Civic Intelligence

Norfolk Housing Development Fund Company Inc.

990 • Fiscal year 2014 • EIN 16-1340937

Jan 01, 2014 to Dec 31, 2014 • Filed on May 04, 2015

Organization ProfileN/A
1 High StreetNorfolk, NY 13667

(315) 384-3005

Siviq Scores

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

Liabilities / Assets

83rd percentile

1.48x

Higher debt load relative to assets than 83% of similar nonprofits.

2014 filings • NTEE L • $500k-$1M nonprofits • Source year 2014

Liabilities / Revenue

71st percentile

4.52x

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

2014 filings • NTEE L • $500k-$1M nonprofits • Source year 2014

Net Margin

41st percentile

-9.0%

Higher net margin than 41% of similar nonprofits.

2014 filings • NTEE L • $500k-$1M nonprofits • Source year 2014

Top Officer Pay

60th percentile

$29,376

Higher top officer pay than 60% of similar nonprofits.

Top officer pay equals 13.9% of source-year revenue.

2014 filings • NTEE L • $500k-$1M nonprofits • Source year 2014

Asset Growth

34th percentile

-4.0%

Faster asset growth than 34% of similar nonprofits.

2014 filings • NTEE L • $500k-$1M nonprofits • Annualized from 2013 to 2014

Revenue Growth

40th percentile

-0.0%

Faster revenue growth than 40% of similar nonprofits.

2014 filings • NTEE L • $500k-$1M nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets83rd percentile

Assets

Down

$641,049

Down $26,649 (-4.0%) from 2013

Net Assets

Down

-$310,856

Down $19,007 (-6.5%) from 2013

Liabilities

Down

$951,905

Down $7,642 (-0.8%) from 2013

Revenue And Expenses
Liabilities / Revenue71st percentileNet Margin41st percentile

Revenue

Down

$210,667

Down $9 (-0.0%) from 2013

Expenses

Up

$229,674

Up $3,636 (+1.6%) from 2013

Net Income

Down

-$19,007

Down $3,645 (-24%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth34th percentile

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

$1.0M$500K$0-$500KAssets 2010: $742,481Liabilities 2010: $981,802Net Assets 2010: -$239,3212010Assets 2011: $715,511Liabilities 2011: $975,900Net Assets 2011: -$260,3892011Assets 2012: $690,421Liabilities 2012: $966,908Net Assets 2012: -$276,4872012Assets 2013: $667,698Liabilities 2013: $959,547Net Assets 2013: -$291,8492013Assets 2014: $641,049Liabilities 2014: $951,905Net Assets 2014: -$310,8562014Assets 2015: $621,056Liabilities 2015: $942,023Net Assets 2015: -$320,9672015Assets 2016: $592,590Liabilities 2016: $930,267Net Assets 2016: -$337,6772016Assets 2017: $566,918Liabilities 2017: $920,282Net Assets 2017: -$353,3642017Assets 2018: $533,037Liabilities 2018: $905,829Net Assets 2018: -$372,7922018Assets 2019: $510,612Liabilities 2019: $896,026Net Assets 2019: -$385,4142019Assets 2020: $491,305Liabilities 2020: $880,041Net Assets 2020: -$388,7362020Assets 2021: $458,709Liabilities 2021: $863,866Net Assets 2021: -$405,1572021Assets 2022: $444,757Liabilities 2022: $862,381Net Assets 2022: -$417,6242022Assets 2023: $445,225Liabilities 2023: $826,921Net Assets 2023: -$381,6962023Assets 2024: $437,272Liabilities 2024: $807,160Net Assets 2024: -$369,8882024Assets 2025: $417,384Liabilities 2025: $785,944Net Assets 2025: -$368,5602025

