Civic Intelligence

Lewiston Meadows Elderly Housing Development Fund Corporation

990 • Fiscal year 2019 • EIN 26-0293748

Jan 01, 2019 to Dec 31, 2019 • Filed on Jun 08, 2020

Organization Profilen/a
922 Upper Mountain RoadLewiston, NY 14092

(716) 298-4966

Siviq Scores

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

Liabilities / Assets

56th percentile

1.17x

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

2019 filings • NTEE L22 • $1M-$5M nonprofits • Source year 2019

Liabilities / Revenue

93rd percentile

19.79x

Higher debt load relative to revenue than 93% of similar nonprofits.

2019 filings • NTEE L22 • $1M-$5M nonprofits • Source year 2019

Net Margin

19th percentile

-39%

Higher net margin than 19% of similar nonprofits.

2019 filings • NTEE L22 • $1M-$5M nonprofits • Source year 2019

Top Officer Pay

76th percentile

$31,300

Higher top officer pay than 76% of similar nonprofits.

Top officer pay equals 24.4% of source-year revenue.

2019 filings • NTEE L22 • $1M-$5M nonprofits • Source year 2019

Asset Growth

62nd percentile

-2.0%

Faster asset growth than 62% of similar nonprofits.

2019 filings • NTEE L22 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Revenue Growth

39th percentile

2.0%

Faster revenue growth than 39% of similar nonprofits.

2019 filings • NTEE L22 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets56th percentile

Assets

Down

$2,165,773

Down $43,871 (-2.0%) from 2018

Net Assets

Down

-$368,710

Down $50,351 (-16%) from 2018

Liabilities

Up

$2,534,483

Up $6,480 (+0.3%) from 2018

Revenue And Expenses
Liabilities / Revenue93rd percentileNet Margin19th percentile

Revenue

Up

$128,074

Up $2,491 (+2.0%) from 2018

Expenses

Down

$178,425

Down $7,470 (-4.0%) from 2018

Net Income

Up

-$50,351

Up $9,961 (+17%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth62nd percentile

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

$3.0M$2.0M$1.0M$0-$1.0MAssets 2010: $2,692,147Liabilities 2010: $2,535,717Net Assets 2010: $156,4302010Assets 2011: $2,633,605Liabilities 2011: $2,533,187Net Assets 2011: $100,4182011Assets 2012: $2,588,601Liabilities 2012: $2,528,159Net Assets 2012: $60,4422012Assets 2013: $2,519,065Liabilities 2013: $2,526,343Net Assets 2013: -$7,2782013Assets 2014: $2,453,949Liabilities 2014: $2,541,670Net Assets 2014: -$87,7212014Assets 2015: $2,368,493Liabilities 2015: $2,529,076Net Assets 2015: -$160,5832015Assets 2016: $2,311,239Liabilities 2016: $2,525,541Net Assets 2016: -$214,3022016Assets 2017: $2,268,296Liabilities 2017: $2,526,343Net Assets 2017: -$258,0472017Assets 2018: $2,209,644Liabilities 2018: $2,528,003Net Assets 2018: -$318,3592018Assets 2019: $2,165,773Liabilities 2019: $2,534,483Net Assets 2019: -$368,7102019Assets 2020: $2,103,036Liabilities 2020: $2,530,150Net Assets 2020: -$427,1142020Assets 2021: $2,043,219Liabilities 2021: $2,530,196Net Assets 2021: -$486,9772021Assets 2022: $1,974,122Liabilities 2022: $2,529,184Net Assets 2022: -$555,0622022Assets 2023: $1,924,770Liabilities 2023: $2,531,371Net Assets 2023: -$606,6012023Assets 2024: $1,878,334Liabilities 2024: $2,527,474Net Assets 2024: -$649,1402024Assets 2025: $1,814,531Liabilities 2025: $2,529,839Net Assets 2025: -$715,3082025

