Civic Intelligence

55 Whipple Street Housing Development Fund Corporation

990 • Fiscal year 2020 • EIN 11-3352060

Jan 01, 2020 to Dec 31, 2020 • Filed on Apr 27, 2023

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

78th percentile

1.11x

Higher debt load relative to assets than 78% of similar nonprofits.

2020 filings • NTEE L • $5M-$10M nonprofits • Source year 2020

Liabilities / Revenue

44th percentile

1.85x

Higher debt load relative to revenue than 44% of similar nonprofits.

2020 filings • NTEE L • $5M-$10M nonprofits • Source year 2020

Net Margin

92nd percentile

81%

Higher net margin than 92% of similar nonprofits.

2020 filings • NTEE L • $5M-$10M nonprofits • Source year 2020

Top Officer Pay

52nd percentile

$137,000

Higher top officer pay than 52% of similar nonprofits.

Top officer pay equals 2.8% of source-year revenue.

2020 filings • NTEE L • $5M-$10M nonprofits • Source year 2020

Asset Growth

96th percentile

101%

Faster asset growth than 96% of similar nonprofits.

2020 filings • NTEE L • $5M-$10M nonprofits • Annualized from 2019 to 2020

Revenue Growth

99th percentile

856%

Faster revenue growth than 99% of similar nonprofits.

2020 filings • NTEE L • $5M-$10M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets78th percentile

Assets

Up

$8,084,200

Up $4,065,089 (+101%) from 2019

Net Assets

Up

-$896,620

Up $3,924,983 (+81%) from 2019

Liabilities

Up

$8,980,820

Up $140,106 (+1.6%) from 2019

Revenue And Expenses
Liabilities / Revenue44th percentileNet Margin92nd percentile

Revenue

Up

$4,853,722

Up $4,345,750 (+856%) from 2019

Expenses

Up

$928,739

Up $137,996 (+17%) from 2019

Net Income

Up

$3,924,983

Up $4,207,754 (+1488%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth96th 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

2020

Assets$8,084,200
Liabilities$8,980,820
Net Assets-$896,620
Open 2020 Filing

Operations Trend

Revenue Growth99th 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

2020

Revenue$4,853,722
Expenses$928,739
Net Income$3,924,983
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Apr 27, 2023
Return Version
2020v4.2
Gross Receipts
$4,853,722
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$3,454,908$7,173,575▲ $3,718,667
Savings and Temporary Cash Investments$201,625$456,986▲ $255,361
Cash and Non-Interest-Bearing Accounts$304,144$394,187▲ $90,043
Accounts Receivable$26,241$27,332▲ $1,091
Prepaid Expenses and Deferred Charges$26,833$26,760▼ $73
Total Assets$4,019,111$8,084,200▲ $4,065,089
Other Assets Total$5,360$5,360→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$6,603,470$6,605,643▲ $2,173
Accounts Payable and Accrued Expenses$2,180,919$2,328,133▲ $147,214
Other Liabilities$56,325$47,044▼ $9,281
Total Liabilities$8,840,714$8,980,820▲ $140,106
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-4,821,603$-896,620▲ $3,924,983
Total Net Assets Fund Balance$-4,821,603$-896,620▲ $3,924,983
Total Liabilities and Net Assets / Fund Balance$4,019,111$8,084,200▲ $4,065,089

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,447,837$4,345,153$6,792,990
Other Land Buildings$4,090,493-$4,090,493
Land$635,245-$635,245
Equipment$0$16,544$16,544
Compensation and Service Providers
Top Officer Pay52nd percentile

Employees

NameTitleOtherTotal
Juan RamosExecutive Director$137,000$137,000
Lenette BerriosFinance Director$115,000$115,000

