Civic Intelligence

Greater Germantown Housing Development Corp (Bankrupt) C/O Gfs Esq

EIN 23-2024975 • 501(c)3 • Philadelphia, PA

Profile

Acquire and rehab housing for rent or sale to low income families in philadelphia for the purpose of prevention of blight and for the stabilization and imrpovement of philadelphia urban living.

8 Penn Ctr 1628 Jfk Blvd No 1901Philadelphia, PA 19103

n/A

Siviq Scores

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

Liabilities / Assets

Score unavailable

No value available

Liabilities-to-assets requires both liabilities and assets on the latest valid filing.

Source year 2021

Liabilities / Revenue

Score unavailable

No value available

Liabilities-to-revenue requires both liabilities and revenue on the latest valid filing.

Source year 2021

Net Margin

100th percentile

541%

Higher net margin than 100% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2021

Top Officer Pay

81st percentile

$0

Higher top officer pay than 81% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2021

Asset Growth

10th percentile

-100%

Faster asset growth than 10% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2020 to 2021

Revenue Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2020 to 2021

Assets

Down

$0

Down $438,336 (-100%) from 2020

Liabilities

Flat

$6,508,965

Flat from 2020

Net Assets

Down

-$6,508,965

Down $438,336 (-7.2%) from 2020

Revenue

Up

-$80,959

Up $3,736,541 (+98%) from 2020

Expenses

Down

$357,377

Down $910,497 (-72%) from 2020

Net Income

Up

-$438,336

Up $4,647,038 (+91%) from 2020

Trend Graphs

Balance Sheet Trend

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

$10M$5.0M$0-$5.0M-$10MAssets 2011: $6,532,366Liabilities 2011: $6,641,965Net Assets 2011: -$109,5992011Assets 2012: $6,571,326Liabilities 2012: $6,641,965Net Assets 2012: -$70,6392012Assets 2013: $6,399,498Liabilities 2013: $6,575,965Net Assets 2013: -$176,4672013Assets 2014: $6,400,518Liabilities 2014: $6,579,965Net Assets 2014: -$179,4472014Assets 2018: $6,368,121Liabilities 2018: $6,536,465Net Assets 2018: -$168,3442018Assets 2019: $5,522,710Liabilities 2019: $6,507,965Net Assets 2019: -$985,2552019Assets 2020: $438,336Liabilities 2020: $6,508,965Net Assets 2020: -$6,070,6292020Assets 2021: $0Liabilities 2021: $6,508,965Net Assets 2021: -$6,508,9652021

Highlighted filing

2021

Assets$0
Liabilities$6,508,965
Net Assets-$6,508,965

Operations Trend

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

$2.0M$0-$2.0M-$4.0M-$6.0MRevenue 2011: $10,501Expenses 2011: $22Net Income 2011: $10,4792011Revenue 2012: $42,958Expenses 2012: $3,998Net Income 2012: $38,9602012Revenue 2013: $13,292Expenses 2013: $119,120Net Income 2013: -$105,8282013Revenue 2014: $0Expenses 2014: $2,980Net Income 2014: -$2,9802014Revenue 2018: $29,617Expenses 2018: $4,453Net Income 2018: $25,1642018Revenue 2019: -$104,006Expenses 2019: $712,905Net Income 2019: -$816,9112019Revenue 2020: -$3,817,500Expenses 2020: $1,267,874Net Income 2020: -$5,085,3742020Revenue 2021: -$80,959Expenses 2021: $357,377Net Income 2021: -$438,3362021

Highlighted filing

2021

Revenue-$80,959
Expenses$357,377
Net Income-$438,336

Filings

Latest Detailed Filing

The latest 2021 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2020 below.

Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Aug 27, 2020
Return Version
2019v5.1
Gross Receipts
$34,770
Mission and Program Overview

Mission

Acquire and rehab housing for rent or sale to low income families in philadelphia for the purpose of prevention of blight and for the stabilization and imrpovement of philadelphia urban living.

