Civic Intelligence

Restoring Communities Housing Development Fund Corporation

990 • Fiscal year 2021 • EIN 45-4252738

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 15, 2022

Organization ProfileWWW.NEIGHBORHOODRESTORE.ORG
150 Broadway Suite 2101New York, NY 10038

(212) 584-8981

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Flat

$870,836

Flat from 2021

Net Assets

Flat

$803,639

Flat from 2021

Liabilities

Flat

$67,197

Flat from 2021

Revenue And Expenses

Revenue

Flat

$323,336

Flat from 2021

Expenses

Flat

$162,179

Flat from 2021

Net Income

Flat

$161,157

Flat from 2021

Historical Trend

Balance Sheet Trend

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

$1.5M$1.0M$500K$0-$500KAssets 2013: $47,514Liabilities 2013: $104,213Net Assets 2013: -$56,6992013Assets 2014: $47,514Liabilities 2014: $106,735Net Assets 2014: -$59,2212014Assets 2015: $94,404Liabilities 2015: $115,673Net Assets 2015: -$21,2692015Assets 2016: $91,954Liabilities 2016: $177,2852016Assets 2017: $87,654Liabilities 2017: $258,738Net Assets 2017: -$171,0842017Assets 2018: $310,222Liabilities 2018: $225,576Net Assets 2018: $84,6462018Assets 2019: $531,070Liabilities 2019: $10,762Net Assets 2019: $520,3082019Assets 2020: $674,280Liabilities 2020: $31,798Net Assets 2020: $642,4822020Assets 2021: $870,836Liabilities 2021: $67,197Net Assets 2021: $803,6392021Assets 2021: $870,836Liabilities 2021: $67,197Net Assets 2021: $803,6392021Assets 2022: $1,086,277Liabilities 2022: $55,363Net Assets 2022: $1,030,9142022Assets 2023: $852,435Liabilities 2023: $63,080Net Assets 2023: $789,3552023Assets 2024: $1,085,660Liabilities 2024: $110,932Net Assets 2024: $974,7282024

Highlighted filing

2021

Assets$870,836
Liabilities$67,197
Net Assets$803,639
Open 2021 Filing

Operations Trend

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

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2013: $47,514Expenses 2013: $20,353Net Income 2013: $27,1612013Expenses 2014: $2,5222014Revenue 2015: $82,500Expenses 2015: $44,548Net Income 2015: $37,9522015Revenue 2016: $0Expenses 2016: $64,062Net Income 2016: -$64,0622016Revenue 2017: $500Expenses 2017: $86,253Net Income 2017: -$85,7532017Revenue 2018: $642,000Expenses 2018: $386,270Net Income 2018: $255,7302018Revenue 2019: $549,500Expenses 2019: $113,838Net Income 2019: $435,6622019Revenue 2020: $248,500Expenses 2020: $126,326Net Income 2020: $122,1742020Revenue 2021: $323,336Expenses 2021: $162,179Net Income 2021: $161,1572021Revenue 2021: $323,336Expenses 2021: $162,179Net Income 2021: $161,1572021Revenue 2022: $2,883,500Expenses 2022: $2,656,225Net Income 2022: $227,2752022Revenue 2023: $682,500Expenses 2023: $924,059Net Income 2023: -$241,5592023Revenue 2024: $533,000Expenses 2024: $347,627Net Income 2024: $185,3732024

Highlighted filing

2021

Revenue$323,336
Expenses$162,179
Net Income$161,157
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 15, 2022
Return Version
2021v4.2
Gross Receipts
$323,336
Mission and Program Overview

Mission

The corporation is organized exclusively for the purpose of perserving and creating, on a non-profit basis, housing projects for persons of low and moderate income. In addition to promoting affordable housing opportunities, it seeks to prevent and eliminate blight and foster the stablization of communities throughout nyc.

SEE SCHEDULE O

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$674,280$870,836▲ $196,556
Total Assets$674,280$870,836▲ $196,556
Liabilities
Other Liabilities$28,298$59,017▲ $30,719
Accounts Payable and Accrued Expenses$3,500$8,180▲ $4,680
Total Liabilities$31,798$67,197▲ $35,399
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$642,482$803,639▲ $161,157
Total Net Assets Fund Balance$642,482$803,639▲ $161,157
Total Liabilities and Net Assets / Fund Balance$674,280$870,836▲ $196,556
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
MR SALVATORE D'AVOLAAssistant SecretaryPT$30,053$2,787$32,840

Board Members and Trustees

NameTitle
Mr Harold ShultzPresident
Mr Michael WadmanVice President
Ms Elizabeth OakleyDirector
Mr Richard PinnerAssistant Sectetary
Ms Valerie WhiteSecretary
Ms Lydia TomTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$323,161
Investment Income
$0
Other Revenue
$175
Change in Net Assets
$161,157
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$118,067
Other Expenses$44,112
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$55,749$11,369-$67,118
Current Officers, Directors, Trustees, and Key Employees$7,513$22,540-$30,053
Fees for Services Legal-$15,051-$15,051
Other Employee Benefits$9,144$4,908-$14,052
Occupancy$7,446$3,992-$11,438
Fees for Services Accounting-$8,680-$8,680
Payroll Taxes$4,456$2,388-$6,844
Office Expenses$3,173$1,701-$4,874
Insurance$2,649$1,420-$4,069
Total Functional Expenses$90,130$72,049$0$162,179
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
Due to Neighborhood Restore$59,017
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
No
Management duties delegated
No

Governance Explanations

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

“The form 990 and appropriate schedules, as required, is prepared by outside accountants and reviewed internally by management and counsel, at which time it is considered the final draft. The final draft of the form 990 is made available to the board prior to it being filed with the irs.”