Highlighted filing

2014

Assets$641,049
Liabilities$951,905
Net Assets-$310,856
Open 2014 Filing

Operations Trend

Revenue Growth40th percentile

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

$1.5M$1.0M$500K$0-$500KExpenses 2010: $213,9172010Expenses 2011: $227,6712011Expenses 2012: $221,6762012Revenue 2013: $210,676Expenses 2013: $226,038Net Income 2013: -$15,3622013Revenue 2014: $210,667Expenses 2014: $229,674Net Income 2014: -$19,0072014Revenue 2015: $223,139Expenses 2015: $233,250Net Income 2015: -$10,1112015Revenue 2016: $222,764Expenses 2016: $239,474Net Income 2016: -$16,7102016Revenue 2017: $223,061Expenses 2017: $238,748Net Income 2017: -$15,6872017Revenue 2018: $1,122,767Expenses 2018: $1,142,195Net Income 2018: -$19,4282018Revenue 2019: $163,534Expenses 2019: $176,158Net Income 2019: -$12,6242019Revenue 2020: $173,939Expenses 2020: $177,261Net Income 2020: -$3,3222020Revenue 2021: $169,622Expenses 2021: $186,043Net Income 2021: -$16,4212021Revenue 2022: $177,266Expenses 2022: $189,733Net Income 2022: -$12,4672022Revenue 2023: $215,841Expenses 2023: $179,913Net Income 2023: $35,9282023Revenue 2024: $201,877Expenses 2024: $190,069Net Income 2024: $11,8082024Revenue 2025: $187,608Expenses 2025: $186,280Net Income 2025: $1,3282025

Highlighted filing

2014

Revenue$210,667
Expenses$229,674
Net Income-$19,007
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
May 4, 2015
Return Version
2014v5.0
Gross Receipts
$210,667
Mission and Program Overview

Mission

This company has been organized exclusively, as its sole purpose, to develop, on a not-for-profit basis, a 24-unit housing project for persons of low income where no adequate housing exists for such persons.

This company has been organized exclusively, as its sole purpose, to develop, on a not-for-profit basis, a housing project for persons of low income where no adequate housing exists for such persons.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$551,927$539,044▼ $12,883
Savings and Temporary Cash Investments$108,614$94,942▼ $13,672
Prepaid Expenses and Deferred Charges$6,876$7,063▲ $187
Cash and Non-Interest-Bearing Accounts$281--
Total Assets$667,698$641,049▼ $26,649
Liabilities
Mortgage Notes Payable Secured by Investment Property$953,837$944,750▼ $9,087
Other Liabilities$4,598$6,502▲ $1,904
Accounts Payable and Accrued Expenses$1,112$653▼ $459
Total Liabilities$959,547$951,905▼ $7,642
Net Assets / Fund Balance
Unrestricted Net Assets$-291,849$-310,856▼ $19,007
Total Net Assets Fund Balance$-291,849$-310,856▼ $19,007
Total Liabilities and Net Assets / Fund Balance$667,698$641,049▼ $26,649

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$533,277$661,592-
Equipment$5,767$98,807-
Compensation and Service Providers
Top Officer Pay60th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Bonnie DaveyDirectorPT$29,376$29,376

Board Members and Trustees

NameTitle
Carl CaskinettePresident
Donna PetersonVice President
Mary Jane ByrneSecretary
Eva EnocheTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$150,570
Investment Income
$90
Other Revenue
$60,007
Change in Net Assets
$-19,007
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$175,441
Salaries, Compensation, and Employee Benefits$54,233
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$35,591--$35,591
Current Officers, Directors, Trustees, and Key Employees-$29,376-$29,376
Other Expenses$23,416--$23,416
Interest$17,448--$17,448
Other Salaries and Wages$14,040--$14,040
Other Employee Benefits-$7,132-$7,132
Fees for Services Accounting-$5,783-$5,783
Payroll Taxes$1,229$2,456-$3,685
All Other Expenses$2,868--$2,868
Office Expenses-$1,857-$1,857
Advertising-$68-$68
Total Functional Expenses$183,002$46,672$0$229,674
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
Customer Deposits$5,521
Payroll Liabilities$981
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Committee meeting documentation Part VI line 8B

“The organization is small enough that one governing board can handle all actions needed to be taken.”

