Kb25 Housing Development Fund Corporation

990 • Fiscal year 2023 • EIN 47-0976556

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 14, 2024

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.

0.02x

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

2023 filings • NTEE L • $10M-$25M nonprofits • Source year 2023

0.21x

Higher debt load relative to revenue than 16% of similar nonprofits.

2023 filings • NTEE L • $10M-$25M nonprofits • Source year 2023

9.0%

Higher net margin than 56% of similar nonprofits.

2023 filings • NTEE L • $10M-$25M nonprofits • Source year 2023

$990,213

Higher top officer pay than 95% of similar nonprofits.

Top officer pay equals 73.6% of source-year revenue.

2023 filings • NTEE L • $10M-$25M nonprofits • Source year 2023

0.4%

Faster asset growth than 48% of similar nonprofits.

2023 filings • NTEE L • $10M-$25M nonprofits • Annualized from 2022 to 2023

16%

Faster revenue growth than 78% of similar nonprofits.

2023 filings • NTEE L • $10M-$25M nonprofits • Annualized from 2022 to 2023

Balance Sheet

Liabilities / Assets11th percentile

Assets

Flat

$15,017,009

Flat from 2023

Net Assets

Flat

$14,739,233

Flat from 2023

Liabilities

Flat

$277,776

Flat from 2023

Revenue And Expenses

Liabilities / Revenue16th percentile Net Margin56th percentile

Revenue

Flat

$1,345,394

Flat from 2023

Expenses

Flat

$1,224,233

Flat from 2023

Net Income

Flat

$121,161

Flat from 2023

Historical Trend

Balance Sheet Trend

Asset Growth48th percentile

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

Highlighted filing

2023

Assets$15,017,009

Liabilities$277,776

Net Assets$14,739,233

Open 2023 Filing

Operations Trend

Revenue Growth78th percentile

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

Highlighted filing

2023

Revenue$1,345,394

Expenses$1,224,233

Net Income$121,161

Open 2023 Filing

Jump To

Filing Snapshot

Filing Period: Jan 1, 2023 to Dec 31, 2023
Signed: Nov 14, 2024
Return Version: 2023v5.1
Gross Receipts: $1,345,394

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	$14,693,015	$14,326,186	▼ $366,829
Cash and Non-Interest-Bearing Accounts	$129,554	$463,193	▲ $333,639
Savings and Temporary Cash Investments	$53,911	$149,639	▲ $95,728
Prepaid Expenses and Deferred Charges	$42,941	$51,443	▲ $8,502
Accounts Receivable	$34,117	$18,301	▼ $15,816
Total Assets	$14,959,638	$15,017,009	▲ $57,371
Other Assets Total	$6,100	$8,247	▲ $2,147
Liabilities
Accounts Payable and Accrued Expenses	$321,958	$163,077	▼ $158,881
Other Liabilities	$0	$96,039	▲ $96,039
Deferred Revenue	$22,525	$18,660	▼ $3,865
Total Liabilities	$344,483	$277,776	▼ $66,707
Net Assets / Fund Balance
Net Assets Without Donor Restrictions	$14,615,155	$14,739,233	▲ $124,078
Total Net Assets Fund Balance	$14,615,155	$14,739,233	▲ $124,078
Total Liabilities and Net Assets / Fund Balance	$14,959,638	$15,017,009	▲ $57,371

Asset Categories

Asset	Book Value	Depreciation	Basis
Buildings	$14,074,080	$2,929,490	$17,003,570
Other Land Buildings	$185,443	$52,520	$237,963
Equipment	$29,663	$175,521	$205,184
Land	$37,000	-	$37,000

Compensation and Service Providers

Top Officer Pay95th percentile

Board Members and Trustees

Name	Title
Adam Weinstein	President/CEO
Matthew Kelly	Vice President
Michael Wadman	Vice President
James Robert Pigott Jr	Vice President and Secreta
Lukeman Ogunyinka	Treasurer

Highest Paid Contractors

Contractor	Services	Location	Compensation
Katten Muchin Rosenman LLP	Legal	525 WEST MONROE STREET, Chicago, IL 60661	$287,206
Watch Guard 247 LLC	Security	64-57 WOODHAVEN BLVD, Rego Park, NY 11374	$203,092

Revenue and Support

Revenue Composition

Contributions and Grants: $0
Program Service Revenue: $1,277,288
Investment Income: $1,070
Other Revenue: $67,036
Change in Net Assets: $121,161

