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← KENNETH GLADSTONE BUILDING HOUSING DEVELOPMENT FUND COMPANY

Form 990 for tax year 2024

Filed by KENNETH GLADSTONE BUILDING HOUSING DEVELOPMENT FUND COMPANY.

Totals

Total revenue
$1,004,623
Total expenses
$1,242,830
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$961,899
Investment income
$42,688
Other revenue
$36
Total assets, end of year
$7,189,884
Total liabilities, end of year
$8,055,268
Net assets or fund balances, end of year
-$865,384
Program services expenses (Part IX)
$1,165,667
Management and general expenses
$77,163
Fundraising expenses
$0
Program service expenses (Part III)
$1,165,667

Program services were 93.8% 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: APARTMENT RENTALS

    total $961,899 · related or exempt $961,899

  • 3 · Investment income

    total $42,688 · excluded $42,688

  • 11d · All other revenue

    total $36 · related or exempt $36

  • 11e · Other revenue, total

    $36

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $268,499 · program services $207,603 · management and general $60,896

  • 11b · Fees: legal

    total $27,017 · program services $27,017

  • 11c · Fees: accounting

    total $16,267 · management and general $16,267

  • 13 · Office expenses

    total $10,840 · program services $10,840

  • 16 · Occupancy

    total $278,067 · program services $278,067

  • 22 · Depreciation, depletion and amortization

    total $269,987 · program services $269,987

  • 23 · Insurance

    total $5,752 · program services $5,752

  • 24a · Other expenses: REPAIRS AND MAINTENANCE

    total $321,521 · program services $321,521

  • 24b · Other expenses: RENT FREE UNIT

    total $19,452 · program services $19,452

  • 24c · Other expenses: BAD DEBTS

    total $10,904 · program services $10,904

  • 24d · Other expenses: TAXES

    total $767 · program services $767

  • 24e · All other expenses

    total $13,757 · program services $13,757

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $42,786 · end of year $107,637

  • 2 · Savings and temporary cash investments

    beginning of year $1,185 · end of year $1,240

  • 4 · Accounts receivable

    beginning of year $24,113 · end of year $25,554

  • 9 · Prepaid expenses and deferred charges

    beginning of year $154 · end of year $127

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

    $10,534,795

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

    $4,566,848

  • 10c · Land, buildings and equipment, net

    beginning of year $6,235,083 · end of year $5,967,947

  • 15 · Other assets

    beginning of year $975,782 · end of year $1,087,379

  • 17 · Accounts payable and accrued expenses

    beginning of year $277,586 · end of year $427,734

  • 19 · Deferred revenue

    beginning of year $5,888 · end of year $3,047

  • 21 · Escrow or custodial account liability

    beginning of year $12,506 · end of year $14,187

  • 23 · Secured mortgages and notes payable

    beginning of year $7,610,300 · end of year $7,610,300

  • 27 · Net assets without donor restrictions

    beginning of year -$713,511 · end of year -$951,718

  • 28 · Net assets with donor restrictions

    beginning of year $86,334 · end of year $86,334

Mission and programs · 2024

Mission

OUR MISSION IS TO EMPOWER OLDER ADULTS TO ENHANCE PURPOSE AND WELL-BEING THROUGH A PORTFOLIO OF INNOVATIVE HEALTH CARE SERVICES.

  • THE GLADSTONE BUILDING, AN AFFILIATE OF JEWISH HOME LIFECARE (D/B/A THE NEW JEWISH HOME), REFLECTS JEWISH HOME'S COMMITMENT TO PROVIDING AFFORDABLE HOUSING WITH SUPPORTIVE SERVICES IN THE COMMUNITY. THIS IS JEWISH HOME'S SECOND HOUSING AND URBAN DEVELOPMENT (HUD) SECTION 202 RENT-SUBSIDIZED HOUSING FOR LOW-INCOME SENIORS. THE 49 ONE-BEDROOM APARTMENT BUILDING FEATURES COMMUNITY SPACES, LAUNDRY, PARKING AND LANDSCAPED GROUNDS. ALL APARTMENTS HAVE FULL KITCHENS AND ARE ADAPTABLE FOR USE BY DISABLED PERSONS. THE GLADSTONE BUILDING, LOCATED AT 2620 UNIVERSITY AVENUE, BRONX, NY, OPENED IN 2005.

    Expenses $1,165,667 · Revenue $961,935

As filed on the 2024 return.

Listed in Part VII

  • ALAN ALTSCHULER

    TREASURER

    Total calculated
    $0
    Hours/week
    0.2 + 2.6 related

  • ARAN RON MD

    VICE-CHAIR

    Total calculated
    $0
    Hours/week
    0.2 + 2.6 related

  • JEFFREY FARBER MD

    PRESIDENT AND CEO

    Total calculated
    $1,116,400
    From this org
    $0
    From related orgs
    $1,048,790
    Other
    $67,610
    Hours/week
    0.2 + 44.8 related

    Schedule J breakdown matched by us

    Base
    $0 + $987,548 related
    Bonus
    $0 + $60,000 related
    Other
    $0 + $1,242 related
    Deferred
    $0 + $13,800 related
    Nontaxable benefits
    $0 + $53,810 related
    Filer's total
    $0 + $1,116,400 related

  • LISA FEINER

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.2 + 2.6 related

  • MARK WEISS

    CFO

    Total calculated
    $568,601
    From this org
    $0
    From related orgs
    $536,009
    Other
    $32,592
    Hours/week
    0.2 + 44.8 related

    Schedule J breakdown matched by us

    Base
    $0 + $533,728 related
    Bonus
    $0
    Other
    $0 + $2,281 related
    Deferred
    $0 + $13,800 related
    Nontaxable benefits
    $0 + $18,792 related
    Filer's total
    $0 + $568,601 related

  • PETER HESS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2 + 1.2 related

  • WILLIAM BLUMSTEIN

    CHAIR

    Total calculated
    $0
    Hours/week
    0.2 + 2.6 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

  • 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
THE PRESIDENT AND CEO'S COMPENSATION IS DETERMINED BY RELATED ORGANIZATION, JHL CORPORATE SERVICES, INC.
PART I, LINE 4B
THE PRESIDENT AND CEO PARTICIPATED IN A NONQUALIFIED RETIREMENT PLAN WITH A RELATED ORGANIZATION.

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 corporations and trusts

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

Provenance

Return type
form_990
Tax year
2024
Filed
3 November 2025
IRS schema version
2024v5.2
Source object
202533089349302593

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