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← COUNCIL TOWERS IV HOUSING DEVELOPMENT FUND CORPORATION

Form 990 for tax year 2024

Filed by COUNCIL TOWERS IV HOUSING DEVELOPMENT FUND CORPORATION.

Totals

Total revenue
$2,063,218
Total expenses
$2,236,073
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$1,975,929
Investment income
$82,627
Other revenue
$4,662
Total assets, end of year
$5,078,772
Total liabilities, end of year
$14,121,573
Net assets or fund balances, end of year
-$9,042,801
Program services expenses (Part IX)
$1,990,745
Management and general expenses
$245,328
Fundraising expenses
$0
Program service expenses (Part III)
$1,990,745

Program services were 89.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: RENTAL REVNUE

    total $1,975,929 · related or exempt $1,975,929

  • 3 · Investment income

    total $82,627 · excluded $82,627

  • 11a · Other revenue: LAUNDRY & VENDING

    total $4,662 · related or exempt $4,662

  • 11e · Other revenue, total

    $4,662

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $466,220 · program services $260,460 · management and general $205,760

  • 11b · Fees: legal

    total $9,430 · program services $9,430

  • 11c · Fees: accounting

    total $39,568 · management and general $39,568

  • 13 · Office expenses

    total $14,833 · program services $14,833

  • 16 · Occupancy

    total $821,924 · program services $821,924

  • 19 · Conferences, conventions and meetings

    total $380 · program services $380

  • 22 · Depreciation, depletion and amortization

    total $522,658 · program services $522,658

  • 23 · Insurance

    total $602 · program services $602

  • 24a · Other expenses: REPAIRS AND MAINTENANCE

    total $327,988 · program services $327,988

  • 24b · Other expenses: BAD DEBTS

    total $19,118 · program services $19,118

  • 24c · Other expenses: ADMINISTRATIVE RENT FRE

    total $12,840 · program services $12,840

  • 24e · All other expenses

    total $512 · program services $512

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $18,077 · end of year $60,692

  • 4 · Accounts receivable

    beginning of year $30,230 · end of year $18,254

  • 9 · Prepaid expenses and deferred charges

    beginning of year $121,757 · end of year $129,250

  • 10a · Land, buildings and equipment: cost or other basis

    $14,815,327

  • 10b · Land, buildings and equipment: accumulated depreciation

    $12,073,885

  • 10c · Land, buildings and equipment, net

    beginning of year $3,264,100 · end of year $2,741,442

  • 15 · Other assets

    beginning of year $1,617,764 · end of year $2,129,134

  • 17 · Accounts payable and accrued expenses

    beginning of year $627,873 · end of year $770,589

  • 19 · Deferred revenue

    beginning of year $5,641 · end of year $11,174

  • 21 · Escrow or custodial account liability

    beginning of year $38,757 · end of year $39,632

  • 23 · Secured mortgages and notes payable

    beginning of year $12,371,156 · end of year $12,371,156

  • 25 · Other liabilities

    beginning of year $878,447 · end of year $929,022

  • 27 · Net assets without donor restrictions

    beginning of year -$8,869,946 · end of year -$9,042,801

Mission and programs · 2024

Mission

TO PROVIDE HOUSING ASSISTANCE TO SENIOR CITIZENS AND LOW INCOME INDIVIDUALS.

Activities or mission (Part I)

TO PROVIDE SUBSIDIZED RENTAL APARTMENTS FOR SENIORS AND LOW INCOME INDIVIDUALS.

  • TO PROVIDE HOUSING ASSISTANCE TO SENIOR CITIZENS AND LOW INCOME INDIVIDUALS.

    Expenses $1,990,745 · Revenue $1,980,591

As filed on the 2024 return.

Listed in Part VII

  • Abraham Biderman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1 + 2.3 related

  • Elena Sytcheva

    TREASURER

    Total calculated
    $0
    Hours/week
    0.1 + 39.9 related

  • Stacey Scheinberg

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0.1 + 2.3 related

  • David Greenfield

    CEO

    Total calculated
    $0
    Hours/week
    0.1 + 49.9 related

  • Philip Kibel

    CFO

    Total calculated
    $0
    Hours/week
    0.1 + 39.9 related

  • Robert Newman

    COO

    Total calculated
    $0
    Hours/week
    0.1 + 39.9 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • COUNCIL TOWERS VI LP

    RENTAL · NY

  • COUNCIL TOWERS VII LP

    RENTAL · NY

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • COUNCIL TOWERS VI GP

    C · AFFORDABLE HOUSING · NY

  • COUNCIL TOWERS VII GP LLC

    C · AFFORDABLE HOUSING · NY

Provenance

Return type
form_990
Tax year
2024
Filed
13 November 2025
IRS schema version
2024v5.2
Source object
202543189349311839

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