Civic Intelligence

Lower East Side Housing Development Fund Company Inc.

990 • Fiscal year 2021 • EIN 81-0856461

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 08, 2022

141 Norfolk StreetNew York, NY 10002

(212) 964-2288

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Up

$3,218,527

Up $3,213,635 (+65692%) from 2020

Net Assets

Up

$182,798

Up $179,599 (+5614%) from 2020

Liabilities

Up

$3,035,729

Up $3,034,036 (+179211%) from 2020

Revenue And Expenses

Revenue

Down

$730

Down $193,220 (-100%) from 2020

Expenses

Down

$543

Down $181,901 (-100%) from 2020

Net Income

Down

$187

Down $11,319 (-98%) from 2020

Historical Trend

Balance Sheet Trend

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

$30M$20M$10M$0-$10MAssets 2018: $182,016Liabilities 2018: $187,638Net Assets 2018: -$5,6222018Assets 2019: $182,331Liabilities 2019: $190,638Net Assets 2019: -$8,3072019Assets 2020: $4,892Liabilities 2020: $1,693Net Assets 2020: $3,1992020Assets 2021: $3,218,527Liabilities 2021: $3,035,729Net Assets 2021: $182,7982021Assets 2022: $14,089,479Liabilities 2022: $14,157,533Net Assets 2022: -$68,0542022Assets 2023: $18,877,760Liabilities 2023: $18,953,809Net Assets 2023: -$76,0492023Assets 2024: $20,021,797Liabilities 2024: $20,021,572Net Assets 2024: $2252024

Highlighted filing

2021

Assets$3,218,527
Liabilities$3,035,729
Net Assets$182,798

Operations Trend

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

$400K$300K$200K$100K$0-$100KExpenses 2018: $4,5822018Expenses 2019: $2,6852019Revenue 2020: $193,950Expenses 2020: $182,444Net Income 2020: $11,5062020Revenue 2021: $730Expenses 2021: $543Net Income 2021: $1872021Revenue 2022: $50Expenses 2022: $12,000Net Income 2022: -$11,9502022Revenue 2023: $0Expenses 2023: $7,995Net Income 2023: -$7,9952023Revenue 2024: $386,429Expenses 2024: $310,157Net Income 2024: $76,2722024

Highlighted filing

2021

Revenue$730
Expenses$543
Net Income$187
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 8, 2022
Return Version
2021v4.2
Gross Receipts
$730
Mission and Program Overview

Mission

To acquire, preserve, and operate affordable (rental) housing for low to median income families.

Acquires, preserves, and operates affordable rental housingfor low to median income families

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$0$2,970,583▲ $2,970,583
Cash and Non-Interest-Bearing Accounts$4,892$168,799▲ $163,907
Accounts Receivable-$79,145-
Total Assets$4,892$3,218,527▲ $3,213,635
Liabilities
Other Liabilities$0$3,372,490▲ $3,372,490
Accounts Payable and Accrued Expenses$1,693$-336,761▼ $338,454
Total Liabilities$1,693$3,035,729▲ $3,034,036
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,199$182,798▲ $179,599
Total Net Assets Fund Balance$3,199$182,798▲ $179,599
Total Liabilities and Net Assets / Fund Balance$4,892$3,218,527▲ $3,213,635

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,970,583-$2,970,583
Compensation and Service Providers

Employees

NameTitleOtherTotal
Hsueh Lam YanSenior Director Asset & Pr$140,734$140,734

Board Members and Trustees

NameTitle
Thomas YuPresident
Lydia TomVice President
Jennifer H SunExecutive Director
Tim JungChief Financial Officer (outgoing)
Jacqueline HueySecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$730
Change in Net Assets
$187

Audited Revenue Reconciliation

Revenue per Audited Statements
$0
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$25,832,010
Total Revenue per Audited Statements
$25,832,010
Total Revenue per Form 990
$0
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$543
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Management-$543-$543
Total Functional Expenses$0$543$0$543

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$21,615,636
Expenses Not Reported on Form 990$21,615,093
Expenses per Audited Statements$543
Total Expenses per Form 990$543
Expenses Not Reported on Financial Statements$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Secured Mortgages$3,238,041
Due to Affiliates$134,449
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

Asian americans for equality, inc. ("aafe") is the sole member of the organization.

