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Nonprofiteer
← 512 LEMOYNE AVENUE HOUSING DEVELOPMENT FUND CO INC

Form 990 for tax year 2022

Filed by 512 LEMOYNE AVENUE HOUSING DEVELOPMENT FUND CO INC.

Totals

Total revenue
$310,299
Total expenses
$422,637
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$238,798
Investment income
$26
Other revenue
$71,475
Total assets, end of year
$2,374,930
Total liabilities, end of year
$5,819,846
Net assets or fund balances, end of year
-$3,444,916
Program services expenses (Part IX)
$379,952
Management and general expenses
$42,685
Fundraising expenses
$0
Program service expenses (Part III)
$379,952

Program services were 89.9% 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: RENT, NET OF VACANCY L

    total $238,798 · related or exempt $238,798

  • 3 · Investment income

    total $26 · excluded $26

  • 11a · Other revenue: INSURANCE RECOVERIES

    total $70,670 · related or exempt $70,670

  • 11b · Other revenue: LAUNDRY/VENDING REVENU

    total $485 · related or exempt $485

  • 11c · Other revenue: TENANT CHARGES

    total $165 · related or exempt $165

  • 11d · All other revenue

    total $155 · related or exempt $155

  • 11e · Other revenue, total

    $71,475

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $36,262 · program services $36,262

  • 8 · Pension plan contributions

    total $38 · program services $38

  • 10 · Payroll taxes

    total $3,249 · program services $3,249

  • 11a · Fees: management

    total $14,070 · management and general $14,070

  • 11c · Fees: accounting

    total $7,500 · management and general $7,500

  • 12 · Advertising and promotion

    total $166 · management and general $166

  • 13 · Office expenses

    total $20,949 · management and general $20,949

  • 16 · Occupancy

    total $70,015 · program services $70,015

  • 22 · Depreciation, depletion and amortization

    total $190,220 · program services $190,220

  • 23 · Insurance

    total $22,384 · program services $22,384

  • 24a · Other expenses: REPAIRS & MAINTENANCE

    total $42,522 · program services $42,522

  • 24b · Other expenses: BAD DEBT EXPENSE

    total $15,262 · program services $15,262

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $8,938 · end of year $2,854

  • 3 · Pledges and grants receivable

    beginning of year $87,655 · end of year $0

  • 4 · Accounts receivable

    beginning of year $2,524 · end of year $1,926

  • 9 · Prepaid expenses and deferred charges

    beginning of year $8,590 · end of year $4,330

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

    $6,153,501

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

    $3,997,849

  • 10c · Land, buildings and equipment, net

    beginning of year $2,253,860 · end of year $2,155,652

  • 15 · Other assets

    beginning of year $211,272 · end of year $210,168

  • 17 · Accounts payable and accrued expenses

    beginning of year $118,112 · end of year $31,487

  • 23 · Secured mortgages and notes payable

    beginning of year $5,772,888 · end of year $5,772,888

  • 25 · Other liabilities

    beginning of year $14,417 · end of year $15,471

  • 27 · Net assets without donor restrictions

    beginning of year -$3,332,578 · end of year -$3,444,916

Mission and programs · 2022

Mission

THE CORPORATION WAS ORGANIZED SOLEY AND SPECIFICALLY TO DEVELOP, OWN AND OPERATE A LOW-INCOME HOUSING PROJECT ON A NONPROFIT BASIS PURSUANT TO SECTION 45-A OF THE PRIVATE HOUSING FINANCE LAW OF THE STATE OF NEW YORK.

Activities or mission (Part I)

LOW INCOME HOUSING PROJECT

  • OPERATION OF A 38 UNIT LOW-INCOME HOUSING PROJECT ON A NONPROFIT BASIS PURSUANT TO SECTION 45-A OF THE PRIVATE HOUSING FINANCE LAW OF THE STATE OF NEW YORK.

    Expenses $379,952 · Revenue $310,273

As filed on the 2022 return.

Listed in Part VII

  • Audrey Farwagi

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Justin Rudgick

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Kyle Lyskawa

    TREASURER

    Total calculated
    $0
    Hours/week
    1

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.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2022
Filed
26 September 2023
IRS schema version
2022v5.0
Source object
202332699349301243

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