Civic Intelligence

Fox Street Housing Development Fund Corporation

990 • Fiscal year 2016 • EIN 27-0333073

Jan 01, 2016 to Dec 31, 2016 • Filed on Nov 07, 2017

Organization ProfileN/A
885 Bruckner BlvdBronx, NY 10459

(718) 617-2800

Siviq Scores

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

Liabilities / Assets

86th percentile

1.32x

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

2016 filings • NTEE L20 • $1M-$5M nonprofits • Source year 2016

Liabilities / Revenue

62nd percentile

5.26x

Higher debt load relative to revenue than 62% of similar nonprofits.

2016 filings • NTEE L20 • $1M-$5M nonprofits • Source year 2016

Net Margin

72nd percentile

7.2%

Higher net margin than 72% of similar nonprofits.

2016 filings • NTEE L20 • $1M-$5M nonprofits • Source year 2016

Top Officer Pay

96th percentile

$490,500

Higher top officer pay than 96% of similar nonprofits.

Top officer pay equals 104.3% of source-year revenue.

2016 filings • NTEE L20 • $1M-$5M nonprofits • Source year 2016

Asset Growth

Score unavailable

No value available

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

Source year 2016

Revenue Growth

Score unavailable

No value available

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

Source year 2016

Balance Sheet
Liabilities / Assets86th percentile

Assets

$1,875,918

No earlier filing loaded for comparison.

Net Assets

-$597,708

No earlier filing loaded for comparison.

Liabilities

$2,473,626

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue62nd percentileNet Margin72nd percentile

Revenue

$470,472

No earlier filing loaded for comparison.

Expenses

$436,781

No earlier filing loaded for comparison.

Net Income

$33,691

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.

$3.0M$2.0M$1.0M$0-$1.0MAssets 2016: $1,875,918Liabilities 2016: $2,473,626Net Assets 2016: -$597,7082016Assets 2017: $1,943,978Liabilities 2017: $2,484,247Net Assets 2017: -$540,2692017Assets 2018: $1,961,146Liabilities 2018: $2,470,061Net Assets 2018: -$508,9152018Assets 2019: $1,884,466Liabilities 2019: $2,478,052Net Assets 2019: -$593,5862019Assets 2020: $1,876,328Liabilities 2020: $2,520,644Net Assets 2020: -$644,3162020Assets 2021: $1,794,601Liabilities 2021: $2,504,078Net Assets 2021: -$709,4772021Assets 2022: $1,768,742Liabilities 2022: $2,487,844Net Assets 2022: -$719,1022022Assets 2023: $1,791,701Liabilities 2023: $2,558,003Net Assets 2023: -$766,3022023Assets 2024: $1,563,879Liabilities 2024: $2,539,555Net Assets 2024: -$975,6762024

Highlighted filing

2016

Assets$1,875,918
Liabilities$2,473,626
Net Assets-$597,708
Open 2016 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$1.0M$500K$0-$500KRevenue 2016: $470,472Expenses 2016: $436,781Net Income 2016: $33,6912016Revenue 2017: $454,272Expenses 2017: $396,833Net Income 2017: $57,4392017Revenue 2018: $447,637Expenses 2018: $416,283Net Income 2018: $31,3542018Revenue 2019: $396,763Expenses 2019: $481,434Net Income 2019: -$84,6712019Revenue 2020: $394,462Expenses 2020: $445,192Net Income 2020: -$50,7302020Revenue 2021: $411,134Expenses 2021: $476,295Net Income 2021: -$65,1612021Revenue 2022: $427,862Expenses 2022: $437,487Net Income 2022: -$9,6252022Revenue 2023: $411,100Expenses 2023: $458,300Net Income 2023: -$47,2002023Revenue 2024: $442,854Expenses 2024: $652,228Net Income 2024: -$209,3742024

Highlighted filing

2016

Revenue$470,472
Expenses$436,781
Net Income$33,691
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Nov 7, 2017
Return Version
2016v3.0
Gross Receipts
$470,472
Mission and Program Overview

