Civic Intelligence

Restoring Communities Housing Development Fund Corporation

990 • Fiscal year 2022 • EIN 45-4252738

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 14, 2023

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

(212) 584-8981

Siviq Scores

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

Liabilities / Assets

25th percentile

0.05x

Higher debt load relative to assets than 25% of similar nonprofits.

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

Liabilities / Revenue

8th percentile

0.02x

Higher debt load relative to revenue than 8% of similar nonprofits.

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

Net Margin

70th percentile

7.9%

Higher net margin than 70% of similar nonprofits.

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

Top Officer Pay

82nd percentile

$270,875

Higher top officer pay than 82% of similar nonprofits.

Top officer pay equals 9.4% of source-year revenue.

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

Asset Growth

90th percentile

25%

Faster asset growth than 90% of similar nonprofits.

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

Revenue Growth

99th percentile

792%

Faster revenue growth than 99% of similar nonprofits.

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

Balance Sheet
Liabilities / Assets25th percentile

Assets

Up

$1,086,277

Up $215,441 (+25%) from 2021

Net Assets

Up

$1,030,914

Up $227,275 (+28%) from 2021

Liabilities

Down

$55,363

Down $11,834 (-18%) from 2021

Revenue And Expenses
Liabilities / Revenue8th percentileNet Margin70th percentile

Revenue

Up

$2,883,500

Up $2,560,164 (+792%) from 2021

Expenses

Up

$2,656,225

Up $2,494,046 (+1538%) from 2021

Net Income

Up

$227,275

Up $66,118 (+41%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth90th percentile

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 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

2022

Assets$1,086,277
Liabilities$55,363
Net Assets$1,030,914
Open 2022 Filing

Operations Trend

Revenue Growth99th percentile

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 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

2022

Revenue$2,883,500
Expenses$2,656,225
Net Income$227,275
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 14, 2023
Return Version
2022v5.0
Gross Receipts
$2,883,500
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.

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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$870,836$1,086,277▲ $215,441
Total Assets$870,836$1,086,277▲ $215,441
Liabilities
Accounts Payable and Accrued Expenses$8,180$40,831▲ $32,651
Other Liabilities$59,017$14,532▼ $44,485
Total Liabilities$67,197$55,363▼ $11,834
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$803,639$1,030,914▲ $227,275
Total Net Assets Fund Balance$803,639$1,030,914▲ $227,275
Total Liabilities and Net Assets / Fund Balance$870,836$1,086,277▲ $215,441
Compensation and Service Providers
Top Officer Pay82nd percentile

Board Members and Trustees

NameTitle
Harold ShultzPresident
Michael WadmanVice President
Elizabeth OakleyOutgoing Director
Richard PinnerAssistant Secretary
SALVATORE D'AVOLAAssistant Secretary
Valerie WhiteSecretary
Lydia TomTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$2,425,000
Program Service Revenue
$458,500
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$227,275

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,883,500
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$2,883,500
Total Revenue per Form 990
$2,883,500
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$2,425,000
Other Expenses$231,225
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$2,425,000--$2,425,000
Fees for Services Management$109,773$53,677-$163,450
Fees for Services Legal-$22,671-$22,671
Fees for Services Accounting-$20,970-$20,970
Occupancy$8,471$4,142-$12,613
Insurance$3,565$1,743-$5,308
Office Expenses$2,957$1,446-$4,403
Fees for Services Lobbying-$1,810-$1,810
Total Functional Expenses$2,549,766$106,459$0$2,656,225

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,656,225
Total Expenses per Audited Statements$2,656,225
Total Expenses per Form 990$2,656,225
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
Yes
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Neighborhood Restore$14,532
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
No
Management duties delegated
No

Governance Explanations

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

“Copy of form 990 is provided to the board before filing.”

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

“Yes, by following procedures outlined in policy statement.”

Form 990, Part VI, Section C, Line 19

“Documents are made available to the public upon written request.”

Filing and Contact Details

Filer

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

Signing Officer

Name
MR SALVATORE D'AVOLA
Title
Assistant Secretary
Phone
2125848981
Signed
2023-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
MR SALVATORE D'AVOLA
Formed
2019
Legal Domicile
Ny
Voting Board Members
4
Independent Board Members
4
Employees
0
Volunteers
5

Preparer

Firm
Cohnreznick Llp
Address
14 SYLVAN WAY, PARSIPPANY, NJ 07054-3801
Preparer
Lori Rothe Yokobosky CPA
Phone
9732283500
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

“The organization is a section 501(c)(3) not-for-profit organization exempt from federal income taxation and has been classified as an organization that is not a private foundation under section 509(a)(3) of the internal revenue code. The organization is also exempt from new york state and new york city income taxes. As of december 31, 2022, with few exceptions, the organization is no longer subject to income tax examinations by the united states federal and new york state authorities for any tax years before the tax year ending december 31, 2019. The tax returns for the years ended december 31, 2019 through december 31, 2022 are still subject to potential audit by the irs. Management has analyzed the tax positions taken by the organization and has concluded that, as of december 31, 2022, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements.”

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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/Form990PartVIISectionAGrp/TitleTxt3VICE PRESIDENT
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0COPY OF FORM 990 IS PROVIDED TO THE BOARD BEFORE FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1YES, BY FOLLOWING PROCEDURES OUTLINED IN POLICY STATEMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 19
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt2RE DEVELOP
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt3RE DEVELOP
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt4RE DEVELOP

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$1,086,277
Liabilities
$55,363
Net assets
$1,030,914
Revenue
$2,883,500
Expenses
$2,656,225
Net income
$227,275
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
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