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Saugatucket Springs INC

Tax-deductible

Providence, RI501(c)(3)Since 2002HousingEIN 04-3733576

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To provide low income housing to the elderly and disabled in the hopkinton, RI area under section 202 of the national affordable housing act.

501(c)(3) charity; gifts are tax-deductible.
88¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2024 · 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
0 of 3
filings with a surplus
Average deficit $180K a year · 35% of revenue · last 3 filings
Concern: a surplus in 0 of the last 3 filings.
Pt I · Ln 19 · 3 filings
Spent on programs
88%
of spending
Looks good: 88% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
3 mo
of spending, in cash
Looks good: 3.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$7.2M
165% of total assets
Concern: liabilities are 165% of assets; over 80%.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$577K
+2% vs prior year
Spent
$745K
To programs
88%
Net assets
−$2.8M
By yearFY2021–FY2024
Revenue
$577K
FY2024▲ +2%
Revenue by fiscal year
FY2021$457K
FY2023$497K
FY2024$567K
FY2024$577K
Expenses
$745K
FY2024▲ +2%
Expenses by fiscal year
FY2021$637K
FY2023$689K
FY2024$733K
FY2024$745K
Net assets
−$2.8M
FY2024▼ -6%
Net assets by fiscal year
FY2021−$2.1M
FY2023−$2.5M
FY2024−$2.7M
FY2024−$2.8M

From the FY2024 Form 990 · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Nov 2003.

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

Where the money goes

88 cents of each dollar spent went to programs.

Program services 88% · $653K Management & general 12% · $93K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

4 people listed on the 990.

Part VII, Section A · reportable compensation
Frank Shea
President
$0Pt VII · Sec A
Vickie Walters
Vice President
$0Pt VII · Sec A
$0Pt VII · Sec A
Larry Kellam
Treasurer
$0Pt VII · Sec A
See Saugatucket Springs INC 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 affordable housing in Hopkinton, Rhode Island for seniors and disabled individuals.

Provided by the organization

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1 program · $653K · in their own filed words · FY2024
01

Provide low income housing to the elderly and disabled in the hopkinton, ri area under section 202 of the national affordable housing act. Owns and operates a 53 unit apartment complex.

$653Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$577K
Ln 12
Fees for servicesLn 2g$300K
Gifts and grantsLn 1h$275K
Investment incomeLn 3$2K
Money outPt IX
$745K
Ln 25
Programscol B$653K
Managementcol C$93K
Owns and owesPt X
−$2.8M
net assets · Ln 32
Cash and savingsLn 1–2$198K
Total assetsLn 16$4.4M
LiabilitiesLn 26$7.2M
PeoplePt VI, VII
4
listed · VII A
PaidVII A0
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$275K
Government grantsLn 1e$275K
Fees for servicesLn 2g$300K
Investment incomeLn 3$2K
Total revenueLn 12$577K
Assets in detailPt X, end of year
CashLn 1$30K
SavingsLn 2$168K
Cash and savings togetherLn 1–2$198K
Land, buildings, equipmentLn 10c$4.1M
Total assetsLn 16$4.4M
LiabilitiesLn 26$7.2M
Net assetsLn 32−$2.8M
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$178K$198K
Land, buildings, equipmentLn 10c$4.3M$4.1M
Total assetsLn 16$4.5M$4.4M
LiabilitiesLn 26$7.2M$7.2M
Net assetsLn 32−$2.7M−$2.8M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$164K$164K
Management feesLn 11a$40K$40K
Accounting feesLn 11c$25K$25K
Office expensesLn 13$21K$21K
OccupancyLn 16$242K$242K
TravelLn 17$7K$7K
Depreciation, depletion and amortizationLn 22$180K$180K
InsuranceLn 23$44K$44K
Other expenses (24a–d)Ln 24$23K$23K
Total functional expensesLn 25$745K$653K$93K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $567K$733K−$166K−$2.7M 990 PDF
FY2023 $497K$689K−$193K−$2.5M 990 PDF
FY2022 Not on file
FY2021 $457K$637K−$180K−$2.1M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (4 parts)
Part VIII · Statement of revenue $577,399 across 5 lines filed
VIII-1e Government grants$275,392
VIII-1h Total contributions, gifts and grants$275,392
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $300,066$300,066
VIII-3 Investment incomeExcluded from tax $1,941$1,941
VIII-12 Total revenueRelated to mission $300,066 · Unrelated business $0 · Excluded from tax $1,941$577,399
Part IX · Statement of functional expenses $745,144 across 9 lines filed
IX-7 Other salaries and wagesPrograms $163,614$163,614
IX-11a Management feesManagement $39,948$39,948
IX-11c Accounting feesManagement $24,914$24,914
IX-13 Office expensesManagement $21,179$21,179
IX-16 OccupancyPrograms $241,549$241,549
IX-17 TravelManagement $6,510$6,510
IX-22 Depreciation, depletion and amortizationPrograms $180,358$180,358
IX-23 InsurancePrograms $43,997$43,997
IX-24 Other expenses (24a–d)Programs $23,075$23,075
IX-25 Total functional expensesPrograms $652,593 · Management $92,551 · Fundraising $0$745,144
Part X · Balance sheet $4,350,593 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $7,524$29,589
X-2 Savings and temporary cash investmentsStart of year $170,705$168,151
X-4 Accounts receivableStart of year $4,419$19,911
X-9 Prepaid expenses and deferred chargesStart of year $36,963$15,117
X-10c Land, buildings and equipment, netStart of year $4,292,105$4,117,825
X-16 Total assetsStart of year $4,511,716$4,350,593
X-17 Accounts payable and accrued expensesStart of year $115,329$120,602
X-19 Deferred revenueStart of year $2,723$5,455
X-25 Other liabilitiesStart of year $21,319$19,936
X-26 Total liabilitiesStart of year $7,167,571$7,174,193
X-27 Net assets without donor restrictionsStart of year −$2,655,855−$2,823,600
X-32 Total net assets or fund balancesStart of year −$2,655,855−$2,823,600
X-33 Total liabilities and net assetsStart of year $4,511,716$4,350,593
Part XI · Reconciliation of net assets −$2,823,600 net assets at year end
XI-1 Total revenue$577,399
XI-2 Total expenses$745,144
XI-3 Revenue less expenses−$167,745
XI-4 Net assets at start of year−$2,655,855
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$2,823,600

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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