Civic Intelligence

Northcore Studios Housing Development Fund Corporation

EIN 93-2506794 • 501(c)3 • Brooklyn, NY

NTEE L21

Profile

To operate and maintain low income housing in the new york city area.

539 Alabama AvenueBrooklyn, NY 11207

n/A

Siviq Scores

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

Liabilities / Assets

99th percentile

6.71x

Higher debt load relative to assets than 99% of similar nonprofits.

NTEE L • $500k-$1M nonprofits • Source year 2024

Liabilities / Revenue

81st percentile

8.07x

Higher debt load relative to revenue than 81% of similar nonprofits.

NTEE L • $500k-$1M nonprofits • Source year 2024

Net Margin

25th percentile

-27%

Higher net margin than 25% of similar nonprofits.

NTEE L • $500k-$1M nonprofits • Source year 2024

Top Officer Pay

77th percentile

$158,593

Higher top officer pay than 77% of similar nonprofits.

Top officer pay equals 24.1% of source-year revenue.

NTEE L • $500k-$1M nonprofits • Source year 2024

Asset Growth

Score unavailable

No value available

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

Source year 2024

Revenue Growth

Score unavailable

No value available

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

Source year 2024

Balance Sheet
Liabilities / Assets99th percentile

Assets

$791,848

No earlier filing loaded for comparison.

Liabilities

$5,314,658

No earlier filing loaded for comparison.

Net Assets

-$4,522,810

No earlier filing loaded for comparison.

Operations
Liabilities / Revenue81st percentileNet Margin25th percentile

Revenue

$658,582

No earlier filing loaded for comparison.

Expenses

$838,383

No earlier filing loaded for comparison.

Net Income

-$179,801

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.

$10M$5.0M$0-$5.0MAssets 2024: $791,848Liabilities 2024: $5,314,658Net Assets 2024: -$4,522,8102024

Highlighted filing

2024

Assets$791,848
Liabilities$5,314,658
Net Assets-$4,522,810
Open 2024 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$1.0M$500K$0-$500KRevenue 2024: $658,582Expenses 2024: $838,383Net Income 2024: -$179,8012024

Highlighted filing

2024

Revenue$658,582
Expenses$838,383
Net Income-$179,801
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$791,848
Liabilities
$5,314,658
Net assets
-$4,522,810
Revenue
$658,582
Expenses
$838,383
Net income
-$179,801
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.79$5.31$4.52$0.66$0.84$0.18
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Feb 9, 2024 to Dec 31, 2024
Signed
Sep 4, 2025
Return Version
2024v5.2
Gross Receipts
$658,582
Mission and Program Overview

Mission

To operate and maintain low income housing in the new york city area.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$0$715,249▲ $715,249
Accounts Receivable$0$37,204▲ $37,204
Prepaid Expenses and Deferred Charges$0$28,703▲ $28,703
Total Assets$0$791,848▲ $791,848
Other Assets Total$0$10,692▲ $10,692
Liabilities
Mortgage Notes Payable Secured by Investment Property$0$4,751,180▲ $4,751,180
Other Liabilities$0$313,067▲ $313,067
Accounts Payable and Accrued Expenses$0$250,411▲ $250,411
Total Liabilities$0$5,314,658▲ $5,314,658
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$0$-4,522,810▼ $4,522,810
Total Net Assets Fund Balance$0$-4,522,810▼ $4,522,810
Total Liabilities and Net Assets / Fund Balance$0$791,848▲ $791,848

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$684,660$4,406,968$5,091,628
Equipment$30,582$298,773$329,355
Land$7-$7
Compensation and Service Providers
Top Officer Pay77th percentile

Board Members and Trustees

NameTitle
Anthony MamminaChairman
Ivan B HeywardFinancing Committee Chair
Diantha M WilsonFundraising Committee Chair
Gregory ColimonExecutive Director
Caroline FaulknerTrustee
Lyschel WikersonTrustee
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$658,582
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-179,801

Audited Revenue Reconciliation

Revenue per Audited Statements
$658,582
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$658,582
Total Revenue per Form 990
$658,582
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$838,383
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
Fees for Services Other$235,513$11,300-$246,813
Depreciation Depletion$172,203--$172,203
Fees for Services Management-$63,229-$63,229
All Other Expenses$38,107$23,110-$61,217
Insurance$48,718--$48,718
Information Technology-$23,121-$23,121
Other Expenses$18,813$0$0$18,813
Fees for Services Accounting-$16,500-$16,500
Interest$10,576--$10,576
Fees for Services Legal-$4,500-$4,500
Office Expenses-$2,842-$2,842
Total Functional Expenses$693,781$144,602$0$838,383

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$838,383
Total Expenses per Audited Statements$838,383
Total Expenses per Form 990$838,383
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
Accrued Interest$293,498
Security Deposits Payable$10,692
Prepaid Rent$6,200
Cash Overdraft$2,677
Governance and Compliance

Governance Checklist

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

Governance Explanations

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

“The complete form 990 is presented to the executive committee for approval by the board members. The board of directors review and approve the final form 990 before submission to the irs.”

