Civic Intelligence

176 South Eighth Street Apartments Housing Development Fund Corp

990 • Fiscal year 2021 • EIN 26-2418657

Jul 01, 2020 to Jun 30, 2021 • Filed on May 10, 2022

191 Joralemon StreetBrooklyn, NY 11201

(718) 722-6150

Siviq Scores

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

Liabilities / Assets

89th percentile

0.71x

Higher debt load relative to assets than 89% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

98th percentile

8.59x

Higher debt load relative to revenue than 98% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Net Margin

25th percentile

-0.2%

Higher net margin than 25% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

95th percentile

$283,520

Higher top officer pay than 95% of similar nonprofits.

Top officer pay equals 92.1% of source-year revenue.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Asset Growth

23rd percentile

-1.1%

Faster asset growth than 23% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

29th percentile

-1.5%

Faster revenue growth than 29% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Assets

Down

$3,735,542

Down $40,970 (-1.1%) from 2020

Net Assets

Down

$1,090,715

Down $655 (-0.1%) from 2020

Liabilities

Down

$2,644,827

Down $40,315 (-1.5%) from 2020

Revenue

Down

$307,986

Down $4,763 (-1.5%) from 2020

Expenses

Up

$308,641

Up $38,513 (+14%) from 2020

Net Income

Down

-$655

Down $43,276 (-102%) from 2020

Historical Trend

Balance Sheet Trend

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

$4.0M$3.0M$2.0M$1.0M$0Assets 2016: $3,636,346Liabilities 2016: $2,610,125Net Assets 2016: $1,026,2212016Assets 2017: $3,654,054Liabilities 2017: $2,600,344Net Assets 2017: $1,053,7102017Assets 2018: $3,645,497Liabilities 2018: $2,609,160Net Assets 2018: $1,036,3372018Assets 2019: $3,673,902Liabilities 2019: $2,625,153Net Assets 2019: $1,048,7492019Assets 2020: $3,776,512Liabilities 2020: $2,685,142Net Assets 2020: $1,091,3702020Assets 2021: $3,735,542Liabilities 2021: $2,644,827Net Assets 2021: $1,090,7152021Assets 2022: $3,777,018Liabilities 2022: $2,675,586Net Assets 2022: $1,101,4322022Assets 2023: $3,684,413Liabilities 2023: $2,650,461Net Assets 2023: $1,033,9522023Assets 2024: $3,411,023Liabilities 2024: $2,496,096Net Assets 2024: $914,9272024

Highlighted filing

2021

Assets$3,735,542
Liabilities$2,644,827
Net Assets$1,090,715

Operations Trend

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

$600K$400K$200K$0-$200KRevenue 2016: $262,461Expenses 2016: $306,185Net Income 2016: -$43,7242016Revenue 2017: $318,617Expenses 2017: $291,128Net Income 2017: $27,4892017Revenue 2018: $306,039Expenses 2018: $323,412Net Income 2018: -$17,3732018Revenue 2019: $310,217Expenses 2019: $297,805Net Income 2019: $12,4122019Revenue 2020: $312,749Expenses 2020: $270,128Net Income 2020: $42,6212020Revenue 2021: $307,986Expenses 2021: $308,641Net Income 2021: -$6552021Revenue 2022: $295,406Expenses 2022: $284,689Net Income 2022: $10,7172022Revenue 2023: $307,110Expenses 2023: $374,590Net Income 2023: -$67,4802023Revenue 2024: $315,360Expenses 2024: $434,385Net Income 2024: -$119,0252024

Highlighted filing

2021

Revenue$307,986
Expenses$308,641
Net Income-$655
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
May 10, 2022
Return Version
2020v4.1
Gross Receipts
$307,986
Mission and Program Overview

Mission

This corporation is organized exclusively for the purpose of acquiring, developing and managing housing projects for persons of low income.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$2,372,286$1,875,539▼ $496,747
Land, Buildings, and Equipment, Net$874,272$1,089,613▲ $215,341
Cash and Non-Interest-Bearing Accounts$430,356$631,815▲ $201,459
Accounts Receivable$21,628$24,565▲ $2,937
Prepaid Expenses and Deferred Charges$5,642$6,501▲ $859
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$3,776,512$3,735,542▼ $40,970
Other Assets Total$72,328$107,509▲ $35,181
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,880,030$1,879,817▼ $213
Other Liabilities$749,693$706,228▼ $43,465
Accounts Payable and Accrued Expenses$55,135$55,250▲ $115
Deferred Revenue$284$3,532▲ $3,248
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$2,685,142$2,644,827▼ $40,315
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,091,370$1,090,715▼ $655
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$1,091,370$1,090,715▼ $655
Total Liabilities and Net Assets / Fund Balance$3,776,512$3,735,542▼ $40,970

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$796,146$546,099$1,342,245
Other Land Buildings$289,674$5,594$295,268
Equipment$3,793$45,235$49,028
Compensation and Service Providers

Employees

NameTitleOtherTotal
REV MSGR Alfred P LopintoCEO$56,532$56,532

Board Members and Trustees

NameTitle
Jeanne MdiulioPresident
Desiree M ArduiniDirector
Richard SlizeskiDirector
Samira AlievaDirector
DESIREE A Jackson-FrysonSecretary & Director
Martin SussmanTreasurer & Director
Mary HursonVP & Director
Alan WolinetzCFO
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$274,762
Investment Income
$23,350
Other Revenue
$9,874
Change in Net Assets
$-655

