Civic Intelligence

55 Whipple Street Housing Development Fund Corporation

990 • Fiscal year 2021 • EIN 11-3352060

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 24, 2022

Organization ProfileN/A
434 South 5th StBrooklyn, NY 11211

(718) 387-3600

Siviq Scores

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

Liabilities / Assets

53rd percentile

0.68x

Higher debt load relative to assets than 53% of similar nonprofits.

2021 filings • NTEE L • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

36th percentile

1.50x

Higher debt load relative to revenue than 36% of similar nonprofits.

2021 filings • NTEE L • $10M-$25M nonprofits • Source year 2021

Net Margin

93rd percentile

87%

Higher net margin than 93% of similar nonprofits.

2021 filings • NTEE L • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

39th percentile

$145,455

Higher top officer pay than 39% of similar nonprofits.

Top officer pay equals 2.4% of source-year revenue.

2021 filings • NTEE L • $10M-$25M nonprofits • Source year 2021

Asset Growth

95th percentile

65%

Faster asset growth than 95% of similar nonprofits.

2021 filings • NTEE L • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

79th percentile

24%

Faster revenue growth than 79% of similar nonprofits.

2021 filings • NTEE L • $10M-$25M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets53rd percentile

Assets

Up

$13,310,618

Up $5,226,418 (+65%) from 2020

Net Assets

Up

$4,317,782

Up $5,214,402 (+582%) from 2020

Liabilities

Up

$8,992,836

Up $12,016 (+0.1%) from 2020

Revenue And Expenses
Liabilities / Revenue36th percentileNet Margin93rd percentile

Revenue

Up

$6,000,238

Up $1,146,516 (+24%) from 2020

Expenses

Down

$785,836

Down $142,903 (-15%) from 2020

Net Income

Up

$5,214,402

Up $1,289,419 (+33%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth95th percentile

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

$20M$10M$0-$10MAssets 2016: $1Liabilities 2016: $02016Assets 2017: $1Liabilities 2017: $02017Assets 2019: $4,019,111Liabilities 2019: $8,840,714Net Assets 2019: -$4,821,6032019Assets 2020: $8,084,200Liabilities 2020: $8,980,820Net Assets 2020: -$896,6202020Assets 2021: $13,310,618Liabilities 2021: $8,992,836Net Assets 2021: $4,317,7822021Assets 2022: $17,109,235Liabilities 2022: $18,433,747Net Assets 2022: -$1,324,5122022Assets 2023: $16,886,275Liabilities 2023: $18,840,581Net Assets 2023: -$1,954,3062023Assets 2024: $16,604,212Liabilities 2024: $18,914,531Net Assets 2024: -$2,310,3192024

Highlighted filing

2021

Assets$13,310,618
Liabilities$8,992,836
Net Assets$4,317,782
Open 2021 Filing

Operations Trend

Revenue Growth79th percentile

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

$8.0M$6.0M$4.0M$2.0M$0-$2.0MRevenue 2016: $0Expenses 2016: $0Net Income 2016: $02016Revenue 2017: $0Expenses 2017: $0Net Income 2017: $02017Revenue 2019: $507,972Expenses 2019: $790,743Net Income 2019: -$282,7712019Revenue 2020: $4,853,722Expenses 2020: $928,739Net Income 2020: $3,924,9832020Revenue 2021: $6,000,238Expenses 2021: $785,836Net Income 2021: $5,214,4022021Revenue 2022: $646,956Expenses 2022: $815,383Net Income 2022: -$168,4272022Revenue 2023: $580,315Expenses 2023: $1,029,116Net Income 2023: -$448,8012023Revenue 2024: $645,668Expenses 2024: $1,001,681Net Income 2024: -$356,0132024

Highlighted filing

2021

Revenue$6,000,238
Expenses$785,836
Net Income$5,214,402
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 24, 2022
Return Version
2021v4.2
Gross Receipts
$6,000,238
Mission and Program Overview

Mission

Organized to develop, construct, own, operate and manage a multifamily residential building that contains 51 residential unit for low-income individuals and families.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$7,173,575$12,428,928▲ $5,255,353
Cash and Non-Interest-Bearing Accounts$394,187$459,037▲ $64,850
Savings and Temporary Cash Investments$456,986$353,093▼ $103,893
Accounts Receivable$27,332$36,702▲ $9,370
Prepaid Expenses and Deferred Charges$26,760$27,498▲ $738
Total Assets$8,084,200$13,310,618▲ $5,226,418
Other Assets Total$5,360$5,360→ $0
Liabilities
Unsecured Notes Loans Payable$6,605,643$6,607,816▲ $2,173
Accounts Payable and Accrued Expenses$2,328,133$2,348,517▲ $20,384
Other Liabilities$47,044$36,503▼ $10,541
Total Liabilities$8,980,820$8,992,836▲ $12,016
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-896,620$4,317,782▲ $5,214,402
Total Net Assets Fund Balance$-896,620$4,317,782▲ $5,214,402
Total Liabilities and Net Assets / Fund Balance$8,084,200$13,310,618▲ $5,226,418