Acquire and rehab housing for rent or sale to low income families in philadelphia for the purpose of prevention of blight and for the stabilization and improvement of philadelphia urban living.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$222,714$292,377▲ $69,663
Accounts Receivable$181,883$0▼ $181,883
Investments Program Related$1,630,279$126,170▼ $1,504,109
Investments Other Securities$40,000$10,000▼ $30,000
Land, Buildings, and Equipment, Net$2,357,950$9,789▼ $2,348,161
Cap Stk Tr Prin Current Funds$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$-460,177$-460,177→ $0
Rtn Earn Endowment Incm Other Fnds$-525,078$-5,610,452▼ $5,085,374
Other Assets Total$1,089,884$0▼ $1,089,884
Total Assets$5,522,710$438,336▼ $5,084,374
Liabilities
Mortgage Notes Payable Secured by Investment Property$4,569,561$4,569,561→ $0
Accounts Payable and Accrued Expenses$1,520,979$1,520,979→ $0
Other Liabilities$417,425$418,425▲ $1,000
Total Liabilities$6,507,965$6,508,965▲ $1,000
Net Assets / Fund Balance
Total Net Assets Fund Balance$-985,255$-6,070,629▼ $5,085,374
Total Liabilities and Net Assets / Fund Balance$5,522,710$438,336▼ $5,084,374

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$9,789$4,954$14,743
Investment Program Related Org$126,170--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Gfs EsqTrustee
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$-3,835,270
Other Revenue
$17,770
Change in Net Assets
$-5,085,374
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,267,874
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses$1,267,767--$1,267,767
Insurance$107--$107
Total Functional Expenses$1,267,874$0$0$1,267,874
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
Lines of Credit$417,425
Deposits on Sale$1,000
Governance and Compliance

Governance Checklist

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

Governance Explanations

Form 990, Part VI, Section A, Line 8A

The organization and it's governing body no longer exist as disclosed in the disclaimer attached to form 990, the chapter 7 trustee is signing this return based on the best information available.

Form 990, Part VI, Section A, Line 8B

The organization and it's governing body no longer exist as disclosed in the disclaimer attached to form 990, the chapter 7 trustee is signing this return based on the best information available.

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

The organization and it's governing body no longer exist as disclosed in the disclaimer attached to form 990, the chapter 7 trustee is signing this return based on the best information available.

Form 990, Part VI, Section C, Line 19

The corporation filed bankruptcy and ceased operations, per the attached disclaimer. The corp.'s by-laws and conflict of interest policy are not available because the corp. Filed bankruptcy. Due to the bankruptcy, no year end financial reports were prepared.

Filing and Contact Details

Filer

Filer Name
Greater Germantown Housing Development
EIN
23-2024975
Phone
2152380011
Address
8 PENN CTR 1628 JFK BLVD NO 1901, PHILADELPHIA, PA 19103

Signing Officer

Name
Gfs Esq
Title
Trustee
Phone
2152380011
Signed
2020-08-27
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Gfs Esq
Formed
1977
Legal Domicile
Pa
Voting Board Members
1
Independent Board Members
1
Employees
0
Volunteers
0

Preparer

Firm
Bederson Llp
Address
347 MT PLEASANT AVENUE, WEST ORANGE, NJ 07052
Preparer
Charles Persing
Phone
9735309181
Supplemental Narrative

Additional Explanations

Disclaimer

Greater germantown housing development corp. (bankrupt) federal identification number: 23-2024975 addendum to form 990 for the fiscal year ended june 30, 2020 we are the court appointed accountants for the chapter 7 trustee of greater germantown housing development corp. (bankrupt), which filed for protection under chapter 11 of the u.s. Bankruptcy code on april 1, 2010 and was subsequently converted to a chapter 7 proceeding on november 2, 2010. Due to the bankruptcy, certain account analyses, reconciliations, supporting information and financial records that would normally be present were missing or unavailable. We prepared this tax return based upon the best information available, which included prior tax returns, the trustee's transactions, and historical property reports obtained from the city of philadelphia's website. The trustee, by his signature on the face of this tax return, has relied upon our expertise in preparing the return from the available records. Neither the trustee nor our firm has any personal knowledge of any transaction that occurred prior to the trustee's appointment. However, it is our qualified opinion that this is a complete return based on the limited financial information available. The absence of complete information was caused by the bankrupt status of the corporation. Bederson llp august 2020

