Liabilities / Assets
94th percentile
Higher debt load relative to assets than 94% of similar nonprofits.
Three Arts Club Housing Development Fund Company Inc.
990 • Fiscal year 2018 • EIN 81-5151097
Siviq Scores
Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.
1.04x
Liabilities / Revenue
99th percentile
Higher debt load relative to revenue than 99% of similar nonprofits.
Net Margin
1st percentile
Higher net margin than 1% of similar nonprofits.
Top Officer Pay
40th percentile
Higher top officer pay than 40% of similar nonprofits.
Top officer pay equals 22.8% of source-year revenue.
Asset Growth
39th percentile
Faster asset growth than 39% of similar nonprofits.
Revenue Growth
99th percentile
Faster revenue growth than 99% of similar nonprofits.
Balance Sheet
Assets
Up$43,537,038
Up $94,400 (+0.2%) from 2017
Net Assets
Down-$1,901,428
Down $1,678,316 (-752%) from 2017
Liabilities
Up$45,438,466
Up $1,772,716 (+4.1%) from 2017
Revenue And Expenses
Revenue
Up$937,773
Up $802,916 (+595%) from 2017
Expenses
Up$2,616,089
Up $2,258,120 (+631%) from 2017
Net Income
Down-$1,678,316
Down $1,455,204 (-652%) from 2017
Historical Trend
Jump To
Filing Snapshot
- Filing Period
- Jul 1, 2017 to Jun 30, 2018
- Signed
- Sep 26, 2018
- Return Version
- 2017v2.3
- Gross Receipts
- $937,773
Mission and Program Overview
Mission
A not-for-profit housing development corporation committed to developing, operating and managing housing for persons of low income.
A not-for-profit housing development corporation committed to developing, operating and managing housing for persons of low income. (continued on schedule o)
Balance Sheet Detail
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Land, Buildings, and Equipment, Net | $42,278,891 | $42,357,790 | ▲ $78,899 |
| Cash and Non-Interest-Bearing Accounts | $33,217 | $40,504 | ▲ $7,287 |
| Accounts Receivable | $4,340 | $14,737 | ▲ $10,397 |
| Prepaid Expenses and Deferred Charges | $26,049 | $8,431 | ▼ $17,618 |
| Savings and Temporary Cash Investments | $0 | $0 | → $0 |
| Other Notes and Loans Receivable, Net | $0 | $0 | → $0 |
| Pledges and Grants Receivable | $0 | $0 | → $0 |
| Receivable From Disqualified Prsn | $0 | $0 | → $0 |
| Receivables From Officers Etc | $0 | $0 | → $0 |
| Investments Other Securities | $0 | $0 | → $0 |
| Investments Program Related | $0 | $0 | → $0 |
| Investments in Publicly Traded Securities | $0 | $0 | → $0 |
| Intangible Assets | $0 | $0 | → $0 |
| Inventories for Sale or Use | $0 | $0 | → $0 |
| Loans From Officers Directors | $0 | $0 | → $0 |
| Total Assets | $43,442,638 | $43,537,038 | ▲ $94,400 |
| Other Assets Total | $1,100,141 | $1,115,576 | ▲ $15,435 |
| Liabilities | |||
| Mortgage Notes Payable Secured by Investment Property | $43,335,192 | $43,335,192 | → $0 |
| Accounts Payable and Accrued Expenses | $213,386 | $1,658,370 | ▲ $1,444,984 |
| Other Liabilities | $117,172 | $444,904 | ▲ $327,732 |
| Grants Payable | $0 | $0 | → $0 |
| Unsecured Notes Loans Payable | $0 | $0 | → $0 |
| Deferred Revenue | $0 | $0 | → $0 |
| Escrow Account Liability | $0 | $0 | → $0 |
| Tax Exempt Bond Liabilities | $0 | $0 | → $0 |
| Total Liabilities | $43,665,750 | $45,438,466 | ▲ $1,772,716 |
| Net Assets / Fund Balance | |||
| Permanently Rstr Net Assets | $0 | $0 | → $0 |
| Temporarily Rstr Net Assets | $0 | $0 | → $0 |
| Unrestricted Net Assets | $-223,112 | $-1,901,428 | ▼ $1,678,316 |
| Total Net Assets Fund Balance | $-223,112 | $-1,901,428 | ▼ $1,678,316 |
| Total Liabilities and Net Assets / Fund Balance | $43,442,638 | $43,537,038 | ▲ $94,400 |