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$9,500,690-$9,500,690
Buildings$2,282,998$4,516,452$6,799,450
Land$635,245-$635,245
Equipment$9,995$16,544$26,539
Compensation and Service Providers
Top Officer Pay39th percentile

Employees

NameTitleOtherTotal
Juan RamosExecutive Director$145,455$145,455
Lenette BerriosFinance Director$130,782$130,782

Board Members and Trustees

NameTitle
David LopezChairman
Ray NarvaezVice Chairman
Annette RosadoBoard Member
Damaris ReyesBoard Member
Gladys OgandoBoard Member
JIM O'SHEABoard Member
Joe PachecoBoard Member
Maisha MoralesBoard Member
Maria OcasioBoard Member
Martin NeedlemanBoard Member
Ricardo MolinaBoard Member
Wilfredo VargasBoard Member
Yowalkz RosarioBoard Member
Cassandra AcevedoSecretary
Israel RosarioTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$5,474,642
Program Service Revenue
$520,215
Investment Income
$0
Other Revenue
$5,381
Change in Net Assets
$5,214,402
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$785,836
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$227,458--$227,458
Depreciation Depletion$171,299--$171,299
Occupancy$124,405--$124,405
Interest$89,095--$89,095
Insurance$60,534--$60,534
Fees for Services Management-$56,268-$56,268
Fees for Services Other$32,331--$32,331
Fees for Services Accounting-$14,770-$14,770
Fees for Services Legal$4,861--$4,861
Office Expenses$4,815--$4,815
Total Functional Expenses$714,798$71,038$0$785,836
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
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Tenant Security Deposit$28,408
Due to Affiliate$8,095
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
No
Management duties delegated
No

Governance Explanations

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

“A draft of the tax return is discussed and reviewed with the organization's top management and officers of the board before a final draft is approved for submission. For 2021, due to time constraints the board did not get the chance to review and approve prior to submission. Review and approval process will be done at the following board meeting after submission.”

Form 990, Part VI, Section B, Line 12C

“Officers, directors, trustees and key employees are required to submit signed statements.”

Form 990, Part VI, Section C, Line 19

“Documents are available to the public upon request. Financial statements are field with local, county and state agencies.”

Filing and Contact Details

Filer

Filer Name
55 Whipple St Housing Development Fund
EIN
11-3352060
Phone
7183873600
Address
434 SOUTH 5TH ST, BROOKLYN, NY 11211

Signing Officer

Name
Juan Ramos
Title
Executive Director
Phone
7183873600
Signed
2022-11-24
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Juan Ramos
Formed
1996
Legal Domicile
Ny
Voting Board Members
15
Independent Board Members
15
Employees
0
Volunteers
0

