Residences At Wood Street
- Assets
- $18.1m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 18
- Location
- Pittsburgh, PA
- Founding
- 10/2009
- Data as of
- 06/2022
- EIN
- 26-4252657
Organization Overview
Residences At Wood Street is located in Pittsburgh, PA. The organization was established in 2009. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, under the broad grouping of Housing & Shelter and related organizations. As of 06/2022, Residences At Wood Street employed 18 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Residences At Wood Street 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 06/2022, Residences At Wood Street generated $1.2m 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 (3.5%) each year. All expenses for the organization totaled $2.3m during the year ending 06/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE RESIDENCES AT WOOD STREET, A PENNSYLVANIA NOT-FOR-PROFIT CORPORATION, WAS ORGANIZED TO ACQUIRE, OWN AND OPERATE A 16-STORY BUILDING IN DOWNTOWN PITTSBURGH, PENNSYLVANIA WHICH INCLUDES APPROXIMATELY 55,000 SQUARE FEET OF COMMERCIAL SPACE AND 259 UNITS OF SINGLE ROOM OCCUPANCY. THE CORPORATION WAS ESTABLISHED OUT OF A COOPERATION OF PUBLIC AND PRIVATE ENTITIES DEDICATED TO FACILITATING THE CHARITABLE PURPOSE OF PROVIDING HOUSING TO A VULNERABLE POPULATION. EACH ENTITY INVOLVED IS A MEMBER OF THE CORPORATION'S BOARD OF DIRECTORS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE RESIDENCES AT WOOD STREET, A PENNSYLVANIA NOT-FOR-PROFIT CORPORATION, WAS ORGANIZED TO ACQUIRE, OWN AND OPERATE A 16-STORY BUILDING IN DOWNTOWN PITTSBURGH, PENNSYLVANIA WHICH INCLUDES APPROXIMATELY 55,000 SQUARE FEET OF COMMERCIAL SPACE AND 259 UNITS OF SINGLE ROOM OCCUPANCY. THE CORPORATION WAS ESTABLISHED OUT OF A COOPERATION OF PUBLIC AND PRIVATE ENTITIES DEDICATED TO FACILITATING THE CHARITABLE PURPOSE OF PROVIDING HOUSING TO A VULNERABLE POPULATION. EACH ENTITY INVOLVED IS A MEMBER OF THE CORPORATION'S BOARD OF DIRECTORS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lawrence A Swanson President | OfficerTrustee | 2 | $0 |
Lauri Fink Vice President | OfficerTrustee | 2 | $0 |
Thomas E Cummings Treasurer | OfficerTrustee | 2 | $0 |
Cassandra Collinge Secretary | OfficerTrustee | 1 | $0 |
John Krolicki Board Member | Trustee | 1 | $0 |
Alicia Romano Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Hadfield Elevator Llc Elevator Modernization | 6/29/21 | $354,195 |
Tail Industries Inc Lobby Renovation | 6/29/21 | $134,882 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $8,150 |
| 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 | $8,150 |
| Total Program Service Revenue | $1,289,145 |
| Investment income | $5,740 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$109,602 |
| 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 | $1,205,694 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $336,369 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $43,927 |
| Fees for services: Management | $60,000 |
| Fees for services: Legal | $16,218 |
| Fees for services: Accounting | $12,124 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,000 |
| Office expenses | $54,409 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,103,166 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $320,100 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $274,818 |
| Insurance | $27,874 |
| All other expenses | $66,186 |
| Total functional expenses | $2,316,191 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $323,889 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $538,810 |
| 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 | $41,393 |
| Net Land, buildings, and equipment | $14,612,552 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $31,539 |
| Other assets | $2,513,926 |
| Total assets | $18,062,109 |
| Accounts payable and accrued expenses | $795,495 |
| Grants payable | $0 |
| Deferred revenue | $67,971 |
| 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 | $5,555,724 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $6,419,190 |
| Net assets without donor restrictions | $9,236,823 |
| Net assets with donor restrictions | $2,406,096 |
| 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 | $18,062,109 |