Civic Intelligence

Gregene Housing Development Fund Corporation

990 • Fiscal year 2022 • EIN 80-0818949

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 13, 2023

Organization ProfileN/A
230 Kingston AvenueBrooklyn, NY 11213

(212) 665-5500

Siviq Scores

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

Liabilities / Assets

73rd percentile

1.32x

Higher debt load relative to assets than 73% of similar nonprofits.

2022 filings • NTEE L21 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

69th percentile

7.72x

Higher debt load relative to revenue than 69% of similar nonprofits.

2022 filings • NTEE L21 • $1M-$5M nonprofits • Source year 2022

Net Margin

57th percentile

-16%

Higher net margin than 57% of similar nonprofits.

2022 filings • NTEE L21 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

69th percentile

$179,533

Higher top officer pay than 69% of similar nonprofits.

Top officer pay equals 50.1% of source-year revenue.

2022 filings • NTEE L21 • $1M-$5M nonprofits • Source year 2022

Asset Growth

88th percentile

20%

Faster asset growth than 88% of similar nonprofits.

2022 filings • NTEE L21 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

30th percentile

-1.1%

Faster revenue growth than 30% of similar nonprofits.

2022 filings • NTEE L21 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets73rd percentile

Assets

Up

$2,096,629

Up $343,458 (+20%) from 2021

Net Assets

Down

-$666,327

Down $205,201 (-44%) from 2021

Liabilities

Up

$2,762,956

Up $548,659 (+25%) from 2021

Revenue And Expenses
Liabilities / Revenue69th percentileNet Margin57th percentile

Revenue

Down

$358,039

Down $3,922 (-1.1%) from 2021

Expenses

Down

$415,211

Down $4,808 (-1.1%) from 2021

Net Income

Up

-$57,172

Up $886 (+1.5%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth88th percentile

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

$3.0M$2.0M$1.0M$0-$1.0MAssets 2012: $2,069,181Liabilities 2012: $2,180,361Net Assets 2012: -$111,1802012Assets 2013: $2,062,005Liabilities 2013: $2,182,933Net Assets 2013: -$120,9282013Assets 2014: $2,004,340Liabilities 2014: $2,192,386Net Assets 2014: -$188,0462014Assets 2015: $1,963,723Liabilities 2015: $2,183,077Net Assets 2015: -$219,3542015Assets 2016: $1,909,949Liabilities 2016: $2,185,404Net Assets 2016: -$275,4552016Assets 2017: $1,872,247Liabilities 2017: $2,201,408Net Assets 2017: -$329,1612017Assets 2018: $1,814,628Liabilities 2018: $2,190,925Net Assets 2018: -$376,2972018Assets 2019: $1,809,093Liabilities 2019: $2,193,370Net Assets 2019: -$384,2772019Assets 2020: $1,805,544Liabilities 2020: $2,208,612Net Assets 2020: -$403,0682020Assets 2021: $1,753,171Liabilities 2021: $2,214,297Net Assets 2021: -$461,1262021Assets 2022: $2,096,629Liabilities 2022: $2,762,956Net Assets 2022: -$666,3272022Assets 2023: $1,991,291Liabilities 2023: $2,752,104Net Assets 2023: -$760,8132023Assets 2024: $1,908,510Liabilities 2024: $2,728,474Net Assets 2024: -$819,9642024

Highlighted filing

2022

Assets$2,096,629
Liabilities$2,762,956
Net Assets-$666,327
Open 2022 Filing

Operations Trend

Revenue Growth30th percentile

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

$600K$400K$200K$0-$200KExpenses 2012: $259,9302012Revenue 2013: $326,315Expenses 2013: $336,063Net Income 2013: -$9,7482013Revenue 2014: $340,463Expenses 2014: $407,581Net Income 2014: -$67,1182014Revenue 2015: $342,655Expenses 2015: $373,963Net Income 2015: -$31,3082015Revenue 2016: $349,104Expenses 2016: $405,205Net Income 2016: -$56,1012016Revenue 2017: $351,188Expenses 2017: $404,894Net Income 2017: -$53,7062017Revenue 2018: $356,782Expenses 2018: $403,918Net Income 2018: -$47,1362018Revenue 2019: $369,391Expenses 2019: $377,371Net Income 2019: -$7,9802019Revenue 2020: $365,753Expenses 2020: $384,544Net Income 2020: -$18,7912020Revenue 2021: $361,961Expenses 2021: $420,019Net Income 2021: -$58,0582021Revenue 2022: $358,039Expenses 2022: $415,211Net Income 2022: -$57,1722022Revenue 2023: $376,891Expenses 2023: $471,377Net Income 2023: -$94,4862023Revenue 2024: $410,601Expenses 2024: $469,752Net Income 2024: -$59,1512024

