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Nonprofiteer
← 1060 BELMONT INC

Form 990 for tax year 2022

Filed by 1060 BELMONT INC.

Totals

Total revenue
$459,413
Total expenses
$417,471
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$271,963
Investment income
$193
Other revenue
$187,257
Total assets, end of year
$3,849,866
Total liabilities, end of year
$2,893,306
Net assets or fund balances, end of year
$956,560
Program services expenses (Part IX)
$383,950
Management and general expenses
$33,521
Fundraising expenses
$0
Program service expenses (Part III)
$383,950

Program services were 92.0% 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 $270,951 · related or exempt $270,951

  • 2b · Program service revenue: LAUNDRY INCOME

    total $1,012 · related or exempt $1,012

  • 3 · Investment income

    total $193 · excluded $193

  • 11a · Other revenue: DEBT FORGIVENESS

    total $187,257 · related or exempt $187,257

  • 11e · Other revenue, total

    $187,257

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $19,388 · management and general $19,388

  • 11b · Fees: legal

    total $935 · management and general $935

  • 11c · Fees: accounting

    total $8,902 · management and general $8,902

  • 11g · Fees: other

    total $46,617 · program services $46,617

  • 13 · Office expenses

    total $4,296 · management and general $4,296

  • 16 · Occupancy

    total $194,444 · program services $194,444

  • 20 · Interest

    total $2,585 · program services $2,585

  • 22 · Depreciation, depletion and amortization

    total $123,588 · program services $123,588

  • 24a · Other expenses: BAD DEBT

    total $6,380 · program services $6,380

  • 24b · Other expenses: MISCELLANEOUS

    total $5,641 · program services $5,641

  • 24c · Other expenses: SUPPLIES

    total $4,695 · program services $4,695

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,475 · end of year $10,422

  • 2 · Savings and temporary cash investments

    beginning of year $12,559 · end of year $12,389

  • 4 · Accounts receivable

    beginning of year $3,105 · end of year $15,236

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,813 · end of year $3,776

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

    $5,246,554

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

    $1,614,937

  • 10c · Land, buildings and equipment, net

    beginning of year $3,751,872 · end of year $3,631,617

  • 14 · Intangible assets

    beginning of year $12,780 · end of year $9,447

  • 15 · Other assets

    beginning of year $235,959 · end of year $166,979

  • 17 · Accounts payable and accrued expenses

    beginning of year $79,318 · end of year $69,586

  • 23 · Secured mortgages and notes payable

    beginning of year $2,970,196 · end of year $2,752,087

  • 25 · Other liabilities

    beginning of year $57,431 · end of year $71,633

  • 27 · Net assets without donor restrictions

    beginning of year $914,618 · end of year $956,560

Mission and programs · 2022

Mission

TO PROVIDE FAMILIES AND PERSONS OF LOW-INCOME WITH HOUSING FACILITIES AND SERVICES SPECIALLY DESIGNED TO PROMOTE THEIR HEALTH, PHYSICAL AND SOCIAL WELL BEING.

  • 1060 BELMONT, INC. OWNS 18 RENTAL UNITS, WHICH ARE LEASED TO 18 LOW-INCOME FAMILIES. IT IS THE ONLY ACTIVITY OF THE CORPORATION.

    Expenses $383,950 · Revenue $459,220

As filed on the 2022 return.

Listed in Part VII

  • Suneeth John

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0.3 + 1 related

  • Mike Sherman

    TREASURER

    Total calculated
    $0
    Hours/week
    0.3 + 1 related

  • Bob Flack

    CLERK

    Total calculated
    $0
    Hours/week
    0.3 + 1 related

  • Dorena Wong-Deleon

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.3 + 1 related

  • Cristina Ayala

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.3 + 1 related

  • Eugenia Chaparro

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.3 + 1 related

  • Kathleen Hobson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.3 + 1 related

  • Thelma Titus

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.3 + 1 related

  • Sherry Ruff

    DIRECTOR (UNTIL 3/2022)

    Total calculated
    $0
    Hours/week
    0.3 + 1 related

  • Caitlin Madden

    EXECUTIVE DIRECTOR

    Total calculated
    $133,568
    From this org
    $0
    From related orgs
    $122,337
    Other
    $11,231
    Hours/week
    1 + 39 related

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
4 October 2023
IRS schema version
2022v5.0
Source object
202332859349300248

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