Form 990, Part VI, Section A, Line 7A

Asian americans for equality, inc., the sole member of the organization, has the right to appoint a majority of the organization's board of directors.

Form 990, Part VI, Section A, Line 7B

The following corporate actions may not be taken without the approval of the members: (a) a majority of the votes cast at a meeting of the members is required for (1) any amendment of or change to the certificate of incorporation or (2) a petition for judicial dissolution; (b) two-thirds of the votes cast at a meeting of the members is required for (1) disposing of all, or substantially all, of the assets of the corporation, (2) approval of a plan of merger, (3) authorization of a plan of non-judicial dissolution, or (4) revocation of a voluntary dissolution proceeding. Provided, however, that the affirmative votes cast in favor of any such action shall be at least equal to the minimum number of votes necessary to constitute a quorum. Further, the members can also remove any director any time with or without cause by a vote.

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

At least 14 days prior to filing, the organization distributes a draft form 990 to the board for review. Ten days are allowed for feedback, through the board treasurer, before form 990 is finalized and filed with the irs. A copy of the filed form 990 is provided to the board for their records.

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

Directors and officers are issued with a copy of the organization's current conflict of interest (coi) policy upon appointment, and annually thereafter. Directors and officers complete annual declarations to either confirm no conflicts, or identify possible and/or actual conflicts.

Form 990, Part VI, Section C, Line 19

Governing documents, conflict of interest policy and financial statements are available to the public by request to any board member or officer. These documents are maintained at the organization's registered office.

Filing and Contact Details

Filer

Filer Name
Lower East Side Housing Development
EIN
81-0856461
Phone
2129642288
Address
141 NORFOLK STREET, NEW YORK, NY 10002

Signing Officer

Name
Thomas Yu
Title
Executive Director
Phone
2129642288
Signed
2022-11-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Thomas Yu
Formed
2019
Legal Domicile
Ny
Voting Board Members
5
Independent Board Members
2
Employees
0
Volunteers
2

Preparer

Firm
Cbiz Marks Paneth LLC
Address
685 THIRD AVENUE, NEW YORK, NY 10017
Preparer
Magdalena M Czerniawski
Phone
2125038800
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

The process has not changed from the prior year.

Financial Statement Notes

PART X, LINE 2:

Leshdfc believes it had no uncertain tax positions as of december 31, 2020 and 2021 in accordance with accounting standards codification ("asc") topic 740, "income taxes", which provides standards for establishing and classifying any tax provisions for uncertain tax positions.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Related entities' revenues 25,832,010.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Related entities' expenses 21,615,093.

