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Nonprofiteer
← GRADUATE CENTER FOUNDATION HOUSING CORPORATION

Form 990 for tax year 2023

Filed by GRADUATE CENTER FOUNDATION HOUSING CORPORATION.

Totals

Total revenue
$2,098,461
Total expenses
$2,191,413
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$2,065,845
Investment income
$20,786
Other revenue
$11,830
Total assets, end of year
$18,004,215
Total liabilities, end of year
$12,129,107
Net assets or fund balances, end of year
$5,875,108
Program services expenses (Part IX)
$2,072,609
Management and general expenses
$118,804
Fundraising expenses
$0
Program service expenses (Part III)
$2,072,609

Program services were 94.6% 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: RENTAL INCOME

    total $2,065,845 · related or exempt $2,065,845

  • 3 · Investment income

    total $20,786 · excluded $20,786

  • 11a · Other revenue: OTHER REVENUE

    total $11,830 · excluded $11,830

  • 11e · Other revenue, total

    $11,830

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $148,755 · program services $148,755

  • 8 · Pension plan contributions

    total $13,766 · program services $13,766

  • 9 · Other employee benefits

    total $37,679 · program services $37,679

  • 10 · Payroll taxes

    total $11,380 · program services $11,380

  • 11a · Fees: management

    total $89,125 · management and general $89,125

  • 11c · Fees: accounting

    total $2,644 · management and general $2,644

  • 11g · Fees: other

    total $340,218 · program services $323,242 · management and general $16,976

  • 14 · Information technology

    total $9,079 · program services $9,079

  • 16 · Occupancy

    total $41,997 · program services $41,997

  • 20 · Interest

    total $388,502 · program services $388,502

  • 22 · Depreciation, depletion and amortization

    total $623,250 · program services $623,250

  • 23 · Insurance

    total $151,701 · program services $151,701

  • 24a · Other expenses: CUSTODIAL

    total $272,752 · program services $272,752

  • 24b · Other expenses: SUPPLIES

    total $48,414 · program services $48,414

  • 24c · Other expenses: DUES AND MEMBERSHIP

    total $8,391 · management and general $8,391

  • 24d · Other expenses: MISCELLANEOUS

    total $2,092 · program services $2,092

  • 24e · All other expenses

    total $1,668 · management and general $1,668

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $233,843 · end of year $284,226

  • 4 · Accounts receivable

    beginning of year $117,734 · end of year $146,605

  • 8 · Inventories for sale or use

    beginning of year $62,827 · end of year $69,917

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

    $25,936,145

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

    $9,141,728

  • 10c · Land, buildings and equipment, net

    beginning of year $17,417,667 · end of year $16,794,417

  • 15 · Other assets

    beginning of year $611,538 · end of year $709,050

  • 17 · Accounts payable and accrued expenses

    beginning of year $107,837 · end of year $109,456

  • 19 · Deferred revenue

    beginning of year $65,472 · end of year $46,710

  • 21 · Escrow or custodial account liability

    beginning of year $171,561 · end of year $170,348

  • 23 · Secured mortgages and notes payable

    beginning of year $12,130,679 · end of year $11,802,593

  • 27 · Net assets without donor restrictions

    beginning of year $5,968,060 · end of year $5,875,108

Mission and programs · 2023

Mission

WHEREAS THE GRADUATE CENTER FOUNDATION HOUSING CORPORATION'S MAIN MISSION IS TO PROVIDE AFFORDABLE HOUSING FOR THE USE OF GRADUATE STUDENTS AND THEIR FAMILIES, WHILE THESE STUDENTS COMPLETE THEIR STUDIES, IT GOES HAND IN HAND WITH THE LARGER MISSION OF THE HELPING STUDENTS FULFILL THEIR EDUCATION GOALS AND ENABLING STUDENTS TO SUCCEED BY CREATING AND SUPPORTING A WELCOMING, SAFE AND INCLUSIVE HOUSING ENVIRONMENT.

Activities or mission (Part I)

THE GRADUATE CENTER FOUNDATION HOUSING CORPORATION WAS FORMED TO FOSTER AND ENABLE THE ACHIEVEMENT AND FULFILLMENT OF THE EDUCATION GOALS OF STUDENTS ENROLLED AT THE GRADUATE SCHOOL AND UNIVERSITY CENTER - CUNY, BY CREATING AFFORDABLE HOUSING FOR THE USE OF SUCH GRADUATE STUDENTS AND THEIR FAMILIES WHILE THESE STUDENTS COMPLETE THEIR STUDIES.

  • SEE SCHEDULE O:THE GRADUATE CENTER APARTMENTS HAVE CONTINUED TO GROW IN POPULARITY AMONG FACULTY AND STUDENTS. THE GRADUATE CENTER APARTMENTS' RATES HAVE CONTINUED TO STAY COMPETITIVE AND AFFORDABLE. LOCATED AT 165 EAST 118TH STREET, THE EIGHT-STORY GRADUATE CENTER APARTMENTS COMPLEX OFFERS BRIGHT, MODERN, AIRY, AND AFFORDABLE HOUSING, AND PROVIDES AN EASY COMMUTE TO THE GRADUATE CENTER FOR ITS STUDENTS AND FACULTY MEMBERS. THE GRADUATE CENTER APARTMENT COMPLEX FEATURES 77 HOUSING UNITS, INCLUDING 64 UNITS FOR GRADUATE STUDENTS AND 12 APARTMENTS FOR COLLEGE FACULTY.THE GRADUATE CENTER APARTMENTS AMENITIES CONSIST OF A ROOFTOP RECREATION SPACE, AN EXERCISE ROOM, A GROUND LOUNGE, BIKE STORAGE, AND ACCESS TO THE EXTENSIVE PUBLIC SPACES AND OUTDOOR AREAS ON THE CAMPUS ADJACENT TO THE HOUSING FACILITY.

    Expenses $2,072,609 · Revenue $2,065,845

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Peter H Darrow

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1 + 5 related

  • Myron Glucksman

    TREASURER

    Total calculated
    $0
    Hours/week
    1 + 5 related

  • Dwight Lee

    SECRETARY

    Total calculated
    $0
    Hours/week
    1 + 4 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.

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.

Provenance

Return type
form_990
Tax year
2023
Filed
5 May 2025
IRS schema version
2023v6.0
Source object
202541279349302184

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