Civic Intelligence

Parkside Housing Development Fund Company Inc

990 • Fiscal year 2023 • EIN 13-3526582

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 07, 2024

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

62nd percentile

0.88x

Higher debt load relative to assets than 62% of similar nonprofits.

2023 filings • NTEE L • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

77th percentile

6.37x

Higher debt load relative to revenue than 77% of similar nonprofits.

2023 filings • NTEE L • $1M-$5M nonprofits • Source year 2023

Net Margin

16th percentile

-40%

Higher net margin than 16% of similar nonprofits.

2023 filings • NTEE L • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

46th percentile

$0

Higher top officer pay than 46% of similar nonprofits.

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

2023 filings • NTEE L • $1M-$5M nonprofits • Source year 2023

Asset Growth

55th percentile

-0.8%

Faster asset growth than 55% of similar nonprofits.

2023 filings • NTEE L • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

24th percentile

-3.3%

Faster revenue growth than 24% of similar nonprofits.

2023 filings • NTEE L • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets62nd percentile

Assets

Down

$3,166,933

Down $24,661 (-0.8%) from 2022

Net Assets

Down

$385,821

Down $174,884 (-31%) from 2022

Liabilities

Up

$2,781,112

Up $150,223 (+5.7%) from 2022

Revenue And Expenses
Liabilities / Revenue77th percentileNet Margin16th percentile

Revenue

Down

$436,254

Down $15,115 (-3.3%) from 2022

Expenses

Up

$611,138

Up $36,338 (+6.3%) from 2022

Net Income

Down

-$174,884

Down $51,453 (-42%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth55th 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

2023

Assets$3,166,933
Liabilities$2,781,112
Net Assets$385,821
Open 2023 Filing

Operations Trend

Revenue Growth24th 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

2023

Revenue$436,254
Expenses$611,138
Net Income-$174,884
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 7, 2024
Return Version
2023v5.0
Gross Receipts
$436,254
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$2,034,415$1,952,006▼ $82,409
Cash and Non-Interest-Bearing Accounts$406,646$318,338▼ $88,308
Accounts Receivable$36,784$20,949▼ $15,835
Prepaid Expenses and Deferred Charges$5,480$18,717▲ $13,237
Total Assets$3,191,594$3,166,933▼ $24,661
Other Assets Total$708,269$856,923▲ $148,654
Liabilities
Mortgage Notes Payable Secured by Investment Property$2,330,643$2,380,511▲ $49,868
Other Liabilities$278,608$306,313▲ $27,705
Accounts Payable and Accrued Expenses$21,638$94,288▲ $72,650
Total Liabilities$2,630,889$2,781,112▲ $150,223
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$560,705$385,821▼ $174,884
Total Net Assets Fund Balance$560,705$385,821▼ $174,884
Total Liabilities and Net Assets / Fund Balance$3,191,594$3,166,933▼ $24,661

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$865,606$440,171$1,305,777
Buildings$582,400$313,600$896,000
Land$504,000-$504,000
Other Assets Org$19,281--
Compensation and Service Providers
Top Officer Pay46th percentile

Board Members and Trustees

NameTitle
Linda DemartinisPresident
Kathleen BielsaSecretary
Paul FuscoTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$405,744
Investment Income
$20,414
Other Revenue
$10,096
Change in Net Assets
$-174,884

Audited Revenue Reconciliation

Revenue per Audited Statements
$436,254
Total Revenue per Audited Statements
$436,254
Total Revenue per Form 990
$436,254
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$544,931
Salaries, Compensation, and Employee Benefits$66,207
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Management-$100,316-$100,316
Depreciation Depletion$82,409--$82,409
Interest$78,568--$78,568
Insurance$71,332--$71,332
Other Salaries and Wages$43,084--$43,084
Other Employee Benefits$19,048--$19,048
Fees for Services Other$4,606$7,627-$12,233
Fees for Services Accounting-$8,800-$8,800
All Other Expenses$8,054--$8,054
Other Expenses$5,174--$5,174
Payroll Taxes$4,075--$4,075
Fees for Services Legal-$637-$637
Total Functional Expenses$493,758$117,380$0$611,138

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$611,138
Total Expenses per Audited Statements$611,138
Total Expenses per Form 990$611,138
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$287,032
Tenant Security Deposit$19,281
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
2024-11-07
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

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 parksides general tax-exempt status, asc topic 740 has not had, and is not expected to have, a material impact on its financial statements.”

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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.
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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,166,933
Liabilities
$2,781,112
Net assets
$385,821
Revenue
$436,254
Expenses
$611,138
Net income
-$174,884
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