Civic Intelligence

Freeman Apartments Inc

EIN 31-1510338 • 501(c)3 • Bloomfield, NJ

Profile

To provide housing for low income disabled individuals.

264 Belleville AvenueBloomfield, NJ 07003

n/A

Siviq Scores

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

Liabilities / Assets

64th percentile

0.07x

Higher debt load relative to assets than 64% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2024

Liabilities / Revenue

82nd percentile

0.30x

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

501(c)3 • $500k-$1M nonprofits • Source year 2024

Net Margin

10th percentile

-37%

Higher net margin than 10% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

22nd percentile

-7.9%

Faster asset growth than 22% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2022 to 2024

Revenue Growth

41st percentile

2.1%

Faster revenue growth than 41% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2022 to 2024

Balance Sheet
Liabilities / Assets64th percentile

Assets

Down

$867,630

Down $92,561 (-9.6%) from 2023

Liabilities

Down

$62,859

Down $14,690 (-19%) from 2023

Net Assets

Down

$804,771

Down $77,871 (-8.8%) from 2023

Operations
Liabilities / Revenue82nd percentileNet Margin10th percentile

Revenue

Up

$208,973

Up $17,727 (+9.3%) from 2023

Expenses

Up

$286,844

Up $19,007 (+7.1%) from 2023

Net Income

Down

-$77,871

Down $1,280 (-1.7%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth22nd percentile

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

$1.5M$1.0M$500K$0Assets 2010: $1,464,040Liabilities 2010: $27,150Net Assets 2010: $1,436,8902010Assets 2011: $1,423,564Liabilities 2011: $28,056Net Assets 2011: $1,395,5082011Assets 2012: $1,393,124Liabilities 2012: $29,176Net Assets 2012: $1,363,9482012Assets 2013: $1,347,791Liabilities 2013: $26,208Net Assets 2013: $1,321,5832013Assets 2014: $1,309,907Liabilities 2014: $43,172Net Assets 2014: $1,266,7352014Assets 2015: $1,272,813Liabilities 2015: $44,736Net Assets 2015: $1,228,0772015Assets 2016: $1,254,322Liabilities 2016: $23,527Net Assets 2016: $1,230,7952016Assets 2017: $1,256,862Liabilities 2017: $65,081Net Assets 2017: $1,191,7812017Assets 2018: $1,192,700Liabilities 2018: $58,311Net Assets 2018: $1,134,3892018Assets 2019: $1,243,302Liabilities 2019: $112,288Net Assets 2019: $1,131,0142019Assets 2020: $1,119,308Liabilities 2020: $52,370Net Assets 2020: $1,066,9382020Assets 2021: $1,077,310Liabilities 2021: $51,184Net Assets 2021: $1,026,1262021Assets 2022: $1,021,787Liabilities 2022: $62,554Net Assets 2022: $959,2332022Assets 2023: $960,191Liabilities 2023: $77,549Net Assets 2023: $882,6422023Assets 2024: $867,630Liabilities 2024: $62,859Net Assets 2024: $804,7712024

Highlighted filing

2024

Assets$867,630
Liabilities$62,859
Net Assets$804,771
Open 2024 Filing

Operations Trend

Revenue Growth41st percentile

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

$300K$200K$100K$0-$100KExpenses 2010: $179,5092010Expenses 2011: $196,3502011Expenses 2012: $191,1312012Revenue 2013: $162,801Expenses 2013: $205,166Net Income 2013: -$42,3652013Revenue 2014: $160,663Expenses 2014: $215,511Net Income 2014: -$54,8482014Revenue 2015: $164,392Expenses 2015: $203,050Net Income 2015: -$38,6582015Revenue 2016: $188,654Expenses 2016: $185,936Net Income 2016: $2,7182016Revenue 2017: $180,670Expenses 2017: $219,684Net Income 2017: -$39,0142017Revenue 2018: $171,213Expenses 2018: $224,792Net Income 2018: -$53,5792018Revenue 2019: $228,735Expenses 2019: $230,807Net Income 2019: -$2,0722019Revenue 2020: $187,141Expenses 2020: $253,778Net Income 2020: -$66,6372020Revenue 2021: $186,521Expenses 2021: $226,450Net Income 2021: -$39,9292021Revenue 2022: $200,648Expenses 2022: $266,156Net Income 2022: -$65,5082022Revenue 2023: $191,246Expenses 2023: $267,837Net Income 2023: -$76,5912023Revenue 2024: $208,973Expenses 2024: $286,844Net Income 2024: -$77,8712024

