Civic Intelligence

Fac Advance Housing Development Fund Corporation

990 • Fiscal year 2020 • EIN 26-4642733

Jul 01, 2019 to Jun 30, 2020 • Filed on Sep 28, 2020

Organization ProfileFIFTHAVE.ORG
621 Degraw StreetBrooklyn, NY 11217

(718) 237-2017

Siviq Scores

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

Liabilities / Assets

78th percentile

1.25x

Higher debt load relative to assets than 78% of similar nonprofits.

2020 filings • NTEE L20 • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

87th percentile

15.72x

Higher debt load relative to revenue than 87% of similar nonprofits.

2020 filings • NTEE L20 • $1M-$5M nonprofits • Source year 2020

Net Margin

36th percentile

-33%

Higher net margin than 36% of similar nonprofits.

2020 filings • NTEE L20 • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

72nd percentile

$195,522

Higher top officer pay than 72% of similar nonprofits.

Top officer pay equals 72.9% of source-year revenue.

2020 filings • NTEE L20 • $1M-$5M nonprofits • Source year 2020

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2020

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2020

Balance Sheet
Liabilities / Assets78th percentile

Assets

$3,375,558

No earlier filing loaded for comparison.

Net Assets

-$842,774

No earlier filing loaded for comparison.

Liabilities

$4,218,332

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue87th percentileNet Margin36th percentile

Revenue

$268,260

No earlier filing loaded for comparison.

Expenses

$355,488

No earlier filing loaded for comparison.

Net Income

-$87,228

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

$6.0M$4.0M$2.0M$0-$2.0MAssets 2020: $3,375,558Liabilities 2020: $4,218,332Net Assets 2020: -$842,7742020Assets 2021: $3,365,359Liabilities 2021: $4,364,629Net Assets 2021: -$999,2702021Assets 2022: $3,169,877Liabilities 2022: $4,257,459Net Assets 2022: -$1,087,5822022Assets 2023: $3,180,424Liabilities 2023: $4,304,017Net Assets 2023: -$1,123,5932023Assets 2024: $2,392,809Liabilities 2024: $3,156,143Net Assets 2024: -$763,3342024

Highlighted filing

2020

Assets$3,375,558
Liabilities$4,218,332
Net Assets-$842,774
Open 2020 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$400K$200K$0-$200KRevenue 2020: $268,260Expenses 2020: $355,488Net Income 2020: -$87,2282020Revenue 2021: $232,046Expenses 2021: $388,542Net Income 2021: -$156,4962021Revenue 2022: $289,423Expenses 2022: $377,735Net Income 2022: -$88,3122022Revenue 2023: $321,980Expenses 2023: $384,029Net Income 2023: -$62,0492023Revenue 2024: $324,857Expenses 2024: $393,457Net Income 2024: -$68,6002024

Highlighted filing

2020

Revenue$268,260
Expenses$355,488
Net Income-$87,228
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Sep 28, 2020
Return Version
2019v5.0
Gross Receipts
$268,260
Mission and Program Overview

Mission

The mission of the organization is to own, develop and operate apartment buildings for qualified low income individuals in the brooklyn, new york area.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$3,038,983$2,958,524▼ $80,459
Intangible Assets$186,457$179,029▼ $7,428
Cash and Non-Interest-Bearing Accounts$68,620$37,443▼ $31,177
Accounts Receivable-$24,063-
Prepaid Expenses and Deferred Charges$2,359$34▼ $2,325
Savings and Temporary Cash Investments-$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-
Inventories for Sale or Use-$0-
Total Assets$3,373,185$3,375,558▲ $2,373
Other Assets Total$76,766$176,465▲ $99,699
Liabilities
Mortgage Notes Payable Secured by Investment Property$3,460,024$3,420,421▼ $39,603
Other Liabilities$652,656$779,622▲ $126,966
Accounts Payable and Accrued Expenses$16,051$18,289▲ $2,238
Total Liabilities$4,128,731$4,218,332▲ $89,601
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-755,546$-842,774▼ $87,228
Total Net Assets Fund Balance$-755,546$-842,774▼ $87,228
Total Liabilities and Net Assets / Fund Balance$3,373,185$3,375,558▲ $2,373

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,952,523$667,418$3,619,941
Land$6,001-$6,001
Other Assets Org$20,852--
Compensation and Service Providers
Top Officer Pay72nd percentile

