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← BOSTON TREMONT HOUSING DEVELOPMENT FUND CORPORATION

Form 990 for tax year 2023

Filed by BOSTON TREMONT HOUSING DEVELOPMENT FUND CORPORATION.

Totals

Total revenue
$15,313,989
Total expenses
$12,764,039
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$15,016,076
Investment income
$168,508
Other revenue
$129,405
Total assets, end of year
$21,039,530
Total liabilities, end of year
$6,992,498
Net assets or fund balances, end of year
$14,047,032
Program services expenses (Part IX)
$11,409,019
Management and general expenses
$1,355,020
Fundraising expenses
$0
Program service expenses (Part III)
$11,409,019

Program services were 89.4% 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 $14,950,065 · related or exempt $14,950,065

  • 2b · Program service revenue: TENANT INCOME

    total $66,011 · related or exempt $66,011

  • 3 · Investment income

    total $174,780 · excluded $174,780

  • 7b · Less cost or other basis and sales expenses

    other assets $6,272

  • 7c · Gain or loss

    other assets -$6,272

  • 7d · Net gain or loss

    total -$6,272 · excluded -$6,272

  • 11a · Other revenue: LAUNDRY INCOME

    total $54,000 · related or exempt $54,000

  • 11b · Other revenue: INSURANCE PROCEEDS

    total $2,576 · related or exempt $2,576

  • 11d · All other revenue

    total $72,829 · related or exempt $72,829

  • 11e · Other revenue, total

    $129,405

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $2,266,826 · program services $2,266,826

  • 8 · Pension plan contributions

    total $255,459 · program services $255,459

  • 9 · Other employee benefits

    total $724,176 · program services $724,176

  • 10 · Payroll taxes

    total $249,448 · program services $249,448

  • 11a · Fees: management

    total $714,343 · management and general $714,343

  • 11b · Fees: legal

    total $128,167 · management and general $128,167

  • 11c · Fees: accounting

    total $97,400 · management and general $97,400

  • 11g · Fees: other

    total $1,028,287 · program services $859,277 · management and general $169,010

  • 13 · Office expenses

    total $165,499 · management and general $165,499

  • 14 · Information technology

    total $50,566 · management and general $50,566

  • 16 · Occupancy

    total $2,514,166 · program services $2,514,166

  • 17 · Travel

    total $343 · management and general $343

  • 19 · Conferences, conventions and meetings

    total $3,657 · management and general $3,657

  • 20 · Interest

    total $167,390 · program services $167,390

  • 22 · Depreciation, depletion and amortization

    total $1,223,137 · program services $1,223,137

  • 23 · Insurance

    total $367,584 · program services $367,584

  • 24a · Other expenses: BAD DEBTS

    total $1,779,538 · program services $1,779,538

  • 24b · Other expenses: REPAIR & MAINTENANCE

    total $651,855 · program services $651,855

  • 24c · Other expenses: MAINTENANCE SUPPLIES

    total $349,309 · program services $349,309

  • 24d · Other expenses: VIOLATION & FINES

    total $26,035 · management and general $26,035

  • 24e · All other expenses

    total $854 · program services $854

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,085,685 · end of year $2,885,428

  • 2 · Savings and temporary cash investments

    beginning of year $913,243 · end of year $1,832,388

  • 4 · Accounts receivable

    beginning of year $1,047,583 · end of year $640,535

  • 9 · Prepaid expenses and deferred charges

    beginning of year $482,739 · end of year $509,163

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

    $55,615,991

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

    $45,578,226

  • 10c · Land, buildings and equipment, net

    beginning of year $10,651,235 · end of year $10,037,765

  • 13 · Investments: program-related

    beginning of year $1,000,000 · end of year $1,000,000

  • 15 · Other assets

    beginning of year $3,431,898 · end of year $4,134,251

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,547,334 · end of year $2,169,205

  • 19 · Deferred revenue

    beginning of year $159,149 · end of year $133,098

  • 25 · Other liabilities

    beginning of year $6,507,733 · end of year $4,690,195

  • 27 · Net assets without donor restrictions

    beginning of year $11,398,167 · end of year $14,047,032

Mission and programs · 2023

Mission

TO PROVIDE AFFORDABLE HOUSING TO LOW AND MODERATE INCOME FAMILIES IN NEW YORK CITY.

  • PROVIDING LOW AND MODERATE-INCOME HOUSING FOR FAMILIES IN NEW YORK CITY. THE REPORTING ORGANIZATION OWNS AND OPERATES A HOUSING PROJECT KNOWN AS LAMBERT HOUSES LOCATED IN THE BOROUGH OF THE BRONX IN NEW YORK CITY. THE PROJECT CONSISTS OF 518 DWELLING UNITS.

    Expenses $11,409,019 · Revenue $15,145,481

As filed on the 2023 return.