Mission

The company owns and operates low income housing in the south bronx in addition the company provides social services for the tenants.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,320,458$1,184,044▼ $136,414
Cash and Non-Interest-Bearing Accounts$138,034$317,996▲ $179,962
Intangible Assets$80,707$72,268▼ $8,439
Accounts Receivable$33,135$37,036▲ $3,901
Prepaid Expenses and Deferred Charges$32,137$33,294▲ $1,157
Other Notes and Loans Receivable, Net$1,142--
Total Assets$1,835,575$1,875,918▲ $40,343
Other Assets Total$229,962$231,280▲ $1,318
Liabilities
Mortgage Notes Payable Secured by Investment Property$2,378,024$2,378,024→ $0
Other Liabilities$78,395$83,290▲ $4,895
Accounts Payable and Accrued Expenses$10,555$12,312▲ $1,757
Total Liabilities$2,466,974$2,473,626▲ $6,652
Net Assets / Fund Balance
Unrestricted Net Assets$-631,399$-597,708▲ $33,691
Total Net Assets Fund Balance$-631,399$-597,708▲ $33,691
Total Liabilities and Net Assets / Fund Balance$1,835,575$1,875,918▲ $40,343

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,157,471$2,512,004$3,669,475
Equipment$26,572$3,228$29,800
Land$1-$1
Other Assets Org$2,763--
Compensation and Service Providers
Top Officer Pay96th percentile

Employees

NameTitleOtherTotal
Enrico BocciaDirector$20,800$20,800
Alejandro RosadoDirector$1,000$1,000
Migdalia MoralesTreasurer$1,000$1,000
Carmen ReyesSecretary$800$800
Louis GaccioneDirector$800$800
Victor PapaDirector$600$600

Board Members and Trustees

NameTitle
Fr Louis R GiganteChairman
Salvatore GiganteExecutive VP
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$469,426
Investment Income
$1,046
Other Revenue
$0
Change in Net Assets
$33,691

Audited Revenue Reconciliation

Revenue per Audited Statements
$470,472
Total Revenue per Audited Statements
$470,472
Total Revenue per Form 990
$470,472
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$399,371
Salaries, Compensation, and Employee Benefits$37,410
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$144,853--$144,853
Fees for Services Management$35,216--$35,216
Other Salaries and Wages$33,958--$33,958
Insurance$24,990--$24,990
Interest$22,781--$22,781
Fees for Services Legal$12,102--$12,102
Fees for Services Accounting-$10,375-$10,375
All Other Expenses$7,855--$7,855
Other Expenses$6,146--$6,146
Payroll Taxes$3,452--$3,452
Fees for Services Other$1,072--$1,072
Total Functional Expenses$426,406$10,375$0$436,781

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$436,781
Total Expenses per Audited Statements$436,781
Total Expenses per Form 990$436,781
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
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-Officer/directoProperty MgtNo$35,216
-Office Direc toMaint. & RepairNo$19,959
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Tenant Security Deposit Payable$46,849
Accrued Expense$34,543
Accrued Mortgage Payable$1,898
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
Yes
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Page 6, Part VI, Line 2

“Louis r gigante salvatore gigante chairperson vp family related”

Form 990, Page 6, Part VI, Line 3

“The organization owns apartment buildings constructed and maintained to provide low income housing. The buildings are managed by building management associates, inc., a real estate property management company, which is owned by an officer and board member of the reporting organization.”

Form 990, Page 6, Part VI, Line 11B

“The organization's 990 is reviewed and approved by the controller and president before it is finalized and issued.”

Form 990, Page 6, Part VI, Line 19

“Documents, which are public record, are available from ny secretary of state.”

Filing and Contact Details

Filer

Filer Name
Fox Street Hdfc
EIN
27-0333073
Address
885 BRUCKNER BLVD, BRONX, NY 10459

Signing Officer

Name
Salvatore Gigante
Title
Executive VP
Signed
2017-11-07

Organization Details

Principal Officer
Salvatore Gigante
Formed
2009
Legal Domicile
Ny
Voting Board Members
7
Independent Board Members
5
Employees
1

Preparer

Firm
A Gary Aaronson CPA Pllc
Address
42 WEST 38TH STREET SUITE 1003, NEW YORK, NY 10018-0060
Preparer
A Gary Aaronson
Phone
2126845770
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 2, Part IV, Line 2B

“The organization holds security deposits from tenants in an escrow account. These deposits are returned to the tenants once tenants move out of the apartment.”

