Civic Intelligence

Lincoln Towers Housing Development Fund Corporation

990 • Fiscal year 2023 • EIN 13-3974371

Jul 01, 2022 to Jun 30, 2023 • Filed on Oct 12, 2023

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

91st percentile

1.48x

Higher debt load relative to assets than 91% of similar nonprofits.

2023 filings • NTEE L • $5M-$10M nonprofits • Source year 2023

Liabilities / Revenue

67th percentile

5.67x

Higher debt load relative to revenue than 67% of similar nonprofits.

2023 filings • NTEE L • $5M-$10M nonprofits • Source year 2023

Net Margin

40th percentile

-8.6%

Higher net margin than 40% of similar nonprofits.

2023 filings • NTEE L • $5M-$10M nonprofits • Source year 2023

Top Officer Pay

30th percentile

$0

Higher top officer pay than 30% of similar nonprofits.

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

2023 filings • NTEE L • $5M-$10M nonprofits • Source year 2023

Asset Growth

15th percentile

-4.6%

Faster asset growth than 15% of similar nonprofits.

2023 filings • NTEE L • $5M-$10M nonprofits • Annualized from 2022 to 2023

Revenue Growth

39th percentile

1.4%

Faster revenue growth than 39% of similar nonprofits.

2023 filings • NTEE L • $5M-$10M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets91st percentile

Assets

Down

$7,666,621

Down $373,440 (-4.6%) from 2022

Net Assets

Down

-$3,701,952

Down $171,758 (-4.9%) from 2022

Liabilities

Down

$11,368,573

Down $201,682 (-1.7%) from 2022

Revenue And Expenses
Liabilities / Revenue67th percentileNet Margin40th percentile

Revenue

Up

$2,004,613

Up $26,800 (+1.4%) from 2022

Expenses

Up

$2,176,371

Up $111,085 (+5.4%) from 2022

Net Income

Down

-$171,758

Down $84,285 (-96%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth15th 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

2023

Assets$7,666,621
Liabilities$11,368,573
Net Assets-$3,701,952
Open 2023 Filing

Operations Trend

Revenue Growth39th 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

2023

Revenue$2,004,613
Expenses$2,176,371
Net Income-$171,758
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Oct 12, 2023
Return Version
2022v5.0
Gross Receipts
$2,004,613
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$2,845,217$2,889,120▲ $43,903
Cash and Non-Interest-Bearing Accounts$138,725$337,757▲ $199,032
Prepaid Expenses and Deferred Charges$116,136$132,102▲ $15,966
Savings and Temporary Cash Investments$274,935$75,651▼ $199,284
Accounts Receivable$14,094$28,063▲ $13,969
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$8,040,061$7,666,621▼ $373,440
Other Assets Total$4,650,954$4,203,928▼ $447,026
Liabilities
Mortgage Notes Payable Secured by Investment Property$11,358,320$11,149,397▼ $208,923
Accounts Payable and Accrued Expenses$171,104$180,204▲ $9,100
Other Liabilities$33,592$32,909▼ $683
Deferred Revenue$7,239$6,063▼ $1,176
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$11,570,255$11,368,573▼ $201,682
Net Assets / Fund Balance
Net Assets With Donor Restrictions$0$0→ $0
Net Assets Without Donor Restrictions$-3,530,194$-3,701,952▼ $171,758
Total Net Assets Fund Balance$-3,530,194$-3,701,952▼ $171,758
Total Liabilities and Net Assets / Fund Balance$8,040,061$7,666,621▼ $373,440

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$688,723$8,506,953$9,195,676
Leasehold Improvements$2,026,113$201,248$2,227,361
Land$174,284-$174,284
Equipment$0$72,836$72,836
Other Assets Org$10,010--
Compensation and Service Providers
Top Officer Pay30th percentile

Board Members and Trustees

NameTitle
Rev Dr Michael J RouseChair
Anna DavisDirector
Ayris GranbyDirector
Fred AlstonDirector
Mary WilliamsDirector
Roger PorterDirector
Patricia JohnsonSecretary
Bernice SmithTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Community Housing Management CorpHousing Management5 W Main St Ste 214, Elmsford, NY 10523$107,757
Revenue and Support

Revenue Composition

Contributions and Grants
$1,535,163
Program Service Revenue
$415,239
Investment Income
$54,211
Other Revenue
$0
Change in Net Assets
$-171,758

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,004,613
Total Revenue per Audited Statements
$2,004,613
Total Revenue per Form 990
$2,004,613
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,975,002
Salaries, Compensation, and Employee Benefits$201,369
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$807,699--$807,699
Interest$425,272--$425,272
Depreciation Depletion$392,510--$392,510
Insurance$139,465--$139,465
Other Salaries and Wages$117,799$15,264-$133,063
Fees for Services Management-$72,988-$72,988
Fees for Services Other$59,014$5,200-$64,214
Other Employee Benefits$51,603$6,687-$58,290
Fees for Services Accounting-$37,092-$37,092
Fees for Services Legal$18,615--$18,615
Office Expenses$5,722$11,425-$17,147
Payroll Taxes$5,861$4,155-$10,016
Total Functional Expenses$2,023,560$152,811$0$2,176,371

