Civic Intelligence

138-50 Qb Housing Development Fund Corporation

990 • Fiscal year 2023 • EIN 86-3233365

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 15, 2024

c/o Westhab 8 Bashford StreetYonkers, NY 10701

(914) 345-2800

Siviq Scores

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

Liabilities / Assets

96th percentile

1.00x

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

2023 filings • NTEE P • $25M-$50M nonprofits • Source year 2023

Liabilities / Revenue

100th percentile

20.35x

Higher debt load relative to revenue than 100% of similar nonprofits.

2023 filings • NTEE P • $25M-$50M nonprofits • Source year 2023

Net Margin

62nd percentile

5.5%

Higher net margin than 62% of similar nonprofits.

2023 filings • NTEE P • $25M-$50M nonprofits • Source year 2023

Top Officer Pay

88th percentile

$507,454

Higher top officer pay than 88% of similar nonprofits.

Top officer pay equals 29.8% of source-year revenue.

2023 filings • NTEE P • $25M-$50M nonprofits • Source year 2023

Asset Growth

11th percentile

-5.0%

Faster asset growth than 11% of similar nonprofits.

2023 filings • NTEE P • $25M-$50M nonprofits • Annualized from 2022 to 2023

Revenue Growth

Score unavailable

No value available

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

Annualized from 2022 to 2023

Assets

Down

$34,698,044

Down $1,823,342 (-5.0%) from 2022

Net Assets

Up

$93,701

Up $93,701 from 2022

Liabilities

Down

$34,604,343

Down $1,917,043 (-5.2%) from 2022

Revenue

Up

$1,700,629

Up $1,700,629 from 2022

Expenses

Up

$1,606,928

Up $1,606,928 from 2022

Net Income

Up

$93,701

Up $93,701 from 2022

Historical Trend

Balance Sheet Trend

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

$40M$30M$20M$10M$0Assets 2021: $36,446,031Liabilities 2021: $36,446,031Net Assets 2021: $02021Assets 2022: $36,521,386Liabilities 2022: $36,521,386Net Assets 2022: $02022Assets 2023: $34,698,044Liabilities 2023: $34,604,343Net Assets 2023: $93,7012023Assets 2024: $34,230,304Liabilities 2024: $33,966,417Net Assets 2024: $263,8872024

Highlighted filing

2023

Assets$34,698,044
Liabilities$34,604,343
Net Assets$93,701

Operations Trend

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

$3.0M$2.0M$1.0M$0Revenue 2021: $0Expenses 2021: $0Net Income 2021: $02021Revenue 2022: $0Expenses 2022: $0Net Income 2022: $02022Revenue 2023: $1,700,629Expenses 2023: $1,606,928Net Income 2023: $93,7012023Revenue 2024: $2,050,066Expenses 2024: $1,879,880Net Income 2024: $170,1862024

Highlighted filing

2023

Revenue$1,700,629
Expenses$1,606,928
Net Income$93,701
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 15, 2024
Return Version
2023v5.1
Gross Receipts
$1,700,629
Mission and Program Overview

Mission

The Corporation plans to acquire and re-develop real property located at 138-50 Queens Boulevard, Queens, New York, into transitional housing for homeless adults.

Social service agency providing shelter to individuals in need. We offer permanent housing, transitional shelter, single room occupancy as well as emergency shelters.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$32,767,631$33,983,294▲ $1,215,663
Cash and Non-Interest-Bearing Accounts$6,394$63,958▲ $57,564
Savings and Temporary Cash Investments$0$0→ $0
Accounts Receivable$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
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$36,521,386$34,698,044▼ $1,823,342
Other Assets Total$3,747,361$650,792▼ $3,096,569
Liabilities
Mortgage Notes Payable Secured by Investment Property$35,860,219$34,603,995▼ $1,256,224
Accounts Payable and Accrued Expenses$661,167$348▼ $660,819
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$36,521,386$34,604,343▼ $1,917,043
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$0$93,701▲ $93,701
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$0$93,701▲ $93,701
Total Liabilities and Net Assets / Fund Balance$36,521,386$34,698,044▼ $1,823,342

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$18,000,077$422,177$18,422,254
Land$15,970,000-$15,970,000
Equipment$13,217$3,687$16,904
Compensation and Service Providers

Board Members and Trustees

NameTitle
Andrew GermanskyDirector
James CoughlinDirector
Richard NightingaleDirector

