Civic Intelligence

Thorpe Housing Development Fund Company Inc.

990 • Fiscal year 2020 • EIN 13-2986206

Oct 01, 2019 to Sep 30, 2020 • Filed on May 15, 2021

Organization ProfileN/A

View Organization Page

Route 340Sparkill, NY 10976

(845) 359-0454

Siviq Scores

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

Liabilities / Assets

48th percentile

0.64x

Higher debt load relative to assets than 48% of similar nonprofits.

2020 filings • NTEE L • $10M-$25M nonprofits • Source year 2020

Liabilities / Revenue

65th percentile

4.98x

Higher debt load relative to revenue than 65% of similar nonprofits.

2020 filings • NTEE L • $10M-$25M nonprofits • Source year 2020

Net Margin

24th percentile

-14%

Higher net margin than 24% of similar nonprofits.

2020 filings • NTEE L • $10M-$25M nonprofits • Source year 2020

Top Officer Pay

21st percentile

$0

Higher top officer pay than 21% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2020 filings • NTEE L • $10M-$25M nonprofits • Source year 2020

Asset Growth

24th percentile

-2.3%

Faster asset growth than 24% of similar nonprofits.

2020 filings • NTEE L • $10M-$25M nonprofits • Annualized from 2019 to 2020

Revenue Growth

60th percentile

2.0%

Faster revenue growth than 60% of similar nonprofits.

2020 filings • NTEE L • $10M-$25M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets48th percentile

Assets

Down

$21,561,109

Down $511,795 (-2.3%) from 2019

Net Assets

Down

$7,712,658

Down $387,967 (-4.8%) from 2019

Liabilities

Down

$13,848,451

Down $123,828 (-0.9%) from 2019

Revenue And Expenses
Liabilities / Revenue65th percentileNet Margin24th percentile

Revenue

Up

$2,782,772

Up $53,727 (+2.0%) from 2019

Expenses

Down

$3,170,739

Down $110,442 (-3.4%) from 2019

Net Income

Up

-$387,967

Up $164,169 (+30%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth24th 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

2020

Assets$21,561,109
Liabilities$13,848,451
Net Assets$7,712,658
Open 2020 Filing

Operations Trend

Revenue Growth60th 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

2020

Revenue$2,782,772
Expenses$3,170,739
Net Income-$387,967
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2019 to Sep 30, 2020
Signed
May 15, 2021
Return Version
2019v5.1
Gross Receipts
$2,782,772
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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$16,841,499$15,921,689▼ $919,810
Intangible Assets$680,442$653,865▼ $26,577
Cash and Non-Interest-Bearing Accounts$136,015$377,830▲ $241,815
Prepaid Expenses and Deferred Charges$181,470$164,694▼ $16,776
Accounts Receivable$1,092$56,619▲ $55,527
Savings and Temporary Cash Investments$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$22,072,904$21,561,109▼ $511,795
Other Assets Total$4,232,386$4,386,412▲ $154,026
Liabilities
Mortgage Notes Payable Secured by Investment Property$13,814,387$13,626,776▼ $187,611
Accounts Payable and Accrued Expenses$61,470$123,686▲ $62,216
Other Liabilities$96,422$97,989▲ $1,567
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$13,972,279$13,848,451▼ $123,828
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$8,100,625$7,712,658▼ $387,967
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$8,100,625$7,712,658▼ $387,967
Total Liabilities and Net Assets / Fund Balance$22,072,904$21,561,109▼ $511,795

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$15,232,560$14,287,657$29,520,217
Equipment$283,639$803,061$1,086,700
Land$319,914-$319,914
Other Land Buildings$85,576$63,256$148,832
Other Assets Org$2,632,250--
Compensation and Service Providers
Top Officer Pay21st percentile

Board Members and Trustees

NameTitle
Eileen GannonPresident
Mary DunningVice President
Sister Ursula JoyceExecutive Director
Lesley BlockSecretary
Marianne SummaTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,718,218
Program Service Revenue
$1,035,466
Investment Income
$21,170
Other Revenue
$7,918
Change in Net Assets
$-387,967

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,782,772
Total Revenue per Audited Statements
$2,782,772
Total Revenue per Form 990
$2,782,772
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,691,054
Salaries, Compensation, and Employee Benefits$479,685
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$983,779--$983,779
Interest$546,066--$546,066
Other Salaries and Wages$338,274--$338,274
All Other Expenses$308,215--$308,215
Insurance$200,984--$200,984
Fees for Services Management$157,797--$157,797
Other Employee Benefits$115,049--$115,049
Fees for Services Accounting$78,000$5,325$0$83,325
Other Expenses$49,710--$49,710
Payroll Taxes$26,362--$26,362
Office Expenses$11,412--$11,412
Total Functional Expenses$3,165,414$5,325$0$3,170,739

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,170,739
Total Expenses per Audited Statements$3,170,739
Total Expenses per Form 990$3,170,739
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
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
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Tenant Security Deposit Payabl$97,989
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
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, SECTION B, LINE 11B:

