Civic Intelligence

The 551 Housing Development Fund Company Inc

EIN 86-1066508 • 501(c)3 • New York, NY

Profile

To provide clean, affordable housing to low-income residents in new york, ny.

420 Fifth Avenue Ste 14flNew York, NY 10018

n/A

Siviq Scores

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

Liabilities / Assets

96th percentile

1.35x

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

501(c)3 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

98th percentile

8.05x

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

501(c)3 • $1M-$5M nonprofits • Source year 2022

Net Margin

30th percentile

-4.0%

Higher net margin than 30% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

73rd percentile

$116,000

Higher top officer pay than 73% of similar nonprofits.

Top officer pay equals 36.2% of source-year revenue.

501(c)3 • $1M-$5M nonprofits • Source year 2022

Asset Growth

Score unavailable

No value available

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

Source year 2022

Revenue Growth

Score unavailable

No value available

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

Source year 2022

Balance Sheet
Liabilities / Assets96th percentile

Assets

$1,907,661

No earlier filing loaded for comparison.

Liabilities

$2,582,703

No earlier filing loaded for comparison.

Net Assets

-$675,042

No earlier filing loaded for comparison.

Operations
Liabilities / Revenue98th percentileNet Margin30th percentile

Revenue

$320,821

No earlier filing loaded for comparison.

Expenses

$333,643

No earlier filing loaded for comparison.

Net Income

-$12,822

No earlier filing loaded for comparison.

Trend Graphs

Balance Sheet Trend

Asset GrowthScore unavailable

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

$3.0M$2.0M$1.0M$0-$1.0MAssets 2022: $1,907,661Liabilities 2022: $2,582,703Net Assets 2022: -$675,0422022

Highlighted filing

2022

Assets$1,907,661
Liabilities$2,582,703
Net Assets-$675,042
Open 2022 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$400K$300K$200K$100K$0-$100KRevenue 2022: $320,821Expenses 2022: $333,643Net Income 2022: -$12,8222022

Highlighted filing

2022

Revenue$320,821
Expenses$333,643
Net Income-$12,822
Open 2022 Filing

Filings

Most recent year

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

Open filing
Assets
$1,907,661
Liabilities
$2,582,703
Net assets
-$675,042
Revenue
$320,821
Expenses
$333,643
Net income
-$12,822
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2022Detailed filing. Detailed filing data is available for this year.$1.91$2.58$0.68$0.32$0.33$0.01
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Dec 1, 2021 to Nov 30, 2022
Signed
Mar 15, 2024
Return Version
2021v4.2
Gross Receipts
$320,821
Mission and Program Overview

Mission

To provide clean, affordable housing to low-income residents in new york, ny.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net-$1,676,505-
Accounts Receivable-$49,279-
Prepaid Expenses and Deferred Charges-$20,510-
Cash and Non-Interest-Bearing Accounts-$10,738-
Total Assets$0$1,907,661▲ $1,907,661
Other Assets Total-$150,629-
Liabilities
Other Liabilities-$2,396,943-
Accounts Payable and Accrued Expenses-$127,896-
Mortgage Notes Payable Secured by Investment Property-$57,799-
Deferred Revenue-$65-
Total Liabilities$0$2,582,703▲ $2,582,703
Net Assets / Fund Balance
Net Assets Without Donor Restrictions-$-675,042-
Total Net Assets Fund Balance$0$-675,042▼ $675,042
Total Liabilities and Net Assets / Fund Balance$0$1,907,661▲ $1,907,661

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,163,688$1,033,425$2,197,113
Land$482,293-$482,293
Equipment$30,524-$30,524
Other Assets Org$120,388--
Compensation and Service Providers
Top Officer Pay73rd percentile

Employees

NameTitleBaseTotal
Nestor OlivierV President$116,000$116,000
Paul MoorePresident$108,000$108,000