Highest Paid Contractors

ContractorServicesLocationCompensation
Slate Property GroupProperty Management440 Park Ave S 3rd floor, New York, NY 10016$1,004,960
SD Builders and Construction LLCconstruction38 E 29TH STREET FLOOR 9, New York, NY 10016-7911$560,600
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,693,468
Investment Income
$7,161
Other Revenue
$0
Change in Net Assets
$93,701
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,606,928
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
Interest$1,160,681--$1,160,681
Depreciation Depletion$446,247--$446,247
Total Functional Expenses$1,606,928$0$0$1,606,928
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
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 ItemBeginningEndChange
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
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
Yes
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
Filing and Contact Details

Filer

Filer Name
138-50 QB Housing Development Fund
EIN
86-3233365
In Care Of
% PATRICIA VITELLI
Phone
9143452800
Address
c/o Westhab 8 Bashford Street, Yonkers, NY 10701

Signing Officer

Name
Richard Nightingale
Title
Director
Phone
9143452800
Signed
2024-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Richard Nightingale
Formed
2021
Legal Domicile
Ny
Voting Board Members
3
Independent Board Members
0
Employees
0

Preparer

Firm
WithumSmithBrown PC
Address
ONE TOWER CENTER BLVD 14TH FL, EAST BRUNSWICK, NJ 08816
Preparer
Michael Pintabone
Phone
7328281614
Supplemental Narrative

Additional Explanations

Form 990, Schedule O - Supplemental Information

Form 990, part vi, section b, line 11b the organization distributes a copy of the draft 990 to the board for review. Form 990, part vi, section b, line 12c once a year board members complete a review of the conflict of interest policy and complete disclosures. Form 990, part vi, section c, line 19 the organization makes its governing documents and financial statements available to the public upon request.

Financial Statement Notes

Form 990, Schedule D, Part X, Line 2

Westhab and certain affiliates are exempt from federal income taxes under section 501(c)(3) of the internal revenue code. Accordingly, no provision for income taxes has been reflected in the accompanying consolidated financial statements associated with these entities. Certain other affiliates such as the tax credit entities are partnerships treated as pass-through entities for federal and state reporting purposes. No provision or liability for federal or state income taxes has been recorded in the consolidated financial statements because all income or loss is passed through to the partners. The company has no unrecognized income tax liabilities and had no income tax related penalties or interest for the years ended december 31, 2023 and 2022. Furthermore, there are no tax related interest or penalties included in the consolidated financial statements.

Form 990, Schedule D, Part V, Line 2B

The Organization maintains construction escrow accounts.

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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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IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0WESTHAB INC
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt03687
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0WESTHAB AND CERTAIN AFFILIATES ARE EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN REFLECTED IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS ASSOCIATED WITH THESE ENTITIES. CERTAIN OTHER AFFILIATES SUCH AS THE TAX CREDIT ENTITIES ARE PARTNERSHIPS TREATED AS PASS-THROUGH ENTITIES FOR FEDERAL AND STATE REPORTING PURPOSES. NO PROVISION OR LIABILITY FOR FEDERAL OR STATE INCOME TAXES HAS BEEN RECORDED IN THE CONSOLIDATED FINANCIAL STATEMENTS BECAUSE ALL INCOME OR LOSS IS PASSED THROUGH TO THE PARTNERS. THE COMPANY HAS NO UNRECOGNIZED INCOME TAX LIABILITIES AND HAD NO INCOME TAX RELATED PENALTIES OR INTEREST FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022. FURTHERMORE, THERE ARE NO TAX RELATED INTEREST OR PENALTIES INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1The Organization maintains construction escrow accounts.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Schedule D, Part X, Line 2
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Schedule D, Part V, Line 2b
IRS990ScheduleD/TotalBookValueLandBuildingsAmt033983294
IRS990ScheduleD/TotalLiabilityAmt00
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt221867
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Richard Nightingale
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1James Coughlin
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm2Andrew Germansky
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0Director
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1Director
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt2Director
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt20
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IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt0The organization sponsors a 457(f) retirement plan.
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Schedule J, Part I, Line 4b
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0true
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION DISTRIBUTES A COPY OF THE DRAFT 990 TO THE BOARD FOR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C ONCE A YEAR BOARD MEMBERS COMPLETE A REVIEW OF THE CONFLICT OF INTEREST POLICY AND COMPLETE DISCLOSURES. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Schedule O - Supplemental Information
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt0NA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0WESTHAB INC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0061064281
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(c)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0NY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0HOUSING
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt07
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt08 BASHFORD STREET
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0YONKERS
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0NY

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