Highlighted filing

2019

Assets$2,165,773
Liabilities$2,534,483
Net Assets-$368,710
Open 2019 Filing

Operations Trend

Revenue Growth39th percentile

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

$300K$200K$100K$0-$100KExpenses 2010: $133,7472010Expenses 2011: $142,0662011Expenses 2012: $136,3972012Revenue 2013: $87,750Expenses 2013: $155,470Net Income 2013: -$67,7202013Revenue 2014: $88,344Expenses 2014: $168,787Net Income 2014: -$80,4432014Revenue 2015: $97,403Expenses 2015: $170,265Net Income 2015: -$72,8622015Revenue 2016: $113,809Expenses 2016: $167,528Net Income 2016: -$53,7192016Revenue 2017: $126,310Expenses 2017: $170,055Net Income 2017: -$43,7452017Revenue 2018: $125,583Expenses 2018: $185,895Net Income 2018: -$60,3122018Revenue 2019: $128,074Expenses 2019: $178,425Net Income 2019: -$50,3512019Revenue 2020: $127,693Expenses 2020: $186,097Net Income 2020: -$58,4042020Revenue 2021: $126,991Expenses 2021: $186,854Net Income 2021: -$59,8632021Revenue 2022: $136,303Expenses 2022: $204,388Net Income 2022: -$68,0852022Revenue 2023: $149,904Expenses 2023: $201,443Net Income 2023: -$51,5392023Revenue 2024: $162,615Expenses 2024: $205,154Net Income 2024: -$42,5392024Revenue 2025: $164,256Expenses 2025: $230,424Net Income 2025: -$66,1682025

Highlighted filing

2019

Revenue$128,074
Expenses$178,425
Net Income-$50,351
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Jun 8, 2020
Return Version
2019v5.0
Gross Receipts
$128,074
Mission and Program Overview

Mission

Provision of a 24 unit housing complex for low-income elderly people

Low-income housing for the elderly

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,000,756$1,935,647▼ $65,109
Savings and Temporary Cash Investments$202,868$215,067▲ $12,199
Cash and Non-Interest-Bearing Accounts$2,831$15,057▲ $12,226
Prepaid Expenses and Deferred Charges$3,189$0▼ $3,189
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$2,209,644$2,165,773▼ $43,871
Other Assets Total-$2-
Liabilities
Mortgage Notes Payable Secured by Investment Property$2,517,200$2,517,200→ $0
Accounts Payable and Accrued Expenses$2,817$8,698▲ $5,881
Other Liabilities$7,986$8,585▲ $599
Total Liabilities$2,528,003$2,534,483▲ $6,480
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-318,359$-368,710▼ $50,351
Total Net Assets Fund Balance$-318,359$-368,710▼ $50,351
Total Liabilities and Net Assets / Fund Balance$2,209,644$2,165,773▼ $43,871

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,905,647$682,029$2,587,676
Land$30,000-$30,000
Equipment-$25,080$25,080
Other Land Buildings-$8,689$8,689
Compensation and Service Providers
Top Officer Pay76th percentile

Employees

NameTitleOtherTotal
Nancy JosephDirector$31,300$31,300
Irene EliaDirector$15,603$15,603

Board Members and Trustees

NameTitle
Sema ShepardPresident
Diane SteinVice President
Anna Mae RotellaDirector
Donna TomkinsDirector
Melissa GreenDirector
William CorreaDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$126,303
Investment Income
$1,771
Other Revenue
$0
Change in Net Assets
$-50,351

Audited Revenue Reconciliation

Revenue per Audited Statements
$128,074
Total Revenue per Audited Statements
$128,074
Total Revenue per Form 990
$128,074
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$178,425
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
Depreciation Depletion$65,107--$65,107
All Other Expenses$15,586$25-$15,611
Fees for Services Management$15,603--$15,603
Occupancy$15,141--$15,141
Fees for Services Accounting$8,425$1,025-$9,450
Insurance$6,349$883-$7,232
Other Expenses$5,937--$5,937
Office Expenses$4,787--$4,787
Advertising$200--$200
Total Functional Expenses$176,492$1,933$0$178,425

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$178,425
Total Expenses per Audited Statements$178,425
Total Expenses per Form 990$178,425
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
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-See schedule Ralloc. of payrollNo$23,400
-See schedule RManagement feesNo$15,603

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Tenant Security Deposits$8,585
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Backup withholding compliance
No
Business relationship with 35% controlled entity
Yes
Business relationship with family members
No
Business relationship with organization members
Yes
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Line 3: Description of Delegated Duties to Management Company

“The entity delegates all management responsibilities to Sage Management Corporation (Sage). Management fees in the amount of $15,603 were paid to Sage in 2019. Sage is 100% owned by Irene Elia, a non-votign member of the board of directors.”

Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder

“Classes of Members or Stockholders organized with members.”

Form 990, Part VI, Line 7A: How Members or Shareholders Elect Governing Body

“If any member of the corporate board resigns or vacates his or her office, the remaining corporate board members have the authority to appoint a replacement.”

Form 990, Part VI, Line 7B: Describe Decisions of Governing Body Approval by Members or Shareholders

“All decisions of the governing body are subject to the approval of the members.”

Form 990, Part VI, Line 11B: Form 990 Review Process

“Form 990 and schedules are reviewed by the president, Sema Shepared and by Irene Elia, president of Sage Management Corporation , the company that manages the entity.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“Members are required to disclose any conflicts of interest upon discovery. This is reviewed at the annual meeting of the directors.”

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

“As part of the HUD budget approval all compensation is reviewed.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“The entity did not compensate any employee, officer, or director and does not anticipate compensationg them in the future. As reported on Form 990 page 10 part IX line 24b a total of $23,400 in payroll and related taxes and benefits that was paid by Sage Management Corporation was allocated to this entity.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“The entity's governing documents, conflicts of interest policy, and financial statements are available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Lewiston Meadows Elderly Housing
EIN
26-0293748
Phone
7162984966
Address
922 UPPER MOUNTAIN ROAD, LEWISTON, NY 14092

Signing Officer

Name
Sema Shepard
Title
President
Signed
2020-06-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Sema Shepard
Formed
2007
Legal Domicile
Ny
Voting Board Members
8
Independent Board Members
8
Employees
0

Preparer

Firm
The Zlc Group Cpas LLC
Address
2399 SWEET HOME RD, AMHERST, NY 14228
Preparer
Richard Teibel CPA
Phone
7168399001
Supplemental Narrative

Additional Explanations

Client Note 1

“Client Note 1 - Additional information to form 990 Schedule R:All entities listed on schedule R parts II-IV are under the management umbrella of Sage Management Corporation which is 100% owned and managed by Irene Elia, a non-voting member of the borard of directors of this entity.”

Financial Statement Notes

Part X : FIN48 Footnote

“The Project is a not-for-profit corporation organized under IRC 501(c)(3) and as such is not required to pay income taxes. Financial Accounting Standards Board Accounting Standards Codification (FASB ASC) 740-10-50-15, Income Taxes, clarifies the accounting for uncertainty in income taxes recognized in a not-for-profit corporation financial statement, and prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken. The Project has concluded there are no significant uncertain tax positions that would require recognition in the financial statements as of December 31, 2019. Generally, 2016 through 2019 tax years remain subject to examination by U.S. federal and New York State tax authorities.”

