Rental Assistance Corporation Of Buffalo
- Assets
- $7.9m
- Revenue
- $4.5m
- Investments
- $0.0
- Employees
- 46
- Location
- Buffalo, NY
- Founding
- 10/1993
- Data as of
- 06/2023
- EIN
- 16-1337423
Organization Overview
Rental Assistance Corporation Of Buffalo is located in Buffalo, NY. The organization was established in 1993. According to its NTEE Classification (L82) the organization is classified as: Housing Expense Reduction Support, under the broad grouping of Housing & Shelter and related organizations. As of 06/2023, Rental Assistance Corporation Of Buffalo employed 46 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rental Assistance Corporation Of Buffalo 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 06/2023, Rental Assistance Corporation Of Buffalo generated $4.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (20.0%) each year. All expenses for the organization totaled $3.6m during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (22.3%) per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
RACB ADMINISTERS THE HOUSING VOUCHER AND MODERATE REHABILITATION PROGRAMS. THROUGH THESE SECTION 8 PROGRAMS, RACB SEEKS TO PROVIDE RENTAL ASSISTANCE ON BEHALF OF LOW-INCOME FAMILIES AND ELDERLY, OR HANDICAPPED, OR DISABLED INDIVIDUALS WHO COULD NOT OTHERWISE AFFORD DECENT, SAFE AND SANITARY HOUSING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO ADMINISTER THE ANNUAL CONTRIBUTIONS CONTRACT NY-409 SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAMS FOR THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) UNDER CONTRACT WITH THE CITY OF BUFFALO, NEW YORK.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Catherine Braniecki President | OfficerTrustee | 5 | $0 |
Katherine O'connnor Vice President | OfficerTrustee | 5 | $0 |
Dr Robert Davis Treasurer | OfficerTrustee | 5 | $0 |
James Mcdermott Secretary | OfficerTrustee | 5 | $0 |
Ruth Bryant Director | Trustee | 2 | $0 |
Michael Clarke Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $4,428,753 |
| All other contributions, gifts, grants, and similar amounts not included above | $541 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,429,294 |
| Total Program Service Revenue | $0 |
| Investment income | $72,410 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$4,994 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,500,840 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $318,299 |
| Compensation of current officers, directors, key employees. | $318,299 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,414,617 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $910,555 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $25,653 |
| Fees for services: Other | $439,685 |
| Advertising and promotion | $0 |
| Office expenses | $82,506 |
| Information technology | $93,350 |
| Royalties | $0 |
| Occupancy | $35,321 |
| Travel | $42,545 |
| 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 | $110,693 |
| Insurance | $52,848 |
| All other expenses | $0 |
| Total functional expenses | $3,608,703 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,687,319 |
| Savings and temporary cash investments | $548,077 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $51,960 |
| 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 | $131,745 |
| Net Land, buildings, and equipment | $2,487,630 |
| Investments—publicly traded securities | $2,952,140 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,858,871 |
| Accounts payable and accrued expenses | $555,864 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $555,864 |
| Net assets without donor restrictions | $7,303,007 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $7,858,871 |