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← NEIGHBORHOOD HOUSING SERVICES OF NEW YORK CITY INC

Form 990 for tax year 2024

Filed by NEIGHBORHOOD HOUSING SERVICES OF NEW YORK CITY INC.

Totals

Total revenue
$12,103,415
Total expenses
$11,925,068
Contributions and grants received
$10,844,731
Grants paid
$8,338,573
Program service revenue
$1,072,223
Investment income
$107,154
Other revenue
$79,307
Total assets, end of year
$17,206,358
Total liabilities, end of year
$10,788,511
Net assets or fund balances, end of year
$6,417,847
Program services expenses (Part IX)
$10,888,832
Management and general expenses
$835,563
Fundraising expenses
$200,673
Program service expenses (Part III)
$10,888,832

Program services were 91.3% 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.

  • 1c · Fundraising events

    $164,929

  • 1e · Government grants (contributions)

    $9,541,145

  • 1f · All other contributions, gifts and grants

    $1,138,657

  • 2a · Program service revenue: REHAB, LENDING PROGRAM

    total $1,072,223 · related or exempt $1,072,223

  • 3 · Investment income

    total $107,154 · excluded $107,154

  • 8a · Fundraising events: gross income

    $93,563

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

    $164,929

  • 8b · Fundraising events: direct expenses

    $93,563

  • 8c · Net income from fundraising events

    total $0

  • 11a · Other revenue: OTHER INCOME

    total $79,307 · related or exempt $79,307

  • 11e · Other revenue, total

    $79,307

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $8,338,573 · program services $8,338,573

  • 5 · Compensation of officers, directors and key employees

    total $504,054 · program services $388,459 · management and general $76,787 · fundraising $38,808

  • 7 · Other salaries and wages

    total $1,225,845 · program services $642,998 · management and general $478,813 · fundraising $104,034

  • 9 · Other employee benefits

    total $158,135 · program services $94,289 · management and general $50,788 · fundraising $13,058

  • 10 · Payroll taxes

    total $120,270 · program services $71,712 · management and general $38,627 · fundraising $9,931

  • 11b · Fees: legal

    total $37,135 · program services $31,105 · management and general $5,054 · fundraising $976

  • 11c · Fees: accounting

    total $70,000 · program services $58,634 · management and general $9,526 · fundraising $1,840

  • 11g · Fees: other

    total $254,602 · program services $213,263 · management and general $34,648 · fundraising $6,691

  • 13 · Office expenses

    total $97,164 · program services $61,137 · management and general $33,087 · fundraising $2,940

  • 16 · Occupancy

    total $213,020 · program services $170,416 · management and general $31,953 · fundraising $10,651

  • 20 · Interest

    total $355,006 · program services $355,006

  • 22 · Depreciation, depletion and amortization

    total $44,213 · program services $35,371 · management and general $6,631 · fundraising $2,211

  • 23 · Insurance

    total $63,061 · program services $47,295 · management and general $12,613 · fundraising $3,153

  • 24a · Other expenses: BAD DEBT EXPENSE

    total $313,719 · program services $293,766 · management and general $19,953

  • 24b · Other expenses: EXPENSE EQUIPMENT

    total $104,627 · program services $83,699 · management and general $15,697 · fundraising $5,231

  • 24c · Other expenses: STAFF TRAINING AND RECR

    total $25,644 · program services $3,109 · management and general $21,386 · fundraising $1,149

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,378,260 · end of year $2,650,950

  • 2 · Savings and temporary cash investments

    beginning of year $10,332,608 · end of year $4,488,593

  • 3 · Pledges and grants receivable

    beginning of year $50,732 · end of year $26,709

  • 4 · Accounts receivable

    beginning of year $677,833 · end of year $321,428

  • 7 · Other notes and loans receivable

    beginning of year $8,237,391 · end of year $9,180,219

  • 9 · Prepaid expenses and deferred charges

    beginning of year $105,042 · end of year $89,490

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

    $2,320,641

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

    $2,292,351

  • 10c · Land, buildings and equipment, net

    beginning of year $70,595 · end of year $28,290

  • 15 · Other assets

    beginning of year $162,329 · end of year $420,679

  • 17 · Accounts payable and accrued expenses

    beginning of year $246,598 · end of year $201,464

  • 21 · Escrow or custodial account liability

    beginning of year $605,052 · end of year $718,173

  • 23 · Secured mortgages and notes payable

    beginning of year $3,271,359 · end of year $3,224,295

  • 25 · Other liabilities

    beginning of year $11,652,281 · end of year $6,644,579

  • 27 · Net assets without donor restrictions

    beginning of year $4,287,667 · end of year $4,485,334

  • 28 · Net assets with donor restrictions

    beginning of year $1,951,833 · end of year $1,932,513

Mission and programs · 2024

Mission

NEIGHBORHOOD HOUSING SERVICES OF NEW YORK CITY (NHSNYC), THROUGH LENDING, FINANCIAL LITERACY, AND HOUSING COUNSELING SERVICES, EMPOWERS DISADVANTAGED LOW AND MODERATE-INCOME NEW YORKERS TO PURCHASE AND PRESERVE AFFORDABLE HOUSING OPPORTUNITIES.OUR ULTIMATE GOAL IS TO SUPPORT THE REALIZATION OF THE BEST QUALITY OF LIFE POSSIBLE FOR EACH NEW YORKER, STARTING WITH A STABLE HOME.

