Kb25 Housing Development Fund Corporation

990 • Fiscal year 2021 • EIN 47-0976556

Jan 01, 2021 to Dec 31, 2021 • Filed on Oct 21, 2022

Organization Profile N/A

902 Broadway 13th FloorNew York, NY 10010

(212) 243-9090

Siviq Scores

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

0.01x

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

2021 filings • NTEE L • $10M-$25M nonprofits • Source year 2021

0.10x

Higher debt load relative to revenue than 11% of similar nonprofits.

2021 filings • NTEE L • $10M-$25M nonprofits • Source year 2021

-34%

Higher net margin than 15% of similar nonprofits.

2021 filings • NTEE L • $10M-$25M nonprofits • Source year 2021

$953,278

Higher top officer pay than 96% of similar nonprofits.

Top officer pay equals 89.9% of source-year revenue.

2021 filings • NTEE L • $10M-$25M nonprofits • Source year 2021

-2.4%

Faster asset growth than 25% of similar nonprofits.

2021 filings • NTEE L • $10M-$25M nonprofits • Annualized from 2020 to 2021

-2.5%

Faster revenue growth than 30% of similar nonprofits.

2021 filings • NTEE L • $10M-$25M nonprofits • Annualized from 2020 to 2021

Balance Sheet

Liabilities / Assets8th percentile

Assets

Down

$15,497,020

Down $375,006 (-2.4%) from 2020

Net Assets

Down

$15,387,593

Down $361,502 (-2.3%) from 2020

Liabilities

Down

$109,427

Down $13,504 (-11%) from 2020

Revenue And Expenses

Liabilities / Revenue11th percentile Net Margin15th percentile

Revenue

Down

$1,060,355

Down $27,344 (-2.5%) from 2020

Expenses

$1,418,629

Up $102,594 (+7.8%) from 2020

Net Income

Down

-$358,274

Down $129,938 (-57%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth25th percentile

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

Highlighted filing

2021

Assets$15,497,020

Liabilities$109,427

Net Assets$15,387,593

Open 2021 Filing

Operations Trend

Revenue Growth30th percentile

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

Highlighted filing

2021

Revenue$1,060,355

Expenses$1,418,629

Net Income-$358,274

Open 2021 Filing

Jump To

Filing Snapshot

Filing Period: Jan 1, 2021 to Dec 31, 2021
Signed: Oct 21, 2022
Return Version: 2021v4.2
Gross Receipts: $1,060,355

Mission and Program Overview

Mission

Kb25 housing development fund corporation was formed to own and operate a residential building for persons of low and moderate income.

Balance Sheet Detail

Line	Beginning	End	Change
Assets
Land, Buildings, and Equipment, Net	$15,465,359	$15,058,166	▼ $407,193
Savings and Temporary Cash Investments	$180,356	$222,370	▲ $42,014
Cash and Non-Interest-Bearing Accounts	$152,626	$149,652	▼ $2,974
Prepaid Expenses and Deferred Charges	$49,592	$43,618	▼ $5,974
Accounts Receivable	$18,126	$13,084	▼ $5,042
Total Assets	$15,872,026	$15,497,020	▼ $375,006
Other Assets Total	$5,967	$10,130	▲ $4,163
Liabilities
Accounts Payable and Accrued Expenses	$96,273	$92,005	▼ $4,268
Deferred Revenue	$26,658	$17,422	▼ $9,236
Total Liabilities	$122,931	$109,427	▼ $13,504
Net Assets / Fund Balance
Net Assets Without Donor Restrictions	$15,749,095	$15,387,593	▼ $361,502
Total Net Assets Fund Balance	$15,749,095	$15,387,593	▼ $361,502
Total Liabilities and Net Assets / Fund Balance	$15,872,026	$15,497,020	▼ $375,006

Asset Categories

Asset	Book Value	Depreciation	Basis
Buildings	$14,924,258	$2,079,312	$17,003,570
Equipment	$29,149	$167,499	$196,648
Other Land Buildings	$67,758	$11,021	$78,779
Land	$37,001	-	$37,001