Asset Categories
| Asset | Book Value | Depreciation | Basis |
|---|---|---|---|
| Buildings | $33,857,258 | $966,312 | $34,823,570 |
| Land | $8,400,000 | - | $8,400,000 |
| Equipment | $100,532 | $2,578 | $103,110 |
Compensation and Service Providers
Board Members and Trustees
| Name | Title |
|---|---|
| Mr Sheldon J Fine | President |
| Mr Paul R Freitag | Vice President/secretary |
| Ms Laura M Tavormina | Treasurer |
Highest Paid Contractors
| Contractor | Services | Location | Compensation |
|---|---|---|---|
| Curtis Ginsberg Architects LLP | Architects | 299 BROADWAY SUITE 1107, New York, NY 10007 | $138,326 |
Revenue and Support
Revenue Composition
- Contributions and Grants
- $20,000
- Program Service Revenue
- $917,773
- Investment Income
- $0
- Other Revenue
- $0
- All Other Contributions
- $20,000
- Change in Net Assets
- $-1,678,316
Expenses and Functional Allocation
Major Expense Lines
| Line Item | Amount |
|---|---|
| Other Expenses | $2,512,573 |
| Salaries, Compensation, and Employee Benefits | $103,516 |
| Grants and Similar Amounts Paid | $0 |
| Professional Fundraising Fees | $0 |
| Total Fundraising Expense | $0 |
Functional Expense Allocation
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| Interest | $1,192,255 | - | - | $1,192,255 |
| Depreciation Depletion | $862,687 | - | - | $862,687 |
| Other Expenses | $214,598 | - | - | $214,598 |
| Other Salaries and Wages | $79,711 | - | - | $79,711 |
| Fees for Services Other | $41,180 | - | - | $41,180 |
| Insurance | $29,954 | - | - | $29,954 |
| Other Employee Benefits | $15,015 | - | - | $15,015 |
| Office Expenses | $8,438 | - | - | $8,438 |
| Fees for Services Legal | $7,008 | - | - | $7,008 |
| Payroll Taxes | $7,001 | - | - | $7,001 |
| Fees for Services Accounting | - | $5,500 | - | $5,500 |
| Information Technology | $4,909 | - | - | $4,909 |
| All Other Expenses | $3,914 | - | - | $3,914 |
| Pension Plan Contributions | $1,789 | - | - | $1,789 |
| Travel | $102 | - | - | $102 |
| Total Functional Expenses | $2,610,589 | $5,500 | $0 | $2,616,089 |
Fundraising, Events, and Gaming
- Fundraising activities
- No
- Gaming activities
- No
- Professional fundraiser used
- No
Fundraising and Gaming Totals
| Line Item | Amount |
|---|---|
| Fundraising Direct Expenses | $0 |
| Fundraising Gross Income | $0 |
| Gaming Direct Expenses | $0 |
| Gaming Gross Income | $0 |
| Professional Fundraising Fees | $0 |
Political and Lobbying Activity
- Political campaign activity
- No
- Lobbying activity
- No
- Subject to proxy tax
- No
Insider Transactions and Loans
Loans and Receivables
| Line Item | Beginning | End | Change |
|---|---|---|---|
| Loans from Officers, Directors, Trustees, and Key Employees | $0 | $0 | → $0 |
| Receivables from Disqualified Persons | $0 | $0 | → $0 |
| Receivables from Officers, Directors, Trustees, and Key Employees | $0 | $0 | → $0 |
Debt and Bond Financing
Other Reported Liabilities
| Liability | Amount |
|---|---|
| Due From Affiliates | $432,699 |
| Tenant Security Deposits Held | $10,437 |
| Rents Received in Advance | $1,768 |
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 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
- Yes
- Key decisions subject to board approval
- No
- Management duties delegated
- No
Governance Explanations
Form 990, Part VI, Line 12C
“The conflict of interest statements are distributed for completion to the directors annually. All statements are reviewed by the board and maintained by the vice-president.”
