Civic Intelligence

607 Concord Avenue Housing Development Fund Corporation

EIN 13-4146104 • 501(c)3 • Bronx, NY

Profile

To provide residential rental housing to low-income disabled persons through monthly subsidies from the u.s. Department of housing and urban development.

920 Prospect AvenueBronx, NY 10459

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

92nd percentile

2.20x

Higher debt load relative to assets than 92% of similar nonprofits.

NTEE L22 • $1M-$5M nonprofits • Source year 2025

Liabilities / Revenue

63rd percentile

6.20x

Higher debt load relative to revenue than 63% of similar nonprofits.

NTEE L22 • $1M-$5M nonprofits • Source year 2025

Net Margin

95th percentile

24%

Higher net margin than 95% of similar nonprofits.

NTEE L22 • $1M-$5M nonprofits • Source year 2025

Top Officer Pay

99th percentile

$980,006

Higher top officer pay than 99% of similar nonprofits.

Top officer pay equals 65.9% of source-year revenue.

NTEE L22 • $1M-$5M nonprofits • Source year 2025

Asset Growth

96th percentile

12%

Faster asset growth than 96% of similar nonprofits.

NTEE L22 • $1M-$5M nonprofits • Annualized from 2024 to 2025

Revenue Growth

16th percentile

-6.0%

Faster revenue growth than 16% of similar nonprofits.

NTEE L22 • $1M-$5M nonprofits • Annualized from 2024 to 2025

Assets

Up

$3,734,021

Up $334,206 (+9.8%) from 2023

Liabilities

Down

$9,120,950

Down $32,923 (-0.4%) from 2023

Net Assets

Up

-$5,386,929

Up $367,129 (+6.4%) from 2023

Revenue

Up

$1,581,809

Up $103,462 (+7.0%) from 2023

Expenses

Up

$1,214,680

Up $47,490 (+4.1%) from 2023

Net Income

Up

$367,129

Up $55,972 (+18%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$10M$5.0M$0-$5.0M-$10MAssets 2010: $7,131,180Liabilities 2010: $7,538,013Net Assets 2010: -$406,8332010Assets 2011: $6,842,279Liabilities 2011: $7,303,011Net Assets 2011: -$460,7322011Assets 2012: $6,594,305Liabilities 2012: $7,118,667Net Assets 2012: -$524,3622012Assets 2013: $6,293,068Liabilities 2013: $6,919,753Net Assets 2013: -$626,6852013Assets 2014: $6,017,113Liabilities 2014: $6,759,553Net Assets 2014: -$742,4402014Assets 2017: $4,854,760Liabilities 2017: $5,973,562Net Assets 2017: -$1,118,8022017Assets 2018: $4,473,533Liabilities 2018: $6,045,543Net Assets 2018: -$1,572,0102018Assets 2019: $4,315,678Liabilities 2019: $6,033,246Net Assets 2019: -$1,717,5682019Assets 2020: $4,003,386Liabilities 2020: $9,618,796Net Assets 2020: -$5,615,4102020Assets 2021: $3,738,697Liabilities 2021: $9,696,470Net Assets 2021: -$5,957,7732021Assets 2022: $3,512,838Liabilities 2022: $9,578,053Net Assets 2022: -$6,065,2152022Assets 2023: $3,399,815Liabilities 2023: $9,153,873Net Assets 2023: -$5,754,0582023Assets 2024: $3,734,021Liabilities 2024: $9,120,950Net Assets 2024: -$5,386,9292024

