Civic Intelligence

West 108Th Street Housing Development Fund Company Inc

EIN 81-5181888 • 501(c)4 • New York, NY

990-N CoverageNTEE L21

Profile

West 108th street hdfc was formed to participate in the ownership of a new construction project known as "wsfssh at west 108", comprised of both permanent residential housing (199 residential units) and a transitional shelter (110 beds), which started construction on january 2019 and was completed in december 2021.

2345 BroadwayNew York, NY 10024

www.wsfssh.org

Siviq Scores

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

Liabilities / Assets

70th percentile

1.01x

Higher debt load relative to assets than 70% of similar nonprofits.

NTEE L • $5M-$10M nonprofits • Source year 2024

Liabilities / Revenue

96th percentile

26.54x

Higher debt load relative to revenue than 96% of similar nonprofits.

NTEE L • $5M-$10M nonprofits • Source year 2024

Net Margin

21st percentile

-23%

Higher net margin than 21% of similar nonprofits.

NTEE L • $5M-$10M nonprofits • Source year 2024

Top Officer Pay

73rd percentile

$293,303

Higher top officer pay than 73% of similar nonprofits.

Top officer pay equals 119.8% of source-year revenue.

NTEE L • $5M-$10M nonprofits • Source year 2024

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2024

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2024

Assets

$6,427,898

No earlier filing loaded for comparison.

Liabilities

$6,500,491

No earlier filing loaded for comparison.

Net Assets

-$72,593

No earlier filing loaded for comparison.

Revenue

$244,928

No earlier filing loaded for comparison.

Expenses

$300,263

No earlier filing loaded for comparison.

Net Income

-$55,335

No earlier filing loaded for comparison.

Trend Graphs

Balance Sheet Trend

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

$8.0M$6.0M$4.0M$2.0M$0-$2.0MAssets 2024: $6,427,898Liabilities 2024: $6,500,491Net Assets 2024: -$72,5932024

Highlighted filing

2024

Assets$6,427,898
Liabilities$6,500,491
Net Assets-$72,593

Operations Trend

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

$400K$300K$200K$100K$0-$100KRevenue 2024: $244,928Expenses 2024: $300,263Net Income 2024: -$55,3352024

Highlighted filing

2024

Revenue$244,928
Expenses$300,263
Net Income-$55,335

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$6.43$6.50$0.07$0.24$0.30$0.06
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 15, 2025
Return Version
2023v6.0
Gross Receipts
$244,928
Mission and Program Overview

Mission

West 108th street hdfc was formed to participate in the ownership of a new construction project known as "wsfssh at west 108", comprised of both permanent residential housing (199 residential units) and a transitional shelter (110 beds), which started construction on january 2019 and was completed in december 2021.

West 108th street hdfc (continued on schedule o)

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$90,631$280,344▲ $189,713
Accounts Receivable$19,393$19,393→ $0
Prepaid Expenses and Deferred Charges-$46-
Total Assets$6,443,111$6,427,898▼ $15,213
Other Assets Total$6,333,087$6,128,115▼ $204,972
Liabilities
Other Liabilities$6,460,369$6,452,539▼ $7,830
Accounts Payable and Accrued Expenses-$47,952-
Total Liabilities$6,460,369$6,500,491▲ $40,122
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-17,258$-72,593▼ $55,335
Total Net Assets Fund Balance$-17,258$-72,593▼ $55,335
Total Liabilities and Net Assets / Fund Balance$6,443,111$6,427,898▼ $15,213

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$6,223,416--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Sheldon J FinePresident
Paul R FreitagVice President
Daniel J DrosinDirector of Property Mngment
Deepak ButaniCFO (incoming)
Nanda WinCFO/treasurer (outgoing)
Claire HilgerCOO/assist Secretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$244,196
Investment Income
$0
Other Revenue
$732
Change in Net Assets
$-55,335

Audited Revenue Reconciliation

Revenue per Audited Statements
$244,196
Revenue Not Reported on Financial Statements
$732
Revenue Not Reported on Form 990
$67,786,503
Other Revenue Adjustments
$732
Total Revenue per Audited Statements
$68,030,699
Total Revenue per Form 990
$244,928
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$300,263
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
Occupancy$299,623--$299,623
Office Expenses-$380-$380
Insurance$260--$260
Total Functional Expenses$299,883$380$0$300,263

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$77,171,788
Expenses Not Reported on Form 990$76,872,257
Total Expenses per Form 990$300,263
Expenses per Audited Statements$299,531
Expenses Not Reported on Financial Statements$732
Other Expense Adjustments$732
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
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lease Liability$6,413,754
Tenant Security Deposits$38,785
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
No
Management duties delegated
No

Governance Explanations

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

The form 990 is prepared by an independent accountant and reviewed by management. Form 990 is then distributed to the board of directors for their review and approval prior to filing with the irs.

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

The conflict-of-interest statements are distributed to officers & board members for completion annually. All statements are reviewed by the board and maintained by the vice-president.

Form 990, Part VI, Section C, Line 19

The organization makes the governing documents, conflict of interest policy, and financial statements available upon request.