Employees

NameTitleOtherTotal
Jay MarcusTreasurer$125,456$125,456

Board Members and Trustees

NameTitle
Pat ConwayPresident
Michelle De La UzSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$268,244
Investment Income
$16
Other Revenue
$0
Change in Net Assets
$-87,228
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$355,488
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$127,729--$127,729
Interest$84,134--$84,134
Payments to Affiliates$39,174--$39,174
Insurance$16,477--$16,477
All Other Expenses$11,101--$11,101
Other Expenses$9,317--$9,317
Fees for Services Accounting$4,500--$4,500
Fees for Services Legal$3,115--$3,115
Office Expenses$2,700--$2,700
Total Functional Expenses$355,488$0$0$355,488
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
Subject to proxy tax
No
Insider Transactions and Loans

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
Due to Fifth Avenue Committee Inc$734,118
Due to 130 29th Street Hdfc$24,652
Tenant Security Payable$20,852
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
No
Key decisions subject to board approval
Yes
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Line 1A: Explanation of Delegated Broad Authority to Committee

“The board sets up adhoc committees as they are needed.”

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

“Bookkeeping, accounting, management reporting, coordinate efforts with the outside auditor, maintain the common elements of the property, manage tenant issues and other projects on an as needed basis.”

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

“Major decisions are discussed and voted upon by board members. At times, the board members seek the opinions of the management company, lawyers, outside auditor and others in the decision making process.”

Form 990, Part VI, Line 8: Explanation of No Contemporaneously Documentation of Meetings

“The organization has not established formal sub committees.”

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

“The outside auditor prepares a draft set of tax returns to be reviewed by the management company. Corrections and edits are discussed and made, if necessary. An officer of the organization reviews the tax returns as well. The outside auditor prepares a final set of tax returns for signature. The management company mails out the signed tax returns to the appropriate government agencies.”

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

“The organization has adopted the conflict of interest policy as used by the sponsor/manager of the organization which is a 501(c)(3). The director of finance & it of the management company is responsible for financial relationships between the organization and other entities. If a potential conflict of interest issue arises, the director of finance & it for fac addresses this matter with the director of property management for resolution. At times, the management company consults with the outside auditor about potential conflicts.”

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

“Upon request, the organization provides copies of its governing documents, policies and audited financial statements.”

Filing and Contact Details

Filer

Filer Name
Fac Advance Housing Development Fund
EIN
26-4642733
Phone
7182372017
Address
621 DEGRAW STREET, BROOKLYN, NY 11217

Signing Officer

Name
Michelle De La Uz
Title
Secretary
Signed
2020-09-28
Discuss with paid preparer
Yes

Organization Details

Formed
2008
Legal Domicile
Ny
Voting Board Members
3
Independent Board Members
3
Employees
0

