Civic Intelligence

Vanmew Housing Development Fund Corporation

EIN 80-0819115 • 501(c)3 • Brooklyn, NY

Profile

Vanmew Housing Development Fund Corporation (the "Corporation") has entered into regulatory and financing agreements with the New York State Housing Finance Agency and the New York City Department of Housing Preservation Development (HPD) to acquire apartment buildings for purposes of operating and maintaining rental properties at approved rates for persons of low-income.

230 Kingston AvenueBrooklyn, NY 11213

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

98th percentile

1.81x

Higher debt load relative to assets than 98% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

98th percentile

7.57x

Higher debt load relative to revenue than 98% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Net Margin

11th percentile

-28%

Higher net margin than 11% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

24th percentile

-4.5%

Faster asset growth than 24% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

44th percentile

4.3%

Faster revenue growth than 44% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Assets

Down

$1,400,877

Down $66,023 (-4.5%) from 2023

Liabilities

Up

$2,529,932

Up $28,648 (+1.1%) from 2023

Net Assets

Down

-$1,129,055

Down $94,671 (-9.2%) from 2023

Revenue

Up

$334,251

Up $13,791 (+4.3%) from 2023

Expenses

Up

$428,922

Up $23,730 (+5.9%) from 2023

Net Income

Down

-$94,671

Down $9,939 (-12%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$3.0M$2.0M$1.0M$0-$1.0M-$2.0MAssets 2012: $1,679,539Liabilities 2012: $1,815,124Net Assets 2012: -$135,5852012Assets 2013: $1,661,776Liabilities 2013: $1,808,226Net Assets 2013: -$146,4502013Assets 2014: $1,641,087Liabilities 2014: $1,812,569Net Assets 2014: -$171,4822014Assets 2015: $1,576,887Liabilities 2015: $1,819,244Net Assets 2015: -$242,3572015Assets 2016: $1,534,099Liabilities 2016: $1,838,768Net Assets 2016: -$304,6692016Assets 2017: $1,484,268Liabilities 2017: $1,879,527Net Assets 2017: -$395,2592017Assets 2018: $1,376,522Liabilities 2018: $1,841,974Net Assets 2018: -$465,4522018Assets 2019: $1,312,633Liabilities 2019: $1,825,218Net Assets 2019: -$512,5852019Assets 2020: $1,259,005Liabilities 2020: $1,849,458Net Assets 2020: -$590,4532020Assets 2021: $1,224,313Liabilities 2021: $1,899,895Net Assets 2021: -$675,5822021Assets 2022: $1,530,825Liabilities 2022: $2,480,477Net Assets 2022: -$949,6522022Assets 2023: $1,466,900Liabilities 2023: $2,501,284Net Assets 2023: -$1,034,3842023Assets 2024: $1,400,877Liabilities 2024: $2,529,932Net Assets 2024: -$1,129,0552024

Highlighted filing

2024

Assets$1,400,877
Liabilities$2,529,932
Net Assets-$1,129,055

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$600K$400K$200K$0-$200KExpenses 2012: $257,6582012Revenue 2013: $291,241Expenses 2013: $302,106Net Income 2013: -$10,8652013Revenue 2014: $288,076Expenses 2014: $313,108Net Income 2014: -$25,0322014Revenue 2015: $288,587Expenses 2015: $359,462Net Income 2015: -$70,8752015Revenue 2016: $285,432Expenses 2016: $347,744Net Income 2016: -$62,3122016Revenue 2017: $287,419Expenses 2017: $378,010Net Income 2017: -$90,5912017Revenue 2018: $304,238Expenses 2018: $374,431Net Income 2018: -$70,1932018Revenue 2019: $299,374Expenses 2019: $346,507Net Income 2019: -$47,1332019Revenue 2020: $285,955Expenses 2020: $363,823Net Income 2020: -$77,8682020Revenue 2021: $288,273Expenses 2021: $373,402Net Income 2021: -$85,1292021Revenue 2022: $291,678Expenses 2022: $416,570Net Income 2022: -$124,8922022Revenue 2023: $320,460Expenses 2023: $405,192Net Income 2023: -$84,7322023Revenue 2024: $334,251Expenses 2024: $428,922Net Income 2024: -$94,6712024