Form 990, Part VI, Section B, Line 12C

“Disclosure in accordance with the conflict of interest policy by employees and board members that satisify the criteria to be considered "interested persons' is submitted upon hiring and annually thereafter. The audit and compliance committee reviews the submissions for conflicts and the office of the compliance officer manages the process.”

Form 990, Part VI, Section C, Line 19

“The documents are available upon request.”

Filing and Contact Details

Filer

Filer Name
Restoring Communities Housing
EIN
45-4252738
Phone
2125848981
Address
150 BROADWAY SUITE 2101, NEW YORK, NY 10038

Signing Officer

Name
MR SALVATORE D'AVOLA
Title
Assistant Secretary
Phone
2125848981
Signed
2022-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
MR SALVATORE D'AVOLA
Voting Board Members
5
Independent Board Members
5
Employees
0
Volunteers
0

Preparer

Firm
Mitchell & Titus Llp
Address
80 PINE STREET, NEW YORK, NY 10005
Preparer
Frederick E Davis Jr
Phone
2127094500
Supplemental Narrative

Additional Explanations

FORM 990, PART III ORGANIZATION'S MISSION STATEMENT

“Form 990 - organization's mission the corporation is organized exclusively for the purpose of perserving and creating, on a non-profit basis, housing projects for persons of low and moderate income. In addition to promoting affordable housing opportunities, it seeks to prevent and eliminate blight and foster the stablization of communities throughout new york city. Form 990, part vi, line 11b - organization's process to review form 990 copy of form 990 is provided to the board before filing. Form 990, part vi, line 12c - enforcement of conflicts policy yes, by following procedures outlined in policy statement. Form 990, part vi, line 19 - governing documents disclosure explanation documents are made available to the public upon written request.”

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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE FORM 990 AND APPROPRIATE SCHEDULES, AS REQUIRED, IS PREPARED BY OUTSIDE ACCOUNTANTS AND REVIEWED INTERNALLY BY MANAGEMENT AND COUNSEL, AT WHICH TIME IT IS CONSIDERED THE FINAL DRAFT. THE FINAL DRAFT OF THE FORM 990 IS MADE AVAILABLE TO THE BOARD PRIOR TO IT BEING FILED WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1DISCLOSURE IN ACCORDANCE WITH THE CONFLICT OF INTEREST POLICY BY EMPLOYEES AND BOARD MEMBERS THAT SATISIFY THE CRITERIA TO BE CONSIDERED "INTERESTED PERSONS' IS SUBMITTED UPON HIRING AND ANNUALLY THEREAFTER. THE AUDIT AND COMPLIANCE COMMITTEE REVIEWS THE SUBMISSIONS FOR CONFLICTS AND THE OFFICE OF THE COMPLIANCE OFFICER MANAGES THE PROCESS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE DOCUMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3FORM 990 - ORGANIZATION'S MISSION THE CORPORATION IS ORGANIZED EXCLUSIVELY FOR THE PURPOSE OF PERSERVING AND CREATING, ON A NON-PROFIT BASIS, HOUSING PROJECTS FOR PERSONS OF LOW AND MODERATE INCOME. IN ADDITION TO PROMOTING AFFORDABLE HOUSING OPPORTUNITIES, IT SEEKS TO PREVENT AND ELIMINATE BLIGHT AND FOSTER THE STABLIZATION OF COMMUNITIES THROUGHOUT NEW YORK CITY. FORM 990, PART VI, LINE 11B - ORGANIZATION'S PROCESS TO REVIEW FORM 990 COPY OF FORM 990 IS PROVIDED TO THE BOARD BEFORE FILING. FORM 990, PART VI, LINE 12C - ENFORCEMENT OF CONFLICTS POLICY YES, BY FOLLOWING PROCEDURES OUTLINED IN POLICY STATEMENT. FORM 990, PART VI, LINE 19 - GOVERNING DOCUMENTS DISCLOSURE EXPLANATION DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST.
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART III ORGANIZATION'S MISSION STATEMENT
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Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$870,836
Liabilities
$67,197
Net assets
$803,639
Revenue
$323,336
Expenses
$162,179
Net income
$161,157
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.09$0.11$0.97$0.53$0.35$0.19
2023Detailed filing. Detailed filing data is available for this year.$0.85$0.06$0.79$0.68$0.92$0.24
2022Detailed filing. Detailed filing data is available for this year.$1.09$0.06$1.03$2.88$2.66$0.23
2021Detailed filing. Detailed filing data is available for this year.$0.87$0.07$0.80$0.32$0.16$0.16
2021Detailed filing. Detailed filing data is available for this year.$0.87$0.07$0.80$0.32$0.16$0.16
2020Detailed filing. Detailed filing data is available for this year.$0.67$0.03$0.64$0.25$0.13$0.12
2019Detailed filing. Detailed filing data is available for this year.$0.53$0.01$0.52$0.55$0.11$0.44
2018Detailed filing. Detailed filing data is available for this year.$0.31$0.23$0.08$0.64$0.39$0.26
2017Detailed filing. Detailed filing data is available for this year.$0.09$0.26$0.17$0.00$0.09$0.09
2016Summary only. Only limited summary data is available for this year.$0.09$0.18$0.00$0.06$0.06
2015Detailed filing. Detailed filing data is available for this year.$0.09$0.12$0.02$0.08$0.04$0.04
2014Detailed filing. Detailed filing data is available for this year.$0.05$0.11$0.06$0.00
2013Summary only. Only limited summary data is available for this year.$0.05$0.10$0.06$0.05$0.02$0.03