2025-07-15T14:02:44-05:00 2024-08-31 331374517 PKF O'CONNOR DAVIES ADVISORY LLC 2 BETHESDA METRO CENTER SUITE 540 BETHESDA MD 20814 990 2023-09-01 050370946 SWAP INC (STOP WASTING ABANDONED PROPERTY) SWAP 4012720526 439 PINE STREET PROVIDENCE RI 02907 CARLA DESTEFANO EXECUTIVE DIRECTOR 4012720526 2025-07-15 1 1 JOSEPH CONNOLLY P01959750 3016523464 2025-07-09 2023 2025-03-06 01:10:19Z CARLA DESTEFANO 439 PINE STREET PROVIDENCE RI 02907 9176588 0 X WWW.SWAPINC.ORG X 1976 RI TO CONFRONT THE PROBLEM OF HOUSING ABANDONMENT AND PURCHASE, REHABILITATE, AND CONSTRUCT HOMES AND APARTMENT COMPLEXES FOR LOW TO MODERATE INCOME FAMILIES IN PROVIDENCE, RI, AND THROUGHOUT RHODE ISLAND. IN ADDITION, THE ORGANIZATION OWNS AN OPERATES A SINGLE MEMBER LLC KNOWN AS TP 10, LLC THAT OWNS 41 APARTMENT UNITS OF LOW AND MODERATE INCOME HOUSING. 10 10 14 120 0 0 1268307 3547624 1567405 1786556 1317773 2626152 5948 124102 4159433 8084434 4778 7797 0 0 793151 823673 0 0 0 3412432 6767365 4210361 7598835 -50928 485599 18102766 19547262 14908903 15867800 3193863 3679462 THE ORGANIZATION PROMOTES THE CONSERVATION OF PROVIDENCE AND NEARBY NEIGHBORHOODS THROUGH PRESERVATION AND REHABILITATION FOR LOW AND MODERATE INCOME FAMILIES. 0 0 6795830 7797 1321178 RESIDENTIAL PROGRAM: PROMOTES THE CONSERVATION OF PROVIDENCE AND NEARBY NEIGHBORHOODS THROUGH PRESERVATION AND REHABILITATION FOR LOW AND MODERATE INCOME FAMILIES. 684390 0 433338 TP 10 LLC: OWN AND OPERATE A 41 UNIT APARTMENT COMPLEX THAT SERVES LOW AND MODERATE INCOME FAMILIES. 7629 0 32040 SOUTHSIDE GATEWAYS/500 BROAD STEET, LLC CONSTRUCTED TEN UNITS OF COMMERICAL CONDOMINIUMS IN SOUTH PROVIDENCE. THESE CONDOMINIUMS SERVE TO REVITALIZE THE AREA BY BRINGIN ADDITIONAL SMALL BUSINESSES TO ITS RESIDENTS. 7487849 1 1 0 0 0 0 0 0 1 0 1 0 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 1 9 0 14 1 0 0 0 0 0 0 0 0 0 0 0 0 X 10 10 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 X CARLA DESTEFANO EXECUTIVE DIRECTOR 4012720526 439 PINE STREET PROVIDENCE RI 02907 MIGUEL QUEZADA PRESIDENT 2.00 0.75 X X 0 0 0 PETER BORTOLOTTI VICE PRESIDENT 2.00 0.75 X X 0 0 0 NANCY WHIT SECRETARY 2.00 0.75 X X 0 0 0 PAUL DUMOUCHEL TREASURER 2.00 0.75 X X 0 0 0 CLARIBEL MEJIA DEPUTY TREASURER 1.00 0.75 X X 0 0 0 FABIOLA BRUNACHE DIRECTOR 1.00 0.75 X 0 0 0 NANCY HOWARD DIRECTOR 1.00 0.75 X 0 0 0 GRAHAM KILVERT DIRECTOR 1.00 0.75 X 0 0 0 JOHN PRINCE DIRECTOR 1.00 0.75 X 0 0 0 GAYLE RODGERS DIRECTOR 1.00 0.75 X 0 0 0 CARLA DESTEFANO EXECUTIVE DIRECTOR 39.00 1.50 X 147146 0 12009 MARILYN DOLAN CARLSON DEPUTY DIRECTOR 39.00 1.00 X 112206 0 4356 259352 0 16365 2 0 1 0 STAND CORPORATION 105 PENNSYLVANIA AVENUE WARWICK RI 02888 CONSTRUCTION SERVICES 2043323 EMERALD SERVICES 55 REYNOLDS ROAD CHEPACHET RI 02814 CONSTRUCTION SERVICES 275696 UNION STUDIOS 160 MATHEWSON STREET SUITE 201 PROVIDENCE RI 02903 CONSTRUCTION SERVICES 138066 GARY CHARPENTIER 39 COLONIAL AVENUE BARRINGTON RI 02806 CONSTRUCTION SERVICES 115500 4 2020096 1527528 3547624 DEVELOPMENT AND SERVICE FEES 531390 1191475 1191475 PROGRAM RENTAL FEES 