Civic Intelligence

Clt Interboro Clt Housing Development Fund Corporation

990 • Fiscal year 2022 • EIN 82-4363742

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 16, 2023

Organization ProfileN/A
55 Broad Street 10 FLNew York, NY 10004

(646) 237-5920

Siviq Scores

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

Liabilities / Assets

20th percentile

0.04x

Higher debt load relative to assets than 20% of similar nonprofits.

2022 filings • NTEE L20 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

19th percentile

0.16x

Higher debt load relative to revenue than 19% of similar nonprofits.

2022 filings • NTEE L20 • $1M-$5M nonprofits • Source year 2022

Net Margin

66th percentile

0.0%

Higher net margin than 66% of similar nonprofits.

2022 filings • NTEE L20 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

46th percentile

$0

Higher top officer pay than 46% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2022 filings • NTEE L20 • $1M-$5M nonprofits • Source year 2022

Asset Growth

7th percentile

-15%

Faster asset growth than 7% of similar nonprofits.

2022 filings • NTEE L20 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets20th percentile

Assets

Down

$1,382,252

Down $250,444 (-15%) from 2021

Net Assets

Down

$1,332,671

Down $261,485 (-16%) from 2021

Liabilities

Up

$49,581

Up $11,041 (+29%) from 2021

Revenue And Expenses
Liabilities / Revenue19th percentileNet Margin66th percentile

Revenue

Up

$311,735

Up $311,735 from 2021

Expenses

Up

$311,658

Up $146,186 (+88%) from 2021

Net Income

Up

$77

Up $165,549 (+100%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth7th percentile

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

$2.0M$1.5M$1.0M$500K$0Assets 2018: $1,200,361Liabilities 2018: $0Net Assets 2018: $1,200,3612018Assets 2019: $1,098,298Liabilities 2019: $67,185Net Assets 2019: $1,031,1132019Assets 2020: $1,785,628Liabilities 2020: $26,000Net Assets 2020: $1,759,6282020Assets 2021: $1,632,696Liabilities 2021: $38,540Net Assets 2021: $1,594,1562021Assets 2022: $1,382,252Liabilities 2022: $49,581Net Assets 2022: $1,332,6712022Assets 2023: $1,372,609Liabilities 2023: $80,525Net Assets 2023: $1,292,0842023Assets 2024: $1,340,476Liabilities 2024: $29,825Net Assets 2024: $1,310,6512024

Highlighted filing

2022

Assets$1,382,252
Liabilities$49,581
Net Assets$1,332,671
Open 2022 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$2.0M$1.5M$1.0M$500K$0-$500KRevenue 2018: $1,724,762Expenses 2018: $524,401Net Income 2018: $1,200,3612018Revenue 2019: $200,000Expenses 2019: $369,248Net Income 2019: -$169,2482019Revenue 2020: $1,115,000Expenses 2020: $386,485Net Income 2020: $728,5152020Revenue 2021: $0Expenses 2021: $165,472Net Income 2021: -$165,4722021Revenue 2022: $311,735Expenses 2022: $311,658Net Income 2022: $772022Revenue 2023: $161,810Expenses 2023: $244,409Net Income 2023: -$82,5992023Revenue 2024: $193,960Expenses 2024: $175,393Net Income 2024: $18,5672024

Highlighted filing

2022

Revenue$311,735
Expenses$311,658
Net Income$77
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 16, 2023
Return Version
2022v5.0
Gross Receipts
$311,735
Mission and Program Overview

Mission

Balancing permanent affordability, equity building, and neighborhood stability, Interboro CLT supports New Yorkers and strengthens communities through the development and stewardship of permanently affordable homes for ownership by low-income households across the five boroughs of New York City.

The Corporation is formed exclusively for the purpose of developing and supporting one or more housing projects to service Persons of Low Income, through its ownership and stewardship of the land beneath rental subprojects and homeownership subprojects.

