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Nonprofiteer
← RIESE CORPORATION

Form 990 for tax year 2022

Filed by RIESE CORPORATION.

This return was superseded by a later amendment. matched by us It is kept because history is preserved rather than replaced.

What the amendment changed

Compared with the latest return for 2022 , filed 29 April 2025. matched by us Only the return's totals, a 990-PF's accounting method and the names listed in Part VII (Part VIII on a 990-PF) are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.

Total revenue
$34,074,355 changed to $34,393,401
Investment income
$30,632,223 changed to $30,951,269
Total liabilities, end of year
$1,802,374 changed to $1,483,328
Net assets or fund balances, end of year
$36,293,878 changed to $36,612,924

Totals

Total revenue
$34,074,355
Total expenses
$3,092,422
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$3,417,971
Investment income
$30,632,223
Other revenue
$24,161
Total assets, end of year
$38,096,252
Total liabilities, end of year
$1,802,374
Net assets or fund balances, end of year
$36,293,878
Program services expenses (Part IX)
$2,828,678
Management and general expenses
$263,744
Fundraising expenses
$0
Program service expenses (Part III)
$2,828,678

Program services were 91.5% 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.

  • 2a · Program service revenue: RENTAL INCOME

    total $3,417,971 · related or exempt $3,417,971

  • 3 · Investment income

    total $2,205 · excluded $2,205

  • 7a · Gross sales of assets other than inventory

    other assets $37,700,000

  • 7b · Less cost or other basis and sales expenses

    other assets $7,069,982

  • 7c · Gain or loss

    other assets $30,630,018

  • 7d · Net gain or loss

    total $30,630,018 · excluded $30,630,018

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $15,968 · related or exempt $15,968

  • 11b · Other revenue: LAUNDRY INCOME

    total $8,193 · related or exempt $8,193

  • 11e · Other revenue, total

    $24,161

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $470,203 · program services $470,203

  • 8 · Pension plan contributions

    total $5,179 · program services $5,179

  • 9 · Other employee benefits

    total $72,045 · program services $72,045

  • 10 · Payroll taxes

    total $39,299 · program services $39,299

  • 11a · Fees: management

    total $167,360 · management and general $167,360

  • 11b · Fees: legal

    total $7,813 · management and general $7,813

  • 11c · Fees: accounting

    total $30,000 · management and general $30,000

  • 13 · Office expenses

    total $25,746 · program services $25,746

  • 16 · Occupancy

    total $1,733,521 · program services $1,733,521

  • 22 · Depreciation, depletion and amortization

    total $271,137 · program services $271,137

  • 23 · Insurance

    total $206,299 · program services $206,299

  • 24a · Other expenses: MISCELLANEOUS EXPENSE

    total $40,571 · management and general $40,571

  • 24b · Other expenses: COMPUTER SERVICES

    total $18,000 · management and general $18,000

  • 24c · Other expenses: MISCELLANEOUS TAXES & L

    total $5,249 · program services $5,249

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $776,438 · end of year $255,542

  • 2 · Savings and temporary cash investments

    beginning of year $2,033,486 · end of year $3,400

  • 4 · Accounts receivable

    beginning of year $92,046 · end of year $111,338

  • 9 · Prepaid expenses and deferred charges

    beginning of year $343,563 · end of year $25,972

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

    $0

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

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $2,616,122 · end of year $0

  • 14 · Intangible assets

    beginning of year $533,908 · end of year $0

  • 15 · Other assets

    beginning of year $202,395 · end of year $37,700,000

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,052,908 · end of year $792,374

  • 19 · Deferred revenue

    beginning of year $61,778 · end of year $0

  • 23 · Secured mortgages and notes payable

    end of year $1,010,000

  • 25 · Other liabilities

    beginning of year $171,327 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $5,311,945 · end of year $36,293,878

Mission and programs · 2022

Mission

TO PROVIDE LOW-INCOME SENIOR CITIZENS AND HANDICAPPED HOUSING. THE RIESE COPORATION INC PROVIDES 318 UNITS.

Activities or mission (Part I)

THE CORPORATION OWNS AND MANAGES TWO 159 UNIT APARTMENT PROJECTS FOR THE ELDERLY LOCATED IN PATERSON, NJ. THE PROJECTS ARE OPERATED UNDER SECTION 202 OF THE NATIONAL HOUSING ACT AND REGULATED BY U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) WITH RESPECT TO RENTAL CHARGES AND OPERATING METHODS.

  • TO PROVIDE LOW INCOME SENIOR CITIZEN HOUSING. THE PROJECTS HAVE 318 UNITS.

    Expenses $2,828,678 · Revenue $3,442,132

As filed on the 2022 return.

Listed in Part VII

  • Rev Marc A Mancin

    PRESIDENT

    Total calculated
    $0
    Hours/week
    10

  • Rev Msgr Herbert K Tillyer

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Deacon Joseph A Puskas

    TREASURER

    Total calculated
    $0
    Hours/week
    5

  • Joseph Duffy

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Andrew F McBride III Esq

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Deacon Peter Cistaro

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Richard Ward

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Thomas Burns

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dennis P Butler

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Lynn E Gaffney

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Patrick Murray

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Sr Maureen Shaughnessy Sc

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

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.

Provenance

Return type
form_990
Tax year
2022
Filed
6 May 2024
IRS schema version
2022v5.0
Source object
202431349349300648

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