Skip to content
Nonprofiteer
← HENRY PHIPPS PLAZA NORTH HOUSING DEVELOPMENT FUND CORPORATION

Form 990 for tax year 2022

Filed by HENRY PHIPPS PLAZA NORTH HOUSING DEVELOPMENT FUND CORPORATION.

Totals

Total revenue
$3,065,460
Total expenses
$3,356,907
Contributions and grants received
$0
Grants paid
$425,000
Program service revenue
$2,988,898
Investment income
$34,725
Other revenue
$41,837
Total assets, end of year
$5,140,805
Total liabilities, end of year
$1,996,777
Net assets or fund balances, end of year
$3,144,028
Program services expenses (Part IX)
$2,974,084
Management and general expenses
$382,823
Fundraising expenses
$0
Program service expenses (Part III)
$2,974,084

Program services were 88.6% 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 INCOME

    total $2,826,969 · related or exempt $2,826,969

  • 2b · Program service revenue: RELATED TENANT CHARGES

    total $161,929 · related or exempt $161,929

  • 3 · Investment income

    total $34,725 · excluded $34,725

  • 11a · Other revenue: LAUNDRY INCOME

    total $35,400 · excluded $35,400

  • 11d · All other revenue

    total $6,437 · excluded $6,437

  • 11e · Other revenue, total

    $41,837

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $425,000 · program services $425,000

  • 7 · Other salaries and wages

    total $316,511 · program services $316,511

  • 8 · Pension plan contributions

    total $17,452 · program services $17,452

  • 9 · Other employee benefits

    total $55,490 · program services $55,490

  • 10 · Payroll taxes

    total $33,629 · program services $33,629

  • 11a · Fees: management

    total $246,624 · management and general $246,624

  • 11b · Fees: legal

    total $6,166 · management and general $6,166

  • 11c · Fees: accounting

    total $29,650 · management and general $29,650

  • 11g · Fees: other

    total $257,843 · program services $240,458 · management and general $17,385

  • 13 · Office expenses

    total $17,007 · management and general $17,007

  • 14 · Information technology

    total $29,493 · management and general $29,493

  • 16 · Occupancy

    total $1,047,319 · program services $1,047,319

  • 17 · Travel

    total $166 · management and general $166

  • 22 · Depreciation, depletion and amortization

    total $435,189 · program services $435,189

  • 23 · Insurance

    total $91,102 · program services $91,102

  • 24a · Other expenses: REPAIRS AND MAINTENANCE

    total $293,759 · program services $293,759

  • 24b · Other expenses: ADMINISTERING AGENT FEE

    total $20,000 · management and general $20,000

  • 24c · Other expenses: BAD DEBTS

    total $18,175 · program services $18,175

  • 24d · Other expenses: PAYROLL PROCESSING FEES

    total $3,158 · management and general $3,158

  • 24e · All other expenses

    total $13,174 · management and general $13,174

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,555 · end of year $2,935

  • 2 · Savings and temporary cash investments

    beginning of year $2,117,691 · end of year $2,337,039

  • 4 · Accounts receivable

    beginning of year $48,068 · end of year $42,777

  • 9 · Prepaid expenses and deferred charges

    beginning of year $696,334 · end of year $706,428

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

    $12,795,822

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

    $10,908,325

  • 10c · Land, buildings and equipment, net

    beginning of year $2,170,426 · end of year $1,887,497

  • 14 · Intangible assets

    beginning of year $227,554 · end of year $164,129

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,575,450 · end of year $1,803,588

  • 25 · Other liabilities

    beginning of year $261,292 · end of year $193,189

  • 27 · Net assets without donor restrictions

    beginning of year $3,424,886 · end of year $3,144,028

Mission and programs · 2022

Mission

HENRY PHIPPS PLAZA NORTH HOUSING DEVELOPMENT FUND CORPORATION WAS FORMED IN 2008 TO DEVELOP, OWN AND OPERATE A RESIDENTIAL APARTMENT BUILDING LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY FOR OCCUPANCY BY PERSONS OF LOW AND MODERATE INCOME.

Activities or mission (Part I)

HENRY PHIPPS PLAZA NORTH HOUSING DEVELOPMENT FUND CORPORATION WAS FORMED IN 2008 TO PROVIDE HOUSING TO LOW AND MODERATE INCOME RESIDENTS OF NEW YORK CITY.

  • PROVIDING LOW AND MODERATE INCOME HOUSING FOR 208 FAMILIES. COMBATS COMMUNITY DETERIORATION IN A NEW YORK CITY AREA.

    Expenses $2,549,084 · Revenue $2,988,898

  • GRANTS TO PHIPPS HOUSES, AN AFFILIATED ORGANIZATION UNDER IRC SECTION 501(C)(4), TO BE USED ONLY FOR THE PURPOSE OF PROMOTING AFFORDABLE HOUSING.

    Expenses $425,000 · Grants $425,000

As filed on the 2022 return.

Listed in Part VII

  • ADAM WEINSTEIN

    PRESIDENT

    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 AND SECRETA

    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

  • MATTHEW KELLY

    VICE PRESIDENT

    Total calculated
    $407,918
    From this org
    $0
    From related orgs
    $337,028
    Other
    $70,890
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $271,028 related
    Bonus
    $0 + $56,000 related
    Other
    $0 + $10,000 related
    Deferred
    $0 + $56,202 related
    Nontaxable benefits
    $0 + $14,688 related
    Filer's total
    $0 + $407,918 related

  • MICHAEL WADMAN

    VICE PRESIDENT

    Total calculated
    $368,503
    From this org
    $0
    From related orgs
    $310,698
    Other
    $57,805
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $255,698 related
    Bonus
    $0 + $55,000 related
    Other
    $0
    Deferred
    $0 + $56,202 related
    Nontaxable benefits
    $0 + $1,603 related
    Filer's total
    $0 + $368,503 related

  • EDWIN OCASIO

    SUPERINTENDENT

    Total calculated
    $126,678
    From this org
    $108,509
    From related orgs
    $0
    Other
    $18,169
    Hours/week
    40

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 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, LINE 4B:
ADAM WEINSTEIN, PRESIDENT, IS A PARTICIPANT IN A PHIPPS HOUSES, A RELATED 501(C)(4) ORGANIZATION, 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'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

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.

  • PLAZA SOUTH MANAGEMENT CO II

    REAL ESTATE MGMT · NY

  • VIA VERDE RENTAL LEASING LLC

    REAL ESTATE MGMT · NY

Related corporations and trusts

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

Provenance

Return type
form_990
Tax year
2022
Filed
7 May 2024
IRS schema version
2022v5.0
Source object
202441289349301604

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.