Civic Intelligence

2044 Seventh Avenue Housing Development Fund Corporation

990 • Fiscal year 2023 • EIN 13-3740487

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 14, 2024

Organization Profile
2044 7th AveNew York, NY 10027

(212) 360-6442

Siviq Scores

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

Liabilities / Assets

85th percentile

1.46x

Higher debt load relative to assets than 85% of similar nonprofits.

2023 filings • NTEE L20 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

69th percentile

7.87x

Higher debt load relative to revenue than 69% of similar nonprofits.

2023 filings • NTEE L20 • $1M-$5M nonprofits • Source year 2023

Net Margin

20th percentile

-54%

Higher net margin than 20% of similar nonprofits.

2023 filings • NTEE L20 • $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 L20 • $1M-$5M nonprofits • Source year 2023

Asset Growth

51st percentile

-2.5%

Faster asset growth than 51% of similar nonprofits.

2023 filings • NTEE L20 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

78th percentile

17%

Faster revenue growth than 78% of similar nonprofits.

2023 filings • NTEE L20 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets85th percentile

Assets

Down

$1,530,373

Down $39,544 (-2.5%) from 2022

Net Assets

Down

-$706,667

Down $152,704 (-28%) from 2022

Liabilities

Up

$2,237,040

Up $113,160 (+5.3%) from 2022

Revenue And Expenses
Liabilities / Revenue69th percentileNet Margin20th percentile

Revenue

Up

$284,232

Up $41,921 (+17%) from 2022

Expenses

Up

$436,936

Up $47,802 (+12%) from 2022

Net Income

Down

-$152,704

Down $5,881 (-4.0%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth51st percentile

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

$3.0M$2.0M$1.0M$0-$1.0MAssets 2015: $1,881,826Liabilities 2015: $1,915,883Net Assets 2015: -$34,0572015Assets 2016: $1,818,073Liabilities 2016: $1,914,287Net Assets 2016: -$96,2142016Assets 2017: $1,731,177Liabilities 2017: $1,953,921Net Assets 2017: -$222,7442017Assets 2018: $1,687,290Liabilities 2018: $1,986,780Net Assets 2018: -$299,4902018Assets 2019: $1,752,122Liabilities 2019: $2,041,108Net Assets 2019: -$288,9862019Assets 2020: $1,703,863Liabilities 2020: $1,987,707Net Assets 2020: -$283,8442020Assets 2021: $1,702,936Liabilities 2021: $2,041,210Net Assets 2021: -$338,2742021Assets 2022: $1,569,917Liabilities 2022: $2,123,880Net Assets 2022: -$553,9632022Assets 2023: $1,530,373Liabilities 2023: $2,237,040Net Assets 2023: -$706,6672023Assets 2024: $1,475,058Liabilities 2024: $2,457,473Net Assets 2024: -$982,4152024

Highlighted filing

2023

Assets$1,530,373
Liabilities$2,237,040
Net Assets-$706,667
Open 2023 Filing

Operations Trend

Revenue Growth78th percentile

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

$1.0M$500K$0-$500KRevenue 2015: $328,925Expenses 2015: $371,192Net Income 2015: -$42,2672015Revenue 2016: $296,126Expenses 2016: $358,283Net Income 2016: -$62,1572016Revenue 2017: $246,741Expenses 2017: $373,271Net Income 2017: -$126,5302017Revenue 2018: $238,861Expenses 2018: $315,607Net Income 2018: -$76,7462018Revenue 2019: $380,491Expenses 2019: $369,987Net Income 2019: $10,5042019Revenue 2020: $385,807Expenses 2020: $380,665Net Income 2020: $5,1422020Revenue 2021: $346,744Expenses 2021: $401,174Net Income 2021: -$54,4302021Revenue 2022: $242,311Expenses 2022: $389,134Net Income 2022: -$146,8232022Revenue 2023: $284,232Expenses 2023: $436,936Net Income 2023: -$152,7042023Revenue 2024: $310,706Expenses 2024: $586,454Net Income 2024: -$275,7482024

Highlighted filing

2023

Revenue$284,232
Expenses$436,936
Net Income-$152,704
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 14, 2024
Return Version
2023v5.0
Gross Receipts
$284,232
Mission and Program Overview

