2025-11-12T12:13:11-06:00 2024-12-31 010523282 Berry Dunn McNeil & Parker LLC 2211 Congress St Portland ME 04102 990 2024-01-01 030301526 Rutland West Neighborhood Housing Services Inc RUTL 8024382303 27 Wales Street Suite 201 Rutland VT 05701 Mary Cohen Executive Director 8024382303 2025-11-12 1 1 Melissa Magoon CPA P01712842 2077752387 2025-11-12 2024 2025-03-06 01:10:19Z NeighborWorks of Western Vermont Mary Cohen 27 Wales Street Suite 201 Rutland VT 05701 5870305 0 X www.NWWVT.org X 1985 VT To strengthen the development of a regional economy by promoting safe, efficient and stable housing and community projects through education, technical assistance, and financial services. 16 16 19 17 0 0 2969146 4853571 732745 670794 -219942 120807 49427 53723 3531376 5698895 1616977 3112710 0 0 1276232 1237238 0 0 0 1002992 981747 3896201 5331695 -364825 367200 17517148 19724510 6639553 8479715 10877595 11244795 X To strengthen the development of a regional economy by promoting safe, efficient and stable housing and community projects through education, technical assistance, and financial services. 0 0 4221677 3112710 Home Repair Program: The Home Repair Program consists of Neighborworks of Western Vermont project coordinators that oversee a repair project for low-to-moderate income homeowners in Addison, Rutland, and Bennington counties that are receiving a loan and/or grant from Neighborworks of Western Vermont (NWWVT). Typical home repair projects include new wells, septic systems, heating systems, roof replacement, structural work, plumbing, electrical, and weatherization. As the loan and/or grant process proceeds, project coordinators are completing a health and safety evaluation of the home, working with the homeowner to create a scope of work, helping with contractors, and obtaining estimates for the project. Once the loan and/or grant is approved, the project coordination continues with project oversight and escrow payments to contractors, helping at every step until the project is complete, homeowner is satisfied, and the home is repaired and safe. 814988 670794 Homeownership Program: The Homeownership Program consists of both education and counseling for sustainable homeownership. One-on-one counseling for pre-purchase counseling, financial coaching and limited foreclosure counseling is offered in-person, virtually, or by phone. Pre-purchase education is offered in-person, online and virtually. Foreclosure education and financial capability classes are offered online only. There are approximately 150 participants each year attending homeownership and financial literacy education classes and approximately 250 that take advantage of some counseling services offered. 5036665 1 1 0 0 0 0 0 0 1 0 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 1 70 0 1 19 1 0 0 0 0 0 0 0 0 0 0 0 0 X 16 16 0 0 1 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 0 0 X Mary Cohen 8027753139 27 Wales Street Suite 201 Rutland VT 05701 Bill Gross Co-President 2.00 1.00 X X 0 0 0 Jennifer Yakunovich Co-President 2.00 1.00 X X 0 0 0 Cathy Reynolds Co-Vice President 2.00 1.00 X X 0 0 0 Keri Franzoni Co-Vice President 2.00 1.00 X X 0 0 0 Dylan Watts Co-Treasurer 2.00 1.00 X X 0 0 0 Melinda Humphrey Co-Treasurer 2.00 1.00 X X 0 0 0 Gabrielle Gladding Co-Secretary 2.00 1.00 X X 0 0 0 Donnaleen Farwell Co-Secretary 2.00 1.00 X X 0 0 0 Jessica Anderson Director 2.00 1.00 X 0 0 0 Karen Bartlett Director 2.00 1.00 X 0 0 0 Cheryl Hooker Director 2.00 1.00 X 0 0 0 Norm Lash Director 2.00 1.00 X 0 0 0 Roger Louiselle Director 2.00 1.00 X 0 0 0 Susan Oliviero Director 2.00 1.00 X 0 0 0 Jake Pluta Director 2.00 1.00 X 0 0 0 Stephan Torres Director 2.00 1.00 X 0 0 0 Peg Flory Past Director 2.00 1.00 X 0 0 0 Karin Stamy Past Director 2.00 1.00 X 0 0 0 Mary Cohen Executive Director 20.00 20.00 X 0 130400 23883 Melanie Paskevich Chief Prog. Off./Past Interim ED 40.00 0.00 X 114615 0 21775 114615 130400 45658 1 0 1 0 Insero Advisors LLC 300 