Compensation and Service Providers

Top Officer Pay96th percentile

Employees

Name	Title	Base	Other	Total
Adam Weinstein	President	$620,674	$332,604	$953,278
James Robert Pigott Jr	Secretary	$255,976	$149,403	$405,379
Matthew Kelly	Vice President	$261,830	$139,122	$400,952
Brian Bricker	Treasurer	$231,345	$141,487	$372,832
Michael Wadman	Vice President	$249,098	$110,003	$359,101

Revenue and Support

Revenue Composition

Contributions and Grants: $0
Program Service Revenue: $1,038,110
Investment Income: $16
Other Revenue: $22,229
Change in Net Assets: $-358,274

Audited Revenue Reconciliation

Revenue per Audited Statements: $1,060,355
Revenue Not Reported on Financial Statements: $0
Revenue Not Reported on Form 990: $-4,525
Total Revenue per Audited Statements: $1,055,830
Total Revenue per Form 990: $1,060,355

Expenses and Functional Allocation

Major Expense Lines

Line Item	Amount
Other Expenses	$957,558
Grants and Similar Amounts Paid	$335,000
Salaries, Compensation, and Employee Benefits	$126,071
Professional Fundraising Fees	$0
Total Fundraising Expense	$0

Functional Expense Allocation

Line Item	Program	Management	Fundraising	Total
Depreciation Depletion	$468,710	-	-	$468,710
Grants to Domestic Orgs	$335,000	-	-	$335,000
Other Expenses	$255,941	-	-	$255,941
Other Salaries and Wages	$82,044	-	-	$82,044
Fees for Services Management	-	$82,041	-	$82,041
Occupancy	$70,710	-	-	$70,710
Insurance	$32,566	-	-	$32,566
Office Expenses	-	$29,344	-	$29,344
Other Employee Benefits	$27,594	-	-	$27,594
Payroll Taxes	$13,597	-	-	$13,597
Fees for Services Accounting	-	$11,550	-	$11,550
Fees for Services Other	-	$6,220	-	$6,220
Pension Plan Contributions	$2,836	-	-	$2,836
Fees for Services Legal	-	$476	-	$476
Total Functional Expenses	$1,288,998	$129,631	$0	$1,418,629

Audited Expense Reconciliation

Line Item	Amount
Expenses per Audited Statements	$1,418,629
Total Expenses per Form 990	$1,418,629
Total Expenses per Audited Statements	$1,414,104
Expenses Not Reported on Financial Statements	$0
Expenses Not Reported on Form 990	$-4,525

International Activity

Grant and Assistance Recipients

Recipient	Location	Category	Purpose	Amount
Phipps Houses	New York, NY	501(c)(4)	The Development or Maintenance of Low-income or Affordable Housing on a Tax Exempt Basis.	$335,000

Fundraising, Events, and Gaming

Fundraising activities: No
Gaming activities: No
Professional fundraiser used: No

