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Ridc Mill 19b FY2022 filing

Tax-deductible

Pittsburgh, PA501(c)(3)Community Development EIN 35-2617410Revenue $3.2M in FY2022

On file with the IRSridc.org267 Kappa Dr, 15238-2817 · Pittsburgh, PATax-exempt since Oct 2019Supporting org, Type I — 509(a)(3)

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Ridc Mill 19b shall be operated as an organization that is organized, and at all times, exclusively, for the benefit of, to perform the functions of, or to carry out the purposes of regional industrial development corporation of southwestern pennsylvania by reviving property, lessening neighborhood tensions, lessening burdens of government and combating community deterioration by developing an industrial development project at a location within the city of pittsburgh, pennsylvania.

501(c)(3) charity; gifts are tax-deductible.
100¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2022 · 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
3 of 5
filings with a surplus
Average surplus $604K a year · 20% of revenue · last 5 filings
Worth a look: a surplus in 3 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
5 mo
of spending, in cash
Looks good: 4.6 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$18.1M
88% of total assets
Concern: liabilities are 88% of assets; over 80%.
Pt X · Ln 26
Independent board members
4
of 5 voting members
Looks good: 4 of 5 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$3.2M
+2% vs prior year
Spent
$2.3M
To programs
100%
Net assets
$2.5M
By yearFY2020–FY2024
Revenue
$3.2M
FY2022▲ +2%
Tap a bar for its year
Revenue by fiscal year
FY2020$3.4M
FY2021$3.1M
FY2022$3.2M
FY2023$2.7M
FY2024$2.6M
Expenses
$2.3M
FY2022▲ +21%
Tap a bar for its year
Expenses by fiscal year
FY2020$1.4M
FY2021$1.9M
FY2022$2.3M
FY2023$3.2M
FY2024$3.1M
Net assets
$2.5M
FY2022▲ +51%
Tap a bar for its year
Net assets by fiscal year
FY2020$454K
FY2021$1.6M
FY2022$2.5M
FY2023$1.9M
FY2024$1.5M

From the FY2022 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2022 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 Oct 2019.

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

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $2.3M

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

17 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Smith Matt
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Stephenson Samuel J
Chairman/Director
$0Pt VII · Sec A
Hunt William
Director/Vice Chairman
$0Pt VII · Sec A
Joyce Dennis M Ret 622
Chief Operating Officer
$0Pt VII · Sec A
Poremski Colleen B 122-322
Asst. Corporate Secretary
$0Pt VII · Sec A
White Timothy F
Senior VP - Development
$0Pt VII · Sec A
See Ridc Mill 19b 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

Revives property and combats community deterioration by developing an industrial project.

Questions for Ridc Mill 19b

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Provided by the organization

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1 program · $2.3M · in their own filed words · FY2022
01

Ridc mill 19b a non-profit corporation, was incorporated in 2018 to serve as a qualified low income community business("qalicb") entity that owns and operates the mill 19b building in the hazelwood neighborhood of pittsburgh, pennsylvania.

$2.3Mprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · this organization's grantmaking
Grants paid · 3 grants · $2.7M · 2022–2024
Ridc Southwestern Pennsylvania Growth FundPA · FY2024$1,150,000
Ridc Southwestern Pennsylvania Growth FundPA · FY2023$1,285,000
Ridc Southwestern Pennsylvania Growth FundPA · FY2022$310,000

