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← HIP HOUSING DEVELOPMENT CORPORATION

Form 990 for tax year 2022

Filed by HIP HOUSING DEVELOPMENT CORPORATION.

Totals

Total revenue
$3,309,128
Total expenses
$4,707,438
Contributions and grants received
$625,605
Grants paid
$1,057,005
Program service revenue
$2,309,565
Investment income
$374,050
Other revenue
-$92
Total assets, end of year
$29,594,301
Total liabilities, end of year
$35,115,435
Net assets or fund balances, end of year
-$5,521,134
Program services expenses (Part IX)
$4,236,436
Management and general expenses
$471,002
Fundraising expenses
$0
Program service expenses (Part III)
$4,236,436

Program services were 90.0% 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.

  • 1d · Related organizations

    $107,340

  • 1e · Government grants (contributions)

    $518,265

  • 2a · Program service revenue: DEVELOPER FEES

    total $99,706 · related or exempt $99,706

  • 2b · Program service revenue: LAUNDRY & TENANT CHARGES

    total $34,124 · related or exempt $34,124

  • 2c · Program service revenue: PARTNERSHIP MGMT FEES

    total $46,094 · related or exempt $46,094

  • 2d · Program service revenue: PROPERTY TAX REFUNDS

    total $11,663 · related or exempt $11,663

  • 2e · Program service revenue: TENANT RENTAL INCOME

    total $2,116,295 · related or exempt $2,116,295

  • 2f · All other program service revenue

    total $1,683 · related or exempt $1,683

  • 3 · Investment income

    total $261,245 · excluded $261,245

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

    total $0

  • 5 · Royalties

    total $0

  • 6d · Net rental income or loss

    total $0

  • 7a · Gross sales of assets other than inventory

    securities $1,113,672

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

    securities $1,000,867

  • 7c · Gain or loss

    securities $112,805

  • 7d · Net gain or loss

    total $112,805 · excluded $112,805

  • 8c · Net income from fundraising events

    total $0

  • 9c · Net income from gaming

    total $0

  • 10c · Net income from sales of inventory

    total $0

  • 11a · Other revenue: SUBSID INC-EQUITY BASIS

    total -$92 · related or exempt -$92

  • 11e · Other revenue, total

    -$92

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,057,005 · program services $1,057,005

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $76,000 · management and general $76,000

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $246,378 · program services $175,120 · management and general $71,258

  • 8 · Pension plan contributions

    total $14,352 · program services $5,364 · management and general $8,988

  • 9 · Other employee benefits

    total $57,771 · program services $36,668 · management and general $21,103

  • 10 · Payroll taxes

    total $25,766 · program services $14,262 · management and general $11,504

  • 11a · Fees: management

    total $131,073 · management and general $131,073

  • 11b · Fees: legal

    total $11,599 · management and general $11,599

  • 11c · Fees: accounting

    total $50,146 · management and general $50,146

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $111,619 · program services $25,827 · management and general $85,792

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $26,248 · program services $26,235 · management and general $13

  • 14 · Information technology

    total $25,671 · program services $25,671

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $1,778,251 · program services $1,778,251

  • 17 · Travel

    total $2,139 · program services $2,085 · management and general $54

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $1,061,020 · program services $1,061,020

  • 23 · Insurance

    total $0

  • 24a · Other expenses: MISCELLANEOUS EXPENSES

    total $16,259 · program services $13,893 · management and general $2,366

  • 24b · Other expenses: BAD DEBTS

    total $10,232 · program services $10,232

  • 24c · Other expenses: WORKERS COMPENSATION

    total $5,658 · program services $4,552 · management and general $1,106

  • 24d · Other expenses: ALLOCABLE SHARE PS EXPENSES

    total $251 · program services $251

  • 24e · All other expenses

    total $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,321,241 · end of year $1,381,349

  • 2 · Savings and temporary cash investments

    beginning of year $1,522,710 · end of year $1,580,669

  • 3 · Pledges and grants receivable

    end of year $0

  • 4 · Accounts receivable

    beginning of year $87,621 · end of year $92,020

  • 5 · Loans and receivables from officers and key people

    end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $1,808,036 · end of year $1,895,123

  • 8 · Inventories for sale or use

    end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $17,038 · end of year $23,914

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

    $37,127,434

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

    $11,629,338

  • 10c · Land, buildings and equipment, net

    beginning of year $26,335,836 · end of year $25,498,096

  • 11 · Investments: publicly traded securities

    beginning of year $3,771,877 · end of year $3,386,223

  • 12 · Investments: other securities

    end of year $0

  • 13 · Investments: program-related

    beginning of year -$6,038,513 · end of year -$6,038,618

  • 14 · Intangible assets

    end of year $0

  • 15 · Other assets

    beginning of year $1,662,087 · end of year $1,775,525

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,005,482 · end of year $4,440,041

  • 19 · Deferred revenue

    beginning of year $15,210 · end of year $6,785

  • 23 · Secured mortgages and notes payable

    beginning of year $29,873,752 · end of year $29,530,775

  • 25 · Other liabilities

    beginning of year $734,869 · end of year $1,137,834

  • 27 · Net assets without donor restrictions

    beginning of year -$4,141,380 · end of year -$5,521,134

Mission and programs · 2022

Mission

TO ALLEVIATE AND IMPROVE THE HOUSING CONDITION OF THE NEEDY, PHYSICALLY OR MENTALLY HANDICAPPED, ELDERLY PERSONS AND OTHERS WHOSE HOUSING NEEDS ARE NOT BEING ADEQUATELY MET IN SAN MATEO COUNTY, CA.

