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Nonprofiteer
← PAWTUCKET CENTRAL FALLS DEVELOPMENT CORPORATION

Form 990 for tax year 2023

Filed by PAWTUCKET CENTRAL FALLS DEVELOPMENT CORPORATION.

Totals

Total revenue
$1,625,801
Total expenses
$2,050,572
Contributions and grants received
$2,785,719
Grants paid
$0
Program service revenue
$399,903
Investment income
$18,994
Other revenue
-$1,578,815
Total assets, end of year
$20,718,446
Total liabilities, end of year
$18,815,476
Net assets or fund balances, end of year
$1,902,970
Program services expenses (Part IX)
$1,859,306
Management and general expenses
$191,266
Fundraising expenses
$0
Program service expenses (Part III)
$1,859,306

Program services were 90.7% 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)

    $2,741,839

  • 1f · All other contributions, gifts and grants

    $43,880

  • 2a · Program service revenue: DEVELOPMENT FEES

    total $399,903 · related or exempt $399,903

  • 3 · Investment income

    total $18,994 · related or exempt $18,994

  • 6a · Gross rents

    real property $967,461

  • 6b · Less rental expenses

    real property $1,617,501

  • 6c · Rental income or loss

    real property -$650,040

  • 6d · Net rental income or loss

    total -$650,040 · related or exempt -$650,040

  • 10a · Gross sales of inventory

    $2,435,538

  • 10b · Cost of goods sold

    $3,398,070

  • 10c · Net income from sales of inventory

    total -$962,532 · related or exempt -$962,532

  • 11a · Other revenue: MISCELLANEOUS

    total $33,757 · related or exempt $33,757

  • 11e · Other revenue, total

    $33,757

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $822,712 · program services $740,441 · management and general $82,271

  • 9 · Other employee benefits

    total $69,259 · program services $62,333 · management and general $6,926

  • 10 · Payroll taxes

    total $71,546 · program services $64,391 · management and general $7,155

  • 11c · Fees: accounting

    total $4,565 · management and general $4,565

  • 11g · Fees: other

    total $37,553 · management and general $37,553

  • 12 · Advertising and promotion

    total $16,853 · management and general $16,853

  • 13 · Office expenses

    total $23,133 · management and general $23,133

  • 23 · Insurance

    total $34,310 · program services $30,879 · management and general $3,431

  • 24a · Other expenses: VARIOUS PROGRAM COSTS

    total $948,142 · program services $948,142

  • 24b · Other expenses: AUTOMOBILE

    total $8,642 · program services $7,698 · management and general $944

  • 24c · Other expenses: MISCELLANEOUS

    total $7,833 · management and general $7,833

  • 24d · Other expenses: TELEPHONE

    total $6,024 · program services $5,422 · management and general $602

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,366,841 · end of year $2,875,969

  • 2 · Savings and temporary cash investments

    beginning of year $417,641 · end of year $321,426

  • 3 · Pledges and grants receivable

    beginning of year $58,319 · end of year $36,550

  • 4 · Accounts receivable

    beginning of year $498,694 · end of year $1,281,126

  • 7 · Other notes and loans receivable

    beginning of year $4,791,804 · end of year $4,919,975

  • 9 · Prepaid expenses and deferred charges

    beginning of year $89,957 · end of year $103,699

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

    $14,324,165

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

    $7,315,431

  • 10c · Land, buildings and equipment, net

    beginning of year $9,206,971 · end of year $7,008,734

  • 13 · Investments: program-related

    beginning of year $5,067,674 · end of year $4,170,967

  • 17 · Accounts payable and accrued expenses

    beginning of year $641,550 · end of year $561,291

  • 19 · Deferred revenue

    beginning of year $1,118,927 · end of year $895,462

  • 23 · Secured mortgages and notes payable

    beginning of year $15,073,697 · end of year $14,017,203

  • 25 · Other liabilities

    beginning of year $3,335,986 · end of year $3,341,520

  • 27 · Net assets without donor restrictions

    beginning of year $1,495,729 · end of year $1,070,958

  • 28 · Net assets with donor restrictions

    beginning of year $832,012 · end of year $832,012

Mission and programs · 2023

Mission

PROVIDED AFFORDABLE HOUSING.