Fundraising and Gaming Totals

Line Item	Amount
Professional Fundraising Fees	$0

Political and Lobbying Activity

Political campaign activity: No
Subject to proxy tax: No

Related Organizations and Partnerships

Related Tax-Exempt Organizations

Organization	Location	Activity	Code	Public Charity	Controlled
1039 Boston Road Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
1675 Westchester Avenue Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
1691 Fulton Avenue Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
2136 Crotona Parkway Hdfc	New York, NY	Real Estate	501(c)(3)	Line 10	No
600 East 156th Street Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
63 Thompson Street Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
710 East 9th Street Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
760-770 East Tremont Avenue Hdfc	New York, NY	Real Estate	501(c)(3)	Line 10	No
912 East 178th Street Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
Bellwest Management Corp	New York, NY	Real Estate	501(c)(4)	N/a	No
Boston Tremont Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
Brook 156 Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
Courtlandt Community Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
Courtlandt Corners I Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
Courtlandt Corners Ii Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
Courtlandt Crescent Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
Crotona Park West Hdfc	New York, NY	Real Estate	501(c)(3)	Line 10	No
Daly 180 Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
Dempsey Apartments Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
Echo Apartments Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
Extra Place Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
Fabria Houses Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
Friends of Crotona Park	New York, NY	Real Estate	501(c)(3)	Line 7	No
Fulton Jefferson Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
Hancock Place Apartments Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
Henry Phipps Plaza East Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
Henry Phipps Plaza East Inc	New York, NY	Real Estate	501(c)(4)	N/a	No
Henry Phipps Plaza North Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
Henry Phipps Plaza South Hdfc	New York, NY	Real Estate	501(c)(3)	Line 10	No
Hobbs Ciena Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
Honeywell Ii Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
Hunters Point South Borden Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
Hunters Point South Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
Kb25 Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
La Casa De Felicidad Hdfc	New York, NY	Real Estate	501(c)(3)	Line 10	No
La Puerta De Vitalidad Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
Lebanon West Farms Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
Lee Goodwin Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
Mapes Boulevard Hdfc	New York, NY	Real Estate	501(c)(3)	Line 10	No
Monterrey Apartments Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
Ph Affordable Housing Fund Inc	New York, NY	Real Estate	501(c)(3)	Line 10	No
Phipps Affordable Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
Phipps Affordable Housing Admin Agent Co	New York, NY	Real Estate	501(c)(4)	N/a	No
Phipps Affordable Housing Support Corp	New York, NY	Real Estate	501(c)(4)	N/a	No
Phipps Affordable Ii Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
Phipps Cdc Early Childhood Services Corp	New York, NY	Real Estate	501(c)(3)	Line 7	No
Phipps Houses	New York, NY	Real Estate	501(c)(4)	N/a	No
Phipps Neighborhoods Inc	New York, NY	Real Estate	501(c)(3)	Line 7	No
Rcb Apartments Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
Rockaway Village Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
Salem House Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
Via Verde Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
Via Verde Homes Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No
West 128th Street Hdfc	New York, NY	Real Estate	501(c)(4)	N/a	No

Related Partnerships and Joint Ventures

Organization	Location	Activity	Income	Assets	Ownership	Managing Partner
Plaza South Management Company Ii LLC	New York, NY	Real Estate Mgmt.	-	-	-	No
Via Verde Rental Leasing LLC	New York, NY	Real Estate Mgmt.	-	-	-	No

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: Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

“Kb25 housing development fund corporation (the reporting organization) has a contract with phipps houses services, inc. ("phsi") to provide property management services to the reporting organization, which includes billing and collecting rent, paying the entity's bills and maintaining the property. Phsi is wholly owned by phipps houses (tax-exempt under irc section 501(c)(4) ein: 11-1187480). None of the officers, directors, trustees, or key employees listed in part vii, section a, were compensated by phsi (i.e., the provider of management services) for services provided to the filing organization and related organizations during the calendar year ending with or within the organization's tax year.”

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

“Members of the organization's governing body review the form 990 for accuracy of content and discuss as necessary.”

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

“Officers and directors must complete and certify annually a list of conflicts of interest.”

Form 990, Part VI, Section B, Line 15

“The organization does not compensate any officers or key employees.”

Form 990, Part VI, Section C, Line 19

“The organization makes its governing documents, conflict of interest policy and financial statements available to the public upon request.”

FORM 990, PART VII, SECTION A:

“The compensation of the president, vice presidents, secretary and treasurer reflects their contributions to not only kb25 housing development fund corporation but to all of its affiliated entities. On a consolidated basis, the phipps houses group has annual revenue of over $100 million and assets currently of almost $2 billion.”

Filing and Contact Details

Filer

Filer Name: Kb25 Housing Development Fund
EIN: 47-0976556
Phone: 2122439090
Address: 902 BROADWAY 13TH FLOOR, NEW YORK, NY 10010

Signing Officer

Name: Brian Bricker
Title: Treasurer
Phone: 2122439090
Signed: 2022-10-21
Discuss with paid preparer: Yes

Organization Details

Principal Officer: Adam Weinstein
Formed: 2014
Legal Domicile: Ny
Voting Board Members: 3
Independent Board Members: 0
Employees: 2
Volunteers: 0

Preparer

Firm: Cohnreznick Llp
Address: 1301 AVENUE OF THE AMERICAS, NEW YORK, NY 10019
Preparer: Lori Rothe Yokobosky CPA
Phone: 2122970400

Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Post retirement benefits adjustment -3,228.”

Financial Statement Notes

PART X, LINE 2:

“The corporation has not taken an unsubstantiated tax position that would require provision of a liability under accounting standards codification ("asc") no. 740, income taxes, and asu no. 2009-06, implementation guidance on accounting for uncertainty in income taxes and disclosure amendments for nonpublic entities. As of december 2021, the years still subject to audit are 2018 through 2021.”

