Civic Intelligence

50Th Street Housing Development Fund Corporation

990 • Fiscal year 2021 • EIN 11-3270117

Jan 01, 2021 to Dec 31, 2021 • Filed on Feb 16, 2022

Organization ProfileFIFTHAVE.ORG
621 Degraw StreetBrooklyn, NY 11217

(718) 237-2017

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

75th percentile

1.25x

Higher debt load relative to assets than 75% of similar nonprofits.

2021 filings • NTEE L • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

75th percentile

6.65x

Higher debt load relative to revenue than 75% of similar nonprofits.

2021 filings • NTEE L • $1M-$5M nonprofits • Source year 2021

Net Margin

61st percentile

2.1%

Higher net margin than 61% of similar nonprofits.

2021 filings • NTEE L • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

77th percentile

$207,404

Higher top officer pay than 77% of similar nonprofits.

Top officer pay equals 41.2% of source-year revenue.

2021 filings • NTEE L • $1M-$5M nonprofits • Source year 2021

Asset Growth

80th percentile

7.8%

Faster asset growth than 80% of similar nonprofits.

2021 filings • NTEE L • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

27th percentile

-2.3%

Faster revenue growth than 27% of similar nonprofits.

2021 filings • NTEE L • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets75th percentile

Assets

Up

$2,673,313

Up $193,478 (+7.8%) from 2020

Net Assets

Up

-$676,730

Up $10,441 (+1.5%) from 2020

Liabilities

Up

$3,350,043

Up $183,037 (+5.8%) from 2020

Revenue And Expenses
Liabilities / Revenue75th percentileNet Margin61st percentile

Revenue

Down

$503,826

Down $11,698 (-2.3%) from 2020

Expenses

Down

$493,385

Down $1,207 (-0.2%) from 2020

Net Income

Down

$10,441

Down $10,491 (-50%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth80th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$15M$10M$5.0M$0-$5.0MAssets 2011: $1,229,805Liabilities 2011: $1,703,583Net Assets 2011: -$473,7782011Assets 2012: $1,232,458Liabilities 2012: $1,684,651Net Assets 2012: -$452,1932012Assets 2013: $1,326,872Liabilities 2013: $1,720,063Net Assets 2013: -$393,1912013Assets 2014: $1,347,385Liabilities 2014: $1,698,473Net Assets 2014: -$351,0882014Assets 2015: $1,419,996Liabilities 2015: $1,684,477Net Assets 2015: -$264,4812015Assets 2016: $1,489,188Liabilities 2016: $1,716,543Net Assets 2016: -$227,3552016Assets 2017: $2,430,441Liabilities 2017: $3,181,927Net Assets 2017: -$751,4862017Assets 2018: $2,517,911Liabilities 2018: $3,257,395Net Assets 2018: -$739,4842018Assets 2019: $2,449,476Liabilities 2019: $3,157,579Net Assets 2019: -$708,1032019Assets 2020: $2,479,835Liabilities 2020: $3,167,006Net Assets 2020: -$687,1712020Assets 2021: $2,673,313Liabilities 2021: $3,350,043Net Assets 2021: -$676,7302021Assets 2022: $3,597,894Liabilities 2022: $4,322,959Net Assets 2022: -$725,0652022Assets 2023: $6,352,055Liabilities 2023: $7,125,224Net Assets 2023: -$773,1692023Assets 2024: $9,626,182Liabilities 2024: $10,443,585Net Assets 2024: -$817,4032024

Highlighted filing

2021

Assets$2,673,313
Liabilities$3,350,043
Net Assets-$676,730
Open 2021 Filing

Operations Trend

Revenue Growth27th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$600K$400K$200K$0-$200KRevenue 2011: $447,456Expenses 2011: $363,732Net Income 2011: $83,7242011Revenue 2012: $394,161Expenses 2012: $372,576Net Income 2012: $21,5852012Revenue 2013: $467,441Expenses 2013: $408,439Net Income 2013: $59,0022013Revenue 2014: $476,939Expenses 2014: $434,836Net Income 2014: $42,1032014Revenue 2015: $495,686Expenses 2015: $409,079Net Income 2015: $86,6072015Revenue 2016: $475,614Expenses 2016: $438,488Net Income 2016: $37,1262016Revenue 2017: $498,861Expenses 2017: $480,956Net Income 2017: $17,9052017Revenue 2018: $500,040Expenses 2018: $488,038Net Income 2018: $12,0022018Revenue 2019: $498,757Expenses 2019: $467,376Net Income 2019: $31,3812019Revenue 2020: $515,524Expenses 2020: $494,592Net Income 2020: $20,9322020Revenue 2021: $503,826Expenses 2021: $493,385Net Income 2021: $10,4412021Revenue 2022: $468,853Expenses 2022: $517,188Net Income 2022: -$48,3352022Revenue 2023: $474,550Expenses 2023: $522,654Net Income 2023: -$48,1042023Revenue 2024: $483,958Expenses 2024: $492,995Net Income 2024: -$9,0372024

Highlighted filing

2021

Revenue$503,826
Expenses$493,385
Net Income$10,441
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Feb 16, 2022
Return Version
2021v4.0
Gross Receipts
$503,826
Mission and Program Overview

