Civic Intelligence

Parkside Housing Development Fund Company Inc

990 • Fiscal year 2022 • EIN 13-3526582

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 14, 2023

Organization ProfileN/A
160 Heberton AvenueStaten Island, NY 10302

(718) 442-7351

Siviq Scores

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

Liabilities / Assets

59th percentile

0.82x

Higher debt load relative to assets than 59% of similar nonprofits.

2022 filings • NTEE L • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

74th percentile

5.83x

Higher debt load relative to revenue than 74% of similar nonprofits.

2022 filings • NTEE L • $1M-$5M nonprofits • Source year 2022

Net Margin

27th percentile

-27%

Higher net margin than 27% of similar nonprofits.

2022 filings • NTEE L • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

47th percentile

$0

Higher top officer pay than 47% of similar nonprofits.

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

2022 filings • NTEE L • $1M-$5M nonprofits • Source year 2022

Asset Growth

53rd percentile

-1.8%

Faster asset growth than 53% of similar nonprofits.

2022 filings • NTEE L • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

70th percentile

6.5%

Faster revenue growth than 70% of similar nonprofits.

2022 filings • NTEE L • $1M-$5M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets59th percentile

Assets

Down

$3,191,594

Down $59,812 (-1.8%) from 2021

Net Assets

Down

$560,705

Down $126,409 (-18%) from 2021

Liabilities

Up

$2,630,889

Up $66,597 (+2.6%) from 2021

Revenue And Expenses
Liabilities / Revenue74th percentileNet Margin27th percentile

Revenue

Up

$451,369

Up $27,565 (+6.5%) from 2021

Expenses

Up

$574,800

Up $84,146 (+17%) from 2021

Net Income

Down

-$123,431

Down $56,581 (-85%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth53rd percentile

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

$4.0M$3.0M$2.0M$1.0M$0Assets 2013: $2,165,068Liabilities 2013: $1,240,130Net Assets 2013: $924,9382013Assets 2014: $2,609,585Liabilities 2014: $1,669,651Net Assets 2014: $939,9342014Assets 2015: $3,062,154Liabilities 2015: $2,120,413Net Assets 2015: $941,7412015Assets 2016: $3,172,036Liabilities 2016: $2,234,962Net Assets 2016: $937,0742016Assets 2017: $3,143,228Liabilities 2017: $2,333,871Net Assets 2017: $809,3572017Assets 2018: $3,164,796Liabilities 2018: $2,394,574Net Assets 2018: $770,2222018Assets 2019: $3,285,088Liabilities 2019: $2,463,976Net Assets 2019: $821,1122019Assets 2020: $3,317,909Liabilities 2020: $2,538,219Net Assets 2020: $779,6902020Assets 2021: $3,251,406Liabilities 2021: $2,564,292Net Assets 2021: $687,1142021Assets 2022: $3,191,594Liabilities 2022: $2,630,889Net Assets 2022: $560,7052022Assets 2023: $3,166,933Liabilities 2023: $2,781,112Net Assets 2023: $385,8212023Assets 2024: $2,963,692Liabilities 2024: $2,793,019Net Assets 2024: $170,6732024

Highlighted filing

2022

Assets$3,191,594
Liabilities$2,630,889
Net Assets$560,705
Open 2022 Filing

Operations Trend

Revenue Growth70th percentile

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

$1.5M$1.0M$500K$0-$500KRevenue 2013: $1,192,781Expenses 2013: $236,596Net Income 2013: $956,1852013Revenue 2014: $432,591Expenses 2014: $417,595Net Income 2014: $14,9962014Revenue 2015: $409,203Expenses 2015: $407,396Net Income 2015: $1,8072015Revenue 2016: $408,381Expenses 2016: $413,048Net Income 2016: -$4,6672016Revenue 2017: $407,122Expenses 2017: $473,160Net Income 2017: -$66,0382017Revenue 2018: $418,847Expenses 2018: $457,982Net Income 2018: -$39,1352018Revenue 2019: $481,283Expenses 2019: $430,393Net Income 2019: $50,8902019Revenue 2020: $421,732Expenses 2020: $463,154Net Income 2020: -$41,4222020Revenue 2021: $423,804Expenses 2021: $490,654Net Income 2021: -$66,8502021Revenue 2022: $451,369Expenses 2022: $574,800Net Income 2022: -$123,4312022Revenue 2023: $436,254Expenses 2023: $611,138Net Income 2023: -$174,8842023Revenue 2024: $459,970Expenses 2024: $675,118Net Income 2024: -$215,1482024