PART XI, LINE 2D - OTHER ADJUSTMENTS:

“Bad debts recovery -4,525.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Bad debts recovery -4,525.”

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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/InvestmentIncomeGrp/TotalRevenueColumnAmt	0	16
IRS990/InvestmentInJointVentureInd	0	0
IRS990/IRPDocumentCnt	0	5
IRS990/IRPDocumentW2GCnt	0	0
IRS990/LandBldgEquipAccumDeprecAmt	0	2257832
IRS990/LandBldgEquipBasisNetGrp/BOYAmt	0	15465359
IRS990/LandBldgEquipBasisNetGrp/EOYAmt	0	15058166
IRS990/LandBldgEquipCostOrOtherBssAmt	0	17315998
IRS990/LegalDomicileStateCd	0	NY
IRS990/LoanOutstandingInd	0	0
IRS990/LocalChaptersInd	0	0
IRS990/MaterialDiversionOrMisuseInd	0	0
IRS990/MembersOrStockholdersInd	0	0
IRS990/MethodOfAccountingAccrualInd	0	X
IRS990/MinutesOfCommitteesInd	0	1
IRS990/MinutesOfGoverningBodyInd	0	1
IRS990/MissionDesc	0	KB25 HOUSING DEVELOPMENT FUND CORPORATION WAS FORMED TO OWN AND OPERATE A RESIDENTIAL BUILDING FOR PERSONS OF LOW AND MODERATE INCOME.
IRS990/MoreThan5000KToIndividualsInd	0	0
IRS990/MoreThan5000KToOrgInd	0	0
IRS990/NetAssetsOrFundBalancesBOYAmt	0	15749095
IRS990/NetAssetsOrFundBalancesEOYAmt	0	15387593
IRS990/NetUnrelatedBusTxblIncmAmt	0	0
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt	0	15749095
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt	0	15387593
IRS990/NondeductibleContributionsInd	0	0
IRS990/OccupancyGrp/ProgramServicesAmt	0	70710
IRS990/OccupancyGrp/TotalAmt	0	70710
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt	0	29344
IRS990/OfficeExpensesGrp/TotalAmt	0	29344
IRS990/OfficerMailingAddressInd	0	0
IRS990/OperateHospitalInd	0	0
IRS990/Organization501cInd	0	X
IRS990/OrganizationFollowsFASB117Ind	0	X
IRS990/OtherAssetsTotalGrp/BOYAmt	0	5967
IRS990/OtherAssetsTotalGrp/EOYAmt	0	10130
IRS990/OtherChangesInNetAssetsAmt	0	-3228
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt	0	27594
IRS990/OtherEmployeeBenefitsGrp/TotalAmt	0	27594
IRS990/OtherExpensesGrp/Desc	0	REPAIRS & MAINTENANCE
IRS990/OtherExpensesGrp/ProgramServicesAmt	0	255941
IRS990/OtherExpensesGrp/TotalAmt	0	255941
IRS990/OtherRevenueMiscGrp/BusinessCd	0	532000
IRS990/OtherRevenueMiscGrp/BusinessCd	1	900099
IRS990/OtherRevenueMiscGrp/BusinessCd	2	900099
IRS990/OtherRevenueMiscGrp/Desc	0	TENANT CHARGES
IRS990/OtherRevenueMiscGrp/Desc	1	MISC. REVENUE
IRS990/OtherRevenueMiscGrp/Desc	2	BAD DEBTS RECOVERY
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt	0	11085
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt	1	6619
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt	2	4525
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt	0	11085
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt	1	6619
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt	2	4525
IRS990/OtherRevenueTotalAmt	0	22229
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt	0	82044
IRS990/OtherSalariesAndWagesGrp/TotalAmt	0	82044
IRS990/PartialLiquidationInd	0	0
IRS990/PayrollTaxesGrp/ProgramServicesAmt	0	13597
IRS990/PayrollTaxesGrp/TotalAmt	0	13597
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt	0	2836
IRS990/PensionPlanContributionsGrp/TotalAmt	0	2836
IRS990/PoliticalCampaignActyInd	0	0
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt	0	49592
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt	0	43618
IRS990/PrincipalOfficerNm	0	ADAM WEINSTEIN
IRS990/ProfessionalFundraisingInd	0	0
IRS990/ProgramServiceRevenueGrp/BusinessCd	0	532000
IRS990/ProgramServiceRevenueGrp/Desc	0	RENTAL INCOME
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt	0	1038110
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt	0	1038110
IRS990/ProgSrvcAccomActy2Grp/Desc	0	GRANT TO PHIPPS HOUSES, AN AFFILIATE ORGANIZATION UNDER IRC 501(C)(4), TO BE USED ONLY FOR THE PURPOSE OF PROMOTING AFFORDABLE HOUSING.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt	0	335000
IRS990/ProgSrvcAccomActy2Grp/GrantAmt	0	335000
IRS990/ProhibitedTaxShelterTransInd	0	0
IRS990/PYBenefitsPaidToMembersAmt	0	0
IRS990/PYContributionsGrantsAmt	0	0
IRS990/PYExcessBenefitTransInd	0	0
IRS990/PYGrantsAndSimilarPaidAmt	0	245000
IRS990/PYInvestmentIncomeAmt	0	290
IRS990/PYOtherExpensesAmt	0	970630
IRS990/PYOtherRevenueAmt	0	9587
IRS990/PYProgramServiceRevenueAmt	0	1077822
IRS990/PYRevenuesLessExpensesAmt	0	-228336
IRS990/PYSalariesCompEmpBnftPaidAmt	0	100405
IRS990/PYTotalExpensesAmt	0	1316035
IRS990/PYTotalProfFndrsngExpnsAmt	0	0
IRS990/PYTotalRevenueAmt	0	1087699
IRS990/ReconcilationRevenueExpnssAmt	0	-358274
IRS990/RegularMonitoringEnfrcInd	0	1
IRS990/RelatedEntityInd	0	1
IRS990/RelatedOrganizationCtrlEntInd	0	0
IRS990/ReportInvestmentsOtherSecInd	0	0
IRS990/ReportLandBuildingEquipmentInd	0	1
IRS990/ReportOtherAssetsInd	0	0
IRS990/ReportOtherLiabilitiesInd	0	0
IRS990/ReportProgramRelatedInvstInd	0	0
IRS990/RevenueAmt	0	1060339
IRS990/SavingsAndTempCashInvstGrp/BOYAmt	0	180356
IRS990/SavingsAndTempCashInvstGrp/EOYAmt	0	222370
IRS990/ScheduleBRequiredInd	0	0
IRS990ScheduleD/BuildingsGrp/BookValueAmt	0	14924258
IRS990ScheduleD/BuildingsGrp/DepreciationAmt	0	2079312
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt	0	17003570
IRS990ScheduleD/EquipmentGrp/BookValueAmt	0	29149
IRS990ScheduleD/EquipmentGrp/DepreciationAmt	0	167499
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt	0	196648
IRS990ScheduleD/ExpensesNotReportedAmt	0	-4525
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt	0	0
IRS990ScheduleD/ExpensesSubtotalAmt	0	1418629
IRS990ScheduleD/FootnoteTextInd	0	X
IRS990ScheduleD/LandGrp/BookValueAmt	0	37001
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt	0	37001
IRS990ScheduleD/OtherExpensesIncludedAmt	0	-4525