Highlighted filing

2024

Revenue$208,973
Expenses$286,844
Net Income-$77,871
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$867,630
Liabilities
$62,859
Net assets
$804,771
Revenue
$208,973
Expenses
$286,844
Net income
-$77,871
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.87$0.06$0.80$0.21$0.29$0.08
2023Detailed filing. Detailed filing data is available for this year.$0.96$0.08$0.88$0.19$0.27$0.08
2022Detailed filing. Detailed filing data is available for this year.$1.02$0.06$0.96$0.20$0.27$0.07
2021Detailed filing. Detailed filing data is available for this year.$1.08$0.05$1.03$0.19$0.23$0.04
2020Detailed filing. Detailed filing data is available for this year.$1.12$0.05$1.07$0.19$0.25$0.07
2019Detailed filing. Detailed filing data is available for this year.$1.24$0.11$1.13$0.23$0.23$0.00
2018Detailed filing. Detailed filing data is available for this year.$1.19$0.06$1.13$0.17$0.22$0.05
2017Detailed filing. Detailed filing data is available for this year.$1.26$0.07$1.19$0.18$0.22$0.04
2016Detailed filing. Detailed filing data is available for this year.$1.25$0.02$1.23$0.19$0.19$0.00
2015Detailed filing. Detailed filing data is available for this year.$1.27$0.04$1.23$0.16$0.20$0.04
2014Detailed filing. Detailed filing data is available for this year.$1.31$0.04$1.27$0.16$0.22$0.05
2013Detailed filing. Detailed filing data is available for this year.$1.35$0.03$1.32$0.16$0.21$0.04
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.39$0.03$1.36$0.19
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.42$0.03$1.40$0.20
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.46$0.03$1.44$0.18
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Oct 20, 2025
Return Version
2024v5.2
Gross Receipts
$208,973
Mission and Program Overview

Mission

To provide housing for low income disabled individuals.

To provide low income housing for the disabled.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$869,229$795,122▼ $74,107
Prepaid Expenses and Deferred Charges$5,939$4,059▼ $1,880
Accounts Receivable$1,094$3,871▲ $2,777
Cash and Non-Interest-Bearing Accounts$1,542$3,023▲ $1,481
Total Assets$960,191$867,630▼ $92,561
Other Assets Total$82,387$61,555▼ $20,832
Liabilities
Accounts Payable and Accrued Expenses$64,098$48,599▼ $15,499
Deferred Revenue$8,973$8,864▼ $109
Escrow Account Liability$4,478$5,396▲ $918
Total Liabilities$77,549$62,859▼ $14,690
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$882,642$804,771▼ $77,871
Total Net Assets Fund Balance$882,642$804,771▼ $77,871
Total Liabilities and Net Assets / Fund Balance$960,191$867,630▼ $92,561

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$741,569$1,080,861$1,822,430
Equipment$53,553$163,760$217,313
Other Assets Org$56,159--
Compensation and Service Providers
Top Officer PayScore unavailable

Board Members and Trustees

NameTitle
Susan P HowleyPresident
John WesterveltVice President
Bruce BergenTrustee
Ed HeatonTrustee
Elizabeth McclendonTrustee
Thomas StranoTrustee
Elisa SananmanAsst Secretary
Brother Benedict LobalboSecretary
Philip T PasmanikTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$206,551
Investment Income
$10
Other Revenue
$2,412
Change in Net Assets
$-77,871

Audited Revenue Reconciliation

Revenue per Audited Statements
$208,973
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$208,973
Total Revenue per Form 990
$208,973
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$271,716
Salaries, Compensation, and Employee Benefits$15,128
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$74,107--$74,107
Fees for Services Management-$30,252-$30,252
Occupancy$25,640--$25,640
Insurance$16,700--$16,700
Other Salaries and Wages-$12,183-$12,183
Fees for Services Accounting-$10,824-$10,824
Office Expenses-$4,401-$4,401
All Other Expenses$3,883--$3,883
Other Expenses$3,235$22,628-$3,235
Other Employee Benefits$1,898--$1,898
Payroll Taxes$1,047--$1,047
Total Functional Expenses$206,556$80,288$0$286,844

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$286,844
Total Expenses per Audited Statements$286,844
Total Expenses per Form 990$286,844
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
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
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

“The organization contracts a 3rd party management company to perform management functions for the housing units.”