Highlighted filing

2022

Revenue$358,039
Expenses$415,211
Net Income-$57,172
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 13, 2023
Return Version
2022v5.0
Gross Receipts
$358,039
Mission and Program Overview

Mission

This Corporation has beeen organized exclusively to assist in the acquisition and operation, on a non-profit basis, of a housing project for persons of low income.

Gregene housing development fund corporation (the "corporation") has been organized exclusively to assist the acquisition and operation, on a nonprofit basis, of a housing project for persons of low income.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,192,569$1,464,011▲ $271,442
Cash and Non-Interest-Bearing Accounts$69,541$262,872▲ $193,331
Accounts Receivable$205,995$26,131▼ $179,864
Prepaid Expenses and Deferred Charges$16,625$17,061▲ $436
Total Assets$1,753,171$2,096,629▲ $343,458
Other Assets Total$268,441$326,554▲ $58,113
Liabilities
Mortgage Notes Payable Secured by Investment Property$2,133,566$2,642,416▲ $508,850
Accounts Payable and Accrued Expenses$47,441$82,926▲ $35,485
Other Liabilities$33,290$37,614▲ $4,324
Total Liabilities$2,214,297$2,762,956▲ $548,659
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-461,126$-666,327▼ $205,201
Total Net Assets Fund Balance$-461,126$-666,327▼ $205,201
Total Liabilities and Net Assets / Fund Balance$1,753,171$2,096,629▲ $343,458

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,038,873$641,658$1,680,531
Leasehold Improvements$417,168$319,490$736,658
Equipment$4,570$3,430$8,000
Land$3,400-$3,400
Other Assets Org$10,283--
Compensation and Service Providers
Top Officer Pay69th percentile

Employees

NameTitleOtherTotal
Val HenryPresident/ce$179,533$179,533

Board Members and Trustees

NameTitle
Charles ThomasChairman
Val HenryPresident/CEO
Alecia D MasonVice Chairma
C Allyson Franklin EsqMember
Kenneth L Pyle SrMember
Kenneth LaidlowMember
Michael Bailey EsqMember
Mildred SmithMember
Sonia ClarkeMember
Steve CromityMember
Victoria Powe-bittleMember
Von JosephMember
Cory SargeantSecretary
Edward H King EsqTreasurer Th
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$352,826
Investment Income
$2,080
Other Revenue
$3,133
Change in Net Assets
$-57,172

Audited Revenue Reconciliation

Revenue per Audited Statements
$358,039
Total Revenue per Audited Statements
$358,039
Total Revenue per Form 990
$358,039
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$354,791
Salaries, Compensation, and Employee Benefits$60,420
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$97,833--$97,833
Depreciation Depletion$89,379--$89,379
Other Salaries and Wages$49,919$5,547-$55,466
Insurance$44,596--$44,596
Fees for Services Management-$29,453-$29,453
Fees for Services Accounting-$15,254-$15,254
Fees for Services Legal$7,362--$7,362
Payroll Taxes$4,459$495-$4,954
Fees for Services Other$3,066--$3,066
Office Expenses$1,414$302-$1,716
Other Expenses$383$2,586-$383
Total Functional Expenses$361,574$53,637$0$415,211

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$415,211
Total Expenses per Audited Statements$415,211
Total Expenses per Form 990$415,211
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Tenant Security Deposits$27,008
Prepaid Rents$10,606
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
No
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
Yes
Other officer compensation reviewed
Yes
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, Page 6, Part VI, Line 3

“The board contracted lwc management corporation to manage the rental property through a management contract agreement. The management company reports to the board on a monthly basis.”

Form 990, Page 6, Part VI, Line 11B

“The draft form 990 is initially provided to the managing agent for review and comments. Once reviewed and comments adddressed, the draft form 990 in paper form is then provided to the board through the president for review and approval of the full-board for filing with the irs.”