Audited Revenue Reconciliation

Revenue per Audited Statements: $1,345,394
Revenue Not Reported on Financial Statements: $0
Revenue Not Reported on Form 990: $0
Total Revenue per Audited Statements: $1,345,394
Total Revenue per Form 990: $1,345,394

Expenses and Functional Allocation

Major Expense Lines

Line Item	Amount
Other Expenses	$1,086,186
Salaries, Compensation, and Employee Benefits	$88,047
Grants and Similar Amounts Paid	$50,000
Professional Fundraising Fees	$0
Total Fundraising Expense	$0

Functional Expense Allocation

Line Item	Program	Management	Fundraising	Total
Depreciation Depletion	$460,719	-	-	$460,719
Fees for Services Management	-	$98,369	-	$98,369
Occupancy	$85,839	-	-	$85,839
Other Salaries and Wages	$74,375	-	-	$74,375
Grants to Domestic Orgs	$50,000	-	-	$50,000
Insurance	$37,370	-	-	$37,370
Office Expenses	-	$22,353	-	$22,353
Other Expenses	$13,535	-	-	$13,535
Fees for Services Accounting	-	$12,350	-	$12,350
Payroll Taxes	$8,810	-	-	$8,810
Fees for Services Other	-	$7,528	-	$7,528
Fees for Services Legal	-	$5,027	-	$5,027
Pension Plan Contributions	$3,972	-	-	$3,972
Other Employee Benefits	$890	-	-	$890
Advertising	-	$185	-	$185
Total Functional Expenses	$1,078,421	$145,812	$0	$1,224,233

Audited Expense Reconciliation

Line Item	Amount
Expenses per Audited Statements	$1,224,233
Total Expenses per Audited Statements	$1,224,233
Total Expenses per Form 990	$1,224,233
Expenses Not Reported on Financial Statements	$0
Expenses Not Reported on Form 990	$0

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.	$50,000

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

Debt and Bond Financing

Other Reported Liabilities

Liability	Amount
TENANTS' SECURITY DEPOSITS	$96,039

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: Lukeman Ogunyinka
Title: Treasurer
Phone: 2122439090
Signed: 2024-11-14
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: 1
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 2,917.”

Financial Statement Notes

PART X, LINE 2:

“Management has analyzed the tax positions taken by the corporation and has concluded that, as of december 31, 2023, there are no uncertain tax positiions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. Accordingly, these financial statements do not refect a provision for income taxes and the corporation has no other tax positions which must be considered for disclosure. Income tax returns filed by the corporation are subject to examination by the irs for a period of three years. While no income tax returns are currently being examined by the irs, tax years since 2020 remain open.”

