Blackstone Valley Development Corp
- Assets
- $8.6m
- Revenue
- $169.4k
- Investments
- $3.9m
- Employees
- 0
- Location
- Pawtucket, RI
- Founding
- 08/2009
- Data as of
- 12/2021
- EIN
- 26-2699081
Organization Overview
Blackstone Valley Development Corp is located in Pawtucket, RI. The organization was established in 2009. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Blackstone Valley Development Corp 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, Blackstone Valley Development Corp generated $169.4k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.4%) each year. All expenses for the organization totaled $317.4k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (8.8%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE PURPOSES FOR WHICH THE CORPORATION IS FORMED ARE AS FOLLOWS: A) TO WORK COOPERATIVELY WITH THE ARC OF BLACKSTONE VALLEY (ABV), A RHODE ISLAND CHARITABLE CORPORATION WHICH IS TAX-EXEMPT UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND, WITHOUT LIMITATION, TO ACQUIRE, DEVELOP, OWN, AND OPERATE REAL PROPERTY IN CONNECTION WITH PROJECTS SPONSORED BY ABV OR ITS AFFILIATED ENTITIES, B) TO DEVELOP, INITIATE, AND OPERATE COMMUNITY PROJECTS WHICH COMBAT COMMUNITY DETERIORATION, PROVIDE RELIEF FOR UNDERPRIVILEGED MEMBERS OF THE COMMUNITY AND WHICH ARE CONSISTENT WITH COMMUNITY NEEDS AND DESIRES IN RHODE ISLAND AND ADJACENT STATES (TARGET AREA), AND C) TO ASSIST RESIDENTS AND OTHER ORGANIZATIONS WORKING IN THE TARGET AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ACQUIRE, DEVELOP, OWN, AND OPERATE REAL PROPERTY IN CONNECTION WITH PROJECTS SPONSORED BY THE ARC OF BLACKSTONE VALLEY OR ITS AFFILIATED ENTITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William J Szafarowicz Director | 0.25 | $0 | |
Kathleen Oneill Director | 0.25 | $0 | |
Joseph F Mcenness Director | 0.25 | $0 | |
Thomas Hodge Director | 0.25 | $0 | |
Paul Benoit Director | 0.25 | $0 | |
John J Padien III Executive Director | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $12,960 |
| Net Rental Income | -$105,159 |
| Net Gain on Sale of Assets | $16,622 |
| Capital Gain Net Income | $16,622 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $169,369 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $46,151 |
| Pension plans, employee benefits | $0 |
| Interest | $73,449 |
| Taxes | $0 |
| Depreciation | $41,173 |
| Occupancy | $59,737 |
| Travel, conferences, and meetings | $1,448 |
| Printing and publications | $0 |
| Other expenses | $49,686 |
| Total operating and administrative expenses | $317,431 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $317,431 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $201,485 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $4,068 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,962 |
| Net Investments - land, buildings, equipment | $787,031 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $3,690,313 |
| Total assets | $8,579,531 |
| Accounts payable and accrued expenses | $366,647 |
| Grants payable | $0 |
| Deferred revenue | $113 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $1,195,592 |
| Other liabilities | $1,712,112 |
| Total liabilities | $3,274,464 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Housing Assistance Corporation Hyannis, MA | $20,544,372 | $36,246,807 |
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 |