Civic Intelligence

Loretto Apts Housing Dev Fund Co Inc Malta House Apartments

990 • Fiscal year 2019 • EIN 16-1496955

Jan 01, 2019 to Dec 31, 2019 • Filed on Mar 06, 2020

Organization ProfileWWW.CHRISTOPHER-COMMUNITY.ORG
990 James StreetSyracuse, NY 13203

(315) 424-1821

Siviq Scores

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

Liabilities / Assets

33rd percentile

0.02x

Higher debt load relative to assets than 33% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Liabilities / Revenue

56th percentile

0.12x

Higher debt load relative to revenue than 56% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Net Margin

11th percentile

-27%

Higher net margin than 11% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Top Officer Pay

36th percentile

$0

Higher top officer pay than 36% of similar nonprofits.

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

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Asset Growth

25th percentile

-3.4%

Faster asset growth than 25% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Revenue Growth

35th percentile

-1.6%

Faster revenue growth than 35% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets33rd percentile

Assets

Down

$2,014,000

Down $70,235 (-3.4%) from 2018

Net Assets

Down

$1,974,169

Down $87,737 (-4.3%) from 2018

Liabilities

Up

$39,831

Up $17,502 (+78%) from 2018

Revenue And Expenses
Liabilities / Revenue56th percentileNet Margin11th percentile

Revenue

Down

$330,488

Down $5,384 (-1.6%) from 2018

Expenses

Up

$418,225

Up $19,263 (+4.8%) from 2018

Net Income

Down

-$87,737

Down $24,647 (-39%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth25th percentile

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

$3.0M$2.0M$1.0M$0Assets 2010: $2,511,150Liabilities 2010: $26,550Net Assets 2010: $2,484,6002010Assets 2011: $2,464,623Liabilities 2011: $26,349Net Assets 2011: $2,438,2742011Assets 2012: $2,408,034Liabilities 2012: $21,489Net Assets 2012: $2,386,5452012Assets 2013: $2,366,764Liabilities 2013: $29,045Net Assets 2013: $2,337,7192013Assets 2014: $2,298,324Liabilities 2014: $28,182Net Assets 2014: $2,270,1422014Assets 2015: $2,216,230Liabilities 2015: $25,648Net Assets 2015: $2,190,5822015Assets 2016: $2,212,048Liabilities 2016: $23,586Net Assets 2016: $2,188,4622016Assets 2017: $2,153,553Liabilities 2017: $28,557Net Assets 2017: $2,124,9962017Assets 2018: $2,084,235Liabilities 2018: $22,329Net Assets 2018: $2,061,9062018Assets 2019: $2,014,000Liabilities 2019: $39,831Net Assets 2019: $1,974,1692019Assets 2020: $1,910,703Liabilities 2020: $29,473Net Assets 2020: $1,881,2302020Assets 2021: $1,843,722Liabilities 2021: $43,395Net Assets 2021: $1,800,3272021Assets 2022: $1,710,422Liabilities 2022: $39,619Net Assets 2022: $1,670,8032022Assets 2023: $1,594,782Liabilities 2023: $40,360Net Assets 2023: $1,554,4222023Assets 2024: $1,541,814Liabilities 2024: $108,350Net Assets 2024: $1,433,4642024

Highlighted filing

2019

Assets$2,014,000
Liabilities$39,831
Net Assets$1,974,169
Open 2019 Filing

Operations Trend

Revenue Growth35th percentile

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

$600K$400K$200K$0-$200KExpenses 2010: $380,2742010Expenses 2011: $377,0442011Revenue 2012: $328,504Expenses 2012: $380,233Net Income 2012: -$51,7292012Revenue 2013: $343,489Expenses 2013: $392,315Net Income 2013: -$48,8262013Revenue 2014: $330,566Expenses 2014: $398,143Net Income 2014: -$67,5772014Revenue 2015: $331,560Expenses 2015: $411,120Net Income 2015: -$79,5602015Revenue 2016: $387,981Expenses 2016: $390,101Net Income 2016: -$2,1202016Revenue 2017: $334,643Expenses 2017: $398,109Net Income 2017: -$63,4662017Revenue 2018: $335,872Expenses 2018: $398,962Net Income 2018: -$63,0902018Revenue 2019: $330,488Expenses 2019: $418,225Net Income 2019: -$87,7372019Revenue 2020: $336,987Expenses 2020: $429,926Net Income 2020: -$92,9392020Revenue 2021: $339,901Expenses 2021: $420,804Net Income 2021: -$80,9032021Revenue 2022: $343,289Expenses 2022: $472,813Net Income 2022: -$129,5242022Revenue 2023: $358,453Expenses 2023: $474,834Net Income 2023: -$116,3812023Revenue 2024: $350,942Expenses 2024: $471,900Net Income 2024: -$120,9582024

Highlighted filing

2019

Revenue$330,488
Expenses$418,225
Net Income-$87,737
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Mar 6, 2020
Return Version
2019v5.0
Gross Receipts
$330,488
Mission and Program Overview

Mission

The corporation was organized solely and specifically to develop, own, and operate a low-income housing project on a nonprofit basis pursuant to section 202 of the national housing act.

