Civic Intelligence

Farmingdale Housing Development Fund Company Inc

EIN 11-2614312 • 501(c)3 • Hempstead, NY

Profile

The company provides housing for the elderly and handicapped. Hud project number 012 eh 288 is an 80-unit apartment facility, located in farmingdale, new york. The project is operated under section 202 of the national housing act and is regulated by u.s. Department of housing and urban development (hud) with respect to rental charges and operating methods.the project also is subject to section 8 housing assistance payments (hap) agreements with hud, and a significant portion of the project's rental income is received from hud.

CO Stanan Management 33 Front StHempstead, NY 11550

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

32nd percentile

0.10x

Higher debt load relative to assets than 32% of similar nonprofits.

NTEE L • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

32nd percentile

0.28x

Higher debt load relative to revenue than 32% of similar nonprofits.

NTEE L • $1M-$5M nonprofits • Source year 2024

Net Margin

90th percentile

55%

Higher net margin than 90% of similar nonprofits.

NTEE L • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

47th percentile

$0

Higher top officer pay than 47% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

NTEE L • $1M-$5M nonprofits • Source year 2024

Asset Growth

87th percentile

17%

Faster asset growth than 87% of similar nonprofits.

NTEE L • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

75th percentile

12%

Faster revenue growth than 75% of similar nonprofits.

NTEE L • $1M-$5M nonprofits • Annualized from 2023 to 2024

Assets

Up

$4,734,942

Up $697,001 (+17%) from 2023

Liabilities

Down

$489,875

Down $285,538 (-37%) from 2023

Net Assets

Up

$4,245,067

Up $982,539 (+30%) from 2023

Revenue

Up

$1,781,076

Up $187,169 (+12%) from 2023

Expenses

Up

$798,537

Up $13,145 (+1.7%) from 2023

Net Income

Up

$982,539

Up $174,024 (+22%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$6.0M$4.0M$2.0M$0-$2.0MAssets 2011: $1,675,207Liabilities 2011: $2,918,613Net Assets 2011: -$1,243,4062011Assets 2012: $1,635,055Liabilities 2012: $2,835,471Net Assets 2012: -$1,200,4162012Assets 2013: $1,508,144Liabilities 2013: $2,878,481Net Assets 2013: -$1,370,3372013Assets 2014: $1,231,238Liabilities 2014: $2,573,770Net Assets 2014: -$1,342,5322014Assets 2015: $1,211,817Liabilities 2015: $2,443,937Net Assets 2015: -$1,232,1202015Assets 2016: $1,257,612Liabilities 2016: $2,301,692Net Assets 2016: -$1,044,0802016Assets 2017: $1,643,214Liabilities 2017: $2,164,805Net Assets 2017: -$521,5912017Assets 2018: $1,982,500Liabilities 2018: $1,973,541Net Assets 2018: $8,9592018Assets 2019: $2,357,343Liabilities 2019: $1,767,019Net Assets 2019: $590,3242019Assets 2020: $2,817,641Liabilities 2020: $1,625,707Net Assets 2020: $1,191,9342020Assets 2021: $3,070,423Liabilities 2021: $1,319,188Net Assets 2021: $1,751,2352021Assets 2022: $3,536,925Liabilities 2022: $1,082,912Net Assets 2022: $2,454,0132022Assets 2023: $4,037,941Liabilities 2023: $775,413Net Assets 2023: $3,262,5282023Assets 2024: $4,734,942Liabilities 2024: $489,875Net Assets 2024: $4,245,0672024

Highlighted filing

2024

Assets$4,734,942
Liabilities$489,875
Net Assets$4,245,067

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$2.0M$1.5M$1.0M$500K$0-$500KRevenue 2011: $27,419Expenses 2011: $0Net Income 2011: $27,4192011Revenue 2012: $42,990Expenses 2012: $0Net Income 2012: $42,9902012Revenue 2013: -$169,921Expenses 2013: $0Net Income 2013: -$169,9212013Revenue 2014: $27,805Expenses 2014: $0Net Income 2014: $27,8052014Revenue 2015: $110,412Expenses 2015: $0Net Income 2015: $110,4122015Revenue 2016: $188,040Expenses 2016: $0Net Income 2016: $188,0402016Revenue 2017: $522,489Expenses 2017: $0Net Income 2017: $522,4892017Revenue 2018: $530,550Expenses 2018: $0Net Income 2018: $530,5502018Revenue 2019: $581,365Expenses 2019: $0Net Income 2019: $581,3652019Revenue 2020: $602,744Expenses 2020: $0Net Income 2020: $602,7442020Revenue 2021: $1,303,096Expenses 2021: $743,729Net Income 2021: $559,3672021Revenue 2022: $1,487,868Expenses 2022: $785,090Net Income 2022: $702,7782022Revenue 2023: $1,593,907Expenses 2023: $785,392Net Income 2023: $808,5152023Revenue 2024: $1,781,076Expenses 2024: $798,537Net Income 2024: $982,5392024

