Civic Intelligence

The Promesa Housing Development Fund Corporation

990 • Fiscal year 2013 • EIN 13-3608906

Jan 01, 2013 to Dec 31, 2013 • Filed on Nov 10, 2014

Organization ProfileWWW.PROMESA.ORG
311 East 175th StreetSuiteBronx, NY 10457

(718) 299-1100

Siviq Scores

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

Liabilities / Assets

88th percentile

0.88x

Higher debt load relative to assets than 88% of similar nonprofits.

2013 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2013

Liabilities / Revenue

87th percentile

2.15x

Higher debt load relative to revenue than 87% of similar nonprofits.

2013 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2013

Net Margin

74th percentile

15%

Higher net margin than 74% of similar nonprofits.

2013 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2013

Top Officer Pay

89th percentile

$509,238

Higher top officer pay than 89% of similar nonprofits.

Top officer pay equals 10.1% of source-year revenue.

2013 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2013

Asset Growth

91st percentile

29%

Faster asset growth than 91% of similar nonprofits.

2013 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2012 to 2013

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2013

Balance Sheet
Liabilities / Assets88th percentile

Assets

Up

$12,399,444

Up $2,807,274 (+29%) from 2012

Net Assets

Up

$1,536,832

Up $742,986 (+94%) from 2012

Liabilities

Up

$10,862,612

Up $2,064,288 (+23%) from 2012

Revenue And Expenses
Liabilities / Revenue87th percentileNet Margin74th percentile

Revenue

$5,060,324

No earlier filing loaded for comparison.

Expenses

Up

$4,317,338

Up $661,514 (+18%) from 2012

Net Income

$742,986

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset Growth91st percentile

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

$60M$40M$20M$0Assets 2010: $8,173,049Liabilities 2010: $6,335,465Net Assets 2010: $1,837,5842010Assets 2011: $9,323,821Liabilities 2011: $7,755,978Net Assets 2011: $1,567,8432011Assets 2012: $9,592,170Liabilities 2012: $8,798,324Net Assets 2012: $793,8462012Assets 2013: $12,399,444Liabilities 2013: $10,862,612Net Assets 2013: $1,536,8322013Assets 2014: $14,267,224Liabilities 2014: $13,249,307Net Assets 2014: $1,017,9172014Assets 2015: $17,098,806Liabilities 2015: $16,581,534Net Assets 2015: $517,2722015Assets 2016: $20,801,751Liabilities 2016: $19,301,544Net Assets 2016: $1,500,2072016Assets 2017: $22,410,415Liabilities 2017: $19,798,568Net Assets 2017: $2,611,8472017Assets 2018: $25,696,045Liabilities 2018: $22,847,774Net Assets 2018: $2,848,2712018Assets 2019: $28,286,592Liabilities 2019: $22,401,328Net Assets 2019: $5,885,2642019Assets 2020: $29,117,921Liabilities 2020: $23,167,270Net Assets 2020: $5,950,6512020Assets 2021: $39,360,301Liabilities 2021: $24,258,143Net Assets 2021: $15,102,1582021Assets 2022: $46,161,430Liabilities 2022: $32,833,429Net Assets 2022: $13,328,0012022Assets 2023: $46,450,343Liabilities 2023: $35,300,071Net Assets 2023: $11,150,2722023Assets 2024: $50,738,044Liabilities 2024: $33,706,982Net Assets 2024: $17,031,0622024