Form 990 governing body review Part VI line 11

“A DRAFT copy of the 990 was given to the administrator and the board president for their review prior to submission of the return.”

Governing documents etc available to public Part VI line 19

“The Form 990 is on display on the New York State Charities website. The information is also available upon request at the management's office. This information is available through the New York State Charities website or upon request at the Housing management office.”

Filing and Contact Details

Filer

Filer Name
Norfolk Housing Development Fund Co Inc
EIN
16-1340937
Address
1 HIGH STREET, Norfolk, NY 13667

Signing Officer

Name
Bonnie T Davey
Title
Director
Phone
3153843005
Signed
2015-05-04
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Bonnie Davey
Formed
1988
Legal Domicile
Ny
Voting Board Members
5
Independent Board Members
5
Employees
2

Preparer

Firm
Reece & Robinson CPAs PC
Address
71 Market St P O Box 5033, Potsdam, NY 13676
Preparer
Larry Reece CPA
Phone
3152654046
Supplemental Narrative

Additional Explanations

Audited by an independent accountant Part XII line 2B

“The Board of Directors oversees the audit of financial statements.”

Financial Statement Notes

Footnote for uncertain tax position under FIN 48 (Part X)

“Norfolk housing development fund co., inc. Is a not-for-profit corporation established under the laws of the state of new york. The organization is tax exempt organization, other than a private foundation, as outlined in section 501(c)(3) of the internal revenue code. The organization does not believe its consolidated financial statements include any uncertain positions for the open tax years of 2014, 2013, 2012, and 2011. Accounting principles generally accepted in the us of america require the organization to evaluate all significant tax positions. As of december 31, 2014, the organization does not believe that it has taken any positions that would require the recording of any tax liability, nor does it believe there are any unrealized tax benefits that should be recorded.”

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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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IRS990ScheduleA/PublicSupportPY170Pct00.97000
IRS990ScheduleA/PublicSupportTotal170Amt0423217
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt081694
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt084029
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt084499
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt090122
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt082873
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt0423217
IRS990ScheduleA/TotalSupportAmt0434021
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleC/CorrectionMadeInd0false
IRS990ScheduleC/Form4720FiledSection4955TaxInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt0533277
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0661592
IRS990ScheduleD/BuildingsGrp/InvestmentCostOrOtherBasisAmt01194869
IRS990ScheduleD/EquipmentGrp/BookValueAmt05767
IRS990ScheduleD/EquipmentGrp/DepreciationAmt098807
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt0104574
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt05521
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1981
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0CUSTOMER DEPOSITS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1PAYROLL LIABILITIES
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0NORFOLK HOUSING DEVELOPMENT FUND CO., INC. IS A NOT-FOR-PROFIT CORPORATION ESTABLISHED UNDER THE LAWS OF THE STATE OF NEW YORK. THE ORGANIZATION IS TAX EXEMPT ORGANIZATION, OTHER THAN A PRIVATE FOUNDATION, AS OUTLINED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE ORGANIZATION DOES NOT BELIEVE ITS CONSOLIDATED FINANCIAL STATEMENTS INCLUDE ANY UNCERTAIN POSITIONS FOR THE OPEN TAX YEARS OF 2014, 2013, 2012, AND 2011. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE US OF AMERICA REQUIRE THE ORGANIZATION TO EVALUATE ALL SIGNIFICANT TAX POSITIONS. AS OF DECEMBER 31, 2014, THE ORGANIZATION DOES NOT BELIEVE THAT IT HAS TAKEN ANY POSITIONS THAT WOULD REQUIRE THE RECORDING OF ANY TAX LIABILITY, NOR DOES IT BELIEVE THERE ARE ANY UNREALIZED TAX BENEFITS THAT SHOULD BE RECORDED.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Footnote for uncertain tax position under FIN 48 (Part X)
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0539044
IRS990ScheduleD/TotalLiabilityAmt06502
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The organization is small enough that one governing board can handle all actions needed to be taken.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1A DRAFT copy of the 990 was given to the administrator and the board president for their review prior to submission of the return.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The Form 990 is on display on the New York State Charities website. The information is also available upon request at the management's office. This information is available through the New York State Charities website or upon request at the Housing management office.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The Board of Directors oversees the audit of financial statements.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Committee meeting documentation Part VI line 8b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990 governing body review Part VI line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Governing documents etc available to public Part VI line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Audited by an independent accountant Part XII line 2b
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0NY
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0667698
IRS990/TotalAssetsEOYAmt0641049
IRS990/TotalAssetsGrp/BOYAmt0667698
IRS990/TotalAssetsGrp/EOYAmt0641049
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt02
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt046672
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0183002
IRS990/TotalFunctionalExpensesGrp/TotalAmt0229674
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0959547
IRS990/TotalLiabilitiesEOYAmt0951905
IRS990/TotalLiabilitiesGrp/BOYAmt0959547
IRS990/TotalLiabilitiesGrp/EOYAmt0951905
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-291849
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-310856
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0183002
IRS990/TotalProgramServiceRevenueAmt0150570
IRS990/TotalReportableCompFromOrgAmt029376
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0210667
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0210667
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0667698
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0641049
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TransactionWithControlEntInd0false
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0-291849
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0-310856
IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt05
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02016-02-25 16:41:14Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0BONNIE T DAVEY
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum03153843005
ReturnHeader/BusinessOfficerGrp/SignatureDt02015-05-04
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0NORFOLK HOUSING DEVELOPMENT FUND CO INC
ReturnHeader/Filer/BusinessNameControlTxt0NORF
ReturnHeader/Filer/EIN0161340937
ReturnHeader/Filer/USAddress/AddressLine1Txt01 HIGH STREET
ReturnHeader/Filer/USAddress/CityNm0Norfolk
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
ReturnHeader/Filer/USAddress/ZIPCd013667
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0454889829
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Reece & Robinson CPAs PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt071 Market St P O Box 5033
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Potsdam
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd013676
ReturnHeader/PreparerPersonGrp/PhoneNum03152654046
ReturnHeader/PreparerPersonGrp/PreparationDt02015-05-12
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Larry Reece CPA
ReturnHeader/ReturnTs02015-05-12T09:20:39-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02014-01-01
ReturnHeader/TaxPeriodEndDt02014-12-31
ReturnHeader/TaxYr02014

