Civic Intelligence

Vallone Asr Housing Development Fund Corporation

990 • Fiscal year 2023 • EIN 92-2404388

Feb 16, 2023 to Dec 31, 2023 • Filed on Nov 14, 2024

Organization Profile
2112 30th RdLong Island City, NY 11102

(718) 728-0946

Siviq Scores

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

Liabilities / Assets

61st percentile

0.74x

Higher debt load relative to assets than 61% of similar nonprofits.

2023 filings • NTEE L • $10M-$25M nonprofits • Source year 2023

Liabilities / Revenue

70th percentile

6.12x

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

2023 filings • NTEE L • $10M-$25M nonprofits • Source year 2023

Net Margin

3rd percentile

-206%

Higher net margin than 3% of similar nonprofits.

2023 filings • NTEE L • $10M-$25M nonprofits • Source year 2023

Top Officer Pay

54th percentile

$220,136

Higher top officer pay than 54% of similar nonprofits.

Top officer pay equals 15.5% of source-year revenue.

2023 filings • NTEE L • $10M-$25M nonprofits • Source year 2023

Asset Growth

Score unavailable

No value available

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

Source year 2023

Revenue Growth

Score unavailable

No value available

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

Source year 2023

Balance Sheet
Liabilities / Assets61st percentile

Assets

$11,730,502

No earlier filing loaded for comparison.

Net Assets

$3,064,016

No earlier filing loaded for comparison.

Liabilities

$8,666,486

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue70th percentileNet Margin3rd percentile

Revenue

$1,416,974

No earlier filing loaded for comparison.

Expenses

$4,340,341

No earlier filing loaded for comparison.

Net Income

-$2,923,367

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

$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

2023

Assets$11,730,502
Liabilities$8,666,486
Net Assets$3,064,016
Open 2023 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income across loaded years, with this 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

2023

Revenue$1,416,974
Expenses$4,340,341
Net Income-$2,923,367
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Feb 16, 2023 to Dec 31, 2023
Signed
Nov 14, 2024
Return Version
2023v5.0
Gross Receipts
$1,416,974
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-
Intangible Assets-$471,221-
Cash and Non-Interest-Bearing Accounts-$178,032-
Prepaid Expenses and Deferred Charges-$85,476-
Accounts Receivable-$9,626-
Total Assets$0$11,730,502▲ $11,730,502
Other Assets Total-$3,012,713-
Liabilities
Mortgage Notes Payable Secured by Investment Property-$8,449,000-
Accounts Payable and Accrued Expenses-$90,503-
Escrow Account Liability-$79,452-
Other Liabilities-$42,416-
Deferred Revenue-$5,115-
Total Liabilities$0$8,666,486▲ $8,666,486
Net Assets / Fund Balance
Net Assets Without Donor Restrictions-$3,064,016-
Total Net Assets Fund Balance$0$3,064,016▲ $3,064,016
Total Liabilities and Net Assets / Fund Balance$0$11,730,502▲ $11,730,502

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$7,950,457$169,158$8,119,615
Equipment$22,977$5,228$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
$1,415,966
Investment Income
$1,008
Other Revenue
$0
Change in Net Assets
$-2,923,367

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,416,974
Total Revenue per Audited Statements
$1,416,974
Total Revenue per Form 990
$1,416,974
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$2,434,775
Other Expenses$1,713,042
Salaries, Compensation, and Employee Benefits$192,524
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$2,434,775--$2,434,775
Interest$412,490--$412,490
Depreciation Depletion$220,107--$220,107
Other Salaries and Wages$146,176--$146,176
Insurance$115,131--$115,131
Fees for Services Management-$88,792-$88,792
All Other Expenses$79,688--$79,688
Other Expenses$62,662--$62,662
Fees for Services Other$62,211--$62,211
Other Employee Benefits$30,942--$30,942
Fees for Services Accounting-$18,103-$18,103
Payroll Taxes$15,406--$15,406
Office Expenses$9,829--$9,829
Fees for Services Legal$9,469--$9,469
Total Functional Expenses$4,233,446$106,895$0$4,340,341

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$4,340,341
Total Expenses per Audited Statements$4,340,341
Total Expenses per Form 990$4,340,341
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Variety Boys and Girls ClubLong Island City, NY--$2,434,775
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$42,416
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
2024-11-14

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

Additional Explanations

Form 990, Part XI, Line 9

“Net assets transferred 5,987,383”

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.”

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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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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/ExplanationTxt4NET ASSETS TRANSFERRED 5,987,383
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART XI, LINE 9
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IRS990ScheduleR/AssetSaleToOtherOrgInd0false
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IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0true
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0LONG ISLAND CITY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0NY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd011102
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IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd0true
IRS990ScheduleR/PaidEmployeesSharingInd0false
IRS990ScheduleR/PerformOfServicesByOtherOrgInd0false
IRS990ScheduleR/PerformOfServicesForOthOrgInd0false
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd0false
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd0false
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd0false
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd0false
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd0true
IRS990ScheduleR/SharingOfFacilitiesInd0false
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt0132512
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt1322302
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IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0VARIETY BOYS AND GIRLS CLUB
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt1VARIETY BOYS AND GIRLS CLUB
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt2VARIETY BOYS AND GIRLS CLUB
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IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt2B
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IRS990/SchoolOperatingInd0false
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IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
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IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0106895
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt04233446
IRS990/TotalFunctionalExpensesGrp/TotalAmt04340341
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesEOYAmt08666486
IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt08666486
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt03064016
IRS990/TotalProgramServiceExpensesAmt04233446
IRS990/TotalProgramServiceRevenueAmt01415966
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt01416974
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01416974
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt00
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt011730502
IRS990/TotReportableCompRltdOrgAmt0220136
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IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt04
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02024-10-15 13:58:12Z
ReturnHeader/BusinessOfficerGrp/PersonNm0COSTA CONSTANTINIDES
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0VICE PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum07187280946
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-11-14
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/PreparationDt02024-11-14
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0A GARY AARONSON
ReturnHeader/PreparerPersonGrp/SelfEmployedInd0X
ReturnHeader/ReturnTs02024-11-14T15:59:43-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-02-16
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$11,730,502
Liabilities
$8,666,486
Net assets
$3,064,016
Revenue
$1,416,974
Expenses
$4,340,341
Net income
-$2,923,367
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