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt	0	67758
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt	0	11021
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt	0	78779
IRS990ScheduleD/OtherRevenueAmt	0	-4525
IRS990ScheduleD/RevenueNotReportedAmt	0	-4525
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt	0	0
IRS990ScheduleD/RevenueSubtotalAmt	0	1060355
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt	0	THE CORPORATION HAS NOT TAKEN AN UNSUBSTANTIATED TAX POSITION THAT WOULD REQUIRE PROVISION OF A LIABILITY UNDER ACCOUNTING STANDARDS CODIFICATION ("ASC") NO. 740, INCOME TAXES, AND ASU NO. 2009-06, IMPLEMENTATION GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES AND DISCLOSURE AMENDMENTS FOR NONPUBLIC ENTITIES. AS OF DECEMBER 2021, THE YEARS STILL SUBJECT TO AUDIT ARE 2018 THROUGH 2021.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt	1	BAD DEBTS RECOVERY -4,525.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt	2	BAD DEBTS RECOVERY -4,525.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc	0	PART X, LINE 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc	1	PART XI, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc	2	PART XII, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt	0	15058166
IRS990ScheduleD/TotalExpensesPerForm990Amt	0	1418629
IRS990ScheduleD/TotalRevenuePerForm990Amt	0	1060355
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt	0	1055830
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt	0	1414104
IRS990ScheduleI/GrantRecordsMaintainedInd	0	1
IRS990ScheduleI/RecipientTable/CashGrantAmt	0	335000
IRS990ScheduleI/RecipientTable/IRCSectionDesc	0	501(C)(4)
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt	0	0
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt	0	THE DEVELOPMENT OR MAINTENANCE OF LOW-INCOME OR AFFORDABLE HOUSING ON A TAX EXEMPT BASIS.
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt	0	PHIPPS HOUSES
IRS990ScheduleI/RecipientTable/RecipientEIN	0	111187480
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt	0	902 BROADWAY 13TH FL
IRS990ScheduleI/RecipientTable/USAddress/CityNm	0	NEW YORK
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd	0	NY
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd	0	10010
IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt	0	DETAILED SCHEDULES OF EXPENDITURES ARE PREPARED QUARTERLY AND REVIEWED BY MANAGEMENT.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc	0	PART I, LINE 2:
IRS990ScheduleI/TotalOtherOrgCnt	0	1
IRS990ScheduleJ/AnyNonFixedPaymentsInd	0	0
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd	0	0
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd	0	0
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd	0	0
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd	0	0
IRS990ScheduleJ/EquityBasedCompArrngmInd	0	0
IRS990ScheduleJ/InitialContractExceptionInd	0	0
IRS990/ScheduleJRequiredInd	0	1
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt	0	620674
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt	1	255976
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt	2	261830
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt	3	231345
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt	4	249098
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount	0	151000
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount	1	55000
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount	2	55000
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount	3	52000
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount	4	52000
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt	0	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt	1	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt	2	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt	3	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt	4	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt	0	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt	1	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt	2	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt	3	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt	4	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt	0	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt	1	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt	2	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt	3	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt	4	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt	0	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt	1	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt	2	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt	3	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt	4	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt	0	143252
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt	1	56202
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt	2	56202
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt	3	56202
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt	4	56202
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt	0	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt	1	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt	2	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt	3	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt	4	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt	0	18852
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt	1	18701
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt	2	17920
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt	3	13785
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt	4	1801
