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← 63 THOMPSON STREET HOUSING DEVELOPMENT FUND CORPORATION

Form 990 for tax year 2023

Filed by 63 THOMPSON STREET HOUSING DEVELOPMENT FUND CORPORATION.

Totals

Total revenue
$485,891
Total expenses
$642,092
Contributions and grants received
$0
Grants paid
$175,000
Program service revenue
$462,282
Investment income
$10,571
Other revenue
$13,038
Total assets, end of year
$8,268,766
Total liabilities, end of year
$10,302,266
Net assets or fund balances, end of year
-$2,033,500
Program services expenses (Part IX)
$593,800
Management and general expenses
$48,292
Fundraising expenses
$0
Program service expenses (Part III)
$593,800

Program services were 92.5% 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 $462,282 · related or exempt $462,282

  • 3 · Investment income

    total $10,571 · excluded $10,571

  • 11a · Other revenue: LAUNDRY INCOME

    total $1,108 · related or exempt $1,108

  • 11d · All other revenue

    total $11,930 · related or exempt $11,930

  • 11e · Other revenue, total

    $13,038

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $175,000 · program services $175,000

  • 7 · Other salaries and wages

    total $25,051 · program services $25,051

  • 8 · Pension plan contributions

    total $1,526 · program services $1,526

  • 9 · Other employee benefits

    total $137 · program services $137

  • 10 · Payroll taxes

    total $2,845 · program services $2,845

  • 11a · Fees: management

    total $24,356 · management and general $24,356

  • 11b · Fees: legal

    total $600 · program services $600

  • 11c · Fees: accounting

    total $7,024 · management and general $7,024

  • 11g · Fees: other

    total $10,666 · management and general $10,666

  • 13 · Office expenses

    total $4,394 · management and general $4,394

  • 14 · Information technology

    total $1,852 · management and general $1,852

  • 16 · Occupancy

    total $52,681 · program services $52,681

  • 20 · Interest

    total $124,040 · program services $124,040

  • 22 · Depreciation, depletion and amortization

    total $164,990 · program services $164,990

  • 23 · Insurance

    total $14,038 · program services $14,038

  • 24a · Other expenses: REPAIRS AND MAINTENANCE

    total $28,685 · program services $28,685

  • 24b · Other expenses: BAD DEBTS

    total $4,207 · program services $4,207

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $136,427 · end of year $87,364

  • 4 · Accounts receivable

    beginning of year $19,230 · end of year $7,412

  • 9 · Prepaid expenses and deferred charges

    beginning of year $17,351 · end of year $17,314

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

    $10,313,233

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

    $2,322,859

  • 10c · Land, buildings and equipment, net

    beginning of year $8,147,281 · end of year $7,990,374

  • 15 · Other assets

    beginning of year $160,569 · end of year $166,302

  • 17 · Accounts payable and accrued expenses

    beginning of year $41,550 · end of year $33,405

  • 19 · Deferred revenue

    beginning of year $14,321 · end of year $6,859

  • 23 · Secured mortgages and notes payable

    beginning of year $10,292,091 · end of year $10,252,027

  • 25 · Other liabilities

    beginning of year $10,195 · end of year $9,975

  • 27 · Net assets without donor restrictions

    beginning of year -$1,877,299 · end of year -$2,033,500

Mission and programs · 2023

Mission

63 THOMPSON STREET HOUSING DEVELOPMENT FUND CORPORATION WAS ORGANIZED EXCLUSIVELY FOR THE PURPOSE OF DEVELOPING, OWNING AND OPERATING, ON A NON-PROFIT BASIS, A HOUSING PROJECT FOR PERSONS OF LOW INCOME.

Activities or mission (Part I)

63 THOMPSON STREET HDFC WAS ORGANIZED EXCLUSIVELY FOR THE PURPOSE OF DEVELOPING, OWNING AND OPERATING, ON A NON-PROFIT BASIS, A HOUSING PROJECT FOR PERSONS OF LOW INCOME.

  • 63 THOMPSON STREET HOUSING DEVELOPMENT FUND CORPORATION WAS ORGANIZED EXCLUSIVELY FOR THE PURPOSE OF DEVELOPING, OWNING AND OPERATING, ON A NON-PROFIT BASIS, A HOUSING PROJECT FOR PERSONS OF LOW INCOME. IT PROVIDED 21 AFFORDABLE HOUSING UNITS DURING THE YEAR.

    Expenses $418,800 · Revenue $475,320

  • GRANT TO PHIPPS HOUSES, AN AFFILIATE ORGANIZATION UNDER IRC 501(C)(4), TO BE USED ONLY FOR THE PURPOSE OF PROMOTING AFFORDABLE HOUSING.

    Expenses $175,000 · Grants $175,000

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

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

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
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

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, 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 J INSTRUCTIONS) THESE AMOUNTS ARE TREATED AS ACCRUED OR EARNED EARNED DURING THE REPORTING PERIOD WHICH IS INCLUDED IN SCHEDULE J, PART ANNUAL AWARDS BEGINNING IN 2017 AND (CONSISTENT WITH IRS FORM 990, SCHEDULE RATABLY OVER THE COURSE OF THE SERVICE PERIOD. $87,050 IS REPORTED AS II, COLUMN (C).

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

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 partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • VIA VERDE RENTAL LEASING LLC

    REAL ESTATE · NY

  • PLAZA SOUTH MANAGEMENT CO II

    REAL ESTATE · NY

Related corporations and trusts

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

Provenance

Return type
form_990
Tax year
2023
Filed
12 May 2025
IRS schema version
2023v6.0
Source object
202521339349302452

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