Highlighted filing

2022

Revenue$451,369
Expenses$574,800
Net Income-$123,431
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 14, 2023
Return Version
2022v5.0
Gross Receipts
$451,369
Mission and Program Overview

Mission

Development and operation of a low income housing project for senior citizens.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,116,824$2,034,415▼ $82,409
Cash and Non-Interest-Bearing Accounts$618,465$406,646▼ $211,819
Accounts Receivable$33,277$36,784▲ $3,507
Prepaid Expenses and Deferred Charges$5,038$5,480▲ $442
Total Assets$3,251,406$3,191,594▼ $59,812
Other Assets Total$477,802$708,269▲ $230,467
Liabilities
Mortgage Notes Payable Secured by Investment Property$2,282,727$2,330,643▲ $47,916
Other Liabilities$247,849$278,608▲ $30,759
Accounts Payable and Accrued Expenses$33,716$21,638▼ $12,078
Total Liabilities$2,564,292$2,630,889▲ $66,597
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$687,114$560,705▼ $126,409
Total Net Assets Fund Balance$687,114$560,705▼ $126,409
Total Liabilities and Net Assets / Fund Balance$3,251,406$3,191,594▼ $59,812

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$918,148$387,631$1,305,779
Buildings$612,267$283,733$896,000
Land$504,000-$504,000
Other Assets Org$17,050--
Compensation and Service Providers
Top Officer Pay47th percentile

Board Members and Trustees

NameTitle
Linda DemartinisPresident
Kathleen BielsaSecretary
Paul FuscoTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$440,152
Investment Income
$6,251
Other Revenue
$4,966
Change in Net Assets
$-123,431

Audited Revenue Reconciliation

Revenue per Audited Statements
$451,369
Total Revenue per Audited Statements
$451,369
Total Revenue per Form 990
$451,369
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$521,661
Salaries, Compensation, and Employee Benefits$53,139
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Management-$105,863-$105,863
Depreciation Depletion$82,409--$82,409
Interest$76,616--$76,616
Insurance$56,800--$56,800
Other Salaries and Wages$38,700--$38,700
All Other Expenses$12,397--$12,397
Fees for Services Accounting-$12,091-$12,091
Other Employee Benefits$9,937--$9,937
Other Expenses$5,230--$5,230
Payroll Taxes$4,502--$4,502
Fees for Services Other$2,918--$2,918
Fees for Services Legal-$2,512-$2,512
Total Functional Expenses$454,334$120,466$0$574,800

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$577,778
Expenses per Audited Statements$574,800
Total Expenses per Form 990$574,800
Expenses Not Reported on Form 990$2,978
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accrued Interest Payable$258,332
Tenant Security Deposit$20,276
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
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, Page 6, Part VI, Line 11B

“The 990 is distributed to board members before filing.”

Form 990, Page 6, Part VI, Line 12C

“Prior to election to the board, and on an annual basis, all directors shall disclose in writing all conflicts of interest.”

Form 990, Page 6, Part VI, Line 19

“Parkside makes its form 990 and financial statements available to the public upon request. The governance documents and conflict of interest policy are distributed internally and not made available to the public.”