Highlighted filing

2024

Assets$3,734,021
Liabilities$9,120,950
Net Assets-$5,386,929

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$2.0M$1.0M$0-$1.0MRevenue 2010: $741,953Expenses 2010: $769,875Net Income 2010: -$27,9222010Revenue 2011: $724,191Expenses 2011: $778,090Net Income 2011: -$53,8992011Revenue 2012: $729,845Expenses 2012: $793,475Net Income 2012: -$63,6302012Revenue 2013: $726,486Expenses 2013: $828,809Net Income 2013: -$102,3232013Revenue 2014: $732,921Expenses 2014: $848,676Net Income 2014: -$115,7552014Revenue 2017: $862,274Expenses 2017: $954,994Net Income 2017: -$92,7202017Revenue 2018: $900,331Expenses 2018: $1,353,539Net Income 2018: -$453,2082018Revenue 2019: $850,608Expenses 2019: $996,166Net Income 2019: -$145,5582019Revenue 2020: $679,271Expenses 2020: $1,078,666Net Income 2020: -$399,3952020Revenue 2021: $855,619Expenses 2021: $1,197,982Net Income 2021: -$342,3632021Revenue 2022: $1,101,847Expenses 2022: $1,209,289Net Income 2022: -$107,4422022Revenue 2023: $1,478,347Expenses 2023: $1,167,190Net Income 2023: $311,1572023Revenue 2024: $1,581,809Expenses 2024: $1,214,680Net Income 2024: $367,1292024

Highlighted filing

2024

Revenue$1,581,809
Expenses$1,214,680
Net Income$367,129

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.73$9.12$5.39$1.58$1.21$0.37
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.40$9.15$5.75$1.48$1.17$0.31
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.51$9.58$6.07$1.10$1.21$0.11
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.74$9.70$5.96$0.86$1.20$0.34
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.00$9.62$5.62$0.68$1.08$0.40
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.32$6.03$1.72$0.85$1.00$0.15
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.47$6.05$1.57$0.90$1.35$0.45
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.85$5.97$1.12$0.86$0.95$0.09
2014Detailed filing. Detailed filing data is available for this year.$6.02$6.76$0.74$0.73$0.85$0.12
2013Summary only. Only limited summary data is available for this year.$6.29$6.92$0.63$0.73$0.83$0.10
2012Summary only. Only limited summary data is available for this year.$6.59$7.12$0.52$0.73$0.79$0.06
2011Summary only. Only limited summary data is available for this year.$6.84$7.30$0.46$0.72$0.78$0.05
2010Summary only. Only limited summary data is available for this year.$7.13$7.54$0.41$0.74$0.77$0.03
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Dec 1, 2023 to Nov 30, 2024
Signed
Oct 14, 2025
Return Version
2023v6.0
Gross Receipts
$1,581,809
Mission and Program Overview

Mission

To provide residential rental housing to low-income disabled persons through monthly subsidies from the u.s. Department of housing and urban development.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,593,403$2,332,170▼ $261,233
Cash and Non-Interest-Bearing Accounts$200,870$668,367▲ $467,497
Prepaid Expenses and Deferred Charges$47,941$59,614▲ $11,673
Accounts Receivable$994$542▼ $452
Total Assets$3,399,815$3,734,021▲ $334,206
Other Assets Total$556,607$673,328▲ $116,721
Liabilities
Deferred Revenue$8,789,367$8,787,578▼ $1,789
Accounts Payable and Accrued Expenses$186,872$303,885▲ $117,013
Other Liabilities$177,634$29,487▼ $148,147
Total Liabilities$9,153,873$9,120,950▼ $32,923
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-5,754,058$-5,386,929▲ $367,129
Total Net Assets Fund Balance$-5,754,058$-5,386,929▲ $367,129
Total Liabilities and Net Assets / Fund Balance$3,399,815$3,734,021▲ $334,206

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,142,403$6,562,284$8,704,687
Land$159,800-$159,800
Equipment$29,967$111,601$141,568
Other Assets Org$140--
Compensation and Service Providers
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,544,205
Investment Income
$13,923
Other Revenue
$23,681
Change in Net Assets
$367,129

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,581,809
Total Revenue per Audited Statements
$1,581,809
Total Revenue per Form 990
$1,581,809
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,077,982
Salaries, Compensation, and Employee Benefits$136,698
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$321,033--$321,033
Occupancy$155,186--$155,186
Insurance$126,138--$126,138
Fees for Services Other$117,650--$117,650
Other Salaries and Wages$110,516--$110,516
Fees for Services Management-$48,315-$48,315
Fees for Services Accounting-$30,300-$30,300
Other Expenses$27,633--$27,633
All Other Expenses$16,248--$16,248
Other Employee Benefits$14,323--$14,323
Payroll Taxes$11,859--$11,859
Office Expenses-$8,253-$8,253
Advertising$5,911--$5,911
Total Functional Expenses$1,127,812$86,868$0$1,214,680

