Civic Intelligence

Kennedy Towers Housing Development

EIN 22-3894037 • 501(c)3 • Troy, NY

Profile

To provide housing and services to qualified individuals.

One Eddys LaneTroy, NY 12180

n/A

Siviq Scores

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

Liabilities / Assets

88th percentile

0.82x

Higher debt load relative to assets than 88% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2022

Liabilities / Revenue

95th percentile

5.74x

Higher debt load relative to revenue than 95% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2022

Net Margin

9th percentile

-27%

Higher net margin than 9% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2022

Top Officer Pay

15th percentile

$0

Higher top officer pay than 15% of similar nonprofits.

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

501(c)3 • $10M-$25M nonprofits • Source year 2022

Asset Growth

28th percentile

-1.5%

Faster asset growth than 28% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Revenue Growth

53rd percentile

8.5%

Faster revenue growth than 53% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets88th percentile

Assets

Down

$12,824,623

Down $190,492 (-1.5%) from 2021

Liabilities

Up

$10,466,104

Up $305,047 (+3.0%) from 2021

Net Assets

Down

$2,358,519

Down $495,539 (-17%) from 2021

Operations
Liabilities / Revenue95th percentileNet Margin9th percentile

Revenue

Up

$1,823,757

Up $142,720 (+8.5%) from 2021

Expenses

Up

$2,319,296

Up $132,849 (+6.1%) from 2021

Net Income

Up

-$495,539

Up $9,871 (+2.0%) from 2021

Trend Graphs

Balance Sheet Trend

Asset Growth28th percentile

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

$15M$10M$5.0M$0Assets 2021: $13,015,115Liabilities 2021: $10,161,057Net Assets 2021: $2,854,0582021Assets 2022: $12,824,623Liabilities 2022: $10,466,104Net Assets 2022: $2,358,5192022

Highlighted filing

2022

Assets$12,824,623
Liabilities$10,466,104
Net Assets$2,358,519
Open 2022 Filing

Operations Trend

Revenue Growth53rd percentile

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

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2021: $1,681,037Expenses 2021: $2,186,447Net Income 2021: -$505,4102021Revenue 2022: $1,823,757Expenses 2022: $2,319,296Net Income 2022: -$495,5392022

Highlighted filing

2022

Revenue$1,823,757
Expenses$2,319,296
Net Income-$495,539
Open 2022 Filing

Filings

Most recent year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$12,824,623
Liabilities
$10,466,104
Net assets
$2,358,519
Revenue
$1,823,757
Expenses
$2,319,296
Net income
-$495,539
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2022Detailed filing. Detailed filing data is available for this year.$12.8$10.5$2.36$1.82$2.32$0.50
2021Detailed filing. Detailed filing data is available for this year.$13.0$10.2$2.85$1.68$2.19$0.51
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Sep 14, 2023
Return Version
2022v5.0
Gross Receipts
$1,823,757
Mission and Program Overview

Mission

To provide housing and services to qualified individuals.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$11,528,660$11,112,708▼ $415,952
Cash and Non-Interest-Bearing Accounts$1,359,191$1,657,890▲ $298,699
Intangible Assets$45,494$42,124▼ $3,370
Prepaid Expenses and Deferred Charges$13,183$11,110▼ $2,073
Accounts Receivable$2,256$791▼ $1,465
Total Assets$13,015,115$12,824,623▼ $190,492
Other Assets Total$66,331--
Liabilities
Unsecured Notes Loans Payable$9,794,477$10,067,459▲ $272,982
Accounts Payable and Accrued Expenses$319,700$347,567▲ $27,867
Other Liabilities$44,818$45,064▲ $246
Deferred Revenue$2,062$6,014▲ $3,952
Total Liabilities$10,161,057$10,466,104▲ $305,047
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,854,058$2,358,519▼ $495,539
Total Net Assets Fund Balance$2,854,058$2,358,519▼ $495,539
Total Liabilities and Net Assets / Fund Balance$13,015,115$12,824,623▼ $190,492

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$10,970,432$8,552,562$19,522,994
Other Land Buildings$26,469$1,282,575$1,309,044
Land$115,807-$115,807
Compensation and Service Providers
Top Officer Pay15th percentile

Board Members and Trustees

NameTitle
Susan SteeleChair
Steven SandersVice Chair
Debora JacksonCommissioner
Elizabeth RodriguezCommissioner
Justin T RelfCommissioner
Walter HowardCommissioner
Wildelia Nancy RomanCommissioner
Deborah WitkowskiExecutive Di
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,802,189
Investment Income
$1,701
Other Revenue
$19,867
Change in Net Assets
$-495,539

