Civic Intelligence

The Promesa Housing Development Fund Corporation

990 • Fiscal year 2023 • EIN 13-3608906

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 15, 2024

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

86th percentile

0.76x

Higher debt load relative to assets than 86% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Liabilities / Revenue

93rd percentile

4.54x

Higher debt load relative to revenue than 93% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Net Margin

11th percentile

-25%

Higher net margin than 11% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Top Officer Pay

94th percentile

$980,006

Higher top officer pay than 94% of similar nonprofits.

Top officer pay equals 12.6% of source-year revenue.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Asset Growth

30th percentile

0.6%

Faster asset growth than 30% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Revenue Growth

34th percentile

-2.3%

Faster revenue growth than 34% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets86th percentile

Assets

Up

$46,450,343

Up $288,913 (+0.6%) from 2022

Net Assets

Down

$11,150,272

Down $2,177,729 (-16%) from 2022

Liabilities

Up

$35,300,071

Up $2,466,642 (+7.5%) from 2022

Revenue And Expenses
Liabilities / Revenue93rd percentileNet Margin11th percentile

Revenue

Down

$7,768,189

Down $185,955 (-2.3%) from 2022

Expenses

Up

$9,682,782

Up $189,826 (+2.0%) from 2022

Net Income

Down

-$1,914,593

Down $375,781 (-24%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth30th 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

2023

Assets$46,450,343
Liabilities$35,300,071
Net Assets$11,150,272
Open 2023 Filing

Operations Trend

Revenue Growth34th 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

2023

Revenue$7,768,189
Expenses$9,682,782
Net Income-$1,914,593
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 15, 2024
Return Version
2023v5.1
Gross Receipts
$7,768,189
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
Accounts Receivable$5,779,158$6,177,791▲ $398,633
Investments Program Related$8,985,336$5,780,393▼ $3,204,943
Land, Buildings, and Equipment, Net$4,779,171$4,435,540▼ $343,631
Savings and Temporary Cash Investments$927,794$3,641,733▲ $2,713,939
Prepaid Expenses and Deferred Charges$235,920$277,149▲ $41,229
Cash and Non-Interest-Bearing Accounts$1,136,641$208,765▼ $927,876
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 in Publicly Traded Securities$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$46,161,430$46,450,343▲ $288,913
Other Assets Total$24,317,410$25,928,972▲ $1,611,562
Liabilities
Other Liabilities$26,880,492$26,392,594▼ $487,898
Mortgage Notes Payable Secured by Investment Property$3,778,583$5,604,266▲ $1,825,683
Accounts Payable and Accrued Expenses$2,130,702$3,276,374▲ $1,145,672
Deferred Revenue$43,652$26,837▼ $16,815
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$32,833,429$35,300,071▲ $2,466,642
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$13,328,001$11,150,272▼ $2,177,729
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$13,328,001$11,150,272▼ $2,177,729
Total Liabilities and Net Assets / Fund Balance$46,161,430$46,450,343▲ $288,913

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,563,042$6,527,506$9,090,548
Leasehold Improvements$1,849,248$683,074$2,532,322
Equipment$23,243$209,277$232,520
Land$7-$7
Investment Program Related Org$5,780,393--
Other Assets Org$2,194,079--
Compensation and Service Providers
Top Officer Pay94th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Luis Fernandez-trinchetChief Housing OfficerFT$457,278$15,651$472,929
Lorraine ColemanSVP/development,policyplanningFT$249,739$26,948$276,687
David AlmonteDirector - Housing DevelopmentFT$189,470$42,442$231,912
Anne-Marie A HendricksonSR. VP of Affordable HousingFT$176,535$7,605$184,140
Cornelia NaroviciConstruction DirectorFT$154,077$20,332$174,409

Board Members and Trustees

NameTitle
Eliezer Rodriguez EsqChair
Raul RussiPresident
Carmen S MeleroVice Chair
Lymaris AlborsChief Executive Officer
Vicky GatellChief Financial Officer
Jose a RodriguezChief Legal Officer/exec. VP
Arnie SegarraMember
Marybeth HotalingTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$7,767,797
Investment Income
$392
Other Revenue
$0
Change in Net Assets
$-1,914,593
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$7,310,430
Salaries, Compensation, and Employee Benefits$2,372,352
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$5,133,731--$5,133,731
Other Salaries and Wages$1,221,903$0$0$1,221,903
Fees for Services Other$694,150--$694,150
Current Officers, Directors, Trustees, and Key Employees$657,070--$657,070
Depreciation Depletion$312,655--$312,655
Insurance$309,937--$309,937
Other Expenses-$294,136-$294,136
Payroll Taxes$259,733--$259,733
Other Employee Benefits$233,646--$233,646
Interest$206,721--$206,721
Fees for Services Management-$119,714-$119,714
Office Expenses-$116,359-$116,359
Fees for Services Legal-$67,052-$67,052
Fees for Services Accounting-$55,975-$55,975
Total Functional Expenses$9,029,546$653,236$0$9,682,782
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
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$24,093,436
Lease Liability$2,195,429
Tenant Security Deposits$103,729
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
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 990 is distributed to the board of directors prior to filing.”

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

“Pursuant to the Organization's bylaws, the Organization delegates to its parent entity the hiring of the CEO and President. The compensation of the executives is approved by the Parent entity, who hires a consultant to conduct a study. A standing compensation committee of the Parent entity reviews a compensation study and votes on how to proceed.”

Filing and Contact Details

Filer

Filer Name
Promesa Housing Development Fund
EIN
13-3608906
In Care Of
% STEVE KADIN
Phone
7182991100
Address
311 East 175th Street, Bronx, NY 10457

Signing Officer

Name
Lymaris Albors
Title
CEO
Phone
7182991100
Signed
2024-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Lymaris Albors
Formed
1990
Legal Domicile
Ny
Voting Board Members
4
Independent Board Members
4
Employees
37
Volunteers
4

Preparer

Firm
WithumSmithBrown PC
Address
ONE TOWER CENTER BLVD 14TH FL, EAST BRUNSWICK, NJ 08816
Preparer
Devin Desmond
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 % 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/TitleTxt3CHIEF FINANCIAL OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt4CHIEF HOUSING OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt5SVP/DEVELOPMENT,POLICYPLANNING
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR - HOUSING DEVELOPMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt7SR. VP of Affordable Housing
IRS990/Form990PartVIISectionAGrp/TitleTxt8CONSTRUCTION DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt10Vice Chair
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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/OtherSalariesAndWagesGrp/FundraisingAmt00
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IRS990/OwnWebsiteInd0X
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/ProgramServicesAmt0259733
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IRS990/ProgramServiceRevenueGrp/Desc1COMMERCIAL RENT
IRS990/ProgramServiceRevenueGrp/Desc2OTHER PROGRAM FEES
IRS990/ProgramServiceRevenueGrp/Desc3ENFORCEMENT MORTGAGE FORGIVENESS
IRS990/ProgramServiceRevenueGrp/Desc4CONSULTING FEES
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt13996859
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt2227965
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt3280845
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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
$46,450,343
Liabilities
$35,300,071
Net assets
$11,150,272
Revenue
$7,768,189
Expenses
$9,682,782
Net income
-$1,914,593
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