2017-11-10T07:04:15-06:00 2016-12-31 GRANT THORNTON LLP 75 State Street Boston MA 02109 990 2016-01-01 030396397 Altus Realty Inc % GEORGE BEDARD ALTU 4017526000 10 Charles Street Providence RI 02904 RICHARD A FRITZ CFO 4017526240 2017-11-15 true ROBERT J BUTLER JR mdirector P00037953 6177237900 2017-11-15 38.69.39.117 04586620173145000000 2017-11-10 P AC49DF7B4F2ECAA147D716DF4F48DB487416CA3B 9D49953C1E783D387C9BA17CAD36DC199840A584 2016 2017-02-10 21:41:12Z JOSEPH A NAGLE 10 CHARLES STREET PROVIDENCE RI 029042208 1887702 false X N/A X 2002 RI TITLE HOLDING COMPANY operating to manage the real and personal property of Delta Dental of Rhode Island. 15 14 0 0 0 0 0 1674180 1803048 0 0 4923 84654 1679103 1887702 0 0 0 0 0 0 0 0 0 1587927 1584334 1587927 1584334 91176 303368 5300422 5319660 3503883 3219753 1796539 2099907 TITLE HOLDING COMPANY OPERATING TO MANAGE THE REAL AND PERSONAL PROPERTY OF DELTA DENTAL OF RHODE ISLAND. false false ALTUS REALTY, INC. IS AN ORGANIZATION RECOGNIZED AS EXEMPT FROM TAXATION AS DESCRIBED IN INTERNAL REVENUE CODE SECTION 501(C)(2) ALTUS REALTY, INC OPERATES AS A TITLE HOLDING COMPANY WHICH MANAGES THE REAL AND PERSONAL PROPERTY OF DELTA DENTAL OF RHODE ISLAND. false false false false false false false false true false false false true true false true false false false false false false false false false false false true false false false false false false false false false false false true false false true 0 0 0 false false false false false false X 15 14 false false false false true true true true true false false true true true true true true true true false X GEORGE BEDARD 4017526240 10 CHARLES STREET PROVIDENCE RI 029042208 Julie G Duffy Director 1.0 1.0 X 0 6500 0 Francis J Flynn Director 1.0 1.0 X 0 6500 0 William G Foulkes Director 1.0 1.0 X 0 8000 0 Jonathan W Hall Director 1.0 1.0 X 0 3500 0 Almon C Hall Director 1.0 1.0 X 0 8500 0 Edward O Handy III Director 1.0 1.0 X 0 8200 0 Steven J Issa Chair 1.0 1.0 X X 0 11000 0 Joseph J MarcAurele Director 1.0 1.0 X 0 8000 0 Linda R McGoldrick Director 1.0 1.0 X 0 7500 0 James F McManus DDS Director 1.0 1.0 X 0 7500 0 Marc A Paulhus Director 1.0 1.0 X 0 3000 0 Cynthia S Reed Director 1.0 1.0 X 0 9500 0 James V Rosati Director 1.0 1.0 X 0 3000 0 John T Ruggieri Vice Chair 1.0 1.0 X X 0 8000 0 Vanessa Toledo-Vickers Director 1.0 1.0 X 0 7500 0 Fred K Butler VICE CHAIR (THRU 04/16) 1.0 1.0 X X 0 6000 0 William A Mekrut CHAIR (THRU 04/16) 1.0 1.0 X X 0 10500 0 Edwin J Santos DIRECTOR (THRU 04/16) 1.0 1.0 X 0 6200 0 JOSEPH NAGLE President & CEO 1.0 40.0 X 0 1438636 138260 RICHARD FRITZ VP Finance, CFO & Treasurer 1.0 40.0 X 0 359305 57053 KERRIE BENNETT VP MARKETING & SECRETARY 1.0 40.0 X 0 246577 40884 GEORGE BEDARD Controller & Asst Treasurer 1.0 40.0 X 0 139318 36104 MELISSA GENNARI Director Compliance & Asst Sec 1.0 40.0 X 0 139371 16375 0 2452107 288676 0 false true false 0 0 RENTAL INCOME 531120 1803048 1803048 1803048 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 OTHER INCOME 84654 84654 84654 1887702 1887702 0 0 0 0 0 0 0 0 0 0 72613 0 3000 0 0 0 0 0 0 0 0 543353 0 0 0 60602 0 343400 15000 MAINTENANCE & REPAIRS 246574 SECURITY EXPENSES 138123 JANITORIAL EXPENSES 102640 BUILDING SUPPLIES EXPENSE 46428 12601 1584334 123425 273936 0 0 0 0 34068 30089 0 0 0 0 0 0 0 0 121446 104632 8952682 4041679 5021483 4911003 0 0 0 0 0 0 0 0 0 0 5300422 5319660 442905 463486 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3060978 2756267 3503883 3219753 X 0 0 0 0 1796539 2099907 1796539 2099907 5300422 5319660 303368 X false true X true false 6025388 2604796 3420592 808974 729668 79306 2118321 707216 1411105 4911003 0 DUE TO AFFILIATES 2756267 2756267 X ASC 740 SCHEDULE D, PART X Altus Realty, Inc. is included in the consolidated financial statements of Delta Dental of Rhode Island. Delta Dental of Rhode Island is a not-for-profit corporation pursuant to Section 501(c)(4) of the Internal Revenue Code (IRC) and is generally exempt