Civic Intelligence

920 Prospect Gardens Housing Development Fund Corporation

990 • Fiscal year 2020 • EIN 46-3830943

Jan 01, 2020 to Dec 31, 2020 • Filed on Nov 15, 2021

2804 Third AvenueBronx, NY 10455

(718) 993-3504

Siviq Scores

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

Liabilities / Assets

96th percentile

1.28x

Higher debt load relative to assets than 96% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Liabilities / Revenue

97th percentile

10.37x

Higher debt load relative to revenue than 97% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Net Margin

11th percentile

-30%

Higher net margin than 11% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Top Officer Pay

98th percentile

$903,990

Higher top officer pay than 98% of similar nonprofits.

Top officer pay equals 108.1% of source-year revenue.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Asset Growth

19th percentile

-2.7%

Faster asset growth than 19% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2019 to 2020

Revenue Growth

34th percentile

-5.7%

Faster revenue growth than 34% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2019 to 2020

Assets

Down

$6,802,209

Down $189,900 (-2.7%) from 2019

Net Assets

Down

-$1,870,731

Down $248,090 (-15%) from 2019

Liabilities

Up

$8,672,940

Up $58,190 (+0.7%) from 2019

Revenue

Down

$836,258

Down $50,454 (-5.7%) from 2019

Expenses

Up

$1,084,348

Up $251,384 (+30%) from 2019

Net Income

Down

-$248,090

Down $301,838 (-562%) from 2019

Historical Trend

Balance Sheet Trend

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

$10M$5.0M$0-$5.0MAssets 2018: $6,774,622Liabilities 2018: $8,451,011Net Assets 2018: -$1,676,3892018Assets 2019: $6,992,109Liabilities 2019: $8,614,750Net Assets 2019: -$1,622,6412019Assets 2020: $6,802,209Liabilities 2020: $8,672,940Net Assets 2020: -$1,870,7312020Assets 2021: $6,730,449Liabilities 2021: $9,203,691Net Assets 2021: -$2,473,2422021Assets 2022: $6,355,870Liabilities 2022: $9,206,047Net Assets 2022: -$2,850,1772022Assets 2023: $6,156,011Liabilities 2023: $9,403,863Net Assets 2023: -$3,247,8522023Assets 2024: $5,970,162Liabilities 2024: $9,596,649Net Assets 2024: -$3,626,4872024

Highlighted filing

2020

Assets$6,802,209
Liabilities$8,672,940
Net Assets-$1,870,731

Operations Trend

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

$2.0M$1.0M$0-$1.0MRevenue 2018: $817,377Expenses 2018: $900,423Net Income 2018: -$83,0462018Revenue 2019: $886,712Expenses 2019: $832,964Net Income 2019: $53,7482019Revenue 2020: $836,258Expenses 2020: $1,084,348Net Income 2020: -$248,0902020Revenue 2021: $826,714Expenses 2021: $1,429,225Net Income 2021: -$602,5112021Revenue 2022: $816,199Expenses 2022: $1,193,134Net Income 2022: -$376,9352022Revenue 2023: $845,620Expenses 2023: $1,243,295Net Income 2023: -$397,6752023Revenue 2024: $834,990Expenses 2024: $1,213,625Net Income 2024: -$378,6352024

Highlighted filing

2020

Revenue$836,258
Expenses$1,084,348
Net Income-$248,090
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Nov 15, 2021
Return Version
2020v4.1
Gross Receipts
$836,258
Mission and Program Overview

