Civic Intelligence

Phf Housing Development Fund Company Inc.

990 • Fiscal year 2017 • EIN 13-3409677

Jan 01, 2017 to Dec 31, 2017 • Filed on Oct 16, 2018

j belson assoc45-46 11TH STREETLong Island City, NY 11101

(212) 941-9500

Siviq Scores

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

Liabilities / Assets

100th percentile

5.30x

Higher debt load relative to assets than 100% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Liabilities / Revenue

95th percentile

4.40x

Higher debt load relative to revenue than 95% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Net Margin

23rd percentile

-7.5%

Higher net margin than 23% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Top Officer Pay

35th percentile

$0

Higher top officer pay than 35% of similar nonprofits.

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

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Asset Growth

4th percentile

-26%

Faster asset growth than 4% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2016 to 2017

Revenue Growth

35th percentile

-0.8%

Faster revenue growth than 35% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2016 to 2017

Assets

Down

$1,396,963

Down $501,400 (-26%) from 2016

Net Assets

Down

-$6,008,115

Down $125,310 (-2.1%) from 2016

Liabilities

Down

$7,405,078

Down $376,090 (-4.8%) from 2016

Revenue

Down

$1,681,192

Down $12,881 (-0.8%) from 2016

Expenses

Down

$1,806,502

Down $22,338 (-1.2%) from 2016

Net Income

Up

-$125,310

Up $9,457 (+7.0%) from 2016

Historical Trend

Balance Sheet Trend

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

$10M$5.0M$0-$5.0M-$10MAssets 2010: $4,459,287Liabilities 2010: $8,404,162Net Assets 2010: -$3,944,8752010Assets 2011: $4,115,122Liabilities 2011: $8,287,537Net Assets 2011: -$4,172,4152011Assets 2012: $3,659,240Liabilities 2012: $8,106,234Net Assets 2012: -$4,446,9942012Assets 2013: $2,847,843Liabilities 2013: $7,971,514Net Assets 2013: -$5,123,6712013Assets 2014: $2,495,304Liabilities 2014: $7,933,227Net Assets 2014: -$5,437,9232014Assets 2015: $2,093,400Liabilities 2015: $7,841,438Net Assets 2015: -$5,748,0382015Assets 2016: $1,898,363Liabilities 2016: $7,781,168Net Assets 2016: -$5,882,8052016Assets 2017: $1,396,963Liabilities 2017: $7,405,078Net Assets 2017: -$6,008,1152017Assets 2018: $3,041,878Liabilities 2018: $13,561Net Assets 2018: $3,028,3172018Assets 2019: $3,326,076Liabilities 2019: $0Net Assets 2019: $3,326,0762019Assets 2020: $3,656,005Liabilities 2020: $0Net Assets 2020: $3,656,0052020Assets 2021: $4,021,539Liabilities 2021: $0Net Assets 2021: $4,021,5392021Assets 2022: $4,423,693Liabilities 2022: $0Net Assets 2022: $4,423,6932022Assets 2023: $4,866,062Liabilities 2023: $0Net Assets 2023: $4,866,0622023Assets 2024: $5,352,667Liabilities 2024: $0Net Assets 2024: $5,352,6672024

Highlighted filing

2017

Assets$1,396,963
Liabilities$7,405,078
Net Assets-$6,008,115

Operations Trend

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

$15M$10M$5.0M$0-$5.0MExpenses 2010: $1,821,3892010Expenses 2011: $1,780,3652011Expenses 2012: $1,803,4022012Revenue 2013: $1,706,683Expenses 2013: $2,383,360Net Income 2013: -$676,6772013Revenue 2014: $1,594,784Expenses 2014: $1,909,036Net Income 2014: -$314,2522014Revenue 2015: $1,657,545Expenses 2015: $1,967,660Net Income 2015: -$310,1152015Revenue 2016: $1,694,073Expenses 2016: $1,828,840Net Income 2016: -$134,7672016Revenue 2017: $1,681,192Expenses 2017: $1,806,502Net Income 2017: -$125,3102017Revenue 2018: $14,135,167Expenses 2018: $5,098,735Net Income 2018: $9,036,4322018Revenue 2019: $301,847Expenses 2019: $4,088Net Income 2019: $297,7592019Revenue 2020: $333,859Expenses 2020: $3,930Net Income 2020: $329,9292020Revenue 2021: $367,094Expenses 2021: $1,560Net Income 2021: $365,5342021Revenue 2022: $403,654Expenses 2022: $1,500Net Income 2022: $402,1542022Revenue 2023: $443,869Expenses 2023: $1,500Net Income 2023: $442,3692023Revenue 2024: $488,105Expenses 2024: $1,500Net Income 2024: $486,6052024

