Civic Intelligence

Casella Houses Housing Development Fund Corporation

990 • Fiscal year 2017 • EIN 13-3692875

Oct 01, 2016 to Sep 30, 2017 • Filed on Jul 16, 2018

Organization ProfileN/A
1945 Vyse AvenueBronx, NY 10460

(718) 842-6440

Siviq Scores

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

Liabilities / Assets

95th percentile

1.27x

Higher debt load relative to assets than 95% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Liabilities / Revenue

94th percentile

3.61x

Higher debt load relative to revenue than 94% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Net Margin

57th percentile

5.5%

Higher net margin than 57% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Top Officer Pay

95th percentile

$329,172

Higher top officer pay than 95% of similar nonprofits.

Top officer pay equals 36.3% of source-year revenue.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Asset Growth

45th percentile

1.7%

Faster asset growth than 45% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2016 to 2017

Revenue Growth

26th percentile

-5.5%

Faster revenue growth than 26% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets95th percentile

Assets

Up

$2,584,308

Up $42,477 (+1.7%) from 2016

Net Assets

Up

-$688,043

Up $49,540 (+6.7%) from 2016

Liabilities

Down

$3,272,351

Down $7,063 (-0.2%) from 2016

Revenue And Expenses
Liabilities / Revenue94th percentileNet Margin57th percentile

Revenue

Down

$907,588

Down $52,653 (-5.5%) from 2016

Expenses

Down

$857,824

Down $22,389 (-2.5%) from 2016

Net Income

Down

$49,764

Down $30,264 (-38%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth45th percentile

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

$4.0M$2.0M$0-$2.0MAssets 2011: $2,765,478Liabilities 2011: $3,381,691Net Assets 2011: -$616,2132011Assets 2012: $2,520,802Liabilities 2012: $3,472,689Net Assets 2012: -$951,8872012Assets 2013: $2,611,014Liabilities 2013: $3,604,562Net Assets 2013: -$993,5482013Assets 2014: $2,387,839Liabilities 2014: $3,458,589Net Assets 2014: -$1,070,7502014Assets 2015: $2,487,546Liabilities 2015: $3,304,608Net Assets 2015: -$817,0622015Assets 2016: $2,541,831Liabilities 2016: $3,279,414Net Assets 2016: -$737,5832016Assets 2017: $2,584,308Liabilities 2017: $3,272,351Net Assets 2017: -$688,0432017Assets 2018: $2,586,205Liabilities 2018: $3,248,765Net Assets 2018: -$662,5602018Assets 2019: $2,723,745Liabilities 2019: $3,306,360Net Assets 2019: -$582,6152019Assets 2020: $2,663,907Liabilities 2020: $3,340,076Net Assets 2020: -$676,1692020Assets 2021: $2,787,148Liabilities 2021: $3,396,193Net Assets 2021: -$609,0452021Assets 2022: $0Liabilities 2022: $0Net Assets 2022: $02022

Highlighted filing

2017

Assets$2,584,308
Liabilities$3,272,351
Net Assets-$688,043
Open 2017 Filing

Operations Trend

Revenue Growth26th percentile

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

$1.5M$1.0M$500K$0-$500KExpenses 2011: $966,1632011Expenses 2012: $1,236,4972012Revenue 2013: $931,983Expenses 2013: $972,382Net Income 2013: -$40,3992013Revenue 2014: $936,171Expenses 2014: $977,623Net Income 2014: -$41,4522014Revenue 2015: $1,093,156Expenses 2015: $837,277Net Income 2015: $255,8792015Revenue 2016: $960,241Expenses 2016: $880,213Net Income 2016: $80,0282016Revenue 2017: $907,588Expenses 2017: $857,824Net Income 2017: $49,7642017Revenue 2018: $910,646Expenses 2018: $882,689Net Income 2018: $27,9572018Revenue 2019: $952,660Expenses 2019: $876,464Net Income 2019: $76,1962019Revenue 2020: $869,784Expenses 2020: $966,026Net Income 2020: -$96,2422020Revenue 2021: $943,800Expenses 2021: $872,936Net Income 2021: $70,8642021Revenue 2022: $216,024Expenses 2022: $455,486Net Income 2022: -$239,4622022

Highlighted filing

2017

Revenue$907,588
Expenses$857,824
Net Income$49,764
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2016 to Sep 30, 2017
Signed
Jul 16, 2018
Return Version
2016v3.1
Gross Receipts
$907,588
Mission and Program Overview

Mission

To provide safe, clean, affordable housing to low and moderate income families located in the south bronx, ny.

