Civic Intelligence

1854 Cedar Avenue Housing Development Fund Corporation

990 • Fiscal year 2019 • EIN 26-3788059

Jul 01, 2018 to Jun 30, 2019 • Filed on Mar 26, 2020

17 Battery Place Suite 1326New York, NY 10004

(212) 780-1400

Siviq Scores

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

Liabilities / Assets

76th percentile

1.00x

Higher debt load relative to assets than 76% of similar nonprofits.

2019 filings • NTEE L • $10M-$25M nonprofits • Source year 2019

Liabilities / Revenue

83rd percentile

11.35x

Higher debt load relative to revenue than 83% of similar nonprofits.

2019 filings • NTEE L • $10M-$25M nonprofits • Source year 2019

Net Margin

47th percentile

0.4%

Higher net margin than 47% of similar nonprofits.

2019 filings • NTEE L • $10M-$25M nonprofits • Source year 2019

Top Officer Pay

52nd percentile

$207,070

Higher top officer pay than 52% of similar nonprofits.

Top officer pay equals 16.0% of source-year revenue.

2019 filings • NTEE L • $10M-$25M nonprofits • Source year 2019

Asset Growth

25th percentile

-2.1%

Faster asset growth than 25% of similar nonprofits.

2019 filings • NTEE L • $10M-$25M nonprofits • Annualized from 2018 to 2019

Revenue Growth

26th percentile

-0.8%

Faster revenue growth than 26% of similar nonprofits.

2019 filings • NTEE L • $10M-$25M nonprofits • Annualized from 2018 to 2019

Assets

Down

$14,719,155

Down $317,909 (-2.1%) from 2018

Net Assets

Up

$50,833

Up $5,000 (+11%) from 2018

Liabilities

Down

$14,668,322

Down $322,909 (-2.2%) from 2018

Revenue

Down

$1,292,285

Down $9,878 (-0.8%) from 2018

Expenses

Down

$1,287,285

Down $2,378 (-0.2%) from 2018

Net Income

Down

$5,000

Down $7,500 (-60%) from 2018

Historical Trend

Balance Sheet Trend

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

$20M$15M$10M$5.0M$0Assets 2015: $15,879,239Liabilities 2015: $15,855,906Net Assets 2015: $23,3332015Assets 2017: $15,329,471Liabilities 2017: $15,296,138Net Assets 2017: $33,3332017Assets 2018: $15,037,064Liabilities 2018: $14,991,231Net Assets 2018: $45,8332018Assets 2019: $14,719,155Liabilities 2019: $14,668,322Net Assets 2019: $50,8332019Assets 2020: $14,382,182Liabilities 2020: $14,326,587Net Assets 2020: $55,5952020Assets 2021: $14,025,018Liabilities 2021: $13,964,185Net Assets 2021: $60,8332021Assets 2022: $13,646,473Liabilities 2022: $13,580,640Net Assets 2022: $65,8332022Assets 2023: $13,245,283Liabilities 2023: $13,174,450Net Assets 2023: $70,8332023Assets 2024: $12,820,111Liabilities 2024: $12,745,279Net Assets 2024: $74,8322024Assets 2025: $12,369,543Liabilities 2025: $12,288,710Net Assets 2025: $80,8332025

Highlighted filing

2019

Assets$14,719,155
Liabilities$14,668,322
Net Assets$50,833

Operations Trend

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

$1.5M$1.0M$500K$0Revenue 2015: $1,296,030Expenses 2015: $1,296,030Net Income 2015: $02015Revenue 2017: $1,291,908Expenses 2017: $1,291,908Net Income 2017: $02017Revenue 2018: $1,302,163Expenses 2018: $1,289,663Net Income 2018: $12,5002018Revenue 2019: $1,292,285Expenses 2019: $1,287,285Net Income 2019: $5,0002019Revenue 2020: $1,289,767Expenses 2020: $1,285,005Net Income 2020: $4,7622020Revenue 2021: $1,287,338Expenses 2021: $1,282,100Net Income 2021: $5,2382021Revenue 2022: $1,284,276Expenses 2022: $1,279,276Net Income 2022: $5,0002022Revenue 2023: $1,281,285Expenses 2023: $1,276,285Net Income 2023: $5,0002023Revenue 2024: $1,278,118Expenses 2024: $1,274,119Net Income 2024: $3,9992024Revenue 2025: $1,275,764Expenses 2025: $1,269,763Net Income 2025: $6,0012025

