2024-09-23T16:30:15-05:00 2023-12-31 873231666 PKF O'CONNOR DAVIES ADVISORY LLC 500 MAMARONECK AVENUE SUITE 301 HARRISON NY 105281633 990 2023-01-01 262399236 201 THURBERS INC 201T 4012720526 439 PINE STREET PROVIDENCE RI 02907 CARLA DESTEFANO EXECUTIVE DIRECTOR 4012720526 2024-09-23 1 1 GARRETT M HIGGINS P00543209 9143818900 2024-09-23 2023 2024-08-08 14:25:15Z CARLA DESTEFANO 439 PINE STREET PROVIDENCE RI 02907 221295 0 X N/A X 2007 RI TO PROVIDE LOW INCOME HOUSING TO THE ELDERLY IN THE PROVIDENCE, RHODE ISLAND AREA. 10 10 0 10 0 0 158203 152072 64086 66731 594 2241 2672 251 225555 221295 0 0 0 0 0 0 0 0 0 314514 341539 314514 341539 -88959 -120244 2780526 2708616 3225908 3274242 -445382 -565626 A NON-PROFIT CORPORATION ORGANIZATION UNDER THE LAWS OF RHODE ISLAND, FOR THE PURPOSE OF ACQUIRING AND OPERATING A 22 UNIT APARTMENT COMPLEX LOCATED IN PROVIDENCE, RHODE ISLAND. THE APARTMENT COMPLEX IS OPERATED TO PROVIDE LOW INCOME HOUSING TO THE ELDERLY. 0 0 278663 0 66731 TO PROVIDE ELDERLY PERSONS AND HANDICAPPED PERSONS WITH HOUSING FACILITIES AND SERVICES ESPECIALLY DESIGNED TO MEET THEIR PHYSICAL, SOCIAL, AND PSYCHOLOGICAL NEEDS, AND TO PROMOTE THEIR HEALTH, SECURITY, HAPPINESS, AND USEFULNESS IN LONGER LIVING. 278663 1 1 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 10 10 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 X CARLA DESTEFANO 4012720526 439 PINE STREET PROVIDENCE RI 02907 MIGUEL QUEZADA PRESIDENT 0.50 2.25 X X 0 0 0 PETER BORTOLOTTI VICE PRESIDENT 0.50 2.25 X X 0 0 0 NANCY WHIT SECRETARY 0.50 2.25 X X 0 0 0 PAUL DUMOCHELE TREASURER 0.50 2.25 X X 0 0 0 FABIOLA BRUNACHE MEMBER 0.50 1.25 X 0 0 0 NANCY HOWARD MEMBER 0.50 1.25 X 0 0 0 GRAHAM KILVERT MEMBER 0.50 1.25 X 0 0 0 CLARIBEL MEJIA MEMBER 0.50 1.25 X 0 0 0 JOHN PRINCE MEMBER 0.50 1.25 X 0 0 0 GAYLE RODGERS MEMBER 0.50 1.25 X 0 0 0 CARLA DESTEFANO EXECUTIVE DIRECTOR 0.50 39.50 X 0 147146 10257 0 147146 10257 0 0 1 0 0 152072 152072 TENANT RENTAL REVENUE 531110 66731 66731 66731 2241 2241 OTHER TENANT CHARGES 900099 251 251 251 221295 66731 0 2492 13398 13398 197 197 19529 19529 6329 6329 1314 1314 9391 417 8974 199 199 54193 54193 1124 1124 81135 81135 26852 26852 ALLOCATED COMPENSATION 63006 44865 18141 REPAIRS AND MAINTENANCE 54072 54072 RESIDENT SERVICES 10800 10800 341539 278663 62876 0 9804 2662 122938 116296 2692 25768 1564 1564 3690282 1137328 2634089 2552954 9439 9372 2780526 2708616 56066 96336 2826 4133 5243 4813 3146800 3146800 14973 22160 3225908 3274242 X -445382 -565626 0 0 -445382 -565626 2780526 2708616 -120244 0 X 0 1 X 0 1 1 X 155865 151201 153593 158203 152072 770934 59031 61905 62042 64086 66731 313795 214896 213106 215635 222289 218803 1084729 0 0 0 1084729 8 95 93 594 2241 3031 8 95 93 594 2241 3031 809 725 3255 2672 251 7712 215713 213926 218983 225555 221295 1095472 0.99020 0.99240 0.00280 0.00070 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: OTHER TENANT CHARGES - 2019 AMOUNT: $ 809. 