To provide low income housing

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,536,419$1,454,154▼ $82,265
Cash and Non-Interest-Bearing Accounts$568,567$750,178▲ $181,611
Accounts Receivable$106,978$104,498▼ $2,480
Prepaid Expenses and Deferred Charges$145,790$89,930▼ $55,860
Investments in Publicly Traded Securities$71,586$72,368▲ $782
Total Assets$2,541,831$2,584,308▲ $42,477
Other Assets Total$112,491$113,180▲ $689
Liabilities
Mortgage Notes Payable Secured by Investment Property$3,145,000$3,145,000→ $0
Accounts Payable and Accrued Expenses$54,478$61,806▲ $7,328
Escrow Account Liability$47,585$45,051▼ $2,534
Deferred Revenue$17,594$16,902▼ $692
Other Liabilities$14,757$3,592▼ $11,165
Total Liabilities$3,279,414$3,272,351▼ $7,063
Net Assets / Fund Balance
Unrestricted Net Assets$-737,583$-688,043▲ $49,540
Total Net Assets Fund Balance$-737,583$-688,043▲ $49,540
Total Liabilities and Net Assets / Fund Balance$2,541,831$2,584,308▲ $42,477

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,454,149$1,751,951$3,206,100
Equipment-$68,614$68,614
Land$5-$5
Compensation and Service Providers
Top Officer Pay95th percentile

Employees

NameTitleBaseOtherTotal
Jason BoroffVice Chairpe$47,590$281,582$329,172
Linda CasellaController-$108,341$108,341
Jason BoroffVice Chairperson-$47,590$47,590
Steven SeltzerExecutive Di-$43,269$43,269

Board Members and Trustees

NameTitle
Valerie TorresChairperson
Evelyn VelasquezSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$902,085
Investment Income
$1,106
Other Revenue
$4,397
Change in Net Assets
$49,764

Audited Revenue Reconciliation

Revenue per Audited Statements
$907,588
Total Revenue per Audited Statements
$907,588
Total Revenue per Form 990
$907,588
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$732,198
Salaries, Compensation, and Employee Benefits$125,626
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$207,006--$207,006
Insurance$113,438--$113,438
Depreciation Depletion$82,265--$82,265
Other Salaries and Wages$72,881--$72,881
Fees for Services Management$63,641--$63,641
Other Employee Benefits$45,634--$45,634
Fees for Services Legal$45,622--$45,622
All Other Expenses$12,749--$12,749
Fees for Services Accounting-$7,950-$7,950
Other Expenses$7,438--$7,438
Payroll Taxes$7,111--$7,111
Fees for Services Other$-6,704--$-6,704
Total Functional Expenses$849,874$7,950$0$857,824

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$857,824
Total Expenses per Audited Statements$857,824
Total Expenses per Form 990$857,824
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
Due to Affiliates$3,592
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
Backup withholding compliance
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Page 6, Part VI, Line 3

“The organization is managed by the wavecrest management team ltd and grenadier realty corp, which manages the books and records of the organization as well as the day-to-day operations. Aquinas housing corporation, its sponsor, oversees operations and provides asset management.”

Form 990, Page 6, Part VI, Line 11B

“The organization has its form 990 prepared by an outside accounting firm and has established the following review process to ensure that the information reported is complete and accurate. When the form 990 has been prepared, reviewed by the controller and is ready to be filed with the internal revenue service it is electronically sent to the board members of the organization for approval.”

Form 990, Page 6, Part VI, Line 19

“The organization makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. The return is posted on guidestar.org and other similiar types of websites. In addition, the financial statements, articles of incorporation, form 990, form 1023, and by-laws are also available upon written request or by calling the organization directly.”

Filing and Contact Details

Filer

Filer Name
Casella Houses Housing Development
EIN
13-3692875
Phone
7188426440
Address
1945 VYSE AVENUE, BRONX, NY 10460

Signing Officer

Name
Valerie Torres
Title
Chairperson
Phone
7188426440
Signed
2018-07-16

Organization Details

Principal Officer
Valerie Torres
Formed
1996
Legal Domicile
Ny
Voting Board Members
3
Independent Board Members
2
Employees
0

Preparer

Firm
A Gary Aaronson CPA Pllc
Address
42 WEST 38TH STREET SUITE 1003, NEW YORK, NY 10018-0060
Preparer
A Gary Aaronson
Phone
2126845770
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 2, Part IV, Line 2B

“The organization holds security deposits from tenants in an escrow account. These deposits are returned to the tenants once they move out of the apartment.”

