Ridge Oak Inc
- Assets
- $29.6m
- Revenue
- $7.5m
- Investments
- $0.0
- Employees
- 34
- Location
- Basking Ridge, NJ
- Founding
- 07/1978
- Data as of
- 06/2022
- EIN
- 22-2185024
Organization Overview
Ridge Oak Inc is located in Basking Ridge, NJ. The organization was established in 1978. 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. As of 06/2022, Ridge Oak Inc employed 34 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ridge Oak Inc 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 06/2022, Ridge Oak Inc generated $7.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.1% each year. All expenses for the organization totaled $4.7m during the year ending 06/2022. While expenses have increased by 2.9% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO OPERATE A RESIDENTIAL HOUSING PROJECT IN BASKING RIDGE, NJ PRIMARILY FOR LOW INCOME ELDERLY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVISION OF 248 UNITS FOR HOUSING AND RELATED SERVICES FOR THE ELDERLY IN BASKING RIDGE, NJ PURSUANT TO SECTION 8 OF THE US HOUSING ACT OF 1937. RENT SUBSIDY IS PROJECT BASED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Norman Graff Treasurer | OfficerTrustee | 1 | $0 |
Susan M Gannon Secretary | OfficerTrustee | 1 | $0 |
Vincent Baker President | OfficerTrustee | 1 | $0 |
Susan Pape Vice President | OfficerTrustee | 1 | $0 |
Bonnie Kelly Executive Director | Officer | 10 | $0 |
Russell E Archer Jr Trustee | Trustee | 0.3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jewel Construction Llc | 6/29/15 | $1,053,504 |
Schaible's Plumbing & Heating | 6/29/15 | $248,803 |
Sacchitelli Landscape Concepts Inc | 6/29/15 | $128,873 |
Trak Associates Inc | 6/29/15 | $121,424 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $155,319 |
| All other contributions, gifts, grants, and similar amounts not included above | $28,919 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $184,238 |
| Total Program Service Revenue | $6,157,974 |
| Investment income | $353,290 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $794,068 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,489,570 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,182,307 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $350,390 |
| Payroll taxes | $70,952 |
| Fees for services: Management | $214,258 |
| Fees for services: Legal | $8,761 |
| Fees for services: Accounting | $28,320 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $31,185 |
| Fees for services: Other | $77,897 |
| Advertising and promotion | $2,642 |
| Office expenses | $111,143 |
| Information technology | $157 |
| Royalties | $0 |
| Occupancy | $276,883 |
| Travel | $8,975 |
| 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 | $1,008,228 |
| Insurance | $218,757 |
| All other expenses | $38,883 |
| Total functional expenses | $4,667,969 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $442,984 |
| Savings and temporary cash investments | $1,247,110 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $46,874 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,348,854 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $271,769 |
| Net Land, buildings, and equipment | $12,030,424 |
| Investments—publicly traded securities | $14,109,469 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $123,166 |
| Total assets | $29,620,650 |
| Accounts payable and accrued expenses | $156,036 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $123,166 |
| 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 | $279,202 |
| Net assets without donor restrictions | $29,341,448 |
| 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 | $29,620,650 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Ridge Oak Inc has recieved totaling $12,000.
| Awarding Organization | Amount |
|---|---|
Community Foundation Of New Jersey Morristown, NJ PURPOSE: GENERAL SUPPORT | $12,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
1260 Housing Development Corporation Philadelphia, PA | $75,955,661 | $16,577,131 |
Services For The Underserved Inc New York, NY | $8,662,192 | $15,624,121 |
Hudson River Housing Poughkeepsie, NY | $27,296,400 | $16,670,773 |
Division Housing Corporation Brooklyn, NY | $37,066,960 | $16,618,579 |
Affordable Housing Alliance Inc Neptune, NJ | $23,008,220 | $15,041,931 |
New Community Corporation Newark, NJ | $92,222,632 | $16,838,314 |
Boston Tremont Housing Development Fund Corporation New York, NY | $28,761,784 | $24,917,100 |
Highbridge Community Housing Development Fund Corporation Bronx, NY | $37,198,979 | $10,077,862 |
Harlem West Ii Housing Dev Fund Co Inc New York, NY | $7,149,098 | $1,214,746 |
Housing Development Corporation Midatlantic Lancaster, PA | $24,908,226 | $11,939,671 |
Augustus & James Corporation New York, NY | $14,865,131 | $12,141,215 |
Milford Housing Development Corperation Milford, DE | $34,677,401 | $10,337,525 |