Civic Intelligence

Thorpe Housing Development Fund Company Inc.

990 • Fiscal year 2016 • EIN 13-2986206

Oct 01, 2015 to Sep 30, 2016 • Filed on Aug 15, 2017

Organization ProfileN/A

View Organization Page

PO Box 254Sparkill, NY 10976

(845) 359-0454

Siviq Scores

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

Liabilities / Assets

39th percentile

0.58x

Higher debt load relative to assets than 39% of similar nonprofits.

2016 filings • NTEE L • $10M-$25M nonprofits • Source year 2016

Liabilities / Revenue

64th percentile

4.79x

Higher debt load relative to revenue than 64% of similar nonprofits.

2016 filings • NTEE L • $10M-$25M nonprofits • Source year 2016

Net Margin

68th percentile

13%

Higher net margin than 68% of similar nonprofits.

2016 filings • NTEE L • $10M-$25M nonprofits • Source year 2016

Top Officer Pay

23rd percentile

$10,455

Higher top officer pay than 23% of similar nonprofits.

Top officer pay equals 0.4% of source-year revenue.

2016 filings • NTEE L • $10M-$25M nonprofits • Source year 2016

Asset Growth

97th percentile

129%

Faster asset growth than 97% of similar nonprofits.

2016 filings • NTEE L • $10M-$25M nonprofits • Annualized from 2015 to 2016

Revenue Growth

59th percentile

2.3%

Faster revenue growth than 59% of similar nonprofits.

2016 filings • NTEE L • $10M-$25M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets39th percentile

Assets

Up

$22,104,612

Up $12,439,989 (+129%) from 2015

Net Assets

Up

$9,381,997

Up $524,397 (+5.9%) from 2015

Liabilities

Up

$12,722,615

Up $11,915,592 (+1476%) from 2015

Revenue And Expenses
Liabilities / Revenue64th percentileNet Margin68th percentile

Revenue

Up

$2,655,047

Up $58,769 (+2.3%) from 2015

Expenses

Down

$2,311,015

Down $259,827 (-10%) from 2015

Net Income

Up

$344,032

Up $318,596 (+1253%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth97th percentile

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

$30M$20M$10M$0-$10MAssets 2010: $13,125,911Liabilities 2010: $5,135,754Net Assets 2010: $7,990,1572010Assets 2011: $13,123,462Liabilities 2011: $4,830,794Net Assets 2011: $8,292,6682011Assets 2012: $13,041,619Liabilities 2012: $4,510,510Net Assets 2012: $8,531,1092012Assets 2013: $12,818,136Liabilities 2013: $4,244,622Net Assets 2013: $8,573,5142013Assets 2014: $13,006,506Liabilities 2014: $4,122,877Net Assets 2014: $8,883,6292014Assets 2015: $9,664,623Liabilities 2015: $807,023Net Assets 2015: $8,857,6002015Assets 2016: $22,104,612Liabilities 2016: $12,722,615Net Assets 2016: $9,381,9972016Assets 2017: $23,504,922Liabilities 2017: $14,360,282Net Assets 2017: $9,144,6402017Assets 2018: $22,858,150Liabilities 2018: $14,205,389Net Assets 2018: $8,652,7612018Assets 2019: $22,072,904Liabilities 2019: $13,972,279Net Assets 2019: $8,100,6252019Assets 2020: $21,561,109Liabilities 2020: $13,848,451Net Assets 2020: $7,712,6582020Assets 2021: $20,747,305Liabilities 2021: $13,560,316Net Assets 2021: $7,186,9892021Assets 2022: $22,131,702Liabilities 2022: $13,492,049Net Assets 2022: $8,639,6532022Assets 2023: $19,901,754Liabilities 2023: $12,800,233Net Assets 2023: $7,101,5212023Assets 2024: $14,774,881Liabilities 2024: $22,159,127Net Assets 2024: -$7,384,2462024

Highlighted filing

2016

Assets$22,104,612
Liabilities$12,722,615
Net Assets$9,381,997
Open 2016 Filing

Operations Trend

Revenue Growth59th percentile

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

$20M$10M$0-$10M-$20MExpenses 2010: $2,366,7242010Expenses 2011: $2,502,9102011Expenses 2012: $2,424,2882012Revenue 2013: $2,670,298Expenses 2013: $2,474,737Net Income 2013: $195,5612013Revenue 2014: $2,774,132Expenses 2014: $2,413,907Net Income 2014: $360,2252014Revenue 2015: $2,596,278Expenses 2015: $2,570,842Net Income 2015: $25,4362015Revenue 2016: $2,655,047Expenses 2016: $2,311,015Net Income 2016: $344,0322016Revenue 2017: $2,720,068Expenses 2017: $3,009,175Net Income 2017: -$289,1072017Revenue 2018: $2,725,218Expenses 2018: $3,217,095Net Income 2018: -$491,8772018Revenue 2019: $2,729,045Expenses 2019: $3,281,181Net Income 2019: -$552,1362019Revenue 2020: $2,782,772Expenses 2020: $3,170,739Net Income 2020: -$387,9672020Revenue 2021: $2,773,696Expenses 2021: $3,299,365Net Income 2021: -$525,6692021Revenue 2022: $4,771,826Expenses 2022: $3,297,455Net Income 2022: $1,474,3712022Revenue 2023: $3,957,841Expenses 2023: $5,495,973Net Income 2023: -$1,538,1322023Revenue 2024: $4,032,178Expenses 2024: $18,517,945Net Income 2024: -$14,485,7672024

