Civic Intelligence

The Promesa Housing Development Fund Corporation

990 • Fiscal year 2015 • EIN 13-3608906

Jan 01, 2015 to Dec 31, 2015 • Filed on Oct 24, 2016

Organization ProfileWWW.ACACIANETWORK.ORG
311 East 175th StreetBronx, NY 10457

(718) 299-1100

Siviq Scores

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

Liabilities / Assets

91st percentile

0.97x

Higher debt load relative to assets than 91% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2015

Liabilities / Revenue

90th percentile

2.97x

Higher debt load relative to revenue than 90% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2015

Net Margin

16th percentile

-9.0%

Higher net margin than 16% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2015

Top Officer Pay

91st percentile

$540,757

Higher top officer pay than 91% of similar nonprofits.

Top officer pay equals 9.7% of source-year revenue.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2015

Asset Growth

86th percentile

20%

Faster asset growth than 86% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2014 to 2015

Revenue Growth

83rd percentile

26%

Faster revenue growth than 83% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets91st percentile

Assets

Up

$17,098,806

Up $2,831,582 (+20%) from 2014

Net Assets

Down

$517,272

Down $500,645 (-49%) from 2014

Liabilities

Up

$16,581,534

Up $3,332,227 (+25%) from 2014

Revenue And Expenses
Liabilities / Revenue90th percentileNet Margin16th percentile

Revenue

Up

$5,583,929

Up $1,143,215 (+26%) from 2014

Expenses

Up

$6,084,574

Up $1,239,482 (+26%) from 2014

Net Income

Down

-$500,645

Down $96,267 (-24%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth86th 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

2015

Assets$17,098,806
Liabilities$16,581,534
Net Assets$517,272
Open 2015 Filing

Operations Trend

Revenue Growth83rd percentile

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

2015

Revenue$5,583,929
Expenses$6,084,574
Net Income-$500,645
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Oct 24, 2016
Return Version
2015v2.1
Gross Receipts
$5,583,929
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$6,071,932$6,431,130▲ $359,198
Cash and Non-Interest-Bearing Accounts$382,888$451,765▲ $68,877
Accounts Receivable$97,572$123,566▲ $25,994
Prepaid Expenses and Deferred Charges$89,849$117,409▲ $27,560
Intangible Assets$59,908$57,842▼ $2,066
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$14,267,224$17,098,806▲ $2,831,582
Other Assets Total$7,565,075$9,917,094▲ $2,352,019
Liabilities
Other Liabilities$7,779,583$9,576,186▲ $1,796,603
Mortgage Notes Payable Secured by Investment Property$4,418,615$5,592,938▲ $1,174,323
Accounts Payable and Accrued Expenses$1,036,826$1,392,975▲ $356,149
Deferred Revenue$14,283$19,435▲ $5,152
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$13,249,307$16,581,534▲ $3,332,227
Net Assets / Fund Balance
Unrestricted Net Assets$1,017,917$517,272▼ $500,645
Permanently Rstr Net Assets$0$0→ $0
Temporarily Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$1,017,917$517,272▼ $500,645
Total Liabilities and Net Assets / Fund Balance$14,267,224$17,098,806▲ $2,831,582

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$6,430,022$4,902,587$11,332,609
Equipment$1,101$154,998$156,099
Land$7-$7
Leasehold Improvements$0$0$0
Other Assets Org$1,362,911--
Compensation and Service Providers
Top Officer Pay91st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Ralph DecletVice PresidentPT$193,665$39,927$233,592
Raul RussiCEO-$16,419$2,832$19,251
Pamela MattelCOO-$10,207$3,151$13,358
Tomas Del RioCFO-$10,218$2,710$12,928
Hector L DiazPresident-$6,956$400$8,492