Board Members and Trustees

NameTitle
Barbara KairsonChair
Alexander JamesDirector
Pierre B TurnerDirector
Randolph PhillipsDirector
Takia WalkerDirector
Damon KinebrewSecretary
Jean MondesirTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$319,626
Investment Income
$1,195
Other Revenue
$0
Change in Net Assets
$-12,822
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$333,643
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
Other Expenses$36,358--$36,358
Insurance$24,260--$24,260
Interest$22,292--$22,292
Fees for Services Other$14,704--$14,704
Fees for Services Management-$11,520-$11,520
All Other Expenses$7,779--$7,779
Office Expenses-$2,770-$2,770
Total Functional Expenses$319,353$14,290$0$333,643
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
Mortgage payable$2,142,189
Uhoc$110,735
Accrued interest payable$82,351
Janitorial contract$50,148
Property management fee$11,520
Governance and Compliance

Governance Checklist

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

Governance Explanations

Management duties delegation Part VI line 3

“The organization has delegated the customary management duties to u.h.o. Management corporpart vi, ation, a related tax-exempt managing agent. The organization compensated the corporation$section a, 511,368.”

Form 990 governing body review Part VI line 11

“THE BOARD OF DIRECTORS REVIEWS THE FORM The entire form, including schedules, was provided to all voting members prior to filing.”

Conflict of interest policy compliance Part VI line 12C

“The conflict of interest declarations are filled out on an annual basis by the officers anpart vi, d board members. The declarations are then reviewed by the board of directors.”

Governing documents etc available to public Part VI line 19

“All governing documents are available upon request.”

Filing and Contact Details

Filer

Filer Name
The 551 Housing Development Fund Company Inc
EIN
86-1066508
Address
420 FIFTH AVENUE STE 14FL, New York, NY 10018

Signing Officer

Name
Paul Moore
Title
President
Phone
2125630310
Signed
2024-03-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Paul Moore
Formed
2003
Legal Domicile
Ny
Voting Board Members
8
Independent Board Members
7
Employees
0

Preparer

Firm
MA Accounting Professionals LLC
Address
140 Hepburn Rd Unit 18H, Clifton, NJ 07012
Preparer
Mahmoud Khalifa CPA
Phone
5519998888
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION HAS DELEGATED THE CUSTOMARY MANAGEMENT DUTIES TO U.H.O. MANAGEMENT CORPORPART VI, ATION, A RELATED TAX-EXEMPT MANAGING AGENT. THE ORGANIZATION COMPENSATED THE CORPORATION$SECTION A, 511,368.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BOARD OF DIRECTORS REVIEWS THE FORM The entire form, including schedules, was provided to all voting members prior to filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE CONFLICT OF INTEREST DECLARATIONS ARE FILLED OUT ON AN ANNUAL BASIS BY THE OFFICERS ANPART VI, D BOARD MEMBERS. THE DECLARATIONS ARE THEN REVIEWED BY THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ALL GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Management duties delegation Part VI line 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990 governing body review Part VI line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Conflict of interest policy compliance Part VI line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Governing documents etc available to public Part VI line 19
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IRS990/WebsiteAddressTxt0N/A
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ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL2
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/OOBSecurityVerificationCd000
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd00
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0PAUL MOORE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum02125630310
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-03-15
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0THE 551 HOUSING DEVELOPMENT FUND COMPANY INC
ReturnHeader/Filer/BusinessNameControlTxt0551H
ReturnHeader/Filer/EIN0861066508
ReturnHeader/Filer/USAddress/AddressLine1Txt0420 FIFTH AVENUE STE 14FL
ReturnHeader/Filer/USAddress/CityNm0New York
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
ReturnHeader/Filer/USAddress/ZIPCd010018
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0832376525
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0MA Accounting Professionals LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0140 Hepburn Rd Unit 18H
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Clifton
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NJ
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd007012
ReturnHeader/PreparerPersonGrp/PhoneNum05519998888
ReturnHeader/PreparerPersonGrp/PreparationDt02024-03-18
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Mahmoud Khalifa CPA
ReturnHeader/ReturnTs02024-03-18T20:07:39-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0PAUL
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0MOORE
ReturnHeader/TaxPeriodBeginDt02021-12-01
ReturnHeader/TaxPeriodEndDt02022-11-30
ReturnHeader/TaxYr02021

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