Civic Intelligence

1854 Cedar Avenue Housing Development Fund Corporation

990 • Fiscal year 2023 • EIN 26-3788059

Jul 01, 2022 to Jun 30, 2023 • Filed on Apr 09, 2023

Organization ProfileN/A
One State Street Suite 1015New York, NY 10004

(212) 780-1400

Siviq Scores

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

Liabilities / Assets

77th percentile

0.99x

Higher debt load relative to assets than 77% of similar nonprofits.

2023 filings • NTEE L • $10M-$25M nonprofits • Source year 2023

Liabilities / Revenue

79th percentile

10.28x

Higher debt load relative to revenue than 79% of similar nonprofits.

2023 filings • NTEE L • $10M-$25M nonprofits • Source year 2023

Net Margin

38th percentile

0.4%

Higher net margin than 38% of similar nonprofits.

2023 filings • NTEE L • $10M-$25M nonprofits • Source year 2023

Top Officer Pay

62nd percentile

$272,432

Higher top officer pay than 62% of similar nonprofits.

Top officer pay equals 21.3% of source-year revenue.

2023 filings • NTEE L • $10M-$25M nonprofits • Source year 2023

Asset Growth

23rd percentile

-2.9%

Faster asset growth than 23% of similar nonprofits.

2023 filings • NTEE L • $10M-$25M nonprofits • Annualized from 2022 to 2023

Revenue Growth

32nd percentile

-0.2%

Faster revenue growth than 32% of similar nonprofits.

2023 filings • NTEE L • $10M-$25M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets77th percentile

Assets

Down

$13,245,283

Down $401,190 (-2.9%) from 2022

Net Assets

Up

$70,833

Up $5,000 (+7.6%) from 2022

Liabilities

Down

$13,174,450

Down $406,190 (-3.0%) from 2022

Revenue And Expenses
Liabilities / Revenue79th percentileNet Margin38th percentile

Revenue

Down

$1,281,285

Down $2,991 (-0.2%) from 2022

Expenses

Down

$1,276,285

Down $2,991 (-0.2%) from 2022

Net Income

Flat

$5,000

Flat from 2022

Historical Trend

Balance Sheet Trend

Asset Growth23rd percentile

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

2023

Assets$13,245,283
Liabilities$13,174,450
Net Assets$70,833
Open 2023 Filing

Operations Trend

Revenue Growth32nd percentile

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

2023

Revenue$1,281,285
Expenses$1,276,285
Net Income$5,000
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Apr 9, 2023
Return Version
2022v5.0
Gross Receipts
$1,281,285
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$9,580,640$9,174,450▼ $406,190
Land, Buildings, and Equipment, Net$4,000,000$4,000,000→ $0
Prepaid Expenses and Deferred Charges$65,833$70,833▲ $5,000
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$13,646,473$13,245,283▼ $401,190
Other Assets Total$0$0→ $0
Liabilities
Tax Exempt Bond Liabilities$13,580,640$13,174,450▼ $406,190
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$13,580,640$13,174,450▼ $406,190
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$65,833$70,833▲ $5,000
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$65,833$70,833▲ $5,000
Total Liabilities and Net Assets / Fund Balance$13,646,473$13,245,283▼ $401,190

Asset Categories

AssetBook ValueDepreciationBasis
Land$4,000,000-$4,000,000
Compensation and Service Providers
Top Officer Pay62nd percentile

Board Members and Trustees

NameTitle
Carolyn HediganPresident
Christopher LacovaraSecretary
Benjamin WarnkeTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,276,285
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$1,276,285
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$870,096--$870,096
Other Expenses$406,189--$406,189
Total Functional Expenses$1,276,285$0$0$1,276,285
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$16,800,000Nys affordable housing revenue bon

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
Backup withholding compliance
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
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
One State Street Suite 1015, NEW YORK, NY 10004

Signing Officer

Name
Christopher Lacovara
Title
CFO/general Counsel
Phone
2127801400
Signed
2023-04-09
Discuss with paid preparer
Yes

Organization Details

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

Preparer

Firm
Bdo USA
Address
200 PARK AVENUE 38TH FLOOR, NEW YORK, NY 10166
Preparer
Paul Hammerschmidt
Phone
2128858000
Supplemental Narrative

Financial Statement Notes

SCHEDULE D, 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 reporting 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 reporting organization has filed for and received income tax exemptions in the jurisdictions where it is required to do so. Additionally, the reporting organization has filed irs form 990 tax returns, as required, and all other applicable returns in jurisdictions when it is required.”

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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/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 REPORTING 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 REPORTING ORGANIZATION HAS FILED FOR AND RECEIVED INCOME TAX EXEMPTIONS IN THE JURISDICTIONS WHERE IT IS REQUIRED TO DO SO. ADDITIONALLY, THE REPORTING ORGANIZATION HAS FILED IRS FORM 990 TAX RETURNS, AS REQUIRED, AND ALL OTHER APPLICABLE RETURNS IN JURISDICTIONS WHEN IT IS REQUIRED.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PART X, LINE 2:
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1CHRISTOPHER LACOVARA
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1Secretary
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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.
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IRS990ScheduleK/SupplementalInformationDetail/ExplanationTxt0THE CALCULATION WAS PERFORMED ON 6/30/2023.
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt0NYS AFFORDABLE HOUSING REVENUE BOND 2009 SERIES
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/PoolFinancingInd0false
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc0NYS AFFORDABLE HOUSING REVENUE BON
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IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/BondIssMeetPrvtSecPymtTestInd0false
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IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/MgmtContractBondFincdPropInd0false
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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$13,245,283
Liabilities
$13,174,450
Net assets
$70,833
Revenue
$1,281,285
Expenses
$1,276,285
Net income
$5,000
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$12.4$12.3$0.08$1.28$1.27$0.01
2024Detailed filing. Detailed filing data is available for this year.$12.8$12.7$0.07$1.28$1.27$0.00
2023Detailed filing. Detailed filing data is available for this year.$13.2$13.2$0.07$1.28$1.28$0.01
2022Detailed filing. Detailed filing data is available for this year.$13.6$13.6$0.07$1.28$1.28$0.01
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$14.0$14.0$0.06$1.29$1.28$0.01
2020Detailed filing. Detailed filing data is available for this year.$14.4$14.3$0.06$1.29$1.29$0.00
2019Detailed filing. Detailed filing data is available for this year.$14.7$14.7$0.05$1.29$1.29$0.01
2018Detailed filing. Detailed filing data is available for this year.$15.0$15.0$0.05$1.30$1.29$0.01
2017Detailed filing. Detailed filing data is available for this year.$15.3$15.3$0.03$1.29$1.29$0.00
2015Detailed filing. Detailed filing data is available for this year.$15.9$15.9$0.02$1.30$1.30$0.00