Preparer

Firm
Cohnreznick Llp
Address
14 SYLVAN WAY, PARSIPPANY, NJ 07054-3801
Preparer
Lori Rothe Yokobosky CPA
Phone
9732283500
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IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0ORGANIZED TO DEVELOP, CONSTRUCT, OWN, OPERATE AND MANAGE A MULTIFAMILY RESIDENTIAL BUILDING THAT CONTAINS 51 RESIDENTIAL UNIT FOR LOW-INCOME INDIVIDUALS AND FAMILIES.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt0-896620
IRS990/NetAssetsOrFundBalancesEOYAmt04317782
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt0-896620
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt04317782
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/ProgramServicesAmt0124405
IRS990/OccupancyGrp/TotalAmt0124405
IRS990/OfficeExpensesGrp/ProgramServicesAmt04815
IRS990/OfficeExpensesGrp/TotalAmt04815
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt05360
IRS990/OtherAssetsTotalGrp/EOYAmt05360
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherExpensesGrp/Desc0OPERATING & MAINTENANCE
IRS990/OtherExpensesGrp/ProgramServicesAmt0227458
IRS990/OtherExpensesGrp/TotalAmt0227458
IRS990/OtherLiabilitiesGrp/BOYAmt047044
IRS990/OtherLiabilitiesGrp/EOYAmt036503
IRS990/OtherRevenueMiscGrp/BusinessCd0531110
IRS990/OtherRevenueMiscGrp/BusinessCd1900099
IRS990/OtherRevenueMiscGrp/BusinessCd2531110
IRS990/OtherRevenueMiscGrp/Desc0LAUNDRY AND VENDING
IRS990/OtherRevenueMiscGrp/Desc1MISCELLANEOUS
IRS990/OtherRevenueMiscGrp/Desc2TENANT CHARGES
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt02700
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt12527
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt2154
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt02700
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt12527
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt2154
IRS990/OtherRevenueTotalAmt05381
IRS990/PartialLiquidationInd00
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt026760
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt027498
IRS990/PrincipalOfficerNm0JUAN RAMOS
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0531110
IRS990/ProgramServiceRevenueGrp/Desc0RENTAL INCOME
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0520215
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt04326063
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt00
IRS990/PYOtherExpensesAmt0928739
IRS990/PYOtherRevenueAmt025911
IRS990/PYProgramServiceRevenueAmt0501748
IRS990/PYRevenuesLessExpensesAmt03924983
IRS990/PYSalariesCompEmpBnftPaidAmt00
IRS990/PYTotalExpensesAmt0928739
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt04853722
IRS990/ReconcilationRevenueExpnssAmt05214402
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt0525596
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IRS990/SavingsAndTempCashInvstGrp/EOYAmt0353093
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/BuildingsGrp/BookValueAmt02282998
IRS990ScheduleD/BuildingsGrp/DepreciationAmt04516452
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt06799450
IRS990ScheduleD/EquipmentGrp/BookValueAmt09995
IRS990ScheduleD/EquipmentGrp/DepreciationAmt016544
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt026539
IRS990ScheduleD/LandGrp/BookValueAmt0635245
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0635245
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt09500690
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt09500690
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt08095
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt128408
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0DUE TO AFFILIATE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1TENANT SECURITY DEPOSIT
IRS990ScheduleD/TotalBookValueLandBuildingsAmt012428928
IRS990ScheduleD/TotalLiabilityAmt036503
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A DRAFT OF THE TAX RETURN IS DISCUSSED AND REVIEWED WITH THE ORGANIZATION'S TOP MANAGEMENT AND OFFICERS OF THE BOARD BEFORE A FINAL DRAFT IS APPROVED FOR SUBMISSION. FOR 2021, DUE TO TIME CONSTRAINTS THE BOARD DID NOT GET THE CHANCE TO REVIEW AND APPROVE PRIOR TO SUBMISSION. REVIEW AND APPROVAL PROCESS WILL BE DONE AT THE FOLLOWING BOARD MEETING AFTER SUBMISSION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1OFFICERS, DIRECTORS, TRUSTEES AND KEY EMPLOYEES ARE REQUIRED TO SUBMIT SIGNED STATEMENTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FINANCIAL STATEMENTS ARE FIELD WITH LOCAL, COUNTY AND STATE AGENCIES.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd10
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd20
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd30
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd40
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd50
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd60
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd70
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd80
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd90
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd1N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd2N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd3N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd4N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd5N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd6N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd7N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd8N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd9N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN0113361930
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN1113163832
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN2113264114
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN3113345114
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN4113176031
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN5352417156
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN6112640698
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN7112370546
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN8201930038
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN9113605232
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt0C
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt1C
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt2C
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt3C
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt4C
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt5C
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt6C

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$13,310,618
Liabilities
$8,992,836
Net assets
$4,317,782
Revenue
$6,000,238
Expenses
$785,836
Net income
$5,214,402
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$16.6$18.9$2.31$0.65$1.00$0.36
2023Detailed filing. Detailed filing data is available for this year.$16.9$18.8$1.95$0.58$1.03$0.45
2022Detailed filing. Detailed filing data is available for this year.$17.1$18.4$1.32$0.65$0.82$0.17
2021Detailed filing. Detailed filing data is available for this year.$13.3$8.99$4.32$6.00$0.79$5.21
2020Detailed filing. Detailed filing data is available for this year.$8.08$8.98$0.90$4.85$0.93$3.92
2019Summary only. Only limited summary data is available for this year.$4.02$8.84$4.82$0.51$0.79$0.28
2017Summary only. Only limited summary data is available for this year.$0.00$0.00$0.00$0.00$0.00
2016Summary only. Only limited summary data is available for this year.$0.00$0.00$0.00$0.00$0.00