Civic Intelligence

Fairmont Place Housing Development Fund Corporation

990 • Fiscal year 2018 • EIN 13-3819617

May 01, 2017 to Apr 30, 2018 • Filed on Mar 11, 2019

Organization ProfileN/A
1954 Vyse AvenueBronx, NY 10460

(718) 842-6440

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Flat

$779,808

Flat from 2018

Net Assets

Flat

$723,286

Flat from 2018

Liabilities

Flat

$56,522

Flat from 2018

Revenue And Expenses

Revenue

Flat

$265,722

Flat from 2018

Expenses

Flat

$246,720

Flat from 2018

Net Income

Flat

$19,002

Flat from 2018

Historical Trend

Balance Sheet Trend

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

$1.5M$1.0M$500K$0-$500KAssets 2011: $812,570Liabilities 2011: $1,008,527Net Assets 2011: -$195,9572011Assets 2012: $808,759Liabilities 2012: $82,673Net Assets 2012: $726,0862012Assets 2013: $816,650Liabilities 2013: $88,908Net Assets 2013: $727,7422013Assets 2014: $770,405Liabilities 2014: $125,765Net Assets 2014: $644,6402014Assets 2015: $724,335Liabilities 2015: $85,105Net Assets 2015: $639,2302015Assets 2016: $709,968Liabilities 2016: $55,202Net Assets 2016: $654,7662016Assets 2017: $741,163Liabilities 2017: $35,285Net Assets 2017: $705,8782017Assets 2018: $779,808Liabilities 2018: $56,522Net Assets 2018: $723,2862018Assets 2018: $779,808Liabilities 2018: $56,522Net Assets 2018: $723,2862018Assets 2019: $721,985Liabilities 2019: $36,233Net Assets 2019: $685,7522019Assets 2020: $643,885Liabilities 2020: $30,484Net Assets 2020: $613,4012020Assets 2021: $640,827Liabilities 2021: $45,695Net Assets 2021: $595,1322021Assets 2022: $510,727Liabilities 2022: $71,660Net Assets 2022: $439,0672022Assets 2023: $306,342Liabilities 2023: $155,983Net Assets 2023: $150,3592023

Highlighted filing

2018

Assets$779,808
Liabilities$56,522
Net Assets$723,286
Open 2018 Filing

Operations Trend

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

$600K$400K$200K$0-$200K-$400KExpenses 2011: $261,8412011Expenses 2012: $228,4872012Revenue 2013: $244,768Expenses 2013: $243,887Net Income 2013: $8812013Revenue 2014: $236,571Expenses 2014: $316,367Net Income 2014: -$79,7962014Revenue 2015: $280,579Expenses 2015: $285,520Net Income 2015: -$4,9412015Revenue 2016: $258,612Expenses 2016: $239,087Net Income 2016: $19,5252016Revenue 2017: $269,724Expenses 2017: $218,455Net Income 2017: $51,2692017Revenue 2018: $265,722Expenses 2018: $246,720Net Income 2018: $19,0022018Revenue 2018: $265,722Expenses 2018: $246,720Net Income 2018: $19,0022018Revenue 2019: $238,796Expenses 2019: $277,043Net Income 2019: -$38,2472019Revenue 2020: $226,459Expenses 2020: $303,108Net Income 2020: -$76,6492020Revenue 2021: $234,542Expenses 2021: $249,923Net Income 2021: -$15,3812021Revenue 2022: $236,032Expenses 2022: $383,025Net Income 2022: -$146,9932022Revenue 2023: $226,997Expenses 2023: $511,494Net Income 2023: -$284,4972023

Highlighted filing

2018

Revenue$265,722
Expenses$246,720
Net Income$19,002
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
May 1, 2017 to Apr 30, 2018
Signed
Mar 11, 2019
Return Version
2017v2.3
Gross Receipts
$265,722
Mission and Program Overview

Mission

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

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$267,753$343,071▲ $75,318
Land, Buildings, and Equipment, Net$226,428$191,587▼ $34,841
Investments in Publicly Traded Securities$76,530$76,393▼ $137
Accounts Receivable$41,051$37,010▼ $4,041
Other Notes and Loans Receivable, Net$28,436$28,436→ $0
Prepaid Expenses and Deferred Charges$16,505$19,643▲ $3,138
Total Assets$741,163$779,808▲ $38,645
Other Assets Total$84,460$83,668▼ $792
Liabilities
Accounts Payable and Accrued Expenses$23,742$43,263▲ $19,521
Other Liabilities$10,061$9,269▼ $792
Deferred Revenue$1,482$3,990▲ $2,508
Total Liabilities$35,285$56,522▲ $21,237
Net Assets / Fund Balance
Unrestricted Net Assets$705,878$723,286▲ $17,408
Total Net Assets Fund Balance$705,878$723,286▲ $17,408
Total Liabilities and Net Assets / Fund Balance$741,163$779,808▲ $38,645

