Woonsocket Neighborhood Development Corporation

Nonprofit profile at a glance

EIN
222907602
IRS 990 coverage
2010–2025
Forms available
Form 990 2025
Location
Woonsocket, RI, USA
Phone
4017620993
Rating
82
Verdict
STRONG
Rating confidence
Standard
Sector
Housing Support

Official website

Reported finances

Revenue
$3,687,094
Expenses
$2,771,664
Assets
$27,482,728
Liabilities
$22,605,939

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

14 people listed

Executive titles in this filing

  • RICHARD KYTE JR (PRESIDENT)
  • NANCY GIAMBUSSO (VICE PRESIDENT)
  • JOSEPH GARLICK (EXECUTIVE DIRECTOR)

Highest reported compensation

  • JOSEPH GARLICK (EXECUTIVE DIRECTOR): $161,134 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Woonsocket neighborhood development corporation d/b/a neighborworks blackstone river valley's (wndc) primary purpose is to develop, own, manage, finance and preserve decent, safe and affordable housing for low-income families and individuals in the blackstone river valley.

What it reported doing in 2025

Community building & engagement: the accessing home program deployed 13 americorps volunteers to provide housing stabilization services to 4,311 rhode islanders. The millrace kitchen supported 33 start up food businesses. The levitt amp woonsocket music series enriched the lives of 4,740 attendees through the power of free, live music. Through partnerships, nwbrv provided music and nutrition to 60 youth and revitalized a neighborhood community garden.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Revenue has declined or grown slowly and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 82
  • Transparency & Controls: 84
  • Accountability: 95
  • Sustainability: 69
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 74.9%; rating input score 75
  • Program expense ratio: 89.1%; rating input score 89
  • Fundraising efficiency: $786.14 raised per $1 spent on fundraising; rating input score 97; 97th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 24.8%; rating input score 78; 78th percentile among comparable filings
  • Total-asset coverage ratio: 9.92; rating input score 88; 88th percentile among comparable filings
  • Liabilities to assets ratio: 0.82; rating input score 7; 7th percentile among comparable filings
  • Officer compensation ratio: 5.8%; rating input score 51; 51st percentile among comparable filings

Growth

  • Program expense growth: 1.7% per year; rating input score 100; 18th percentile among comparable filings
  • Revenue growth: -0.2% per year; rating input score 0; 8th percentile among comparable filings
  • Asset growth: -1.3% per year; rating input score 0; 7th percentile among comparable filings

Details

  • Where the money goes: 74.9% of revenue deployed · 89.1% of spending went to programs
  • Governance: 13 of 13 board members independent · 7 of 8 filing controls reported
  • Programs: 4 filed program accomplishments · $2.5M in reported program spending
  • Leadership: top reported pay $161K · 14 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $125K reported
  • Consistency: 26 of 26 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 16 filing years from 2010 to 2025
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 19 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: CEO compensation review process not reported.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 7/100.
  • Review — Sustainability: Officer compensation ratio scored 51/100.