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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt24736
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0JENNIFER H SUN
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1THOMAS YU
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm2TIM JUNG
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0EXECUTIVE DIRECTOR
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1PRESIDENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt2CHIEF FINANCIAL OFFICER (OUTGOING)
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt10
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IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ASIAN AMERICANS FOR EQUALITY, INC. ("AAFE") IS THE SOLE MEMBER OF THE ORGANIZATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ASIAN AMERICANS FOR EQUALITY, INC., THE SOLE MEMBER OF THE ORGANIZATION, HAS THE RIGHT TO APPOINT A MAJORITY OF THE ORGANIZATION'S BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE FOLLOWING CORPORATE ACTIONS MAY NOT BE TAKEN WITHOUT THE APPROVAL OF THE MEMBERS: (A) A MAJORITY OF THE VOTES CAST AT A MEETING OF THE MEMBERS IS REQUIRED FOR (1) ANY AMENDMENT OF OR CHANGE TO THE CERTIFICATE OF INCORPORATION OR (2) A PETITION FOR JUDICIAL DISSOLUTION; (B) TWO-THIRDS OF THE VOTES CAST AT A MEETING OF THE MEMBERS IS REQUIRED FOR (1) DISPOSING OF ALL, OR SUBSTANTIALLY ALL, OF THE ASSETS OF THE CORPORATION, (2) APPROVAL OF A PLAN OF MERGER, (3) AUTHORIZATION OF A PLAN OF NON-JUDICIAL DISSOLUTION, OR (4) REVOCATION OF A VOLUNTARY DISSOLUTION PROCEEDING. PROVIDED, HOWEVER, THAT THE AFFIRMATIVE VOTES CAST IN FAVOR OF ANY SUCH ACTION SHALL BE AT LEAST EQUAL TO THE MINIMUM NUMBER OF VOTES NECESSARY TO CONSTITUTE A QUORUM. FURTHER, THE MEMBERS CAN ALSO REMOVE ANY DIRECTOR ANY TIME WITH OR WITHOUT CAUSE BY A VOTE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3AT LEAST 14 DAYS PRIOR TO FILING, THE ORGANIZATION DISTRIBUTES A DRAFT FORM 990 TO THE BOARD FOR REVIEW. TEN DAYS ARE ALLOWED FOR FEEDBACK, THROUGH THE BOARD TREASURER, BEFORE FORM 990 IS FINALIZED AND FILED WITH THE IRS. A COPY OF THE FILED FORM 990 IS PROVIDED TO THE BOARD FOR THEIR RECORDS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4DIRECTORS AND OFFICERS ARE ISSUED WITH A COPY OF THE ORGANIZATION'S CURRENT CONFLICT OF INTEREST (COI) POLICY UPON APPOINTMENT, AND ANNUALLY THEREAFTER. DIRECTORS AND OFFICERS COMPLETE ANNUAL DECLARATIONS TO EITHER CONFIRM NO CONFLICTS, OR IDENTIFY POSSIBLE AND/OR ACTUAL CONFLICTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC BY REQUEST TO ANY BOARD MEMBER OR OFFICER. THESE DOCUMENTS ARE MAINTAINED AT THE ORGANIZATION'S REGISTERED OFFICE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION A, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART XII, LINE 2C:
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd10
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd20
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd30
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd40
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd1N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd2N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd3N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd4N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN0814698636
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN1474677213
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN2474487628
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN4841971812
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt0C
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt1C
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt2C
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt3C
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt4C
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd0NY
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd1NY
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd2NY
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd3NY
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd4NY
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt0PROMOTE COMMON GOOD, WELFARE, AND ECONOMIC DEVELOPMENT IN NY
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt1RENOVATION OF FLUSHING, NY PROPERTY
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt2HOLDING COMPANY
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt3HOLDING COMPANY
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt0AAFE NEW AMERICAN OPPORTUNITY FUND INC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt1HARMONY 106 CORP
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt2ONE FLUSHING NP LLC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt3EAST VILLAGE HOMES MANAGER CORP
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt4EAST VILLAGE HOUSING DEVELOPMENT FOUND COMPANY INC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/AddressLine1Txt02 ALLEN STREET 7TH FLOOR
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/AddressLine1Txt12 ALLEN STREET 7TH FLOOR
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/AddressLine1Txt22 ALLEN STREET 7TH FLOOR
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/AddressLine1Txt32 ALLEN STREET 7TH FLOOR
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/AddressLine1Txt42 ALLEN STREET 7TH FLOOR
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/CityNm0NEW YORK
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/CityNm1NEW YORK
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/CityNm2NEW YORK
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/CityNm3NEW YORK
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/CityNm4NEW YORK
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/StateAbbreviationCd0NY
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/StateAbbreviationCd1NY
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/StateAbbreviationCd2NY
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/StateAbbreviationCd3NY
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/StateAbbreviationCd4NY
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/ZIPCd010002
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/ZIPCd110002
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/ZIPCd210002
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/ZIPCd310002
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/ZIPCd410002
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd1N/A
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd2N/A
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DisproportionateAllocationsInd00
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DisproportionateAllocationsInd10
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DisproportionateAllocationsInd20

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