Audited Revenue Reconciliation

Revenue per Audited Statements
$307,986
Total Revenue per Audited Statements
$307,986
Total Revenue per Form 990
$307,986
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$308,641
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
Occupancy$97,243$0$0$97,243
Depreciation Depletion$35,385$0$0$35,385
Insurance$31,448$0$0$31,448
Fees for Services Management$22,193$0$0$22,193
Interest$18,479$0$0$18,479
Fees for Services Accounting$0$12,488$0$12,488
Office Expenses$8,033$1,722$0$9,755
Other Expenses$6,898$4,458-$6,898
Fees for Services Legal$506$0$0$506
Total Functional Expenses$289,973$18,668$0$308,641

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$308,641
Total Expenses per Audited Statements$308,641
Total Expenses per Form 990$308,641
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

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

Other Reported Liabilities

LiabilityAmount
Due to Catholic Charities Pop Devel$496,505
Due to Pop Management$192,751
Security Deposits$16,972
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
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

FORM 990, PART VI, SECTION A, LINE 6:

Catholic charities progress of people's development corp is the sole member of 176 south eighth street apartments housing development fund corporation.

FORM 990, PART VI, SECTION A, LINE 7A:

Catholic charities progress of people's development corp, as the sole member of the organization and pursuant to it's bylaws, has certain rights including but not limited to electing directors and filling vacant director positions.

FORM 990, PART VI, SECTION A, LINE 7B:

Catholic charities progress of people's development corp, as the sole member of the organization and pursuant to the bylaws, has certain rights including but not limited to: (1) amend the bylaws of the corporation, (2) change the purpose of the corporation, (3) dissolve the corporation, (4) elect directors, (5) fill vacant director positions, and (6) remove directors with or without cause.

FORM 990, PART VI, SECTION B, LINE 11B:

A copy of the form 990 is made available to the board without part vii and schedule j, part ii. The board reviews the form 990 and when the board is satisfied the form 990 is approved for filing with the irs.

FORM 990, PART VI, SECTION B, LINE 12C:

Each director, principal officer and member of a committee with board delegated powers annually signs a statement that affirms that such person (1) has received a copy of the organization's conflict of interest policy, (2) has read and understands the policy, (3) has agreed to comply with the policy and (4) understands that the organization is a charitable organization and that in order to maintain its federal tax exemption it must engage primarily in activities which accomplish one or more of its tax-exempt activities. If there is an actual or perceived conflict of interest, affected individuals must recuse themselves from any discussion or deliberating process.

FORM 990, PART VI, SECTION B, LINE 15:

The reporting organization has no compensation paid to the top management official or other officers of the organization. Compensation is paid by a related 501(c)(3) organization.

FORM 990, PART VI, SECTION C, LINE 19:

Upon request, the organization will make available only those documents required to be disclosed under the public inspection laws.

Filing and Contact Details

Filer

Filer Name
176 South Eighth Street Apt Hsg Dev Fund
EIN
26-2418657
In Care Of
% JOANNA ROSELLI
Phone
7187226150
Address
191 JORALEMON STREET, BROOKLYN, NY 11201

Signing Officer

Name
Jeanne M Diulio
Title
President
Phone
7187226150
Signed
2022-05-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jeanne M Diulio
Formed
2008
Legal Domicile
Ny
Voting Board Members
7
Independent Board Members
0
Employees
0
Volunteers
0

Preparer

Firm
Bdo USA Llp
Address
100 PARK AVENUE, NEW YORK, NY 10017-5001
Preparer
Kristin Ruffini
Phone
2128858000
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

This process has not changed from the prior year.

Financial Statement Notes

PART X, LINE 2:

176 south eighth street apt hsg dev fund is incorporated in the state of new york and is exempt from federal, state, and local income taxes under section 501(c)(3) of the internal revenue code (the code), and therefore has made no provision for income taxes in the accompanying financial statements. 176 south eighth street apt hsg dev fund has not taken an unsubstantiated tax position that would require provision of a liability under u.s. Gaap. Under u.s. Gaap, an organization must recognize the tax liabilities associated with tax positions taken for tax-return purposes when it is more likely than not that the position will not be sustained upon examination. 176 south eighth street apt hsg dev fund does not believe there are any material uncertain tax positions and, accordingly, has not recognized any liability for unrecognized tax benefits as of june 30, 2021. 176 south eighth street apt hsg dev fund has filed internal revenue service (irs) form 990 tax returns, as required, and all other applicable returns in jurisdictions where it is required. For the tax year ended june 30, 2021, there were no interest or penalties recorded or included in the accompanying financial statements. The tax cuts and jobs act (the tcja), which was signed into law in december 2017, contains various provisions affecting not-for-profit organizations. Tax-exempt organizations are impacted in part by inclusion of a new excise tax on excess compensation for covered employees and changes to unrelated business income. The tcja's provisions may also impact donor incentives for charitable giving. The tcja did not have a significant impact on the financial statements for the year ended june 30, 2021.

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