Mission

The mission of the organization is to own and operate two apartment buildings and provide social services to qualified low income individuals in the brooklyn, new york area.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,862,012$1,938,434▲ $76,422
Cash and Non-Interest-Bearing Accounts$313,983$405,076▲ $91,093
Prepaid Expenses and Deferred Charges$16,196$26,069▲ $9,873
Accounts Receivable$25,616$15,584▼ $10,032
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$2,479,835$2,673,313▲ $193,478
Other Assets Total$262,028$288,150▲ $26,122
Liabilities
Mortgage Notes Payable Secured by Investment Property$3,092,824$3,089,859▼ $2,965
Accounts Payable and Accrued Expenses$39,932$227,720▲ $187,788
Other Liabilities$21,530$20,639▼ $891
Deferred Revenue$12,720$11,825▼ $895
Total Liabilities$3,167,006$3,350,043▲ $183,037
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-687,171$-676,730▲ $10,441
Total Net Assets Fund Balance$-687,171$-676,730▲ $10,441
Total Liabilities and Net Assets / Fund Balance$2,479,835$2,673,313▲ $193,478

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,657,034$1,907,465$3,564,499
Land$281,400-$281,400
Other Assets Org$20,639--
Compensation and Service Providers
Top Officer Pay77th percentile

Board Members and Trustees

NameTitle
Dany CunninghamPresident
Michelle De La UzSecretary
Patricia ConwayTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$503,777
Investment Income
$49
Other Revenue
$0
Change in Net Assets
$10,441
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$493,385
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
Payments to Affiliates$125,837--$125,837
Depreciation Depletion$124,258--$124,258
Insurance$28,926--$28,926
All Other Expenses$21,904--$21,904
Fees for Services Legal$15,757--$15,757
Other Expenses$11,958--$11,958
Fees for Services Accounting$4,200--$4,200
Office Expenses$2,020--$2,020
Interest$715--$715
Total Functional Expenses$493,385$0$0$493,385
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Tenant Security Payable$20,639
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Line 1A: Explanation of Delegated Broad Authority to Committee

“The board sets up adhoc committees on a need basis.”

Form 990, Part VI, Line 3: Description of Delegated Duties to Management Company

“Bookkeeping, accounting, management reporting, coordinate efforts with the outside auditor, maintain the common elements of the property, manage tenant issues and other projects on an as needed basis.”

Form 990, Part VI, Line 7B: Describe Decisions of Governing Body Approval by Members or Shareholders

“Major decisions are discussed and voted upon by board members. At times, the board members seek the opinions of the management company, lawyers, outside auditor and others in the decision making process.”

Form 990, Part VI, Line 8: Explanation of No Contemporaneously Documentation of Meetings

“The organization has not established formal sub committees.”

Form 990, Part VI, Line 11B: Form 990 Review Process

“The outside auditor prepares a draft set of tax returns to be reviewed by the management company. Corrections and edits are discussed and made, if necessary. An officer of the organization reviews the tax returns as well. The outside auditor prepares a final set of tax returns for signature. The management company mails out the signed tax returns to the appropriate government agencies.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“The organization has adopted the conflict of interest policy as used by the sponsor/manager of the organization which is also a 501(c)(3). The director of finance & it of the management company is responsible for financial relationships between the organization and other entities. If a potential conflict of interest issue arises, the director of finance & it for fac addresses this matter with the director of property management for resolution. At times, the management company consults with the outside auditor about potential conflicts.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“Upon request, the organization provides copies of its governing documents, policies and audited financial statements.”

Filing and Contact Details

Filer

Filer Name
50 th STREET HOUSING DEVELOPMENT
EIN
11-3270117
Phone
7182372017
Address
621 DEGRAW STREET, BROOKLYN, NY 11217

Signing Officer

Name
Michelle De La Uz
Title
Secretary
Phone
9142353600
Signed
2022-02-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michelle De La Uz
Formed
1995
Legal Domicile
Ny
Voting Board Members
3
Independent Board Members
3
Employees
0