2020 AMOUNT: $ 725. 2021 AMOUNT: $ 3,255. 2022 AMOUNT: $ 2,672. 2023 AMOUNT: $ 251. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 435000 435000 3215273 1097401 2117872 40009 39927 82 2552954 DUE TO RELATED PARTIES 22160 22160 X 221295 0 221295 0 221295 341539 0 341539 0 341539 PART IV, LINE 2B: THE ORGANIZATION HOLDS SECURITY DEPOSITS FOR TENANTS IN AN ESCROW ACCOUNT. THESE DEPOSITS ARE RETURNED TO THE TENANTS ONCE THEY MOVE OUT OF THE APARTMENT. PART X, LINE 2: THE ENTITY RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE POSITIONS ARE MORE LIKELY THAN NOT TO BE SUSTAINED. MANAGEMENT HAS DETERMINED THAT THE ENTITY HAD NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE FINANCIAL STATEMENT RECOGNITION OR DISCLOSURE. THE ENTITY IS NO LONGER SUBJECT TO EXAMINATIONS BY THE APPLICABLE TAXING JURISDICTIONS FOR YEARS PRIOR TO DECEMBER 31, 2020. 0 0 0 0 0 0 0 0 0 CARLA DESTEFANO EXECUTIVE DIRECTOR 0 115146 0 32000 0 0 0 4613 0 5644 0 157403 0 0 PART I, LINE 3 THE EXECUTIVE DIRECTOR IS COMPENSATED BY SWAP, INC., A RELATED ORGANIZATION. THE EXECUTIVE DIRECTOR'S SALARY IS REVIEWED BY THE BOARD OF DIRECTORS ON AN ANNUAL BASIS AS TO THEIR COMPENSATION PACKAGES. THE REVIEW AND APPROVAL IS DOCUMENTED IN THE BOARD MEETING MINUTES. FORM 990, PART VI, SECTION A, LINE 3 EFFECTIVE JANUARY 1, 2018, THE ORGANIZATION ENTERED INTO A HOUSING MANAGEMENT AGREEMENT WITH SWAP COMMUNITY LAND TRUST, A RELATED ORGANIZATION. THE FEES FOR SERVICE UNDER THE AGREEMENT ARE 6.8% OF GROSS RENTAL COLLECTIONS FOR THE PRECEDING MONTH BASED UPON APPROVED CONTRACT RENTS. MANAGEMENT FEES FOR THE YEAR ENDING DECEMBER 31, 2023 WERE $13,398. NO INDIVIDUALS LISTED ON FORM 990, PART VII WERE COMPENSATED BY THE RELATED ORGANIZATION. FORM 990, PART VI, SECTION A, LINE 8A THE GOVERNING BOARD DID NOT DOCUMENT THEIR MEETINGS IN THE CURRENT YEAR. FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION DOES NOT HAVE COMMITTEES THAT ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION HAS ITS FORM 990 PREPARED BY AN OUTSIDE ACCOUNTING FIRM AND HAS ESTABLISHED THE FOLLOWING REVIEW PROCESS TO ENSURE THAT THE INFORMATION REPORTED IS COMPLETE AND ACCURATE. WHEN THE FORM 990 HAS BEEN PREPARED, REVIEWED BY MANAGEMENT AND IS READY TO BE FILED WITH THE INTERNAL REVENUE SERVICE, IT IS ELECTRONICALLY SENT TO THE BOARD FOR APPROVAL. ONCE THE BOARD HAS APPROVED THE RETURN IT IS FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS FORM 990 AVAILABLE FOR PUBLIC INSPECTION AS REQUIRED UNDER SECTION 6104 OF THE INTERNAL REVENUE CODE. THE RETURN IS ALSO POSTED ON GUIDESTAR.ORG AND OTHER SIMILAR TYPES OF WEBSITES. IN ADDITION, THE FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY, ARTICLES OF INCORPORATION AND BY-LAWS ARE ALSO AVAILABLE UPON WRITTEN REQUEST OR BY CALLING THE ORGANIZATION DIRECTLY. 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