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← 1675 WESTCHESTER AVENUE HOUSING DEVELOPMENT FUND CORPORATION

Form 990 for tax year 2022

Filed by 1675 WESTCHESTER AVENUE HOUSING DEVELOPMENT FUND CORPORATION.

Totals

Total revenue
$325,768
Total expenses
$325,768
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$325,768
Investment income
$0
Other revenue
$0
Total assets, end of year
$55,056
Total liabilities, end of year
$89,077
Net assets or fund balances, end of year
-$34,021
Program services expenses (Part IX)
$325,768
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$325,768

Program services were 100.0% 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: PROPERTY MANAGEMENT

    total $325,768 · related or exempt $325,768

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $202,448 · program services $202,448

  • 8 · Pension plan contributions

    total $974 · program services $974

  • 9 · Other employee benefits

    total $82,011 · program services $82,011

  • 10 · Payroll taxes

    total $15,352 · program services $15,352

  • 11b · Fees: legal

    total $407 · program services $407

  • 11c · Fees: accounting

    total $2,814 · program services $2,814

  • 11g · Fees: other

    total $3,241 · program services $3,241

  • 12 · Advertising and promotion

    total $119 · program services $119

  • 13 · Office expenses

    total $360 · program services $360

  • 24a · Other expenses: DUES & MEMBERSHIP

    total $15 · program services $15

  • 24e · All other expenses

    total $18,027 · program services $18,027

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    end of year $54,069

  • 4 · Accounts receivable

    beginning of year $24,864

  • 9 · Prepaid expenses and deferred charges

    beginning of year $544 · end of year $987

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,166 · end of year $2,345

  • 25 · Other liabilities

    beginning of year $54,263 · end of year $86,732

  • 27 · Net assets without donor restrictions

    beginning of year -$34,021 · end of year -$34,021

Mission and programs · 2022

Mission

TO PROVIDE AFFORDABLE HOUSING LOCATED AT 1675-1679 WESTCHESTER AVENUE, THE BRONX, NEW YORK PROVIDING 249 RESIDENTIAL APARTMENT UNITS FOR PERSONS OF LOW INCOME.

  • TO PROVIDE AFFORDABLE HOUSING LOCATED AT 1675-1679 WESTCHESTER AVENUE, THE BRONX, NEW YORK PROVIDING 249 RESIDENTIAL APARTMENT UNITS FOR PERSONS OF LOW INCOME.

    Expenses $325,768 · Revenue $325,768

As filed on the 2022 return.

Listed in Part VII

  • Adam Weinstein

    PRESIDENT/CEO

    Total calculated
    $968,887
    From this org
    $0
    From related orgs
    $806,771
    Other
    $162,116
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $642,271 related
    Bonus
    $0 + $145,000 related
    Other
    $0 + $19,500 related
    Deferred
    $0 + $143,252 related
    Nontaxable benefits
    $0 + $18,864 related
    Filer's total
    $0 + $968,887 related

  • James Robert Pigott Jr

    VICE PRESIDENT/SECRETARY

    Total calculated
    $415,028
    From this org
    $0
    From related orgs
    $340,062
    Other
    $74,966
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $264,562 related
    Bonus
    $0 + $56,000 related
    Other
    $0 + $19,500 related
    Deferred
    $0 + $56,202 related
    Nontaxable benefits
    $0 + $18,764 related
    Filer's total
    $0 + $415,028 related

  • Brian Bricker

    TREASURER

    Total calculated
    $386,236
    From this org
    $0
    From related orgs
    $316,782
    Other
    $69,454
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $241,282 related
    Bonus
    $0 + $56,000 related
    Other
    $0 + $19,500 related
    Deferred
    $0 + $56,202 related
    Nontaxable benefits
    $0 + $13,252 related
    Filer's total
    $0 + $386,236 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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 4B
ADAM WEINSTEIN, PRESIDENT, IS A PARTICIPANT IN A SECTION 457(F) PLAN THAT REQUIRES HIM TO PERFORM SERVICES FOR A PERIOD OF TIME. HE HAS RECEIVED ANNUAL AWARDS BEGINNING IN 2017 AND (CONSISTENT WITH IRS FORM 990, SCHEDULE J INSTRUCTIONS) THESE AMOUNTS ARE TREATED AS ACCRUED OR EARNED RATABLY OVER THE COURSE OF THE SERVICE PERIOD. $87,050 IS REPORTED AS EARNED DURING THE REPORTING PERIOD WHICH IS INCLUDED IN SCHEDULE J, PART II, COLUMN (C).
PART I, LINE 3:
PHIPPS HOUSES, AN AFFILIATE OF THE REPORTING ORGANIZATION, PAID COMPENSATION TO THE REPORTING ORGANIZATION'S TOP MANAGEMENT OFFICIAL. PHIPPS HOUSES HAS ESTABLISHED THE COMPENSATION OF THE TOP MANAGEMENT OFFICIAL USING COMPENSATION COMMITTEE, INDEPENDENT COMPENSATION CONSULTANT, FORM 990 OF OTHER ORGANIZATIONS, COMPENSATION SURVEY OR STUDY, AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202343199349317369

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