Riverside Development Corporation
- Assets
- $510.0k
- Revenue
- $934.4k
- Investments
- $0.0
- Employees
- 10
- Location
- Holyoke, MA
- Founding
- 03/1974
- Data as of
- 09/2021
- EIN
- 23-7320953
Organization Overview
Riverside Development Corporation is located in Holyoke, MA. The organization was established in 1974. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2021, Riverside Development Corporation employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Riverside Development Corporation is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 09/2021, Riverside Development Corporation generated $934.4k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 10.4% each year . All expenses for the organization totaled $796.4k during the year ending 09/2021. While expenses have increased by 6.7% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO FURTHER ECONOMIC DEVELOPMENT IN THE CITY OF HOLYOKE, MASSACHUSETTS AND ITS ENVIRONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ADMINISTRATION AND MANAGEMENT OF LOW-INCOME HOUSING PROJECTS IN THE CITY OF HOLYOKE, MASSACHUSETTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Moriarty President | Officer | 10 | $10,556 |
Armando Santiago Clerk Thru 12/20 Then Co-Chair | OfficerTrustee | 1 | $0 |
Duane Camp Treasurer | OfficerTrustee | 1 | $0 |
Walter Nalesnik Chairman | OfficerTrustee | 1 | $0 |
Victor Rodriguez Director; Clerk As Of 12/20 | OfficerTrustee | 1 | $0 |
Maurice Lacasse Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $105,300 |
| 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 | $105,300 |
| Total Program Service Revenue | $828,878 |
| Investment income | $190 |
| 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 | $934,368 |
| 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. | $11,094 |
| Compensation of current officers, directors, key employees. | $11,094 |
| Compensation to disqualified persons | $410,496 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $21,026 |
| Other employee benefits | $95,721 |
| Payroll taxes | $35,247 |
| Fees for services: Management | $150,000 |
| Fees for services: Legal | $450 |
| Fees for services: Accounting | $13,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $224 |
| Advertising and promotion | $0 |
| Office expenses | $4,828 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $6,169 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $930 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,392 |
| Insurance | $21,256 |
| All other expenses | $0 |
| Total functional expenses | $796,406 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $26,856 |
| Savings and temporary cash investments | $30,031 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $404,523 |
| 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 | $5,472 |
| Net Land, buildings, and equipment | $43,154 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $510,036 |
| Accounts payable and accrued expenses | $58,042 |
| 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 | $13,561 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $166,411 |
| Total liabilities | $238,014 |
| Net assets without donor restrictions | $272,022 |
| 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 | $510,036 |
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|---|---|---|
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Cent For Urban Community Svcs New York, NY | $78,734,129 | $72,768,234 |
The Community Preservation Corporation New York, NY | $1,407,109,282 | $65,839,600 |
Quincy Community Action Programs Inc Quincy, MA | $14,865,186 | $43,148,267 |
Westchester Community Opportunity Program Inc Elmsford, NY | $7,932,264 | $37,716,573 |
Community Crossroads Inc Atkinson, NH | $8,920,461 | $38,376,189 |
St Nicks Alliance Corp Brooklyn, NY | $44,353,994 | $35,596,992 |
National Council For Community Development Inc Brooklyn, NY | $24,193,687 | $38,165,020 |
The Community Action Organization Of Western New York Inc Buffalo, NY | $11,956,609 | $31,001,421 |
Community Action Pioneer Valley Inc Greenfield, MA | $7,969,732 | $29,838,934 |
Citizens For Citizens Inc Fall River, MA | $12,279,316 | $29,399,731 |
The Mayors Fund To Advance New York City New York, NY | $28,518,749 | $18,611,480 |