Civic Intelligence

Norfolk Housing Development Fund Company Inc.

990 • Fiscal year 2015 • EIN 16-1340937

Jan 01, 2015 to Dec 31, 2015 • Filed on May 03, 2016

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

84th percentile

1.52x

Higher debt load relative to assets than 84% of similar nonprofits.

2015 filings • NTEE L • $500k-$1M nonprofits • Source year 2015

Liabilities / Revenue

66th percentile

4.22x

Higher debt load relative to revenue than 66% of similar nonprofits.

2015 filings • NTEE L • $500k-$1M nonprofits • Source year 2015

Net Margin

50th percentile

-4.5%

Higher net margin than 50% of similar nonprofits.

2015 filings • NTEE L • $500k-$1M nonprofits • Source year 2015

Top Officer Pay

60th percentile

$29,952

Higher top officer pay than 60% of similar nonprofits.

Top officer pay equals 13.4% of source-year revenue.

2015 filings • NTEE L • $500k-$1M nonprofits • Source year 2015

Asset Growth

39th percentile

-3.1%

Faster asset growth than 39% of similar nonprofits.

2015 filings • NTEE L • $500k-$1M nonprofits • Annualized from 2014 to 2015

Revenue Growth

70th percentile

5.9%

Faster revenue growth than 70% of similar nonprofits.

2015 filings • NTEE L • $500k-$1M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets84th percentile

Assets

Down

$621,056

Down $19,993 (-3.1%) from 2014

Net Assets

Down

-$320,967

Down $10,111 (-3.3%) from 2014

Liabilities

Down

$942,023

Down $9,882 (-1.0%) from 2014

Revenue And Expenses
Liabilities / Revenue66th percentileNet Margin50th percentile

Revenue

Up

$223,139

Up $12,472 (+5.9%) from 2014

Expenses

Up

$233,250

Up $3,576 (+1.6%) from 2014

Net Income

Up

-$10,111

Up $8,896 (+47%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth39th 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

2015

Assets$621,056
Liabilities$942,023
Net Assets-$320,967
Open 2015 Filing

Operations Trend

Revenue Growth70th 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

2015

Revenue$223,139
Expenses$233,250
Net Income-$10,111
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
May 3, 2016
Return Version
2015v2.1
Gross Receipts
$223,139
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$539,044$502,978▼ $36,066
Savings and Temporary Cash Investments$94,942$111,116▲ $16,174
Prepaid Expenses and Deferred Charges$7,063$6,962▼ $101
Total Assets$641,049$621,056▼ $19,993
Liabilities
Mortgage Notes Payable Secured by Investment Property$944,750$934,884▼ $9,866
Other Liabilities$6,502$5,832▼ $670
Accounts Payable and Accrued Expenses$653$1,307▲ $654
Total Liabilities$951,905$942,023▼ $9,882
Net Assets / Fund Balance
Unrestricted Net Assets$-310,856$-320,967▼ $10,111
Total Net Assets Fund Balance$-310,856$-320,967▼ $10,111
Total Liabilities and Net Assets / Fund Balance$641,049$621,056▼ $19,993

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$498,461$696,408-
Equipment$4,517$100,057-
Compensation and Service Providers
Top Officer Pay60th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Bonnie DaveyDirectorPT$29,952$29,952

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
$161,429
Investment Income
$94
Other Revenue
$61,616
Change in Net Assets
$-10,111
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$178,011
Salaries, Compensation, and Employee Benefits$55,239
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$36,066--$36,066
Current Officers, Directors, Trustees, and Key Employees-$29,952-$29,952
Other Expenses$24,932--$24,932
Interest$16,669--$16,669
Other Salaries and Wages$14,040--$14,040
Other Employee Benefits-$7,567-$7,567
Fees for Services Accounting-$6,445-$6,445
Payroll Taxes$1,231$2,449-$3,680
Office Expenses$1,707--$1,707
All Other Expenses$1,578--$1,578
Advertising-$34-$34
Total Functional Expenses$186,803$46,447$0$233,250
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$5,832
Payroll Liabilities-
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 managements 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 Davey
Title
Director
Phone
3152654046
Signed
2016-05-03
Discuss with paid preparer
Yes

Organization Details

Formed
1988
Legal Domicile
Ny
Voting Board Members
5
Independent Board Members
5
Employees
2

Preparer

Firm
Reece & Robinson CPAs PC
Address
PO 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 2015, 2014, 2013, and 2012. 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/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt081694
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt084029
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt084499
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt090122
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt0429455
IRS990ScheduleA/TotalSupportAmt0440526
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt0498461
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0696408
IRS990ScheduleD/BuildingsGrp/InvestmentCostOrOtherBasisAmt01194869
IRS990ScheduleD/EquipmentGrp/BookValueAmt04517
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0100057
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt0104574
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt05832
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 2015, 2014, 2013, AND 2012. 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/TotalBookValueLandBuildingsAmt0502978
IRS990ScheduleD/TotalLiabilityAmt05832
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 managements 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/TotalAssetsBOYAmt0641049
IRS990/TotalAssetsEOYAmt0621056
IRS990/TotalAssetsGrp/BOYAmt0641049
IRS990/TotalAssetsGrp/EOYAmt0621056
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt02
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt046447
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0186803
IRS990/TotalFunctionalExpensesGrp/TotalAmt0233250
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0951905
IRS990/TotalLiabilitiesEOYAmt0942023
IRS990/TotalLiabilitiesGrp/BOYAmt0951905
IRS990/TotalLiabilitiesGrp/EOYAmt0942023
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-310856
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-320967
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0186803
IRS990/TotalProgramServiceRevenueAmt0161429
IRS990/TotalReportableCompFromOrgAmt029952
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0223139
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0223139
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0641049
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0621056
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TransactionWithControlEntInd0false
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0-310856
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0-320967
IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt05
IRS990/WhistleblowerPolicyInd0false
IRS990/WrittenPolicyOrProcedureInd0false
ReturnHeader/BuildTS02016-09-27 15:27:22Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0BONNIE DAVEY
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum03152654046
ReturnHeader/BusinessOfficerGrp/SignatureDt02016-05-03
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/AddressLine1Txt0PO Box 5033
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Potsdam
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd013676
ReturnHeader/PreparerPersonGrp/PhoneNum03152654046
ReturnHeader/PreparerPersonGrp/PreparationDt02016-05-12
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0LARRY REECE CPA
ReturnHeader/PreparerPersonGrp/SelfEmployedInd0X
ReturnHeader/ReturnTs02016-05-12T09:16:49-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02015-01-01
ReturnHeader/TaxPeriodEndDt02015-12-31
ReturnHeader/TaxYr02015

Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$621,056
Liabilities
$942,023
Net assets
-$320,967
Revenue
$223,139
Expenses
$233,250
Net income
-$10,111
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