Highlighted filing

2019

Revenue$1,292,285
Expenses$1,287,285
Net Income$5,000
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Mar 26, 2020
Return Version
2018v3.1
Gross Receipts
$1,292,285
Mission and Program Overview

Mission

To provide support for developing housing projects for persons of low income.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$10,991,231$10,668,322▼ $322,909
Land, Buildings, and Equipment, Net$4,000,000$4,000,000→ $0
Prepaid Expenses and Deferred Charges$0$50,833▲ $50,833
Cash and Non-Interest-Bearing Accounts$0$0→ $0
Savings and Temporary Cash Investments$0$0→ $0
Accounts Receivable$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$15,037,064$14,719,155▼ $317,909
Other Assets Total$45,833$0▼ $45,833
Liabilities
Tax Exempt Bond Liabilities$14,991,231$14,668,322▼ $322,909
Accounts Payable and Accrued Expenses$0$0→ $0
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Total Liabilities$14,991,231$14,668,322▼ $322,909
Net Assets / Fund Balance
Unrestricted Net Assets$45,833$50,833▲ $5,000
Permanently Rstr Net Assets$0$0→ $0
Temporarily Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$45,833$50,833▲ $5,000
Total Liabilities and Net Assets / Fund Balance$15,037,064$14,719,155▼ $317,909

Asset Categories

AssetBook ValueDepreciationBasis
Land$4,000,000-$4,000,000
Compensation and Service Providers

Employees

NameTitleOtherTotal
Christopher LacovaraPresident$135,866$135,866

Board Members and Trustees

NameTitle
STEVEN COE thru 63019Secretary
Benjamin WarnkeTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,287,285
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$5,000
Change in Net Assets
$5,000
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,287,285
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$964,376--$964,376
Other Expenses$322,909$0$0$322,909
Total Functional Expenses$1,287,285$0$0$1,287,285
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

Bond Issues

BondIssuerIssuedIssue PricePurpose
ANys Affordable Housing Revenue Bond 2009 Series2009-05-28$16,800,000AFFORDABLE HOUSING

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$16,800,000$0$0$0

Bond Financing Compliance

No rebate due
Yes
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
Yes
Governance and Compliance

Governance Checklist

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

Governance Explanations

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

A copy of the form 990 is provided to each board member for review and comment prior to filing.

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

Board members are asked to sign a conflict of interest form on an annual basis.

FORM 990, PART VI, SECTION B, LINES 15A AND 15B:

The organization does not compensate any officer or key employees.

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

The organization makes it governing documents, conflict of interest policy and financial statements available to the public upon request.

Filing and Contact Details

Filer

Filer Name
1854 Cedar Avenue Housing Development
EIN
26-3788059
In Care Of
% CHRISTOPHER LACOVARA
Phone
2127801400
Address
17 Battery Place Suite 1326, NEW YORK, NY 10004

Signing Officer

Name
Christopher Lacovara
Title
CFO/general Counsel
Phone
2127801400
Signed
2020-03-26
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Carolyn Hedigan
Formed
2008
Legal Domicile
Ny
Voting Board Members
3
Independent Board Members
1
Employees
0
Volunteers
1

Preparer

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

Financial Statement Notes

PART X, LINE 2:

1854 Cedar Avenue Housing Development Fund Corp. has not taken an uncertain tax position that would require provision of a liability under Accounting Standards Codification ("ASC") 740, "Income Taxes". Under ASC 740, an organization must recognize the financial statement effects of a tax position taken for tax return purposes when it is more likely than not that the position will not be sustained upon examination. The Organization does not believe there are any material uncertain tax positions and, accordingly, it will not recognize the financial statement effects for unrecognized tax positions. The Organization has filed for and received income tax exemptions in the jurisdictions where it is required to do so. Additionally, the Organization has filed IRS Form 990 tax returns, as required, and all other applicable returns in jurisdictions when it is required. For the year ended June 30, 2019, there was no interest or penalties recorded or included in the statement of activities.