Mission

Operation of a 68 unit low income residential housing program

Operation of a 68 unit low-income residential housing program.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$3,922,459$3,798,671▼ $123,788
Savings and Temporary Cash Investments$2,226,126$2,247,642▲ $21,516
Cash and Non-Interest-Bearing Accounts$362,579$342,415▼ $20,164
Prepaid Expenses and Deferred Charges$44,159$37,234▼ $6,925
Accounts Receivable$13,350$29,306▲ $15,956
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$6,879,657$6,802,209▼ $77,448
Other Assets Total$310,984$346,941▲ $35,957
Liabilities
Mortgage Notes Payable Secured by Investment Property$8,009,206$8,096,045▲ $86,839
Other Liabilities$356,317$374,134▲ $17,817
Accounts Payable and Accrued Expenses$130,943$198,752▲ $67,809
Deferred Revenue$5,832$4,009▼ $1,823
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$8,502,298$8,672,940▲ $170,642
Net Assets / Fund Balance
Net Assets With Donor Restrictions$0$0→ $0
Net Assets Without Donor Restrictions$-1,622,641$-1,870,731▼ $248,090
Total Net Assets Fund Balance$-1,622,641$-1,870,731▼ $248,090
Total Liabilities and Net Assets / Fund Balance$6,879,657$6,802,209▼ $77,448

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,733,121$637,061$4,370,182
Leasehold Improvements$35,304$37,750$73,054
Equipment$30,245$17,355$47,600
Land$1-$1
Other Assets Org$42,586--
Compensation and Service Providers

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$97,942
Program Service Revenue
$716,465
Investment Income
$21,815
Other Revenue
$36
Change in Net Assets
$-248,090

Audited Revenue Reconciliation

Revenue per Audited Statements
$836,258
Total Revenue per Audited Statements
$836,258
Total Revenue per Form 990
$836,258
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,084,348
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$633,376--$633,376
Depreciation Depletion$123,788--$123,788
Office Expenses-$114,307-$114,307
Interest$86,839--$86,839
Insurance$48,204--$48,204
Fees for Services Management-$45,116-$45,116
Fees for Services Accounting-$30,050-$30,050
Fees for Services Legal-$2,668-$2,668
Total Functional Expenses$892,207$192,141$0$1,084,348

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,084,348
Total Expenses per Audited Statements$1,084,348
Total Expenses per Form 990$1,084,348
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Related Parties$333,720
Tennant Deposits$40,414
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
Yes

Governance Explanations

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

The organization distributes the 990 at the board of directors meeting. The board votes to approve the 990.

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

Annual signed statements are provided that affirms that the interested parties are in compliance with the conflict of interest policy.

Form 990, Part VI, Section C, Line 19

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

Form 990, Part VI, Section A, Line 3

The organization is party to a management agreement, renewable annually, with the south bronx community management company, inc. ("sbcmc") in connection with the administration and maintenance of the project.

Form 990, Part VI, Section B, Line 15A & 15B

PursuAnt to the Organization's bylaws, the Organization delegates to its parent entity the hiring of the CEO and President. The compensation of the executives is approved by the Parent entity, who hires a consultant to conduct a study. A standing compensation commitee of the Parent entity reviews a compensation study and votes on how to proceed.

Filing and Contact Details

Filer

Filer Name
920 Prospect Gardens Housing
EIN
46-3830943
In Care Of
% EDUARDO ALAYON
Phone
7189933504
Address
2804 Third Avenue, Bronx, NY 10455

Signing Officer

Name
Raul Russi
Title
CEO
Phone
7189933504
Signed
2021-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Raul Russi
Formed
2014
Legal Domicile
Ny
Voting Board Members
6
Independent Board Members
6
Employees
0
Volunteers
6

Preparer

Firm
WithumSmithBrown PC
Address
ONE TOWER CENTER BLVD 14TH FL, EAST BRUNSWICK, NJ 08816
Preparer
Joseph Perez
Phone
7328281614
Supplemental Narrative

Financial Statement Notes

Form 990, Schedule D, Part X, Line 2

920 prospect gardens housing development fund corporation was incorporated for the purpose of forming a housing development fund corporation pursuant to article xi of the new york state private housing finance law ("phfl") and article 4 of the not-for-profit corporation law. Management has determined that there were no uncertain tax positions at december 31, 2020 and 2019. In addition, there was no interest or penalties related to income taxes included in the financial statements presented.

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