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Nonprofiteer
← RANDOLPH AREA COMMUNITY DEVELOPMENT CORPORATION

Form 990 for tax year 2022

Filed by RANDOLPH AREA COMMUNITY DEVELOPMENT CORPORATION.

Totals

Total revenue
$1,057,558
Total expenses
$1,060,863
Contributions and grants received
$162,034
Grants paid
$612
Program service revenue
$869,354
Investment income
$0
Other revenue
$26,170
Total assets, end of year
$7,135,312
Total liabilities, end of year
$807,750
Net assets or fund balances, end of year
$6,327,562
Program services expenses (Part IX)
$935,033
Management and general expenses
$125,830
Fundraising expenses
$0
Program service expenses (Part III)
$935,033

Program services were 88.1% 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)

    $20,000

  • 1f · All other contributions, gifts and grants

    $142,034

  • 2a · Program service revenue: RENTAL INCOME

    total $329,606 · related or exempt $329,606

  • 2b · Program service revenue: DEVELOPMENT FEES

    total $256,323 · related or exempt $256,323

  • 2c · Program service revenue: SERVICES INCOME

    total $224,360 · related or exempt $224,360

  • 2d · Program service revenue: INTEREST INCOME

    total $45,158 · related or exempt $45,158

  • 2e · Program service revenue: LOAN FEES

    total $13,907 · related or exempt $13,907

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $26,170 · related or exempt $26,170

  • 11e · Other revenue, total

    $26,170

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $612 · program services $612

  • 5 · Compensation of officers, directors and key employees

    total $85,566 · program services $72,731 · management and general $12,835

  • 7 · Other salaries and wages

    total $324,327 · program services $289,787 · management and general $34,540

  • 9 · Other employee benefits

    total $61,840 · program services $54,647 · management and general $7,193

  • 10 · Payroll taxes

    total $34,865 · program services $31,103 · management and general $3,762

  • 11a · Fees: management

    total $18,219 · program services $18,219

  • 11b · Fees: legal

    total $4,462 · management and general $4,462

  • 11c · Fees: accounting

    total $19,448 · management and general $19,448

  • 11g · Fees: other

    total $31,765 · program services $31,765

  • 12 · Advertising and promotion

    total $3,066 · program services $1,153 · management and general $1,913

  • 13 · Office expenses

    total $8,077 · program services $4,424 · management and general $3,653

  • 16 · Occupancy

    total $144,583 · program services $137,292 · management and general $7,291

  • 17 · Travel

    total $1,349 · program services $1,256 · management and general $93

  • 19 · Conferences, conventions and meetings

    total $13,179 · program services $2,081 · management and general $11,098

  • 20 · Interest

    total $29,027 · program services $26,752 · management and general $2,275

  • 22 · Depreciation, depletion and amortization

    total $129,194 · program services $123,640 · management and general $5,554

  • 23 · Insurance

    total $29,382 · program services $23,158 · management and general $6,224

  • 24a · Other expenses: MISCELLANEOUS

    total $66,415 · program services $61,998 · management and general $4,417

  • 24b · Other expenses: FOOD AND SUPPLIES

    total $55,264 · program services $54,192 · management and general $1,072

  • 24c · Other expenses: BAD DEBT EXPENSE

    total $223 · program services $223

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $28,490 · end of year $39,718