Mission

The corporation is organized exclusively for the charitable purpose of owning, constructing, rehabilitation, leasing, managing, equipping, maintaining, developing and operating a housing project for persons of low income and needy.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$906,980$953,824▲ $46,844
Prepaid Expenses and Deferred Charges$50,166$52,165▲ $1,999
Accounts Receivable$31,327$49,099▲ $17,772
Cash and Non-Interest-Bearing Accounts$3,422$7,392▲ $3,970
Total Assets$1,569,917$1,530,373▼ $39,544
Other Assets Total$578,022$467,893▼ $110,129
Liabilities
Unsecured Notes Loans Payable$1,754,168$1,754,168→ $0
Accounts Payable and Accrued Expenses$243,743$309,092▲ $65,349
Other Liabilities$125,969$173,780▲ $47,811
Total Liabilities$2,123,880$2,237,040▲ $113,160
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-553,963$-706,667▼ $152,704
Total Net Assets Fund Balance$-553,963$-706,667▼ $152,704
Total Liabilities and Net Assets / Fund Balance$1,569,917$1,530,373▼ $39,544

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$94,590--
Compensation and Service Providers
Top Officer Pay46th percentile

Board Members and Trustees

NameTitle
Reverend Reginald WilliamsPresident
Leon EllisSecretary
Horace HenrySignature of
Minister Eli HallTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$264,461
Investment Income
$5,321
Other Revenue
$14,450
Change in Net Assets
$-152,704
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$436,936
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
Depreciation Depletion$74,739--$74,739
Insurance$64,651--$64,651
All Other Expenses$40,232--$40,232
Other Expenses$28,939--$28,939
Fees for Services Management$14,297--$14,297
Fees for Services Accounting$6,500--$6,500
Fees for Services Legal$3,390--$3,390
Office Expenses$1,604--$1,604
Total Functional Expenses$436,936$0$0$436,936
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 Arc$125,000
Other Payables$48,780
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
Backup withholding compliance
No
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
No
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

“No review was or will be conducted.”

Form 990, Page 6, Part VI, Line 19

“No documents available to the public”

Filing and Contact Details

Filer

Filer Name
2044 7th Avenue Housing Development
EIN
13-3740487
Phone
2123606442
Address
2044 7TH AVE, NEW YORK, NY 10027
Doing Business As
2044 7th Ave Hdfc

Signing Officer

Name
Horace Henry
Title
Signature Officer
Phone
2123606442
Signed
2024-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Reverend Reginald Williams
Formed
1992
Legal Domicile
Ny
Voting Board Members
4
Independent Board Members
4
Employees
0

Preparer

Firm
VARGAS & RIVERA CPA'S LLP
Address
586 ROUTE 304, NEW CITY, NY 10956
Preparer
Theodore Vargas
Phone
8456383113
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“The corporation is organized exclusively for the charitable purpose of owning, constructing, rehabilitation, leasing, managing, equipping, maintaining, developing and operating a housing project for persons of low income and needy.”

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ReturnHeader/TaxYr02023

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$1,530,373
Liabilities
$2,237,040
Net assets
-$706,667
Revenue
$284,232
Expenses
$436,936
Net income
-$152,704
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.48$2.46$0.98$0.31$0.59$0.28
2023Detailed filing. Detailed filing data is available for this year.$1.53$2.24$0.71$0.28$0.44$0.15
2022Detailed filing. Detailed filing data is available for this year.$1.57$2.12$0.55$0.24$0.39$0.15
2021Detailed filing. Detailed filing data is available for this year.$1.70$2.04$0.34$0.35$0.40$0.05
2020Detailed filing. Detailed filing data is available for this year.$1.70$1.99$0.28$0.39$0.38$0.01
2019Detailed filing. Detailed filing data is available for this year.$1.75$2.04$0.29$0.38$0.37$0.01
2018Detailed filing. Detailed filing data is available for this year.$1.69$1.99$0.30$0.24$0.32$0.08
2017Detailed filing. Detailed filing data is available for this year.$1.73$1.95$0.22$0.25$0.37$0.13
2016Detailed filing. Detailed filing data is available for this year.$1.82$1.91$0.10$0.30$0.36$0.06
2015Summary only. Only limited summary data is available for this year.$1.88$1.92$0.03$0.33$0.37$0.04