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IRS990/NetAssetsOrFundBalancesBOYAmt0-318359
IRS990/NetAssetsOrFundBalancesEOYAmt0-368710
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt00
IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeFromGamingGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt0-318359
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt0-368710
IRS990/NondeductibleContributionsInd0false
IRS990/OccupancyGrp/ProgramServicesAmt015141
IRS990/OccupancyGrp/TotalAmt015141
IRS990/OfficeExpensesGrp/ProgramServicesAmt04787
IRS990/OfficeExpensesGrp/TotalAmt04787
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/EOYAmt02
IRS990/OtherEmployeeBenefitsGrp/TotalAmt00
IRS990/OtherExpensesGrp/Desc0Alloc. payroll, benfits&taxes
IRS990/OtherExpensesGrp/Desc1repairs and maintenance
IRS990/OtherExpensesGrp/Desc2Snow removal
IRS990/OtherExpensesGrp/Desc3CLEANING
IRS990/OtherExpensesGrp/ProgramServicesAmt023400
IRS990/OtherExpensesGrp/ProgramServicesAmt19803
IRS990/OtherExpensesGrp/ProgramServicesAmt26154
IRS990/OtherExpensesGrp/ProgramServicesAmt35937
IRS990/OtherExpensesGrp/TotalAmt023400
IRS990/OtherExpensesGrp/TotalAmt19803
IRS990/OtherExpensesGrp/TotalAmt26154
IRS990/OtherExpensesGrp/TotalAmt35937
IRS990/OtherLiabilitiesGrp/BOYAmt07986
IRS990/OtherLiabilitiesGrp/EOYAmt08585
IRS990/OtherRevenueTotalAmt00
IRS990/OtherSalariesAndWagesGrp/TotalAmt00
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/TotalAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt03189
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt00
IRS990/PrincipalOfficerNm0Sema Shepard
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0531110
IRS990/ProgramServiceRevenueGrp/BusinessCd1531110
IRS990/ProgramServiceRevenueGrp/BusinessCd2531110
IRS990/ProgramServiceRevenueGrp/Desc0HUD rental subsidy
IRS990/ProgramServiceRevenueGrp/Desc1Laundry and vending reven
IRS990/ProgramServiceRevenueGrp/Desc2Tenant rents
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt035271
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1717
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt290315
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt035271
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1717
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt290315
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt0188
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt0185895
IRS990/PYProgramServiceRevenueAmt0125395
IRS990/PYRevenuesLessExpensesAmt0-60312
IRS990/PYTotalExpensesAmt0185895
IRS990/PYTotalRevenueAmt0125583
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0-50351
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0true
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt0128075
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0202868
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0215067
IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/TotalAmt00
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/TotalAmt00
IRS990ScheduleA/GovtFurnSrvcFcltsVl509Grp/TotalAmt00
IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt00
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt0128075
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt0125583
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt0126310
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt0113809
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt097403
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt0591180
IRS990ScheduleA/GrossReceiptsNonUnrltBusGrp/TotalAmt00
IRS990ScheduleA/InvestmentIncomeCYPct00.00000
IRS990ScheduleA/NetIncomeFromOtherUBIGrp/TotalAmt00
IRS990ScheduleA/OtherIncome509Grp/TotalAmt00
IRS990ScheduleA/Post1975UBTIGrp/TotalAmt00
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportCY509Pct01.00000
IRS990ScheduleA/PublicSupportPY509Pct01.00000
IRS990ScheduleA/PublicSupportTotal509Amt0591180
IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft509Grp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind0X
IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt0128075
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt0125583
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt0126310
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt0113809
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt097403
IRS990ScheduleA/Total509Grp/TotalAmt0591180
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt0128075
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt0125583
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt0126310
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0113809
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt097403
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt0591180
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt01905647
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0682029
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt02587676
IRS990ScheduleD/EquipmentGrp/DepreciationAmt025080
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt025080
IRS990ScheduleD/ExpensesSubtotalAmt0178425
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt030000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt030000
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt08689
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt08689
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt08585
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Tenant Security Deposits
IRS990ScheduleD/RevenueSubtotalAmt0128074
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Project is a not-for-profit corporation organized under IRC 501(c)(3) and as such is not required to pay income taxes. Financial Accounting Standards Board Accounting Standards Codification (FASB ASC) 740-10-50-15, Income Taxes, clarifies the accounting for uncertainty in income taxes recognized in a not-for-profit corporation financial statement, and prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken. The Project has concluded there are no significant uncertain tax positions that would require recognition in the financial statements as of December 31, 2019. Generally, 2016 through 2019 tax years remain subject to examination by U.S. federal and New York State tax authorities.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
IRS990ScheduleD/TotalBookValueLandBuildingsAmt01935647
IRS990ScheduleD/TotalExpensesPerForm990Amt0178425
IRS990ScheduleD/TotalLiabilityAmt08585
IRS990ScheduleD/TotalRevenuePerForm990Amt0128074
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0128074
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0178425
IRS990/ScheduleJRequiredInd0false
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/BusinessName/BusinessNameLine1Txt0Sage Management Corp
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/BusinessName/BusinessNameLine1Txt1Sage Management Corp
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0See schedule R
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt1See schedule R
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd0false
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd1false
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt015603
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt123400
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0Management fees
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc1alloc. of payroll
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Client Note 1 - Additional information to form 990 Schedule R:All entities listed on schedule R parts II-IV are under the management umbrella of Sage Management Corporation which is 100% owned and managed by Irene Elia, a non-voting member of the borard of directors of this entity.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The entity delegates all management responsibilities to Sage Management Corporation (Sage). Management fees in the amount of $15,603 were paid to Sage in 2019. Sage is 100% owned by Irene Elia, a non-votign member of the board of directors.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Classes of Members or Stockholders organized with members.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3If any member of the corporate board resigns or vacates his or her office, the remaining corporate board members have the authority to appoint a replacement.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4All decisions of the governing body are subject to the approval of the members.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Form 990 and schedules are reviewed by the president, Sema Shepared and by Irene Elia, president of Sage Management Corporation , the company that manages the entity.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6Members are required to disclose any conflicts of interest upon discovery. This is reviewed at the annual meeting of the directors.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7As part of the HUD budget approval all compensation is reviewed.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8The entity did not compensate any employee, officer, or director and does not anticipate compensationg them in the future. As reported on Form 990 page 10 part IX line 24b a total of $23,400 in payroll and related taxes and benefits that was paid by Sage Management Corporation was allocated to this entity.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt9The entity's governing documents, conflicts of interest policy, and financial statements are available to the public upon request.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Client Note 1
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 3: Description of Delegated Duties to Management Company
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 7a: How Members or Shareholders Elect Governing Body
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Line 7b: Describe Decisions of Governing Body Approval by Members or Shareholders
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc9Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
IRS990ScheduleR/AssetExchangeInd0false
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd0false
IRS990ScheduleR/AssetSaleToOtherOrgInd0false
IRS990ScheduleR/DivRelatedOrganizationInd0false
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd0false
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0false
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd0false
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd1false
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd1N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN0161303359
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN1166289771
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt0S corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt1C corporation