Clinton Square Rochester NY 14604 Outsourced CFO Services 152555 1 3688036 1165535 4853571 Loan Interest Payments 531390 537334 537334 Net Program & Revolvin 531390 130574 130574 Other Revenue 531390 2886 2886 670794 1348 1348 53723 0 53723 53723 53723 290869 171410 119459 119459 119459 5698895 670794 0 174530 24000 24000 3088710 3088710 136390 131351 5039 804498 774775 29723 36956 35590 1366 180564 173930 6634 78830 75917 2913 27327 14681 12646 22800 12249 10551 366545 217292 149253 5866 4099 1767 49928 33209 16719 53666 30445 23221 154262 136942 17320 19323 18113 1210 5447 3844 1603 172587 172587 20314 19753 561 29019 22587 6432 Other Expenses 54663 46591 8072 5331695 5036665 295030 0 X 100 100 2857649 2360144 1317261 1113099 31146 159095 11546262 10938462 43622 28022 1575356 497429 1400120 1077927 320988 4047661 17517148 19724510 176452 105571 225340 792333 192299 505849 5957691 4456703 87771 2619259 6639553 8479715 X 10413379 10780579 464216 464216 10877595 11244795 17517148 19724510 367200 0 X 0 1 X 1 1 1 X 2906640 3149719 2034718 2969146 4853571 15913794 2906640 3149719 2034718 2969146 4853571 15913794 68192 15845602 48114 52704 47295 42690 55071 245874 16159668 4141346 0.98060 0.98270 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 476716 476716 327344 163228 164116 45882 31997 13885 306411 302204 4207 419003 419003 1077927 Tenant Security Deposit 6660 Due from Affiliates 2838111 Restricted Deposits and Funded Reserves 1375220 Investment in Partnerships -172330 4047661 Tenant Security Deposit 6660 Due to Affiliates 2612599 2619259 X Part IV, Line 2b: The organization receives grants from various sources to disburse as rehabilitation loans to qualifying clients in the area it serves. Part X, Line 2: NWWVT is a qualified tax-exempt Section 170(b)(1)(A)(vi) public charities as described in Section 501(c)(3) of the Internal Revenue Code (the Code) and is exempt from income taxes on related income pursuant to Section 501(a) of the Code. Accordingly, no provision for income taxes has been reflected in these consolidated financial statements. No provision for taxes on income is made related to the various limited partnership and other passthrough entity properties' financial statements since, as they are taxed as partnerships, all taxable income and losses are allocated to the partners for inclusion in their respective tax returns. The standards for accounting for uncertainty in income taxes require the Organization to report any uncertain tax positions and to adjust its consolidated financial statements for the impact thereof. As of December 31, 2024 and 2023, the Organization determined that it had no tax positions that did not meet the more-likely-than-not threshold of being sustained by the applicable tax authority. NWWVT files an informational return in the U.S. This return is generally subject to examination by the federal government for up to three years. 1 Housing Trust of Rutland County Inc 27 Wales Street Suite 201 Rutland VT 05701 030280726 501(c)(3) 24000 0 Rental Rehab 1 0 Rental Rehab 77 3088710 Part I, Line 2: Clients are income qualified and area median income and address locations are provided to funders in a report to verify eligibility. 0 0 0 0 0 0 0 0 0 Mary Cohen Executive Director 0 130400 0 0 0 0 0 2333 0 21550 0 154283 0 0 Part I, Line 3 Mary Cohen, Executive Director, is compensated by Housing Trust of Rutland County, Inc., a related organization. The Executive Director's salary is set independently by the board of Directors after considering performance and comparable salaries within the industry within the state of Vermont. The Executive Director sets salaries of all key employees after considering performance, responsibilities and Comparable salaries within the industry within the state of Vermont. Form 990, Part I, Line 6: Volunteers Consist of: Board member volunteers who serve as trusted advisors to the Executive Director in developing and implementing the organization's