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18 W Read St INC FY2023 filing

Tax-deductible

Baltimore, MD501(c)(3)Housing EIN 27-1333313Revenue $79K in FY2023

On file with the IRS2918 B Glenmore Ave, 21214-1708 · Baltimore, MDTax-exempt since Dec 2009Publicly supported charity — 170(b)(1)(A)(vi)

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Development and management of affordable housing for disabled low income adult individuals

501(c)(3) charity; gifts are tax-deductible.
74¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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FY2023 · 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 5
filings with a surplus
Average deficit $65K a year · 64% of revenue · last 5 filings
Concern: a surplus in 0 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
74%
of spending
Fine: 74% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Concern: 0.0 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$131K
10% of total assets
Looks good: liabilities are 10% of assets; 50% or less.
Pt X · Ln 26
Independent board members
2
of 3 voting members
Looks good: 2 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
$79K
-27% vs prior year
Spent
$146K
To programs
74%
Net assets
$1.2M
By yearFY2020–FY2024
Revenue
$79K
FY2023▼ -27%
Tap a bar for its year
Revenue by fiscal year
FY2020$126K
FY2021$110K
FY2022$108K
FY2023$79K
FY2024$86K
Expenses
$146K
FY2023▼ -18%
Tap a bar for its year
Expenses by fiscal year
FY2020$173K
FY2021$159K
FY2022$179K
FY2023$146K
FY2024$180K
Net assets
$1.2M
FY2023▼ -5%
Tap a bar for its year
Net assets by fiscal year
FY2020$1.4M
FY2021$1.4M
FY2022$1.3M
FY2023$1.2M
FY2024$1.2M

From the FY2023 Form 990 (year ending June 2023) · see the original

990 PDF Claim
You’re viewing the FY2023 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 2009.

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

Where the money goes

74 cents of each dollar spent went to programs.

Program services 74% · $108K Management & general 26% · $38K

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

6 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
$0Pt VII · Sec A
Joe Will
Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
Nico Sanders
Executive Director
$0Pt VII · Sec A
John Popp
Finance Director
$0Pt VII · Sec A
Joan Murray
Operations Director
$0Pt VII · Sec A
See 18 W Read St 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 15aYes

Programs and updates

Develops and manages affordable housing for disabled, low-income adults.

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Provided by the organization

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1 program · $108K · in their own filed words · FY2022
01

Provided 10 rental units of affordable housing for disabled low income adult individuals

$108Kprogram expense

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$79K
Ln 12
Fees for servicesLn 2g$84K
Investment incomeLn 3$37
Money outPt IX
$146K
Ln 25
Programscol B$108K
Managementcol C$38K
Owns and owesPt X
$1.2M
net assets · Ln 32
Cash and savingsLn 1–2$59
Total assetsLn 16$1.4M
LiabilitiesLn 26$131K
PeoplePt VI, VII
6
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b2
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$84K
Investment incomeLn 3$37
Total revenueLn 12$79K
Assets in detailPt X, end of year
CashLn 1$59
Cash and savings togetherLn 1–2$59
Land, buildings, equipmentLn 10c$1.2M
Other assetsLn 15$222K
Total assetsLn 16$1.4M
LiabilitiesLn 26$131K
Net assetsLn 32$1.2M
OperationsPt I, VI
EmployeesI 50
VolunteersI 64
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 FY23End FY23
Cash and savingsLn 1–2$513$59
Land, buildings, equipmentLn 10c$1.2M$1.2M
Total assetsLn 16$1.4M$1.4M
LiabilitiesLn 26$97K$131K
Net assetsLn 32$1.3M$1.2M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$20K$0$20K$0
Management feesLn 11a$11K$0$11K$0
Accounting feesLn 11c$4K$0$4K$0
Office expensesLn 13$529$0$529$0
Depreciation, depletion and amortizationLn 22$65K$65K$0$0
InsuranceLn 23$6K$6K$0$0
Other expenses (24a–d)Ln 24$13K$11K$2K$0
All other expensesLn 24e$26K$26K$0$0
Total functional expensesLn 25$146K$108K$38K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $86K$180K−$94K$1.2M 990 PDF
FY2023 Viewing $79K$146K−$67K$1.2M 990 PDF
FY2022 $108K$179K−$71K$1.3M 990 PDF
FY2021 $110K$159K−$49K$1.4M 990 PDF
FY2020 $126K$173K−$47K$1.4M 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 FY2023 990 (6 parts)
Part I · Summary $79,128 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $93,973$84,372
I-10 Investment incomePrior year $18$37
I-11 Other revenuePrior year $14,282−$5,281
I-12 Total revenuePrior year $108,273$79,128
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $33,228$20,138
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $145,603$125,789
I-18 Total expensesPrior year $178,831$145,927
I-19 Revenue less expensesPrior year −$70,558−$66,799
Part VI · Governance 2 of 3 board members independent, no flags
VI-1a Voting members of the governing body3
VI-1b Independent voting members2
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
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $79,128 across 3 lines filed
Lines not itemized here account for −$5,281 of total revenue; see the IRS return.
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Unrelated business $0 · Excluded from tax $0$84,372
VIII-3 Investment incomeUnrelated business $0 · Excluded from tax $37$37
VIII-12 Total revenueRelated to mission $79,091 · Unrelated business $0 · Excluded from tax $37$79,128
Part IX · Statement of functional expenses $145,927 across 8 lines filed
IX-7 Other salaries and wagesPrograms $0 · Management $20,138 · Fundraising $0$20,138
IX-11a Management feesPrograms $0 · Management $11,031 · Fundraising $0$11,031
IX-11c Accounting feesPrograms $0 · Management $3,970 · Fundraising $0$3,970
IX-13 Office expensesPrograms $0 · Management $529 · Fundraising $0$529
IX-22 Depreciation, depletion and amortizationPrograms $65,164 · Management $0 · Fundraising $0$65,164
IX-23 InsurancePrograms $6,179 · Management $0 · Fundraising $0$6,179
IX-24 Other expenses (24a–d)Programs $10,755 · Management $1,878 · Fundraising $0$12,633
IX-24e All other expensesPrograms $26,283 · Management $0 · Fundraising $0$26,283
IX-25 Total functional expensesPrograms $108,381 · Management $37,546 · Fundraising $0$145,927
Part X · Balance sheet $1,375,834 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $513$59
X-4 Accounts receivableStart of year $1,165$964
X-9 Prepaid expenses and deferred chargesStart of year $1,685$1,862
X-10c Land, buildings and equipment, netStart of year $1,202,460$1,150,922
X-15 Other assetsStart of year $199,570$222,027
X-16 Total assetsStart of year $1,408,543$1,375,834
X-17 Accounts payable and accrued expensesStart of year $16,347$33,507
X-25 Other liabilitiesStart of year $80,839$97,769
X-26 Total liabilitiesStart of year $97,186$131,276
X-27 Net assets without donor restrictionsStart of year −$488,804−$555,603
X-28 Net assets with donor restrictionsStart of year $1,800,161$1,800,161
X-32 Total net assets or fund balancesStart of year $1,311,357$1,244,558
X-33 Total liabilities and net assetsStart of year $1,408,543$1,375,834
Part XI · Reconciliation of net assets $1,244,558 net assets at year end
XI-1 Total revenue$79,128
XI-2 Total expenses$145,927
XI-3 Revenue less expenses−$66,799
XI-4 Net assets at start of year$1,311,357
XI-10 Net assets at end of year$1,244,558

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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