Civic Intelligence

Webster Avenue Housing Development Fund Corporation

990 • Fiscal year 2014 • EIN 46-4427531

Jan 01, 2014 to Dec 31, 2014 • Filed on Nov 10, 2015

505 Eighth Avenue 5th FloorNew York, NY 10018

(212) 389-9300

Siviq Scores

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

Liabilities / Assets

74th percentile

1.00x

Higher debt load relative to assets than 74% of similar nonprofits.

2014 filings • NTEE L • $10M-$25M nonprofits • Source year 2014

Liabilities / Revenue

Score unavailable

No value available

Liabilities-to-revenue requires both liabilities and revenue on this filing.

Source year 2014

Net Margin

Score unavailable

No value available

Net margin requires both revenue and expenses on this filing.

Source year 2014

Top Officer Pay

71st percentile

$298,275

Higher top officer pay than 71% of similar nonprofits.

2014 filings • NTEE L • $10M-$25M nonprofits • Source year 2014

Asset Growth

99th percentile

1237893900%

Faster asset growth than 99% of similar nonprofits.

2014 filings • NTEE L • $10M-$25M nonprofits • Annualized from 2013 to 2014

Revenue Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2013 to 2014

Assets

Up

$12,378,940

Up $12,378,939 (+1237893900%) from 2013

Net Assets

$0

No earlier filing loaded for comparison.

Liabilities

Up

$12,378,940

Up $12,378,940 from 2013

Revenue

Flat

$0

Flat from 2013

Expenses

Flat

$0

Flat from 2013

Net Income

Flat

$0

Flat from 2013

Historical Trend

Balance Sheet Trend

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

$15M$10M$5.0M$0-$5.0MAssets 2013: $1Liabilities 2013: $02013Assets 2014: $12,378,940Liabilities 2014: $12,378,940Net Assets 2014: $02014Assets 2015: $1,667,650Liabilities 2015: $1,668,300Net Assets 2015: -$6502015Assets 2016: $0Liabilities 2016: $2,650Net Assets 2016: -$2,6502016Assets 2017: $0Liabilities 2017: $2,650Net Assets 2017: -$2,6502017Assets 2018: $0Liabilities 2018: $2,650Net Assets 2018: -$2,6502018Assets 2019: $0Liabilities 2019: $2,650Net Assets 2019: -$2,6502019Assets 2020: $0Liabilities 2020: $2,650Net Assets 2020: -$2,6502020Assets 2021: $0Liabilities 2021: $2,650Net Assets 2021: -$2,6502021Assets 2022: $0Liabilities 2022: $2,650Net Assets 2022: -$2,6502022Assets 2023: $0Liabilities 2023: $2,650Net Assets 2023: -$2,6502023Assets 2024: $0Liabilities 2024: $2,650Net Assets 2024: -$2,6502024

Highlighted filing

2014

Assets$12,378,940
Liabilities$12,378,940
Net Assets$0

Operations Trend

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

$2.0K$1.0K$0-$1.0K-$2.0KRevenue 2013: $0Expenses 2013: $0Net Income 2013: $02013Revenue 2014: $0Expenses 2014: $0Net Income 2014: $02014Revenue 2015: $0Expenses 2015: $650Net Income 2015: -$6502015Revenue 2016: $0Expenses 2016: $2,000Net Income 2016: -$2,0002016Revenue 2017: $0Expenses 2017: $0Net Income 2017: $02017Revenue 2018: $0Expenses 2018: $0Net Income 2018: $02018Revenue 2019: $0Expenses 2019: $0Net Income 2019: $02019Revenue 2020: $0Expenses 2020: $0Net Income 2020: $02020Revenue 2021: $0Expenses 2021: $0Net Income 2021: $02021Revenue 2022: $0Expenses 2022: $0Net Income 2022: $02022Revenue 2023: $0Expenses 2023: $0Net Income 2023: $02023Revenue 2024: $0Expenses 2024: $0Net Income 2024: $02024

Highlighted filing

2014

Revenue$0
Expenses$0
Net Income$0
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Nov 10, 2015
Return Version
2014v5.0
Gross Receipts
$0
Mission and Program Overview

Mission

Webster avenue housing development fund corporation's primary exempt purpose is to acquire and/or develop property for the benefit of breaking ground housing development fund and its affiliated tax-exempt organizations.

