Pawtucket Central Falls Development Corporation
- Assets
- $19.4m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 14
- Location
- Pawtucket, RI
- Founding
- 04/1994
- Data as of
- 06/2021
- EIN
- 22-3241611
Organization Overview
Pawtucket Central Falls Development Corporation is located in Pawtucket, RI. The organization was established in 1994. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. As of 06/2021, Pawtucket Central Falls Development Corporation employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Pawtucket Central Falls Development 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 06/2021, Pawtucket Central Falls Development Corporation generated $1.2m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (1.2%) each year. All expenses for the organization totaled $1.2m during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (5.5%) per year over the past 6 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
PROVIDE AFFORDABLE HOUSING
Describe the Organization's Program Activity:
Part 3 - Line 4a
PCDC AND PCDC HOMES (THE AGENCY) WERE FORMED TO EXPAND THE HOUSING OPPORTUNITIES FOR LOW AND MODERATE INCOME FAMILIES WITHIN THE CITY OF PAWTUCKET, RHODE ISLAND. AS OF JULY 1, 2014 THEY MERGED WITH REALTY ENDEAVORS FOR AFFORDABLE COMMUNITY HOUSING, INC. A SMILIAR ORGANIZATION OPERATING IN CENTRAL FALLS, RI. TOGETHER AS PAWTUCKET CENTRAL FALLS DEVELOPMENT CORP. THEY EFFECTUATE THIS PURPOSE BY COORDINATING THE PURCHASE AND REHABILITATION OF DETERIORATED BUILDINGS AND THE CONSTRUCTION OF NEW BUILDINGS IN ORDER TO PROVIDE AFFORDABLE HOUSING FOR SUCH FAMILIES. THE ORGANIZATION PROVIDES AFFORDABLE HOUSING THROUGH FEDERAL GRANTS UNDER THE FOLLOWING HOME INVESTMENT PARTICIPATION PROGRAMS:RENTAL REHABILITATIONS- THE ORGANIZATION ACQUIRES AND REHABILITATES MULTIFAMILY HOUSES WHICH ARE SUBSEQUENTLY MADE AVAILABLE FOR RENT TO QUALIFIED FAMILIES. THESE UNITS ARE RENTED ON A ONE YEAR LEASE BASIS AND ARE MANAGED BY FERLAND PROPERTY MANAGEMENT COMPANY.HOME OWNERSHIP PROGRAM - THE ORGANIZATION ACQUIRES AND REHABILITATES HOUSES AND SELLS THE PROPERTIES TO QUALIFIED FAMILIES, GENERALLY AT BELOW ITS COSTS AND ARE FULLY SUBSIDIZED BY FEDERAL GRANTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kim Smith Barnett Treasurer | Officer | 3 | $0 |
George Charette President | Officer | 3 | $0 |
John Chopoorian Vice President | Officer | 1 | $0 |
Robert Poirier Secretary | Officer | 1 | $0 |
Wilma Smith Member | Trustee | 1 | $0 |
Antonio Moreira Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Digregorio Corporation Construction | 6/29/17 | $857,918 |
Ed Wojcik Architect Ltd Architecture | 6/29/17 | $341,575 |
Stand Corporation Construction | 6/29/17 | $273,523 |
Maloney Properties Property Management | 6/29/17 | $112,296 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $749,013 |
| All other contributions, gifts, grants, and similar amounts not included above | $26,346 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $775,359 |
| Total Program Service Revenue | $470,944 |
| Investment income | $952 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$548,238 |
| 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 | $37,141 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,193,933 |
| 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. | $100,000 |
| Compensation of current officers, directors, key employees. | $24,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $575,529 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $58,686 |
| Payroll taxes | $62,395 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $28,321 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $10,000 |
| Advertising and promotion | $560 |
| Office expenses | $18,782 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| 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 | $0 |
| Insurance | $53,570 |
| All other expenses | $0 |
| Total functional expenses | $1,228,646 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,468,110 |
| Savings and temporary cash investments | $290,224 |
| Pledges and grants receivable | $61,290 |
| Accounts receivable, net | $215,867 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,546,523 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $67,090 |
| Net Land, buildings, and equipment | $9,384,371 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $3,401,327 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $19,434,802 |
| Accounts payable and accrued expenses | $212,189 |
| Grants payable | $0 |
| Deferred revenue | $1,149,857 |
| 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 | $13,462,772 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,729,924 |
| Total liabilities | $17,554,742 |
| Net assets without donor restrictions | $1,048,048 |
| Net assets with donor restrictions | $832,012 |
| 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 | $19,434,802 |
Grants Recieved
Over the last fiscal year, we have identified 10 grants that Pawtucket Central Falls Development Corporation has recieved totaling $334,880.
| Awarding Organization | Amount |
|---|---|
Local Initiatives Support Corporation New York, NY PURPOSE: SEE PART IV | $153,000 |
Centreville Savings Bank Charitable Foundation West Warwick, RI PURPOSE: EXEMPT PURPOSE | $60,000 |
United Way Of Rhode Island Inc Providence, RI PURPOSE: DESIGNATED DONATION/GRANT | $51,280 |
The Rhode Island Community Foundation Providence, RI PURPOSE: COVID-19 VACCINATION INCENTIVE FUND GRANT; PCF DEVELOPMENT HOMEOWNERSHIP PROGRAM; HOMEOWNERSHIP PROGRAM | $30,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $20,000 |
Coastal1 Credit Union Pawtucket, RI PURPOSE: CHARITABLE CONTRIBUTIONS | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Neville Communities Home Inc Cambridge, MA | $11,055,368 | $17,412,264 |
Affordable Housing And Services Collaborative Inc Braintree, MA | $170,389,416 | $17,704,653 |
Fairhaven Healthcare Center Inc Lowell, MA | $23,711,383 | $11,897,110 |
National Affordable Housing Foundation Schenectady Inc Waltham, MA | $11,290,760 | $3,782,521 |
Neighborhood Of Affordable Housing Inc East Boston, MA | $27,971,204 | $13,300,567 |
Inquilinos Boricuas En Accion Inc Boston, MA | $173,108,948 | $16,934,744 |
Milton-Fuller Housing Corporation Milton, MA | $76,615,525 | $9,254,138 |
Owl Tallahassee Housing Inc Boston, MA | $28,680,052 | $6,023,225 |
Hearth Inc Boston, MA | $12,790,165 | $7,949,326 |
Springhouse Inc Boston, MA | $37,736,932 | $9,492,146 |
The Neighborhood Developers Inc Chelsea, MA | $68,146,151 | $7,961,454 |
Caritas Communities Inc Braintree, MA | $16,422,870 | $5,716,151 |