Civic Intelligence

55 Whipple Street Housing Development Fund Corporation

990 • Fiscal year 2022 • EIN 11-3352060

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 15, 2023

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

81st percentile

1.08x

Higher debt load relative to assets than 81% of similar nonprofits.

2022 filings • NTEE L • $10M-$25M nonprofits • Source year 2022

Liabilities / Revenue

94th percentile

28.49x

Higher debt load relative to revenue than 94% of similar nonprofits.

2022 filings • NTEE L • $10M-$25M nonprofits • Source year 2022

Net Margin

19th percentile

-26%

Higher net margin than 19% of similar nonprofits.

2022 filings • NTEE L • $10M-$25M nonprofits • Source year 2022

Top Officer Pay

41st percentile

$156,703

Higher top officer pay than 41% of similar nonprofits.

Top officer pay equals 24.2% of source-year revenue.

2022 filings • NTEE L • $10M-$25M nonprofits • Source year 2022

Asset Growth

89th percentile

29%

Faster asset growth than 89% of similar nonprofits.

2022 filings • NTEE L • $10M-$25M nonprofits • Annualized from 2021 to 2022

Revenue Growth

3rd percentile

-89%

Faster revenue growth than 3% of similar nonprofits.

2022 filings • NTEE L • $10M-$25M nonprofits • Annualized from 2021 to 2022

Assets

Up

$17,109,235

Up $3,798,617 (+29%) from 2021

Net Assets

Down

-$1,324,512

Down $5,642,294 (-131%) from 2021

Liabilities

Up

$18,433,747

Up $9,440,911 (+105%) from 2021

Revenue

Down

$646,956

Down $5,353,282 (-89%) from 2021

Expenses

Up

$815,383

Up $29,547 (+3.8%) from 2021

Net Income

Down

-$168,427

Down $5,382,829 (-103%) from 2021

Historical Trend

Balance Sheet Trend

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

2022

Assets$17,109,235
Liabilities$18,433,747
Net Assets-$1,324,512

Operations Trend

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

2022

Revenue$646,956
Expenses$815,383
Net Income-$168,427
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 15, 2023
Return Version
2022v5.0
Gross Receipts
$646,956
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$12,428,928$6,339,675▼ $6,089,253
Cash and Non-Interest-Bearing Accounts$459,037$510,691▲ $51,654
Accounts Receivable$36,702$43,704▲ $7,002
Prepaid Expenses and Deferred Charges$27,498$28,989▲ $1,491
Total Assets$13,310,618$17,109,235▲ $3,798,617
Other Assets Total$358,453$10,186,176▲ $9,827,723
Liabilities
Deferred Revenue-$9,500,690-
Unsecured Notes Loans Payable$6,607,816$6,609,989▲ $2,173
Accounts Payable and Accrued Expenses$2,348,517$2,292,358▼ $56,159
Other Liabilities$36,503$30,710▼ $5,793
Total Liabilities$8,992,836$18,433,747▲ $9,440,911
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,317,782$-1,324,512▼ $5,642,294
Total Net Assets Fund Balance$4,317,782$-1,324,512▼ $5,642,294
Total Liabilities and Net Assets / Fund Balance$13,310,618$17,109,235▲ $3,798,617

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,119,614$4,685,811$6,805,425
Other Land Buildings$3,575,950-$3,575,950
Land$635,245-$635,245
Equipment$8,866$18,448$27,314
Other Assets Org$5,360--
Compensation and Service Providers

Employees

NameTitleOtherTotal
Lenette BerriosFinance Director$147,449$147,449

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
Juan RamosExecutive Director
Cassandra AcevedoSecretary
Israel RosarioTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$550,245
Investment Income
$88,202
Other Revenue
$8,509
Change in Net Assets
$-168,427
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$815,383
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$204,793--$204,793
Depreciation Depletion$171,263--$171,263
Occupancy$124,901--$124,901
Interest$88,532--$88,532
Fees for Services Other$69,483--$69,483
Insurance$69,299--$69,299
Fees for Services Management-$49,607-$49,607
Fees for Services Accounting-$28,159-$28,159
Fees for Services Legal$5,954--$5,954
Office Expenses$3,392--$3,392
Total Functional Expenses$737,617$77,766$0$815,383
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$2,302
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 2022, 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
2023-11-15
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
15

Preparer

Firm
Cohnreznick Llp
Address
14 SYLVAN WAY, PARSIPPANY, NJ 07054-3801
Preparer
Lori Rothe Yokobosky CPA
Phone
9732283500
Supplemental Narrative

Additional Explanations

FORM 990, PART IV, LINE 12A:

As of the date of filing the audit has not yet been completed. Form 990 has been prepared based on the best information available. Should information substantially change upon completion of the audit appropriate action will be taken.