LOW-INCOME HOUSING

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,716,912$1,637,144▼ $79,768
Cash and Non-Interest-Bearing Accounts$13,923$58,538▲ $44,615
Prepaid Expenses and Deferred Charges$17,005$17,018▲ $13
Accounts Receivable$2,266$7,225▲ $4,959
Total Assets$2,084,235$2,014,000▼ $70,235
Other Assets Total$334,129$294,075▼ $40,054
Liabilities
Accounts Payable and Accrued Expenses$5,534$21,298▲ $15,764
Other Liabilities$16,795$18,533▲ $1,738
Total Liabilities$22,329$39,831▲ $17,502
Net Assets / Fund Balance
Net Assets With Donor Restrictions$3,458,700$3,458,700→ $0
Net Assets Without Donor Restrictions$-1,396,794$-1,484,531▼ $87,737
Total Net Assets Fund Balance$2,061,906$1,974,169▼ $87,737
Total Liabilities and Net Assets / Fund Balance$2,084,235$2,014,000▼ $70,235

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,490,013$1,952,751$3,442,764
Other Land Buildings$34,200$93,936$128,136
Land$100,000-$100,000
Equipment$12,931$52,778$65,709
Other Assets Org$10,177--
Compensation and Service Providers
Top Officer Pay36th percentile

Board Members and Trustees

NameTitle
Kimberly TownsendBoard Chairperson
John MurrayBoard Member
Sister Linda Ann PalmisanoBoard Member
Sr Jane BourneBoard Member
John BrennanBoard Secretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$320,823
Investment Income
$5,514
Other Revenue
$4,151
Change in Net Assets
$-87,737

Audited Revenue Reconciliation

Revenue per Audited Statements
$330,488
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$330,488
Total Revenue per Form 990
$330,488
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$342,735
Salaries, Compensation, and Employee Benefits$75,490
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$106,580--$106,580
Other Salaries and Wages$56,817--$56,817
Fees for Services Management-$37,137-$37,137
Office Expenses$8,802$18,751-$27,553
Occupancy$21,205--$21,205
Insurance$15,414--$15,414
Other Employee Benefits$14,341--$14,341
Fees for Services Accounting-$13,060-$13,060
Payroll Taxes$4,332--$4,332
Other Expenses$4,294--$4,294
Advertising-$911-$911
Conferences and Meetings-$469-$469
Total Functional Expenses$347,897$70,328$0$418,225

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$418,225
Total Expenses per Audited Statements$418,225
Total Expenses per Form 990$418,225
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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 Deposits$18,533
Governance and Compliance

Governance Checklist

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

Governance Explanations

Form 990, Part VI, Section A, Line 3

“The organization delegated control over management duties to christopher community under the direct supervision of the board of directors. This includes bookkeeping, property management and personnel related functions.”

Form 990, Part VI, Section B, Line 11B

“Vp of finance for managing agent receives 990 from auditor and reviews the form. The 990 is reviewed by the cpa with the board of directors as part of the annual audit meeting prior to filing with the irs.”

Form 990, Part VI, Section B, Line 12C

“The managing agent reviews the conflict of interest statements signed by board members annually for each property. If a conflict arises the managing agent monitors the transaction to ensure it is conducted at arms-length. The managing agent discourages this type of relationship and recommends an alternative situation if at all possible.”

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.”

Filing and Contact Details

Filer

Filer Name
Loretto Apts Housing Dev Fund Co Inc
EIN
16-1496955
Phone
3154241821
Address
990 JAMES STREET, SYRACUSE, NY 13203

Signing Officer

Name
Kimberly Townsend
Title
Chairperson
Phone
3154241821
Signed
2020-03-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kimberly Townsend
Formed
1996
Legal Domicile
Ny
Voting Board Members
5
Independent Board Members
5
Employees
1
Volunteers
0

Preparer

Firm
Dermody Burke & Brown Cpas LLC
Address
443 N FRANKLIN ST STE 100, SYRACUSE, NY 13204-1441
Preparer
David J De Silva
Phone
3154719171
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

“The corporation has been determined to be exempt from federal income taxation under section 501(c)(3) of the internal revenue code and has been classified as an organization that is not a private foundation under section 509(a). Management is unaware of any unrelated business activities that may be subject to unrelated business income tax or any activities that would jeopardize the corporations exempt status.”

