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Msc Realty INC FY2021 filing

Not tax-deductible

Providence, RIMutual-benefit / member-servingCommunity DevelopmentEIN 05-0518788Revenue $540K in FY2021

On file with the IRS1000 Eddy St, 02905-4739 · Providence, RITax-exempt since Dec 2001

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To hold title to certain property, collect income therefrom, and remit any net funds to to meeting street a related nonprofit organization.

Mission: Form 990 Part I, line 1

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list 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
2 of 6
filings with a surplus
Average deficit $878K a year · 627% of revenue · last 6 filings
Concern: a surplus in 2 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Liabilities
$10.1M
97% of total assets
Concern: liabilities are 97% of assets; over 80%.
Pt X · Ln 26
Independent board members
0
of 3 voting members
Concern: none of 3 voting members are independent.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$540K
+80% vs prior year
Spent
$310K
To programs
0%
Net assets
$293K
By yearFY2020–FY2025
Revenue
$540K
FY2021▲ +80%
Tap a bar for its year
Revenue by fiscal year
FY2020$300K
FY2021$540K
FY2022$0
FY2023$0
FY2024$0
FY2025$0
Expenses
$310K
FY2021▲ +10%
Tap a bar for its year
Expenses by fiscal year
FY2020$283K
FY2021$310K
FY2022$310K
FY2023$4.5M
FY2024$356K
FY2025$354K
Net assets
$293K
FY2021▲ +366%
Tap a bar for its year
Net assets by fiscal year
FY2020$63K
FY2021$293K
FY2022−$17K
FY2023−$4.5M
FY2024−$4.9M
FY2025−$5.2M

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

Form 990 (PDF) Claim
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 Dec 2001.

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

Where the money goes

What each dollar paid for.

Management & general 100% · $310K

Form 990 Part IX, line 25. 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 · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
John M Kelly
President
$0Pt VII · Sec A
Denise Parent
Chief Business Officer
$0Pt VII · Sec A
Nazik Fernandes
Director of Finance
$0Pt VII · Sec A
Susan Keller
Chief Operating Officer
$0Pt VII · Sec A
See Msc Realty 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

Owns property, collects income, and sends net funds to a related nonprofit.

Questions for Msc Realty INC

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Provided by the organization

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1 program · in their own filed words · FY2020
01

To hold title to certain property, collect income therefrom, and remit any net funds to meeting street, a related nonprofit organization.

Pt IX · col B

By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$540K
Ln 12
Gifts and grantsLn 1h$540K
Money outPt IX
$310K
Ln 25
Managementcol C$310K
Owns and owesPt X
$293K
net assets · Ln 32
Total assetsLn 16$10.4M
LiabilitiesLn 26$10.1M
PeoplePt VI, VII
4
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b0
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$540K
Total revenueLn 12$540K
Assets in detailPt X, end of year
Land, buildings, equipmentLn 10c$9.6M
Total assetsLn 16$10.4M
LiabilitiesLn 26$10.1M
Net assetsLn 32$293K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderAugust
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
Land, buildings, equipmentLn 10c$8.5M$9.6M
Total assetsLn 16$8.8M$10.4M
LiabilitiesLn 26$8.8M$10.1M
Net assetsLn 32$63K$293K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Depreciation, depletion and amortizationLn 22$310K$310K
Total functional expensesLn 25$310K$0$310K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $0$354K−$354K−$5.2M 990 PDF
FY2024 $0$356K−$356K−$4.9M 990 PDF
FY2023 $0$4.5M−$4.5M−$4.5M 990 PDF
FY2022 $0$310K−$310K−$17K 990 PDF
FY2021 Viewing $540K$310K$230K$293K 990 PDF
FY2020 $300K$283K$17K$63K 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 $539,700 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $300,000$539,700
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $300,000$539,700
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 $282,818$309,862
I-18 Total expensesPrior year $282,818$309,862
I-19 Revenue less expensesPrior year $17,182$229,838
Part VI · Governance 0 of 3 board members independent, 1 to look at
VI-1a Voting members of the governing body3
VI-1b Independent voting members0
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 $539,700 across 3 lines filed
VIII-1f All other contributions, gifts and grants$539,700
VIII-1h Total contributions, gifts and grants$539,700
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$539,700
Part IX · Statement of functional expenses $309,862 across 1 line filed
IX-22 Depreciation, depletion and amortizationManagement $309,862$309,862
IX-25 Total functional expensesPrograms $0 · Management $309,862 · Fundraising $0$309,862
Part X · Balance sheet $10,435,647 assets, 11 lines filed
X-4 Accounts receivableStart of year $300,000$839,700
X-9 Prepaid expenses and deferred charges$306
X-10c Land, buildings and equipment, netStart of year $8,545,994$9,595,641
X-16 Total assetsStart of year $8,845,994$10,435,647
X-17 Accounts payable and accrued expensesStart of year $141,618$84,700
X-25 Other liabilitiesStart of year $8,641,550$10,058,283
X-26 Total liabilitiesStart of year $8,783,168$10,142,983
X-27 Net assets without donor restrictionsStart of year $62,826−$247,036
X-28 Net assets with donor restrictions$539,700
X-32 Total net assets or fund balancesStart of year $62,826$292,664
X-33 Total liabilities and net assetsStart of year $8,845,994$10,435,647
Part XI · Reconciliation of net assets $292,664 net assets at year end
XI-1 Total revenue$539,700
XI-2 Total expenses$309,862
XI-3 Revenue less expenses$229,838
XI-4 Net assets at start of year$62,826
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$292,664

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

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