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IRS990ScheduleD/BuildingsGrp/DepreciationAmt02512004
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt03228
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IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt32763
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0REPLACEMENT RESERVE
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1TENANT SECURITY DEPOSIT
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2ESCROW DEPOSIT
IRS990ScheduleD/OtherAssetsOrgGrp/Desc3MISCELLANEOUS OTHER ASSET
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt134543
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt21898
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0TENANT SECURITY DEPOSIT PAYABLE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1ACCRUED EXPENSE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2ACCRUED MORTGAGE PAYABLE
IRS990ScheduleD/RevenueSubtotalAmt0470472
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION HOLDS SECURITY DEPOSITS FROM TENANTS IN AN ESCROW ACCOUNT. THESE DEPOSITS ARE RETURNED TO THE TENANTS ONCE TENANTS MOVE OUT OF THE APARTMENT.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 2, PART IV, LINE 2B
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IRS990ScheduleD/TotalBookValueOtherAssetsAmt0231280
IRS990ScheduleD/TotalExpensesPerForm990Amt0436781
IRS990ScheduleD/TotalLiabilityAmt083290
IRS990ScheduleD/TotalRevenuePerForm990Amt0470472
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0470472
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IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd0false
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
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IRS990/ScheduleJRequiredInd0true
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt1238594
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0FR LOUIS R GIGANTE
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1SALVATORE GIGANTE
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0CHAIRMAN
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1EXECUTIVE VP
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt0490500
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt1238594
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IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0false
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/BusinessName/BusinessNameLine1Txt1TIFFANY MAINTENANCE CO INC
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0OFFICER/DIRECTO
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt1OFFICE DIREC TO
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd1false
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt035216
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt119959
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0PROPERTY MGT
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc1MAINT. & REPAIR
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0LOUIS R GIGANTE SALVATORE GIGANTE CHAIRPERSON VP FAMILY RELATED
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION OWNS APARTMENT BUILDINGS CONSTRUCTED AND MAINTAINED TO PROVIDE LOW INCOME HOUSING. THE BUILDINGS ARE MANAGED BY BUILDING MANAGEMENT ASSOCIATES, INC., A REAL ESTATE PROPERTY MANAGEMENT COMPANY, WHICH IS OWNED BY AN OFFICER AND BOARD MEMBER OF THE REPORTING ORGANIZATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION'S 990 IS REVIEWED AND APPROVED BY THE CONTROLLER AND PRESIDENT BEFORE IT IS FINALIZED AND ISSUED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3DOCUMENTS, WHICH ARE PUBLIC RECORD, ARE AVAILABLE FROM NY SECRETARY OF STATE.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
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IRS990ScheduleR/AssetSaleToOtherOrgInd0false
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IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd0false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt0NA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0SEBCO DEVELOPMENT INC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0132944013
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501C3
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0NY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0DEVELOPMEN
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt07
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt0885 BRUCKNER BLVD
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0BRONX
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0NY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd010459
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IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd0false
IRS990ScheduleR/PaidEmployeesSharingInd0false
IRS990ScheduleR/PerformOfServicesByOtherOrgInd0false
IRS990ScheduleR/PerformOfServicesForOthOrgInd0false
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd0false
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd0false
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd0false
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd0false
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd0false
IRS990ScheduleR/SharingOfFacilitiesInd0false
IRS990ScheduleR/TransferFromOtherOrgInd0false
IRS990ScheduleR/TransferToOtherOrgInd0false
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
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Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,875,918
Liabilities
$2,473,626
Net assets
-$597,708
Revenue
$470,472
Expenses
$436,781
Net income
$33,691
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.56$2.54$0.98$0.44$0.65$0.21
2023Detailed filing. Detailed filing data is available for this year.$1.79$2.56$0.77$0.41$0.46$0.05
2022Detailed filing. Detailed filing data is available for this year.$1.77$2.49$0.72$0.43$0.44$0.01
2021Detailed filing. Detailed filing data is available for this year.$1.79$2.50$0.71$0.41$0.48$0.07
2020Detailed filing. Detailed filing data is available for this year.$1.88$2.52$0.64$0.39$0.45$0.05
2019Detailed filing. Detailed filing data is available for this year.$1.88$2.48$0.59$0.40$0.48$0.08
2018Detailed filing. Detailed filing data is available for this year.$1.96$2.47$0.51$0.45$0.42$0.03
2017Detailed filing. Detailed filing data is available for this year.$1.94$2.48$0.54$0.45$0.40$0.06
2016Detailed filing. Detailed filing data is available for this year.$1.88$2.47$0.60$0.47$0.44$0.03