Civic Intelligence

Thorpe Housing Development Fund Company Inc.

990 • Fiscal year 2021 • EIN 13-2986206

Oct 01, 2020 to Sep 30, 2021 • Filed on Feb 15, 2022

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

51st percentile

0.65x

Higher debt load relative to assets than 51% of similar nonprofits.

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

Liabilities / Revenue

65th percentile

4.89x

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

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

Net Margin

22nd percentile

-19%

Higher net margin than 22% of similar nonprofits.

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

Top Officer Pay

22nd percentile

$0

Higher top officer pay than 22% of similar nonprofits.

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

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

Asset Growth

16th percentile

-3.8%

Faster asset growth than 16% of similar nonprofits.

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

Revenue Growth

40th percentile

-0.3%

Faster revenue growth than 40% of similar nonprofits.

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

Balance Sheet
Liabilities / Assets51st percentile

Assets

Down

$20,747,305

Down $813,804 (-3.8%) from 2020

Net Assets

Down

$7,186,989

Down $525,669 (-6.8%) from 2020

Liabilities

Down

$13,560,316

Down $288,135 (-2.1%) from 2020

Revenue And Expenses
Liabilities / Revenue65th percentileNet Margin22nd percentile

Revenue

Down

$2,773,696

Down $9,076 (-0.3%) from 2020

Expenses

Up

$3,299,365

Up $128,626 (+4.1%) from 2020

Net Income

Down

-$525,669

Down $137,702 (-35%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth16th 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

2021

Assets$20,747,305
Liabilities$13,560,316
Net Assets$7,186,989
Open 2021 Filing

Operations Trend

Revenue Growth40th 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

2021

Revenue$2,773,696
Expenses$3,299,365
Net Income-$525,669
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2020 to Sep 30, 2021
Signed
Feb 15, 2022
Return Version
2020v4.1
Gross Receipts
$2,773,696
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$15,921,689$14,940,043▼ $981,646
Intangible Assets$653,865$627,465▼ $26,400
Cash and Non-Interest-Bearing Accounts$377,830$474,052▲ $96,222
Prepaid Expenses and Deferred Charges$164,694$179,867▲ $15,173
Accounts Receivable$56,619$63,336▲ $6,717
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$21,561,109$20,747,305▼ $813,804
Other Assets Total$4,386,412$4,462,542▲ $76,130
Liabilities
Mortgage Notes Payable Secured by Investment Property$13,626,776$13,446,636▼ $180,140
Other Liabilities$97,989$100,946▲ $2,957
Accounts Payable and Accrued Expenses$123,686$12,734▼ $110,952
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$13,848,451$13,560,316▼ $288,135
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$7,712,658$7,186,989▼ $525,669
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$7,712,658$7,186,989▼ $525,669
Total Liabilities and Net Assets / Fund Balance$21,561,109$20,747,305▼ $813,804

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$14,307,904$15,213,467$29,521,371
Equipment$237,759$848,941$1,086,700
Land$319,914-$319,914
Other Land Buildings$74,466$74,366$148,832
Other Assets Org$2,633,837--
Compensation and Service Providers
Top Officer Pay22nd 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
$1,698,795
Program Service Revenue
$1,034,986
Investment Income
$3,057
Other Revenue
$36,858
Change in Net Assets
$-525,669

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,773,696
Total Revenue per Audited Statements
$2,773,696
Total Revenue per Form 990
$2,773,696
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,776,004
Salaries, Compensation, and Employee Benefits$523,361
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$982,800--$982,800
Interest$539,747--$539,747
Other Salaries and Wages$365,939--$365,939
All Other Expenses$346,025--$346,025
Insurance$224,278--$224,278
Fees for Services Management$156,225--$156,225
Other Employee Benefits$129,107--$129,107
Fees for Services Accounting-$106,840$0$106,840
Other Expenses$0$55,440-$55,440
Payroll Taxes$28,315--$28,315
Office Expenses-$17,275-$17,275
Fees for Services Legal$5,000--$5,000
Total Functional Expenses$3,119,810$179,555$0$3,299,365

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,299,365
Total Expenses per Audited Statements$3,299,365
Total Expenses per Form 990$3,299,365
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 Payable$95,293
Accrued Expenses$5,653
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
PO Box 254, SPARKILL, NY 10976

Signing Officer

Name
Ursula Joyce
Title
Executive Director
Phone
2127519100
Signed
2022-02-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ursula Joyce
Formed
1978
Legal Domicile
Ny
Voting Board Members
4
Independent Board Members
4
Employees
9

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”

Form 990 Part IX Line 24 - Other Expenses

“Description:other renting expenses total expenses:282 program services:282”

Form 990 Part IX Line 24 - Other Expenses

“Description:utilities total expenses:152393 program services:152393”

Form 990 Part IX Line 24 - Other Expenses

“Description:supplies total expenses:29998 program services:29998”

Form 990 Part IX Line 24 - Other Expenses

“Description:repairs total expenses:7995 program services:7995”

Form 990 Part IX Line 24 - Other Expenses

“Description:real estate taxes total expenses:155357 program services:155357”

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/ProgramServiceRevenueGrp/Desc1OTHER TENANTS SERVICES
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt125188
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt01009798
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt125188
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IRS990/PYOtherExpensesAmt02691054
IRS990/PYOtherRevenueAmt07918
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IRS990/PYRevenuesLessExpensesAmt0-387967
IRS990/PYSalariesCompEmpBnftPaidAmt0479685
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IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt02782772
IRS990/QuidProQuoContributionsInd0false
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IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0-525669
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0true
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RentalIncomeOrLossGrp/PersonalAmt00
IRS990/RentalIncomeOrLossGrp/RealAmt00
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt01034986
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt00
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IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus3YearsAmt01711152
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus4YearsAmt01735864
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IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearAmt03057
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IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus2YearsAmt013009
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus3YearsAmt05100
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus4YearsAmt02969
IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt045305
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IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt0986341
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt05062730
IRS990ScheduleA/GrossReceiptsNonUnrltBusGrp/TotalAmt00
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IRS990ScheduleA/InvestmentIncomePYPct00.00356
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Document Assets

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Filings

Displayed year

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

Open filing
Assets
$20,747,305
Liabilities
$13,560,316
Net assets
$7,186,989
Revenue
$2,773,696
Expenses
$3,299,365
Net income
-$525,669
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
2021Detailed filing. Detailed filing data is available for this year.$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