531110 595081 595081 1786556 62816 62816 3655490 1092154 2563336 2563336 2563336 MISCELLANEOUS INCOME 900099 124102 124102 124102 8084434 1786556 0 2750254 7797 7797 160081 160081 562490 562490 12581 12581 28601 28601 59920 59920 74608 64653 9955 24541 9500 15041 42527 38882 3645 47076 32460 14616 44732 17496 27236 20843 20843 104682 104682 18710 9731 8979 10338 10338 209113 209113 7838 7838 COST OF HOMES SOLD 5838050 5838050 REPAIRS AND MAINTENANCE 176963 176963 PROGRAM ADMIN COST 147344 136673 10671 7598835 7487849 110986 0 331614 499370 1819638 2223649 466148 263660 21046 19756 9493549 2748302 6954362 6745247 8200718 9481360 309240 314220 18102766 19547262 549332 769390 83500 78000 3808 68116 51606 55656 12906311 12548831 1314346 2347807 14908903 15867800 X 1404743 1890342 1789120 1789120 3193863 3679462 18102766 19547262 485599 0 X X 0 1 X 1 1 1 X 1449696 587475 207987 1268307 3547624 7061089 1449696 587475 207987 1268307 3547624 7061089 7061089 505929 538301 566385 11773 62816 1685204 11823 9769 5948 124102 151642 8897935 5838269 0.79360 0.65640 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS INCOME - 2019 AMOUNT: $ 11,823. 2021 AMOUNT: $ 9,769. 2022 AMOUNT: $ 5,948. 2023 AMOUNT: $ 124,102. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 1228384 1228384 8173080 2677715 5495365 37454 36088 1366 54631 34499 20132 6745247 NOTES RECEIVABLES 5201844 F CONSTRUCTION IN PROG/REAL ESTATE HELD 4195146 F INVESTMENT IN PARTNERSHIPS 84370 F 9481360 DEFERRED INTEREST 1224009 DUE TO RELATED PARTIES 908698 ACCRUED CONSTRUCTION INTEREST 201432 DEFERRED DEVELOPER FEE 13668 2347807 X 8084434 0 8084434 0 8084434 7598835 0 7598835 0 7598835 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 ORGANIZATION RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE POSITIONS ARE MORE LIKELY THAN NOT TO BE SUSTAINED. MANAGEMENT HAS DETERMINED THAT THE ORGANIZATION HAD NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE FINANCIAL STATEMENT RECOGNITION OR DISCLOSURE. THE ORGANIZATION IS NO LONGER SUBJECT TO EXAMINATIONS BY THE APPLICABLE TAXING JURISDICTIONS FOR YEARS PRIOR TO AUGUST 31, 2021. 1 X X 0 0 0 0 0 0 0 1 0 CARLA DESTEFANO EXECUTIVE DIRECTOR 115146 0 32000 0 0 0 4613 0 7396 0 159155 0 0 0 PART I, LINE 7 A BOARD-APPROVED DISCRETIONARY BONUS WAS AWARDED TO AN OFFICER OF THE ORGANIZATION. 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 B, LINE 12C EACH DIRECTOR, EACH CORPORATE OFFICER, THE TOP MANAGEMENT OFFICIAL, THE TOP FINANCIAL OFFICIAL, AND EACH KEY EMPLOYEE OF THE ORGANIZATION, SHALL ANNUALLY SIGN A STATEMENT ON THE CONFLICT OF INTEREST POLICY, THAT: A) AFFIRMS THAT THE PERSON HAS RECEIVED A COPY OF THE CONFLICT OF INTEREST POLICY, HAS READ AND UNDERSTOOD THE POLICY, AND HAS AGREED TO COMPLY WITH THE POLICY; AND B) DISCLOSES THE PERSON'S FINANCIAL INTERESTS AND FAMILY RELATIONSHIPS THAT COULD GIVE RISE TO CONFLICTS OF INTEREST. EACH INTERESTED PERSON SHALL DISCLOSE TO THE BOARD ALL MATERIAL FACTS REGARDING HIS OR HER INTEREST IN ANY TRANSACTION, PROMPTLY UPON LEARNING OF THE PROPOSED TRANSACTION. WITH