Civic Intelligence

Fulton Jefferson Housing Development Fund Corporation

990 • Fiscal year 2018 • EIN 13-4122332

Jan 01, 2018 to Dec 31, 2018 • Filed on Oct 30, 2019

902 Broadway 13th FloorNew York, NY 10010

(212) 243-9090

Siviq Scores

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

Liabilities / Assets

82nd percentile

1.22x

Higher debt load relative to assets than 82% of similar nonprofits.

2018 filings • NTEE L • $5M-$10M nonprofits • Source year 2018

Liabilities / Revenue

76th percentile

8.44x

Higher debt load relative to revenue than 76% of similar nonprofits.

2018 filings • NTEE L • $5M-$10M nonprofits • Source year 2018

Net Margin

16th percentile

-37%

Higher net margin than 16% of similar nonprofits.

2018 filings • NTEE L • $5M-$10M nonprofits • Source year 2018

Top Officer Pay

99th percentile

$975,884

Higher top officer pay than 99% of similar nonprofits.

Top officer pay equals 96.4% of source-year revenue.

2018 filings • NTEE L • $5M-$10M nonprofits • Source year 2018

Asset Growth

45th percentile

-2.1%

Faster asset growth than 45% of similar nonprofits.

2018 filings • NTEE L • $5M-$10M nonprofits • Annualized from 2017 to 2018

Revenue Growth

98th percentile

1445%

Faster revenue growth than 98% of similar nonprofits.

2018 filings • NTEE L • $5M-$10M nonprofits • Annualized from 2017 to 2018

Assets

Down

$6,988,217

Down $151,073 (-2.1%) from 2017

Net Assets

Down

-$1,555,260

Down $375,240 (-32%) from 2017

Liabilities

Up

$8,543,477

Up $224,167 (+2.7%) from 2017

Revenue

Up

$1,011,903

Up $946,406 (+1445%) from 2017

Expenses

Up

$1,386,568

Up $1,298,238 (+1470%) from 2017

Net Income

Down

-$374,665

Down $351,832 (-1541%) from 2017

Historical Trend

Balance Sheet Trend

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

$10M$5.0M$0-$5.0MAssets 2017: $7,139,290Liabilities 2017: $8,319,310Net Assets 2017: -$1,180,0202017Assets 2018: $6,988,217Liabilities 2018: $8,543,477Net Assets 2018: -$1,555,2602018Assets 2019: $6,716,952Liabilities 2019: $8,695,876Net Assets 2019: -$1,978,9242019Assets 2020: $6,199,497Liabilities 2020: $8,658,385Net Assets 2020: -$2,458,8882020Assets 2021: $5,678,741Liabilities 2021: $8,578,166Net Assets 2021: -$2,899,4252021Assets 2022: $5,285,110Liabilities 2022: $8,719,120Net Assets 2022: -$3,434,0102022Assets 2023: $5,073,164Liabilities 2023: $8,869,955Net Assets 2023: -$3,796,7912023Assets 2024: $4,736,272Liabilities 2024: $8,858,653Net Assets 2024: -$4,122,3812024

Highlighted filing

2018

Assets$6,988,217
Liabilities$8,543,477
Net Assets-$1,555,260

Operations Trend

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

$2.0M$1.0M$0-$1.0MRevenue 2017: $65,497Expenses 2017: $88,330Net Income 2017: -$22,8332017Revenue 2018: $1,011,903Expenses 2018: $1,386,568Net Income 2018: -$374,6652018Revenue 2019: $1,029,529Expenses 2019: $1,453,261Net Income 2019: -$423,7322019Revenue 2020: $980,124Expenses 2020: $1,460,088Net Income 2020: -$479,9642020Revenue 2021: $1,011,328Expenses 2021: $1,451,865Net Income 2021: -$440,5372021Revenue 2022: $1,046,759Expenses 2022: $1,581,344Net Income 2022: -$534,5852022Revenue 2023: $1,162,270Expenses 2023: $1,525,051Net Income 2023: -$362,7812023Revenue 2024: $1,245,588Expenses 2024: $1,571,178Net Income 2024: -$325,5902024

Highlighted filing

2018

Revenue$1,011,903
Expenses$1,386,568
Net Income-$374,665
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Oct 30, 2019
Return Version
2018v3.1
Gross Receipts
$1,011,903
Mission and Program Overview

Mission

Fulton jefferson housing development fund corporation was formed to own and operate a 107-unit residential apartment complex located in the borough of bronx, ny, to provide low income housing.

Fulton jefferson hdfc was formed to own and operate a 107-unit residential apartment complex located in the borough of bronx, ny, to provide low income housing.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$5,121,284$4,921,913▼ $199,371
Savings and Temporary Cash Investments$1,519,264$1,575,014▲ $55,750
Cash and Non-Interest-Bearing Accounts$260,612$233,995▼ $26,617
Prepaid Expenses and Deferred Charges$153,128$176,177▲ $23,049
Accounts Receivable$85,002$81,118▼ $3,884
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$7,139,290$6,988,217▼ $151,073
Other Assets Total$0$0→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$7,891,284$7,943,046▲ $51,762
Other Liabilities$306,983$332,056▲ $25,073
Accounts Payable and Accrued Expenses$114,647$265,826▲ $151,179
Deferred Revenue$6,396$2,549▼ $3,847
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$8,319,310$8,543,477▲ $224,167
Net Assets / Fund Balance
Permanently Rstr Net Assets$0$0→ $0
Temporarily Rstr Net Assets$0$0→ $0
Unrestricted Net Assets$-1,180,020$-1,555,260▼ $375,240
Total Net Assets Fund Balance$-1,180,020$-1,555,260▼ $375,240
Total Liabilities and Net Assets / Fund Balance$7,139,290$6,988,217▼ $151,073