The organization's primary exempt mission is to hold title to the Webster Avenue Housing Development project on behalf of Common Ground Community H.D.F.C., Inc.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$0$12,377,565▲ $12,377,565
Cash and Non-Interest-Bearing Accounts$0$1,375▲ $1,375
Savings and Temporary Cash Investments$0$0→ $0
Accounts Receivable$0$0→ $0
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
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$0$12,378,940▲ $12,378,940
Other Assets Total$0$0→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$0$11,026,462▲ $11,026,462
Other Liabilities$0$1,080,027▲ $1,080,027
Accounts Payable and Accrued Expenses$0$272,451▲ $272,451
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$0$12,378,940▲ $12,378,940
Net Assets / Fund Balance
Permanently Rstr Net Assets$0$0→ $0
Temporarily Rstr Net Assets$0$0→ $0
Unrestricted Net Assets$0$0→ $0
Total Net Assets Fund Balance$0$0→ $0
Total Liabilities and Net Assets / Fund Balance$0$12,378,940▲ $12,378,940

Asset Categories

AssetBook ValueDepreciationBasis
Land$9,250,000-$9,250,000
Other Land Buildings$3,127,565-$3,127,565
Compensation and Service Providers

Employees

NameTitleOtherTotal
John MckegneyCFO (Thru 7/2014)$105,212$105,212
Kevin MoranCFO (From 7/2014)$95,234$95,234

Board Members and Trustees

NameTitle
James RubinChairman
Brenda E RosenPresident & CEO
Joseph BenincasaBoard Member
Toby ShermanBoard Member/director of hr
Bruce AngiolilloSecretary (Thru 12/31/14)
Ellen TausTreasurer (Thru 12/31/14)
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$0
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$0
Other Expenses$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$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
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
Advances Due to Affiliates$1,080,027
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, part VI, line 11

Organization's process used to review form 990 The Form 990 was prepared by an independent accounting firm in conjunction with the organization's financial department. A copy of the draft form 990 was circulated to the full board of trustees in either paper or electronic form for discussion and comment. Each board member was provided ample opportunity to comment on the information contained in the 990 prior to its filing with the Internal Revenue Service.

Form 990, Part VI, Line 12C

Enforcement of Conflict of interest policy The policy and annual disclosure forms are distributed to all board members, officers and management staff. Each individual is required to sign and review the disclosure form and provide information about any relationships they may have with Webster Avenue Housing Development's other employees, and/or vendors that conduct business with Webster Avenue Housing Development. All submissions are reviewed by Human Resources to determine if a conflict exists; when a conflict arises, the individuals affected are prohibited from participating in the decision-making process related to any transaction occurring with the conflicted organization. Webster Avenue Housing Development operates under the policy of its parent organization, Common Ground Community H.D.F.C., Inc Form 990, Part VI, Section B, lines 13 & 14 Webster Avenue Housing Development operates under the whistleblower and document retention policy of its parent organization, Common Ground Community H.D.F.C., Inc

Form 990, Part VI, Section C, Line 19

Webster Avenue Housing Development makes its Form 990 available to the public by retaining a copy at its place of business. The Form 990 is likewise published on the internet at www.guidestar.org. The organization's financial statements, governing documents and conflict of interest policy are not ordinarily made available to the public, but, if requested, will be provided at management's discretion.

Filing and Contact Details

Filer

Filer Name
Webster Avenue Housing Development
EIN
46-4427531
In Care Of
% ANTHONY MANGIONE
Phone
2123899300
Address
505 EIGHTH AVENUE 5TH FLOOR, NEW YORK, NY 10018

Signing Officer

Name
Kevin Moran
Title
CFO
Phone
2125990100
Signed
2015-11-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Brenda Rosen
Formed
2013
Legal Domicile
Ny
Voting Board Members
6
Independent Board Members
4
Employees
0
Volunteers
0

Preparer

Firm
Grant Thornton Llp
Address
757 THIRD AVE 2ND FLOOR, NEW YORK, NY 10017-2013
Preparer
Scott Thompsett
Phone
2125990100
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Lines 3A & 3B

Webster Avenue Housing Development Fund Corporation does not receive any federal awards itself; however, its operations are included within the A-133 report of its parent organization, Common Ground Community HDFC, Inc.