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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt01289663
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt01291908
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt01294027
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt01296030
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt06458913
IRS990ScheduleA/GovtFurnSrvcFcltsVl170Grp/TotalAmt00
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt00
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt00
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearAmt05000
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus1YearAmt012500
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IRS990ScheduleA/OtherIncome170Grp/TotalAmt027500
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IRS990ScheduleA/PublicSupportPY170Pct00.99653
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IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft170Grp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt01289663
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt01291908
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt01294027
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt01296030
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt06458913
IRS990ScheduleA/TotalSupportAmt06486413
IRS990ScheduleA/UnrelatedBusinessNetIncm170Grp/TotalAmt00
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
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IRS990ScheduleD/FederalIncomeTaxLiabilityAmt00
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt04000000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt04000000
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt01854 Cedar Avenue Housing Development Fund Corp. has not taken an uncertain tax position that would require provision of a liability under Accounting Standards Codification ("ASC") 740, "Income Taxes". Under ASC 740, an organization must recognize the financial statement effects of a tax position taken for tax return purposes when it is more likely than not that the position will not be sustained upon examination. The Organization does not believe there are any material uncertain tax positions and, accordingly, it will not recognize the financial statement effects for unrecognized tax positions. The Organization has filed for and received income tax exemptions in the jurisdictions where it is required to do so. Additionally, the Organization has filed IRS Form 990 tax returns, as required, and all other applicable returns in jurisdictions when it is required. For the year ended June 30, 2019, there was no interest or penalties recorded or included in the statement of activities.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleD/TotalLiabilityAmt00
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IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd0false
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd0false
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IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd0false
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt0194311
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt02021
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt010738
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0STEVEN COE thru 63019
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0SECRETARY
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt0207070
IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt0COMMUNITY ACCESS, INC., AN AFFILIATE OF THE REPORTING ORGANIZATION, PAID COMPENSATION TO THE REPORTING ORGANIZATION'S TOP MANAGEMENT OFFICIAL. COMMUNITY ACCESS, INC. HAS ESTABLISHED THE COMPENSATION OF THE TOP MANAGEMENT OFFICIAL USING FORM 990 OF OTHER ORGANIZATIONS, COMPENSATION SURVEY OR STUDY AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE.
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc0PART I, LINE 3:
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IRS990ScheduleK/ProceduresCorrectiveActionGrp/BondReferenceCd0A
IRS990ScheduleK/ProceduresCorrectiveActionGrp/ProceduresCorrectiveActionInd0true
IRS990ScheduleK/SupplementalInformationDetail/ExplanationTxt0THE CALCULATION WAS PERFORMED ON 6/30/2019.
IRS990ScheduleK/SupplementalInformationDetail/FormAndLineReferenceDesc0PART IV, LINE 2C:
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IRS990ScheduleK/TaxExemptBondsArbitrageGrp/RebateNotDueYetInd0false
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/VariableRateIssueInd0false
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/DefeasedInd0false
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt0NYS AFFORDABLE HOUSING REVENUE BOND 2009 SERIES
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/PoolFinancingInd0false
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IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/MgmtContractBondFincdPropInd0false
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IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/RemedialActionTakenInd0false
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IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A COPY OF THE FORM 990 IS PROVIDED TO EACH BOARD MEMBER FOR REVIEW AND COMMENT PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BOARD MEMBERS ARE ASKED TO SIGN A CONFLICT OF INTEREST FORM ON AN ANNUAL BASIS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION DOES NOT COMPENSATE ANY OFFICER OR KEY EMPLOYEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION MAKES IT GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINES 15A AND 15B:

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