Raw XML AppendixShowing 400 of 1,640 raw XML fields

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/PersonNm	1	JAMES ROBERT PIGOTT JR
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IRS990/Form990PartVIISectionAGrp/TitleTxt	1	VICE PRESIDENT AND SECRETA
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IRS990/Form990PartVIISectionAGrp/TitleTxt	3	VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt	4	VICE PRESIDENT
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IRS990/FormationYr	0	2014
IRS990/FormerOfcrEmployeesListedInd	0	0
IRS990/FSAuditedBasisGrp/SeparateBasisFinclStmtInd	0	X
IRS990/FSAuditedInd	0	1
IRS990/FundraisingActivitiesInd	0	0
IRS990/GamingActivitiesInd	0	0
IRS990/GoverningBodyVotingMembersCnt	0	3
IRS990/GrantsToDomesticOrgsGrp/ProgramServicesAmt	0	50000
IRS990/GrantsToDomesticOrgsGrp/TotalAmt	0	50000
IRS990/GrantsToIndividualsInd	0	0
IRS990/GrantsToOrganizationsInd	0	1
IRS990/GrantToRelatedPersonInd	0	0
IRS990/GrossReceiptsAmt	0	1345394
IRS990/GroupReturnForAffiliatesInd	0	0
IRS990/IncludeFIN48FootnoteInd	0	1
IRS990/IndependentAuditFinclStmtInd	0	1
IRS990/IndependentVotingMemberCnt	0	0
IRS990/IndivRcvdGreaterThan100KCnt	0	0
IRS990/IndoorTanningServicesInd	0	0
IRS990/InfoInScheduleOPartVIInd	0	X
IRS990/InfoInScheduleOPartXIInd	0	X
IRS990/InsuranceGrp/ProgramServicesAmt	0	37370
IRS990/InsuranceGrp/TotalAmt	0	37370
IRS990/InvestmentIncomeGrp/ExclusionAmt	0	1070
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt	0	1070
IRS990/InvestmentInJointVentureInd	0	0
IRS990/IRPDocumentCnt	0	12
IRS990/IRPDocumentW2GCnt	0	0
IRS990/LandBldgEquipAccumDeprecAmt	0	3157531
IRS990/LandBldgEquipBasisNetGrp/BOYAmt	0	14693015
IRS990/LandBldgEquipBasisNetGrp/EOYAmt	0	14326186
IRS990/LandBldgEquipCostOrOtherBssAmt	0	17483717
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/MiscellaneousRevenueGrp/RelatedOrExemptFuncIncomeAmt	0	67036
IRS990/MiscellaneousRevenueGrp/TotalRevenueColumnAmt	0	67036
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	14615155
IRS990/NetAssetsOrFundBalancesEOYAmt	0	14739233
IRS990/NetUnrelatedBusTxblIncmAmt	0	0
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt	0	14615155
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt	0	14739233
IRS990/NondeductibleContributionsInd	0	0
IRS990/OccupancyGrp/ProgramServicesAmt	0	85839
IRS990/OccupancyGrp/TotalAmt	0	85839
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt	0	22353
IRS990/OfficeExpensesGrp/TotalAmt	0	22353
IRS990/OfficerMailingAddressInd	0	0
IRS990/OperateHospitalInd	0	0
IRS990/Organization501cInd	0	X
IRS990/OrganizationFollowsFASB117Ind	0	X
IRS990/OtherAssetsTotalGrp/BOYAmt	0	6100
IRS990/OtherAssetsTotalGrp/EOYAmt	0	8247
IRS990/OtherChangesInNetAssetsAmt	0	2917
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt	0	890
IRS990/OtherEmployeeBenefitsGrp/TotalAmt	0	890
IRS990/OtherExpensesGrp/Desc	0	REPAIRS AND MAINTENANCE
IRS990/OtherExpensesGrp/Desc	1	BAD DEBTS
IRS990/OtherExpensesGrp/ProgramServicesAmt	0	342911
IRS990/OtherExpensesGrp/ProgramServicesAmt	1	13535
IRS990/OtherExpensesGrp/TotalAmt	0	342911
IRS990/OtherExpensesGrp/TotalAmt	1	13535
IRS990/OtherLiabilitiesGrp/BOYAmt	0	0
IRS990/OtherLiabilitiesGrp/EOYAmt	0	96039
IRS990/OtherRevenueTotalAmt	0	67036
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt	0	74375
IRS990/OtherSalariesAndWagesGrp/TotalAmt	0	74375
IRS990/PartialLiquidationInd	0	0
IRS990/PayrollTaxesGrp/ProgramServicesAmt	0	8810
IRS990/PayrollTaxesGrp/TotalAmt	0	8810
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt	0	3972
IRS990/PensionPlanContributionsGrp/TotalAmt	0	3972
IRS990/PoliticalCampaignActyInd	0	0
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt	0	42941
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt	0	51443
IRS990/PrincipalOfficerNm	0	ADAM WEINSTEIN
IRS990/ProfessionalFundraisingInd	0	0
IRS990/ProgramServiceRevenueGrp/BusinessCd	0	532000
IRS990/ProgramServiceRevenueGrp/BusinessCd	1	532000
IRS990/ProgramServiceRevenueGrp/Desc	0	RENTAL INCOME
IRS990/ProgramServiceRevenueGrp/Desc	1	TENANT CHARGES
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt	0	1265644
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt	1	11644
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt	0	1265644
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt	1	11644
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	50000
IRS990/ProgSrvcAccomActy2Grp/GrantAmt	0	50000
IRS990/ProhibitedTaxShelterTransInd	0	0
IRS990/PYBenefitsPaidToMembersAmt	0	0
IRS990/PYContributionsGrantsAmt	0	0
IRS990/PYExcessBenefitTransInd	0	0
IRS990/PYGrantsAndSimilarPaidAmt	0	650000
IRS990/PYInvestmentIncomeAmt	0	483
IRS990/PYOtherExpensesAmt	0	1181555
IRS990/PYOtherRevenueAmt	0	357
IRS990/PYProgramServiceRevenueAmt	0	1156547
IRS990/PYRevenuesLessExpensesAmt	0	-772282
IRS990/PYSalariesCompEmpBnftPaidAmt	0	98114
IRS990/PYTotalExpensesAmt	0	1929669
IRS990/PYTotalProfFndrsngExpnsAmt	0	0
IRS990/PYTotalRevenueAmt	0	1157387
IRS990/ReconcilationRevenueExpnssAmt	0	121161
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	1
IRS990/ReportProgramRelatedInvstInd	0	0
IRS990/RevenueAmt	0	1344324
IRS990/SavingsAndTempCashInvstGrp/BOYAmt	0	53911
IRS990/SavingsAndTempCashInvstGrp/EOYAmt	0	149639
IRS990/ScheduleBRequiredInd	0	0
IRS990ScheduleD/BuildingsGrp/BookValueAmt	0	14074080
IRS990ScheduleD/BuildingsGrp/DepreciationAmt	0	2929490
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt	0	17003570
IRS990ScheduleD/EquipmentGrp/BookValueAmt	0	29663
IRS990ScheduleD/EquipmentGrp/DepreciationAmt	0	175521
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt	0	205184
IRS990ScheduleD/ExpensesNotReportedAmt	0	0
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt	0	0
IRS990ScheduleD/ExpensesSubtotalAmt	0	1224233
IRS990ScheduleD/FootnoteTextInd	0	X
IRS990ScheduleD/LandGrp/BookValueAmt	0	37000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt	0	37000
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt	0	185443
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt	0	52520
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt	0	237963
