Savin Rock Communities Inc
- Assets
- $4.9m
- Revenue
- $4.2m
- Investments
- $544.3k
- Employees
- 0
- Location
- West Haven, CT
- Founding
- 09/2015
- Data as of
- 12/2021
- EIN
- 47-3073109
Organization Overview
Savin Rock Communities Inc is located in West Haven, CT. The organization was established in 2015. 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. Savin Rock Communities 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 12/2021, Savin Rock Communities Inc generated $4.2m in total revenue. All expenses for the organization totaled $2.3m during the year ending 12/2021. While expenses have increased by 73.2% per year over the past 5 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE SAFE, SANITARY AND SUITABLE LIVING ACCOMMODATIONS TO PERSONS OF LOW, MODERATE AND MIDDLE INCOME IN THE STATE OF CONNECTICUT THROUGH THE OWNERSHIP, CONSTRUCTION, DEVELOPMENT, RENOVATION, IMPROVEMENT, SPONSORSHIP, FINANCING, REFINANCING, MANAGEMENT, LEASING AND OPERATION OF CERTAIN PIECES OR PARCELS OF REAL PROPERTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION IS A GENERAL PARTNER IN THE MEADOW LANDING PARTNERSHIP AND PROVIDES MANAGEMENT SERVICES TO MEADOW LANDING PARTNERSHIP.
PROVIDING AFFORDABLE HOUSING AT SURFSIDE APARTMENTS OWNED BY THE ORGANIZATION THROUGH ITS WHOLLY OWNED SUBSIDIARY, SAVIN ROCK LLC.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Counter President | OfficerTrustee | 0.77 | $8,000 |
Wayne Orio Treasurer | OfficerTrustee | 0.77 | $8,000 |
Rosemarie Paine Director | Trustee | 0.25 | $8,000 |
Douglas Ruickoldt Director | Trustee | 0.25 | $8,000 |
John O'connor Director | Trustee | 0.25 | $8,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $19,888 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,000 |
| Noncash contributions included in lines 1a–1f | $19,888 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $20,888 |
| Total Program Service Revenue | $4,176,696 |
| Investment income | $271 |
| 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 | $4,197,855 |
| 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. | $40,000 |
| Compensation of current officers, directors, key employees. | $40,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $388,906 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $73,297 |
| Payroll taxes | $0 |
| Fees for services: Management | $183,743 |
| Fees for services: Legal | $46,772 |
| Fees for services: Accounting | $228 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $232,179 |
| Advertising and promotion | $0 |
| Office expenses | $129,028 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $9,127 |
| 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 | $167,888 |
| Insurance | $109,612 |
| All other expenses | $108 |
| Total functional expenses | $2,265,653 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,183,673 |
| Savings and temporary cash investments | $88,238 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $30,918 |
| 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 | $62,215 |
| Net Land, buildings, and equipment | $1,953,528 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $544,300 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $86,964 |
| Total assets | $4,949,836 |
| Accounts payable and accrued expenses | $563,849 |
| 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 | $147,536 |
| Total liabilities | $711,385 |
| Net assets without donor restrictions | $4,238,451 |
| 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 | $4,949,836 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
Cambridge Affordable Housing Corporation Cambridge, MA | $128,682,054 | $13,147,216 |
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 |
Augustus & James Corporation New York, NY | $14,865,131 | $12,141,215 |
Rupco Inc Kingston, NY | $24,947,682 | $11,097,811 |
Cambridge Community Housing Development Inc Cambridge, MA | $56,982,552 | $7,704,327 |
New Samaritan Corporation Inc Storrs, CT | $12,270,724 | $7,624,848 |
Providence Housing Development Corporation Rochester, NY | $12,131,024 | $9,484,321 |