Civic Intelligence

Lincoln Towers Housing Development Fund Corporation

990 • Fiscal year 2021 • EIN 13-3974371

Jul 01, 2020 to Jun 30, 2021 • Filed on Oct 15, 2021

Organization ProfileN/A
5 West Main StreetElmsford, NY 10523

(914) 592-5434

Siviq Scores

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

Liabilities / Assets

89th percentile

1.36x

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

2021 filings • NTEE L • $5M-$10M nonprofits • Source year 2021

Liabilities / Revenue

71st percentile

6.37x

Higher debt load relative to revenue than 71% of similar nonprofits.

2021 filings • NTEE L • $5M-$10M nonprofits • Source year 2021

Net Margin

33rd percentile

-10%

Higher net margin than 33% of similar nonprofits.

2021 filings • NTEE L • $5M-$10M nonprofits • Source year 2021

Top Officer Pay

32nd percentile

$0

Higher top officer pay than 32% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2021 filings • NTEE L • $5M-$10M nonprofits • Source year 2021

Asset Growth

9th percentile

-6.3%

Faster asset growth than 9% of similar nonprofits.

2021 filings • NTEE L • $5M-$10M nonprofits • Annualized from 2020 to 2021

Revenue Growth

53rd percentile

3.2%

Faster revenue growth than 53% of similar nonprofits.

2021 filings • NTEE L • $5M-$10M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets89th percentile

Assets

Down

$9,118,785

Down $614,588 (-6.3%) from 2020

Net Assets

Down

-$3,262,002

Down $202,912 (-6.6%) from 2020

Liabilities

Down

$12,380,787

Down $411,676 (-3.2%) from 2020

Revenue And Expenses
Liabilities / Revenue71st percentileNet Margin33rd percentile

Revenue

Up

$1,942,997

Up $61,081 (+3.2%) from 2020

Expenses

Down

$2,145,909

Down $280,445 (-12%) from 2020

Net Income

Up

-$202,912

Up $341,526 (+63%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth9th percentile

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

$15M$10M$5.0M$0-$5.0MAssets 2011: $5,834,251Liabilities 2011: $7,243,048Net Assets 2011: -$1,408,7972011Assets 2012: $5,579,923Liabilities 2012: $6,993,505Net Assets 2012: -$1,413,5822012Assets 2013: $5,146,090Liabilities 2013: $6,623,827Net Assets 2013: -$1,477,7372013Assets 2014: $4,909,636Liabilities 2014: $6,261,553Net Assets 2014: -$1,351,9172014Assets 2015: $6,948,151Liabilities 2015: $8,827,842Net Assets 2015: -$1,879,6912015Assets 2016: $7,324,570Liabilities 2016: $9,043,708Net Assets 2016: -$1,719,1382016Assets 2017: $12,718,699Liabilities 2017: $14,306,937Net Assets 2017: -$1,588,2382017Assets 2018: $10,994,129Liabilities 2018: $12,924,373Net Assets 2018: -$1,930,2442018Assets 2019: $10,277,181Liabilities 2019: $12,791,833Net Assets 2019: -$2,514,6522019Assets 2020: $9,733,373Liabilities 2020: $12,792,463Net Assets 2020: -$3,059,0902020Assets 2021: $9,118,785Liabilities 2021: $12,380,787Net Assets 2021: -$3,262,0022021Assets 2022: $8,040,061Liabilities 2022: $11,570,255Net Assets 2022: -$3,530,1942022Assets 2023: $7,666,621Liabilities 2023: $11,368,573Net Assets 2023: -$3,701,9522023Assets 2024: $7,212,500Liabilities 2024: $11,108,672Net Assets 2024: -$3,896,1722024Assets 2025: $7,089,980Liabilities 2025: $10,870,042Net Assets 2025: -$3,780,0622025