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt	0	96039
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc	0	TENANTS' SECURITY DEPOSITS
IRS990ScheduleD/RevenueNotReportedAmt	0	0
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt	0	0
IRS990ScheduleD/RevenueSubtotalAmt	0	1345394
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt	0	MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE CORPORATION AND HAS CONCLUDED THAT, AS OF DECEMBER 31, 2023, THERE ARE NO UNCERTAIN TAX POSITIIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS. ACCORDINGLY, THESE FINANCIAL STATEMENTS DO NOT REFECT A PROVISION FOR INCOME TAXES AND THE CORPORATION HAS NO OTHER TAX POSITIONS WHICH MUST BE CONSIDERED FOR DISCLOSURE. INCOME TAX RETURNS FILED BY THE CORPORATION ARE SUBJECT TO EXAMINATION BY THE IRS FOR A PERIOD OF THREE YEARS. WHILE NO INCOME TAX RETURNS ARE CURRENTLY BEING EXAMINED BY THE IRS, TAX YEARS SINCE 2020 REMAIN OPEN.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc	0	PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt	0	14326186
IRS990ScheduleD/TotalExpensesPerForm990Amt	0	1224233
IRS990ScheduleD/TotalLiabilityAmt	0	96039
IRS990ScheduleD/TotalRevenuePerForm990Amt	0	1345394
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt	0	1345394
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt	0	1224233
IRS990ScheduleI/GrantRecordsMaintainedInd	0	1
IRS990ScheduleI/RecipientTable/CashGrantAmt	0	50000
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/Total501c3OrgCnt	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	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt	1	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt	2	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt	3	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt	4	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount	0	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount	1	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount	2	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount	3	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount	4	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt	0	135000
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt	1	58000
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt	2	60000
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt	3	40000
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt	4	50000
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt	0	660637
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt	1	269887
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt	2	267740
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt	3	262790
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt	4	224320
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	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt	1	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt	2	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt	3	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt	4	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt	0	143252
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt	1	56202
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt	2	56202
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt	3	56202
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt	4	56202
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt	0	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt	1	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt	2	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt	3	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt	4	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt	0	28824
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt	1	23502
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt	2	17051
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt	3	1813
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt	4	6602
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt	0	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt	1	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt	2	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt	3	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt	4	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt	0	22500
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt	1	22500
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt	2	22500
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	MICHAEL WADMAN
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm	4	LUKEMAN OGUNYINKA
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt	0	PRESIDENT/CEO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt	1	VICE PRESIDENT AND SECRETA
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt	2	VICE PRESIDENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt	3	VICE PRESIDENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt	4	TREASURER
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt	0	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt	1	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt	2	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt	3	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt	4	0
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt	0	990213
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt	1	430091
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt	2	423493
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt	3	360805
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt	4	337124
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.

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing

Assets: $15,017,009
Liabilities: $277,776
Net assets: $14,739,233
Revenue: $1,345,394
Expenses: $1,224,233
Net income: $121,161

	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
2023Detailed filing. Detailed filing data is available for this year.	$15.0	$0.28	$14.7	$1.35	$1.22	$0.12
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
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.	$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