Activities or mission (Part I)

NHS REVITALIZES UNDERSERVED NEIGHBORHOODS BY CREATING AND PRESERVING AFFORDABLE HOUSING AND PROVIDING OPPORTUNITIES FOR HOMEOWNERSHIP EDUCATION, FINANCIAL ASSISTANCE, AND COMMUNITY LEADERSHIP.

  • LENDING: NHSNYC ENABLES NEIGHBORHOOD RESIDENTS TO ACHIEVE THEIR GOALS THROUGH A BROAD RANGE OF HOME IMPROVEMENT; EMERGENCY ASSISTANCE; DOWN PAYMENT, AND CLOSING COST ASSISTANCE; AND FLEXIBLE MORTGAGE PRODUCTS.

    Expenses $1,565,826 · Grants $151,947 · Revenue $559,880

  • EDUCATION/COUNSELING: NHSNYC RECOGNIZES THAT EDUCATION IS CRITICAL IN ENCOURAGING OPPORTUNITY AND HELPING NEIGHBORHOOD RESIDENTS TAKE CONTROL OF THEIR LIVES. NHSNYC OFFERS A FULL RANGE OF EDUCATIONAL SERVICES DESIGNED TO HELP RESIDENTS OVERCOME BARRIERS AND ACHIEVE FIRST-TIME HOMEOWNERSHIP; HELP EXISTING HOMEOWNERS SUCCESSFULLY MAINTAIN AND IMPROVE THEIR HOMES; AND HELP HOMEOWNERS UNDERSTAND AND RESTRUCTURE THEIR DEBT TO REDUCE THE LIKELIHOOD OF FORECLOSURE.

    Expenses $805,449 · Revenue $357,927

  • FACILITATED HOME ASSISTANCE: NHSNYC ADMINISTERS THE NEW YORK CITY HOUSING PRESERVATION AND DEVELOPMENT ("HPD") HOMEFIRST DOWNPAYMENT AND CLOSING COST ASSISTANCE GRANT PROGRAM FOR FIRST TIME HOMEBUYERS. ALL PROPERTIES PURCHASED MUST BE LOCATED WITHIN THE FIVE BOROUGHS OF NEW YORK CITY. THE GRANT AMOUNT IS UP TO $100,000. IN ADDITION, NHSNYC SOMETIMES RECEIVES PRIVATE FUNDING FROM STAKEHOLDERS TO ADMINISTER A DOWNPAYMENT AND CLOSING COST PROGRAM.

    Expenses $8,401,407 · Grants $8,186,626 · Revenue $154,416

  • Expenses $116,150

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Donald E Tom

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Eustace Greaves Jr Lutcf

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Mark D Podgainy

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Scott Gold

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Erik Shumar

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Susan Cullen

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Moses Gates

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • David Bagatelle

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Adam Dejak

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Rebecca Gilman Crimmins

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • John Abramo

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Jamie Thomas

    BOARD SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Michael P King

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Manutosh Marthur

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Gerrald Ellis

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Derrick Griggs

    CEO (FORMER) EFF. 4/30/24

    Total calculated
    $104,448
    From this org
    $96,715
    From related orgs
    $0
    Other
    $7,733
    Hours/week
    35

  • Yuejuan Weng

    CFAO (FORMER) EFF. 12/31/24

    Total calculated
    $230,194
    From this org
    $205,598
    From related orgs
    $0
    Other
    $24,596
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $205,598
    Bonus
    $0
    Other
    $0
    Deferred
    $23,000
    Nontaxable benefits
    $1,596
    Filer's total
    $230,194

  • Tonya Ores

    CEO EFF. 11/4/24

    Total calculated
    $53,846
    From this org
    $53,846
    From related orgs
    $0
    Other
    $0
    Hours/week
    35

  • R Gary Campbell

    DIR. FINANCE & ADMIN EFF. 12/23/24

    Total calculated
    $0
    Hours/week
    35

  • Marita R Bankhead

    DIRECTOR OF LENDING

    Total calculated
    $117,637
    From this org
    $117,637
    From related orgs
    $0
    Other
    $0
    Hours/week
    35

  • Nedra Campbell

    DIRECTOR OF PROGRAMS AND O

    Total calculated
    $124,595
    From this org
    $117,255
    From related orgs
    $0
    Other
    $7,340
    Hours/week
    35

  • Eileen Primo

    DIRECTOR OF HOMEOWNERSHIP

    Total calculated
    $116,776
    From this org
    $115,588
    From related orgs
    $0
    Other
    $1,188
    Hours/week
    35

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

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.

Provenance

Return type
form_990
Tax year
2024
Filed
28 May 2025
IRS schema version
2024v5.1
Source object
202521489349300427

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