2012-10-28T16:17:40-05:00 2012-06-30 050503395 D'AMBRA CPA 531 HARRIS AVENUE WOONSOCKET RI 028951872 990 2011-07-01 223010422 OLNEYVILLE HOUSING CORPORATION OLNE 4013518719 66 CHAFFEE STREET PROVIDENCE RI 02909 FRANK SHEA 4013518719 2012-10-26 1 CRAIG D'AMBRA P00072912 4017656920 X 2011 2016-02-24 21:20:13Z FRANK SHEA 66 CHAFFEE STREET PROVIDENCE RI 02909 1818749 0 X WWW.OLNEYVILLE.ORG X 1988 RI HOUSING OPPORTUNITIES FOR LOW AND MODERATE INCOME PERSONS 19 19 13 19 0 0 1814108 1127677 155365 468446 -667 39 -246154 -51828 1722652 1544334 0 0 0 0 417618 479302 0 0 0 813403 682981 1231021 1162283 491631 382051 6655257 6825639 5066873 4832459 1588384 1993180 X THE ORGANIZATION WAS FOUNDED IN 1988 TO PROMOTE THE COMPREHENSIVE REVITALIZATION OF THE OLNEYVILLE NEIGHBORHOOD OF PROVIDENCE. OUR MISSION IS TO WORK WITH RESIDENTS TO BUILD A SAFE, HEALTHLY AND STABLE COMMUNITY. WE ACCOMPLISH OUR MISSION THROUGH THE CREATION AND PRESERVATION OF AFFORDABLE HOUSING, DEVELOPMENT OF COMMERCIAL REAL ESTATE TO SPUR ECONOMIC DEVELOPMENT IN THE NEIGHBORHOOD, INDIVIDUAL ASSET BUILDING, AS WELL AS COMMUNITY BUILDING AND ORGANIZING. 0 0 1068001 416618 TO DATE, THE ORGANIZATION HAS DEVELOPED 45 HOMES FOR FIRST TIME LOW-INCOME HOMEBUYERS AND 78 UNITS OF AFFORDABLE RENTAL HOUSING, AS WELL AS OVER 11,000 SQUARE FEET OF OFFICE AND RETAIL SPACE. THE ORGANIZATION'S CURRENT DEVELOPMENT EFFORTS ARE FOCUSED ON THE AREA AROUND THE D'ABATE ELEMENTARY SCHOOL THAT WAS HIT HARDEST BY THE FORECLOSURE CRISIS. BY THE END OF 2012, THE ORGANIZATION WILL HAVE TRANSFORMED NUMEROUS FORECLOSED AND BLIGHTED PROPERTIES INTO 40 NEW ATTRACTIVE AND STABLE APARTMENTS FOR FAMILIES WHO ARE INVESTED IN CONTRIBUTING TO A HEALTHY COMMUNITY. THE ORGANIZATION ACQUIRED PARAGON MILLS, A 120,000 SQUARE FOOT HISTORIC PROPERTY, IN NOVEMBER 2011; IT WILL BE RESTORED AND REDEVELOPED INTO COMMERCIAL USE, WITH THE INTENTION OF CREATING NEW JOBS IN OLNEYVILLE AND SERVING AS THE LINCHPIN TO BROADER ECONOMIC DEVELOPMENT IN THE NEIGHBORHOOD'S COMMERCIAL DISTRICT. 1068001 1 1 0 0 0 0 0 0 1 0 1 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 1 0 0 13 1 0 0 0 0 0 0 0 0 X 19 19 0 1 0 0 0 0 0 1 0 0 0 1 1 1 1 1 1 1 0 0 X X THE ORGANIZATION 4013518719 66 CHAFFEE STREET PROVIDENCE RI 02909 MELANIE CAHILL 2.00 X X 0 0 0 MARY FASANO 2.00 X X 0 0 0 CLAY ROCKFELLER 2.00 X X 0 0 0 ELMER STANLEY 2.00 X X 0 0 0 ERIC ANDERSON 1.00 X 0 0 0 MARY ELLEN BOYLE 1.00 X 0 0 0 JULIA GOLD 1.00 X 0 0 0 LT DEAN ISABELLA 1.00 X 0 0 0 GARY LEPORE 1.00 X 0 0 0 MARIA MANCUSO 1.00 X 0 0 0 XANDER MARRO 1.00 X 0 0 0 PILAR MCCLOUD 1.00 X 0 0 0 ALYSON SAFFELLE 1.00 X 0 0 0 FATHER RAYMOND TRETRAULT 1.00 X 0 0 0 MARIA HERNANDEZ 1.00 X 0 0 0 YARELIZ PEASON 1.00 X 0 0 0 CLARA PAZ 1.00 X 0 0 0 ROSA PASTOR 1.00 X 0 0 0 RAYSA MARTE 1.00 X 0 