  • 2 · Savings and temporary cash investments

    beginning of year $895,649 · end of year $476,931

  • 3 · Pledges and grants receivable

    beginning of year $11,727 · end of year $276,572

  • 7 · Other notes and loans receivable

    beginning of year $2,616,944 · end of year $2,454,010

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,114 · end of year $2,991

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

    $4,623,227

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

    $1,197,251

  • 10c · Land, buildings and equipment, net

    beginning of year $3,333,450 · end of year $3,425,976

  • 13 · Investments: program-related

    beginning of year $233,608 · end of year $233,561

  • 15 · Other assets

    beginning of year $201,589 · end of year $225,553

  • 17 · Accounts payable and accrued expenses

    beginning of year $40,244 · end of year $30,338

  • 21 · Escrow or custodial account liability

    beginning of year $32,071 · end of year $31,435

  • 23 · Secured mortgages and notes payable

    beginning of year $920,389 · end of year $745,977

  • 27 · Net assets without donor restrictions

    beginning of year $5,916,668 · end of year $6,075,394

  • 28 · Net assets with donor restrictions

    beginning of year $414,199 · end of year $252,168

Mission and programs · 2022

Mission

RANDOLPH AREA COMMUNITY DEVELOPMENT CORPORATION (RACDC) IS A NONPROFIT ORGANIZATION THAT UNITES THE COMMUNITY BEHIND INITIATIVES WHICH STRENGTHEN OUR REGION'S SOCIAL AND ECONOMIC ASSETS IN ORDER TO ENRICH QUALITY OF LIFE, INSTILL PRIDE, AND BUILD CONFIDENCE. WE DO THIS BY PROMOTING SOUND DEVELOPMENT PRACTICES AND INVESTMENT, CREATING AFFORDABLE HOUSING OPTIONS, PRESERVING ENVIRONMENTAL AND HISTORIC RESOURCES, AND LEADING IN THE REVITALIZATION OF DOWNTOWN AND VILLAGE CENTERS.

Activities or mission (Part I)

RANDOLPH AREA COMMUNITY DEVELOPMENT CORPORATION UNITES THE COMMUNITY BEHIND INITIATIVES WHICH STRENGTHEN OUR REGION'S SOCIAL AND ECONOMIC ASSETS IN ORDER TO ENRICH QUALITY OF LIFE, INSTILL PRIDE AND BUILD CONFIDENCE.

  • JOSLYN HOUSE IS A SHARED HOUSING FACILITY WITH SUPPORTIVE SERVICES PRIMARILY FOR LOW AND MODERATE INCOME INDIVIDUALS, AND IS RESTRICTED TO SUCH BY AFFORDABILITY COVENANTS. JOSLYN HOUSE PROVIDED AFFORDABLE HOUSING FOR APPROXIMATELY TWENTY-SIX (26) PEOPLE IN FISCAL YEAR 2023.

    Expenses $341,472 · Revenue $350,061

  • ARMSTRONG MOBILE HOME PARK CONSISTS OF 16 MOBILE HOME LOTS AND A HOUSE THAT INCLUDES ONE 2-BEDROOM AND ONE 1-BEDROOM UNIT, FOR LEASE TO A MIX OF PRIMARILY LOW AND MODERATE INCOME FAMILIES, AND IS RESTRICTED TO SUCH USE BY AFFORDABILITY COVENANTS. ARMSTRONG MOBILE HOME PARK PROVIDED AFFORDABLE HOUSING FOR APPROXIMATELY TWENTY-ONE (21) PEOPLE IN FISCAL YEAR 2023.

    Expenses $120,708 · Revenue $93,329

  • JACOBS MOBILE HOME PARK CONSISTS OF 19 MOBILE HOME LOTS FOR LEASE TO A MIX OF PRIMARILY LOW AND MODERATE INCOME FAMILIES, AND IS RESTRICTED TO SUCH USE BY AFFORDABILITY COVENANTS. JACOBS MOBILE HOME PARK PROVIDED AFFORDABLE HOUSING FOR APPROXIMATELY TWENTY-FIVE (25) PEOPLE IN FISCAL YEAR 2023.