  • THE CORPORATION OPERATES THIRTEEN APARTMENT BUILDINGS IN SAN MATEO COUNTY CONSISTING OF 140 UNITS FOR LOW AND MODERATE INCOME PERSONS.

    Expenses $3,179,180 · Revenue $2,163,518

  • THE CORPORATION SPONSORS CONSTRUCTION AND MANAGEMENT OF LOW AND MODERATE INCOME HOUSING PROJECTS IN SAN MATEO COUNTY.

    Expenses $1,057,005 · Grants $1,057,005 · Revenue $145,859

  • THE CORPORATION SERVES AS A GENERAL PARTNER IN TWO LIMITED PARTNERSHIPS WHICH PROVIDE 92 UNITS OF LOW-INCOME HOUSING IN SAN MATEO, CALIFORNIA. THE CORPORATION ALSO SERVES AS THE 79% OWNER OF A C CORPORATION AND THE SOLE OWNER OF A LIMITED LIABILITY COMPANY. BOTH OF THESE ENTITIES SERVE AS A GENERAL PARTNER IN A LIMITED PARTNERSHIP. ONE OF THESE LIMITED PARTNERSHIPS CURRENTLY PROVIDES 36 UNITS OF LOW-INCOME HOUSING IN REDWOOD CITY, CALIFORNIA, WHILE THE OTHER IS CURRENTLY DEVELOPING LOW-INCOME HOUSING IN REDWOOD CITY, CALIFORNIA.

    Expenses $251 · Revenue $96

As filed on the 2022 return.

Listed in Part VII

  • KATE COMFORT HARR

    Executive Dir.

    Total calculated
    $236,123
    From this org
    $76,000
    From related orgs
    $136,480
    Other
    $23,643
    Hours/week
    16 + 24 related

    Schedule J breakdown matched by us

    Base
    $76,000 + $120,080 related
    Bonus
    not reported + $16,400 related
    Other
    not reported
    Deferred
    not reported + $10,007 related
    Nontaxable benefits
    not reported + $13,636 related
    Filer's total
    $76,000 + $160,123 related

  • GHION DESSIE

    Controller

    Total calculated
    $176,732
    From this org
    $0
    From related orgs
    $161,958
    Other
    $14,774
    Hours/week
    16 + 24 related

    Schedule J breakdown matched by us

    Base
    not reported + $150,958 related
    Bonus
    not reported + $11,000 related
    Other
    not reported
    Deferred
    not reported + $7,548 related
    Nontaxable benefits
    not reported + $7,226 related
    Filer's total
    not reported + $176,732 related

  • LAUREN BORO

    President

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • NANCY BUSH

    Treasurer

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • DIANNE WHITAKER

    Secretary

    Total calculated
    $0
    Hours/week
    0.5

  • JOSH AMOROSO

    Director

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • JANET BORGENS

    Director

    Total calculated
    $0
    Hours/week
    0.5

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 · 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

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.

Disregarded entities

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

  • 1304 EL CAMINO REAL LLC

    SERVES AS GP IN FEIN 87-4190382, SEE PART III · CA · income $84,195 · assets $1,770,851

    Directly controlled by HHDC

  • 6-8 COLEMAN PLACE LLC

    LOW-INCOME HOUSING · CA · income $304,624 · assets $7,616,483

    Directly controlled by HHDC

  • GS HIP 1304 BUILDER LLC

    LOW-INCOME HOUSING · CA · assets $12,186,149

    Directly controlled by 1304 EL CAMINO REAL LLC

Related partnerships

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

  • REDWOOD OAKS ASSOCIATES

    RELATED · LOW-INCOME HOUSING · CA · 1% owned · share of income -$16 · share of assets $34,801 · general or managing partner

    Directly controlled by HHDC

  • EDGEWATER ISLE ASSOCIATES LP

    RELATED · LOW-INCOME HOUSING · CA · 39.454% owned · share of income $18,937 · share of assets $5,139,202 · general or managing partner

    Directly controlled by HHDC

  • REDWOOD OAKS ASSOCIATES II LP

    RELATED · LOW-INCOME HOUSING · CA · 0.008% owned · general or managing partner

    Directly controlled by 83-1161755

  • GS HIP 1304 ECR LP

    RELATED · LOW-INCOME HOUSING · CA · 0.005% owned · share of assets $1,048,743 · general or managing partner

    Directly controlled by 87-3897090

Related corporations and trusts

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

  • REDWOOD OAKS - HHDC LLC

    C CORP · LOW-INCOME HOUSING · CA · 79% owned · share of income -$73 · share of assets $42,535 · controlled entity

    Directly controlled by HHDC

Provenance

Return type
form_990
Tax year
2022
Filed
15 August 2024
IRS schema version
2022v5.0
Source object
202442329349300039

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