Listed in Part VII

  • Adam Weinstein

    PRESIDENT/CEO

    Total calculated
    $990,213
    From this org
    $0
    From related orgs
    $818,137
    Other
    $172,076
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $660,637 related
    Bonus
    $0 + $135,000 related
    Other
    $0 + $22,500 related
    Deferred
    $0 + $143,252 related
    Nontaxable benefits
    $0 + $28,824 related
    Filer's total
    $0 + $990,213 related

  • James Robert Pigott Jr

    VICE PRESIDENT AND SECRETA

    Total calculated
    $430,091
    From this org
    $0
    From related orgs
    $350,387
    Other
    $79,704
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $269,887 related
    Bonus
    $0 + $58,000 related
    Other
    $0 + $22,500 related
    Deferred
    $0 + $56,202 related
    Nontaxable benefits
    $0 + $23,502 related
    Filer's total
    $0 + $430,091 related

  • Lukeman Ogunyinka

    TREASURER

    Total calculated
    $337,124
    From this org
    $0
    From related orgs
    $274,320
    Other
    $62,804
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $224,320 related
    Bonus
    $0 + $50,000 related
    Other
    $0
    Deferred
    $0 + $56,202 related
    Nontaxable benefits
    $0 + $6,602 related
    Filer's total
    $0 + $337,124 related

  • Matthew Kelly

    VICE PRESIDENT

    Total calculated
    $423,493
    From this org
    $0
    From related orgs
    $350,240
    Other
    $73,253
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $267,740 related
    Bonus
    $0 + $60,000 related
    Other
    $0 + $22,500 related
    Deferred
    $0 + $56,202 related
    Nontaxable benefits
    $0 + $17,051 related
    Filer's total
    $0 + $423,493 related

  • Michael Wadman

    VICE PRESIDENT

    Total calculated
    $360,805
    From this org
    $0
    From related orgs
    $302,790
    Other
    $58,015
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $262,790 related
    Bonus
    $0 + $40,000 related
    Other
    $0
    Deferred
    $0 + $56,202 related
    Nontaxable benefits
    $0 + $1,813 related
    Filer's total
    $0 + $360,805 related

  • Miriam Rubinton

    VP - AREA MANAGER

    Total calculated
    $208,422
    From this org
    $174,883
    From related orgs
    $0
    Other
    $33,539
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $174,883
    Bonus
    $0
    Other
    $0
    Deferred
    $26,233
    Nontaxable benefits
    $7,306
    Filer's total
    $208,422

  • Efraim Morales

    MAINTENACE SUPERVISOR

    Total calculated
    $114,062
    From this org
    $112,676
    From related orgs
    $0
    Other
    $1,386
    Hours/week
    40

  • Kevin Horne

    FACILITIES DIRECTOR

    Total calculated
    $104,906
    From this org
    $103,964
    From related orgs
    $0
    Other
    $942
    Hours/week
    40

  • Orriette Marcano

    RECERTIFICATION MANAGER

    Total calculated
    $108,148
    From this org
    $100,096
    From related orgs
    $0
    Other
    $8,052
    Hours/week
    40

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

  • 4b · Supplemental nonqualified retirement plan
  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 4B
ADAM WEINSTEIN, PRESIDENT, IS A PARTICIPANT IN A SECTION 457(F) PLAN THAT REQUIRES HIM TO PERFORM SERVICES FOR A PERIOD OF TIME. HE HAS RECEIVED ANNUAL AWARDS BEGINNING IN 2017 AND (CONSISTENT WITH IRS FORM 990, SCHEDULE J INSTRUCTIONS) THESE AMOUNTS ARE TREATED AS ACCRUED OR EARNED RATABLY OVER THE COURSE OF THE SERVICE PERIOD. $87,050 IS REPORTED AS EARNED DURING THE REPORTING PERIOD WHICH IS INCLUDED IN SCHEDULE J, PART II, COLUMN (C).
PART I, LINE 7
DISCRETIONARY BONUSES ARE PAID TO CERTAIN STAFF MEMBERS BASED ON ANNUAL PERFORMANCE AND ARE BOARD APPROVED. THE BONUSES ARE REPORTED ON PART II, COLUMN (B)(II).
PART I, LINE 3:
PHIPPS HOUSES, AN AFFILIATE OF THE REPORTING ORGANIZATION PAID COMPENSATION TO THE REPORTING ORGANIZATION'S TOP MANAGEMENT OFFICIAL. PHIPPS HOUSES HAS ESTABLISHED THE COMPENSATION OF THE TOP MANAGEMENT OFFICIAL USING COMPENSATION COMMITTEE, INDEPENDENT COMPENSATION CONSULTANT, FORM 990 OF OTHER ORGANIZATIONS, COMPENSATION SURVEY OR STUDY, AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE.

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.