Highlighted filing

2021

Assets$9,118,785
Liabilities$12,380,787
Net Assets-$3,262,002
Open 2021 Filing

Operations Trend

Revenue Growth53rd percentile

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

$3.0M$2.0M$1.0M$0-$1.0MExpenses 2011: $1,615,0002011Expenses 2012: $1,652,6792012Revenue 2013: $1,657,575Expenses 2013: $1,721,730Net Income 2013: -$64,1552013Revenue 2014: $1,664,015Expenses 2014: $1,538,195Net Income 2014: $125,8202014Revenue 2015: $1,644,004Expenses 2015: $2,171,778Net Income 2015: -$527,7742015Revenue 2016: $1,679,084Expenses 2016: $1,518,531Net Income 2016: $160,5532016Revenue 2017: $1,785,411Expenses 2017: $1,654,511Net Income 2017: $130,9002017Revenue 2018: $1,804,360Expenses 2018: $2,146,366Net Income 2018: -$342,0062018Revenue 2019: $1,774,843Expenses 2019: $2,359,251Net Income 2019: -$584,4082019Revenue 2020: $1,881,916Expenses 2020: $2,426,354Net Income 2020: -$544,4382020Revenue 2021: $1,942,997Expenses 2021: $2,145,909Net Income 2021: -$202,9122021Revenue 2022: $1,977,813Expenses 2022: $2,065,286Net Income 2022: -$87,4732022Revenue 2023: $2,004,613Expenses 2023: $2,176,371Net Income 2023: -$171,7582023Revenue 2024: $2,151,933Expenses 2024: $2,346,153Net Income 2024: -$194,2202024Revenue 2025: $2,251,148Expenses 2025: $2,135,038Net Income 2025: $116,1102025

Highlighted filing

2021

Revenue$1,942,997
Expenses$2,145,909
Net Income-$202,912
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Oct 15, 2021
Return Version
2020v4.0
Gross Receipts
$1,942,997
Mission and Program Overview

Mission

To acquire and operate an 89-unit residential rental project, located in new rochelle, ny, under the national housing act.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$3,560,474$3,202,546▼ $357,928
Savings and Temporary Cash Investments$3,488,283$3,140,688▼ $347,595
Intangible Assets$602,382$580,479▼ $21,903
Prepaid Expenses and Deferred Charges$75,725$64,532▼ $11,193
Accounts Receivable$20,641$27,217▲ $6,576
Cash and Non-Interest-Bearing Accounts$12,381$19,915▲ $7,534
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Inventories for Sale or Use-$0-
Total Assets$9,733,373$9,118,785▼ $614,588
Other Assets Total$1,973,487$2,083,408▲ $109,921
Liabilities
Mortgage Notes Payable Secured by Investment Property$12,231,307$12,010,204▼ $221,103
Accounts Payable and Accrued Expenses$492,802$297,466▼ $195,336
Other Liabilities$68,354$73,117▲ $4,763
Total Liabilities$12,792,463$12,380,787▼ $411,676
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-3,059,090$-3,262,002▼ $202,912
Total Net Assets Fund Balance$-3,059,090$-3,262,002▼ $202,912
Total Liabilities and Net Assets / Fund Balance$9,733,373$9,118,785▼ $614,588

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,028,261$7,994,021$11,022,282
Land$174,284-$174,284
Equipment$1$64,845$64,846
Other Assets Org$33,080--
Compensation and Service Providers
Top Officer Pay32nd percentile

Board Members and Trustees

NameTitle
REVdr MICHAEL J ROUSEPresident
ayris granbyVice President
Mary E WilliamsDirector
anna davisDirector
patricia johnsonSecretary
Bernice Smith EsqTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
arch servicesmasonry repairs1044 morris park ave, bronx, NY 10461$219,528
c williams electrical construction incgenerator464 south 10th avenue, mount vernon, NY 10550$120,000
ctl carpetflooring17 gramercy place, thornwood, NY 10594$107,531
jnc enterprises incapt rehabilitation300 route 216, stormville, NY 12582$104,688
Revenue and Support