Form 990, Part VI, Line 15B
“Neither the vice-president nor the treasurer is compensated by the filing organization. However, both are compensated by a related organization, west side federation for senior & supportive housing inc., which is a single member of the filing organization. Also see form 990 part vii, section a.”
Form 990, Part VI, Line 19
“The organization makes the following governance documents available for public inspection upon request: 1. Articles of incorporation 2. By-laws 3. Conflict of interest policy 4. Audited consolidated financial statements 5. Form 990”
Filing and Contact Details
Filer
- Filer Name
- Three Arts Club Housing Development Fund
- EIN
- 81-5151097
- In Care Of
- % WSFSSH (C/O) NANDA WIN
- Phone
- 2127216032
- Address
- 2345 BROADWAY, NEW YORK, NY 10024
Signing Officer
- Name
- Paul Freitag
- Title
- VP/secretary
- Phone
- 2127216032
- Signed
- 2018-09-26
- Discuss with paid preparer
- Yes
Organization Details
- Principal Officer
- Paul Freitag Vpsecretary
- Formed
- 2017
- Legal Domicile
- Ny
- Voting Board Members
- 3
- Independent Board Members
- 1
- Employees
- 0
- Volunteers
- 0
Preparer
- Firm
- Eisneramper Llp
- Address
- 750 THIRD AVENUE, NEW YORK, NY 10017-2703
- Preparer
- Candice Meth
- Phone
- 2129498700
Supplemental Narrative
Additional Explanations
Form 990, Part I, Summary
“Three Arts Club Housing Development Fund Company Inc.,("Three Arts Club") is a not-for-profit housing development corporation, whose single member is WSFSSH. On May 9, 2017, Three Arts Club purchased the property located at 340 West 85th Street from an unrelated third party for approximately $42 million. Three Arts Club plans to initially utilize the location for temporary use (two to three years) by WSFSSHs Valley Lodge Transitional Shelter while Valley Lodges existing facility is demolished and rebuilt anew on West 108th Street, as part of a larger mixed-used development. The relocation period commenceD in aPRIL 2018 IS EXPECTED TO end December 2020. Three Arts Club plans to rehabilitate the location for use as permanent senior supportive housing with onsite social services after the relocation period has ended. WSFSSH provides building management and social services to Three Arts Club. FORM 990, PART VI, LINE 11A THE FORM 990 IS DISTRIBUTED TO THE BOARD OF DIRECTORS FOR THEIR REVIEW AND APPROVAL PRIOR TO FILING.”
FORM 990, PART IX, LINE 7: SALARIES AND WAGES
“There are no employees reported on irs form w-3, transmittal of wage and tax statements [see part v line 2 (a)] because the payroll function of the filing organization is provided by a related not-for-profit organization, west side federation for senior and supportive housing, inc. (see schedule r part v).the salaries and wages reported in form 990 part ix line 7 represents the allocated salaries and wages of 26 employees that worked for the filing organization during the reporting period and were reimbursed by the filing organization.”
Financial Statement Notes
Schedule D, Part X, Line 2
“The Organization is subject to the provisions of the Financial Accounting Standards Board's (The "FASB") Accounting Standards Codification ("ASC") Topic 740, "Income Taxes," relating to accounting and reporting for uncertainty in income taxes. Because of the Organization's general tax-exempt status, management believes ASC TOPIC 740 has not had, and is not expected to have, a material impact on its consolidated financial statements.”