Board Members and Trustees

NameTitle
David LopezChairman
Ray NarvaezVice Chairman
Annette RosadoBoard Member
Damaris ReyesBoard Member
Gladys OgandoBoard Member
Maisha MoralesBoard Member
Martin NeedlemanBoard Member
Ricardo MolinaBoard Member
Rosa NeivesBoard Member
Teresa CruzBoard Member
Wilfredo VargasBoard Member
Maria OcasioAssistant Secretary
Cassandra AcevedoSecretary
Israel RosarioTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$4,326,063
Program Service Revenue
$501,748
Investment Income
$0
Other Revenue
$25,911
Change in Net Assets
$3,924,983
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$928,739
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
Interest$323,541--$323,541
Depreciation Depletion$169,319--$169,319
Other Expenses$166,904--$166,904
Occupancy$121,898--$121,898
Insurance$54,547--$54,547
Fees for Services Management-$40,309-$40,309
Fees for Services Other$36,717--$36,717
Fees for Services Accounting-$7,068-$7,068
Fees for Services Legal$5,776--$5,776
Office Expenses$2,660--$2,660
Total Functional Expenses$881,362$47,377$0$928,739
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$25,537
Due to Affiliate$21,507
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 2019, 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 Street
EIN
11-3352060
Phone
7183873600
Address
434 SOUTH 5TH ST, BROOKLYN, NY 11211

Signing Officer

Name
Juan Ramos
Title
Executive Director
Phone
7183873600
Signed
2023-04-27
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Juan Ramos
Formed
1996
Legal Domicile
Ny
Voting Board Members
14
Independent Board Members
14
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/MortgNotesPyblScrdInvstPropGrp/EOYAmt06605643
IRS990/NetAssetsOrFundBalancesBOYAmt0-4821603
IRS990/NetAssetsOrFundBalancesEOYAmt0-896620
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt0-4821603
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt0-896620
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/ProgramServicesAmt0121898
IRS990/OccupancyGrp/TotalAmt0121898
IRS990/OfficeExpensesGrp/ProgramServicesAmt02660
IRS990/OfficeExpensesGrp/TotalAmt02660
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt05360
IRS990/OtherAssetsTotalGrp/EOYAmt05360
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherExpensesGrp/Desc0OPERATING & MAINTENANCE
IRS990/OtherExpensesGrp/ProgramServicesAmt0166904
IRS990/OtherExpensesGrp/TotalAmt0166904
IRS990/OtherLiabilitiesGrp/BOYAmt056325
IRS990/OtherLiabilitiesGrp/EOYAmt047044
IRS990/OtherRevenueMiscGrp/BusinessCd0531110
IRS990/OtherRevenueMiscGrp/BusinessCd1900099
IRS990/OtherRevenueMiscGrp/BusinessCd2531110
IRS990/OtherRevenueMiscGrp/Desc0TENANT CHARGES
IRS990/OtherRevenueMiscGrp/Desc1MISCELLANEOUS
IRS990/OtherRevenueMiscGrp/Desc2LAUNDRY AND VENDING
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt019807
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt13404
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt22700
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt019807
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt13404
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt22700
IRS990/OtherRevenueTotalAmt025911
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt026833
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt026760
IRS990/PrincipalOfficerNm0JUAN RAMOS
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0531110
IRS990/ProgramServiceRevenueGrp/Desc0RENTAL INCOME
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0501748
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0501748
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt03601
IRS990/PYOtherExpensesAmt0790743
IRS990/PYOtherRevenueAmt06101
IRS990/PYProgramServiceRevenueAmt0498270
IRS990/PYRevenuesLessExpensesAmt0-282771
IRS990/PYSalariesCompEmpBnftPaidAmt00
IRS990/PYTotalExpensesAmt0790743
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0507972
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt03924983
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt0527659
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0201625
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0456986
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/BookValueAmt02447837
IRS990ScheduleD/BuildingsGrp/DepreciationAmt04345153
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt06792990
IRS990ScheduleD/EquipmentGrp/BookValueAmt00
IRS990ScheduleD/EquipmentGrp/DepreciationAmt016544
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt016544
IRS990ScheduleD/LandGrp/BookValueAmt0635245
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0635245
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt04090493
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt04090493
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt021507
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt125537
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0DUE TO AFFILIATE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1TENANT SECURITY DEPOSIT
IRS990ScheduleD/TotalBookValueLandBuildingsAmt07173575
IRS990ScheduleD/TotalLiabilityAmt047044
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 2019, 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/ControlledOrganizationInd100
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/DirectControllingNACd10N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN0113399585
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN1113361930
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN2113163832
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN3113264114
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN4113345114
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN5113176031
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN6352417156
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN7112640698
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN8112370546
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN9201930038
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN10113605232
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt0C
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt1C
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt2C
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt3C
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt4C

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$8,084,200
Liabilities
$8,980,820
Net assets
-$896,620
Revenue
$4,853,722
Expenses
$928,739
Net income
$3,924,983
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