Civic Intelligence

Vallone Asr Housing Development

EIN 92-2404388 • 501(c)4 • Long Island City, NY

NTEE L20

Profile

To operate low income housing for senior residents

2112 30th RdLong Island City, NY 11102
Siviq Scores

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

Liabilities / Assets

62nd percentile

0.75x

Higher debt load relative to assets than 62% of similar nonprofits.

NTEE L • $10M-$25M nonprofits • Source year 2024

Liabilities / Revenue

80th percentile

9.61x

Higher debt load relative to revenue than 80% of similar nonprofits.

NTEE L • $10M-$25M nonprofits • Source year 2024

Net Margin

22nd percentile

-14%

Higher net margin than 22% of similar nonprofits.

NTEE L • $10M-$25M nonprofits • Source year 2024

Top Officer Pay

54th percentile

$220,136

Higher top officer pay than 54% of similar nonprofits.

Top officer pay equals 24.2% of source-year revenue.

NTEE L • $10M-$25M nonprofits • Source year 2024

Asset Growth

34th percentile

-0.4%

Faster asset growth than 34% of similar nonprofits.

NTEE L • $10M-$25M nonprofits • Annualized from 2023 to 2024

Revenue Growth

7th percentile

-36%

Faster revenue growth than 7% of similar nonprofits.

NTEE L • $10M-$25M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets62nd percentile

Assets

Down

$11,686,911

Down $43,591 (-0.4%) from 2023

Liabilities

Up

$8,753,626

Up $87,140 (+1.0%) from 2023

Net Assets

Down

$2,933,285

Down $130,731 (-4.3%) from 2023

Operations
Liabilities / Revenue80th percentileNet Margin22nd percentile

Revenue

Down

$910,816

Down $506,158 (-36%) from 2023

Expenses

Down

$1,041,547

Down $3,298,794 (-76%) from 2023

Net Income

Up

-$130,731

Up $2,792,636 (+96%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth34th percentile

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

$15M$10M$5.0M$0Assets 2023: $11,730,502Liabilities 2023: $8,666,486Net Assets 2023: $3,064,0162023Assets 2024: $11,686,911Liabilities 2024: $8,753,626Net Assets 2024: $2,933,2852024

Highlighted filing

2024

Assets$11,686,911
Liabilities$8,753,626
Net Assets$2,933,285
Open 2024 Filing

Operations Trend

Revenue Growth7th percentile

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

$6.0M$4.0M$2.0M$0-$2.0M-$4.0MRevenue 2023: $1,416,974Expenses 2023: $4,340,341Net Income 2023: -$2,923,3672023Revenue 2024: $910,816Expenses 2024: $1,041,547Net Income 2024: -$130,7312024

Highlighted filing

2024

Revenue$910,816
Expenses$1,041,547
Net Income-$130,731
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$11,686,911
Liabilities
$8,753,626
Net assets
$2,933,285
Revenue
$910,816
Expenses
$1,041,547
Net income
-$130,731
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$11.7$8.75$2.93$0.91$1.04$0.13
2023Detailed filing. Detailed filing data is available for this year.$11.7$8.67$3.06$1.42$4.34$2.92
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Jun 30, 2024
Signed
May 12, 2025
Return Version
2023v6.0
Gross Receipts
$910,816
Mission and Program Overview

Mission

To operate low income housing for senior residents

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$7,973,434$7,889,366▼ $84,068
Intangible Assets$471,221$445,518▼ $25,703
Cash and Non-Interest-Bearing Accounts$178,032$229,743▲ $51,711
Prepaid Expenses and Deferred Charges$85,476$101,638▲ $16,162
Accounts Receivable$9,626$41,351▲ $31,725
Total Assets$11,730,502$11,686,911▼ $43,591
Other Assets Total$3,012,713$2,979,295▼ $33,418
Liabilities
Mortgage Notes Payable Secured by Investment Property$8,449,000$8,436,613▼ $12,387
Accounts Payable and Accrued Expenses$90,503$179,604▲ $89,101
Escrow Account Liability$79,452$91,122▲ $11,670
Other Liabilities$42,416$40,988▼ $1,428
Deferred Revenue$5,115$5,299▲ $184
Total Liabilities$8,666,486$8,753,626▲ $87,140
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,064,016$2,933,285▼ $130,731
Total Net Assets Fund Balance$3,064,016$2,933,285▼ $130,731
Total Liabilities and Net Assets / Fund Balance$11,730,502$11,686,911▼ $43,591

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$7,869,146$270,737$8,139,883
Equipment$20,220$7,985$28,205
Other Assets Org$33,254--
Compensation and Service Providers
Top Officer Pay54th percentile

Employees

NameTitleOtherTotal
Costa ConstantinidesVice Preside$220,136$220,136

Board Members and Trustees

NameTitle
Walter SanchezPresident
Costa ConstantinidesVice President
Catherine ValloneSecretary
Kathleen PragerTreasurer
Frank RaffaeleVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$910,517
Investment Income
$299
Other Revenue
$0
Change in Net Assets
$-130,731

