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Nonprofiteer
← CUCS INITIATIVES INC

Form 990 for tax year 2022

Filed by CUCS INITIATIVES INC.

Totals

Total revenue
$804,098
Total expenses
$798,545
Contributions and grants received
$588
Grants paid
$0
Program service revenue
$803,274
Investment income
$236
Other revenue
$0
Total assets, end of year
$10,536,132
Total liabilities, end of year
$5,912,176
Net assets or fund balances, end of year
$4,623,956
Program services expenses (Part IX)
$698,921
Management and general expenses
$99,624
Fundraising expenses
$0
Program service expenses (Part III)
$698,921

Program services were 87.5% 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.

  • 1f · All other contributions, gifts and grants

    $588

  • 2a · Program service revenue: RENTAL INCOME

    total $803,274 · related or exempt $803,274

  • 3 · Investment income

    total $236 · excluded $236

Functional expenses

Part IX, the statement of functional expenses.

  • 20 · Interest

    total $428,774 · program services $375,177 · management and general $53,597

  • 22 · Depreciation, depletion and amortization

    total $329,166 · program services $288,020 · management and general $41,146

  • 23 · Insurance

    total $1,555 · program services $1,555

  • 24a · Other expenses: CONDO FEES

    total $39,050 · program services $34,169 · management and general $4,881

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $16,768

  • 2 · Savings and temporary cash investments

    end of year $18,673

  • 4 · Accounts receivable

    beginning of year $142,880 · end of year $142,880

  • 9 · Prepaid expenses and deferred charges

    beginning of year $18,263 · end of year $18,263

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

    $11,047,255

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

    $5,496,438

  • 10c · Land, buildings and equipment, net

    beginning of year $5,862,776 · end of year $5,550,817

  • 15 · Other assets

    beginning of year $4,522,971 · end of year $4,805,499

  • 17 · Accounts payable and accrued expenses

    beginning of year $56,884 · end of year $242,849

  • 23 · Secured mortgages and notes payable

    beginning of year $5,055,754 · end of year $4,836,710

  • 25 · Other liabilities

    beginning of year $832,617 · end of year $832,617

  • 27 · Net assets without donor restrictions

    beginning of year $4,618,403 · end of year $4,623,956

Mission and programs · 2022

Mission

THE CORPORATION HAS BEEN ORGANIZED FOR THE PURPOSES OF PROVIDING RELIEF TO THE POOR, DISTRESSED AND UNDERPRIVILEDGED BY PROMOTING LOW-INCOME HOUSING AND BY PROMOTING ECONOMIC DEVELOPMENT IN IMPOVERISHED NEIGHBORHOODS IN THE CITY OF NEW YORK.

Activities or mission (Part I)

SEE SCHEDULE O, FORM 990, PART I, LINE 1.TO PROVIDE RELIEF TO THE POOR, DISTRESSED, AND UNDERPRIVILEDGED BY PROMOTING LOW-INCOME HOUSING AND ECONOMIC DEVELOPMENT IN IMPOVERISHED NEIGHBORHOODS IN THE CITY OF NY.

  • THE PURPOSE OF THIS PROGRAM IS TO PROMOTE LOW INCOME HOUSING AND ECONOMIC DEVELOPMENT IN IMPOVERISHED NEIGHBORHOODS IN NEW YORK CITY.

    Expenses $698,921 · Revenue $803,274

As filed on the 2022 return.

Listed in Part VII

  • Joseph Degenova

    PRESIDENT

    Total calculated
    $356,902
    From this org
    $0
    From related orgs
    $310,421
    Other
    $46,481
    Hours/week
    2 + 35 related

    Schedule J breakdown matched by us

    Base
    $0 + $310,421 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $22,190 related
    Nontaxable benefits
    $0 + $24,291 related
    Filer's total
    $0 + $356,902 related

  • Douglas C James

    SECRETARY (THROUGH 5/13/22)

    Total calculated
    $116,545
    From this org
    $0
    From related orgs
    $108,611
    Other
    $7,934
    Hours/week
    2 + 35 related

  • Julie Sandorf

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Hadaryah Morgan

    SECRETARY/COO

    Total calculated
    $232,467
    From this org
    $0
    From related orgs
    $203,374
    Other
    $29,093
    Hours/week
    2 + 35 related

    Schedule J breakdown matched by us

    Base
    $0 + $203,374 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $17,491 related
    Nontaxable benefits
    $0 + $11,602 related
    Filer's total
    $0 + $232,467 related

  • Jeffrey Halfpenny

    TREASURER

    Total calculated
    $289,586
    From this org
    $0
    From related orgs
    $238,053
    Other
    $51,533
    Hours/week
    2 + 35 related

    Schedule J breakdown matched by us

    Base
    $0 + $238,053 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $17,701 related
    Nontaxable benefits
    $0 + $33,832 related
    Filer's total
    $0 + $289,586 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

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.

Related partnerships

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

  • LENNIGER RESIDENCE LP

    LOW INCOME TAX CREDITS · NY

  • ARTHUR AVENUE RESIDENCE LP

    LOW INCOME TAX CREDITS · NY

  • CUCS WEST 127TH STREET LLC

    LOW INCOME TAX CREDITS · NY

Related corporations and trusts

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

  • LENNIGER RESIDENCES GP INC

    C · DEVELOPMENT · NY

    Directly controlled by CUCS-HDFC II

  • ARTHUR AVENUE RESIDENCES GP INC

    C · DEVELOPMENT · NY

    Directly controlled by CUCS-HDFC III

  • CUCS WEST 127TH STREET MM INC

    C · DEVELOPMENT · NY

    Directly controlled by CUCS-HDFC IV

Provenance

Return type
form_990
Tax year
2022
Filed
9 May 2024
IRS schema version
2022v5.0
Source object
202401319349302320

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