from federal income taxes on related income under Section 501(a) of the IRC and, accordingly, no provision for income taxes relative to Delta Dental of Rhode Island has been made in the accompanying consolidated financial statements. Altus Realty Company is a nonprofit real estate holding company pursuant to Section 501(c)(2) of the Internal Revenue Code. The Company evaluates its uncertain tax positions with a two-step process in accordance with GAAP. First, the Company determines whether it is more likely than not that an uncertain tax position will be sustained upon examination based on the technical merits of the position. Second, an uncertain tax position that meets the more likely than not threshold is measured to determine the amount of benefit to recognize in the financial statements. The position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. Uncertain tax positions that previously failed to meet the more likely than not recognition threshold are recognized in the first subsequent reporting period in which the threshold is met. Previously recognized uncertain tax positions that no longer meet the more likely than not recognition threshold are derecognized in the first subsequent reporting period in which the threshold is no longer met. Should interest or penalties be assessed, such expenses would be reflected in selling, general and administrative expenses. As of December 31, 2015 and 2016, the Company had no uncertain tax positions. false true false JOSEPH NAGLE President & CEO 0 609084 0 206220 0 623332 0 119031 0 19229 0 1576896 0 448109 RICHARD FRITZ VP Finance, CFO & Treasurer 0 299070 0 57333 0 2902 0 37074 0 19979 0 416358 0 0 KERRIE BENNETT VP MARKETING & SECRETARY 0 208842 0 37281 0 454 0 29953 0 10931 0 287461 0 0 GEORGE BEDARD Controller & Asst Treasurer 0 131527 0 6017 0 1774 0 16954 0 19150 0 175422 0 0 MELISSA GENNARI Director Compliance & Asst Sec 0 125748 0 13064 0 559 0 14850 0 1525 0 155746 0 0 methods used to establish compensation SCHEDULE J, PART I, LINE 3 THE OFFICERS AND DIRECTORS OF THE ORGANIZATION ARE ALSO OFFICERS AND DIRECTORS OF DELTA DENTAL OF RHODE ISLAND (DDRI), A RELATED TAX EXEMPT ORGANIZATION, AND RECEIVE COMPENSATION FROM DDRI. DDRI ESTABLISHES THE CEO'S COMPENSATION USING A COMPENSATION COMMITTEE, AN INDEPENDENT COMPENSATION CONSULTANT, AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE. SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN SCHEDULE J, PART I, LINE 4B THE CEO PARTICIPATES IN A 457(F) DEFERRED COMPENSATION PLAN OF A RELATED ORGANIZATION, DELTA DENTAL OF RHODE ISLAND, AND HAS MET A VESTING CRITERIA DURING 2016. THEREFORE A PAYMENT OF $538,724 WAS MADE TO THE CEO IN 2016 AND REPORTED ON SCHEDULE J PART II COLUMN B(III). $448,109 OF THE PAYMENT WAS PREVIOUSLY REPORTED AS DEFERRED COMPENSATION ON PRIOR RETURNS, AS SUCH IT IS DISCLOSED ON SCHEDULE J PART II COLUMN F. IN ADDITION, CONTRIBUTIONS OF $66,031 MADE TO THE PLAN DURING 2016 HAVE BEEN REPORTED ON SCHEDULE J PART II COLUMN (C). MEMBERS OF THE ORGANIZATION FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS 75 CORPORATE MEMBERS. MEMBERS THAT MAY ELECT THE GOVERNING BODY FORM 990, PART VI, SECTION A, LINE 7A THE CORPORATE MEMBERS MEET ANNUALLY TO APPROVE ANY BY-LAW CHANGES AND TO ELECT INDIVIDUALS TO THE 15 MEMBER BOARD OF DIRECTORS, WHICH IS THE ORGANIZATION'S GOVERNING BODY. ALL 15 MEMBERS OF THE BOARD OF DIRECTORS ALSO SERVE AS REPRESENTATIVES OF THE CORPORATE MEMBERS. DECISIONS OF THE GOVERNING BODY SUBJECT TO APPROVAL BY MEMBERS FORM 990, PART VI, SECTION A, LINE 7B THE CORPORATE MEMBERSHIP APPROVES OR REJECTS RECOMMENDATIONS MADE BY THE BOARD OF DIRECTORS RELATIVE TO ANY BY-LAW CHANGES OR NOMINATIONS OF INDIVIDUALS TO SERVE ON THE BOARD OF DIRECTORS. FORM 990 REVIEW PROCESS FORM 990, PART VI, SECTION B, LINE 11 THE ANNUAL FORM 990 IS PREPARED BY GRANT THORNTON LLP, THE COMPANY'S TAX ADVISOR AND INDEPENDENT AUDITOR, USING INFORMATION PROVIDED BY ALTUS REALTY, INC. AFTER