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt	0	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt	1	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt	2	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt	3	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt	4	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt	0	19500
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt	1	19500
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt	2	10000
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt	3	19500
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt	4	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt	0	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt	1	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt	2	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt	3	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt	4	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm	0	ADAM WEINSTEIN
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm	1	JAMES ROBERT PIGOTT JR
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm	2	MATTHEW KELLY
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm	3	BRIAN BRICKER
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm	4	MICHAEL WADMAN
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt	0	PRESIDENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt	1	SECRETARY
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt	2	VICE PRESIDENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt	3	TREASURER
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt	4	VICE PRESIDENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt	0	953278
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt	1	405379
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt	2	400952
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt	3	372832
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt	4	359101
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt	0	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt	1	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt	2	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt	3	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt	4	0
IRS990ScheduleJ/SeverancePaymentInd	0	0
IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt	0	ADAM WEINSTEIN, PRESIDENT, IS A PARTICIPANT IN A SECTION 457(F) PLAN THAT REQUIRES HIM TO PERFORM SERVICES FOR A PERIOD OF TIME. HE HAS RECEIVED ANNUAL AWARDS BEGINNING IN 2017 AND (CONSISTENT WITH IRS FORM 990, SCHEDULE J INSTRUCTIONS) THESE AMOUNTS ARE TREATED AS ACCRUED OR EARNED RATABLY OVER THE COURSE OF THE SERVICE PERIOD. $87,050 IS REPORTED AS EARNED DURING THE REPORTING PERIOD WHICH IS INCLUDED IN SCHEDULE J, PART II, COLUMN (C).
IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt	1	PHIPPS HOUSES, AN AFFILIATE OF THE REPORTING ORGANIZATION PAID COMPENSATION TO THE REPORTING ORGANIZATION'S TOP MANAGEMENT OFFICIAL. PHIPPS HOUSES HAS ESTABLISHED THE COMPENSATION OF THE TOP MANAGEMENT OFFICIAL USING COMPENSATION COMMITTEE, INDEPENDENT COMPENSATION CONSULTANT, FORM 990 OF OTHER ORGANIZATIONS, COMPENSATION SURVEY OR STUDY, AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE.
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc	0	PART I, LINE 4B
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc	1	PART I, LINE 3:
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd	0	1
IRS990/ScheduleORequiredInd	0	1
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt	0	KB25 HOUSING DEVELOPMENT FUND CORPORATION (THE REPORTING ORGANIZATION) HAS A CONTRACT WITH PHIPPS HOUSES SERVICES, INC. ("PHSI") TO PROVIDE PROPERTY MANAGEMENT SERVICES TO THE REPORTING ORGANIZATION, WHICH INCLUDES BILLING AND COLLECTING RENT, PAYING THE ENTITY'S BILLS AND MAINTAINING THE PROPERTY. PHSI IS WHOLLY OWNED BY PHIPPS HOUSES (TAX-EXEMPT UNDER IRC SECTION 501(C)(4) EIN: 11-1187480). NONE OF THE OFFICERS, DIRECTORS, TRUSTEES, OR KEY EMPLOYEES LISTED IN PART VII, SECTION A, WERE COMPENSATED BY PHSI (I.E., THE PROVIDER OF MANAGEMENT SERVICES) FOR SERVICES PROVIDED TO THE FILING ORGANIZATION AND RELATED ORGANIZATIONS DURING THE CALENDAR YEAR ENDING WITH OR WITHIN THE ORGANIZATION'S TAX YEAR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt	1	MEMBERS OF THE ORGANIZATION'S GOVERNING BODY REVIEW THE FORM 990 FOR ACCURACY OF CONTENT AND DISCUSS AS NECESSARY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt	2	OFFICERS AND DIRECTORS MUST COMPLETE AND CERTIFY ANNUALLY A LIST OF CONFLICTS OF INTEREST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt	3	THE ORGANIZATION DOES NOT COMPENSATE ANY OFFICERS OR KEY EMPLOYEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt	4	THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt	5	POST RETIREMENT BENEFITS ADJUSTMENT -3,228.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt	6	THE COMPENSATION OF THE PRESIDENT, VICE PRESIDENTS, SECRETARY AND TREASURER REFLECTS THEIR CONTRIBUTIONS TO NOT ONLY KB25 HOUSING DEVELOPMENT FUND CORPORATION BUT TO ALL OF ITS AFFILIATED ENTITIES. ON A CONSOLIDATED BASIS, THE PHIPPS HOUSES GROUP HAS ANNUAL REVENUE OF OVER $100 MILLION AND ASSETS CURRENTLY OF ALMOST $2 BILLION.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc	0	FORM 990, PART VI, SECTION A, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc	1	FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc	2	FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc	3	FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc	4	FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc	5	FORM 990, PART XI, LINE 9:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc	6	FORM 990, PART VII, SECTION A:
IRS990ScheduleR/AssetExchangeInd	0	0

