Civic Intelligence

Belle Apartments Housing Development Fund Corporation

990 • Fiscal year 2017 • EIN 13-3804423

Jul 01, 2016 to Jun 30, 2017 • Filed on May 01, 2018

Organization Profile
1945 Vyse AvenueBronx, NY 10460

(718) 642-8700

Siviq Scores

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

Liabilities / Assets

89th percentile

1.83x

Higher debt load relative to assets than 89% of similar nonprofits.

2017 filings • NTEE L • $500k-$1M nonprofits • Source year 2017

Liabilities / Revenue

75th percentile

6.55x

Higher debt load relative to revenue than 75% of similar nonprofits.

2017 filings • NTEE L • $500k-$1M nonprofits • Source year 2017

Net Margin

55th percentile

0.7%

Higher net margin than 55% of similar nonprofits.

2017 filings • NTEE L • $500k-$1M nonprofits • Source year 2017

Top Officer Pay

95th percentile

$329,172

Higher top officer pay than 95% of similar nonprofits.

Top officer pay equals 140.2% of source-year revenue.

2017 filings • NTEE L • $500k-$1M nonprofits • Source year 2017

Asset Growth

91st percentile

22%

Faster asset growth than 91% of similar nonprofits.

2017 filings • NTEE L • $500k-$1M nonprofits • Annualized from 2016 to 2017

Revenue Growth

18th percentile

-11%

Faster revenue growth than 18% of similar nonprofits.

2017 filings • NTEE L • $500k-$1M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets89th percentile

Assets

Up

$838,448

Up $152,616 (+22%) from 2016

Net Assets

Up

-$699,031

Up $1,551 (+0.2%) from 2016

Liabilities

Up

$1,537,479

Up $151,065 (+11%) from 2016

Revenue And Expenses
Liabilities / Revenue75th percentileNet Margin55th percentile

Revenue

Down

$234,778

Down $27,637 (-11%) from 2016

Expenses

Up

$233,227

Up $9,962 (+4.5%) from 2016

Net Income

Down

$1,551

Down $37,599 (-96%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth91st percentile

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

$2.0M$1.0M$0-$1.0M-$2.0MAssets 2011: $408,460Liabilities 2011: $1,198,219Net Assets 2011: -$789,7592011Assets 2012: $399,749Liabilities 2012: $1,233,401Net Assets 2012: -$833,6522012Assets 2013: $342,112Liabilities 2013: $1,298,873Net Assets 2013: -$956,7612013Assets 2014: $353,065Liabilities 2014: $1,369,070Net Assets 2014: -$1,016,0052014Assets 2015: $355,338Liabilities 2015: $1,095,070Net Assets 2015: -$739,7322015Assets 2016: $685,832Liabilities 2016: $1,386,414Net Assets 2016: -$700,5822016Assets 2017: $838,448Liabilities 2017: $1,537,479Net Assets 2017: -$699,0312017Assets 2018: $898,906Liabilities 2018: $1,646,701Net Assets 2018: -$747,7952018Assets 2019: $563,245Liabilities 2019: $834,158Net Assets 2019: -$270,9132019Assets 2020: $545,050Liabilities 2020: $600,000Net Assets 2020: -$54,9502020Assets 2021: $563,128Liabilities 2021: $602,700Net Assets 2021: -$39,5722021Assets 2022: $581,828Liabilities 2022: $605,400Net Assets 2022: -$23,5722022Assets 2023: $601,171Liabilities 2023: $608,100Net Assets 2023: -$6,9292023

Highlighted filing

2017

Assets$838,448
Liabilities$1,537,479
Net Assets-$699,031
Open 2017 Filing

Operations Trend

Revenue Growth18th percentile

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

$800K$600K$400K$200K$0-$200KExpenses 2011: $285,2002011Revenue 2012: $241,905Expenses 2012: $316,990Net Income 2012: -$75,0852012Revenue 2013: $232,970Expenses 2013: $356,079Net Income 2013: -$123,1092013Revenue 2014: $219,156Expenses 2014: $278,400Net Income 2014: -$59,2442014Revenue 2015: $496,224Expenses 2015: $219,951Net Income 2015: $276,2732015Revenue 2016: $262,415Expenses 2016: $223,265Net Income 2016: $39,1502016Revenue 2017: $234,778Expenses 2017: $233,227Net Income 2017: $1,5512017Revenue 2018: $232,903Expenses 2018: $281,667Net Income 2018: -$48,7642018Revenue 2019: $610,922Expenses 2019: $134,040Net Income 2019: $476,8822019Revenue 2020: $249,833Expenses 2020: $33,870Net Income 2020: $215,9632020Revenue 2021: $18,078Expenses 2021: $2,700Net Income 2021: $15,3782021Revenue 2022: $18,700Expenses 2022: $2,700Net Income 2022: $16,0002022Revenue 2023: $19,343Expenses 2023: $2,700Net Income 2023: $16,6432023

Highlighted filing

2017

Revenue$234,778
Expenses$233,227
Net Income$1,551
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
May 1, 2018
Return Version
2016v3.1
Gross Receipts
$234,778
Mission and Program Overview

Mission

To provide quality housing and social services to the low and moderate income families of the south bronx, ny.