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IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MiscellaneousRevenueGrp/RelatedOrExemptFuncIncomeAmt05809
IRS990/MiscellaneousRevenueGrp/TotalRevenueColumnAmt05809
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/NetAssetsOrFundBalancesBOYAmt04317782
IRS990/NetAssetsOrFundBalancesEOYAmt0-1324512
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt04317782
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt0-1324512
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/ProgramServicesAmt0124901
IRS990/OccupancyGrp/TotalAmt0124901
IRS990/OfficeExpensesGrp/ProgramServicesAmt03392
IRS990/OfficeExpensesGrp/TotalAmt03392
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt0358453
IRS990/OtherAssetsTotalGrp/EOYAmt010186176
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherExpensesGrp/Desc0OPERATING & MAINTENANCE
IRS990/OtherExpensesGrp/ProgramServicesAmt0204793
IRS990/OtherExpensesGrp/TotalAmt0204793
IRS990/OtherLiabilitiesGrp/BOYAmt036503
IRS990/OtherLiabilitiesGrp/EOYAmt030710
IRS990/OtherRevenueMiscGrp/BusinessCd0531110
IRS990/OtherRevenueMiscGrp/Desc0LAUNDRY AND VENDING
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt02700
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt02700
IRS990/OtherRevenueTotalAmt08509
IRS990/PartialLiquidationInd00
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt027498
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt028989
IRS990/PrincipalOfficerNm0JUAN RAMOS
IRS990/PriorPeriodAdjustmentsAmt0-5473867
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0531110
IRS990/ProgramServiceRevenueGrp/Desc0RENTAL INCOME
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0550245
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0550245
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt05474642
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt00
IRS990/PYOtherExpensesAmt0785836
IRS990/PYOtherRevenueAmt05381
IRS990/PYProgramServiceRevenueAmt0520215
IRS990/PYRevenuesLessExpensesAmt05214402
IRS990/PYSalariesCompEmpBnftPaidAmt00
IRS990/PYTotalExpensesAmt0785836
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt06000238
IRS990/ReconcilationRevenueExpnssAmt0-168427
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd01
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt0558754
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt02119614
IRS990ScheduleD/BuildingsGrp/DepreciationAmt04685811
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt06805425
IRS990ScheduleD/EquipmentGrp/BookValueAmt08866
IRS990ScheduleD/EquipmentGrp/DepreciationAmt018448
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt027314
IRS990ScheduleD/LandGrp/BookValueAmt0635245
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0635245
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt010013624
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt1126496
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt228408
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt312288
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt45360
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0OTHER RESERVES
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1ESCROWS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2TENANTS SECURITY DEPOSITS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc3REPLACEMENT RESERVE
IRS990ScheduleD/OtherAssetsOrgGrp/Desc4UTILITY DEPOSITS
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt03575950
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt03575950
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt02302
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt128408
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0DUE TO AFFILIATE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1TENANT SECURITY DEPOSIT
IRS990ScheduleD/TotalBookValueLandBuildingsAmt06339675
IRS990ScheduleD/TotalBookValueOtherAssetsAmt010186176
IRS990ScheduleD/TotalLiabilityAmt030710
IRS990ScheduleJ/AnyNonFixedPaymentsInd00
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd00
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd00
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990ScheduleJ/InitialContractExceptionInd00
IRS990/ScheduleJRequiredInd01
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt0140848
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt015855
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0JUAN RAMOS
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0EXECUTIVE DIRECTOR
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt0156703
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
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 2022, 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/ExplanationTxt3AS OF THE DATE OF FILING THE AUDIT HAS NOT YET BEEN COMPLETED. FORM 990 HAS BEEN PREPARED BASED ON THE BEST INFORMATION AVAILABLE. SHOULD INFORMATION SUBSTANTIALLY CHANGE UPON COMPLETION OF THE AUDIT APPROPRIATE ACTION WILL BE TAKEN.
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
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART IV, LINE 12A:
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

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