Highlighted filing

2024

Revenue$1,781,076
Expenses$798,537
Net Income$982,539

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$4.73$0.49$4.25$1.78$0.80$0.98
2023Detailed filing. Detailed filing data is available for this year.$4.04$0.78$3.26$1.59$0.79$0.81
2022Detailed filing. Detailed filing data is available for this year.$3.54$1.08$2.45$1.49$0.79$0.70
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.07$1.32$1.75$1.30$0.74$0.56
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.82$1.63$1.19$0.60$0.00$0.60
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.36$1.77$0.59$0.58$0.00$0.58
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.98$1.97$0.01$0.53$0.00$0.53
2017Detailed filing. Detailed filing data is available for this year.$1.64$2.16$0.52$0.52$0.00$0.52
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.26$2.30$1.04$0.19$0.00$0.19
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.21$2.44$1.23$0.11$0.00$0.11
2014Detailed filing. Detailed filing data is available for this year.$1.23$2.57$1.34$0.03$0.00$0.03
2013Summary only. Only limited summary data is available for this year.$1.51$2.88$1.37$0.17$0.00$0.17
2012Summary only. Only limited summary data is available for this year.$1.64$2.84$1.20$0.04$0.00$0.04
2011Summary only. Only limited summary data is available for this year.$1.68$2.92$1.24$0.03$0.00$0.03
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Oct 1, 2023 to Sep 30, 2024
Signed
Feb 17, 2025
Return Version
2023v6.0
Gross Receipts
$1,781,076
Mission and Program Overview

Mission

The company provides housing for the elderly and handicapped. Hud project number 012 eh 288 is an 80-unit apartment facility, located in farmingdale, new york. The project is operated under section 202 of the national housing act and is regulated by u.s. Department of housing and urban development (hud) with respect to rental charges and operating methods.the project also is subject to section 8 housing assistance payments (hap) agreements with hud, and a significant portion of the project's rental income is received from hud.

The company provides housing for low income, elderly and handicapped individuals who are able to live independently on a not-for-profit basis. Rents paid by the tenants are subsidized by the us department of h.u.d through section 8 rent assistance payments. The project (building) was financed with a mortgage from h.u.d.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,585,511$1,658,245▲ $72,734
Prepaid Expenses and Deferred Charges$50,257$58,288▲ $8,031
Accounts Receivable$31,894$32,485▲ $591
Cash and Non-Interest-Bearing Accounts$32,272$21,356▼ $10,916
Savings and Temporary Cash Investments$5,774$5,989▲ $215
Total Assets$4,037,941$4,734,942▲ $697,001
Other Assets Total$2,332,233$2,958,579▲ $626,346
Liabilities
Mortgage Notes Payable Secured by Investment Property$703,263$396,077▼ $307,186
Accounts Payable and Accrued Expenses$31,832$60,217▲ $28,385
Escrow Account Liability$30,472$28,387▼ $2,085
Deferred Revenue$9,846$5,194▼ $4,652
Total Liabilities$775,413$489,875▼ $285,538
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,262,528$4,245,067▲ $982,539
Total Net Assets Fund Balance$3,262,528$4,245,067▲ $982,539
Total Liabilities and Net Assets / Fund Balance$4,037,941$4,734,942▲ $697,001

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,112,570$3,743,564$4,856,134
Land$439,800-$439,800
Equipment$104,340$253,788$358,128
Other Land Buildings$1,535$2,722$4,257
Other Assets Org$227,151--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Stephen Kressel EsquireTreasurer/president
Anita GodfreyBoard Member
Gail Jeby-levyBoard Member
Joseph CarosellaBoard Member
Lynn ConnollyBoard Member
Mr Danny GasteluaBoard Member
Ms Prudence ManolakesBoard Member
Msgr Mark RowanBoard Member
Peter a Caruso EsquireBoard Member
Rabbi Moshe WeisblumBoard Member
Reverend De Claire WuBoard Member
Reverend Edward BarnettBoard Member
Reverend Father Brian BarryBoard Member
Tom SattlerBoard Member
Reverend Robert WeberBoard Member Thru 5/24
Katherine McdonaldSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$1,299,860
Program Service Revenue
$349,559
Investment Income
$128,696
Other Revenue
$2,961
Change in Net Assets
$982,539