Highlighted filing

2016

Revenue$2,655,047
Expenses$2,311,015
Net Income$344,032
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2015 to Sep 30, 2016
Signed
Aug 15, 2017
Return Version
2015v3.0
Gross Receipts
$2,655,047
Mission and Program Overview

Mission

To provide affordable residential housing to low-income senior citizens and handicapped under section 202 of the housing act of 1959.

TO PROVIDE AFFORDABLE RESIDENTIAL HOUSING TO LOW-INCOME SENIOR CITIZENS AND HANDICAPPED under Section 221(d)(4) of the Housing Act of 1959.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$6,929,321$19,036,325▲ $12,107,004
Cash and Non-Interest-Bearing Accounts$432,703$955,140▲ $522,437
Investments Program Related$727,840$845,290▲ $117,450
Intangible Assets$741,607$730,106▼ $11,501
Prepaid Expenses and Deferred Charges$123,775$113,065▼ $10,710
Accounts Receivable$4,841$0▼ $4,841
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 in Publicly Traded Securities-$0-
Inventories for Sale or Use-$0-
Total Assets$9,664,623$22,104,612▲ $12,439,989
Other Assets Total$704,536$424,686▼ $279,850
Liabilities
Mortgage Notes Payable Secured by Investment Property$600,000$10,917,491▲ $10,317,491
Other Liabilities$135,384$1,633,884▲ $1,498,500
Accounts Payable and Accrued Expenses$71,639$171,240▲ $99,601
Total Liabilities$807,023$12,722,615▲ $11,915,592
Net Assets / Fund Balance
Unrestricted Net Assets$8,129,760$8,249,478▲ $119,718
Temporarily Rstr Net Assets$727,840$1,132,519▲ $404,679
Total Net Assets Fund Balance$8,857,600$9,381,997▲ $524,397
Total Liabilities and Net Assets / Fund Balance$9,664,623$22,104,612▲ $12,439,989

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$17,042,299$9,684,024$26,726,323
Other Land Buildings$1,439,336$1,026,273$2,465,609
Equipment$234,776$604,923$839,699
Land$319,914-$319,914
Compensation and Service Providers
Top Officer Pay23rd percentile

Employees

NameTitleBaseTotal
Patricia KennyTreasurer$10,455$10,455

Board Members and Trustees

NameTitle
Eileen GannonPresident
Marianne MorelliVice President
Sister Ursula JoyceExecutive Direc
Louise MileskiSecretary

Highest Paid Contractors

ContractorServicesLocationCompensation
Werner Construction CoConstruction ServiceSOUTH MOUNTAIN ROAD, New City, NY 10956$10,802,584
Hooker De Jong incarchitectural serv.316 morris ave, muskegeon, MI 49440$414,489
Thorpe Village INCManagement ServicesROUTE 340, Sparkill, NY 10976$151,230
Safe Net SecuritySecurity-alarms42 WEST STREET, Spring Valley, NY 10977$137,231
Revenue and Support

Revenue Composition

Contributions and Grants
$1,680,711
Program Service Revenue
$962,324
Investment Income
$6,230
Other Revenue
$5,782
Change in Net Assets
$344,032

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,655,047
Total Revenue per Audited Statements
$2,655,047
Total Revenue per Form 990
$2,655,047
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,807,571
Salaries, Compensation, and Employee Benefits$503,444
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$671,468--$671,468
Other Salaries and Wages$349,277--$349,277
Occupancy$259,397--$259,397
Insurance$162,131--$162,131
All Other Expenses$126,811--$126,811
Other Employee Benefits$112,888--$112,888
Interest$68,529--$68,529
Fees for Services Accounting-$40,000-$40,000
Other Expenses$38,641--$38,641
Payroll Taxes$30,824--$30,824
Current Officers, Directors, Trustees, and Key Employees$10,455--$10,455
Total Functional Expenses$2,271,015$40,000$0$2,311,015

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,311,015
Total Expenses per Audited Statements$2,311,015
Total Expenses per Form 990$2,311,015
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
Construction Costs Payable$1,536,327
Tenant Security Deposit Payable$97,557
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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
Yes
Other officer compensation reviewed
Yes
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, Line 11B: Form 990 Review Process

“The board of directors must approve the federal tax form 990 and the related state tax filings after it has received a formal presentation by the outside independent auditors and accountants regarding these filings in an annual board meeting.”