Highlighted filing

2024

Revenue$334,251
Expenses$428,922
Net Income-$94,671

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.40$2.53$1.13$0.33$0.43$0.09
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.47$2.50$1.03$0.32$0.41$0.08
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.53$2.48$0.95$0.29$0.42$0.12
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.22$1.90$0.68$0.29$0.37$0.09
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.26$1.85$0.59$0.29$0.36$0.08
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.31$1.83$0.51$0.30$0.35$0.05
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.38$1.84$0.47$0.30$0.37$0.07
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.48$1.88$0.40$0.29$0.38$0.09
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.53$1.84$0.30$0.29$0.35$0.06
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.58$1.82$0.24$0.29$0.36$0.07
2014Detailed filing. Detailed filing data is available for this year.$1.64$1.81$0.17$0.29$0.31$0.03
2013Detailed filing. Detailed filing data is available for this year.$1.66$1.81$0.15$0.29$0.30$0.01
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.68$1.82$0.14$0.26
Latest Detailed Filing

The latest 2024 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2022 below.

Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 10, 2023
Return Version
2022v5.0
Gross Receipts
$291,678
Mission and Program Overview

Mission

Vanmew housing development fund corporation (the "corporation") has entered into regulatory and financing agreements with the new york state housing finance agency and the new york city department of housing preservation development (hpd) to acquire apartment buildings for purposes of operating and maintaining rental properties at approved rates for persons of low-income.

Vanmew housing developmentfund corporation ("the corporation")has entered into regulatory and financing agreements with the new york state housing finance agency and the new york city department of housing preservation development (hpd)to acquire apartment building for purposes of operating and maintaining rental properties at approved rates for persons of low- income.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,015,059$1,301,798▲ $286,739
Accounts Receivable$23,066$35,559▲ $12,493
Cash and Non-Interest-Bearing Accounts$14,388$21,093▲ $6,705
Prepaid Expenses and Deferred Charges$11,320$10,818▼ $502
Total Assets$1,224,313$1,530,825▲ $306,512
Other Assets Total$160,480$161,557▲ $1,077
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,729,929$2,242,730▲ $512,801
Other Liabilities$109,731$133,343▲ $23,612
Accounts Payable and Accrued Expenses$60,235$104,404▲ $44,169
Total Liabilities$1,899,895$2,480,477▲ $580,582
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-675,582$-949,652▼ $274,070
Total Net Assets Fund Balance$-675,582$-949,652▼ $274,070
Total Liabilities and Net Assets / Fund Balance$1,224,313$1,530,825▲ $306,512

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,300,298$766,642$2,066,940
Land$1,500-$1,500
Other Assets Org$7,841--
Compensation and Service Providers

Employees

NameTitleOtherTotal
Val HenryPresident/ce$179,103$179,103

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$289,956
Investment Income
$1,440
Other Revenue
$282
Change in Net Assets
$-124,892

Audited Revenue Reconciliation

Revenue per Audited Statements
$291,678
Revenue Not Reported on Form 990
$9,384
Total Revenue per Audited Statements
$301,062
Total Revenue per Form 990
$291,678
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$344,877
Salaries, Compensation, and Employee Benefits$71,693
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$102,630--$102,630
Depreciation Depletion$76,884--$76,884
Other Salaries and Wages$47,670$5,297-$52,967
Insurance$35,892--$35,892
Fees for Services Management-$22,823-$22,823
Interest$21,624--$21,624
Fees for Services Accounting-$14,931-$14,931
Other Employee Benefits$12,893$1,433-$14,326
Fees for Services Legal-$6,337-$6,337
Payroll Taxes$3,960$440-$4,400
Office Expenses$1,548$1,547-$3,095
Fees for Services Other$2,730--$2,730
Other Expenses$50$1,855-$50
Total Functional Expenses$356,155$60,415$0$416,570

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$425,954
Expenses per Audited Statements$416,570
Total Expenses per Form 990$416,570
Expenses Not Reported on Form 990$9,384
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
Due to Related Parties$44,993
Accrue Interest Payable, Deferred$37,071
Prepaid Rents$30,136
Tenant Security Deposits Payable$21,143
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
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

Form 990 part vi, section b, line 11: the draft form 990 is initially provided to the managing agent for review and comments. Once reviewed and comments addressed, 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 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 position 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 position in similar organizations.