Financial Statement Notes

form 990, part X, line 2

Common ground follows guidance that clarifies the accounting for uncertainty in tax positions taken or expected to be taken in a tax return, including issues relating to financial statement recognition and measurement. This guidance provides that the tax effects from an uncertain tax position can only be recognized in the consolidated financial statements if the position is "more-likely-than-not: to be sustained if the position were to be challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax position may be challenged. Common ground has processes presently in place to ensure the maintenance of its tax-exempt status; to identify and report unrelated income; to determine its filing and tax obligations in jurisdictions for which it has nexus; and to identify and evaluate other matters that may be considered tax positions. The tax years ended december 31, 2011, 2012, 2013, and 2014 are still open to audit for both federal and state purposes. Common ground has determined that there are no material uncertain tax positions that require recognition or disclosure in the consolidated financial statements.

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IRS990/PrincipalOfficerNm0BRENDA ROSEN
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0Webster Avenue Housing Development Fund Corporation did not commence any
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0Form 990, Schedule A, Support to Parent
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IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0COMMON GROUND COMMUNITY HDFC
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IRS990ScheduleD/LandGrp/BookValueAmt09250000
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0ADVANCES DUE TO AFFILIATES
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0COMMON GROUND FOLLOWS GUIDANCE THAT CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, INCLUDING ISSUES RELATING TO FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT. THIS GUIDANCE PROVIDES THAT THE TAX EFFECTS FROM AN UNCERTAIN TAX POSITION CAN ONLY BE RECOGNIZED IN THE CONSOLIDATED FINANCIAL STATEMENTS IF THE POSITION IS "MORE-LIKELY-THAN-NOT: TO BE SUSTAINED IF THE POSITION WERE TO BE CHALLENGED BY A TAXING AUTHORITY. THE ASSESSMENT OF THE TAX POSITION IS BASED SOLELY ON THE TECHNICAL MERITS OF THE POSITION, WITHOUT REGARD TO THE LIKELIHOOD THAT THE TAX POSITION MAY BE CHALLENGED. COMMON GROUND HAS PROCESSES PRESENTLY IN PLACE TO ENSURE THE MAINTENANCE OF ITS TAX-EXEMPT STATUS; TO IDENTIFY AND REPORT UNRELATED INCOME; TO DETERMINE ITS FILING AND TAX OBLIGATIONS IN JURISDICTIONS FOR WHICH IT HAS NEXUS; AND TO IDENTIFY AND EVALUATE OTHER MATTERS THAT MAY BE CONSIDERED TAX POSITIONS. THE TAX YEARS ENDED DECEMBER 31, 2011, 2012, 2013, AND 2014 ARE STILL OPEN TO AUDIT FOR BOTH FEDERAL AND STATE PURPOSES. COMMON GROUND HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0form 990, part x, line 2
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Brenda E Rosen
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1Toby Sherman
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0President & CEO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1Board Member/director of hr
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Organization's process used to review form 990 The Form 990 was prepared by an independent accounting firm in conjunction with the organization's financial department. A copy of the draft form 990 was circulated to the full board of trustees in either paper or electronic form for discussion and comment. Each board member was provided ample opportunity to comment on the information contained in the 990 prior to its filing with the Internal Revenue Service.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Enforcement of Conflict of interest policy The policy and annual disclosure forms are distributed to all board members, officers and management staff. Each individual is required to sign and review the disclosure form and provide information about any relationships they may have with Webster Avenue Housing Development's other employees, and/or vendors that conduct business with Webster Avenue Housing Development. All submissions are reviewed by Human Resources to determine if a conflict exists; when a conflict arises, the individuals affected are prohibited from participating in the decision-making process related to any transaction occurring with the conflicted organization. Webster Avenue Housing Development operates under the policy of its parent organization, Common Ground Community H.D.F.C., Inc Form 990, Part VI, Section B, lines 13 & 14 Webster Avenue Housing Development operates under the whistleblower and document retention policy of its parent organization, Common Ground Community H.D.F.C., Inc

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