Form 990, Part VI, Section A, Line 8B

“There are no such committees with authority to act on behalf of the governing body.”

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

“A copy of the form 990 will be given to all trustees prior to filing for review. A vote will be taken for the approval of the form.”

Form 990, Part VI, Section B, Line 15

“The fees paid to the management company are determined and regulated by hud. The organization does not compensate officers and does not have key employees.”

Form 990, Part VI, Section C, Line 19

“The organization's forms 1023 and 990 are available upon request and form 990 is also available on guidestar.org.”

Filing and Contact Details

Filer

Filer Name
Freeman Apartments Inc
EIN
31-1510338
Phone
9735963984
Address
264 BELLEVILLE AVENUE, BLOOMFIELD, NJ 07003

Signing Officer

Name
Philip T Pasmanik
Title
Treasurer
Phone
9735963984
Signed
2025-10-20
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Philip T Pasmanik
Formed
1997
Legal Domicile
Nj
Voting Board Members
8
Independent Board Members
8
Employees
2
Volunteers
0

Preparer

Firm
Cliftonlarsonallen Llp
Address
293 EISENHOWER PARKWAY 2ND FLOOR, LIVINGSTON, NJ 07039
Preparer
Tara Del Gavio
Phone
9739949494
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C

“The oversight process has not changed from the prior year.”

Financial Statement Notes

PART IV, LINE 2B:

“The organization maintains security deposits in trust in the name of each tenant.”

PART X, LINE 2:

“The project is exempt from federal and state income taxes under section 501(c)(3) of the internal revenue code. The project follows standards that provide clarification on accounting for uncertainty in income taxes recognized in the project's financial statements. The guidance prescribes a recognition threshold and measurement attribute for the recognition and measurement of a tax position taken or expected to be taken in a tax return, and also provides guidance on derecognition, classification, interest and penalties, disclosure and transition. The project's policy is to recognize interest and penalties on unrecognized tax benefits in income tax expense. No interest and penalties were recorded during years 2024 and 2023. At december 31, 2024 and 2023, there are no significant income tax uncertainties.”