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$183,224$732,833$916,057
Equipment$8,362$6,938$15,300
Land$1-$1
Other Assets Org$75--
Compensation and Service Providers

Employees

NameTitleBaseOtherTotal
Jason BoroffVice Chair/t$6,344$282,473$288,817
Steven SeltzerExecutive Di-$141,694$141,694
Gaudi MendozaController-$79,327$79,327
Linda CasellaController-$21,280$21,280
Jason BoroffVice Chair/treasurer-$6,344$6,344

Board Members and Trustees

NameTitle
Valerie TorresChair
Evelyn VelasquezSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$263,646
Investment Income
$1,545
Other Revenue
$531
Change in Net Assets
$19,002

Audited Revenue Reconciliation

Revenue per Audited Statements
$265,722
Revenue Not Reported on Form 990
$-1,594
Total Revenue per Audited Statements
$264,128
Total Revenue per Form 990
$265,722
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$208,791
Salaries, Compensation, and Employee Benefits$37,929
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$72,041--$72,041
Depreciation Depletion$34,841--$34,841
Insurance$27,395--$27,395
Other Salaries and Wages$23,059--$23,059
Fees for Services Management$22,433--$22,433
Other Employee Benefits$10,539--$10,539
Fees for Services Accounting-$8,000-$8,000
Fees for Services Legal$6,906--$6,906
Payroll Taxes$4,331--$4,331
All Other Expenses$1,199--$1,199
Other Expenses$1,054--$1,054
Fees for Services Other$117--$117
Total Functional Expenses$238,720$8,000$0$246,720

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$246,720
Total Expenses per Audited Statements$246,720
Total Expenses per Form 990$246,720
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
Tenant Security Deposits$9,269
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
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

“Fairmont place housing development fund corporation 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 available upon written request or by calling the organization directly.”

Filing and Contact Details

Filer

Filer Name
Fairmont Place Housing
EIN
13-3819617
Phone
7188426440
Address
1954 VYSE AVENUE, BRONX, NY 10460

Signing Officer

Name
Gaudi Mendoza
Title
Controller
Phone
7188426440
Signed
2019-03-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Valerie Torres
Formed
1995
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/OtherAssetsOrgGrp/BookValueAmt19269
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt275
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0DUE FROM AFFILIATES
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1TENANTS SECURITY DEPOSITS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2UTILITY DEPOSIT
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt09269
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0TENANT SECURITY DEPOSITS
IRS990ScheduleD/RevenueNotReportedAmt0-1594
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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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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0JASON BOROFF
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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/ExplanationTxt1FAIRMONT PLACE HOUSING DEVELOPMENT FUND CORPORATION 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 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/EIN9562463615
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
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd0NY
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt3HOUSING
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt5HOUSING
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt6HOUSING
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt7HOUSING
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt8HOUSING
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/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

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$779,808
Liabilities
$56,522
Net assets
$723,286
Revenue
$265,722
Expenses
$246,720
Net income
$19,002
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Detailed filing. Detailed filing data is available for this year.$0.31$0.16$0.15$0.23$0.51$0.28
2022Detailed filing. Detailed filing data is available for this year.$0.51$0.07$0.44$0.24$0.38$0.15
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.64$0.05$0.60$0.23$0.25$0.02
2020Detailed filing. Detailed filing data is available for this year.$0.64$0.03$0.61$0.23$0.30$0.08
2019Detailed filing. Detailed filing data is available for this year.$0.72$0.04$0.69$0.24$0.28$0.04
2018Detailed filing. Detailed filing data is available for this year.$0.78$0.06$0.72$0.27$0.25$0.02
2018Detailed filing. Detailed filing data is available for this year.$0.78$0.06$0.72$0.27$0.25$0.02
2017Detailed filing. Detailed filing data is available for this year.$0.74$0.04$0.71$0.27$0.22$0.05
2016Summary only. Only limited summary data is available for this year.$0.71$0.06$0.65$0.26$0.24$0.02
2015Summary only. Only limited summary data is available for this year.$0.72$0.09$0.64$0.28$0.29$0.00
2014Summary only. Only limited summary data is available for this year.$0.77$0.13$0.64$0.24$0.32$0.08
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.82$0.09$0.73$0.24$0.24$0.00
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.81$0.08$0.73$0.23
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.81$1.01$0.20$0.26