PREPARATION AND REVIEW OF THE RETURN BY GRANT THORNTON, THE DRAFT is REVIEWED BY ALTUS REALTY's FINANCE DEPARTMENT AND MANAGEMENT, INCLUDING THE CONTROLLER, CFO, AND CEO AS NECESSARY. THE COMPLETE FORM 990 IS THEN PROVIDED TO EACH MEMBER OF THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. CONFLICT OF INTEREST POLICY FORM 990, PART VI, SECTION B, LINE 12C Altus Realty Inc. follows the conflict interest policy of Delta Dental of Rhode Island ("The Company"). All W-2 employees, interns, temps, dental consultants, and board members complete an annual conflict of interest questionnaire. The review process for complete questionnaires containing disclosures is as follows: For W-2 employees, interns, and temps, disclosures are reviewed by the director of compliance and CFO. Disclosed potential conflicts are discussed and may be elevated in the review process to the CEO and external legal counsel for advice. Any required actions are immediately implemented in accordance with the company's documented conflict of interest policies. For the CEO and CFO, disclosures are reviewed by external legal counsel. Legal counsel advises of any required actions which are immediately implemented in accordance with the company's documented standards of conduct and business ethics and conflict of interest policies. For dental consultants, disclosures are reviewed by the director of compliance, the VP-CFO, and the VP-CIO. All conflicts are discussed and may be elevated to external legal counsel for advice. Any required actions are immediately implemented in accordance with the company's documented conflict of interest policies. For board members, disclosures are reviewed by external legal counsel. Legal counsel prepares a written memorandum for presentation to board members with the results of the review. All conflicts are discussed and any required actions are immediately implemented in accordance with the company's documented conflict of interest policies. In the case of a conflict, immediate and appropriate action is taken in accordance with the company's policies. Persons with a conflict are recused from discussions and do not vote on resolutions that pertain directly to their conflict. COMPENSATION POLICY FORM 990, PART VI, SECTION B, LINE 15 The officers and directors of the organization are also officers and directors of Delta Dental of Rhode Island ("DDRI"The Company"), a related tax exempt organization, and receive compensation from DDRI. Compensation for these individuals is determined according to DDRI's compensation policy. The Board of Directors of DDRI elects members to serve on its compensation committee which is responsible for setting the CEO's compensation and approving pay ranges for the various job tracks within the company as well as approving any fringe benefits. The company and the committee annually contract with independent compensation consultants to help determine appropriate pay ranges and fringe benefits such as health and other insurances and retirement and other benefits. Comparable data is used to determine whether compensation is consistent with similar organizations. Recommendation for the CEO's compensation are made by the compensation committee to the board of directors for review and approval. The review and approval process is contemporaneously documented in the minutes of both the compensation committee and the board of directors. PUBLIC DISCLOSURE FORM 990, PART VI, SECTION C, LINE 19 Altus Realty Inc's governing documents, such as bylaws and corporate charter are available upon request from the company, and can also be obtained from the secretary of state's office within the state of Rhode Island. Delta Dental of Rhode Island's conflict of interest policy, as well as the audited financial statements are also available upon request at Delta Dental of Rhode Island's headquarters. Altus Realty Inc's Form 990 is also posted on www.guidestar.org. 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