strategic plan. Board members approve the annual budget, audit reports, and make material business decisions. Loan committee members who evaluate applications for approval. The committee examines loan documentation to assure that applicants consistently meet the organization's policies and regulatory guidelines. Other volunteers, who perform various organizational related duties and tasks. Form 990, Part VI, Section A, line 4 Effective July 1, 2024, the Organization became the sole member of Housing Trust of Rutland County, Inc. (HTRC). As a result of this, the Organization amended its bylaws to adjust the composition of the board. The relevant language contained in the amended bylaws now reads as follows: "The Board shall be composed of representatives from four groups. At least one-third of Directors must be Resident Representatives and at least one-third of Directors must be Affordable Housing Representatives. Additionally, at least one Director must be a Private Representative and at least one Director must be a Public Representative. Any Director who is both a Resident Representative and an Affordable Housing Representative shall count towards both requirements." Form 990, Part VI, Section A, line 6 The following shall be considered members of the Corporation: A. Affordable Housing Resident Members: Every resident eighteen years or older living on property owned or managed by the Housing Trust of Rutland County ("HTRC") are eligible for membership and shall be a Member if they agree in writing to the terms and conditions of the membership (the "Affordable Housing Resident Members"). The members of HTRC immediately prior to the time these Bylaws become effective shall be the initial Affordable Housing Resident Members. B. NWWVT Members: Residents of the service area, representatives of any firms or organizations conducting business or engaged in activity in the service area, and representatives of local and state government in the service area who are eighteen years or older shall be eligible for membership and shall be a Member if they agree in writing to the terms and conditions of membership. Form 990, Part VI, Section A, line 7a Each Member shall have the right to nominate and participate in the election of the Board of Directors. Form 990, Part VI, Section A, line 7b Each Member shall have the right to participate in meetings of the membership, to cast votes on all matters properly put before the Members for consideration, to serve on the Board or on committees if chosen, to receive notices and minutes of membership and Board meetings upon written request, and to receive Annual Reports as provided by these Bylaws. Form 990, Part VI, Section B, line 11b The 990 is provided to the board treasurer and a select group of individuals from the finance committee with 990 experience for review and the opportunity to ask questions. Form 990, Part VI, Section B, line 12c While any staff or board member's family or acquaintance who is eligible for our services is entitled to the same consideration as any other member of our community, we are very careful to put controls on who manages the case to avoid any conflict of interest. It is rare that a family member asks for services, but in all cases we isolate any relations from any decision making role in the case. A staff member's request must not only go through standard approval protocols, but must also receive approval from the Executive Director and from the president of the board to assure that all matters of privacy and conflict of interest have been adhered to. Form 990, Part VI, Section B, line 15a The board president appoints a small committee of three or four to review the Executive Director and make recommendations to the full board with an assessment of performance and annual compensation adjustments. The Executive Director prepares a self-evaluation for the committee; the committee reviews and writes their own assessment and the two together