Preparer

Firm
Rob Goldman CPA Mba Pllc
Address
214 FIFTH AVE, PELHAM, NY 10803-1547
Preparer
Rob Goldman CPA Mba
Phone
9142353600
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE BOARD SETS UP ADHOC COMMITTEES AS THEY ARE NEEDED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BOOKKEEPING, ACCOUNTING, MANAGEMENT REPORTING, COORDINATE EFFORTS WITH THE OUTSIDE AUDITOR, MAINTAIN THE COMMON ELEMENTS OF THE PROPERTY, MANAGE TENANT ISSUES AND OTHER PROJECTS ON AN AS NEEDED BASIS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2MAJOR DECISIONS ARE DISCUSSED AND VOTED UPON BY BOARD MEMBERS. AT TIMES, THE BOARD MEMBERS SEEK THE OPINIONS OF THE MANAGEMENT COMPANY, LAWYERS, OUTSIDE AUDITOR AND OTHERS IN THE DECISION MAKING PROCESS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION HAS NOT ESTABLISHED FORMAL SUB COMMITTEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE OUTSIDE AUDITOR PREPARES A DRAFT SET OF TAX RETURNS TO BE REVIEWED BY THE MANAGEMENT COMPANY. CORRECTIONS AND EDITS ARE DISCUSSED AND MADE, IF NECESSARY. AN OFFICER OF THE ORGANIZATION REVIEWS THE TAX RETURNS AS WELL. THE OUTSIDE AUDITOR PREPARES A FINAL SET OF TAX RETURNS FOR SIGNATURE. THE MANAGEMENT COMPANY MAILS OUT THE SIGNED TAX RETURNS TO THE APPROPRIATE GOVERNMENT AGENCIES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE ORGANIZATION HAS ADOPTED THE CONFLICT OF INTEREST POLICY AS USED BY THE SPONSOR/MANAGER OF THE ORGANIZATION WHICH IS A 501(C)(3). THE DIRECTOR OF FINANCE & IT OF THE MANAGEMENT COMPANY IS RESPONSIBLE FOR FINANCIAL RELATIONSHIPS BETWEEN THE ORGANIZATION AND OTHER ENTITIES. IF A POTENTIAL CONFLICT OF INTEREST ISSUE ARISES, THE DIRECTOR OF FINANCE & IT FOR FAC ADDRESSES THIS MATTER WITH THE DIRECTOR OF PROPERTY MANAGEMENT FOR RESOLUTION. AT TIMES, THE MANAGEMENT COMPANY CONSULTS WITH THE OUTSIDE AUDITOR ABOUT POTENTIAL CONFLICTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6UPON REQUEST, THE ORGANIZATION PROVIDES COPIES OF ITS GOVERNING DOCUMENTS, POLICIES AND AUDITED FINANCIAL STATEMENTS.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 1a: Explanation of Delegated Broad Authority to Committee
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 3: Description of Delegated Duties to Management Company
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 7b: Describe Decisions of Governing Body Approval by Members or Shareholders
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 8: Explanation of No Contemporaneously Documentation of Meetings
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0TO ADVANCE SOCIAL AND ECONOMIC JUSTICE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt1PROVIDER OF LOW INCOME HOUSING
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0ACTIVE
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IRS990ScheduleR/PerformOfServicesByOtherOrgInd0true
IRS990ScheduleR/PerformOfServicesForOthOrgInd0false
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IRS990ScheduleR/ReimbursementPaidByOtherOrgInd0false
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IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt124652
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0ACTUAL
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt1ACTUAL
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0FIFTH AVENUE COMMITTEE INC
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt1130 29TH STREET HDFC
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IRS990ScheduleR/TransferToOtherOrgInd0false
IRS990/SchoolOperatingInd0false
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IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0NY
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt03373185
IRS990/TotalAssetsEOYAmt03375558
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IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
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IRS990/TotalFunctionalExpensesGrp/TotalAmt0355488
IRS990/TotalGrossUBIAmt00
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IRS990/TotalLiabilitiesGrp/EOYAmt04218332
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-755546
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-842774
IRS990/TotalOtherCompensationAmt08616
IRS990/TotalProgramServiceExpensesAmt0355488
IRS990/TotalProgramServiceRevenueAmt0268244
IRS990/TotalRevenueGrp/ExclusionAmt016
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0268244
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0268260
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt03373185
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt03375558
IRS990/TotReportableCompRltdOrgAmt0312362
IRS990/TravelGrp/TotalAmt00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0621 DEGRAW STREET
IRS990/USAddress/CityNm0BROOKLYN
IRS990/USAddress/StateAbbreviationCd0NY
IRS990/USAddress/ZIPCd011217
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt03
IRS990/WebsiteAddressTxt0FIFTHAVE.ORG
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02021-04-22 16:20:28Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0MICHELLE DE LA UZ
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Secretary
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-09-28
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0FAC ADVANCE HOUSING DEVELOPMENT FUND
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0CORPORATION
ReturnHeader/Filer/BusinessNameControlTxt0FACA

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,375,558
Liabilities
$4,218,332
Net assets
-$842,774
Revenue
$268,260
Expenses
$355,488
Net income
-$87,228
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$2.39$3.16$0.76$0.32$0.39$0.07
2023Detailed filing. Detailed filing data is available for this year.$3.18$4.30$1.12$0.32$0.38$0.06
2022Detailed filing. Detailed filing data is available for this year.$3.17$4.26$1.09$0.29$0.38$0.09
2021Detailed filing. Detailed filing data is available for this year.$3.37$4.36$1.00$0.23$0.39$0.16
2020Detailed filing. Detailed filing data is available for this year.$3.38$4.22$0.84$0.27$0.36$0.09