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,214,680
Total Expenses per Audited Statements$1,214,680
Total Expenses per Form 990$1,214,680
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 Deposit$29,487
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
No
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
Yes
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

Management duties are overseen by a property management company approved by the u.s. Department of housing and urban development.

Form 990, Page 6, Part VI, Line 11B

Organization's process to review form 990 the completed form 990 is provided to the board of directors for review prior to filing.

Form 990, Page 6, Part VI, Line 12C

Enforcement of conflicts policy the board of directors periodically evaluates exisitng and potential conflict-of-interest within management.

Form 990, Page 6, Part VI, Line 19

Governing documents disclosure explanation information is available upon request.

Filing and Contact Details

Filer

Filer Name
607 Concord Avenue Housing
EIN
13-4146104
Phone
3476493270
Address
920 PROSPECT AVENUE, BRONX, NY 10459

Signing Officer

Name
Raul Russi
Title
President
Phone
3476493270
Signed
2025-10-14

Organization Details

Principal Officer
Raul Russi
Formed
2001
Legal Domicile
Ny
Voting Board Members
5
Independent Board Members
5
Employees
1
Volunteers
5

Preparer

Firm
VARGAS & RIVERA CPA'S LLP
Address
586 ROUTE 304, NEW CITY, NY 10956
Preparer
Luis C Rivera
Phone
8456383113
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 3, Part X

Part x, line2: the project is a tax-exempt organization under section 501(c)(3) of the internal revenue code and applicable state regulations and, accordingly, is exempt from federal and state taxes on income. The project has filed for and received income tax exemptions in the jurisdictions where it is required to do so. The project files the form 990 in the u.s. Federal jurisdiction. With few exceptions, as of november 30, 2023, the project is no longer subject to u.s. Federal income tax examinations by tax authorities for the years ended prior to november 30, 2019. The tax returns for the years ended november 30,2022 through november 30, 2019 are still subject to potential audit by the irs. Management believes it has no material uncertain tax positions and accordingly, it has not recognized any liability for unrecognized tax benefits. Further, there are no income tax related penalties and interest reflected in these financial statements.