Highlighted filing

2017

Revenue$1,681,192
Expenses$1,806,502
Net Income-$125,310
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Oct 16, 2018
Return Version
2017v2.2
Gross Receipts
$1,681,192
Mission and Program Overview

Mission

To provide housing for senior citizens & disabled persons of lower income.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,530,516$1,154,959▼ $375,557
Savings and Temporary Cash Investments$70,039$190,544▲ $120,505
Cash and Non-Interest-Bearing Accounts$27,352$16,711▼ $10,641
Prepaid Expenses and Deferred Charges$5,364$5,606▲ $242
Accounts Receivable$239,646$4,114▼ $235,532
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 Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$1,898,363$1,396,963▼ $501,400
Other Assets Total$25,446$25,029▼ $417
Liabilities
Mortgage Notes Payable Secured by Investment Property$7,310,374$7,055,774▼ $254,600
Accounts Payable and Accrued Expenses$445,348$324,275▼ $121,073
Other Liabilities$25,446$25,029▼ $417
Total Liabilities$7,781,168$7,405,078▼ $376,090
Net Assets / Fund Balance
Unrestricted Net Assets$-5,882,805$-6,008,115▼ $125,310
Total Net Assets Fund Balance$-5,882,805$-6,008,115▼ $125,310
Total Liabilities and Net Assets / Fund Balance$1,898,363$1,396,963▼ $501,400

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,147,430$8,715,605$9,863,035
Equipment$7,529$141,942$149,471
Compensation and Service Providers

Board Members and Trustees

NameTitle
M AdelsteinPresident
S AdelsteinVice President
A AdelsteinDirector
A LazarowDirector
B ChernoffDirector
B GoldbergDirector
E YancoDirector
H ChiltonDirector
H ShulmanDirector
H StorchDirector
J BreakstoneDirector
L LevineDirector
M StollerDirector
S HauserDirector
T JacobsenDirector
W LewDirector

Highest Paid Contractors

ContractorServicesLocationCompensation
Madison Security GroupSecurity31-37 kirk street, lowell, MA 01852$118,475
Revenue and Support

Revenue Composition

Contributions and Grants
$1,341,222
Program Service Revenue
$339,729
Investment Income
$241
Other Revenue
$0
Change in Net Assets
$-125,310

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,681,192
Total Revenue per Audited Statements
$1,681,192
Total Revenue per Form 990
$1,681,192
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,597,526
Salaries, Compensation, and Employee Benefits$208,976
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$601,016--$601,016
Depreciation Depletion$375,556--$375,556
Other Salaries and Wages$161,980--$161,980
All Other Expenses$111,151--$111,151
Insurance$89,134--$89,134
Fees for Services Management$53,165--$53,165
Other Expenses$42,297--$42,297
Other Employee Benefits$35,491--$35,491
Fees for Services Accounting$15,932--$15,932
Payroll Taxes$11,505--$11,505
Office Expenses$2,715--$2,715
Fees for Services Legal$1,024--$1,024
Total Functional Expenses$1,806,502$0$0$1,806,502

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,806,502
Total Expenses per Audited Statements$1,806,502
Total Expenses per Form 990$1,806,502
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
Tenant Security$25,029
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
Yes
Backup withholding compliance
Yes
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Line 2: Description of Business or Family Relationship of Officers, Directors, Et

m. adelstein and s. adelstein are siblings.

Form 990, Part VI, Line 3: Description of Delegated Duties to Management Company

the company has retained jerome belson associates, inc. to provide management services.

Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder

the company is a not-for-profit corporation with members.