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$4,737,446$6,968,098$11,705,544
Equipment$184,462$83,656$268,118
Land$5-$5
Compensation and Service Providers

Board Members and Trustees

NameTitle
Adam WeinsteinPresident
Matthew KellyVice President
Michael WadmanVice President
James Robert Pigott JrVice President and Secretary
Brian BrickerTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$972,788
Investment Income
$24,327
Other Revenue
$14,788
Change in Net Assets
$-374,665

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,011,903
Total Revenue per Audited Statements
$1,011,903
Total Revenue per Form 990
$1,011,903
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,148,843
Salaries, Compensation, and Employee Benefits$237,725
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$464,762--$464,762
Depreciation Depletion$445,921--$445,921
Other Salaries and Wages$164,432--$164,432
Fees for Services Management-$93,567-$93,567
Fees for Services Legal-$55,343-$55,343
Other Employee Benefits$45,631--$45,631
Insurance$23,639--$23,639
Pension Plan Contributions$14,177--$14,177
Payroll Taxes$13,485--$13,485
Office Expenses-$12,830-$12,830
Information Technology-$8,580-$8,580
Fees for Services Accounting-$8,200-$8,200
Fees for Services Other-$8,021-$8,021
Fees for Service Investment Mgmnt Fees-$4,364-$4,364
Interest$1,853--$1,853
Other Expenses-$1,520-$1,520
Travel-$71-$71
All Other Expenses$-16,681$599-$-16,082
Total Functional Expenses$1,157,219$229,349$0$1,386,568

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,386,568
Total Expenses per Audited Statements$1,386,568
Total Expenses per Form 990$1,386,568
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
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
Partnership Management Fees Payable$305,369
Accrued Interest Payable$26,687
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
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
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

FORM 990, PART VI, SECTION A, LINE 6:

The sole member of the organization is phipps houses, a related 501(c)(4) organization.

FORM 990, PART VI, SECTION A, LINE 7A:

As the sole member of the organization, phipps houses has the right to elect the members of the organization's board of directors.

FORM 990, PART VI, SECTION A, LINE 7B:

Under new york state law, certain governance decisions require membership approval.

FORM 990, PART VI, SECTION B, LINE 11B:

Members of the organization's governing body review the form 990 for accuracy of content and discuss as necessary.

FORM 990, PART VI, SECTION B, LINE 12C:

Officers and directors must complete and certify annually a list of conflicts of interest.

FORM 990, PART VI, SECTION B, LINES 15A AND 15B:

The organization does not compensate any officers or key employees.

FORM 990, PART VI, SECTION C, LINE 19:

The organization makes its governing documents, conflict of interest policy and financial statements available to the public upon request.

FORM 990, PART VII, SECTION A:

The compensation of the president, vice presidents, secretary and treasurer reflects their contributions to not only fulton jefferson housing development fund corporation but to all of its affiliated entities. On a consolidated basis, in 2017, the phipps houses group had revenue of $180 million and assets of $1.3 billion.

Filing and Contact Details

Filer

Filer Name
Fulton Jefferson Housing Development
EIN
13-4122332
In Care Of
% BRIAN BRICKER
Phone
2122439090
Address
902 BROADWAY 13TH FLOOR, NEW YORK, NY 10010

Signing Officer

Name
Brian Bricker
Title
Treasurer
Phone
2122439090
Signed
2019-10-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Adam Weinstein
Formed
2000
Legal Domicile
Ny
Voting Board Members
3
Independent Board Members
0
Employees
4
Volunteers
0

Preparer

Firm
Bdo USA Llp
Address
100 PARK AVENUE, NEW YORK, NY 10017-5001
Preparer
Paul Hammerschmidt
Phone
2128858000
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Postretirement benefit adjustment...................$(575).

Financial Statement Notes

PART X, LINE 2:

Fulton Jefferson Housing Development Fund Corporation has not taken an unsubstantiated tax position that would require provision of a liability under ASC No. 740, "Income Taxes,Accounting Standards Update 2009-06, "Implementation Guidance on Accounting for Uncertainty in Income Taxes and Disclosure Amendments for Nonpublic Entities." As of December 2018, the years still subject to audit are 2015 through 2018.

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IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE PRESIDENT AND SECRETARY
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IRS990/Form990PartVIISectionAGrp/TitleTxt3VICE PRESIDENT
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Fulton Jefferson Housing Development Fund Corporation has not taken an unsubstantiated tax position that would require provision of a liability under ASC No. 740, "Income Taxes,Accounting Standards Update 2009-06, "Implementation Guidance on Accounting for Uncertainty in Income Taxes and Disclosure Amendments for Nonpublic Entities." As of December 2018, the years still subject to audit are 2015 through 2018.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0ADAM WEINSTEIN
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1JAMES ROBERT PIGOTT JR

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