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$2,165,773
Liabilities
$2,534,483
Net assets
-$368,710
Revenue
$128,074
Expenses
$178,425
Net income
-$50,351
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$1.81$2.53$0.72$0.16$0.23$0.07
2024Detailed filing. Detailed filing data is available for this year.$1.88$2.53$0.65$0.16$0.21$0.04
2023Detailed filing. Detailed filing data is available for this year.$1.92$2.53$0.61$0.15$0.20$0.05
2022Detailed filing. Detailed filing data is available for this year.$1.97$2.53$0.56$0.14$0.20$0.07
2021Detailed filing. Detailed filing data is available for this year.$2.04$2.53$0.49$0.13$0.19$0.06
2020Detailed filing. Detailed filing data is available for this year.$2.10$2.53$0.43$0.13$0.19$0.06
2019Detailed filing. Detailed filing data is available for this year.$2.17$2.53$0.37$0.13$0.18$0.05
2018Detailed filing. Detailed filing data is available for this year.$2.21$2.53$0.32$0.13$0.19$0.06
2017Detailed filing. Detailed filing data is available for this year.$2.27$2.53$0.26$0.13$0.17$0.04
2016Detailed filing. Detailed filing data is available for this year.$2.31$2.53$0.21$0.11$0.17$0.05
2015Detailed filing. Detailed filing data is available for this year.$2.37$2.53$0.16$0.10$0.17$0.07
2014Detailed filing. Detailed filing data is available for this year.$2.45$2.54$0.09$0.09$0.17$0.08
2013Detailed filing. Detailed filing data is available for this year.$2.52$2.53$0.01$0.09$0.16$0.07
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.59$2.53$0.06$0.14
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.63$2.53$0.10$0.14
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.69$2.54$0.16$0.13