“Line 11b explanation - 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, SECTION B, LINE 12C:

“The conflict of interest policy is renewed annually with all officers of the organization. Potential conflicts 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, SECTION B, LINE 15:

“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, SECTION C, LINE 19:

“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 its 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
In Care Of
% URSULA JOYCE
Phone
8453590454
Address
ROUTE 340, SPARKILL, NY 10976

Signing Officer

Name
Eileen Gannon
Title
President
Phone
2127519100
Signed
2021-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Eileen Gannon
Formed
1978
Legal Domicile
Ny
Voting Board Members
4
Independent Board Members
4
Employees
11

Preparer

Firm
Withumsmithbrown Pc
Address
1411 BROADWAY 9TH FLOOR, NEW YORK, NY 10018
Preparer
James Huang CPA
Phone
2127519100
Supplemental Narrative

Additional Explanations

FORM 990, PART I, LINE 1, DESCIRPTION OF ORGANIZATION MISSION:

“Under section 202 of the housing act of 1959”

Financial Statement Notes

Part X, Line 2

“The corporation is exempt from federal income taxes under section 501(c)(3) of the code. Being a nonstock corporation not organized for profit, the corporation is exempt from new york state franchise taxes. Accounting principles generally accepted in the united states of america require evaluation of the tax positions taken or expected to be taken in the course of preparing the corporation's tax returns to determine whether the tax positions are more likely than not sustainable upon examination by the applicable taxing authorities, based on the technical merits of the tax positions, and then recognizing the tax benefit that is more likely than not realizable. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense in the current reporting period. Management believes any such positions would be immaterial to the overall financial statements. The corporation's federal and state tax returns remain subject to examination by the relevant taxing authorities for a period of three years from when they are filed.”

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IRS990/OtherExpensesGrp/Desc3MISC ADMIN EXPENSES
IRS990/OtherExpensesGrp/ProgramServicesAmt0279187
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IRS990/OtherExpensesGrp/ProgramServicesAmt232448
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IRS990/PayrollTaxesGrp/ProgramServicesAmt026362
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IRS990/PledgesAndGrantsReceivableGrp/BOYAmt00
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IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0181470
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0164694
IRS990/PrincipalOfficerNm0EILEEN GANNON
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IRS990/ProgramServiceRevenueGrp/BusinessCd1531390
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IRS990/ProgramServiceRevenueGrp/Desc1OTHER TENANTS SERVICES
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt123932
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt01011534
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt123932
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYBenefitsPaidToMembersAmt00
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IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt013009
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IRS990/PYOtherExpensesAmt02729702
IRS990/PYOtherRevenueAmt08345
IRS990/PYProgramServiceRevenueAmt01005956
IRS990/PYRevenuesLessExpensesAmt0-552136
IRS990/PYSalariesCompEmpBnftPaidAmt0551479
IRS990/PYTotalExpensesAmt03281181
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt02729045
IRS990/QuidProQuoContributionsInd0false
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IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/BOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0-387967
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0true
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RentalIncomeOrLossGrp/PersonalAmt00
IRS990/RentalIncomeOrLossGrp/RealAmt00
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt01035466
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt00
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/TotalAmt00
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearAmt01718218
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus1YearAmt01701735
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus2YearsAmt01711152
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus3YearsAmt01735864
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus4YearsAmt01680711
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/TotalAmt08547680
IRS990ScheduleA/GovtFurnSrvcFcltsVl509Grp/TotalAmt00
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearAmt021170
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus1YearAmt013009
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus2YearsAmt05100
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus3YearsAmt02969
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus4YearsAmt06230
IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt048478
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt01035466
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt01005956
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt0999981
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt0986341
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt0962324
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt04990068
IRS990ScheduleA/GrossReceiptsNonUnrltBusGrp/TotalAmt00
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt021170
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt013009
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IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus3YearsAmt02969
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus4YearsAmt06230
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt048478
IRS990ScheduleA/InvestmentIncomeCYPct00.00356
IRS990ScheduleA/InvestmentIncomePYPct00.00200
IRS990ScheduleA/NetIncomeFromOtherUBIGrp/TotalAmt00
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IRS990ScheduleA/Post1975UBTIGrp/TotalAmt00
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IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt02735569
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt02655047
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt013627649
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IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/BuildingsGrp/BookValueAmt015232560
IRS990ScheduleD/BuildingsGrp/DepreciationAmt014287657
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt029520217
IRS990ScheduleD/EquipmentGrp/BookValueAmt0283639
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0803061
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt01086700
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IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt1233878
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt21422295
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt32632250
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0SECURITY DEPOSITS

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$21,561,109
Liabilities
$13,848,451
Net assets
$7,712,658
Revenue
$2,782,772
Expenses
$3,170,739
Net income
-$387,967
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
2020Detailed filing. Detailed filing data is available for this year.$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