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Nonprofiteer
← ONIC-HIDDEN COVE INC

Form 990 for tax year 2023

Filed by ONIC-HIDDEN COVE INC.

Totals

Total revenue
$10,830,929
Total expenses
$2,826,141
Contributions and grants received
$0
Grants paid
$2,750,000
Program service revenue
$67,035
Investment income
$10,763,894
Other revenue
$0
Total assets, end of year
$9,297,367
Total liabilities, end of year
$327,101
Net assets or fund balances, end of year
$8,970,266
Program services expenses (Part IX)
$2,826,141
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$2,826,141

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.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $0

  • 1d · Related organizations

    $0

  • 1e · Government grants (contributions)

    $0

  • 1f · All other contributions, gifts and grants

    $0

  • 1g · Noncash contributions included above

    $0

  • 2a · Program service revenue: Rental and Ancillary Income Affordable Housing

    total $67,035 · related or exempt $67,035 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $746 · related or exempt $0 · unrelated business $0 · excluded $746

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities $0 · other assets $14,850,000

  • 7b · Less cost or other basis and sales expenses

    securities $0 · other assets $4,086,852

  • 7c · Gain or loss

    securities $0 · other assets $10,763,148

  • 7d · Net gain or loss

    total $10,763,148 · related or exempt $0 · unrelated business $0 · excluded $10,763,148

  • 8a · Fundraising events: contributions included on line 1c

    $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,750,000 · program services $2,750,000

  • 2 · Grants to domestic individuals

    total $0 · program services $0

  • 3 · Grants to foreign organizations and individuals

    total $0 · program services $0

  • 4 · Benefits paid to or for members

    total $0 · program services $0

  • 5 · Compensation of officers, directors and key employees

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 6 · Compensation of disqualified persons

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 7 · Other salaries and wages

    total $13,919 · program services $13,919 · management and general $0 · fundraising $0

  • 8 · Pension plan contributions

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 9 · Other employee benefits

    total $1,985 · program services $1,985 · management and general $0 · fundraising $0

  • 10 · Payroll taxes

    total $1,019 · program services $1,019 · management and general $0 · fundraising $0

  • 11a · Fees: management

    total $3,126 · program services $3,126 · management and general $0 · fundraising $0

  • 11b · Fees: legal

    total $792 · program services $792 · management and general $0 · fundraising $0

  • 11c · Fees: accounting

    total $105 · program services $105 · management and general $0 · fundraising $0

  • 11d · Fees: lobbying

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11e · Fees: professional fundraising services

    total $0 · fundraising $0

  • 11f · Fees: investment management

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11g · Fees: other

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 12 · Advertising and promotion

    total $55 · program services $55 · management and general $0 · fundraising $0

  • 13 · Office expenses

    total $7,402 · program services $7,402 · management and general $0 · fundraising $0

  • 14 · Information technology

    total $173 · program services $173 · management and general $0 · fundraising $0

  • 15 · Royalties

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 16 · Occupancy

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 17 · Travel

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 18 · Travel or entertainment for public officials

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 20 · Interest

    total $4,780 · program services $4,780 · management and general $0 · fundraising $0

  • 21 · Payments to affiliates

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 23 · Insurance

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 24a · Other expenses: Property Repairs & Maintenance

    total $18,616 · program services $18,616 · management and general $0 · fundraising $0

  • 24b · Other expenses: Common Area Utilities

    total $6,732 · program services $6,732 · management and general $0 · fundraising $0

  • 24c · Other expenses: Replacements & Improvements

    total $17,437 · program services $17,437 · management and general $0 · fundraising $0

  • 24e · All other expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 26 · Joint costs (an allocation of the lines above)

    total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $433,910 · end of year $0

  • 4 · Accounts receivable

    beginning of year $4,870 · end of year $0

  • 7 · Other notes and loans receivable

    end of year $9,297,367

  • 9 · Prepaid expenses and deferred charges

    beginning of year $127,199 · end of year $0

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

    $0

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

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $3,671,950 · end of year $0

  • 15 · Other assets

    beginning of year $9,740 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $34,409 · end of year $1,603

  • 19 · Deferred revenue

    beginning of year $1,503

  • 21 · Escrow or custodial account liability

    beginning of year $38,571

  • 23 · Secured mortgages and notes payable

    beginning of year $2,799,028

  • 25 · Other liabilities

    beginning of year $408,680 · end of year $325,498

  • 27 · Net assets without donor restrictions

    beginning of year $965,478 · end of year $8,970,266

  • 28 · Net assets with donor restrictions

    beginning of year $0 · end of year $0

Mission and programs · 2023

Mission

To provide affordable housing.