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

“The conflict of interest policy is renewed annually with all officers of the organization. Potential conflict are brought to the executive committee for review and officers found to have conflict of interest are asked to resign or abstain from involvement in all related projects.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“Decision regarding compensation is based on the recommendations of an independent committee that considers performance, scope of responsibilities, and salary compensation for similar positions. Final approval for CEO compensation must be approved by the entire Board of Directors.”

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

“After approval of the financial statements by the board of directors on an annual basis, the organization makes available all governance documents, policy statements, financial statements and tax returns to the public, upon written request. The organization also timely files it annual char 500 report with the nys attorney general and all of its filings are made available through the nysoag charities website.”

Filing and Contact Details

Filer

Filer Name
Thorpe Housing Development Fund Company
EIN
13-2986206
Phone
8453590454
Address
PO BOX 254, SPARKILL, NY 10976

Signing Officer

Name
Eileen Gannon
Title
President
Signed
2017-08-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Eileen Gannon
Formed
1978
Legal Domicile
Ny
Voting Board Members
4
Independent Board Members
3
Employees
13

Preparer

Firm
Koch Group & Co LLP
Address
333 Seventh Avenue Floor 8, New York, NY 10001-5118
Preparer
Joan Fox-bannerman
Phone
2126310700
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

“Thorpe Housing Development Fund Company, Inc. is exempt from taxes under Section 501(c)(3) of the Internal Revenue Code.Management has determined that the Company had no uncertain tax positions that would require financial statement recognition. The Companies are no longer subject to income tax examination by the U.S. federal, state or local tax authorities for years before 2013, which is the standard statute of limitations look-back period.”

Raw XML AppendixShowing 400 of 534 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/PartialLiquidationInd0false
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IRS990/PayrollTaxesGrp/ProgramServicesAmt030824
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IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0123775
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0113065
IRS990/PrincipalOfficerNm0EILEEN GANNON
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IRS990/ProfessionalFundraisingInd0false
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IRS990/ProgramServiceRevenueGrp/Desc0AFFORDABLE HOUSING RENTS
IRS990/ProgramServiceRevenueGrp/Desc1OTHER TENANTS SERVICES
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0935281
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt127043
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IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt019072
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt027043
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt01624374
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt0-440
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt02105931
IRS990/PYOtherRevenueAmt05827
IRS990/PYProgramServiceRevenueAmt0966517
IRS990/PYRevenuesLessExpensesAmt025436
IRS990/PYSalariesCompEmpBnftPaidAmt0464911
IRS990/PYTotalExpensesAmt02570842
IRS990/PYTotalRevenueAmt02596278
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0344032
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0true
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt0935281
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/TotalAmt00
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IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus1YearAmt01624374
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus2YearsAmt01598772
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus3YearsAmt01594140
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus4YearsAmt01543652
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/TotalAmt08041649
IRS990ScheduleA/GovtFurnSrvcFcltsVl509Grp/TotalAmt00
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearAmt06230
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus1YearAmt0-440
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus2YearsAmt0194511
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus3YearsAmt0198477
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus4YearsAmt0200943
IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt0599721
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt0962324
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt0966517
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt0963032
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt0954961
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt0963655
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt04810489
IRS990ScheduleA/GrossReceiptsNonUnrltBusGrp/TotalAmt00
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt06230
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IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus2YearsAmt0194511
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus3YearsAmt0198477
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus4YearsAmt0200943
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IRS990ScheduleA/InvestmentIncomeCYPct00.04450
IRS990ScheduleA/InvestmentIncomePYPct00.06470
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IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt02507307
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Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$22,104,612
Liabilities
$12,722,615
Net assets
$9,381,997
Revenue
$2,655,047
Expenses
$2,311,015
Net income
$344,032
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$14.8$22.2$7.38$4.03$18.5$14.5
2023Detailed filing. Detailed filing data is available for this year.$19.9$12.8$7.10$3.96$5.50$1.54
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$22.1$13.5$8.64$4.77$3.30$1.47
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$20.7$13.6$7.19$2.77$3.30$0.53
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$21.6$13.8$7.71$2.78$3.17$0.39
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$22.1$14.0$8.10$2.73$3.28$0.55
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$22.9$14.2$8.65$2.73$3.22$0.49
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$23.5$14.4$9.14$2.72$3.01$0.29
2016Detailed filing. Detailed filing data is available for this year.$22.1$12.7$9.38$2.66$2.31$0.34
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$9.66$0.81$8.86$2.60$2.57$0.03
2014Detailed filing. Detailed filing data is available for this year.$13.0$4.12$8.88$2.77$2.41$0.36
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$12.8$4.24$8.57$2.67$2.47$0.20
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$13.0$4.51$8.53$2.42
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$13.1$4.83$8.29$2.50
2010XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$13.1$5.14$7.99$2.37