Civic Intelligence

Fac Advance Housing Development Fund Corporation

990 • Fiscal year 2022 • EIN 26-4642733

Jul 01, 2021 to Jun 30, 2022 • Filed on Oct 14, 2022

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

82nd percentile

1.34x

Higher debt load relative to assets than 82% of similar nonprofits.

2022 filings • NTEE L20 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

86th percentile

14.71x

Higher debt load relative to revenue than 86% of similar nonprofits.

2022 filings • NTEE L20 • $1M-$5M nonprofits • Source year 2022

Net Margin

37th percentile

-31%

Higher net margin than 37% of similar nonprofits.

2022 filings • NTEE L20 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

74th percentile

$240,425

Higher top officer pay than 74% of similar nonprofits.

Top officer pay equals 83.1% of source-year revenue.

2022 filings • NTEE L20 • $1M-$5M nonprofits • Source year 2022

Asset Growth

19th percentile

-5.8%

Faster asset growth than 19% of similar nonprofits.

2022 filings • NTEE L20 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

82nd percentile

25%

Faster revenue growth than 82% of similar nonprofits.

2022 filings • NTEE L20 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets82nd percentile

Assets

Down

$3,169,877

Down $195,482 (-5.8%) from 2021

Net Assets

Down

-$1,087,582

Down $88,312 (-8.8%) from 2021

Liabilities

Down

$4,257,459

Down $107,170 (-2.5%) from 2021

Revenue And Expenses
Liabilities / Revenue86th percentileNet Margin37th percentile

Revenue

Up

$289,423

Up $57,377 (+25%) from 2021

Expenses

Down

$377,735

Down $10,807 (-2.8%) from 2021

Net Income

Up

-$88,312

Up $68,184 (+44%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth19th percentile

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

2022

Assets$3,169,877
Liabilities$4,257,459
Net Assets-$1,087,582
Open 2022 Filing

Operations Trend

Revenue Growth82nd percentile

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

2022

Revenue$289,423
Expenses$377,735
Net Income-$88,312
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Oct 14, 2022
Return Version
2021v4.0
Gross Receipts
$289,423
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$2,861,882$2,761,140▼ $100,742
Intangible Assets$177,649$29,458▼ $148,191
Cash and Non-Interest-Bearing Accounts$31,850$20,653▼ $11,197
Prepaid Expenses and Deferred Charges$2,985$20,263▲ $17,278
Accounts Receivable$6,553$8,645▲ $2,092
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$3,365,359$3,169,877▼ $195,482
Other Assets Total$284,440$329,718▲ $45,278
Liabilities
Mortgage Notes Payable Secured by Investment Property$3,345,140$3,119,663▼ $225,477
Other Liabilities$980,189$1,107,581▲ $127,392
Accounts Payable and Accrued Expenses$34,669$28,829▼ $5,840
Deferred Revenue$4,631$1,386▼ $3,245
Total Liabilities$4,364,629$4,257,459▼ $107,170
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-999,270$-1,087,582▼ $88,312
Total Net Assets Fund Balance$-999,270$-1,087,582▼ $88,312
Total Liabilities and Net Assets / Fund Balance$3,365,359$3,169,877▼ $195,482

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,755,139$908,912$3,664,051
Land$6,001-$6,001
Other Assets Org$33,235--
Compensation and Service Providers
Top Officer Pay74th percentile

Board Members and Trustees

NameTitle
Jessica YagerPresident
Pat ConwayPresident
Michelle De La UzSecretary
Jay MarcusTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$25,000
Program Service Revenue
$264,421
Investment Income
$2
Other Revenue
$0
All Other Contributions
$25,000
Change in Net Assets
$-88,312
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$377,735
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$123,833--$123,833
Interest$88,538--$88,538
Payments to Affiliates$52,170--$52,170
Insurance$19,900--$19,900
All Other Expenses$12,446--$12,446
Other Expenses$10,038--$10,038
Fees for Services Accounting$4,800--$4,800
Office Expenses$2,440--$2,440
Fees for Services Legal$2,340--$2,340
Total Functional Expenses$377,735$0$0$377,735
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$1,049,694
Tenant Security Payable$33,235
Due to 130 29th Street Hdfc$24,652
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
Phone
9142353600
Signed
2022-10-14
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
82 Howard Avenue, Eastchester, NY 10709
Preparer
Rob Goldman CPA Mba
Phone
9142353600
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IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt333235
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0DEVELOPMENT COSTS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1MORTGAGE ESCROW ACCOUNT
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2RESERVE FUNDS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc3TENANT SECURITY DEPOSIT
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt233235
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0DUE TO 130 29TH STREET HDFC
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1DUE TO FIFTH AVENUE COMMITTEE INC
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2TENANT SECURITY PAYABLE
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IRS990ScheduleD/TotalBookValueOtherAssetsAmt0329718
IRS990ScheduleD/TotalLiabilityAmt01107581
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt06689
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt110647
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt021566
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt120
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt13000
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0JAY MARCUS
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1MICHELLE DE LA UZ
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0Treasurer
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1Secretary
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt0167131
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt1240425
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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/AssetPurchaseFromOtherOrgInd0false
IRS990ScheduleR/AssetSaleToOtherOrgInd0false
IRS990ScheduleR/DivRelatedOrganizationInd0false
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd0false
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0false
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd1N/A
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt1130 29TH STREET HDFC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0112475743
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN1204732803
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(c)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt1501(C)(4)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0NY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd1NY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0ADVANCE SOCIAL, ECONOMIC, RACIAL JUSTICE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt1PROVIDER OF LOW INCOME HOUSING
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0ACTIVE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt0621 DEGRAW STREET
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt1621 DEGRAW STREET
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0BROOKLYN
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm1BROOKLYN
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd1NY
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IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd0true
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd0false
IRS990ScheduleR/PaidEmployeesSharingInd0false
IRS990ScheduleR/PerformOfServicesByOtherOrgInd0true
IRS990ScheduleR/PerformOfServicesForOthOrgInd0false
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd0false
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd0false
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd0false
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd0false
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd0false
IRS990ScheduleR/SharingOfFacilitiesInd0false
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt052170
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt124652
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0ACTUAL
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt1ACTUAL
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0FIFTH AVENUE COMMITTEE INC
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt1130 29TH STREET HDFC
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt0m
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt1e
IRS990ScheduleR/TransferFromOtherOrgInd0false
IRS990ScheduleR/TransferToOtherOrgInd0false
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0NY
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt03365359
IRS990/TotalAssetsEOYAmt03169877
IRS990/TotalAssetsGrp/BOYAmt03365359
IRS990/TotalAssetsGrp/EOYAmt03169877
IRS990/TotalCompGreaterThan150KInd0true
IRS990/TotalContributionsAmt025000
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0377735
IRS990/TotalFunctionalExpensesGrp/TotalAmt0377735
IRS990/TotalGrossUBIAmt00
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IRS990/TotalLiabilitiesEOYAmt04257459
IRS990/TotalLiabilitiesGrp/BOYAmt04364629
IRS990/TotalLiabilitiesGrp/EOYAmt04257459
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-999270
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-1087582

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,169,877
Liabilities
$4,257,459
Net assets
-$1,087,582
Revenue
$289,423
Expenses
$377,735
Net income
-$88,312
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