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← IFH FOUNDATION

Form 990 for tax year 2022

Filed by IFH FOUNDATION.

Totals

Total revenue
$198,527
Total expenses
$792,867
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$198,527
Investment income
$0
Other revenue
$0
Total assets, end of year
$20,225,715
Total liabilities, end of year
$1,764,338
Net assets or fund balances, end of year
$18,461,377
Program services expenses (Part IX)
$761,054
Management and general expenses
$31,813
Fundraising expenses
$0
Program service expenses (Part III)
$761,054

Program services were 96.0% 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: RENT INCOME

    total $198,527 · related or exempt $198,527

Functional expenses

Part IX, the statement of functional expenses.

  • 16 · Occupancy

    total $28,505 · management and general $28,505

  • 20 · Interest

    total $85,266 · program services $85,266

  • 22 · Depreciation, depletion and amortization

    total $675,788 · program services $675,788

  • 24e · All other expenses

    total $3,308 · management and general $3,308

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $130,416 · end of year $130,416

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

    $26,716,571

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

    $7,218,656

  • 10c · Land, buildings and equipment, net

    beginning of year $20,173,703 · end of year $19,497,915

  • 15 · Other assets

    beginning of year $630,097 · end of year $597,384

  • 23 · Secured mortgages and notes payable

    beginning of year $1,878,499 · end of year $1,764,338

  • 27 · Net assets without donor restrictions

    beginning of year $19,055,717 · end of year $18,461,377

Mission and programs · 2022

Mission

THE IFH FOUNDATION WAS ESTABLISHED FOR PURPOSES OF DEVOTING AND APPLYING ITS ASSETS EXCLUSIVELY FOR THE SUPPORT AND BENEFIT OF THE INSTITUTE FOR FAMILY HEALTH. THE APPLICANT'S PRINCIPAL PROJECT AT THIS TIME IS THE OWNERSHIP, RENOVATION AND LEASING TO THE INSTITUTE FOR FAMILY HEALTH OF A COMMUNITY HEALTH CENTER IN HARLEM, NEW YORK COMMUNITY. FOR NEARLY THIRTY YEARS A KEY PROVIDER OF HEALTH CARE TO RESIDENTS OF THE HARLEM COMMUNITY OF NEW YORK CITY WAS NORTH GENERAL HOSPITAL. UNFORTUNATELY, NORTH GENERAL HOSPITAL ENTERED BANKRUPTCY IN 2010 AND CLOSED SHORTLY THEREAFTER. THE HOSPITAL'S CLOSURE WAS A SERIOUS BLOW TO THE HARLEM COMMUNITY. THE DORMITORY AUTHORITY OF NEW YORK ("DASNY"), A GOVERNMENTAL AGENCY THAT PROVIDES BOND FINANCING FOR NUMEROUS NON-PROFIT FACILITIES IN NEW YORK WAS A SIGNIFICANT SECURED CREDITOR OF NORTH GENERAL HOSPITAL, ACQUIRED THE HOSPITAL'S REAL PROPERTY IN THE BANKRUPTCY PROCEEDINGS. THIS SPECIAL PURPOSE SUBSIDIARY IS CALLED NGHP HOLDING CORPORATI

Activities or mission (Part I)

SEE SCHEDULE O

  • THE IFH FOUNDATION WAS ESTABLISHED FOR PURPOSES OF DEVOTING AND APPLYING ITS ASSETS EXCLUSIVELY FOR THE SUPPORT AND BENEFIT OF THE INSTITUTE FOR FAMILY HEALTH.

    Expenses $761,054 · Revenue $198,527

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Neil Calman

    PRESIDENT

    Total calculated
    $755,800
    From this org
    $0
    From related orgs
    $726,986
    Other
    $28,814
    Hours/week
    1 + 38.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $723,061 related
    Bonus
    $0 + $1,000 related
    Other
    $0 + $2,925 related
    Deferred
    $0 + $9,150 related
    Nontaxable benefits
    $0 + $19,664 related
    Filer's total
    $0 + $755,800 related

  • Ollie Brown-Carrington

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Edward M Fried

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Caroline Dicioccio

    VP, CHIEF FINANCIAL OFFICE

    Total calculated
    $233,318
    From this org
    $0
    From related orgs
    $219,220
    Other
    $14,098
    Hours/week
    1 + 37.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $218,220 related
    Bonus
    $0 + $1,000 related
    Other
    $0
    Deferred
    $0 + $6,818 related
    Nontaxable benefits
    $0 + $7,280 related
    Filer's total
    $0 + $233,318 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

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 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:
A COMPENSATION COMMITTEE OF THE FINANCE COMMITTEE WAS FORMED TO REVIEW THE RECOMMENDATIONS TO THE BOARD FOR THEIR APPROVAL. THE CEO HAS AN EMPLOYMENT IF CERTAIN COMPENSATION ARE APPROPRIATE. THOSE POSITIONS INCLUDE CEO, CFO, OF OTHER POSITIONS ARE APPROVED BY THE CEO. THE PROCESS WAS LAST UNDERTAKEN PRESIDENT/CHIEF EXECUTIVE OFFICER'S ANNUAL COMPENSATION AND PRESENT THEIRAGREEMENT. THERE IS ALSO A SALARY SURVEY DONE EVERY FEW YEARS TO DETERMINE SVP OF CLINICAL AFFAIRS AND SVP OF PLANNING AND DEVELOPMENT. COMPENSATION IN 2022 AND DOCUMENTED IN COMPENSATION COMMITTEE MEETING MINUTES.

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.

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • IFH PROPERTIES LLC

    HOLDS REAL ESTATE · DE · income $198,527 · assets $20,225,715

    Directly controlled by IFH FOUNDATION

Provenance

Return type
form_990
Tax year
2022
Filed
11 November 2023
IRS schema version
2022v5.0
Source object
202313179349306391

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