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Charlestown Economic Development Corp FY2020 filing

Tax-deductible

Charlestown, MA501(c)(3)Housing EIN 04-2704682Revenue $1.1M in FY2020

On file with the IRS20 Devens Street, 02129-3725 · Charlestown, MATax-exempt since Dec 1980Publicly supported charity — 170(b)(1)(A)(vi)

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To provide housing to the elderly in a 30 unit complex in Charlestown, ma.

501(c)(3) charity; gifts are tax-deductible.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78

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FY2020 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $184K a year · 16% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Cash reserves
2 mo
of spending, in cash
Fine: 1.9 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$4.5M
96% of total assets
Concern: liabilities are 96% of assets; over 80%.
Pt X · Ln 26
Independent board members
3
of 3 voting members
Looks good: 3 of 3 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.1M
Spent
$933K
Net assets
$178K
By yearFY2020–FY2024
Revenue
$1.1M
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$1.1M
FY2021$1.1M
FY2022$1.2M
FY2023$1.2M
FY2024$1.3M
Expenses
$933K
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$933K
FY2021$920K
FY2022$991K
FY2023$1.1M
FY2024$1.0M
Net assets
$178K
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$178K
FY2021$360K
FY2022$526K
FY2023$675K
FY2024$956K

From the FY2020 Form 990 · figures checked against the IRS filing · see the original

990 PDF Claim
You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Dec 1980.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

3 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Eric Phillipe
Treasurer
$0Pt VII · Sec A
Thomas Cunha
President
$0Pt VII · Sec A
See Charlestown Economic Development Corp executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Offers housing for elderly residents in a 30-unit complex.

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1 program · in their own filed words · FY2020
01

To provide hud subsidized housing to the elderly of charlestown, ma.

Pt IX · col B

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.1M
Ln 12
Gifts and grantsLn 1h$867K
Fees for servicesLn 2g$199K
Investment incomeLn 3$7K
Money outPt IX
$933K
Ln 25
Owns and owesPt X
$178K
net assets · Ln 32
Cash and savingsLn 1–2$146K
Total assetsLn 16$4.6M
LiabilitiesLn 26$4.5M
PeoplePt VI, VII
3
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$867K
Government grantsLn 1e$867K
Fees for servicesLn 2g$199K
Investment incomeLn 3$7K
Other incomeLn 4–11$5K
Total revenueLn 12$1.1M
Assets in detailPt X, end of year
CashLn 1$146K
Cash and savings togetherLn 1–2$146K
Land, buildings, equipmentLn 10c$3.6M
Other assetsLn 15$886K
Total assetsLn 16$4.6M
LiabilitiesLn 26$4.5M
Net assetsLn 32$178K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$102K$146K
Land, buildings, equipmentLn 10c$3.7M$3.6M
Total assetsLn 16$4.6M$4.6M
LiabilitiesLn 26$4.5M$4.5M
Net assetsLn 32$34K$178K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$27K
Legal feesLn 11b$2K
Accounting feesLn 11c$19K
Other fees for servicesLn 11g$151K
Office expensesLn 13$17K
OccupancyLn 16$551K
Depreciation, depletion and amortizationLn 22$166K
Total functional expensesLn 25$933K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $1.3M$1.0M$282K$956K 990 PDF
FY2023 $1.2M$1.1M$149K$675K 990 PDF
FY2022 $1.2M$991K$165K$526K 990 PDF
FY2021 $1.1M$920K$182K$360K 990 PDF
FY2020 Viewing $1.1M$933K$144K$178K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2020 990 (6 parts)
Part I · Summary $1,077,283 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $843,222$866,595
I-9 Program service revenuePrior year $180,138$199,115
I-10 Investment incomePrior year $15,330$6,598
I-11 Other revenuePrior year $2,582$4,975
I-12 Total revenuePrior year $1,041,272$1,077,283
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $1,039,556$933,013
I-18 Total expensesPrior year $1,039,556$933,013
I-19 Revenue less expensesPrior year $1,716$144,270
Part VI · Governance 3 of 3 board members independent, 4 to look at
VI-1a Voting members of the governing body3
VI-1b Independent voting members3
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $1,077,283 across 6 lines filed
VIII-1e Government grants$866,595
VIII-1h Total contributions, gifts and grants$866,595
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $199,115$199,115
VIII-3 Investment incomeExcluded from tax $6,598$6,598
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $4,975$4,975
VIII-12 Total revenueRelated to mission $204,090 · Unrelated business $0 · Excluded from tax $6,598$1,077,283
Part IX · Statement of functional expenses $933,013 across 7 lines filed
IX-11a Management fees$27,019
IX-11b Legal fees$2,043
IX-11c Accounting fees$19,302
IX-11g Other fees for services$150,644
IX-13 Office expenses$17,247
IX-16 Occupancy$551,015
IX-22 Depreciation, depletion and amortization$165,743
IX-25 Total functional expenses$933,013
Part X · Balance sheet $4,634,986 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $102,428$146,352
X-4 Accounts receivableStart of year $1,591$1,830
X-9 Prepaid expenses and deferred chargesStart of year $15,244$7,979
X-10c Land, buildings and equipment, netStart of year $3,679,918$3,593,175
X-15 Other assetsStart of year $783,562$885,650
X-16 Total assetsStart of year $4,582,743$4,634,986
X-17 Accounts payable and accrued expensesStart of year $136,518$92,114
X-19 Deferred revenueStart of year $2,381$9
X-26 Total liabilitiesStart of year $4,548,933$4,456,906
X-27 Net assets without donor restrictionsStart of year $33,810$178,080
X-32 Total net assets or fund balancesStart of year $33,810$178,080
X-33 Total liabilities and net assetsStart of year $4,582,743$4,634,986
Part XI · Reconciliation of net assets $178,080 net assets at year end
XI-1 Total revenue$1,077,283
XI-2 Total expenses$933,013
XI-3 Revenue less expenses$144,270
XI-4 Net assets at start of year$33,810
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$178,080

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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