Board Members and Trustees

NameTitle
Eduardo AlayonChair
Shahabuddeen A AllyVice Chair
David GlaselVice President, Compliance
Dr Saroj BakshiMedical Director
Adriene RosellAdministrator
David CollymoreChief Medical Officer
Andrew Gonzalez EsqMember
Carlos PineiroMember
Frances L PimentelMember
Pedro FalconSecretary
Milagros Baez O'TooleTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Galaxy GC Group LLCGeneral Contractor3152 Albant Crescent, Bronx, NY 10463$7,103,520
Tyler's Dimes LLCRent1763 PITMAN AVE, Bronx, NY 10466$1,063,150
Nbx Acquisition LLCRent50 RIVERSIDE BLVD, New York, NY 10069$671,483
Stagg Groupbe Bronx Builders LLCDevelopmentPO BOX 9, Purchase, NY 10577$588,680
My Nyc LLCRent350 5TH AVENUE SUITE 5320, New York, NY 10118$560,373
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$5,583,901
Investment Income
$28
Other Revenue
$0
Change in Net Assets
$-500,645
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$6,084,574
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$3,835,248--$3,835,248
Fees for Services Other-$348,979-$348,979
Office Expenses-$345,649-$345,649
Other Expenses$751,743$293,377-$293,377
Depreciation Depletion$287,870--$287,870
Insurance$127,739--$127,739
Fees for Services Legal-$57,817-$57,817
Fees for Services Accounting-$30,540-$30,540
Interest$3,959--$3,959
Fees for Services Lobbying-$1,653-$1,653
Total Functional Expenses$5,006,559$1,078,015$0$6,084,574
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$9,398,310
Due to Hpd$100,373
Rent Security Payable$77,503
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

Filer Name
Promesa Housing Development Fund Corporation
EIN
13-3608906
In Care Of
% MILTON DERIENZO
Phone
7182991100
Address
311 EAST 175TH STREET, BRONX, NY 10457

Signing Officer

Name
Milton Derienzo
Title
CFO
Phone
7182991100
Signed
2016-10-24
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Raul Russi
Formed
1990
Legal Domicile
Ny
Voting Board Members
7
Independent Board Members
7
Employees
0
Volunteers
7

Preparer

Firm
WithumSmithBrown PC
Address
1 SPRING STREET, NEW BRUNSWICK, NJ 08901
Preparer
Joseph Perez
Phone
7328281614
Supplemental Narrative

Financial Statement Notes

Form 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 in the accompanying consolidated financial statements. PHDFC follows generally accepted accounting principles related to uncertain tax positions which require tax effects from an uncertain tax position to be recognized in the consolidated financial statements 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.”

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IRS990/Form990PartVIISectionAGrp/PersonNm2Pedro Falcon
IRS990/Form990PartVIISectionAGrp/PersonNm3Milagros Baez O'Toole
IRS990/Form990PartVIISectionAGrp/PersonNm4Andrew Gonzalez Esq
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IRS990/Form990PartVIISectionAGrp/PersonNm6Carlos Pineiro
IRS990/Form990PartVIISectionAGrp/PersonNm7TOMAS DEL RIO
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IRS990/Form990PartVIISectionAGrp/PersonNm10Hector L Diaz
IRS990/Form990PartVIISectionAGrp/PersonNm11Ralph Declet
IRS990/Form990PartVIISectionAGrp/PersonNm12ADRIENE ROSELL
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IRS990/Form990PartVIISectionAGrp/TitleTxt1Vice Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt2Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt3Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt4Member
IRS990/Form990PartVIISectionAGrp/TitleTxt5MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt6MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt7CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt8COO
IRS990/Form990PartVIISectionAGrp/TitleTxt9CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt10President
IRS990/Form990PartVIISectionAGrp/TitleTxt11VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt12ADMINISTRATOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13MEDICAL DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14CHIEF MEDICAL OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt15VICE PRESIDENT, COMPLIANCE
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IRS990/LocalChaptersInd0false
IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0TO COMBAT COMMUNITY DETERIORATION AND LESSEN NEIGHBORHOOD TENSIONS THROUGH THE RESIDENTIAL REVITALIZATION OF THE BRONX AND ADJACENT AREAS OF BRONX COUNTY.
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IRS990/OperateHospitalInd0false
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Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$17,098,806
Liabilities
$16,581,534
Net assets
$517,272
Revenue
$5,583,929
Expenses
$6,084,574
Net income
-$500,645
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