0 0 FRANK SHEA 40.00 X 73483 0 0 73483 0 0 0 0 0 0 0 1107882 19795 1127677 RENTAL INCOME 531110 247066 247066 DEVELOPMENT FEES 531390 156200 156200 SERVICE FEES 531390 65180 65180 468446 39 39 220000 274415 -54415 -54415 OTHER 531390 2587 2587 2587 1544334 416618 0 39 X 67231 60508 6723 343499 307494 36005 30209 25613 4596 38363 34335 4028 8001 8001 950 950 55082 35267 19815 98653 94222 4431 21010 17581 3429 9136 4546 4590 72267 72267 68397 67559 838 29194 27785 1409 PROGRAM COSTS 65754 65754 UTILITIES 57965 57965 REAL ESTATE TAXES 41380 41380 DEVELOPMENT COSTS 38262 38262 116930 108512 8418 1162283 1068001 94282 0 152911 53823 41905 18248 60131 76282 916073 881845 1435792 2796207 803282 802491 2187160 151594 2101203 2035566 92742 97141 1051218 64036 6655257 6825639 717097 489323 3990408 3427936 349311 895446 10057 19754 5066873 4832459 X 677267 639677 911117 1353503 1588384 1993180 6655257 6825639 X 382051 22745 X X 0 1 1 X 1 1 X 946148 1159053 1445492 1795090 1127677 6473460 463049 668090 826409 462365 691033 3110946 1409197 1827143 2271901 2257455 1818710 9584406 0 0 0 9584406 600 189 74 39 39 941 600 189 74 39 39 941 1409797 1827332 2271975 2257494 1818749 9585347 0.99990 0.99980 0.00010 0.00020 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 430836 430836 1671914 99457 1572457 19763 7965 11798 64647 44172 20475 2035566 SECURITY DEPOSITS 19754 19754 1544334 1162283 382051 22745 22745 404796 1854749 310415 310415 1544334 0 1544334 1478722 339184 339184 1139538 22745 22745 1162283 PART XI, LINE 8 - OTHER ADJUSTMENTS: DIFFERENCE IN PASS THROUGH LOSS(INCOME) FROM K-1 AND AMOUNT ON F/S 22,745. PART XII, LINE 2D - OTHER ADJUSTMENTS: REVENUE FROM OTHER CONSOLIDATED ENTITIES 36,000. COST OF PROPERTY SOLD NETTED WITH INCOME FOR TAX RETURN PURPOSES 274,415. PART XIII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES FROM OTHER CONSOLIDATED ENTITIES 64,769. COST OF PROPERTY SOLD NETTED WITH INCOME FOR TAX RETURN PURPOSES 274,415. PART XIII, LINE 4B - OTHER ADJUSTMENTS: DIFFERENCE IN PASSTHROUGH ENTITIES TAX YEAR VS FISCAL YEAR LOSS 22,745. FORM 990, PART VI, SECTION A, LINE 3 THE ORGANIZATION'S RENTAL PROPERTIES ARE MANAGED BY AN UNRELATED PROFESSIONAL PROPERTY MANAGEMENT COMPANY WHICH PROVIDES REGULAR INFORMATION FOR THE ORGANIZATION'S REVIEW FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION'S OTHER COMMITTEES DO NOT HAVE THE AUTHORITY TO MAKE DECISIONS ON BEHALF OF THE GOVERNING BODY, THEREFORE THEIR MEETINGS ARE NOT ALWAYS DOCUMENTED IN WRITING FORM 990, PART VI, SECTION B, LINE 11 PRIOR TO FILING THE 990 IS REVIEWED BY THE EXECUTIVE DIRECTOR AND TREASURER OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION'S BOARD OF DIRECTORS MEET ANNUALLY TO REVIEW THE CONFLICT OF INTEREST POLICY FORM 990, PART VI, SECTION B, LINE 15A PERFORMED BY BOARD OF DIRECTORS FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES THESE DOCUMENTS AVAILABLE UPON REQUEST ALL OTHER FUNCTIONAL EXPENSES FORM 990, PART X, LINE 24E MAINTENANCE: PROGRAM SERVICE EXPENSES 37,046. MANAGEMENT AND GENERAL EXPENSES 681. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 37,727. RENT EXPENSE: PROGRAM SERVICE EXPENSES 21,600. MANAGEMENT AND GENERAL EXPENSES 3,060. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 24,660. NET LOSS (INC) FROM NEW POLISH HOME LLC: PROGRAM SERVICE EXPENSES 18,346. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 18,346. TELEPHONE: PROGRAM SERVICE EXPENSES 9,667. MANAGEMENT AND GENERAL EXPENSES 1,796. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 11,463. PRINTING: PROGRAM SERVICE EXPENSES 9,134. MANAGEMENT AND GENERAL EXPENSES 564. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 9,698. MISCELLANEOUS: PROGRAM SERVICE EXPENSES 5,875. MANAGEMENT AND GENERAL EXPENSES 1,309. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 7,184. BAD DEBTS: PROGRAM SERVICE EXPENSES 3,675. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 3,675. POSTAGE: PROGRAM SERVICE EXPENSES 2,036. MANAGEMENT AND GENERAL EXPENSES 829. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,865. DUES AND SUBSCRIPTIONS: PROGRAM SERVICE EXPENSES 1,133. MANAGEMENT AND GENERAL EXPENSES 179. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,312. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: DIFFERENCE IN PASS THROUGH LOSS(INCOME) FROM K-1 AND AMOUNT ON F/S 22,745. TOTAL TO FORM 990, PART XI, LINE 5: 22,745. FORM 990,PART XI, LINE 2C NO CHANGE FROM PRIOR YEAR OLNEYVILLE HOUSING DEVELOPMENT COMPANY LLC 66 CHAFFEE STREET PROVIDENCE RI 02909 203036639 DEVELOPMENT OF AFFORDABLE HOUSING RI 0 0 NEW POLISH NATIONAL HOME LLC 66 CHAFFEE STREET PROVIDENCE RI 02909 262756959 REAL ESTATE INVESTMENT RI RELATED 61200 1539787 0 1 0.85000 ORCA INC 66 CHAFFEE STREET PROVIDENCE RI 02909 050502362 GP IN LOW INCOME HOUSING PARTNERSHIP RI C 25810 1.00000 RIVERSIDE GATEWAY PARTNERS INC 66 CHAFFEE STREET PROVIDENCE RI 02909 200303046 GP IN LOW INCOME HOUSING PARTNERSHIP RI C 53924 1.00000 CHAFFEE STREET HOLDINGS INC 66 CHAFFEE STREET PROVIDENCE RI 02909 262756820 LP IN RENTAL REAL ESTATE OWING ORGANIZATIONS OFFICE SPACE RI C 10800 271727 1.00000 OLNEY VILLAGE PARTNERS INC 66 CHAFFEE STREET PROVIDENCE RI 02909 300687803 GP IN LOW INCOME HOUSING PARTNERSHIP RI C 100 1.00000 0 0 0 1 0 0 0 0 1 1 1 0 0 0 0 0 0 0 NEW POLISH NATIONAL HOME LLC D 793022 ORCA INC D 5325 RIVERSIDE GATEWAY PARTNERS INC D 4250 NEW POLISH NATIONAL HOME LLC J 36000 RIVERSIDE GATEWAY LP J 15120 RIVERSIDE GATEWAY LP I 3600 OLNEYVILLE REDUX LP I 3600 RIVERSIDE GATEWAY LP K 20500 OLNEYVILLE REDUX LP K 22450