Raw XML AppendixShowing 400 of 472 raw XML fields

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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IRS990/OtherExpensesGrp/Desc0CONTRACTS
IRS990/OtherExpensesGrp/Desc1MISCELLANEOUS OPERATING
IRS990/OtherExpensesGrp/Desc2MISCELLANEOUS ADMINISTR
IRS990/OtherExpensesGrp/Desc3OPERATING AND MAINTENAN
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt022628
IRS990/OtherExpensesGrp/ProgramServicesAmt052414
IRS990/OtherExpensesGrp/ProgramServicesAmt127632
IRS990/OtherExpensesGrp/ProgramServicesAmt23235
IRS990/OtherExpensesGrp/TotalAmt052414
IRS990/OtherExpensesGrp/TotalAmt127632
IRS990/OtherExpensesGrp/TotalAmt222628
IRS990/OtherExpensesGrp/TotalAmt33235
IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/Desc0MISCELLANEOUS REVENUE
IRS990/OtherRevenueMiscGrp/ExclusionAmt02412
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt02412
IRS990/OtherRevenueTotalAmt02412
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt012183
IRS990/OtherSalariesAndWagesGrp/TotalAmt012183
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/ProgramServicesAmt01047
IRS990/PayrollTaxesGrp/TotalAmt01047
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt05939
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt04059
IRS990/PrincipalOfficerNm0PHILIP T PASMANIK
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0531110
IRS990/ProgramServiceRevenueGrp/BusinessCd1531110
IRS990/ProgramServiceRevenueGrp/BusinessCd2812300
IRS990/ProgramServiceRevenueGrp/Desc0RENT RECEIPTS - HUD
IRS990/ProgramServiceRevenueGrp/Desc1RENT RECEIPTS - TENANT
IRS990/ProgramServiceRevenueGrp/Desc2LAUNDRY REVENUE
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0132925
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt173487
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt2139
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0132925
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt173487
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt2139
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt040
IRS990/PYOtherExpensesAmt0254533
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt0191206
IRS990/PYRevenuesLessExpensesAmt0-76591
IRS990/PYSalariesCompEmpBnftPaidAmt013304
IRS990/PYTotalExpensesAmt0267837
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0191246
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0-77871
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd01
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt0206551
IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/TotalAmt00
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearAmt010
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus1YearAmt040
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus2YearsAmt064
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus3YearsAmt048
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus4YearsAmt033
IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt0195
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt0206551
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt0191206
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt0184203
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt0186473
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt0186850
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt0955283
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt010
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt040
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus2YearsAmt064
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus3YearsAmt048
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus4YearsAmt033
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt0195
IRS990ScheduleA/InvestmentIncomeCYPct00.00020
IRS990ScheduleA/InvestmentIncomePYPct00.00020
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearAmt02412
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus2YearsAmt016381
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus4YearsAmt0258
IRS990ScheduleA/OtherIncome509Grp/TotalAmt019051
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportCY509Pct00.98030
IRS990ScheduleA/PublicSupportPY509Pct00.98300
IRS990ScheduleA/PublicSupportTotal509Amt0955283
IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/TotalAmt00
IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind0X
IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt0206551
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt0191206
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt0184203
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt0186473
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt0186850
IRS990ScheduleA/Total509Grp/TotalAmt0955283
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt0208973
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt0191246
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt0200648
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0186521
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt0187141
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt0974529
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/AgentTrusteeEtcInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt0741569
IRS990ScheduleD/BuildingsGrp/DepreciationAmt01080861
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt01822430
IRS990ScheduleD/EquipmentGrp/BookValueAmt053553
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0163760
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0217313
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0286844
IRS990ScheduleD/ExplanationProvidedInd0X
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd01
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt05396
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt156159
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0TENANT SECURITY DEPOSITS HELD IN TRUST
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1RESTRICTED DEPOSITS
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0208973
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION MAINTAINS SECURITY DEPOSITS IN TRUST IN THE NAME OF EACH TENANT.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1THE PROJECT IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE PROJECT FOLLOWS STANDARDS THAT PROVIDE CLARIFICATION ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN THE PROJECT'S FINANCIAL STATEMENTS. THE GUIDANCE PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, AND ALSO PROVIDES GUIDANCE ON DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, DISCLOSURE AND TRANSITION. THE PROJECT'S POLICY IS TO RECOGNIZE INTEREST AND PENALTIES ON UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE. NO INTEREST AND PENALTIES WERE RECORDED DURING YEARS 2024 AND 2023. AT DECEMBER 31, 2024 AND 2023, THERE ARE NO SIGNIFICANT INCOME TAX UNCERTAINTIES.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART IV, LINE 2B:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0795122
IRS990ScheduleD/TotalBookValueOtherAssetsAmt061555
IRS990ScheduleD/TotalExpensesPerForm990Amt0286844
IRS990ScheduleD/TotalRevenuePerForm990Amt0208973
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0208973
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0286844
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION CONTRACTS A 3RD PARTY MANAGEMENT COMPANY TO PERFORM MANAGEMENT FUNCTIONS FOR THE HOUSING UNITS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THERE ARE NO SUCH COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2A COPY OF THE FORM 990 WILL BE GIVEN TO ALL TRUSTEES PRIOR TO FILING FOR REVIEW. A VOTE WILL BE TAKEN FOR THE APPROVAL OF THE FORM.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE FEES PAID TO THE MANAGEMENT COMPANY ARE DETERMINED AND REGULATED BY HUD. THE ORGANIZATION DOES NOT COMPENSATE OFFICERS AND DOES NOT HAVE KEY EMPLOYEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION'S FORMS 1023 AND 990 ARE AVAILABLE UPON REQUEST AND FORM 990 IS ALSO AVAILABLE ON GUIDESTAR.ORG.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE OVERSIGHT PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XII, LINE 2C
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0NEW JERSEY CONNECT INC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0NJ
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0CONSULTING FUNCTIONS AND PAYMENTS OF VARIOUS TAXES
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt0PO BOX 2052
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0WESTFIELD
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0NJ
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd0079012052
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd01
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd01
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
IRS990ScheduleR/SupplementalInformationDetail/ExplanationTxt0NEW JERSEY CONNECT WAS THE DEVELOPER OF FREEMAN APARTMENTS, INC. THE CURRENT CO-SPONSORS ARE DOMUS AND NEW JERSEY CONNECT. FOUR TRUSTEES ARE FROM NEW JERSEY CONNECT AND FOUR ARE FROM DOMUS.
IRS990ScheduleR/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE R PART II
IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0NJ
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00

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