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,823,757
Total Revenue per Audited Statements
$1,823,757
Total Revenue per Form 990
$1,823,757
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,867,908
Salaries, Compensation, and Employee Benefits$451,388
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$483,733$25,637-$509,370
Occupancy$426,505$46,419-$472,924
Other Salaries and Wages$378,807--$378,807
Interest$259,333$13,649-$272,982
Insurance$150,472$3,071-$153,543
Fees for Services Management-$91,188-$91,188
Payroll Taxes$72,581--$72,581
Fees for Services Accounting-$15,375-$15,375
Fees for Services Other$9,588$32-$9,620
Office Expenses-$1,617-$1,617
Other Expenses$916$3,378-$916
Total Functional Expenses$2,085,761$233,535$0$2,319,296

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,319,296
Total Expenses per Audited Statements$2,319,296
Total Expenses per Form 990$2,319,296
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
Security Deposit Payable$45,064
Governance and Compliance

Governance Checklist

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

Governance Explanations

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

“A complete copy of the organization's final form 990 (including all required schedules), as ultimately filed with the irs, was provided to each person who was a voting member of the governing, whether in paper or electronic form, before its filing with the irs.”

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

“All employees and board members are encouraged to comply with the conflict of interest policy. The policy is made available for all employees and board members to review in case of any potential conflicts.”

Form 990, Page 6, Part VI, Line 19

“Governing documents are made available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Kennedy Towers Housing Development
EIN
22-3894037
Phone
5182745571
Address
ONE EDDYS LANE, TROY, NY 12180

Signing Officer

Name
Deborah Witkowski
Title
Executive Director
Phone
5182723211
Signed
2023-09-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Deborah Witkowski
Formed
2003
Legal Domicile
Ny
Voting Board Members
7
Independent Board Members
7
Employees
0

Preparer

Firm
Rbt Cpas Llp
Address
PO BOX 757 2215 ROUTE 9W, LAKE KATRINE, NY 12449
Preparer
Joseph J Montalto CPA
Phone
8453367183
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 3, Part X

“The organization files an annual 990 as a tax-exempt organization under section 501(c)(3) of the internal revenue code, with the exception of the llc subsidiary. The llc subsidiary is considered a disregarded entity and its transactions are reported separately. As such, no federal or new york state taxes are paid by the entity. The organization (not subsidiary) has been classified as an entity that is not a private foundation within the meaning of secion 509(a) and qualifies for deductable contributions as provided in section 170(b)(1)(a)(vi). With few exceptions, each entity is no longer subject to income tax examinations by the u.s. Federal, state or local tax authorities for years prior to 2019.”

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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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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0SECURITY DEPOSIT PAYABLE
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION FILES AN ANNUAL 990 AS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, WITH THE EXCEPTION OF THE LLC SUBSIDIARY. THE LLC SUBSIDIARY IS CONSIDERED A DISREGARDED ENTITY AND ITS TRANSACTIONS ARE REPORTED SEPARATELY. AS SUCH, NO FEDERAL OR NEW YORK STATE TAXES ARE PAID BY THE ENTITY. THE ORGANIZATION (NOT SUBSIDIARY) HAS BEEN CLASSIFIED AS AN ENTITY THAT IS NOT A PRIVATE FOUNDATION WITHIN THE MEANING OF SECION 509(A) AND QUALIFIES FOR DEDUCTABLE CONTRIBUTIONS AS PROVIDED IN SECTION 170(B)(1)(A)(VI). WITH FEW EXCEPTIONS, EACH ENTITY IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR YEARS PRIOR TO 2019.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleD/TotalLiabilityAmt045064
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A COMPLETE COPY OF THE ORGANIZATION'S FINAL FORM 990 (INCLUDING ALL REQUIRED SCHEDULES), AS ULTIMATELY FILED WITH THE IRS, WAS PROVIDED TO EACH PERSON WHO WAS A VOTING MEMBER OF THE GOVERNING, WHETHER IN PAPER OR ELECTRONIC FORM, BEFORE ITS FILING WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ALL EMPLOYEES AND BOARD MEMBERS ARE ENCOURAGED TO COMPLY WITH THE CONFLICT OF INTEREST POLICY. THE POLICY IS MADE AVAILABLE FOR ALL EMPLOYEES AND BOARD MEMBERS TO REVIEW IN CASE OF ANY POTENTIAL CONFLICTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2GOVERNING DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 12C
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IRS990/USAddress/AddressLine1Txt0ONE EDDYS LANE
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ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0DEBORAH WITKOWSKI
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum05182723211
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-09-14
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0KENNEDY TOWERS HOUSING DEVELOPMENT
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0FUND COMPANY INC
ReturnHeader/Filer/BusinessNameControlTxt0KENN
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ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0141604297
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0RBT CPAS LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0PO BOX 757 2215 ROUTE 9W
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0LAKE KATRINE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd012449
ReturnHeader/PreparerPersonGrp/PhoneNum08453367183
ReturnHeader/PreparerPersonGrp/PreparationDt02023-09-14
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JOSEPH J MONTALTO CPA
ReturnHeader/ReturnTs02023-09-22T16:17:12-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0DEBORAH
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0WITKOWSKI
ReturnHeader/TaxPeriodBeginDt02022-01-01
ReturnHeader/TaxPeriodEndDt02022-12-31
ReturnHeader/TaxYr02022

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