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| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc | 0 | DUE FROM AFFILIATES |
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| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc | 2 | RENTS RECEIVED IN ADVANCE |
| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 0 | The Organization is subject to the provisions of the Financial Accounting Standards Board's (The "FASB") Accounting Standards Codification ("ASC") Topic 740, "Income Taxes," relating to accounting and reporting for uncertainty in income taxes. Because of the Organization's general tax-exempt status, management believes ASC TOPIC 740 has not had, and is not expected to have, a material impact on its consolidated financial statements. |
| IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | SCHEDULE D, PART X, LINE 2 |
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| IRS990ScheduleD/TotalLiabilityAmt | 0 | 444904 |
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| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm | 0 | MR PAUL R FREITAG |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm | 1 | MS LAURA M TAVORMINA |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt | 0 | VICE PRESIDENT/SECRETARY |
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| IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt | 0 | COMPENSATION FROM RELATED ORGANIZATION: NEITHER THE VICE-PRESIDENT NOR THE TREASURER IS COMPENSATED BY THE FILING ORGANIZATION. HOWEVER, BOTH ARE COMPENSATED BY A RELATED ORGANIZATION, WEST SIDE FEDERATION FOR SENIOR & SUPPORTIVE HOUSING INC., WHICH IS A SINGLE MEMBER OF THE FILING ORGANIZATION. ALSO SEE FORM 990 PART VII, SECTION A. |
| IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | Schedule J, Part II |
| IRS990ScheduleJ/SupplementalNonqualRtrPlanInd | 0 | false |
| IRS990/ScheduleORequiredInd | 0 | true |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 0 | Three Arts Club Housing Development Fund Company Inc.,("Three Arts Club") is a not-for-profit housing development corporation, whose single member is WSFSSH. On May 9, 2017, Three Arts Club purchased the property located at 340 West 85th Street from an unrelated third party for approximately $42 million. Three Arts Club plans to initially utilize the location for temporary use (two to three years) by WSFSSHs Valley Lodge Transitional Shelter while Valley Lodges existing facility is demolished and rebuilt anew on West 108th Street, as part of a larger mixed-used development. The relocation period commenceD in aPRIL 2018 IS EXPECTED TO end December 2020. Three Arts Club plans to rehabilitate the location for use as permanent senior supportive housing with onsite social services after the relocation period has ended. WSFSSH provides building management and social services to Three Arts Club. FORM 990, PART VI, LINE 11A THE FORM 990 IS DISTRIBUTED TO THE BOARD OF DIRECTORS FOR THEIR REVIEW AND APPROVAL PRIOR TO FILING. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 1 | THE CONFLICT OF INTEREST STATEMENTS ARE DISTRIBUTED FOR COMPLETION TO THE DIRECTORS ANNUALLY. ALL STATEMENTS ARE REVIEWED BY THE BOARD AND MAINTAINED BY THE VICE-PRESIDENT. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 2 | NEITHER THE VICE-PRESIDENT NOR THE TREASURER IS COMPENSATED BY THE FILING ORGANIZATION. HOWEVER, BOTH ARE COMPENSATED BY A RELATED ORGANIZATION, WEST SIDE FEDERATION FOR SENIOR & SUPPORTIVE HOUSING INC., WHICH IS A SINGLE MEMBER OF THE FILING ORGANIZATION. ALSO SEE FORM 990 PART VII, SECTION A. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 3 | THE ORGANIZATION MAKES THE FOLLOWING GOVERNANCE DOCUMENTS AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST: 1. ARTICLES OF INCORPORATION 2. BY-LAWS 3. CONFLICT OF INTEREST POLICY 4. AUDITED CONSOLIDATED FINANCIAL STATEMENTS 5. FORM 990 |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 4 | THERE ARE NO EMPLOYEES REPORTED ON IRS FORM W-3, TRANSMITTAL OF WAGE AND TAX STATEMENTS [SEE PART V LINE 2 (A)] BECAUSE THE PAYROLL FUNCTION OF THE FILING ORGANIZATION IS PROVIDED BY A RELATED NOT-FOR-PROFIT ORGANIZATION, WEST SIDE FEDERATION FOR SENIOR AND SUPPORTIVE HOUSING, INC. (SEE SCHEDULE R PART V).THE SALARIES AND WAGES REPORTED IN FORM 990 PART IX LINE 7 REPRESENTS THE ALLOCATED SALARIES AND WAGES OF 26 EMPLOYEES THAT WORKED FOR THE FILING ORGANIZATION DURING THE REPORTING PERIOD AND WERE REIMBURSED BY THE FILING ORGANIZATION. |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | FORM 990, PART I, SUMMARY |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 1 | FORM 990, PART VI, LINE 12C |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 2 | FORM 990, PART VI, LINE 15B |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 3 | FORM 990, PART VI, LINE 19 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 4 | FORM 990, PART IX, LINE 7: SALARIES AND WAGES |
Document Assets
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Filings
Displayed year
2018 • Form 990Detailed filing. Detailed filing data is available for this year.
- Assets
- $43,537,038
- Liabilities
- $45,438,466
- Net assets
- -$1,901,428
- Revenue
- $937,773
- Expenses
- $2,616,089
- Net income
- -$1,678,316