Document Assets

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Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$641,049
Liabilities
$951,905
Net assets
-$310,856
Revenue
$210,667
Expenses
$229,674
Net income
-$19,007
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$0.42$0.79$0.37$0.19$0.19$0.00
2024Detailed filing. Detailed filing data is available for this year.$0.44$0.81$0.37$0.20$0.19$0.01
2023Detailed filing. Detailed filing data is available for this year.$0.45$0.83$0.38$0.22$0.18$0.04
2022Detailed filing. Detailed filing data is available for this year.$0.44$0.86$0.42$0.18$0.19$0.01
2021Detailed filing. Detailed filing data is available for this year.$0.46$0.86$0.41$0.17$0.19$0.02
2020Detailed filing. Detailed filing data is available for this year.$0.49$0.88$0.39$0.17$0.18$0.00
2019Detailed filing. Detailed filing data is available for this year.$0.51$0.90$0.39$0.16$0.18$0.01
2018Detailed filing. Detailed filing data is available for this year.$0.53$0.91$0.37$1.12$1.14$0.02
2017Detailed filing. Detailed filing data is available for this year.$0.57$0.92$0.35$0.22$0.24$0.02
2016Detailed filing. Detailed filing data is available for this year.$0.59$0.93$0.34$0.22$0.24$0.02
2015Detailed filing. Detailed filing data is available for this year.$0.62$0.94$0.32$0.22$0.23$0.01
2014Detailed filing. Detailed filing data is available for this year.$0.64$0.95$0.31$0.21$0.23$0.02
2013Detailed filing. Detailed filing data is available for this year.$0.67$0.96$0.29$0.21$0.23$0.02
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.69$0.97$0.28$0.22
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.72$0.98$0.26$0.23
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.74$0.98$0.24$0.21