Highlighted filing

2013

Assets$12,399,444
Liabilities$10,862,612
Net Assets$1,536,832
Open 2013 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$15M$10M$5.0M$0-$5.0MExpenses 2010: $2,562,6002010Expenses 2011: $2,825,2872011Expenses 2012: $3,655,8242012Revenue 2013: $5,060,324Expenses 2013: $4,317,338Net Income 2013: $742,9862013Revenue 2014: $4,440,714Expenses 2014: $4,845,092Net Income 2014: -$404,3782014Revenue 2015: $5,583,929Expenses 2015: $6,084,574Net Income 2015: -$500,6452015Revenue 2016: $9,469,742Expenses 2016: $8,486,807Net Income 2016: $982,9352016Revenue 2017: $9,757,490Expenses 2017: $8,657,022Net Income 2017: $1,100,4682017Revenue 2018: $9,718,930Expenses 2018: $9,482,506Net Income 2018: $236,4242018Revenue 2019: $12,679,109Expenses 2019: $9,642,116Net Income 2019: $3,036,9932019Revenue 2020: $10,310,413Expenses 2020: $9,809,899Net Income 2020: $500,5142020Revenue 2021: $8,538,986Expenses 2021: $11,348,226Net Income 2021: -$2,809,2402021Revenue 2022: $7,954,144Expenses 2022: $9,492,956Net Income 2022: -$1,538,8122022Revenue 2023: $7,768,189Expenses 2023: $9,682,782Net Income 2023: -$1,914,5932023Revenue 2024: $5,678,952Expenses 2024: $7,060,417Net Income 2024: -$1,381,4652024

Highlighted filing

2013

Revenue$5,060,324
Expenses$4,317,338
Net Income$742,986
Open 2013 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
Nov 10, 2014
Return Version
2013v3.1
Gross Receipts
$5,060,324
Mission and Program Overview

Mission

To combat community deterioration and lessen neighborhood tensions through the residential revitalization of the bronx and adjacent areas of bronx county.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$5,722,786$5,283,603▼ $439,183
Cash and Non-Interest-Bearing Accounts$789,547$153,423▼ $636,124
Accounts Receivable$427,056$69,811▼ $357,245
Prepaid Expenses and Deferred Charges$70,965$67,989▼ $2,976
Intangible Assets$8,267$0▼ $8,267
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$9,592,170$12,399,444▲ $2,807,274
Other Assets Total$2,573,549$6,824,618▲ $4,251,069
Liabilities
Other Liabilities$3,312,630$6,127,768▲ $2,815,138
Mortgage Notes Payable Secured by Investment Property$4,966,905$4,409,782▼ $557,123
Accounts Payable and Accrued Expenses$509,417$314,627▼ $194,790
Deferred Revenue$9,372$10,435▲ $1,063
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$8,798,324$10,862,612▲ $2,064,288
Net Assets / Fund Balance
Unrestricted Net Assets$793,846$1,536,832▲ $742,986
Permanently Rstr Net Assets$0$0→ $0
Temporarily Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$793,846$1,536,832▲ $742,986
Total Liabilities and Net Assets / Fund Balance$9,592,170$12,399,444▲ $2,807,274

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$5,236,840$4,393,821$9,630,661
Equipment$46,756$109,343$156,099
Land$7-$7
Other Assets Org$10,000--
Compensation and Service Providers
Top Officer Pay89th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Ralph DecletVP of DevelopmentFT$161,678$29,725$191,403
Tomas Del RioCFO-$20,780$5,654$26,434
Raul RussiCEO-$19,402$3,514$22,916
Pamela MattelCOO-$12,729$3,390$16,119
Hector L DiazPresident-$7,231$1,676$8,907

Board Members and Trustees

NameTitle
Eduardo AlayonChair
Shahabuddeen A AllyVice Chair
Dr Saroj BakshiMedical Director
Adriene RosellAdministrator
David CollymoreChief Medical Officer
Andrew Gonzalez EsqMember
Peter MarcusPhysician
Pedro FalconSecretary
Milagros Baez O'TooleTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$5,059,425
Investment Income
$899
Other Revenue
$0
Change in Net Assets
$742,986
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$4,317,338
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$1,495,010--$1,495,010
Fees for Services Other-$474,330-$474,330
Depreciation Depletion$271,546--$271,546
Other Expenses$1,517,766$96,449-$96,449
Insurance$86,697--$86,697
Fees for Services Legal-$84,674-$84,674
Office Expenses-$33,218-$33,218
Fees for Services Accounting-$30,400-$30,400
Advertising-$11,970-$11,970
Fees for Services Lobbying-$7,845-$7,845
Total Functional Expenses$3,578,452$738,886$0$4,317,338
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
Yes
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
Due to Affiliates$5,958,308
Due to Hpd$100,373
Rent Security Payable$69,087
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“The organization distributes the 990 at the board of directors meeting. The board votes to approve the 990.”

