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Nonprofiteer
← RESTORED HOMES HOUSING DEVELOPMENT FUND CORPORATION

Form 990 for tax year 2022

Filed by RESTORED HOMES HOUSING DEVELOPMENT FUND CORPORATION.

Totals

Total revenue
$1,221,445
Total expenses
$1,334,533
Contributions and grants received
$550,000
Grants paid
$500,000
Program service revenue
$588,574
Investment income
$82,871
Other revenue
$0
Total assets, end of year
$18,974,158
Total liabilities, end of year
$21,350,812
Net assets or fund balances, end of year
-$2,376,654
Program services expenses (Part IX)
$929,835
Management and general expenses
$404,698
Fundraising expenses
$0
Program service expenses (Part III)
$929,835

Program services were 69.7% 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

    $550,000

  • 2a · Program service revenue: CONSULTING FEE

    total $543,241 · related or exempt $543,241

  • 2b · Program service revenue: MARKETING FEE

    total $45,333 · related or exempt $45,333

  • 3 · Investment income

    total $82,871 · excluded $82,871

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $500,000 · program services $500,000

  • 11a · Fees: management

    total $339,319 · program services $315,736 · management and general $23,583

  • 11b · Fees: legal

    total $4,650 · management and general $4,650

  • 11c · Fees: accounting

    total $36,245 · management and general $36,245

  • 11d · Fees: lobbying

    total $6,740 · management and general $6,740

  • 11g · Fees: other

    total $334,697 · program services $7,992 · management and general $326,705

  • 13 · Office expenses

    total $7,137 · program services $6,641 · management and general $496

  • 16 · Occupancy

    total $55,495 · program services $51,638 · management and general $3,857

  • 17 · Travel

    total $15,397 · program services $15,397

  • 23 · Insurance

    total $16,627 · program services $15,472 · management and general $1,155

  • 24a · Other expenses: EQUIPMENT RENTAL AND RE

    total $18,158 · program services $16,896 · management and general $1,262

  • 24b · Other expenses: LICENSES AND FEES

    total $68 · program services $63 · management and general $5

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,055,386 · end of year $1,179,848

  • 2 · Savings and temporary cash investments

    beginning of year $12,740,398 · end of year $12,311,377

  • 4 · Accounts receivable

    end of year $1,042

  • 7 · Other notes and loans receivable

    beginning of year $5,738,076 · end of year $5,447,440

  • 9 · Prepaid expenses and deferred charges

    beginning of year $4,793 · end of year $3,486

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

    $43,788

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

    $43,788

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $873 · end of year $30,965

  • 17 · Accounts payable and accrued expenses

    beginning of year $882,963 · end of year $45,535

  • 23 · Secured mortgages and notes payable

    beginning of year $20,920,129 · end of year $20,920,129

  • 25 · Other liabilities

    beginning of year $0 · end of year $385,148

  • 27 · Net assets without donor restrictions

    beginning of year -$5,880,236 · end of year -$5,851,979

  • 28 · Net assets with donor restrictions

    beginning of year $3,616,670 · end of year $3,475,325

Mission and programs · 2022

Mission

THE CORPORATION IS ORGANIZED EXCLUSIVELY FOR THE PURPOSE OF PRESERVING AND CREATING, ON A NONPROFIT BASIS, HOUSING PROJECTS FOR PERSONS OF LOW AND MODERATE INCOME. IN ADDITION TO PROMOTING AFFORDABLE HOUSING OPPORTUNITIES,IT SEEKS TO PREVENT AND ELIMINATE BLIGHT AND FOSTER THE STABILIZATION OF COMMUNITIES THROUGHOUT NEW YORK CITY.

  • THE CORPORATION IS ORGANIZED EXCLUSIVELY FOR THE PURPOSE OF PRESERVING AND CREATING, ON A NON - PROFIT BASIS, HOUSING PROJECTS FOR PERSONS OF LOW AND MODERATE INCOME. DURING THE YEAR, THE ORGANIZATION PROVIDED CONSTRUCTION MANAGEMENT AND MARKETING/SALES OF A NUMBER OF AFFORDABLE HOUSING PROJECTS IN NYC.

    Expenses $929,835 · Grants $500,000 · Revenue $588,574

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

Listed in Part VII

  • Brian Segel

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Christle Peale

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Jane Silverman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Jessica Yager

    OUTGOING DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Kimberly Darga

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Lydia Tom

    SECRETARY

    Total calculated
    $0
    Hours/week
    1 + 6 related

  • Nicolas Lembo

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Valerie White

    TREASURER

    Total calculated
    $0
    Hours/week
    1 + 6 related

  • Richard Pinner

    ASSISTANT SECRETARY

    Total calculated
    $0
    Hours/week
    1 + 6 related

  • Salvatore D'Avola

    ASSISTANT SECRETARY

    Total calculated
    $270,875
    From this org
    $0
    From related orgs
    $247,449
    Other
    $23,426
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $246,825 related
    Bonus
    $0
    Other
    $0 + $624 related
    Deferred
    $0 + $8,943 related
    Nontaxable benefits
    $0 + $14,483 related
    Filer's total
    $0 + $270,875 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

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.

  • OPP LLC

    RE DEVLOP · NY · income $0 · assets $323,657

    Directly controlled by RH

  • RESTORED HOMES DEVELOPMENT LLC

    RE DEVLOP · NY · income $63,522 · assets $7,074,973

    Directly controlled by RH

Provenance

Return type
form_990
Tax year
2022
Filed
14 November 2023
IRS schema version
2022v5.0
Source object
202303199349330675

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