Form 990, Page 6, Part VI, Line 12C

“On an annual basis, all board members, managing agent and key employees are required to disclose any conflict or potential conflict of interest. The disclosures are reviewed by the board members. Any member (s) with conflict of interest will not be allowed to vote on matters related to the conflict of interest.”

Form 990, Page 6, Part VI, Line 15A

“The board reviews the compensation for key employees as recommended by the managing agent based on compensation information for the same positions in similar organizations.”

Form 990, Page 6, Part VI, Line 15B

“The board reviews the compensation for key employees as recommended by the managing agent based on compensation information for the same positions in similar organizations.”

Form 990, Page 6, Part VI, Line 19

“The organization's form 990 is available for public inspection at www.guidestar.org. The organization makes its governing documents conflict of interest policy, and financial statements available to the public upon written request to the managing agent, lwc management located at 2090 adam clayton powell, jr. Bldv., suite 203, new york, ny 10027 or by calling (212) 665-5500.”

Filing and Contact Details

Filer

Filer Name
Gregene Housing Development
EIN
80-0818949
Phone
2126655500
Address
230 KINGSTON AVENUE, BROOKLYN, NY 11213

Signing Officer

Name
Val Henry
Title
President/CEO
Phone
2126655500
Signed
2023-11-13

Organization Details

Principal Officer
Val Henry
Formed
2012
Legal Domicile
Ny
Voting Board Members
13
Independent Board Members
13
Employees
0
Volunteers
13

Preparer

Firm
Galleros Robinson
Address
115 DAVIS STATION RD, CREAM RIDGE, NJ 08514
Preparer
Leonora Galleros
Phone
6469210400
Supplemental Narrative

Additional Explanations

Form 990, Page 12, Part XII, Line 1

“Part xii, line 2c: the process has not changed from prior year.”

Financial Statement Notes

Schedule D, Page 3, Part X

“The organization is exempt from federal income tax under section 501(c)(3) of the internal revenue code. However, income from certain activities not directly related to the organizations tax-exempt purpose is subject to taxation as unrelated business income. The organization recognizes the effect of income tax positions only if those positions are more-likely-than-not be sustained upon examination of taxing authorities. Management has determined that the organization had no uncertain tax positions that would require financial statement recognition or disclosure. The organization is no longer subject to audits by the applicable taxing jurisdictions for years prior to 2019. Currently, there are no audits in progress.”

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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0OTHER INCOME 6,413
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART III, LINE 12
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. HOWEVER, INCOME FROM CERTAIN ACTIVITIES NOT DIRECTLY RELATED TO THE ORGANIZATIONS TAX-EXEMPT PURPOSE IS SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. THE ORGANIZATION RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE POSITIONS ARE MORE-LIKELY-THAN-NOT BE SUSTAINED UPON EXAMINATION OF TAXING AUTHORITIES. MANAGEMENT HAS DETERMINED THAT THE ORGANIZATION HAD NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE FINANCIAL STATEMENT RECOGNITION OR DISCLOSURE. THE ORGANIZATION IS NO LONGER SUBJECT TO AUDITS BY THE APPLICABLE TAXING JURISDICTIONS FOR YEARS PRIOR TO 2019. CURRENTLY, THERE ARE NO AUDITS IN PROGRESS.
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Document Assets

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Filings

Displayed year

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

Open filing
Assets
$2,096,629
Liabilities
$2,762,956
Net assets
-$666,327
Revenue
$358,039
Expenses
$415,211
Net income
-$57,172
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.91$2.73$0.82$0.41$0.47$0.06
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.99$2.75$0.76$0.38$0.47$0.09
2022Detailed filing. Detailed filing data is available for this year.$2.10$2.76$0.67$0.36$0.42$0.06
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.75$2.21$0.46$0.36$0.42$0.06
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.81$2.21$0.40$0.37$0.38$0.02
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.81$2.19$0.38$0.37$0.38$0.01
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.81$2.19$0.38$0.36$0.40$0.05
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.87$2.20$0.33$0.35$0.40$0.05
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.91$2.19$0.28$0.35$0.41$0.06
2015Detailed filing. Detailed filing data is available for this year.$1.96$2.18$0.22$0.34$0.37$0.03
2014Detailed filing. Detailed filing data is available for this year.$2.00$2.19$0.19$0.34$0.41$0.07
2013Detailed filing. Detailed filing data is available for this year.$2.06$2.18$0.12$0.33$0.34$0.01
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.07$2.18$0.11$0.26