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Nonprofiteer
← OLMSTED GARDENS INC

Form 990 for tax year 2023

Filed by OLMSTED GARDENS INC.

Totals

Total revenue
$783,531
Total expenses
$844,250
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$781,319
Investment income
$2,212
Other revenue
$0
Total assets, end of year
$3,080,793
Total liabilities, end of year
$108,179
Net assets or fund balances, end of year
$2,972,614
Program services expenses (Part IX)
$735,949
Management and general expenses
$108,301
Fundraising expenses
$0
Program service expenses (Part III)
$735,949

Program services were 87.2% 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: SECTION 8 SUBSIDY

    total $543,260 · related or exempt $543,260

  • 2b · Program service revenue: RENTAL INCOME

    total $233,927 · related or exempt $233,927

  • 2c · Program service revenue: LAUNDRY AND VENDING

    total $4,085 · related or exempt $4,085

  • 2d · Program service revenue: DAMAGES AND CLEANING

    total $47 · related or exempt $47

  • 3 · Investment income

    total $2,212 · excluded $2,212

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $128,314 · program services $128,314

  • 9 · Other employee benefits

    total $28,401 · program services $28,401

  • 10 · Payroll taxes

    total $9,425 · program services $9,425

  • 11a · Fees: management

    total $52,952 · management and general $52,952

  • 11b · Fees: legal

    total $3,329 · management and general $3,329

  • 11c · Fees: accounting

    total $8,998 · management and general $8,998

  • 13 · Office expenses

    total $68,875 · program services $68,875

  • 22 · Depreciation, depletion and amortization

    total $136,230 · program services $136,230

  • 23 · Insurance

    total $43,022 · management and general $43,022

  • 24a · Other expenses: REPAIRS AND MAINTENANCE

    total $121,544 · program services $121,544

  • 24b · Other expenses: UTILITIES

    total $120,915 · program services $120,915

  • 24c · Other expenses: REAL ESTATE TAXES

    total $118,596 · program services $118,596

  • 24d · Other expenses: RESIDENT SERVICES

    total $3,649 · program services $3,649

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,042 · end of year $2,844

  • 4 · Accounts receivable

    beginning of year $4,163 · end of year $1,122

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,389 · end of year $42,759

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

    $5,362,866

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

    $2,814,790

  • 10c · Land, buildings and equipment, net

    beginning of year $2,654,879 · end of year $2,548,076

  • 15 · Other assets

    beginning of year $499,678 · end of year $485,992

  • 17 · Accounts payable and accrued expenses

    beginning of year $114,456 · end of year $91,295

  • 19 · Deferred revenue

    beginning of year $692 · end of year $710

  • 25 · Other liabilities

    beginning of year $14,670 · end of year $16,174

  • 27 · Net assets without donor restrictions

    beginning of year $3,033,333 · end of year $2,972,614

Mission and programs · 2023

Mission

TO CONSTRUCT, OWN AND OPERATE 52 UNITS OF AFFORDABLE HOUSING FOR PERSONS OF LOW INCOME IN PROVIDENCE, RI.

  • TO CONSTRUCT, OWN AND OPERATE 52 UNITS OF AFFORDABLE HOUSING FOR PERSONS OF LOW INCOME IN PROVIDENCE, RI.

    Expenses $735,949 · Revenue $781,319

As filed on the 2023 return.

Listed in Part VII

  • D Morgan Wilson

    DIRECTOR, TREASURER, SECRETARY

    Total calculated
    $332,196
    From this org
    $0
    From related orgs
    $266,885
    Other
    $65,311
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $266,885 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $9,854 related
    Nontaxable benefits
    $0 + $55,457 related
    Filer's total
    $0 + $332,196 related

  • Patricia Belden

    VICE PRESIDENT

    Total calculated
    $435,751
    From this org
    $0
    From related orgs
    $356,897
    Other
    $78,854
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $356,897 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $13,692 related
    Nontaxable benefits
    $0 + $65,162 related
    Filer's total
    $0 + $435,751 related

  • Thomas J Buonopane

    PRESIDENT, DIRECTOR

    Total calculated
    $319,563
    From this org
    $0
    From related orgs
    $255,528
    Other
    $64,035
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $255,528 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $10,221 related
    Nontaxable benefits
    $0 + $53,814 related
    Filer's total
    $0 + $319,563 related

  • Bartholomew J Mitchell

    EMPLOYEE

    Total calculated
    $479,753
    From this org
    $0
    From related orgs
    $405,002
    Other
    $74,751
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $405,002 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $11,215 related
    Nontaxable benefits
    $0 + $63,536 related
    Filer's total
    $0 + $479,753 related

  • Lisa Wilcox-Erhardt

    EMPLOYEE

    Total calculated
    $357,503
    From this org
    $0
    From related orgs
    $306,605
    Other
    $50,898
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $306,605 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $12,264 related
    Nontaxable benefits
    $0 + $38,634 related
    Filer's total
    $0 + $357,503 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. 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.

Provenance

Return type
form_990
Tax year
2023
Filed
24 October 2024
IRS schema version
2023v5.1
Source object
202422989349302107

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