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Lacasa Development Corporation FY2021 filing

Tax-deductible

Providence, RI501(c)(3)Since 2001HousingEIN 05-0516463Revenue $395K in FY2021

On file with the IRSwdchoc.org861a Broad St, 02907-1768 · Providence, RITax-exempt since Jun 2001Publicly supported charity — 170(b)(1)(A)(vi)

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

501(c)(3) charity; gifts are tax-deductible.
89¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2021 · 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
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
0 of 4
filings with a surplus
Average deficit $208K a year · 52% of revenue · last 4 filings
Concern: a surplus in 0 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
89%
of spending
Looks good: 89% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
1 mo
of spending, in cash
Fine: 1.1 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$6.3M
144% of total assets
Concern: liabilities are 144% 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
$395K
Spent
$549K
To programs
89%
Net assets
−$1.9M
By yearFY2021–FY2025
Revenue
$395K
FY2021
Tap a bar for its year
Revenue by fiscal year
FY2021$395K
FY2023$381K
FY2024$384K
FY2025$433K
Expenses
$549K
FY2021
Tap a bar for its year
Expenses by fiscal year
FY2021$549K
FY2023$561K
FY2024$589K
FY2025$727K
Net assets
−$1.9M
FY2021
Tap a bar for its year
Net assets by fiscal year
FY2021−$1.9M
FY2023−$2.3M
FY2024−$2.5M
FY2025−$2.8M

From the FY2021 Form 990 (year ending June 2021) · see the original

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You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jun 2001.

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

Where the money goes

89 cents of each dollar spent went to programs.

Program services 89% · $488K Management & general 11% · $61K

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

8 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
$0Pt VII · Sec A
Ann Sabbagh
Director
$0Pt VII · Sec A
Barbara Colt
Director
$0Pt VII · Sec A
Valerie Talmage
Treas and Sec
$0Pt VII · Sec A
$0Pt VII · Sec A
Noel Sanchez
Director
$0Pt VII · Sec A
Larry Kellam
Director
$0Pt VII · Sec A
James Comer
President
$0Pt VII · Sec A
See Lacasa Development Corporation 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 South Kingstown, RI for seniors and disabled individuals.

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Provided by the organization

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1 program · $488K · in their own filed words · FY2020
01

Provide low income housing to the elderly and disabled in the south kingstown, ri area under section 202 of the national affordable housing act. Owns and operates a 50 unit apartment complex.

$488Kprogram expense

Funders

Who pays for it.

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

By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$395K
Ln 12
Fees for servicesLn 2g$200K
Gifts and grantsLn 1h$194K
Investment incomeLn 3$305
Money outPt IX
$549K
Ln 25
Programscol B$488K
Managementcol C$61K
Owns and owesPt X
−$1.9M
net assets · Ln 32
Cash and savingsLn 1–2$50K
Total assetsLn 16$4.4M
LiabilitiesLn 26$6.3M
PeoplePt VI, VII
8
listed · VII A
PaidVII A0
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$194K
Government grantsLn 1e$194K
Fees for servicesLn 2g$200K
Investment incomeLn 3$305
Total revenueLn 12$395K
Assets in detailPt X, end of year
CashLn 1$35K
SavingsLn 2$15K
Cash and savings togetherLn 1–2$50K
Land, buildings, equipmentLn 10c$4.2M
Other assetsLn 15$172K
Total assetsLn 16$4.4M
LiabilitiesLn 26$6.3M
Net assetsLn 32−$1.9M
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderJune
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 FY21End FY21
Cash and savingsLn 1–2$48K$50K
Land, buildings, equipmentLn 10c$4.3M$4.2M
Total assetsLn 16$4.6M$4.4M
LiabilitiesLn 26$6.3M$6.3M
Net assetsLn 32−$1.8M−$1.9M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$117K$117K
Management feesLn 11a$38K$38K
Accounting feesLn 11c$14K$14K
Office expensesLn 13$13K$5K$8K
OccupancyLn 16$162K$162K
Depreciation, depletion and amortizationLn 22$166K$166K
InsuranceLn 23$30K$30K
Other expenses (24a–d)Ln 24$9K$9K
Total functional expensesLn 25$549K$488K$61K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $433K$727K−$293K−$2.8M 990 PDF
FY2024 $384K$589K−$205K−$2.5M 990 PDF
FY2023 $381K$561K−$180K−$2.3M 990 PDF
FY2022 Not on file
FY2021 Viewing $395K$549K−$154K−$1.9M 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 FY2021 990 (6 parts)
Part I · Summary $394,557 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $195,879$193,984
I-9 Program service revenuePrior year $216,056$200,268
I-10 Investment incomePrior year $485$305
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $412,420$394,557
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 $116,113$116,643
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $425,180$432,001
I-18 Total expensesPrior year $541,293$548,644
I-19 Revenue less expensesPrior year −$128,873−$154,087
Part VI · Governance 7 of 7 board members independent, 1 to look at
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $394,557 across 5 lines filed
VIII-1e Government grants$193,984
VIII-1h Total contributions, gifts and grants$193,984
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $200,268$200,268
VIII-3 Investment incomeExcluded from tax $305$305
VIII-12 Total revenueRelated to mission $200,268 · Unrelated business $0 · Excluded from tax $305$394,557
Part IX · Statement of functional expenses $548,644 across 8 lines filed
IX-7 Other salaries and wagesPrograms $116,643$116,643
IX-11a Management feesManagement $38,355$38,355
IX-11c Accounting feesManagement $13,781$13,781
IX-13 Office expensesPrograms $4,608 · Management $8,384$12,992
IX-16 OccupancyPrograms $162,073$162,073
IX-22 Depreciation, depletion and amortizationPrograms $165,600$165,600
IX-23 InsurancePrograms $30,390$30,390
IX-24 Other expenses (24a–d)Programs $8,810$8,810
IX-25 Total functional expensesPrograms $488,124 · Management $60,520 · Fundraising $0$548,644
Part X · Balance sheet $4,404,350 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $29,731$35,105
X-2 Savings and temporary cash investmentsStart of year $18,367$15,208
X-4 Accounts receivableStart of year $4,394$5,415
X-9 Prepaid expenses and deferred chargesStart of year $22,256$23,756
X-10c Land, buildings and equipment, netStart of year $4,301,727$4,152,575
X-15 Other assetsStart of year $189,643$172,291
X-16 Total assetsStart of year $4,566,118$4,404,350
X-17 Accounts payable and accrued expensesStart of year $47,188$42,666
X-25 Other liabilitiesStart of year $18,351$15,192
X-26 Total liabilitiesStart of year $6,346,639$6,338,958
X-27 Net assets without donor restrictionsStart of year −$1,780,521−$1,934,608
X-32 Total net assets or fund balancesStart of year −$1,780,521−$1,934,608
X-33 Total liabilities and net assetsStart of year $4,566,118$4,404,350
Part XI · Reconciliation of net assets −$1,934,608 net assets at year end
XI-1 Total revenue$394,557
XI-2 Total expenses$548,644
XI-3 Revenue less expenses−$154,087
XI-4 Net assets at start of year−$1,780,521
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$1,934,608

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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