Raw XML AppendixShowing 400 of 426 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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IRS990ScheduleA/InvestmentIncomeCYPct00.01530
IRS990ScheduleA/InvestmentIncomePYPct00.01540
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IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus1YearAmt03937
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IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus3YearsAmt056867
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IRS990ScheduleA/PublicSupportPY509Pct00.94060
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IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/TotalAmt00
IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
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IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt0326098
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt0321881
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IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt0335872
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt0334643
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0387981
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt0331560
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt01720544
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt01490013
IRS990ScheduleD/BuildingsGrp/DepreciationAmt01952751
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IRS990ScheduleD/EquipmentGrp/BookValueAmt012931
IRS990ScheduleD/EquipmentGrp/DepreciationAmt052778
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IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0418225
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt0100000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0100000
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt018533
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt116631
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt2248734
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt310177
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0TENANT SECURITY DEPOSITS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1ESCROW DEPOSITS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2REPLACEMENT RESERVE
IRS990ScheduleD/OtherAssetsOrgGrp/Desc3RESIDUAL RECEIPTS RESERVE
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt034200
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt093936
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0128136
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt018533
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0TENANT SECURITY DEPOSITS
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0330488
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE CORPORATION HAS BEEN DETERMINED TO BE EXEMPT FROM FEDERAL INCOME TAXATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND HAS BEEN CLASSIFIED AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION UNDER SECTION 509(A). MANAGEMENT IS UNAWARE OF ANY UNRELATED BUSINESS ACTIVITIES THAT MAY BE SUBJECT TO UNRELATED BUSINESS INCOME TAX OR ANY ACTIVITIES THAT WOULD JEOPARDIZE THE CORPORATIONS EXEMPT STATUS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt01637144
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0294075
IRS990ScheduleD/TotalExpensesPerForm990Amt0418225
IRS990ScheduleD/TotalLiabilityAmt018533
IRS990ScheduleD/TotalRevenuePerForm990Amt0330488
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IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION DELEGATED CONTROL OVER MANAGEMENT DUTIES TO CHRISTOPHER COMMUNITY UNDER THE DIRECT SUPERVISION OF THE BOARD OF DIRECTORS. THIS INCLUDES BOOKKEEPING, PROPERTY MANAGEMENT AND PERSONNEL RELATED FUNCTIONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1VP OF FINANCE FOR MANAGING AGENT RECEIVES 990 FROM AUDITOR AND REVIEWS THE FORM. THE 990 IS REVIEWED BY THE CPA WITH THE BOARD OF DIRECTORS AS PART OF THE ANNUAL AUDIT MEETING PRIOR TO FILING WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE MANAGING AGENT REVIEWS THE CONFLICT OF INTEREST STATEMENTS SIGNED BY BOARD MEMBERS ANNUALLY FOR EACH PROPERTY. IF A CONFLICT ARISES THE MANAGING AGENT MONITORS THE TRANSACTION TO ENSURE IT IS CONDUCTED AT ARMS-LENGTH. THE MANAGING AGENT DISCOURAGES THIS TYPE OF RELATIONSHIP AND RECOMMENDS AN ALTERNATIVE SITUATION IF AT ALL POSSIBLE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
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IRS990/TotalAssetsGrp/EOYAmt02014000
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt01
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
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IRS990/TotalProgramServiceExpensesAmt0347897
IRS990/TotalProgramServiceRevenueAmt0320823
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IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
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IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
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IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0990 JAMES STREET
IRS990/USAddress/CityNm0SYRACUSE
IRS990/USAddress/StateAbbreviationCd0NY
IRS990/USAddress/ZIPCd013203
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IRS990/VotingMembersIndependentCnt05
IRS990/WebsiteAddressTxt0WWW.CHRISTOPHER-COMMUNITY.ORG
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02020-09-23 17:36:50Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0KIMBERLY TOWNSEND
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CHAIRPERSON
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ReturnHeader/BusinessOfficerGrp/SignatureDt02020-03-06
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0LORETTO APTS HOUSING DEV FUND CO INC
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0MALTA HOUSE APARTMENTS
ReturnHeader/Filer/BusinessNameControlTxt0LORE

Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,014,000
Liabilities
$39,831
Net assets
$1,974,169
Revenue
$330,488
Expenses
$418,225
Net income
-$87,737
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.54$0.11$1.43$0.35$0.47$0.12
2023Detailed filing. Detailed filing data is available for this year.$1.59$0.04$1.55$0.36$0.47$0.12
2022Detailed filing. Detailed filing data is available for this year.$1.71$0.04$1.67$0.34$0.47$0.13
2021Detailed filing. Detailed filing data is available for this year.$1.84$0.04$1.80$0.34$0.42$0.08
2020Detailed filing. Detailed filing data is available for this year.$1.91$0.03$1.88$0.34$0.43$0.09
2019Detailed filing. Detailed filing data is available for this year.$2.01$0.04$1.97$0.33$0.42$0.09
2018Detailed filing. Detailed filing data is available for this year.$2.08$0.02$2.06$0.34$0.40$0.06
2017Detailed filing. Detailed filing data is available for this year.$2.15$0.03$2.12$0.33$0.40$0.06
2016Detailed filing. Detailed filing data is available for this year.$2.21$0.02$2.19$0.39$0.39$0.00
2015Detailed filing. Detailed filing data is available for this year.$2.22$0.03$2.19$0.33$0.41$0.08
2014Detailed filing. Detailed filing data is available for this year.$2.30$0.03$2.27$0.33$0.40$0.07
2013Detailed filing. Detailed filing data is available for this year.$2.37$0.03$2.34$0.34$0.39$0.05
2012Summary only. Only limited summary data is available for this year.$2.41$0.02$2.39$0.33$0.38$0.05
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.46$0.03$2.44$0.38
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.51$0.03$2.48$0.38