Preparer

Firm
Rob Goldman CPA Mba Pllc
Address
82 Howard Avenue, Eastchester, NY 10709
Preparer
Rob Goldman CPA Mba
Phone
9142353600
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IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt03564499
IRS990ScheduleD/LandGrp/BookValueAmt0281400
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0281400
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt0267511
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt120639
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0REPLACEMENT RESERVE
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1SECURITY DEPOSITS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt020639
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0TENANT SECURITY PAYABLE
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IRS990ScheduleD/TotalBookValueOtherAssetsAmt0288150
IRS990ScheduleD/TotalLiabilityAmt020639
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt05077
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0MICHELLE DE LA UZ
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0Secretary
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt0207404
IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE BOARD SETS UP ADHOC COMMITTEES ON A NEED BASIS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BOOKKEEPING, ACCOUNTING, MANAGEMENT REPORTING, COORDINATE EFFORTS WITH THE OUTSIDE AUDITOR, MAINTAIN THE COMMON ELEMENTS OF THE PROPERTY, MANAGE TENANT ISSUES AND OTHER PROJECTS ON AN AS NEEDED BASIS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2MAJOR DECISIONS ARE DISCUSSED AND VOTED UPON BY BOARD MEMBERS. AT TIMES, THE BOARD MEMBERS SEEK THE OPINIONS OF THE MANAGEMENT COMPANY, LAWYERS, OUTSIDE AUDITOR AND OTHERS IN THE DECISION MAKING PROCESS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION HAS NOT ESTABLISHED FORMAL SUB COMMITTEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE OUTSIDE AUDITOR PREPARES A DRAFT SET OF TAX RETURNS TO BE REVIEWED BY THE MANAGEMENT COMPANY. CORRECTIONS AND EDITS ARE DISCUSSED AND MADE, IF NECESSARY. AN OFFICER OF THE ORGANIZATION REVIEWS THE TAX RETURNS AS WELL. THE OUTSIDE AUDITOR PREPARES A FINAL SET OF TAX RETURNS FOR SIGNATURE. THE MANAGEMENT COMPANY MAILS OUT THE SIGNED TAX RETURNS TO THE APPROPRIATE GOVERNMENT AGENCIES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE ORGANIZATION HAS ADOPTED THE CONFLICT OF INTEREST POLICY AS USED BY THE SPONSOR/MANAGER OF THE ORGANIZATION WHICH IS ALSO A 501(C)(3). THE DIRECTOR OF FINANCE & IT OF THE MANAGEMENT COMPANY IS RESPONSIBLE FOR FINANCIAL RELATIONSHIPS BETWEEN THE ORGANIZATION AND OTHER ENTITIES. IF A POTENTIAL CONFLICT OF INTEREST ISSUE ARISES, THE DIRECTOR OF FINANCE & IT FOR FAC ADDRESSES THIS MATTER WITH THE DIRECTOR OF PROPERTY MANAGEMENT FOR RESOLUTION. AT TIMES, THE MANAGEMENT COMPANY CONSULTS WITH THE OUTSIDE AUDITOR ABOUT POTENTIAL CONFLICTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6UPON REQUEST, THE ORGANIZATION PROVIDES COPIES OF ITS GOVERNING DOCUMENTS, POLICIES AND AUDITED FINANCIAL STATEMENTS.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 1a: Explanation of Delegated Broad Authority to Committee
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 3: Description of Delegated Duties to Management Company
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 7b: Describe Decisions of Governing Body Approval by Members or Shareholders
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 8: Explanation of No Contemporaneously Documentation of Meetings
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
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IRS990ScheduleR/AssetPurchaseFromOtherOrgInd0false
IRS990ScheduleR/AssetSaleToOtherOrgInd0false
IRS990ScheduleR/DivRelatedOrganizationInd0false
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IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0false
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0FIFTH AVENUE COMMITTEE INC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0112475743
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(c)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0NY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0TO ADVANCE SOCIAL AND ECONOMIC JUSTICE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0ACTIVE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt0621 DEGRAW STREET
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0BROOKLYN
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd011217
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IRS990ScheduleR/RentalOfFcltsFromOthOrgInd0false
IRS990ScheduleR/SharingOfFacilitiesInd0false
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IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0ACTUAL
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0FIFTH AVENUE COMMITTEE INC
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IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalAssetsEOYAmt02673313
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IRS990/TotalFunctionalExpensesGrp/TotalAmt0493385
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IRS990/TotalLiabilitiesGrp/EOYAmt03350043
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Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,673,313
Liabilities
$3,350,043
Net assets
-$676,730
Revenue
$503,826
Expenses
$493,385
Net income
$10,441
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.63$10.4$0.82$0.48$0.49$0.01
2023Detailed filing. Detailed filing data is available for this year.$6.35$7.13$0.77$0.47$0.52$0.05
2022Detailed filing. Detailed filing data is available for this year.$3.60$4.32$0.73$0.47$0.52$0.05
2021Detailed filing. Detailed filing data is available for this year.$2.67$3.35$0.68$0.50$0.49$0.01
2020Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$2.48$3.17$0.69$0.52$0.49$0.02
2019Summary only. Only limited summary data is available for this year.$2.45$3.16$0.71$0.50$0.47$0.03
2018Summary only. Only limited summary data is available for this year.$2.52$3.26$0.74$0.50$0.49$0.01
2017Summary only. Only limited summary data is available for this year.$2.43$3.18$0.75$0.50$0.48$0.02
2016Summary only. Only limited summary data is available for this year.$1.49$1.72$0.23$0.48$0.44$0.04
2015Summary only. Only limited summary data is available for this year.$1.42$1.68$0.26$0.50$0.41$0.09
2014Summary only. Only limited summary data is available for this year.$1.35$1.70$0.35$0.48$0.43$0.04
2013Summary only. Only limited summary data is available for this year.$1.33$1.72$0.39$0.47$0.41$0.06
2012Summary only. Only limited summary data is available for this year.$1.23$1.68$0.45$0.39$0.37$0.02
2011Summary only. Only limited summary data is available for this year.$1.23$1.70$0.47$0.45$0.36$0.08
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2021 filings • 501(c)3 • $1M-$5M nonprofits