Civic Intelligence

Fairmont Place Housing Development Fund Corporation

990 • Fiscal year 2020 • EIN 13-3819617

May 01, 2019 to Apr 30, 2020 • Filed on Jan 28, 2021

Organization ProfileN/A
1954 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

26th percentile

0.05x

Higher debt load relative to assets than 26% of similar nonprofits.

2020 filings • NTEE L • $500k-$1M nonprofits • Source year 2020

Liabilities / Revenue

22nd percentile

0.13x

Higher debt load relative to revenue than 22% of similar nonprofits.

2020 filings • NTEE L • $500k-$1M nonprofits • Source year 2020

Net Margin

15th percentile

-34%

Higher net margin than 15% of similar nonprofits.

2020 filings • NTEE L • $500k-$1M nonprofits • Source year 2020

Top Officer Pay

85th percentile

$219,369

Higher top officer pay than 85% of similar nonprofits.

Top officer pay equals 96.9% of source-year revenue.

2020 filings • NTEE L • $500k-$1M nonprofits • Source year 2020

Asset Growth

7th percentile

-11%

Faster asset growth than 7% of similar nonprofits.

2020 filings • NTEE L • $500k-$1M nonprofits • Annualized from 2019 to 2020

Revenue Growth

22nd percentile

-5.2%

Faster revenue growth than 22% of similar nonprofits.

2020 filings • NTEE L • $500k-$1M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets26th percentile

Assets

Down

$643,885

Down $78,100 (-11%) from 2019

Net Assets

Down

$613,401

Down $72,351 (-11%) from 2019

Liabilities

Down

$30,484

Down $5,749 (-16%) from 2019

Revenue And Expenses
Liabilities / Revenue22nd percentileNet Margin15th percentile

Revenue

Down

$226,459

Down $12,337 (-5.2%) from 2019

Expenses

Up

$303,108

Up $26,065 (+9.4%) from 2019

Net Income

Down

-$76,649

Down $38,402 (-100%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth7th percentile

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 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

2020

Assets$643,885
Liabilities$30,484
Net Assets$613,401
Open 2020 Filing

Operations Trend

Revenue Growth22nd percentile

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 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

2020

Revenue$226,459
Expenses$303,108
Net Income-$76,649
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
May 1, 2019 to Apr 30, 2020
Signed
Jan 28, 2021
Return Version
2019v5.0
Gross Receipts
$226,459
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$308,293$293,015▼ $15,278
Land, Buildings, and Equipment, Net$156,746$121,905▼ $34,841
Accounts Receivable$61,668$98,701▲ $37,033
Investments in Publicly Traded Securities$79,735$86,735▲ $7,000
Other Notes and Loans Receivable, Net$19,012$18,045▼ $967
Prepaid Expenses and Deferred Charges$12,610$14,539▲ $1,929
Total Assets$721,985$643,885▼ $78,100
Other Assets Total$83,921$10,945▼ $72,976
Liabilities
Accounts Payable and Accrued Expenses$24,674$16,397▼ $8,277
Other Liabilities$9,522$10,555▲ $1,033
Deferred Revenue$2,037$3,532▲ $1,495
Total Liabilities$36,233$30,484▼ $5,749
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$685,752$613,401▼ $72,351
Total Net Assets Fund Balance$685,752$613,401▼ $72,351
Total Liabilities and Net Assets / Fund Balance$721,985$643,885▼ $78,100

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$116,602$799,455$916,057
Equipment$5,302$9,998$15,300
Land$1-$1
Compensation and Service Providers
Top Officer Pay85th percentile

Employees

NameTitleBaseOtherTotal
Jason BoroffVice Chair/t$2,264$217,105$219,369
Jean BonhommeController-$91,350$91,350
Gaudi MendozaFormer Exe D-$90,452$90,452
Steven SeltzerExecutive Di-$45,332$45,332
Jason BoroffVice Chair/treasurer-$2,264$2,264

Board Members and Trustees

NameTitle
Valerie TorresChair
Joan TraniBoard Member
Josefa SantosBoard Member
Salvatore GiganteBoard Member
Evelyn VelasquezSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$223,657
Investment Income
$2,802
Other Revenue
$0
Change in Net Assets
$-76,649

Audited Revenue Reconciliation

Revenue per Audited Statements
$226,459
Revenue Not Reported on Form 990
$4,298
Total Revenue per Audited Statements
$230,757
Total Revenue per Form 990
$226,459
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$253,228
Salaries, Compensation, and Employee Benefits$49,880
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$67,087--$67,087
Depreciation Depletion$34,841--$34,841
Other Salaries and Wages$31,606--$31,606
Insurance$23,505--$23,505
Other Employee Benefits$15,574--$15,574
Fees for Services Management-$15,037-$15,037
Fees for Services Accounting-$8,350-$8,350
All Other Expenses$4,575--$4,575
Fees for Services Legal$3,761--$3,761
Payroll Taxes$2,700--$2,700
Other Expenses$2,418--$2,418
Fees for Services Other$224--$224
Total Functional Expenses$279,721$23,387$0$303,108

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$303,108
Total Expenses per Audited Statements$303,108
Total Expenses per Form 990$303,108
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$10,555
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
Backup withholding compliance
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
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
Steven Seltzer
Title
Executive Director
Phone
7188426440
Signed
2021-01-28
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Valerie Torres
Formed
1995
Legal Domicile
Ny
Voting Board Members
6
Independent Board Members
5
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/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/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/EntityTypeTxt6C CORP
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt8C CORP
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt9C CORP
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt10C CORP
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt6HOUSING
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt8HOUSING

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$643,885
Liabilities
$30,484
Net assets
$613,401
Revenue
$226,459
Expenses
$303,108
Net income
-$76,649
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
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