Activities or mission (Part I)

PROVIDE AFFORDABLE HOUSING

  • PCDC AND PCDC HOMES (THE AGENCY) WERE FORMED TO EXPAND THE HOUSING OPPORTUNITIES FOR LOW AND MODERATE INCOME FAMILIES WITHIN THE CITY OF PAWTUCKET, RHODE ISLAND. AS OF JULY 1, 2014 THEY MERGED WITH REALTY ENDEAVORS FOR AFFORDABLE COMMUNITY HOUSING, INC. A SMILIAR ORGANIZATION OPERATING IN CENTRAL FALLS, RI. TOGETHER AS PAWTUCKET CENTRAL FALLS DEVELOPMENT CORP. THEY EFFECTUATE THIS PURPOSE BY COORDINATING THE PURCHASE AND REHABILITATION OF DETERIORATED BUILDINGS AND THE CONSTRUCTION OF NEW BUILDINGS IN ORDER TO PROVIDE AFFORDABLE HOUSING FOR SUCH FAMILIES. THE ORGANIZATION PROVIDES AFFORDABLE HOUSING THROUGH FEDERAL GRANTS UNDER THE FOLLOWING HOME INVESTMENT PARTICIPATION PROGRAMS:RENTAL REHABILITATIONS- THE ORGANIZATION ACQUIRES AND REHABILITATES MULTIFAMILY HOUSES WHICH ARE SUBSEQUENTLY MADE AVAILABLE FOR RENT TO QUALIFIED FAMILIES. THESE UNITS ARE RENTED ON A ONE YEAR LEASE BASIS AND ARE MANAGED BY BARKAN MANAGEMENT COMPANY.HOME OWNERSHIP PROGRAM - THE ORGANIZATION ACQUIRES AND REHABILITATES HOUSES AND SELLS THE PROPERTIES TO QUALIFIED FAMILIES, GENERALLY AT BELOW ITS COSTS AND ARE FULLY SUBSIDIZED BY FEDERAL GRANTS.

    Expenses $1,859,306 · Revenue $6,456,372

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • JOSE LOPES

    TREASURER

    Total calculated
    $0
    Hours/week
    3

  • GEORGE CHARETTE

    PRESIDENT

    Total calculated
    $0
    Hours/week
    3

  • WILMA SMITH

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • ANTONIO MOREIRA

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • KEVIN KAZARIAN

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • JOHN CHOPOORIAN

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • CARLOS VARGAS

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • ELIZABETH MOREIRA

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • ABOUBACAR CAMARA

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • OCTAVIAN GONCALVES

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • MEAGHAN LEVASSEUR

    MEMBER

    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.

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.

  • PCDC HOMES LLC

    RENTAL LOW INCOME HOUSING · RI

  • RRIC LLC

    RENTAL LOW INCOME HOUSING · RI

Related partnerships

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

  • BARTON STREET LIMITED PARTNERSHIP

    LOW INCOME HOUSING · RI · 1% owned · general or managing partner

    Directly controlled by BARTON STREET DEVELOPMENT CORPORATION

  • BLACKSTONE VALLEY GATEWAYS LP

    LOW INCOME HOUSING · RI · 1% owned · general or managing partner

    Directly controlled by BLACKSTONE VALLEY DEVELOPMENT CORPORATION

  • BVG II LIMITED PARTNERSHIP

    LOW INCOME HOUSING · RI · 1% owned · general or managing partner

    Directly controlled by GATELY DEVELOPMENT CORPORATION

  • RESTORE LIMITED PARTNERSHIP

    LOW INCOME HOUSING · RI · 1% owned · general or managing partner

    Directly controlled by NEIGHBORHOOD INITIATIVES FOR GOOD HOUSING INC

  • BRANCH BLACKSTONE LIMITED PARTNERSHIP

    LOW INCOME HOUSING · RI · 1% owned · general or managing partner

    Directly controlled by BRANCH BLACKSTONE DEVELOPMENT CORP

Provenance

Return type
form_990
Tax year
2023
Filed
15 May 2025
IRS schema version
2023v6.0
Source object
202511359349309006

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