SWAP INC (STOP WASTING ABANDONED PROPERTY)

EIN: 050370946 501(c)(3)

PROVIDENCE, RI

Total Revenue
$8,084,434
Total Expenses
$7,598,835
Total Assets
$19,547,262
Net Assets
$3,679,462
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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year
1976
Legal Domicile
RI
Principal Officer
CARLA DESTEFANO
Phone
4012720526
Tax Period
2023-09-01 to 2024-08-31

SWAP INC (STOP WASTING ABANDONED PROPERTY), founded in 1976, is a community nonprofit that reported $8.1M in total revenue in fiscal year 2023. Revenue surged 94% from the prior year, signaling strong growth momentum. Expenses of $7.6M left a modest 6% surplus.

Mission

TO CONFRONT THE PROBLEM OF HOUSING ABANDONMENT AND PURCHASE, REHABILITATE, AND CONSTRUCT HOMES AND APARTMENT COMPLEXES FOR LOW TO MODERATE INCOME FAMILIES IN PROVIDENCE, RI, AND THROUGHOUT RHODE ISLAND. IN ADDITION, THE ORGANIZATION OWNS AN OPERATES A SINGLE MEMBER LLC KNOWN AS TP 10, LLC THAT OWNS 41 APARTMENT UNITS OF LOW AND MODERATE INCOME HOUSING.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $3,547,624
Program Service Revenue $1,786,556
Investment Income $2,626,152
Other Revenue $124,102
TOTAL REVENUE $8,084,434

Expense Breakdown

Grants Paid $7,797
Salaries & Benefits $823,673
Fundraising Expenses $0
Program Expenses $7,487,849
Other Expenses $6,767,365
TOTAL EXPENSES $7,598,835

Year-over-Year Comparison

2023 2022 Change
Revenue $8,084,434 $4,159,433 +0.9%
Expenses $7,598,835 $4,210,361 +0.8%
Net Income $485,599 $-50,928 -10.5%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
10
Independent Members
10
Employees
14
Volunteers
120

Governance Policies

✓ Conflict of Interest Policy
✓ Whistleblower Policy
✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
6
$159,155
Total Directors
10
$0
Key Employees
0
$0
Highest Compensated
1
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
MIGUEL QUEZADA PRESIDENT 2.00
Officer Director
$0 $0 $0
PETER BORTOLOTTI VICE PRESIDENT 2.00
Officer Director
$0 $0 $0
NANCY WHIT SECRETARY 2.00
Officer Director
$0 $0 $0
PAUL DUMOUCHEL TREASURER 2.00
Officer Director
$0 $0 $0
CLARIBEL MEJIA DEPUTY TREASURER 1.00
Officer Director
$0 $0 $0
FABIOLA BRUNACHE DIRECTOR 1.00
Director
$0 $0 $0
NANCY HOWARD DIRECTOR 1.00
Director
$0 $0 $0
GRAHAM KILVERT DIRECTOR 1.00
Director
$0 $0 $0
JOHN PRINCE DIRECTOR 1.00
Director
$0 $0 $0
GAYLE RODGERS DIRECTOR 1.00
Director
$0 $0 $0
CARLA DESTEFANO EXECUTIVE DIRECTOR 39.00
Officer
$147,146 $12,009 $159,155
MARILYN DOLAN CARLSON DEPUTY DIRECTOR 39.00
Highest
$112,206 $4,356 $116,562
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 $8,084,434 $7,598,835 $19,547,262 $485,599
2023 $4,159,433 $4,210,361 $18,102,766 $-50,928
2022 $966,295 $1,428,642 $15,764,414 $-462,347
2021 $2,283 $792,137 $15,144,919 $-789,854
2020 $1,837,185 $906,279 $16,771,764 $930,906
2019 $4,152,674 $780,751 $15,691,815 $3,371,923
2018 $-355,975 $817,572 $11,686,637 $-1,173,547
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