Audited Revenue Reconciliation

Revenue per Audited Statements
$910,816
Total Revenue per Audited Statements
$910,816
Total Revenue per Form 990
$910,816
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$956,822
Salaries, Compensation, and Employee Benefits$84,725
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$247,543--$247,543
Depreciation Depletion$130,039--$130,039
Insurance$73,501--$73,501
Other Salaries and Wages$66,350--$66,350
Other Expenses$56,727--$56,727
Fees for Services Management-$56,463-$56,463
Fees for Services Other$14,974$40,000-$54,974
Fees for Services Accounting-$21,210-$21,210
All Other Expenses$15,720--$15,720
Office Expenses$13,677--$13,677
Other Employee Benefits$10,522--$10,522
Payroll Taxes$7,853--$7,853
Fees for Services Legal$1,388--$1,388
Total Functional Expenses$923,874$117,673$0$1,041,547

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,041,547
Total Expenses per Audited Statements$1,041,547
Total Expenses per Form 990$1,041,547
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
Accrued Interest Payable$40,988
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
No
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

Form 990, Page 6, Part VI, Line 3

“The organization is managed by ltd management llc, which manages the books and records of the organization as well as the day-to-day operations.”

Form 990, Page 6, Part VI, Line 11B

“The return was reviewed in detail by management and then provided to the full board for their review and comment.”

Form 990, Page 6, Part VI, Line 12C

“Trustees fill out a conflict of interest form annually and excuse themselves if there is a conflict. The organization regularly and consistently monitors and enforces compliance with its conflict of interest policy on an ongoing basis.”

Form 990, Page 6, Part VI, Line 19

“All materials are also availvable in public websites.”

Filing and Contact Details

Filer

Filer Name
Vallone Asr Housing Development
EIN
92-2404388
Phone
7187280946
Address
2112 30TH RD, LONG ISLAND CITY, NY 11102

Signing Officer

Name
Costa Constantinides
Title
Vice President
Phone
7187280946
Signed
2025-05-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Costa Constantinides
Formed
2023
Legal Domicile
Ny
Voting Board Members
5
Independent Board Members
4
Employees
5

Preparer

Firm
A Gary Aaronson CPA Pllc
Address
42 WEST 38TH STREET SUITE 1003, NEW YORK, NY 10018-0060
Preparer
A Gary Aaronson
Phone
2126845770
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 2, Part IV, Line 2B

“The organizaton holds security deposits from tenants in an escrow account. These deposits are returned to the tenants once they move out of the apartment.”

Raw XML Appendix384 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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IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0false
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION IS MANAGED BY LTD MANAGEMENT LLC, WHICH MANAGES THE BOOKS AND RECORDS OF THE ORGANIZATION AS WELL AS THE DAY-TO-DAY OPERATIONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE RETURN WAS REVIEWED IN DETAIL BY MANAGEMENT AND THEN PROVIDED TO THE FULL BOARD FOR THEIR REVIEW AND COMMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2TRUSTEES FILL OUT A CONFLICT OF INTEREST FORM ANNUALLY AND EXCUSE THEMSELVES IF THERE IS A CONFLICT. THE ORGANIZATION REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH ITS CONFLICT OF INTEREST POLICY ON AN ONGOING BASIS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ALL MATERIALS ARE ALSO AVAILVABLE IN PUBLIC WEBSITES.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0VARIETY BOYS AND GIRLS CLUB
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine2Txt0OF QUEENS INC
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IRS990/TotalAssetsEOYAmt011686911
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IRS990/TotalAssetsGrp/EOYAmt011686911
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IRS990/TotalEmployeeCnt05
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IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0117673
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0923874
IRS990/TotalFunctionalExpensesGrp/TotalAmt01041547
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt08666486
IRS990/TotalLiabilitiesEOYAmt08753626
IRS990/TotalLiabilitiesGrp/BOYAmt08666486
IRS990/TotalLiabilitiesGrp/EOYAmt08753626
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt03064016
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt02933285
IRS990/TotalProgramServiceExpensesAmt0923874
IRS990/TotalProgramServiceRevenueAmt0910517
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0910816
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0910816
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt011730502
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt011686911
IRS990/TotReportableCompRltdOrgAmt0220136
IRS990/TypeOfOrganizationCorpInd0X
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IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt04
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0COSTA CONSTANTINIDES
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0VICE PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum07187280946
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-05-12
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0VALLONE ASR HOUSING DEVELOPMENT
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0FUND CORPORATION
ReturnHeader/Filer/BusinessNameControlTxt0VALL
ReturnHeader/Filer/EIN0922404388
ReturnHeader/Filer/PhoneNum07187280946
ReturnHeader/Filer/USAddress/AddressLine1Txt02112 30TH RD
ReturnHeader/Filer/USAddress/CityNm0LONG ISLAND CITY
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
ReturnHeader/Filer/USAddress/ZIPCd011102
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0false
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0A GARY AARONSON CPA PLLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt042 WEST 38TH STREET SUITE 1003
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0NEW YORK
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0100180060
ReturnHeader/PreparerPersonGrp/PhoneNum02126845770
ReturnHeader/PreparerPersonGrp/PreparationDt02025-05-12
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0A GARY AARONSON
ReturnHeader/PreparerPersonGrp/SelfEmployedInd0X
ReturnHeader/ReturnTs02025-05-12T16:23:57-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02024-01-01
ReturnHeader/TaxPeriodEndDt02024-06-30
ReturnHeader/TaxYr02023

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