Downtown Development Corporation FY2020 filing

Tax-deductible

Rutland, VT501(c)(3)HousingEIN 23-7384193

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Ownership and management of supportive housing for the elderly.

501(c)(3) charity; gifts are tax-deductible.
87¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

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
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
5 of 6
filings with a surplus
Average surplus $54K a year · 11% of revenue · last 6 filings
Fine: a surplus in 5 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
87%
of spending
Looks good: 87% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
6 mo
of spending, in cash
Looks good: 6.1 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$1.0M
112% of total assets
Concern: liabilities are 112% of assets; over 80%.
Pt X · Ln 26
Independent board members
4
of 4 voting members
Looks good: 4 of 4 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$352K
Spent
$453K
To programs
87%
Net assets
−$111K
By yearFY2020–FY2025
Revenue
$352K
FY2020
Revenue by fiscal year
FY2020$352K
FY2021$505K
FY2022$520K
FY2023$546K
FY2024$556K
FY2025$586K
Expenses
$453K
FY2020
Expenses by fiscal year
FY2020$453K
FY2021$445K
FY2022$451K
FY2023$452K
FY2024$455K
FY2025$486K
Net assets
−$111K
FY2020
Net assets by fiscal year
FY2020−$111K
FY2021−$51K
FY2022$19K
FY2023$112K
FY2024$213K
FY2025$313K

From the FY2020 Form 990 · see the original

Form 990 (PDF) Claim
You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Exemption reinstated (2016-05-15). Per the IRS revocation list. Latest filing on record: FY2025. IRS ruling in Jul 2018.

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

Where the money goes

87 cents of each dollar spent went to programs.

Program services 87% · $394K Management & general 13% · $58K

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
$0Pt VII · Sec A
President
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
Executive Direc
$0Pt VII · Sec A
See Downtown 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

Provides and manages safe, supportive housing for seniors.

Provided by the organization

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1 program · $394K · in their own filed words · FY2020
01

The organization provides housing for the elderly at parker house, a 46-UNIT apartment building.

$394Kprogram expense

By the numbers

The FY2020 990, line by line.