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,781,076
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$1,781,076
Total Revenue per Form 990
$1,781,076
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$798,537
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses$172,736--$172,736
Fees for Services Other$69,003$73,332-$142,335
Insurance$127,376--$127,376
Occupancy$125,606--$125,606
Fees for Services Management-$109,259-$109,259
Depreciation Depletion$64,180--$64,180
Fees for Services Accounting-$44,347-$44,347
Office Expenses-$4,460-$4,460
Fees for Services Legal-$4,450-$4,450
Information Technology$3,788--$3,788
Total Functional Expenses$562,689$235,848$0$798,537

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$798,537
Total Expenses per Audited Statements$798,537
Total Expenses per Form 990$798,537
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

Stanan managment manages all operations of the project, processes all financial transactions, and ensures the project is in compliance with hud and all other rules and regulations. The management company was paid $109,259 for its services which was equal to 6.55% of the organization's gross revenues.

Form 990, Part VI, Section A, Line 6

There shall be five members of the corporation: 1. St. Kilian roman catholic church 2. St. Lukes lutheran church 3. St. Thomas episcopal church 4. Farmingdale united methodist church 5. Congregation beth tikvah (f/k/a farmingdale jewish center)

Form 990, Part VI, Section A, Line 7A

The spiritual leader of each member of the corporation shall be a director of the corporation. Each member shall annually designate one or two additional directors.

Form 990, Part VI, Section A, Line 8B

There are no committees who can act on behalf of the board.

Form 990, Part VI, Section B, Line 11B

A copy of the form 990 is provided to all members of the board of directors as well as management for review prior to its submission. The form is thoroughly reviewed by each member and any questions are immediately addressed.

Form 990, Part VI, Section C, Line 19

The farmingdale housing development fund company, inc. Makes all documents available to the public upon written request.

Filing and Contact Details

Filer

Filer Name
Farmingdale Housing Development
EIN
11-2614312
Phone
5164861000
Address
CO STANAN MANAGEMENT 33 FRONT ST, HEMPSTEAD, NY 11550

Signing Officer

Name
Stephen Kressel
Title
President
Phone
5167985363
Signed
2025-02-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Stephen Kressel
Formed
1983
Legal Domicile
Ny
Voting Board Members
15
Independent Board Members
15
Employees
0
Volunteers
16

Preparer

Firm
PKF O'CONNOR DAVIES ADVISORY LLC
Address
878 VETERANS MEMORIAL HWY 4TH FLOOR, HAUPPAUGE, NY 11788
Preparer
Garrett M Higgins
Phone
6314349500
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

Contracted services: program service expenses 69,003. Management and general expenses 73,332. Fundraising expenses 0. Total expenses 142,335.

Part XII-line 2C

The organization has a committee that assumes responsibility for the audit of its financial statements and the selection of its independent accountant. The process has not changed from thr prior year.

Financial Statement Notes

PART IV, LINE 2B:

The organization holds security deposits from tenants in an escrow account. These deposits are returned to the tenants once they move out of the apartment.

PART X, LINE 2:

The farmingdale housing development fund company, inc, a not-for-profit organization operating under section 501(c)(3) of the internal revenue code, is generally exempt from federal, state and local income taxes. Accordingly, no provision for income taxes is included in the financial statements. The farmingdale housing development fund company, inc accounts for the effect of any uncertain tax positions based on a "more-likelythan-not" threshold to the recognition of the tax positions being sustained based on the technical merits of the position under scrutiny by the applicable taxing authority. If a tax position or positions are deemed to result in uncertainties of those positions, the unrecognized benefit is estimated based on a "cumulative probability assessment" that aggregates the estimated tax liability for all uncertain tax positions. Interest and penalties assessed, if any, are accrued as income tax expense. The farmingdale housing development fund company, inc has identified its tax status as a tax-exempt entity as a tax position; however, the corporation has determined that such tax position does not result in an uncertainty requiring recognition. The corporation is not currently under examination by any tax jurisdiction. Federal and state tax returns are generally open for examination for three years.

Raw XML AppendixShowing 400 of 518 raw XML fields

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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt90
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IRS990/Form990PartVIISectionAGrp/TitleTxt5BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt6BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt7BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt8BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt9BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt10BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt11BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt12BOARD MEMBER
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IRS990/Form990PartVIISectionAGrp/TitleTxt14BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt15BOARD MEMBER
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