  • Operation of a 128 unit affordable housing complex. All 128 units are rent and income restricted.

    Expenses $76,141 · Revenue $67,035

  • Support of Orlando Neighborhood Improvement Corp, a related 501(c)(3) organization, in support of its efforts to foster affordable housing opportunities.

    Expenses $2,750,000 · Grants $2,750,000

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Alfred Arzuaga

    President

    Total calculated
    $171,117
    From this org
    $0
    From related orgs
    $139,966
    Other
    $31,151
    Hours/week
    1 + 44 related

    Schedule J breakdown matched by us

    Base
    $0 + $139,966 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $7,555 related
    Nontaxable benefits
    $0 + $23,596 related
    Filer's total
    $0 + $171,117 related

  • Victoria Scott

    VP of finance

    Total calculated
    $155,518
    From this org
    $0
    From related orgs
    $148,112
    Other
    $7,406
    Hours/week
    1 + 44 related

    Schedule J breakdown matched by us

    Base
    $0 + $148,112 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $7,406 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $155,518 related

  • Alexis Collins

    VP of Resident Services

    Total calculated
    $135,694
    From this org
    $0
    From related orgs
    $127,732
    Other
    $7,962
    Hours/week
    1 + 44 related

  • Ericka Dunlap

    Chair

    Total calculated
    $0
    Hours/week
    0.3 + 1.7 related

  • Cindy Colvin

    Vice Chair

    Total calculated
    $0
    Hours/week
    0.3 + 1.7 related

  • Milton Carroll Jr

    Secretary / Treasurer

    Total calculated
    $0
    Hours/week
    0.3 + 1.7 related

  • Ralph Armstead

    Director

    Total calculated
    $0
    Hours/week
    0.3 + 1.7 related

  • Eddie Brown

    Director

    Total calculated
    $0
    Hours/week
    0.3 + 1.7 related

  • Derek Burke

    Director

    Total calculated
    $0
    Hours/week
    0.3 + 1.7 related

  • Kimberly Pizarro Cruz

    Director

    Total calculated
    $0
    Hours/week
    0.3 + 1.7 related

  • Cathy Sterba

    Director

    Total calculated
    $0
    Hours/week
    0.3 + 1.7 related

  • Craig Ridinger

    Director

    Total calculated
    $0
    Hours/week
    0.3 + 1.7 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

  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

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)

Schedule J, Part I, Line 3
This entity does not compensate any of its officers or directors. However, this entity is related to Orlando Neighborhood Improvement Corporation (ONIC). ONIC's compensation levels are reviewed and approved annually by the Executive Committee. As part of this review, the committee reviews compensation surveys for comparable positions.

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.

  • 414 East Pine Street LP

    To provide affordable senior housing · FL

  • 4900 S Rio Grande Avenue LP

    To provide affordable housing · FL

  • 5465 Curry Ford LP

    To provide affordable housing · FL

  • Seville Place Preservation LLC

    To provide affordable housing · FL

Related corporations and trusts

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

  • ONIC-Seville Place LLC

    C · To provide affordable housing · FL

  • ONIC-Emerald Villas Phase Two

    C · To provide affordable housing · FL

  • ONIC-Cove GP LLC

    C · To provide affordable housing · FL

  • ONIC-Brook GP LLC

    C · To provide affordable housing · FL

Assets distributed on this return

Schedule N, as filed: what the organization did with its assets when it liquidated or dissolved, or disposed of more than a quarter of them, and who received them. A recipient with an EIN is usually a successor organization; filers also list expenses such as legal fees here.

  • 4900 S RIO GRANDE AVENUE LP

    $14,850,000

    Disposition · ONIC-Hidden Cove owned a 128 unit apartment community built in 1972 that provided affordable housing and services to community residents. Due to the property's age, ONIC-Hidden Cove determined that the Apartments required a comprehensive renovation and that the best option for accomplishing this would be the redevelopment of the Apartments using bonds and 4% tax credits. To accomplish this, ONIC-Hidden Cove sold the property to a new entity, 4900 S. Rio Grande Avenue, LP for a sales price equal to appraised value. Consideration was paid in a combination of cash (sufficient to pay off existing debt), an assumption of certain loans, and a seller note. A related organization, ONIC, is serving as developer of the Project and majority member of the GP entity for 4900 S. Rio Grande Avenue, LLP. The newly renovated apartments will continue to provide affordable housing to the community. · Oct 27, 2023

Provenance

Return type
form_990
Tax year
2023
Filed
14 August 2025
IRS schema version
2023v6.0
Source object
202522269349303022

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