Revenue Composition

Contributions and Grants
$1,491,649
Program Service Revenue
$429,030
Investment Income
$22,231
Other Revenue
$87
Change in Net Assets
$-202,912

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,942,997
Total Revenue per Audited Statements
$1,942,997
Total Revenue per Form 990
$1,942,997
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,963,545
Salaries, Compensation, and Employee Benefits$182,364
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$440,603--$440,603
Depreciation Depletion$379,831--$379,831
Other Salaries and Wages$123,227--$123,227
All Other Expenses$117,344--$117,344
Fees for Services Management$84,343--$84,343
Insurance$75,076--$75,076
Other Expenses$55,328--$55,328
Other Employee Benefits$50,186--$50,186
Fees for Services Accounting$12,000--$12,000
Payroll Taxes$8,951--$8,951
Fees for Services Legal$4,955--$4,955
Office Expenses$3,084--$3,084
Total Functional Expenses$2,145,909$0$0$2,145,909

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,145,909
Total Expenses per Audited Statements$2,145,909
Total Expenses per Form 990$2,145,909
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Interest Payable$33,929
Tenants Security Deposits$33,080
Prepaid Rent$6,108
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
No

Governance Explanations

Form 990, Part VI, Line 8: Explanation of No Contemporaneously Documentation of Meetings

“board of trustees prepare and document minutes of meetings as required.”

Form 990, Part VI, Line 11B: Form 990 Review Process

“the board of directors must approve the federal tax form 990 and the related state tax filings.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“after approval of the financial statements by the board of directors on an annual basis, the organzation makes available all governance documents, policy statements, financial statements and tax returns to the public, upon written request. the organization also timely files it annual char 500 report with the nys attorney general and all of its filings including its federal tax returns are made available through the nysoag charities bureau website.”

Filing and Contact Details

Filer

Filer Name
Lincoln Towers Housing Development
EIN
13-3974371
Phone
9145925434
Address
5 WEST MAIN STREET, ELMSFORD, NY 10523

Signing Officer

Name
Rev Michael J Rouse
Title
President
Signed
2021-10-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
REVdr MICHAEL J ROUSE
Formed
1998
Legal Domicile
Ny
Voting Board Members
8
Independent Board Members
8
Employees
2

Preparer

Firm
Palmetto Mollo Molinaro & Passarello Llp
Address
515 BROADHOLLOW ROAD SUITE 800, Melville, NY 11747
Preparer
Kenneth Krieger
Phone
6317618989
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Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$9,118,785
Liabilities
$12,380,787
Net assets
-$3,262,002
Revenue
$1,942,997
Expenses
$2,145,909
Net income
-$202,912
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$7.09$10.9$3.78$2.25$2.14$0.12
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.21$11.1$3.90$2.15$2.35$0.19
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.67$11.4$3.70$2.00$2.18$0.17
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.04$11.6$3.53$1.98$2.07$0.09
2021Detailed filing. Detailed filing data is available for this year.$9.12$12.4$3.26$1.94$2.15$0.20
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$9.73$12.8$3.06$1.88$2.43$0.54
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$10.3$12.8$2.51$1.77$2.36$0.58
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$11.0$12.9$1.93$1.80$2.15$0.34
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$12.7$14.3$1.59$1.79$1.65$0.13
2016Detailed filing. Detailed filing data is available for this year.$7.32$9.04$1.72$1.68$1.52$0.16
2015Detailed filing. Detailed filing data is available for this year.$6.95$8.83$1.88$1.64$2.17$0.53
2014Detailed filing. Detailed filing data is available for this year.$4.91$6.26$1.35$1.66$1.54$0.13
2013Summary only. Only limited summary data is available for this year.$5.15$6.62$1.48$1.66$1.72$0.06
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.58$6.99$1.41$1.65
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.83$7.24$1.41$1.62
Peer Organizations

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