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$400,000$654,515▲ $254,515
Pledges and Grants Receivable$504,742$0▼ $504,742
Investments Program Related$500,000$500,000→ $0
Land, Buildings, and Equipment, Net$226,000$226,000→ $0
Prepaid Expenses and Deferred Charges$1,954$1,737▼ $217
Cash and Non-Interest-Bearing Accounts-$0-
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$1,632,696$1,382,252▼ $250,444
Other Assets Total-$0-
Liabilities
Accounts Payable and Accrued Expenses$38,540$49,581▲ $11,041
Total Liabilities$38,540$49,581▲ $11,041
Net Assets / Fund Balance
Net Assets With Donor Restrictions$1,368,156$1,106,671▼ $261,485
Net Assets Without Donor Restrictions$226,000$226,000→ $0
Total Net Assets Fund Balance$1,594,156$1,332,671▼ $261,485
Total Liabilities and Net Assets / Fund Balance$1,632,696$1,382,252▼ $250,444

Asset Categories

AssetBook ValueDepreciationBasis
Land$226,000-$226,000
Compensation and Service Providers
Top Officer Pay46th percentile

Board Members and Trustees

NameTitle
Christie PealeBoard Chair
Andrew Reichervice Chair
Ismene SpeliotisSecretary
Karen HaycoxTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$311,735
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$311,735
Change in Net Assets
$77
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$222,336
Salaries, Compensation, and Employee Benefits$89,322
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$70,064--$70,064
Fees for Services Accounting$41,100--$41,100
Other Expenses$140,178$24,427-$24,427
Other Employee Benefits$13,695--$13,695
Fees for Services Other$9,040--$9,040
Payroll Taxes$5,563--$5,563
Insurance$4,405$1,023-$5,428
Office Expenses$1,764$150-$1,914
Conferences and Meetings$249--$249
Total Functional Expenses$286,058$25,600$0$311,658
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

“The board members receive a final version of the tax return for review prior to the filing date.”

Form 990, Part VI, Section C, Line 19

“The governing documents and financial statements are available to the public upon request.”

Form 990 Part VI, Sec B, Lines 12 through 14

“Recently incorporated, Interboro CLT has a draft conflict of interest, whistleblower, and document retention policies and plans to adopt them by the close of 2023.”

Filing and Contact Details

Filer

Filer Name
CLT Interboro CLT Housing Development
EIN
82-4363742
Phone
6462375920
Address
55 Broad Street 10 FL, New York, NY 10004

Signing Officer

Name
Christie Peale
Title
Board Chair
Signed
2023-11-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Christie Peale
Formed
2018
Legal Domicile
Ny
Voting Board Members
4
Independent Board Members
4
Employees
0
Volunteers
4