Filing and Contact Details

Filer

Filer Name
West 108th Street Housing Development
EIN
81-5181888
Phone
2127216032
Address
2345 BROADWAY, NEW YORK, NY 10024

Signing Officer

Name
Paul Freitag
Title
Vice President
Phone
2127216032
Signed
2025-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Paul R Freitag
Formed
2017
Legal Domicile
Ny
Voting Board Members
3
Independent Board Members
1
Employees
0
Volunteers
1

Preparer

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

Additional Explanations

FORM 990, PART I, LINE 1, DESCRIPTION OF ORGANIZATION MISSION:

Is a not-for-profit housing development corporation, exempt under section 501(c)(4), formed in the state of new york on january 19, 2017, whose board of directors is appointed by the board of directors of wsfssh. W108 hdfc was formed to participate in the ownership of a new construction project known as "wsfssh at west 108", comprised of both permanent residential housing (199 residential units) and a transitional shelter (110 beds), which started construction on january 2019 and was completed in december 2021. A temporary certificate of occupancy was received for a portion of the building which includes the 199 permanent residential units in september 2021. Residents began moving into the permanent residential units in november 2021. A temporary certificate of occupancy for the transitional shelter space was received in december 2021. Residents moved into the shelter space in march 2022. The project is a single building with two condominium units. W108 hdfc is expected to serve as the fee owner of the permanent housing condominium unit ("permanent condo").

FORM 990, PART XII, LINE 2C:

The process has not changed from the prior year.

Financial Statement Notes

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.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Related entities 60,270,091. Consolidating eliminations 7,516,412.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Accounitng reimbursement 732.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Related entities 71,169,432. Consolidating eliminations 5,702,825.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Accounitng reimbursement 732.

Raw XML AppendixShowing 400 of 843 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/MissionDesc0WEST 108TH STREET HDFC WAS FORMED TO PARTICIPATE IN THE OWNERSHIP OF A NEW CONSTRUCTION PROJECT KNOWN AS "WSFSSH AT WEST 108", COMPRISED OF BOTH PERMANENT RESIDENTIAL HOUSING (199 RESIDENTIAL UNITS) AND A TRANSITIONAL SHELTER (110 BEDS), WHICH STARTED CONSTRUCTION ON JANUARY 2019 AND WAS COMPLETED IN DECEMBER 2021.
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE 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/ExplanationTxt1RELATED ENTITIES 60,270,091. CONSOLIDATING ELIMINATIONS 7,516,412.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2ACCOUNITNG REIMBURSEMENT 732.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt3RELATED ENTITIES 71,169,432. CONSOLIDATING ELIMINATIONS 5,702,825.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt4ACCOUNITNG REIMBURSEMENT 732.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART XI, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2PART XI, LINE 4B - OTHER ADJUSTMENTS:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc3PART XII, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc4PART XII, LINE 4B - OTHER ADJUSTMENTS:
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm3DANIEL J DROSIN
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0VICE PRESIDENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1COO/ASSIST SECRETARY
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt2CFO/TREASURER (OUTGOING)
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt3DIR OF PROPERTY MNGMENT
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IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt0COMPENSATION FROM RELATED ORGANIZATION: NEITHER THE VICE PRESIDENT NOR THE TREASURER (OUTGOING) ARE COMPENSATED BY THE FILING ORGANIZATION. HOWEVER, BOTH ARE COMPENSATED BY A RELATED ORGANIZATION, WEST SIDE FEDERATION FOR SENIOR AND SUPPORTIVE HOUSING INC., WHICH IS A SINGLE MEMBER OF THE FILING ORGANIZATION. ALSO SEE FORM 990 PART VII SECTION A.
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc0PART I, LINE 3
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IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0IS A NOT-FOR-PROFIT HOUSING DEVELOPMENT CORPORATION, EXEMPT UNDER SECTION 501(C)(4), FORMED IN THE STATE OF NEW YORK ON JANUARY 19, 2017, WHOSE BOARD OF DIRECTORS IS APPOINTED BY THE BOARD OF DIRECTORS OF WSFSSH. W108 HDFC WAS FORMED TO PARTICIPATE IN THE OWNERSHIP OF A NEW CONSTRUCTION PROJECT KNOWN AS "WSFSSH AT WEST 108", COMPRISED OF BOTH PERMANENT RESIDENTIAL HOUSING (199 RESIDENTIAL UNITS) AND A TRANSITIONAL SHELTER (110 BEDS), WHICH STARTED CONSTRUCTION ON JANUARY 2019 AND WAS COMPLETED IN DECEMBER 2021. A TEMPORARY CERTIFICATE OF OCCUPANCY WAS RECEIVED FOR A PORTION OF THE BUILDING WHICH INCLUDES THE 199 PERMANENT RESIDENTIAL UNITS IN SEPTEMBER 2021. RESIDENTS BEGAN MOVING INTO THE PERMANENT RESIDENTIAL UNITS IN NOVEMBER 2021. A TEMPORARY CERTIFICATE OF OCCUPANCY FOR THE TRANSITIONAL SHELTER SPACE WAS RECEIVED IN DECEMBER 2021. RESIDENTS MOVED INTO THE SHELTER SPACE IN MARCH 2022. THE PROJECT IS A SINGLE BUILDING WITH TWO CONDOMINIUM UNITS. W108 HDFC IS EXPECTED TO SERVE AS THE FEE OWNER OF THE PERMANENT HOUSING CONDOMINIUM UNIT ("PERMANENT CONDO").
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTANT AND REVIEWED BY MANAGEMENT. FORM 990 IS THEN DISTRIBUTED TO THE BOARD OF DIRECTORS FOR THEIR REVIEW AND APPROVAL PRIOR TO FILING WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE CONFLICT-OF-INTEREST STATEMENTS ARE DISTRIBUTED TO OFFICERS & BOARD MEMBERS FOR COMPLETION ANNUALLY. ALL STATEMENTS ARE REVIEWED BY THE BOARD AND MAINTAINED BY THE VICE-PRESIDENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION MAKES THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART I, LINE 1, DESCRIPTION OF ORGANIZATION MISSION:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART XII, LINE 2C:
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