Raw XML Appendix291 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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION AND IT'S GOVERNING BODY NO LONGER EXIST AS DISCLOSED IN THE DISCLAIMER ATTACHED TO FORM 990, THE CHAPTER 7 TRUSTEE IS SIGNING THIS RETURN BASED ON THE BEST INFORMATION AVAILABLE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION AND IT'S GOVERNING BODY NO LONGER EXIST AS DISCLOSED IN THE DISCLAIMER ATTACHED TO FORM 990, THE CHAPTER 7 TRUSTEE IS SIGNING THIS RETURN BASED ON THE BEST INFORMATION AVAILABLE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION AND IT'S GOVERNING BODY NO LONGER EXIST AS DISCLOSED IN THE DISCLAIMER ATTACHED TO FORM 990, THE CHAPTER 7 TRUSTEE IS SIGNING THIS RETURN BASED ON THE BEST INFORMATION AVAILABLE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE CORPORATION FILED BANKRUPTCY AND CEASED OPERATIONS, PER THE ATTACHED DISCLAIMER. THE CORP.'S BY-LAWS AND CONFLICT OF INTEREST POLICY ARE NOT AVAILABLE BECAUSE THE CORP. FILED BANKRUPTCY. DUE TO THE BANKRUPTCY, NO YEAR END FINANCIAL REPORTS WERE PREPARED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4GREATER GERMANTOWN HOUSING DEVELOPMENT CORP. (BANKRUPT) FEDERAL IDENTIFICATION NUMBER: 23-2024975 ADDENDUM TO FORM 990 FOR THE FISCAL YEAR ENDED JUNE 30, 2020 WE ARE THE COURT APPOINTED ACCOUNTANTS FOR THE CHAPTER 7 TRUSTEE OF GREATER GERMANTOWN HOUSING DEVELOPMENT CORP. (BANKRUPT), WHICH FILED FOR PROTECTION UNDER CHAPTER 11 OF THE U.S. BANKRUPTCY CODE ON APRIL 1, 2010 AND WAS SUBSEQUENTLY CONVERTED TO A CHAPTER 7 PROCEEDING ON NOVEMBER 2, 2010. DUE TO THE BANKRUPTCY, CERTAIN ACCOUNT ANALYSES, RECONCILIATIONS, SUPPORTING INFORMATION AND FINANCIAL RECORDS THAT WOULD NORMALLY BE PRESENT WERE MISSING OR UNAVAILABLE. WE PREPARED THIS TAX RETURN BASED UPON THE BEST INFORMATION AVAILABLE, WHICH INCLUDED PRIOR TAX RETURNS, THE TRUSTEE'S TRANSACTIONS, AND HISTORICAL PROPERTY REPORTS OBTAINED FROM THE CITY OF PHILADELPHIA'S WEBSITE. THE TRUSTEE, BY HIS SIGNATURE ON THE FACE OF THIS TAX RETURN, HAS RELIED UPON OUR EXPERTISE IN PREPARING THE RETURN FROM THE AVAILABLE RECORDS. NEITHER THE TRUSTEE NOR OUR FIRM HAS ANY PERSONAL KNOWLEDGE OF ANY TRANSACTION THAT OCCURRED PRIOR TO THE TRUSTEE'S APPOINTMENT. HOWEVER, IT IS OUR QUALIFIED OPINION THAT THIS IS A COMPLETE RETURN BASED ON THE LIMITED FINANCIAL INFORMATION AVAILABLE. THE ABSENCE OF COMPLETE INFORMATION WAS CAUSED BY THE BANKRUPT STATUS OF THE CORPORATION. BEDERSON LLP AUGUST 2020
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 8A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4DISCLAIMER
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IRS990/VotingMembersIndependentCnt01
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02020-11-06 18:47:13Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0GFS ESQ
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TRUSTEE
ReturnHeader/BusinessOfficerGrp/PhoneNum02152380011
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-08-27
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0GREATER GERMANTOWN HOUSING DEVELOPMENT
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0CORP (BANKRUPT) C/O GFS ESQ
ReturnHeader/Filer/BusinessNameControlTxt0GREA
ReturnHeader/Filer/EIN0232024975
ReturnHeader/Filer/PhoneNum02152380011
ReturnHeader/Filer/USAddress/AddressLine1Txt08 PENN CTR 1628 JFK BLVD NO 1901
ReturnHeader/Filer/USAddress/CityNm0PHILADELPHIA
ReturnHeader/Filer/USAddress/StateAbbreviationCd0PA
ReturnHeader/Filer/USAddress/ZIPCd019103
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId0C5AC074FC8DACA50DCF868DB4867541460FA01EF
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0672FFA3F3708B2445D9F5A469F41F902ACD4D98E
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt065.51.114.178
ReturnHeader/FilingSecurityInformation/IPDt02020-08-27
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0ED
ReturnHeader/FilingSecurityInformation/IPTm017:26:28
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0222978848
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0BEDERSON LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0347 MT PLEASANT AVENUE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0WEST ORANGE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NJ
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd007052
ReturnHeader/PreparerPersonGrp/PhoneNum09735309181
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0CHARLES PERSING
ReturnHeader/ReturnTs02020-08-27T16:26:55-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02019-07-01
ReturnHeader/TaxPeriodEndDt02020-06-30
ReturnHeader/TaxYr02019

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