Filing and Contact Details

Filer

Filer Name
Parkside Housing Development Fund
EIN
13-3526582
Phone
7184427351
Address
160 HEBERTON AVENUE, STATEN ISLAND, NY 10302

Signing Officer

Name
Kathleen Bielsa
Title
Secretary
Phone
7184427351
Signed
2023-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kathleen Bielsa
Voting Board Members
3
Independent Board Members
3
Employees
1

Preparer

Firm
Desantis Kiefer Shall & Sarcone Llp
Address
1675 RICHMOND ROAD, STATEN ISLAND, NY 10304-2317
Preparer
John M Shall Jr CPA
Phone
7183512233
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“BAD DEBT EXPENSE -2,978”

Financial Statement Notes

Schedule D, Page 3, Part X

“Parkside is subject to the provisions of the fasb asc topic 740, income taxes, as it relates to accounting and reporting for uncertainty in income taxes. Because of parkside's general tax-exempt status, asc topic 740 has not had, and is not expected to have, a material impact on its financial statements.”

Schedule D, Page 4, Part XII, Line 2D

“BAD DEBT EXPENSE 2,978”

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IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt120276
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt217050
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0258332
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt120276
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0ACCRUED INTEREST PAYABLE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1TENANT SECURITY DEPOSIT
IRS990ScheduleD/RevenueSubtotalAmt0451369
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IRS990ScheduleD/TotalBookValueOtherAssetsAmt0708269
IRS990ScheduleD/TotalExpensesPerForm990Amt0574800
IRS990ScheduleD/TotalLiabilityAmt0278608
IRS990ScheduleD/TotalRevenuePerForm990Amt0451369
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0451369
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0577778
IRS990/ScheduleJRequiredInd0false
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE 990 IS DISTRIBUTED TO BOARD MEMBERS BEFORE FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1PRIOR TO ELECTION TO THE BOARD, AND ON AN ANNUAL BASIS, ALL DIRECTORS SHALL DISCLOSE IN WRITING ALL CONFLICTS OF INTEREST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2PARKSIDE MAKES ITS FORM 990 AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. THE GOVERNANCE DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE DISTRIBUTED INTERNALLY AND NOT MADE AVAILABLE TO THE PUBLIC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3BAD DEBT EXPENSE -2,978
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 12C
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IRS990ScheduleR/AssetPurchaseFromOtherOrgInd0false
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501C3
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt07
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0STATEN ISLAND
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0NY
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IRS990ScheduleR/ReimbursementPaidByOtherOrgInd0false
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd0false
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IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
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IRS990/USAddress/CityNm0STATEN ISLAND
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IRS990/USAddress/ZIPCd010302
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ReturnHeader/BuildTS02023-04-26 12:10:37Z
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ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0COMPANY INC
ReturnHeader/Filer/BusinessNameControlTxt0PARK
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Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,191,594
Liabilities
$2,630,889
Net assets
$560,705
Revenue
$451,369
Expenses
$574,800
Net income
-$123,431
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$2.96$2.79$0.17$0.46$0.68$0.22
2023Detailed filing. Detailed filing data is available for this year.$3.17$2.78$0.39$0.44$0.61$0.17
2022Detailed filing. Detailed filing data is available for this year.$3.19$2.63$0.56$0.45$0.57$0.12
2021Detailed filing. Detailed filing data is available for this year.$3.25$2.56$0.69$0.42$0.49$0.07
2020Detailed filing. Detailed filing data is available for this year.$3.32$2.54$0.78$0.42$0.46$0.04
2019Detailed filing. Detailed filing data is available for this year.$3.29$2.46$0.82$0.48$0.43$0.05
2018Detailed filing. Detailed filing data is available for this year.$3.16$2.39$0.77$0.42$0.46$0.04
2017Detailed filing. Detailed filing data is available for this year.$3.14$2.33$0.81$0.41$0.47$0.07
2016Detailed filing. Detailed filing data is available for this year.$3.17$2.23$0.94$0.41$0.41$0.00
2015Detailed filing. Detailed filing data is available for this year.$3.06$2.12$0.94$0.41$0.41$0.00
2014Detailed filing. Detailed filing data is available for this year.$2.61$1.67$0.94$0.43$0.42$0.01
2013Detailed filing. Detailed filing data is available for this year.$2.17$1.24$0.92$1.19$0.24$0.96