Civic Intelligence

Choconut Creek Housing Corporation

EIN 27-1476031 • 501(c)3 • Binghamton, NY

Profile

To develop, own, and operate on a non-profit basis, a housing project for frail and elderly persons of low income.

167 Clinton StreetBinghamton, NY 13905-2225

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

84th percentile

1.86x

Higher debt load relative to assets than 84% of similar nonprofits.

NTEE L22 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

98th percentile

36.60x

Higher debt load relative to revenue than 98% of similar nonprofits.

NTEE L22 • $1M-$5M nonprofits • Source year 2024

Net Margin

3rd percentile

-152%

Higher net margin than 3% of similar nonprofits.

NTEE L22 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

65th percentile

$0

Higher top officer pay than 65% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

NTEE L22 • $1M-$5M nonprofits • Source year 2024

Asset Growth

20th percentile

-5.2%

Faster asset growth than 20% of similar nonprofits.

NTEE L22 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

9th percentile

-21%

Faster revenue growth than 9% of similar nonprofits.

NTEE L22 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Assets

Down

$2,763,853

Down $285,962 (-9.4%) from 2020

Liabilities

Up

$4,557,751

Up $42,462 (+0.9%) from 2020

Net Assets

Down

-$1,793,898

Down $328,424 (-22%) from 2020

Revenue

Up

$126,959

Up $8,377 (+7.1%) from 2020

Expenses

Down

$294,478

Down $2,472 (-0.8%) from 2020

Net Income

Up

-$167,519

Up $10,849 (+6.1%) from 2020

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$6.0M$4.0M$2.0M$0-$2.0MAssets 2010: $2,848,305Liabilities 2010: $337,634Net Assets 2010: $2,510,6712010Assets 2011: $3,632,409Liabilities 2011: $0Net Assets 2011: $3,632,4092011Assets 2012: $4,353,643Liabilities 2012: $4,546,748Net Assets 2012: -$193,1052012Assets 2013: $4,125,301Liabilities 2013: $4,447,486Net Assets 2013: -$322,1852013Assets 2014: $3,975,398Liabilities 2014: $4,445,862Net Assets 2014: -$470,4642014Assets 2016: $3,623,598Liabilities 2016: $4,408,167Net Assets 2016: -$784,5692016Assets 2017: $3,491,980Liabilities 2017: $4,437,766Net Assets 2017: -$945,7862017Assets 2018: $3,348,980Liabilities 2018: $4,462,821Net Assets 2018: -$1,113,8412018Assets 2019: $3,191,479Liabilities 2019: $4,478,585Net Assets 2019: -$1,287,1062019Assets 2020: $3,049,815Liabilities 2020: $4,515,289Net Assets 2020: -$1,465,4742020Assets 2022: $2,763,853Liabilities 2022: $4,557,751Net Assets 2022: -$1,793,8982022

Highlighted filing

2022

Assets$2,763,853
Liabilities$4,557,751
Net Assets-$1,793,898

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$400K$200K$0-$200KExpenses 2010: $1,8462010Expenses 2011: $21,4852011Expenses 2012: $244,9282012Revenue 2013: $114,484Expenses 2013: $243,564Net Income 2013: -$129,0802013Revenue 2014: $115,747Expenses 2014: $262,041Net Income 2014: -$146,2942014Revenue 2016: $111,555Expenses 2016: $263,597Net Income 2016: -$152,0422016Revenue 2017: $117,617Expenses 2017: $278,834Net Income 2017: -$161,2172017Revenue 2018: $121,025Expenses 2018: $289,080Net Income 2018: -$168,0552018Revenue 2019: $115,824Expenses 2019: $289,089Net Income 2019: -$173,2652019Revenue 2020: $118,582Expenses 2020: $296,950Net Income 2020: -$178,3682020Revenue 2022: $126,959Expenses 2022: $294,478Net Income 2022: -$167,5192022

Highlighted filing

2022

Revenue$126,959
Expenses$294,478
Net Income-$167,519

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Jul 27, 2023
Return Version
2022v5.0
Gross Receipts
$126,959
Mission and Program Overview

Mission

To develop, own, and operate on a non-profit basis, a housing project for frail and elderly persons of low income.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,575,570$2,434,337▼ $141,233
Prepaid Expenses and Deferred Charges$17,629$17,814▲ $185
Cash and Non-Interest-Bearing Accounts$3,887$2,140▼ $1,747
Accounts Receivable$242$947▲ $705
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$-1,626,379$-1,793,898▼ $167,519
Total Assets$2,907,261$2,763,853▼ $143,408
Other Assets Total$309,933$308,615▼ $1,318
Liabilities
Other Liabilities$4,509,354$4,534,344▲ $24,990
Accounts Payable and Accrued Expenses$24,286$23,407▼ $879
Total Liabilities$4,533,640$4,557,751▲ $24,111
Net Assets / Fund Balance
Total Net Assets Fund Balance$-1,626,379$-1,793,898▼ $167,519
Total Liabilities and Net Assets / Fund Balance$2,907,261$2,763,853▼ $143,408

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,297,954$1,554,775$3,852,729
Land$125,000-$125,000
Equipment$11,383$6,684$18,067
Other Assets Org$297,168--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Jerry WillardPresident
Henry AusbyVice President
Melissa BurishTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$126,940
Investment Income
$19
Other Revenue
$0
Change in Net Assets
$-167,519

