Lacasa Development Corporation
- Assets
- $4.4m
- Revenue
- $394.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Providence, RI
- Founding
- 06/2001
- Data as of
- 06/2021
- EIN
- 05-0516463
Organization Overview
Lacasa Development Corporation is located in Providence, RI. The organization was established in 2001. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lacasa Development Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2021, Lacasa Development Corporation generated $394.6k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.8%) each year. All expenses for the organization totaled $548.6k during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (0.1%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE AFFORDABLE HOUSING IN SOUTH KINGSTOWN, RHODE ISLAND FOR SENIOR CITIZENS AND THE DISABLED UNDER SECTION 202 OF THE NATIONAL AFFORDABLE HOUSING ACT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Julia Bush Chair | OfficerTrustee | 0.5 | $0 |
Ann Sabbagh Director | Trustee | 0.5 | $0 |
Barbara Colt Director | Trustee | 0.5 | $0 |
Valerie Talmage Treas And Sec | OfficerTrustee | 0.5 | $0 |
Stephanie Zurek Director | Trustee | 0.5 | $0 |
Noel Sanchez Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $193,984 |
| Investment income | $305 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $394,557 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $116,643 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $38,355 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $13,781 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $12,992 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $162,073 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $165,600 |
| Insurance | $30,390 |
| All other expenses | $0 |
| Total functional expenses | $548,644 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $35,105 |
| Savings and temporary cash investments | $15,208 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,415 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $23,756 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $172,291 |
| Total assets | $4,404,350 |
| Accounts payable and accrued expenses | $42,666 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $6,281,100 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $15,192 |
| Total liabilities | $6,338,958 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | -$1,934,608 |