REGARD TO AN INTERESTED PERSON, THE BOARD SHALL DETERMINE IF A CONFLICT OF INTEREST EXISTS. THE INTERESTED PERSON(S) AND ANY OTHER INTERESTED PERSON(S) INVOLVED WITH THE TRANSACTION SHALL NOT BE PRESENT DURING THE BOARD'S DISCUSSION OR DETERMINATION OF WHETHER A CONFLICT OF INTEREST EXISTS. FORM 990, PART VI, SECTION B, LINE 15A THE EXECUTIVE DIRECTOR AND OTHER KEY MANAGMENT PERSONNEL'S COMPENSATION PACKAGES ARE REVIEWED BY THE BOARD OF DIRECTORS ON AN ANNUAL BASIS. THE REVIEW AND APPROVAL IS DOCUMENTED IN THE BOARD MEETING MINUTES. 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. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS A COMMITTEE THAT IS RESPONSIBLE FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. SOUTHSIDE GATEWAYS500 BROAD LLC 439 PINE STREET PROVIDENCE RI 02907 263452002 SALE OF AFFORDABLE CONDOS TO SMALL BUSINESS RI 32040 522001 SWAP INC TP 10 LLC 439 PINE STREET PROVIDENCE RI 02907 270925365 RENTAL OF LOW INCOME HOUSING RI 433338 6628366 SWAP INC 201 THURBERS INC 439 PINE STREET PROVIDENCE RI 02907 262399236 LOW INCOME HOUSING PROJECT RI 501(C)(3) LINE 10 SWAP INC 1 SWAP COMMUNITY LAND TRUST 439 PINE STREET PROVIDENCE RI 02907 050453207 MGMT OF LOW INCOME HOUSING RI 501(C)(3) LINE 12B, II SWAP INC 1 APF LP 439 PINE STREET PROVIDENCE RI 02907 273141528 LOW INCOME HOUSING RI APF DEVELOPMENT CORP RELATED 0 0 MAPLEWOOD LP 439 PINE STREET PROVIDENCE RI 02907 364721418 LOW INCOME HOUSING RI MAPLEWOOD DEVELOPMENT CORP RELATED 0 0 POTTERS AVENUE REVITALIZATION LP 439 PINE STREET PROVIDENCE RI 02907 200683409 LOW INCOME HOUSING RI POTTERS AVE AREA DEVELOPMENT CORP RELATED 0 0 POTTERS TIGRAI LP 439 PINE STREET PROVIDENCE RI 02907 990808186 LOW INCOME HOUSING RI POTTERS-TIGRAI DEVELOPMENT CORP RELATED 0 0 REVITALIZE SOUTHSIDE LP 439 PINE STREET PROVIDENCE RI 02907 383972376 LOW INCOME HOUSING RI RSS DEVELOPMENT CORP RELATED 0 0 SOUTHSIDE GATEWAYS LP 439 PINE STREET PROVIDENCE RI 02907 205071562 LOW INCOME HOUSING RI SOUTHSIDE GATEWAYS DEVELOPMENT CORP RELATED 0 0 APF DEVELOPMENT CORP 439 PINE STREET PROVIDENCE RI 02907 273141436 LOW INCOME HOUSING RI SWAP INC C 1.00000 1 FRIENDSHIP PINE DEVELOPMENT CORP 439 PINE STREET PROVIDENCE RI 02907 050506737 LOW INCOME HOUSING RI SWAP INC C 1.00000 1 MAPLEWOOD DEVELOPMENT CORP 439 PINE STREET PROVIDENCE RI 02907 454185235 LOW INCOME HOUSING RI SWAP INC C 1.00000 1 POTTERS AVE AREA DEVELOPMENT CORP 439 PINE STREET PROVIDENCE RI 02907 200684218 LOW INCOME HOUSING RI SWAP INC C 1.00000 1 RSS DEVELOPMENT CORP 439 PINE STREET PROVIDENCE RI 02907 474161708 LOW INCOME HOUSING RI SWAP INC C 69439 1.00000 1 SOUTHSIDE GATEWAYS DEVELOPMENT CORP 439 PINE STREET PROVIDENCE RI 02907 205071449 LOW INCOME HOUSING RI SWAP INC C 19372 1.00000 1 UPPER PINE DEVELOPMENT CORP 439 PINE STREET PROVIDENCE RI 02907 010637966 LOW INCOME HOUSING RI SWAP INC C 1.00000 1 POTTERS-TIGRAI DEVELOPMENT CORP 439 PINE STREET PROVIDENCE RI 02907 990846179 LOW INCOME HOUSING RI SWAP INC C 1.00000 1 0 0 0 1 0 0 0 0 1 0 0 1 0 1 1 1 1 0 0 SWAP COMMUNITY LAND TRUST L 71424 COST