    Expenses $48,637 · Revenue $84,562

  • RACDC ADMINISTERS SEVERAL ADDITIONAL PROGRAMS. THE REVOLVING LOAN FUND SERVED ROUGHLY EIGHT RESIDENTIAL AND SEVEN BUSINESS LOANS IN THE AREA. THE SUPPORT AND SERVICES AT HOME (SASH) PROGRAM SERVED APPROXIMATELY 80 FULL PARTICIPANTS AND OVER 100 PARTICIPANTS OF ITS PUBLICLY AVAILABLE ACTIVITIES AND EVENTS IN FISCAL YEAR 2023. IN ADDITION, THE DOWNTOWN DESIGNATION SERVED THE ENTIRE REGION BY SUPPORTING BUSINESSES AS WELL AS SUPPORTING INFRASTRUCTURE IMPROVEMENTS FOR THE TOWN OF RANDOLPH, VERMONT. RACDC REINSTATED EVENTS IN 2021 WITH THE CORNHOLD FESTIVAL IN AUGUST 2021, SAFE AND SEEN HALLOWEEN IN OCTOBER 2021, AND FIRST FRIDAYS FROM MAY THROUGH OCTOBER 2022. RACDC CONTINUED ITS MUTUAL AID NETWORK KNOWN AS RAMAN (RANDOLPH AREA MUTUAL AID NETWORK), WHICH INCLUDES FOUR TOWNS AND ABOUT A DOZEN LOCAL ORGANIZATIONS. THROUGH RAMAN, RACDC ALSO STARTED A COMMUNITY FUND WHICH RACDC HOSTS TO ADDRESS COMMUNITY NEEDS DUE TO COVID-19, BUT ALSO WITH THE INTENTION OF CONTINUING RAMAN AND THE COMMUNITY FUND TO ADDRESS ESSENTIAL NEEDS OF COMMUNITY MEMBERS IN CRISIS GOING FORWARD. THE COMMERCIAL BUILDING AT 28 NORTH MAIN STREET IS A REDEVELOPMENT OF A FORMER SCHOOL SITE INTO A COMMERCIAL BUILDING TO MOVE A LARGE RANDOLPH EMPLOYER TO A DOWNTOWN LOCATION.

    Expenses $424,216 · Grants $612 · Revenue $460,433

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Julie Iffland

    EXECUTIVE DI

    Total calculated
    $95,035
    From this org
    $89,535
    From related orgs
    $0
    Other
    $5,500
    Hours/week
    38 + 2 related

  • Peter Reed

    PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • Daniel Devoe

    VICE PRESIDE

    Total calculated
    $0
    Hours/week
    2

  • Robert Wright

    TREASURER (I

    Total calculated
    $0
    Hours/week
    2

  • Tom Ayres

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Christine Maloney

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Dan Bennett

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Robert Sparadeo

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Sam Hooper

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Patrick French Left May 2023

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Robert Moyer Left June 2023

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Miranda Holson Left May 2023

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Nikki Ware Left November 2022

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • RACDC HOUSING LLC

    HOUSING · VT · income $8 · assets $377

    Directly controlled by RACDC

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • HEDDING DRIVE LIMITED PARTNERSHIP

    RELATED · HOUSING · VT · 0.03% owned · share of income -$8 · share of assets $1,508 · general or managing partner

  • BRANCHWOOD HOUSING LTD PARTNERSHIP

    RELATED · HOUSING · VT · 0.05% owned · share of income -$30 · share of assets -$3,296 · general or managing partner

  • SALISBURY SQUARE HLP

    RELATED · HOUSING · VT · 0.01% owned · share of income -$9 · share of assets $229,194 · general or managing partner

  • RANDOLPH HOUSE APARTMENTS LP

    RELATED · HOUSING · VT · 0.01% owned · share of income $81,286 · share of assets $3,767,302 · general or managing partner

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • SALISBURY SQUARE RENTAL CORPORATION

    C CORP · HOUSING · VT · 100% owned · share of income -$9 · share of assets $229,194

  • SALISBURY SQUARE PLANNED COMMUNITY

    C CORP · HOUSING · VT

  • SALISBURY SQUARE HOMEOWNER'S ASSOCI

    C CORP · HOUSING · VT

  • SALISBURY SQUARE HOMEOWNER'S ASSOCI

    C CORP · HOUSING · VT

Provenance

Return type
form_990
Tax year
2022
Filed
9 May 2024
IRS schema version
2022v5.0
Source object
202411309349303826

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