Raw XML AppendixShowing 400 of 1,846 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/OtherExpensesGrp/TotalAmt166979
IRS990/OtherExpensesGrp/TotalAmt235598
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IRS990/PYExcessBenefitTransInd0false
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IRS990/PYRevenuesLessExpensesAmt0311157
IRS990/PYSalariesCompEmpBnftPaidAmt0146780
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IRS990/PYTotalRevenueAmt01478347
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IRS990/ReportOtherLiabilitiesInd0true
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IRS990/RevenueAmt01567886
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0114,063
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART III, LINE 12
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IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt03670
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt01581809
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt01465095
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt01097899
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt0814584
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt0619773
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IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt03670
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt03670
IRS990ScheduleA/InvestmentIncomeCYPct00.00000
IRS990ScheduleA/InvestmentIncomePYPct00.00000
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus1YearAmt09582
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus2YearsAmt03948
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus3YearsAmt041035
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus4YearsAmt059498
IRS990ScheduleA/OtherIncome509Grp/TotalAmt0114063
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IRS990ScheduleA/PublicSupportCY509Pct00.97930
IRS990ScheduleA/PublicSupportPY509Pct00.97300
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IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt0619773
IRS990ScheduleA/Total509Grp/TotalAmt05579160
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt01581809
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IRS990ScheduleD/BuildingsGrp/DepreciationAmt06562284
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IRS990ScheduleD/EquipmentGrp/BookValueAmt029967
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0111601
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0141568
IRS990ScheduleD/ExpensesSubtotalAmt01214680
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IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0159800
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IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt1173411
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt229487
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt311404
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt4140
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0REPLACEMENT RESERVE
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1DUE FROM RELATED PARTIES
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2TENANT SECURITY DEPOSITS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc3RESIDUAL RECEIPTS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc4UTILITY DEPOSIT
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt029487
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0TENANT SECURITY DEPOSIT
IRS990ScheduleD/RevenueSubtotalAmt01581809
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0PART X, LINE2: THE PROJECT IS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND APPLICABLE STATE REGULATIONS AND, ACCORDINGLY, IS EXEMPT FROM FEDERAL AND STATE TAXES ON INCOME. THE PROJECT HAS FILED FOR AND RECEIVED INCOME TAX EXEMPTIONS IN THE JURISDICTIONS WHERE IT IS REQUIRED TO DO SO. THE PROJECT FILES THE FORM 990 IN THE U.S. FEDERAL JURISDICTION. WITH FEW EXCEPTIONS, AS OF NOVEMBER 30, 2023, THE PROJECT IS NO LONGER SUBJECT TO U.S. FEDERAL INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR THE YEARS ENDED PRIOR TO NOVEMBER 30, 2019. THE TAX RETURNS FOR THE YEARS ENDED NOVEMBER 30,2022 THROUGH NOVEMBER 30, 2019 ARE STILL SUBJECT TO POTENTIAL AUDIT BY THE IRS. MANAGEMENT BELIEVES IT HAS NO MATERIAL UNCERTAIN TAX POSITIONS AND ACCORDINGLY, IT HAS NOT RECOGNIZED ANY LIABILITY FOR UNRECOGNIZED TAX BENEFITS. FURTHER, THERE ARE NO INCOME TAX RELATED PENALTIES AND INTEREST REFLECTED IN THESE FINANCIAL STATEMENTS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleD/TotalBookValueOtherAssetsAmt0673328
IRS990ScheduleD/TotalExpensesPerForm990Amt01214680
IRS990ScheduleD/TotalLiabilityAmt029487
IRS990ScheduleD/TotalRevenuePerForm990Amt01581809
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt298390
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt373868
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt0698458
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt2504163
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt3381001
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt022875
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt315250
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt047759
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm3VICKY GATELL
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1CEO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt2CLO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt3CFO
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IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt0PURSUANT TO THE ORGANIZATIONS BYLAWS, THE ORGANIZATION DELEGATES TO ITS PARENT ENTITY THE HIRING OF THE CEO AND PRESIDENT. THE COMPENSATION OF THE EXECUTIVES IS APPROVED BY THE PARENT ENTITY, WHO HIRES A CONSULTANT TO CONDUCT A STUDY. A STANDING COMPENSATION COMMITTEE OF THE PARENT ENTITY REVIEWS A COMPENSATION STUDY AND VOTES ON HOW TO PROCEED.
IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt1BONUSES FOR THE CEO AND PRESIDENT ARE APPROVED BY THE BOARD OF THE PARENT ENTITY. THE REMAINING EXECUTIVE BONUSES ARE APPROVED BY THE CEO.
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE J, PAGE 1, PART I, LINE 3
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE J, PAGE 1, PART I, LINE 7
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IRS990ScheduleJ/WrittenEmploymentContractInd0X
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0MANAGEMENT DUTIES ARE OVERSEEN BY A PROPERTY MANAGEMENT COMPANY APPROVED BY THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ORGANIZATION'S PROCESS TO REVIEW FORM 990 THE COMPLETED FORM 990 IS PROVIDED TO THE BOARD OF DIRECTORS FOR REVIEW PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ENFORCEMENT OF CONFLICTS POLICY THE BOARD OF DIRECTORS PERIODICALLY EVALUATES EXISITNG AND POTENTIAL CONFLICT-OF-INTEREST WITHIN MANAGEMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3GOVERNING DOCUMENTS DISCLOSURE EXPLANATION INFORMATION IS AVAILABLE UPON REQUEST.
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 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
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