Jr President | OfficerTrustee | 1.5 | $0 |
Nancy Giambusso Vice President | OfficerTrustee | 1.5 | $0 |
Paul M Dumouchel Treasurer | OfficerTrustee | 1.5 | $0 |
Emma Dandy Secretary | OfficerTrustee | 1.5 | $0 |
Michael Skeldon Director | Trustee | 1.5 | $0 |
Nancy Benoit Director | Trustee | 1.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Nation Wide Construction Corp Construction | 12/30/23 | $1,867,388 |
Hv Collins Company Architect | 12/30/23 | $1,427,987 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,432,744 |
| All other contributions, gifts, grants, and similar amounts not included above | $443,387 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,876,131 |
| Total Program Service Revenue | $618,770 |
| Investment income | $1,876 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$8,215 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,634,991 |
| 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. | $155,266 |
| Compensation of current officers, directors, key employees. | $7,763 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,691,577 |
| Pension plan accruals and contributions | $32,406 |
| Other employee benefits | $342,257 |
| Payroll taxes | $150,836 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,066 |
| Fees for services: Accounting | $65,379 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $65,681 |
| Advertising and promotion | $0 |
| Office expenses | $34,838 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $496,762 |
| 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 | $125,267 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $5,260,655 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $69,014 |
| Savings and temporary cash investments | $377,600 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $447,983 |
| 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 | $78,858 |
| Net Land, buildings, and equipment | $1,567,579 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $13,343,506 |
| Intangible assets | $0 |
| Other assets | $7,710,879 |
| Total assets | $23,595,419 |
| Accounts payable and accrued expenses | $756,463 |
| 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 | $19,320,263 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $11,000 |
| Total liabilities | $20,087,726 |
| Net assets without donor restrictions | $3,284,041 |
| Net assets with donor restrictions | $223,652 |
| 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 | $23,595,419 |