Form 990, Part VI, Section B, Line 12C

“AT THE BOARD MEETINGS.”

Form 990, Part VI, Section C, Line 19

“The organization makes its governing documents available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Northcore Studios Housing Development
EIN
93-2506794
Phone
9176849034
Address
539 ALABAMA AVENUE, BROOKLYN, NY 11207

Signing Officer

Name
Gregory Colimon
Title
Executive Director
Phone
9176849034
Signed
2025-09-04
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Gregory Colimon
Formed
2024
Legal Domicile
Ny
Voting Board Members
5
Independent Board Members
5
Employees
0
Volunteers
0

Preparer

Firm
S Adelsberg & Co
Address
280 NORTHERN BLVD, GREAT NECK, NY 11021
Preparer
Irwin K Adelsberg
Phone
5165041313
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Maintenance fees: program service expenses 58,358. Management and general expenses 0. Fundraising expenses 0. Total expenses 58,358. Security services: program service expenses 177,155. Management and general expenses 0. Fundraising expenses 0. Total expenses 177,155. Consulting: program service expenses 0. Management and general expenses 11,300. Fundraising expenses 0. Total expenses 11,300.”

FORM 990, PART XI, LINE 9:

“Assets acquired and liabilities assumed -4,343,009.”

Financial Statement Notes

PART X, LINE 2:

“Accounting principles generally accepted in the united states of america require management to evaluate tax positions taken and recognize a tax liability (or asset) if the organization has taken an uncertain position that more likely than not would not be sustained upon examination by taxing authorities. Management has analyzed the tax positions taken and has concluded that as of december 31, 2024, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements.”

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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0GREGORY COLIMON
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0EXECUTIVE DIRECTOR
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt0158593
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE COMPLETE FORM 990 IS PRESENTED TO THE EXECUTIVE COMMITTEE FOR APPROVAL BY THE BOARD MEMBERS. THE BOARD OF DIRECTORS REVIEW AND APPROVE THE FINAL FORM 990 BEFORE SUBMISSION TO THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1AT THE BOARD MEETINGS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3MAINTENANCE FEES: PROGRAM SERVICE EXPENSES 58,358. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 58,358. SECURITY SERVICES: PROGRAM SERVICE EXPENSES 177,155. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 177,155. CONSULTING: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 11,300. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 11,300.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4ASSETS ACQUIRED AND LIABILITIES ASSUMED -4,343,009.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART IX, LINE 11G
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART XI, LINE 9:
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0EAST NEW YORK URBAN YOUTH CORPS INC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0112799145
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0NY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0LOW INCOME HOUSING/COMMUNITY DEVELOPMENT
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt02324 PITKIN AVENUE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0BROOKLYN
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0NY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd011207
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt0298742
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0CASH PAID
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0EAST NEW YORK URBAN YOUTH CORPS INC
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt0R
IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd01
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0NY
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsEOYAmt0791848
IRS990/TotalAssetsGrp/BOYAmt00
IRS990/TotalAssetsGrp/EOYAmt0791848
IRS990/TotalCompGreaterThan150KInd01
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0144602
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0693781
IRS990/TotalFunctionalExpensesGrp/TotalAmt0838383
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesEOYAmt05314658
IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt05314658
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-4522810
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0693781
IRS990/TotalProgramServiceRevenueAmt0658582
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0658582
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0658582
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt00
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0791848
IRS990/TotReportableCompRltdOrgAmt0158593
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0539 ALABAMA AVENUE
IRS990/USAddress/CityNm0BROOKLYN
IRS990/USAddress/StateAbbreviationCd0NY
IRS990/USAddress/ZIPCd011207
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt05
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0GREGORY COLIMON
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum09176849034
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-09-04
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0NORTHCORE STUDIOS HOUSING DEVELOPMENT
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0FUND CORPORATION
ReturnHeader/Filer/BusinessNameControlTxt0NORT
ReturnHeader/Filer/EIN0932506794
ReturnHeader/Filer/PhoneNum09176849034
ReturnHeader/Filer/USAddress/AddressLine1Txt0539 ALABAMA AVENUE
ReturnHeader/Filer/USAddress/CityNm0BROOKLYN

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