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

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

Open filing

Assets: $15,497,020
Liabilities: $109,427
Net assets: $15,387,593
Revenue: $1,060,355
Expenses: $1,418,629
Net income: -$358,274

	Balance Sheet			Operations
Year	Assets	Liabilities	Net Assets	Revenue	Expenses	Net Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.	$14.3	$0.16	$14.2	$1.33	$1.89	$0.57
2023Summary only. Only limited summary data is available for this year.	$15.0	$0.28	$14.7	$1.35	$1.22	$0.12
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.	$15.0	$0.34	$14.6	$1.16	$1.93	$0.77
2021Detailed filing. Detailed filing data is available for this year.	$15.5	$0.11	$15.4	$1.06	$1.42	$0.36
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.	$15.9	$0.12	$15.7	$1.09	$1.32	$0.23
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.	$16.3	$0.32	$16.0	$1.18	$1.30	$0.12
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.	$16.6	$0.45	$16.1	$0.95	$1.62	$0.67
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.	$17.0	$0.26	$16.8	$37.0	$20.4	$16.7
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.	$17.2	$17.1	$0.11	$0.07	$0.00	$0.07
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.	$15.3	$15.2	$0.01	$0.04	$0.00	$0.04
2014Summary only. Only limited summary data is available for this year.	$5.80	$5.80	$0.00	$0.00	$0.00	$0.00