agree on goals for the next year. The work of the committee goes to the full board for review and approval before the end of the calendar year. Form 990, Part VI, Section C, line 19 All policies including governance documents, financial statements, and conflict of interest statements are kept in print form in books available to anyone who wants to review them. We undergo thorough examination every year by at least four major funders and three lenders who monitor our timeliness and appropriateness in maintaining the foundations of good fiscal and operations management and governance. Form 990, Part X, Line 10: Land, Buildings, and Equipment Section 1.263(a)-3(n) Election: Rutland West Neighborhood Housing Services, Inc. 27 Wales Street, Suite 201 Rutland, VT 05701 EIN: 03-0301526 Rutland West Neighborhood Housing Services, Inc. is electing to capitalize repair and maintenance costs under Regulation Section 1.263(a)-3(n). Marble Street LLC 27 Wales Street Suite 201 Rutland VT 05701 270679126 Real Estate VT 78423 149604 Rutland West Neighborhood Housing Services Inc VT Energy Efficiency Loan Fund LLC 27 Wales Street Suite 201 Rutland VT 05701 472167020 Loans VT 0 4004368 Rutland West Neighborhood Housing Services Inc Housing Trust of Rutland County Inc 27 Wales Street Suite 201 Rutland VT 05701 030280726 Affordable Housing VT 501(c)(3) Line 7 Rutland West Neighborhood Housing Services Inc 1 Rutland West Housing Limited Partnership 27 Wales Street Suite 201 Rutland VT 05701 161675762 Real Estate VT N/A 807522 0 0 0.99990 Rutland AFS Limited Partnership 27 Wales Street Suite 201 Rutland VT 05701 208276223 Affordable Housing VT N/A 0 0 CPWD Housing Limited Partnership 27 Wales Street Suite 201 Rutland VT 05701 263516655 Affordable Housing VT N/A 0 0 Stanislaus Housing Limited Partnership 27 Wales Street Suite 201 Rutland VT 05701 272697338 Affordable Housing VT N/A 0 0 Watkins School Limited Partnership 27 Wales Street Suite 201 Rutland VT 05701 364780158 Affordable Housing VT N/A 0 0 Marble House Limited Partnership 100 Bank Street Suite 400 Rutland VT 05401 352543306 Affordable Housing VT N/A 0 0 Heritage Court Apartments Limited Partnership 27 Wales Street Suite 201 Rutland VT 05701 820937905 Affordable Housing VT N/A 0 0 Lincoln Place Limited Partnership 27 Wales Street Suite 201 Rutland VT 05701 854391243 Affordable Housing VT N/A 0 0 Rutland Rehab Limited Partnership 27 Wales Street Suite 201 Rutland VT 05701 030335341 Affordable Housing VT N/A 0 0 Tuttle Block Apartments Limited Partnership 100 Bank Street Suite 400 Rutland VT 05401 874619932 Affordable Housing VT N/A 0 0 Colonial West Limited Partnership 27 Wales Street Suite 201 Rutland VT 05701 200858645 Affordable Housing VT N/A 0 0 Conant Square Housing Limited Partnership 27 Wales Street Suite 201 Rutland VT 05701 205242617 Affordable Housing VT N/A 0 0 Benson Heights Limited Partnership 27 Wales Street Suite 201 Rutland VT 05701 371706831 Affordable Housing VT N/A 0 0 Appletree Apartments Limited Partnership 100 Bank Street Suite 400 Rutland VT 05401 831941385 Affordable Housing VT N/A 0 0 64 School Steet Limited Partnership 27 Wales Street Suite 201 Rutland VT 05701 030369498 Affordable Housing VT N/A 0 0 Thayer BTS Housing Limited Partnership 27 Wales Street Suite 201 Rutland VT 05701 383870564 Affordable Housing VT N/A 0 0 Kazon Building Inc 27 Wales Street Suite 201 Rutland VT 05701 030522901 Rental VT Rutland West Neighborhood Housing Services Inc C 1.00000 1 HTRC General Inc 27 Wales Street Suite 201 Rutland VT 05701 384165389 Affordable Housing VT N/A C 0 HTRC Ventures Inc 27 Wales Street Suite 201 Rutland VT 05701 371852159 Affordable Housing VT N/A C 0 RCCLT Partners Inc 27 Wales Street Suite 201 Rutland VT 05701 203040529 Affordable Housing VT N/A C 0 Watkins Venture Inc 27 Wales Street Suite 201 Rutland VT 05701 465307529 Affordable Housing VT N/A C 0 0 1 0 1 1 0 0 0 0 0 1 0 0 0 1 0 0 0 0 Housing Trust of Rutland County Inc E 200000 FMV