Form 990, Part VI, Line 11B: Form 990 Review Process

federal form 990 and the audited financial statements are presented by management to the board of directors for their review and approval.

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

upon request.

Filing and Contact Details

Filer

Filer Name
PHF HOUSING DEVELOPMENT FUND COMPANY inc
EIN
13-3409677
Phone
2129419500
Address
j belson assoc45-46 11TH STREET, LONG ISLAND CITY, NY 11101

Signing Officer

Name
M Adelstein
Title
President
Signed
2018-10-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
M Adelstein
Formed
1987
Legal Domicile
Ny
Voting Board Members
16
Independent Board Members
16
Employees
3

Preparer

Firm
Palmetto Mollo Molinaro & Passarello Llp
Address
91 Broadhollow Road, Melville, NY 11747-2500
Preparer
Kenneth Krieger
Phone
6317618989
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IRS990/Form990PartVIISectionAGrp/TitleTxt0President
IRS990/Form990PartVIISectionAGrp/TitleTxt1Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt2Director
IRS990/Form990PartVIISectionAGrp/TitleTxt3Director
IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
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IRS990/InsuranceGrp/ProgramServicesAmt089134
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IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NoListedPersonsCompensatedInd0X
IRS990/NondeductibleContributionsInd0false
IRS990/OccupancyGrp/TotalAmt00
IRS990/OfficeExpensesGrp/ProgramServicesAmt02715
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IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OrgFiledInLieuOfForm1041Ind0false
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IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt035491
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IRS990/OtherExpensesGrp/Desc1Repairs & Maintenance
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IRS990/OtherExpensesGrp/Desc3GAS
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IRS990/OtherExpensesGrp/ProgramServicesAmt1120616
IRS990/OtherExpensesGrp/ProgramServicesAmt246854
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IRS990/OtherExpensesGrp/TotalAmt246854
IRS990/OtherExpensesGrp/TotalAmt342297
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IRS990/OtherSalariesAndWagesGrp/TotalAmt0161980
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
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IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/ProgramServicesAmt011505
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IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
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IRS990/PYProgramServiceRevenueAmt0328267
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IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
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IRS990/RoyaltiesGrp/TotalAmt00
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IRS990/SavingsAndTempCashInvstGrp/EOYAmt0190544
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt01657421
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt01594560
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt01706097
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt08332976
IRS990ScheduleA/GovtFurnSrvcFcltsVl170Grp/TotalAmt00
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt0241
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt0126
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt0124
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt0224
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt0586
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt01301
IRS990ScheduleA/OtherIncome170Grp/TotalAmt00
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IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt01680951
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt01693947

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$5.35$0.00$5.35$0.49$0.00$0.49
2023Detailed filing. Detailed filing data is available for this year.$4.87$0.00$4.87$0.44$0.00$0.44
2022Detailed filing. Detailed filing data is available for this year.$4.42$0.00$4.42$0.40$0.00$0.40
2021Detailed filing. Detailed filing data is available for this year.$4.02$0.00$4.02$0.37$0.00$0.37
2020Detailed filing. Detailed filing data is available for this year.$3.66$0.00$3.66$0.33$0.00$0.33
2019Detailed filing. Detailed filing data is available for this year.$3.33$0.00$3.33$0.30$0.00$0.30
2018Detailed filing. Detailed filing data is available for this year.$3.04$0.01$3.03$14.1$5.10$9.04
2017Detailed filing. Detailed filing data is available for this year.$1.40$7.41$6.01$1.68$1.81$0.13
2016Detailed filing. Detailed filing data is available for this year.$1.90$7.78$5.88$1.69$1.83$0.13
2015Detailed filing. Detailed filing data is available for this year.$2.09$7.84$5.75$1.66$1.97$0.31
2014Detailed filing. Detailed filing data is available for this year.$2.50$7.93$5.44$1.59$1.91$0.31
2013Detailed filing. Detailed filing data is available for this year.$2.85$7.97$5.12$1.71$2.38$0.68
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.66$8.11$4.45$1.80
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.12$8.29$4.17$1.78
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.46$8.40$3.94$1.82