Form 990, Part VI, Section B, Line 12C

“Annual signed statements are provided that affirms that the interested parties are in compliance with the conflict of interest policy.”

Form 990, Part VI, Section C, Line 19

“The governing documents, conflict of interest policy and financial statements are available to the public upon request.”

Form 990, Part VI, Section B, Line 15A & 15B

“The organization periodically engages an independent and qualified compensation consultant to compile and analyze detailed data about the types and levels of compensation packages provided by organizations in promesa's peer group to individuals in positions similiar to the officers of promesa.”

Filing and Contact Details

Filer

EIN
13-3608906
In Care Of
% TOMAS DEL RIO
Phone
7182991100

Signing Officer

Name
Raul Russi
Title
CEO
Phone
7182991100
Signed
2014-11-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Raul Russi
Formed
1990
Legal Domicile
Ny
Voting Board Members
5
Independent Board Members
5
Employees
0
Volunteers
5

Preparer

Preparer
Joseph Perez
Phone
7182991100
Supplemental Narrative

Financial Statement Notes

990, Schedule D, Part X, Line 2

“PHDFC is exempt from federal and state income taxes under Section 501(c)(3) of the Internal Revenue Code and New York taxation codes. Accordingly, no provision for income taxes has been reflected. PHDFC follows generally accepted accounting principles related to uncertain tax positions which require tax effects from an uncertain tax position to be recognized only if the position is more likely than not to be sustained if the position were to be challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax position may be challenged. If an uncertain tax position meets the more-likely-than-not threshold, the largest amount of tax benefit that is greater than 50 percent likely to be recognized upon ultimate settlement with the taxing authority is recorded. PHDFC's primary tax positions relate to its status as a not-for-profit entity exempt from income taxes and classification of activities related to its exempt purpose. Management has evaluated the tax positions reflected in PHDFC's tax filings and does not believe that any material uncertain tax positions exist. PHDFC did not record any tax related interest or penalties during the years in question. PHDFC files form 990 in the U.S. federal jurisdiction and CHAR 500 in the State of New York jurisdiction. PHDFC is generally no longer subject to examination by the Internal Revenue Service for years before 2010.”

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IRS990/OwnWebsiteInd0X
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
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Document Assets

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Filings

Displayed year

2013 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$12,399,444
Liabilities
$10,862,612
Net assets
$1,536,832
Revenue
$5,060,324
Expenses
$4,317,338
Net income
$742,986
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$50.7$33.7$17.0$5.68$7.06$1.38
2023Detailed filing. Detailed filing data is available for this year.$46.5$35.3$11.2$7.77$9.68$1.91
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$46.2$32.8$13.3$7.95$9.49$1.54
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$39.4$24.3$15.1$8.54$11.3$2.81
2020Detailed filing. Detailed filing data is available for this year.$29.1$23.2$5.95$10.3$9.81$0.50
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$28.3$22.4$5.89$12.7$9.64$3.04
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$25.7$22.8$2.85$9.72$9.48$0.24
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$22.4$19.8$2.61$9.76$8.66$1.10
2016Detailed filing. Detailed filing data is available for this year.$20.8$19.3$1.50$9.47$8.49$0.98
2015Detailed filing. Detailed filing data is available for this year.$17.1$16.6$0.52$5.58$6.08$0.50
2014Detailed filing. Detailed filing data is available for this year.$14.3$13.2$1.02$4.44$4.85$0.40
2013Detailed filing. Detailed filing data is available for this year.$12.4$10.9$1.54$5.06$4.32$0.74
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.59$8.80$0.79$3.66
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.32$7.76$1.57$2.83
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.17$6.34$1.84$2.56