1The main four
Money inPt VIII
$352K
Ln 12
Fees for servicesLn 2g$342K
Other incomeLn 4–11$10K
Investment incomeLn 3$38
Money outPt IX
$453K
Ln 25
Programscol B$394K
Managementcol C$58K
Owns and owesPt X
−$111K
net assets · Ln 32
Cash and savingsLn 1–2$231K
Total assetsLn 16$907K
LiabilitiesLn 26$1.0M
PeoplePt VI, VII
4
listed · VII A
PaidVII A0
Voting boardVI 1a4
IndependentVI 1b4
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$342K
Investment incomeLn 3$38
Other incomeLn 4–11$10K
Gains on assetsLn 7$0
Total revenueLn 12$352K
Assets in detailPt X, end of year
CashLn 1$86K
SavingsLn 2$145K
Cash and savings togetherLn 1–2$231K
InvestmentsLn 11–13$0
Land, buildings, equipmentLn 10c$631K
Other assetsLn 15$34K
Total assetsLn 16$907K
LiabilitiesLn 26$1.0M
Net assetsLn 32−$111K
OperationsPt I, VI
EmployeesI 50
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$348K$231K
InvestmentsLn 11–13$0
Land, buildings, equipmentLn 10c$697K$631K
Total assetsLn 16$1.1M$907K
LiabilitiesLn 26$1.1M$1.0M
Net assetsLn 32−$10K−$111K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$0
Grants to domestic individualsLn 2$0
Grants and assistance to foreign recipientsLn 3$0
Benefits paid to or for membersLn 4$0
Pay of current officers, directors and key staffLn 5$0
Pay of disqualified personsLn 6$0
Other salaries and wagesLn 7$0
Pension plan contributionsLn 8$0
Other employee benefitsLn 9$0
Payroll taxesLn 10$0
Management feesLn 11a$0
Legal feesLn 11b$0
Accounting feesLn 11c$9K$9K
Lobbying feesLn 11d$0
Professional fundraising feesLn 11e$0
Investment management feesLn 11f$0
Other fees for servicesLn 11g$18K$18K
Advertising and promotionLn 12$124$124
Office expensesLn 13$5K$5K
Information technologyLn 14$0
RoyaltiesLn 15$0
OccupancyLn 16$0
TravelLn 17$0
Travel and entertainment for public officialsLn 18$0
Conferences, conventions and meetingsLn 19$0
InterestLn 20$38K$38K
Payments to affiliatesLn 21$0
Depreciation, depletion and amortizationLn 22$70K$70K
InsuranceLn 23$0
Other expenses (24a–d)Ln 24$268K$241K$27K
All other expensesLn 24e$45K$45K
Total functional expensesLn 25$453K$394K$58K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $586K$486K$100K$313K 990 PDF
FY2024 $556K$455K$102K$213K 990 PDF
FY2023 $546K$452K$93K$112K 990 PDF
FY2022 $520K$451K$69K$19K 990 PDF
FY2021 $505K$445K$60K−$51K 990 PDF
FY2020 Viewing $352K$453K−$101K−$111K 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 FY2020 990 (4 parts)
Part VIII · Statement of revenue $352,080 across 9 lines filed
VIII-1h Total contributions, gifts and grants$0
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $342,075$342,075
VIII-3 Investment incomeExcluded from tax $38$38
VIII-5 Royalties$0
VIII-6 Net rental income or loss$0
VIII-7 Net gain or loss on sales of assets$0
VIII-8 Net income from fundraising events$0
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $9,967$9,967
VIII-12 Total revenueRelated to mission $352,042 · Excluded from tax $38$352,080
Part IX · Statement of functional expenses $452,838 across 31 lines filed
IX-1 Grants to domestic organizations$0
IX-2 Grants to domestic individuals$0
IX-3 Grants and assistance to foreign recipients$0
IX-4 Benefits paid to or for members$0
IX-5 Pay of current officers, directors and key staff$0
IX-6 Pay of disqualified persons$0
IX-7 Other salaries and wages$0
IX-8 Pension plan contributions$0
IX-9 Other employee benefits$0
IX-10 Payroll taxes$0
IX-11a Management fees$0
IX-11b Legal fees$0
IX-11c Accounting feesManagement $8,600$8,600
IX-11d Lobbying fees$0
IX-11e Professional fundraising fees$0
IX-11f Investment management fees$0
IX-11g Other fees for servicesManagement $17,710$17,710
IX-12 Advertising and promotionManagement $124$124
IX-13 Office expensesManagement $4,932$4,932
IX-14 Information technology$0
IX-15 Royalties$0
IX-16 Occupancy$0
IX-17 Travel$0
IX-18 Travel and entertainment for public officials$0
IX-19 Conferences, conventions and meetings$0
IX-20 InterestPrograms $38,148$38,148
IX-21 Payments to affiliates$0
IX-22 Depreciation, depletion and amortizationPrograms $70,011$70,011
IX-23 Insurance$0
IX-24 Other expenses (24a–d)Programs $241,191 · Management $27,050$268,241
IX-24e All other expensesPrograms $45,072$45,072
IX-25 Total functional expensesPrograms $394,422 · Management $58,416 · Fundraising $0$452,838
Part X · Balance sheet $906,859 assets, 20 lines filed
X-1 Cash, non-interest-bearingStart of year $218,009$86,459
X-2 Savings and temporary cash investmentsStart of year $129,877$144,637
X-3 Pledges and grants receivable$0
X-4 Accounts receivable$8
X-8 Inventories for sale or use$0
X-9 Prepaid expenses and deferred chargesStart of year $10,325$10,577
X-10c Land, buildings and equipment, netStart of year $697,250$630,786
X-11 Publicly traded securities$0
X-12 Other securities$0
X-13 Program-related investments$0
X-14 Intangible assets$0
X-15 Other assetsStart of year $36,722$34,392
X-16 Total assetsStart of year $1,092,183$906,859
X-17 Accounts payable and accrued expensesStart of year $17,360$20,937
X-19 Deferred revenueStart of year $536$402
X-25 Other liabilitiesStart of year $19,769$19,881
X-26 Total liabilitiesStart of year $1,102,391$1,017,825
X-27 Net assets without donor restrictionsStart of year −$10,208−$110,966
X-32 Total net assets or fund balancesStart of year −$10,208−$110,966
X-33 Total liabilities and net assetsStart of year $1,092,183$906,859
Part XI · Reconciliation of net assets −$110,966 net assets at year end
XI-1 Total revenue$352,080
XI-2 Total expenses$452,838
XI-3 Revenue less expenses−$100,758
XI-4 Net assets at start of year−$10,208
XI-10 Net assets at end of year−$110,966

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

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