Audited Revenue Reconciliation

Revenue per Audited Statements
$126,959
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$126,959
Total Revenue per Form 990
$126,959
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$270,113
Salaries, Compensation, and Employee Benefits$24,365
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$140,404$2,865-$143,269
Other Salaries and Wages$14,834$7,800-$22,634
Occupancy$16,581$339-$16,920
Insurance$14,606$298-$14,904
Fees for Services Accounting-$14,500-$14,500
Fees for Services Management-$12,537-$12,537
Other Expenses$5,274$156-$5,274
Office Expenses-$5,252-$5,252
Interest$5,164--$5,164
Fees for Services Legal-$4,907-$4,907
Payroll Taxes$520$1,211-$1,731
Total Functional Expenses$244,503$49,975$0$294,478

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$294,478
Total Expenses per Audited Statements$294,478
Total Expenses per Form 990$294,478
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Mortgage Payable$4,388,115
Due to Fwac$130,422
Security Deposits Payable$10,673
Loans Payable - Development$3,491
Advanced Rent Collections$1,643
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

The 990 is reviewed by the president prior to filing.

Form 990, Part VI, Section C, Line 19

Governing documents, conflict of interest policy, and financial statements are available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Choconut Creek Housing Corporation
EIN
27-1476031
Phone
6077722850
Address
167 CLINTON STREET, BINGHAMTON, NY 13905-2225

Signing Officer

Name
Jerry Willard
Title
President
Phone
6077722850
Signed
2023-07-27
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jerry Willard
Formed
2009
Legal Domicile
Pa
Voting Board Members
3
Independent Board Members
3
Employees
0
Volunteers
0

Preparer

Firm
Grossman St Amour Cpas Pllc
Address
110 WEST FAYETTE STREET SUITE 900, SYRACUSE, NY 13202
Preparer
Christina R Ondrako CPA
Phone
3154241120
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

The review process has not changed from the prior year.

Financial Statement Notes

PART X, LINE 2:

The organization has adopted the provisions of fasb asc 740, income taxes, which requires that a tax position be recognized or derecognized based on a more likely than not threshold. This applies to positions taken or expected to be taken in a tax return, including maintenance of tax-exempt status. Should penalties or interest be incurred related to a disallowed tax position, they would be reported as operating expenses. The organization does not believe its financial statements include any uncertain tax positions.

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IRS990ScheduleD/EquipmentGrp/DepreciationAmt06684
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt018067
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0294478
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt0125000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0125000
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt0774
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt110673
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt2297168
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0DUE FROM FWAC
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1TENANT SECURITY DEPOSITS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2FUNDED RESERVES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0130422
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt110673
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt23491
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt34388115
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt41643
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0DUE TO FWAC
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1SECURITY DEPOSITS PAYABLE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2LOANS PAYABLE - DEVELOPMENT
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3MORTGAGE PAYABLE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc4ADVANCED RENT COLLECTIONS
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0126959
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION HAS ADOPTED THE PROVISIONS OF FASB ASC 740, INCOME TAXES, WHICH REQUIRES THAT A TAX POSITION BE RECOGNIZED OR DERECOGNIZED BASED ON A MORE LIKELY THAN NOT THRESHOLD. THIS APPLIES TO POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, INCLUDING MAINTENANCE OF TAX-EXEMPT STATUS. SHOULD PENALTIES OR INTEREST BE INCURRED RELATED TO A DISALLOWED TAX POSITION, THEY WOULD BE REPORTED AS OPERATING EXPENSES. THE ORGANIZATION DOES NOT BELIEVE ITS FINANCIAL STATEMENTS INCLUDE ANY UNCERTAIN TAX POSITIONS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt02434337
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0308615
IRS990ScheduleD/TotalExpensesPerForm990Amt0294478
IRS990ScheduleD/TotalLiabilityAmt04534344
IRS990ScheduleD/TotalRevenuePerForm990Amt0126959
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0126959
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0294478
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE 990 IS REVIEWED BY THE PRESIDENT PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE REVIEW PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART XII, LINE 2C:
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0FIRST WARD ACTION COUNCIL INC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0NY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0LOW-INCOME HOUSING
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0LINE 7
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt0167 CLINTON STREET
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0BINGHAMTON
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0NY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd013905
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd01
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd01
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt0774
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt1130422
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0CASH
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt1CASH
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0FIRST WARD ACTION COUNCIL INC
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt1FIRST WARD ACTION COUNCIL INC
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt0D
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt1E
IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0PA
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt02907261
IRS990/TotalAssetsEOYAmt02763853
IRS990/TotalAssetsGrp/BOYAmt02907261
IRS990/TotalAssetsGrp/EOYAmt02763853
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt049975
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0244503
IRS990/TotalFunctionalExpensesGrp/TotalAmt0294478
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt04533640
IRS990/TotalLiabilitiesEOYAmt04557751
IRS990/TotalLiabilitiesGrp/BOYAmt04533640
IRS990/TotalLiabilitiesGrp/EOYAmt04557751
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-1626379
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-1793898
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0244503
IRS990/TotalProgramServiceRevenueAmt0126940
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt019
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0126940
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0126959
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt02907261
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt02763853
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0167 CLINTON STREET
IRS990/USAddress/CityNm0BINGHAMTON
IRS990/USAddress/StateAbbreviationCd0NY
IRS990/USAddress/ZIPCd0139052225
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt03
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd00
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02

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