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Nonprofiteer
← RIESE-MADISON PARK

Form 990 for tax year 2022

Filed by RIESE-MADISON PARK.

Totals

Total revenue
$1,529,470
Total expenses
$1,314,296
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$1,494,551
Investment income
$32,517
Other revenue
$2,402
Total assets, end of year
$2,658,566
Total liabilities, end of year
$68,349
Net assets or fund balances, end of year
$2,590,217
Program services expenses (Part IX)
$1,184,232
Management and general expenses
$130,064
Fundraising expenses
$0
Program service expenses (Part III)
$1,184,232

Program services were 90.1% 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: LOW INCOME HOUSING REN

    total $1,494,551 · related or exempt $1,494,551

  • 3 · Investment income

    total $32,517 · excluded $32,517

  • 11a · Other revenue: LAUNDRY MACHINE INCOME

    total $1,957 · related or exempt $1,957

  • 11b · Other revenue: LATE CHARGE & OTHER

    total $445 · related or exempt $445

  • 11e · Other revenue, total

    $2,402

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $147,399 · program services $147,399

  • 8 · Pension plan contributions

    total $3,224 · program services $3,224

  • 9 · Other employee benefits

    total $25,682 · program services $25,682

  • 10 · Payroll taxes

    total $8,216 · program services $8,216

  • 11a · Fees: management

    total $69,741 · management and general $69,741

  • 11b · Fees: legal

    total $908 · management and general $908

  • 11c · Fees: accounting

    total $14,500 · management and general $14,500

  • 13 · Office expenses

    total $12,214 · management and general $12,214

  • 14 · Information technology

    total $13,346 · management and general $13,346

  • 16 · Occupancy

    total $788,432 · program services $788,432

  • 22 · Depreciation, depletion and amortization

    total $89,501 · program services $89,501

  • 23 · Insurance

    total $121,778 · program services $121,778

  • 24a · Other expenses: MISCELLANEOUS ADMINISTR

    total $19,355 · management and general $19,355

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $24,224 · end of year $21,195

  • 2 · Savings and temporary cash investments

    beginning of year $906,331 · end of year $919,774

  • 4 · Accounts receivable

    end of year $109,062

  • 9 · Prepaid expenses and deferred charges

    beginning of year $30,739 · end of year $36,257

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

    $6,473,112

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

    $4,900,834

  • 10c · Land, buildings and equipment, net

    beginning of year $1,492,815 · end of year $1,572,278

  • 17 · Accounts payable and accrued expenses

    beginning of year $51,008 · end of year $39,569

  • 25 · Other liabilities

    beginning of year $28,058 · end of year $28,780

  • 27 · Net assets without donor restrictions

    beginning of year $2,375,043 · end of year $2,590,217

Mission and programs · 2022

Mission

TO PROVIDE LOW-INCOME SENIOR CITIZEN HOUSING. RIESE MADISON PARK PROVIDES 92 RENTAL UNITS.

Activities or mission (Part I)

THE CORPORATION OWNS AND MANAGES A 92-UNIT APARTMENT BUILDING FOR THE ELDERLY IN PATERSON, NJ. THE PROJECT IS OPERATED UNDER SECTION 202 OF THE NATIONAL HOUSING ACT AND REGULATED BY THE NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY(NJHMFA)AND THE US DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) WITH RESPECT TO RENTAL CHARGES AND OPERATING METHODS.

  • TO PROVIDE LOW INCOME SENIOR CITIZEN HOUSING. THE PROJECT HAS 92 UNITS.

    Expenses $1,184,232 · Revenue $1,494,551

As filed on the 2022 return.

Listed in Part VII

  • Rev Marc A Mancini

    PRESIDENT

    Total calculated
    $0
    Hours/week
    10

  • Rev Msgr Herbert K Tillyer

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Deacon Joseph A Puskas

    TREASURER

    Total calculated
    $0
    Hours/week
    5

  • Joseph Duffy

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Andrew F McBride III Esq

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Deacon Peter Cistaro

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Richard F Ward Jr

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Thomas Burns

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dennis P Butler

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Lynn E Gaffney

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Patrick Murray

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Sr Maureen Shaughnessy Sc

    DIRECTOR

    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.

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
2022
Filed
31 January 2024
IRS schema version
2022v5.0
Source object
202440539349300024

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