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Nonprofiteer
← HANCOCK ESTATES CORP

Form 990 for tax year 2023

Filed by HANCOCK ESTATES CORP.

Totals

Total revenue
$490,611
Total expenses
$556,000
Contributions and grants received
$242,220
Grants paid
$0
Program service revenue
$247,192
Investment income
$1,199
Other revenue
$0
Total assets, end of year
$2,280,993
Total liabilities, end of year
$4,342,085
Net assets or fund balances, end of year
-$2,061,092
Program services expenses (Part IX)
$477,142
Management and general expenses
$78,858
Fundraising expenses
$0
Program service expenses (Part III)
$477,142

Program services were 85.8% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $242,220

  • 2a · Program service revenue: TENANT RENT

    total $242,048 · related or exempt $242,048

  • 2b · Program service revenue: LAUNDRY REVENUE

    total $4,684 · related or exempt $4,684

  • 2c · Program service revenue: TENANT CHARGES

    total $460 · related or exempt $460

  • 3 · Investment income

    total $1,199 · excluded $1,199

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $98,679 · program services $98,679

  • 9 · Other employee benefits

    total $21,955 · program services $21,955

  • 11a · Fees: management

    total $53,361 · management and general $53,361

  • 11c · Fees: accounting

    total $11,821 · management and general $11,821

  • 13 · Office expenses

    total $8,782 · management and general $8,782

  • 16 · Occupancy

    total $214,786 · program services $214,786

  • 22 · Depreciation, depletion and amortization

    total $100,986 · program services $100,986

  • 23 · Insurance

    total $31,052 · program services $31,052

  • 24a · Other expenses: ADMINISTRATIVE RENT FRE

    total $9,684 · program services $9,684

  • 24b · Other expenses: OTHER TAXES

    total $2,608 · management and general $2,608

  • 24c · Other expenses: MISC

    total $2,286 · management and general $2,286

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $949 · end of year $1,371

  • 2 · Savings and temporary cash investments

    beginning of year $18,476 · end of year $18,394

  • 4 · Accounts receivable

    beginning of year $245 · end of year $395

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,833

  • 10a · Land, buildings and equipment: cost or other basis

    $4,396,210

  • 10b · Land, buildings and equipment: accumulated depreciation

    $2,296,006

  • 10c · Land, buildings and equipment, net

    beginning of year $2,190,774 · end of year $2,100,204

  • 15 · Other assets

    beginning of year $170,382 · end of year $160,629

  • 17 · Accounts payable and accrued expenses

    beginning of year $121,920 · end of year $84,331

  • 24 · Unsecured notes and loans payable

    beginning of year $4,239,560 · end of year $4,239,560

  • 25 · Other liabilities

    beginning of year $17,882 · end of year $18,194

  • 27 · Net assets without donor restrictions

    beginning of year -$1,995,703 · end of year -$2,061,092

Mission and programs · 2023

Mission

PROVIDE LOW INCOME HOUSING TO THE ELDERLY IN TIVERTON,RI UNDER SECTION 202 OF THE NATIONAL HOUSING ACT. REGULATED BY HUD AS TO RENTAL CHARGES AND OPERATING METHODS. OPERATES A 51 UNIT APARTMENT COMPLEX IN TIVERTON, RI KNOWN AS HANCOCK ESTATES.

Activities or mission (Part I)

TO PROVIDE AFFORDABLE HOUSING TO THE ELDERLY AND DISABLED IN TIVERTON, RI.

  • PROVIDE LOW INCOME HOUSING TO THE ELDERLY AND DISABLED IN THE TIVERTON, RI AREA UNDER SECTION 202 OF THE NATIONAL HOUSING ACT.(51 UNITS)

    Expenses $477,142 · Revenue $247,192

As filed on the 2023 return.

Listed in Part VII

  • James Dilley

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • William Enos

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Edward Mulholland

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Eugene McMahon

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    0.5

  • Joseph Lamagna

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    0.5

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • VALLEY AFFORDABLE HOUSING CORP DBA PINNACLE PROPERTY MANAGEMENT LLC

    501C · MANAGEMENT OF LOW INCOME HOUSING · RI

Provenance

Return type
form_990
Tax year
2023
Filed
27 January 2025
IRS schema version
2023v6.0
Source object
202500439349301715

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