Preparer

Firm
Watsonrice Llp
Address
5 Penn Plz FL 19, New York, NY 10001
Preparer
Baruti Bediako CPA
Phone
2124477300
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IRS990/Desc0In 2022, Interboros development partners moved forward with the projects in Interboros pipeline. Progress ranged from starting pre-development work preparatory to rehabilitation of properties to securing public funding to finance construction costs and subsidy lower AMIs to preparing for construction-finance closing on several projects. The year saw the conclusion of the construction-finance closing for the Net Zero homes. Not only will these permanently-affordable and wealth-building opportunities for LMI households be built to passive house standards, they will also will be the first-ever new-construction single-family homes in NYC that will go on a CLT (Interboro).Interboro continued its efforts to build awareness of and support for community land trusts by making presentations to local elected officials and to residents in the communities where Interboro has pipeline projects. Interboro also promoted CLTs through media requests and by speaking to leaders in philanthropy. In addition, Interboro continued to work closely with the NYC Department of Housing Preservation and Development (HPD) to conceptualize agency policies and legal documents pertaining to CLT-destined single-family homes and limited-equity housing cooperatives.
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IRS990/MissionDesc0Interboro CLT offers a new model for affordable homeownership in NYC. Interboro is the first, and only, citywide community land trust (CLT) in New York City. Our mission is to create and preserve permanently affordable homeownership opportunities for lower-income New Yorkers. Our pipeline and our future community includes limited-equity co-ops and single-family homes located in low-moderate income census tracts, primarily in the boroughs of Brooklyn, Queens, and The Bronx. The homes in our pipeline and our community will benefit those who would otherwise not have the opportunity to become homeowners, creating a pathway to financial stability for families while preserving economic and racial diversity in spite of gentrification. Interboro CLT is a collaboration between the Center for NYC Neighborhoods, Habitat for Humanity New York City, the Mutual Housing Association of New York, and the Urban Homesteading Assistance Board.
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IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt0200000
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt01724762
IRS990ScheduleA/Total509Grp/TotalAmt03351497
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IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0200000
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt01724762
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt03351497
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IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/LandGrp/BookValueAmt0226000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0226000
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0226000
IRS990ScheduleD/TotalBookValueProgramRltdAmt0500000
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The board members receive a final version of the tax return for review prior to the filing date.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The governing documents and financial statements are available to the public upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Recently incorporated, Interboro CLT has a draft conflict of interest, whistleblower, and document retention policies and plans to adopt them by the close of 2023.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section C, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990 Part VI, Sec B, Lines 12 through 14
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IRS990/SignificantNewProgramSrvcInd0false
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IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalAssetsGrp/BOYAmt01632696
IRS990/TotalAssetsGrp/EOYAmt01382252
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IRS990/TotalContributionsAmt0311735
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IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt025600
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0286058
IRS990/TotalFunctionalExpensesGrp/TotalAmt0311658
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt038540
IRS990/TotalLiabilitiesEOYAmt049581
IRS990/TotalLiabilitiesGrp/BOYAmt038540
IRS990/TotalLiabilitiesGrp/EOYAmt049581
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01594156
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IRS990/TotalProgramServiceExpensesAmt0286058
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IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0311735
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IRS990/TypeOfOrganizationCorpInd0X
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IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt055 Broad Street 10 FL
IRS990/USAddress/CityNm0New York
IRS990/USAddress/StateAbbreviationCd0NY
IRS990/USAddress/ZIPCd010004
IRS990/VotingMembersGoverningBodyCnt04
IRS990/VotingMembersIndependentCnt04
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/FederatedAssuranceLevelCd0FAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0Christie Peale
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Board Chair
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-11-16
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0CLT Interboro CLT Housing Development
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0Fund Corporation
ReturnHeader/Filer/BusinessNameControlTxt0CLTI
ReturnHeader/Filer/EIN0824363742
ReturnHeader/Filer/PhoneNum06462375920
ReturnHeader/Filer/USAddress/AddressLine1Txt055 Broad Street 10 FL
ReturnHeader/Filer/USAddress/CityNm0New York
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
ReturnHeader/Filer/USAddress/ZIPCd010004
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0261726741
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0WATSONRICE LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt05 Penn Plz FL 19
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0New York
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd010001
ReturnHeader/PreparerPersonGrp/PhoneNum02124477300
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Baruti Bediako CPA
ReturnHeader/ReturnTs02023-11-15T14:27:41-08:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0Christie
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0Peale
ReturnHeader/TaxPeriodBeginDt02022-01-01
ReturnHeader/TaxPeriodEndDt02022-12-31
ReturnHeader/TaxYr02022

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$1,382,252
Liabilities
$49,581
Net assets
$1,332,671
Revenue
$311,735
Expenses
$311,658
Net income
$77
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.34$0.03$1.31$0.19$0.18$0.02
2023Detailed filing. Detailed filing data is available for this year.$1.37$0.08$1.29$0.16$0.24$0.08
2022Detailed filing. Detailed filing data is available for this year.$1.38$0.05$1.33$0.31$0.31$0.00
2021Detailed filing. Detailed filing data is available for this year.$1.63$0.04$1.59$0.00$0.17$0.17
2020Detailed filing. Detailed filing data is available for this year.$1.79$0.03$1.76$1.12$0.39$0.73
2019Detailed filing. Detailed filing data is available for this year.$1.10$0.07$1.03$0.20$0.37$0.17
2018Detailed filing. Detailed filing data is available for this year.$1.20$0.00$1.20$1.72$0.52$1.20