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$3.2M
Ln 12
Fees for servicesLn 2g$2.7M
Investment incomeLn 3$477K
Other incomeLn 4–11$439
Money outPt IX
$2.3M
Ln 25
Programscol B$2.3M
Owns and owesPt X
$2.5M
net assets · Ln 32
Cash and savingsLn 1–2$896K
Total assetsLn 16$20.6M
LiabilitiesLn 26$18.1M
PeoplePt VI, VII
17
listed · VII A
PaidVII A0
Voting boardVI 1a5
IndependentVI 1b4
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$2.7M
Investment incomeLn 3$477K
Other incomeLn 4–11$439
Total revenueLn 12$3.2M
Assets in detailPt X, end of year
CashLn 1$580K
SavingsLn 2$316K
Cash and savings togetherLn 1–2$896K
Land, buildings, equipmentLn 10c$18.5M
Other assetsLn 15$224K
Total assetsLn 16$20.6M
LiabilitiesLn 26$18.1M
Net assetsLn 32$2.5M
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 FY22End FY22
Cash and savingsLn 1–2$679K$896K
Land, buildings, equipmentLn 10c$19.2M$18.5M
Total assetsLn 16$20.9M$20.6M
LiabilitiesLn 26$19.3M$18.1M
Net assetsLn 32$1.6M$2.5M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$310K$310K
Management feesLn 11a$49K$49K
Legal feesLn 11b$4K$4K
Accounting feesLn 11c$4K$4K
Other fees for servicesLn 11g$18K$18K
InterestLn 20$611K$611K
Depreciation, depletion and amortizationLn 22$843K$843K
InsuranceLn 23$12K$12K
Other expenses (24a–d)Ln 24$497K$497K
Total functional expensesLn 25$2.3M$2.3M$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $2.6M$3.1M−$431K$1.5M 990 PDF
FY2023 $2.7M$3.2M−$542K$1.9M 990 PDF
FY2022 Viewing $3.2M$2.3M$824K$2.5M 990 PDF
FY2021 $3.1M$1.9M$1.2M$1.6M 990 PDF
FY2020 $3.4M$1.4M$2.0M$454K 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 FY2022 990 (6 parts)
Part I · Summary $3,171,504 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $2,796,702$2,693,687
I-10 Investment incomePrior year $273,652$477,378
I-11 Other revenuePrior year $49,640$439
I-12 Total revenuePrior year $3,119,994$3,171,504
I-13 Grants and similar amounts paidPrior year $0$310,000
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 $1,946,423$2,037,336
I-18 Total expensesPrior year $1,946,423$2,347,336
I-19 Revenue less expensesPrior year $1,173,571$824,168
Part VI · Governance 4 of 5 board members independent, 1 to look at
VI-1a Voting members of the governing body5
VI-1b Independent voting members4
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 $3,171,504 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $2,693,687$2,693,687
VIII-3 Investment incomeExcluded from tax $477,378$477,378
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $439$439
VIII-12 Total revenueRelated to mission $2,694,126 · Unrelated business $0 · Excluded from tax $477,378$3,171,504
Part IX · Statement of functional expenses $2,347,336 across 9 lines filed
IX-1 Grants to domestic organizationsPrograms $310,000$310,000
IX-11a Management feesPrograms $49,440$49,440
IX-11b Legal feesPrograms $3,620$3,620
IX-11c Accounting feesPrograms $4,341$4,341
IX-11g Other fees for servicesPrograms $17,691$17,691
IX-20 InterestPrograms $610,671$610,671
IX-22 Depreciation, depletion and amortizationPrograms $843,454$843,454
IX-23 InsurancePrograms $11,548$11,548
IX-24 Other expenses (24a–d)Programs $496,571$496,571
IX-25 Total functional expensesPrograms $2,347,336 · Management $0 · Fundraising $0$2,347,336
Part X · Balance sheet $20,579,906 assets, 14 lines filed
X-1 Cash, non-interest-bearingStart of year $310,410$580,116
X-2 Savings and temporary cash investmentsStart of year $368,238$315,840
X-3 Pledges and grants receivableStart of year $25,000$0
X-4 Accounts receivableStart of year $918,010$972,879
X-9 Prepaid expenses and deferred chargesStart of year $5,220$6,907
X-10c Land, buildings and equipment, netStart of year $19,167,728$18,480,174
X-15 Other assetsStart of year $94,885$223,990
X-16 Total assetsStart of year $20,889,491$20,579,906
X-17 Accounts payable and accrued expensesStart of year $428,158$50,874
X-19 Deferred revenueStart of year $291,665$7,448
X-26 Total liabilitiesStart of year $19,261,613$18,127,860
X-27 Net assets without donor restrictionsStart of year $1,627,878$2,452,046
X-32 Total net assets or fund balancesStart of year $1,627,878$2,452,046
X-33 Total liabilities and net assetsStart of year $20,889,491$20,579,906
Part XI · Reconciliation of net assets $2,452,046 net assets at year end
XI-1 Total revenue$3,171,504
XI-2 Total expenses$2,347,336
XI-3 Revenue less expenses$824,168
XI-4 Net assets at start of year$1,627,878
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$2,452,046

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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