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.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • 1039 BOSTON ROAD MANAGEMENT CORP

    C · REAL ESTATE MGMT · NY

  • 1691 FULTON AVENUE MANAGEMENT CORP

    C · REAL ESTATE MGMT · NY

  • 600 EAST 156TH STREET MANAGEMENT CORP

    C · REAL ESTATE MGMT · NY

  • 710 EAST 9TH STREET MANAGEMENT CORP

    C · REAL ESTATE MGMT · NY

  • 912 EAST 178TH STREET MANAGEMENT CORP

    C · REAL ESTATE MGMT · NY

  • 988 EAST 180 STREET MODERATE MM CORP

    C · REAL ESTATE MGMT · NY

  • 988 EAST 180TH STREET HDFC

    C · REAL ESTATE MGMT · NY

  • 988 EAST 180TH STREET MANAEMENT CORP

    C · REAL ESTATE MGMT · NY

  • ATLANTIC CHESTNUT I MANAGEMENT CORP

    C · REAL ESTATE MGMT · NY

  • ATLANTIC CHESTNUT II MANAGEMENT CORP

    C · REAL ESTATE MGMT · NY

  • ATLANTIC CHESTNUT III MANAGEMENT CORP

    C · REAL ESTATE MGMT · NY

  • BOSTON TREMONT LLC

    C · REAL ESTATE MGMT · NY

  • COURTLANDT COMMUNITY MANAGEMENT CORP

    C · REAL ESTATE MGMT · NY

  • COURTLANDT CORNERS I MANAGEMENT CORP

    C · REAL ESTATE MGMT · NY

  • COURTLANDT CORNERS I INC

    C · REAL ESTATE MGMT · NY

  • COURTLANDT CORNERS II MANAGEMENT CORP

    C · REAL ESTATE MGMT · NY

  • COURTLANDT CORNERS II INC

    C · REAL ESTATE MGMT · NY

  • COURTLANDT CRESCENT MANAGEMENT CORP

    C · REAL ESTATE MGMT · NY

  • COURTLANDT CRESCENT INC

    C · REAL ESTATE MGMT · NY

  • DEMPSEY APARTMENTS MANAGEMENT CORP

    C · REAL ESTATE MGMT · NY

  • ECHO APARTMENTS MANAGEMENT CORP

    C · REAL ESTATE MGMT · NY

  • ELTON CROSSING HDFC

    C · REAL ESTATE MGMT · NY

  • ELTON CROSSING INC

    C · REAL ESTATE MGMT · NY

  • EXTRA PLACE MANAGEMENT CORP

    C · REAL ESTATE MGMT · NY

  • FABRIA HOUSES MANAGEMENT CORP

    C · REAL ESTATE MGMT · NY

  • FRV PHASE 1 HOLDINGS INC

    C · REAL ESTATE MGMT · NY

  • FRV PHASE 1 MANAGEMENT CORP

    C · REAL ESTATE MGMT · NY

  • HANCOCK PLACE APARTMENTS MANAGEMENT CORP

    C · REAL ESTATE MGMT · NY

  • HOBBS CIENA MANAGEMENT CORP

    C · REAL ESTATE MGMT · NY

  • HONEYWELL II MANAGEMENT CORP

    C · REAL ESTATE MGMT · NY

  • LEBANON WEST FARMS MANAGEMENT CORP

    C · REAL ESTATE MGMT · NY

  • LEBANON WEST FARMS INC

    C · REAL ESTATE MGMT · NY

  • LEE GOODWIN MANAGEMENT CORP

    C · REAL ESTATE MGMT · NY

  • LPV MANAGEMENT CORP

    C · REAL ESTATE MGMT · NY

  • MONTEREY APARTMENTS MANAGEMENT CORP

    C · REAL ESTATE MGMT · NY

  • PHIPPS HOUSES HOLDINGS LLC

    C · REAL ESTATE MGMT · NY

  • PHIPPS HOUSES SERVICES INC

    C · REAL ESTATE MGMT · NY

  • PHIPPS HPS LIHTC ASSOCIATES INC

    C · REAL ESTATE MGMT · NY

  • PHIPPS VIA VERDE HOMES INC

    C · REAL ESTATE MGMT · NY

  • RCB APARTMENTS MANAGEMENT CORP

    C · REAL ESTATE MGMT · NY

  • SALEM HOUSE MANAGEMENT CORP

    C · REAL ESTATE MGMT · NY

  • SUNNYSIDE MEMBER CORPORATION

    C · REAL ESTATE MGMT · NY

  • VIA VERDE CONDOMINIUM

    C · REAL ESTATE MGMT · NY

  • VIA VERDE RENTAL MANAGEMENT CORP

    C · REAL ESTATE MGMT · NY

  • VIA VERDE RENTAL INC

    C · REAL ESTATE MGMT · NY

  • WEST 128TH STREET MANAGEMENT CORP

    C · REAL ESTATE MGMT · NY

  • 2080 BOSTON ROAD HOLDINGS INC

    C · REAL ESTATE MGMT · NY

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202423209349307297

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