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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0DUE TO AFFILIATES
IRS990ScheduleD/RevenueSubtotalAmt0907588
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION HOLDS SECURITY DEPOSITS FROM TENANTS IN AN ESCROW ACCOUNT. THESE DEPOSITS ARE RETURNED TO THE TENANTS ONCE THEY MOVE OUT OF THE APARTMENT.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 2, PART IV, LINE 2B
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0JASON BOROFF
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION IS MANAGED BY THE WAVECREST MANAGEMENT TEAM LTD AND GRENADIER REALTY CORP, WHICH MANAGES THE BOOKS AND RECORDS OF THE ORGANIZATION AS WELL AS THE DAY-TO-DAY OPERATIONS. AQUINAS HOUSING CORPORATION, ITS SPONSOR, OVERSEES OPERATIONS AND PROVIDES ASSET MANAGEMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION HAS ITS FORM 990 PREPARED BY AN OUTSIDE ACCOUNTING FIRM AND HAS ESTABLISHED THE FOLLOWING REVIEW PROCESS TO ENSURE THAT THE INFORMATION REPORTED IS COMPLETE AND ACCURATE. WHEN THE FORM 990 HAS BEEN PREPARED, REVIEWED BY THE CONTROLLER AND IS READY TO BE FILED WITH THE INTERNAL REVENUE SERVICE IT IS ELECTRONICALLY SENT TO THE BOARD MEMBERS OF THE ORGANIZATION FOR APPROVAL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION MAKES ITS FORM 990 AVAILABLE FOR PUBLIC INSPECTION AS REQUIRED UNDER SECTION 6104 OF THE INTERNAL REVENUE CODE. THE RETURN IS POSTED ON GUIDESTAR.ORG AND OTHER SIMILIAR TYPES OF WEBSITES. IN ADDITION, THE FINANCIAL STATEMENTS, ARTICLES OF INCORPORATION, FORM 990, FORM 1023, AND BY-LAWS ARE ALSO AVAILABLE UPON WRITTEN REQUEST OR BY CALLING THE ORGANIZATION DIRECTLY.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd4N/A
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd9N/A
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt0C CORP
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt1C CORP
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt2C CORP
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt3C CORP
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt4C CORP
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt5C CORP
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt6C CORP
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt7C CORP
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt8C CORP
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt9C CORP
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt4HOUSING
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt6HOUSING
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt9HOUSING
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt0HOB II INC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt1HEART OF THE BRONX MANAGEMENT CORP
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt21965 VYSE AVENUE INC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt3CRISUOLO CORP
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt4J RAVEN CORPORATION
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt5ELSMERE CORPORATION
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt6938 EAST TREMONT CORPORATION
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt7SOSA CORPORATION
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt8871 EAST 179TH STREET
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt9RESIDENCIA ESTRELLA VARGAS INC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/AddressLine1Txt01945 VYSE AVENUE
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/AddressLine1Txt11945 VYSE AVENUE
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/AddressLine1Txt21945 VYSE AVENUE

Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,584,308
Liabilities
$3,272,351
Net assets
-$688,043
Revenue
$907,588
Expenses
$857,824
Net income
$49,764
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2022Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.22$0.46$0.24
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.79$3.40$0.61$0.94$0.87$0.07
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.66$3.34$0.68$0.87$0.97$0.10
2019Detailed filing. Detailed filing data is available for this year.$2.72$3.31$0.58$0.95$0.88$0.08
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.59$3.25$0.66$0.91$0.88$0.03
2017Detailed filing. Detailed filing data is available for this year.$2.58$3.27$0.69$0.91$0.86$0.05
2016Summary only. Only limited summary data is available for this year.$2.54$3.28$0.74$0.96$0.88$0.08
2015Summary only. Only limited summary data is available for this year.$2.49$3.30$0.82$1.09$0.84$0.26
2014Summary only. Only limited summary data is available for this year.$2.39$3.46$1.07$0.94$0.98$0.04
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.61$3.60$0.99$0.93$0.97$0.04
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.52$3.47$0.95$1.24
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.77$3.38$0.62$0.97