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Nonprofiteer
← BGC I NONPROFIT HOUSING CORPORATION

Form 990 for tax year 2023

Filed by BGC I NONPROFIT HOUSING CORPORATION.

Totals

Total revenue
$1,718,675
Total expenses
$1,510,493
Contributions and grants received
$0
Grants paid
$91,667
Program service revenue
$1,696,601
Investment income
$22,074
Other revenue
$0
Total assets, end of year
$4,297,607
Total liabilities, end of year
$5,899,421
Net assets or fund balances, end of year
-$1,601,814
Program services expenses (Part IX)
$929,053
Management and general expenses
$581,440
Fundraising expenses
$0
Program service expenses (Part III)
$929,053

Program services were 61.5% 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 REVENUE

    total $1,683,917 · related or exempt $1,683,917

  • 2b · Program service revenue: ANCILLARY FEES

    total $12,684 · related or exempt $12,684

  • 3 · Investment income

    total $22,074 · excluded $22,074

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $91,667 · program services $91,667

  • 11a · Fees: management

    total $91,200 · management and general $91,200

  • 11b · Fees: legal

    total $2,809 · management and general $2,809

  • 11c · Fees: accounting

    total $10,130 · management and general $10,130

  • 11g · Fees: other

    total $250,078 · program services $23,439 · management and general $226,639

  • 12 · Advertising and promotion

    total $471 · management and general $471

  • 13 · Office expenses

    total $77,044 · management and general $77,044

  • 16 · Occupancy

    total $228,707 · program services $228,707

  • 20 · Interest

    total $155,867 · management and general $155,867

  • 22 · Depreciation, depletion and amortization

    total $288,580 · program services $278,019 · management and general $10,561

  • 23 · Insurance

    total $164,619 · program services $164,619

  • 24a · Other expenses: CLEANING & MAINTENANCE

    total $142,602 · program services $142,602

  • 24b · Other expenses: BAD DEBT EXPENSE

    total $6,719 · management and general $6,719

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $250 · end of year $250

  • 2 · Savings and temporary cash investments

    beginning of year $951,069 · end of year $1,259,530

  • 4 · Accounts receivable

    beginning of year $8,509 · end of year $11,344

  • 9 · Prepaid expenses and deferred charges

    beginning of year $11,742 · end of year $13,830

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

    $10,072,700

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

    $8,106,708

  • 10c · Land, buildings and equipment, net

    beginning of year $2,043,866 · end of year $1,965,992

  • 15 · Other assets

    beginning of year $1,187,917 · end of year $1,046,661

  • 17 · Accounts payable and accrued expenses

    beginning of year $138,001 · end of year $125,655

  • 19 · Deferred revenue

    beginning of year $3,443 · end of year $11,545

  • 23 · Secured mortgages and notes payable

    beginning of year $5,828,955 · end of year $5,719,021

  • 25 · Other liabilities

    beginning of year $42,950 · end of year $43,200

  • 27 · Net assets without donor restrictions

    beginning of year -$1,809,996 · end of year -$1,601,814

Mission and programs · 2023

Mission

TO PROVIDE AND PRESERVE HOUSING FACILITIES FOR PERSONS AND FAMILIES OF LOW INCOME AND TO PROVIDE FOR THEIR SOCIAL AND VARIOUS OTHER NEEDS.

Activities or mission (Part I)

TO PROVIDE AND PRESERVE HOUSING FACILITIES FOR PERSONS AND FAMILIES OF LOW INCOME.

  • BGC-I PROVIDES 152 RENTAL UNITS TO PERSONS OF LOW TO MODERATE INCOME. THE ORGANIZATION ALSO PROVIDES SOCIAL AND RECREATIONAL FACILITIES TO SERVE THE RESIDENTIAL AREA.

    Expenses $837,386 · Revenue $1,696,601

  • INCOME FROM BGC-I WILL BE USED TO BENEFIT ACTIVITIES OF THE BOYS AND GIRLS CLUB OF LANSING TO THE EXTENT THAT THOSE ACTIVITIES ARE CONSISTENT WITH THE EXEMPT PURPOSE OF BGC-CHARTER SQUARE.

    Expenses $91,667 · Grants $91,667

As filed on the 2023 return.

Listed in Part VII

  • LAURIE SCHWARTZ

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • RICHARD KERBAWY

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • DR JOHN A SAUCHAK

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • KURT HANUS

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

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

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
11 November 2024
IRS schema version
2023v5.1
Source object
202413209349309956

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