To provide low income housing to low and moderate income families

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$217,375$240,847▲ $23,472
Cash and Non-Interest-Bearing Accounts$52,840$44,181▼ $8,659
Accounts Receivable$19,021$21,686▲ $2,665
Intangible Assets$12,568$12,135▼ $433
Savings and Temporary Cash Investments$10,128$10,029▼ $99
Prepaid Expenses and Deferred Charges$7,485$7,072▼ $413
Total Assets$685,832$838,448▲ $152,616
Other Assets Total$366,415$502,498▲ $136,083
Liabilities
Mortgage Notes Payable Secured by Investment Property$850,004$900,895▲ $50,891
Other Liabilities$500,807$574,664▲ $73,857
Accounts Payable and Accrued Expenses$22,457$51,091▲ $28,634
Escrow Account Liability$13,146$10,829▼ $2,317
Total Liabilities$1,386,414$1,537,479▲ $151,065
Net Assets / Fund Balance
Unrestricted Net Assets$-700,582$-699,031▲ $1,551
Total Net Assets Fund Balance$-700,582$-699,031▲ $1,551
Total Liabilities and Net Assets / Fund Balance$685,832$838,448▲ $152,616

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$238,127$419,173$657,300
Equipment$2,720$4,080$6,800
Other Assets Org$8,723--
Compensation and Service Providers
Top Officer Pay95th percentile

Employees

NameTitleBaseOtherTotal
Linda CasellaController-$108,341$108,341
Steven SeltzerExecutive Di-$43,269$43,269
Jason BoroffVice Chair$8,192$8,192$8,192

Board Members and Trustees

NameTitle
Valerie TorresChair
Gaudi MendozaController
Evelyn VelasquezSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$234,778
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$1,551

Audited Revenue Reconciliation

Revenue per Audited Statements
$234,778
Total Revenue per Audited Statements
$234,778
Total Revenue per Form 990
$234,778
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$205,824
Salaries, Compensation, and Employee Benefits$27,403
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$65,786--$65,786
Depreciation Depletion$23,961--$23,961
Insurance$17,901--$17,901
Fees for Services Management$16,557--$16,557
Other Salaries and Wages$15,991--$15,991
Interest$9,528--$9,528
Other Employee Benefits$9,212--$9,212
Fees for Services Accounting-$7,600-$7,600
Fees for Services Legal$5,430--$5,430
All Other Expenses$5,020--$5,020
Other Expenses$4,347--$4,347
Payroll Taxes$2,200--$2,200
Total Functional Expenses$225,627$7,600$0$233,227

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$233,227
Total Expenses per Audited Statements$233,227
Total Expenses per Form 990$233,227
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$325,225
Contractor Payable$147,088
Loan Payable - Related Party$78,222
Retainage Payable$24,129
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 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 mkes 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
Belle Apartments Housing
EIN
13-3804423
Address
1945 VYSE AVENUE, BRONX, NY 10460

Signing Officer

Name
Gaudi Mendoza
Title
Controller
Signed
2018-05-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Valerie Torres
Formed
1991
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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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleD/OtherAssetsOrgGrp/Desc0CONSTRUCTION IN PROGRESS
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2LOAN PAYABLE - RELATED PARTY
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3RETAINAGE PAYABLE
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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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION IS MANAGED BY 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 MKES 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/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/PrimaryActivitiesTxt4LOW INCOME
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt5LOW INCOME
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt6LOW INCOME
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt7LOW INCOME
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt9LOW INCOME
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/BusinessNameLine1Txt3CRISCUOLO 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
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/AddressLine1Txt31945 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
$838,448
Liabilities
$1,537,479
Net assets
-$699,031
Revenue
$234,778
Expenses
$233,227
Net income
$1,551
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Detailed filing. Detailed filing data is available for this year.$0.60$0.61$0.01$0.02$0.00$0.02
2022Detailed filing. Detailed filing data is available for this year.$0.58$0.61$0.02$0.02$0.00$0.02
2021Detailed filing. Detailed filing data is available for this year.$0.56$0.60$0.04$0.02$0.00$0.02
2020Detailed filing. Detailed filing data is available for this year.$0.55$0.60$0.05$0.25$0.03$0.22
2019Detailed filing. Detailed filing data is available for this year.$0.56$0.83$0.27$0.61$0.13$0.48
2018Detailed filing. Detailed filing data is available for this year.$0.90$1.65$0.75$0.23$0.28$0.05
2017Detailed filing. Detailed filing data is available for this year.$0.84$1.54$0.70$0.23$0.23$0.00
2016Summary only. Only limited summary data is available for this year.$0.69$1.39$0.70$0.26$0.22$0.04
2015Summary only. Only limited summary data is available for this year.$0.36$1.10$0.74$0.50$0.22$0.28
2014Summary only. Only limited summary data is available for this year.$0.35$1.37$1.02$0.22$0.28$0.06
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.34$1.30$0.96$0.23$0.36$0.12
2012Summary only. Only limited summary data is available for this year.$0.40$1.23$0.83$0.24$0.32$0.08
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.41$1.20$0.79$0.29