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Nonprofiteer
← BUILDING FUTURES INC

Form 990 for tax year 2022

Filed by BUILDING FUTURES INC.

Totals

Total revenue
$1,752,331
Total expenses
$1,686,779
Contributions and grants received
$665,080
Grants paid
$0
Program service revenue
$0
Investment income
$27,654
Other revenue
$1,059,597
Total assets, end of year
$14,941,865
Total liabilities, end of year
$14,491,893
Net assets or fund balances, end of year
$449,972
Program services expenses (Part IX)
$1,686,779
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$1,686,779

Program services were 100.0% 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.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $0

  • 1d · Related organizations

    $0

  • 1e · Government grants (contributions)

    $0

  • 1f · All other contributions, gifts and grants

    $665,080

  • 1g · Noncash contributions included above

    $0

  • 3 · Investment income

    total $27,654 · related or exempt $0 · unrelated business $0 · excluded $27,654

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6a · Gross rents

    real property $1,059,597 · personal property $0

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $1,059,597 · personal property $0

  • 6d · Net rental income or loss

    total $1,059,597 · related or exempt $1,059,597 · unrelated business $0 · excluded $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 8a · Fundraising events: contributions included on line 1c

    $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $170,876 · program services $170,876

  • 10 · Payroll taxes

    total $30,673 · program services $30,673

  • 11b · Fees: legal

    total $17,490 · program services $17,490

  • 13 · Office expenses

    total $4,950 · program services $4,950

  • 16 · Occupancy

    total $390,118 · program services $390,118

  • 20 · Interest

    total $397,002 · program services $397,002

  • 22 · Depreciation, depletion and amortization

    total $513,980 · program services $513,980

  • 23 · Insurance

    total $37,207 · program services $37,207

  • 24a · Other expenses: Community Relations and Client Support

    total $124,483 · program services $124,483 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $333,188 · end of year $816,202

  • 4 · Accounts receivable

    beginning of year $160,591 · end of year $2,100

  • 9 · Prepaid expenses and deferred charges

    beginning of year $5,761 · end of year $12,855

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

    $14,819,688

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

    $708,980

  • 10c · Land, buildings and equipment, net

    beginning of year $11,602,302 · end of year $14,110,708

  • 17 · Accounts payable and accrued expenses

    beginning of year $171,087 · end of year $1,312,678

  • 23 · Secured mortgages and notes payable

    beginning of year $8,912,351 · end of year $11,171,660

  • 25 · Other liabilities

    beginning of year $2,475,490 · end of year $2,007,555

  • 27 · Net assets without donor restrictions

    beginning of year $542,914 · end of year $449,972

  • 28 · Net assets with donor restrictions

    beginning of year $0 · end of year $0

Mission and programs · 2022

Mission

Building Futures, Inc. provides safe, affordable, and quality housing opportunities in Worcester, MA for low-income individuals and families. It aims to transform the lives of public housing or rent subsidized residents with no cost to affordable programs that provide educational, training, and employment skills necessary to achieve social and economic self-sufficiency.

Activities or mission (Part I)

To provide safe, affordable, and quality housing opportunities in Worcester, MA for low-income individuals and families and transform the lives of public housing or rent subsidized residents with no cost to affordable programs that provide educational, training, and employment skills.

  • Educational, training, and employment assistance for low-income individuals and families.

    Expenses $1,686,779 · Revenue $1,752,331

As filed on the 2022 return.

Listed in Part VII

  • Alex Corrales

    WHA CEO

    Total calculated
    $376,385
    From this org
    $0
    From related orgs
    $245,682
    Other
    $130,703
    Hours/week
    0 + 37 related

    Schedule J breakdown matched by us

    Base
    $0 + $245,682 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $78,422 related
    Nontaxable benefits
    $0 + $52,281 related
    Filer's total
    $0 + $376,385 related

  • Peter Proulx

    WHA Assistant CEO

    Total calculated
    $292,215
    From this org
    $0
    From related orgs
    $190,741
    Other
    $101,474
    Hours/week
    0 + 37 related

    Schedule J breakdown matched by us

    Base
    $0 + $190,741 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $60,884 related
    Nontaxable benefits
    $0 + $40,590 related
    Filer's total
    $0 + $292,215 related

  • Esteban Alvarez

    Chief Facilities Officer

    Total calculated
    $234,373
    From this org
    $0
    From related orgs
    $152,985
    Other
    $81,388
    Hours/week
    0 + 37 related

    Schedule J breakdown matched by us

    Base
    $0 + $152,985 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $48,833 related
    Nontaxable benefits
    $0 + $32,555 related
    Filer's total
    $0 + $234,373 related

  • Peter Fifield

    WHA CFO

    Total calculated
    $230,669
    From this org
    $0
    From related orgs
    $150,567
    Other
    $80,102
    Hours/week
    0 + 37 related

    Schedule J breakdown matched by us

    Base
    $0 + $150,567 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $48,061 related
    Nontaxable benefits
    $0 + $32,041 related
    Filer's total
    $0 + $230,669 related

  • Michael Murphy

    Director of Administration

    Total calculated
    $221,181
    From this org
    $0
    From related orgs
    $144,374
    Other
    $76,807
    Hours/week
    0 + 37 related

    Schedule J breakdown matched by us

    Base
    $0 + $144,374 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $46,084 related
    Nontaxable benefits
    $0 + $30,723 related
    Filer's total
    $0 + $221,181 related

  • Joseph Carlson

    Chairman

    Total calculated
    $11,209
    From this org
    $0
    From related orgs
    $8,204
    Other
    $3,005
    Hours/week
    1

  • Joseph Capone

    Vice Chairman

    Total calculated
    $10,936
    From this org
    $0
    From related orgs
    $8,004
    Other
    $2,932
    Hours/week
    1

  • Jose Ramos

    Treasurer

    Total calculated
    $10,936
    From this org
    $0
    From related orgs
    $8,004
    Other
    $2,932
    Hours/week
    1

  • William Eddy

    Clerk/Secretary

    Total calculated
    $10,936
    From this org
    $0
    From related orgs
    $8,004
    Other
    $2,932
    Hours/week
    1

  • Rane Bracey-Westbrook

    Director

    Total calculated
    $10,936
    From this org
    $0
    From related orgs
    $8,004
    Other
    $2,932
    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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

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.

  • Worcester Housing Authority

    Public Housing · MA

Provenance

Return type
form_990
Tax year
2022
Filed
15 February 2024
IRS schema version
2022v5.0
Source object
202410469349302381

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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