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,176,371
Total Expenses per Audited Statements$2,176,371
Total Expenses per Form 990$2,176,371
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
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
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Tenant Security Deposits$32,909
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 Section A Line 8

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

Form 990 Part VI Section B Line 11B

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

Form 990 Part VI Section C Line 19

“After approval of the financial statements by the board of directors on an annual basis, the organization makes available all governance documents, policy statements financial statements ana tax returns to the public, upon 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
In Care Of
% COMMUNITY HOUSING MANAGEMENT
Phone
9145925434
Address
5 West Main Street, Elmsford, NY 10523

Signing Officer

Name
Rev Dr Michael J Rouse
Title
President
Phone
9145925434
Signed
2023-10-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Rev Dr Michael J Rouse
Formed
1998
Legal Domicile
Ny
Voting Board Members
8
Independent Board Members
8
Employees
2
Volunteers
8

Preparer

Firm
WithumSmithBrown PC
Address
ONE TOWER CENTER BLVD 14TH FL, EAST BRUNSWICK, NJ 08816
Preparer
Joseph Perez
Phone
7328281614
Supplemental Narrative

Financial Statement Notes

Form 990, Schedule D, Part X, Line 2

“The organization is exempt from taxes under section 501(c)(3) of the internal revenue code. Being a nonstock organization not organized for profit, the organization is exempt from new york state and new york city franchise taxes. Gaap requires an evaluation of the tax positions taken or expected to be taken in the course of preparing the organization's tax returns to determine tha tax positions are more likely than not sustainable upon examination by the applicable taxing authorities, based on the technical merits of the tax positions, and the recognizing the tax benefit that is more likely than not realizable. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense in the current reporting period. Management belives any such positions would be immaterial to the overall financial statements.”

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IRS990/LandBldgEquipBasisNetGrp/EOYAmt02889120
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IRS990/OccupancyGrp/ProgramServicesAmt0807699
IRS990/OccupancyGrp/TotalAmt0807699
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt011425
IRS990/OfficeExpensesGrp/ProgramServicesAmt05722
IRS990/OfficeExpensesGrp/TotalAmt017147
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IRS990/OtherAssetsTotalGrp/EOYAmt04203928
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt06687
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt051603
IRS990/OtherEmployeeBenefitsGrp/TotalAmt058290
IRS990/OtherLiabilitiesGrp/BOYAmt033592
IRS990/OtherLiabilitiesGrp/EOYAmt032909
IRS990/OtherRevenueTotalAmt00
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt015264
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0117799
IRS990/OtherSalariesAndWagesGrp/TotalAmt0133063
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt00
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt04155
IRS990/PayrollTaxesGrp/ProgramServicesAmt05861
IRS990/PayrollTaxesGrp/TotalAmt010016
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0116136
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0132102
IRS990/PrincipalOfficerNm0Rev Dr Michael J Rouse
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0531110
IRS990/ProgramServiceRevenueGrp/BusinessCd1531390
IRS990/ProgramServiceRevenueGrp/BusinessCd2531390
IRS990/ProgramServiceRevenueGrp/Desc0TENANT RENTAL INCOME
IRS990/ProgramServiceRevenueGrp/Desc1LAUNDRY INCOME
IRS990/ProgramServiceRevenueGrp/Desc2PARKING INCOME
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0408385
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt13561
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt23293
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0408385
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt13561
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt23293
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt01537129
IRS990/PYExcessBenefitTransInd0false
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt014996
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt01862155
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt0425688
IRS990/PYRevenuesLessExpensesAmt0-87473
IRS990/PYSalariesCompEmpBnftPaidAmt0203131
IRS990/PYTotalExpensesAmt02065286
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt01977813
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvblFromDisqualifiedPrsnGrp/BOYAmt00
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReceivablesFromOfficersEtcGrp/BOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0-171758
IRS990/RelatedEntityInd0true
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RentalIncomeOrLossGrp/PersonalAmt00
IRS990/RentalIncomeOrLossGrp/RealAmt00
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt0415239
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0274935
IRS990/SavingsAndTempCashInvstGrp/EOYAmt075651
IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/TotalAmt00
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearAmt01535163
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus1YearAmt01537129
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus2YearsAmt01491649
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus3YearsAmt01394518
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus4YearsAmt01300268
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/TotalAmt07258727
IRS990ScheduleA/GovtFurnSrvcFcltsVl509Grp/TotalAmt00
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearAmt054211
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus1YearAmt014996
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus2YearsAmt022231
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus3YearsAmt048205
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus4YearsAmt058269
IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt0197912
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt0415239
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt0399884
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt0429030
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt0439103
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt0410356
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt02093612
IRS990ScheduleA/GrossReceiptsNonUnrltBusGrp/TotalAmt00
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IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt014996
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus2YearsAmt022231
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IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus4YearsAmt058269
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IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt09556378
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Filings

Displayed year

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

Open filing
Assets
$7,666,621
Liabilities
$11,368,573
Net assets
-$3,701,952
Revenue
$2,004,613
Expenses
$2,176,371
Net income
-$171,758
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
2023Detailed filing. Detailed filing data is available for this year.$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
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$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