Form 990, Page 6, Part VI, Line 19

The organization will make the governing documents, conflict of interest and financial statements available to the public upon request by calling telephone 212.665.5500 or at the office of its managing agent, lwc management corporation located at 2090 adam clayton powell, jr. Blvd, new york, ny 10027.

Filing and Contact Details

Filer

Filer Name
Vanmew Housing Development
EIN
80-0819115
Phone
2126655500
Address
230 KINGSTON AVENUE, BROOKLYN, NY 11213

Signing Officer

Name
Val Henry
Title
President/CEO
Phone
2126655500
Signed
2023-11-10
Discuss with paid preparer
Yes

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 - ORGANIZATION'S MISSION

Vanmew housing developmentfund corporation ("the corporation")has entered into regulatory and financing agreements with the new york state housing finance agency and the new york city department of housing preservation development (hpd)to acquire apartment building for purposes of operating and maintaining rental properties at approved rates for persons of low- income.

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 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 has 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.

Schedule D, Page 4, Part XI, Line 2D

RENT FREE UNIT 9,384

Schedule D, Page 4, Part XII, Line 2D

RENT FREE UNIT 9,384

Raw XML AppendixShowing 400 of 634 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.

Path#Value
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IRS990/AccountsReceivableGrp/EOYAmt035559
IRS990/ActivitiesConductedPrtshpInd0false
IRS990/ActivityOrMissionDesc0VANMEW HOUSING DEVELOPMENTFUND CORPORATION ("THE CORPORATION")HAS ENTERED INTO REGULATORY AND FINANCING AGREEMENTS WITH THE NEW YORK STATE HOUSING FINANCE AGENCY AND THE NEW YORK CITY DEPARTMENT OF HOUSING PRESERVATION DEVELOPMENT (HPD)TO ACQUIRE APARTMENT BUILDING FOR PURPOSES OF OPERATING AND MAINTAINING RENTAL PROPERTIES AT APPROVED RATES FOR PERSONS OF LOW- INCOME.
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IRS990/BooksInCareOfDetail/USAddress/AddressLine1Txt02090 ADAM CLAYTON POWELL JR BLVD
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IRS990/Desc0THE CORPORATION PROVIDED HOUSING TO LOW-INCOME TENANTS IN ITS 30 RESIDENTIAL AND 1 COMMERCIAL UNITS HOUSED IN FOUR MULTI-STORY BUILDINGS (THE "PROJECT"). SINCE THE PROJECT WAS DEVELOPED THROUGH PROCEEDS OF LONG-TERM LOANS UNDER THE ARTICLE VIII OF THE PRIVATE HOUSING FINANCE LAW OF THE STATE OF NEW YORK AND THE CITY OF NEW YORK HOUSING PRESERVATION AND DEVELOPMENT (HPD), THE CORPORATION CONTINUOUSLY OPERATE, MAINTAIN AND MANAGE THE PROJECT IN ACCORDANCE WITH THE REQUIREMENTS OF HPD, SPECIFICALLY IN TERMS OF ADMITTING ELIGIBLE TENANTS ONLY.
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IRS990/Form990PartVIISectionAGrp/PersonNm1CHARLES THOMAS
IRS990/Form990PartVIISectionAGrp/PersonNm2ALECIA D MASON
IRS990/Form990PartVIISectionAGrp/PersonNm3CORY SARGEANT
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IRS990/Form990PartVIISectionAGrp/PersonNm11VAN JOSEPH
IRS990/Form990PartVIISectionAGrp/PersonNm12KENNETH LAIDLOW
IRS990/Form990PartVIISectionAGrp/PersonNm13KENNETH L PYLE SR
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE 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 HAS 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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IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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