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Nonprofiteer
← ALLOWAY HOUSING DEVELOPMENT FUND CORPORATION

Form 990 for tax year 2022

Filed by ALLOWAY HOUSING DEVELOPMENT FUND CORPORATION.

Totals

Total revenue
$171,423
Total expenses
$259,349
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$164,760
Investment income
$47
Other revenue
$6,616
Total assets, end of year
$1,730,938
Total liabilities, end of year
$2,582,937
Net assets or fund balances, end of year
-$851,999
Program services expenses (Part IX)
$240,738
Management and general expenses
$18,611
Fundraising expenses
$0
Program service expenses (Part III)
$240,738

Program services were 92.8% 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 $164,760 · related or exempt $164,760

  • 3 · Investment income

    total $47 · excluded $47

  • 11a · Other revenue: Miscellaneous Revenue

    total $6,616 · related or exempt $6,616

  • 11e · Other revenue, total

    $6,616

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $13,594 · program services $13,594

  • 11b · Fees: legal

    total $685 · program services $685

  • 11c · Fees: accounting

    total $7,287 · management and general $7,287

  • 11g · Fees: other

    total $45,718 · program services $45,718

  • 13 · Office expenses

    total $14,223 · program services $2,899 · management and general $11,324

  • 16 · Occupancy

    total $93,295 · program services $93,295

  • 17 · Travel

    total $87 · program services $87

  • 22 · Depreciation, depletion and amortization

    total $54,819 · program services $54,819

  • 23 · Insurance

    total $27,887 · program services $27,887

  • 24e · All other expenses

    total $1,754 · program services $1,754

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,802 · end of year $2,892

  • 2 · Savings and temporary cash investments

    beginning of year $152,886 · end of year $145,443

  • 4 · Accounts receivable

    beginning of year $698 · end of year $545

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,633 · end of year $2,900

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

    $2,405,378

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

    $833,595

  • 10c · Land, buildings and equipment, net

    beginning of year $1,626,602 · end of year $1,571,783

  • 15 · Other assets

    beginning of year $7,711 · end of year $7,375

  • 17 · Accounts payable and accrued expenses

    beginning of year $8,662 · end of year $21,207

  • 19 · Deferred revenue

    beginning of year $2,236 · end of year $1,967

  • 21 · Escrow or custodial account liability

    beginning of year $6,947 · end of year $6,611

  • 23 · Secured mortgages and notes payable

    beginning of year $2,222,318 · end of year $2,222,318

  • 25 · Other liabilities

    beginning of year $317,242 · end of year $330,834

  • 27 · Net assets without donor restrictions

    beginning of year -$764,073 · end of year -$851,999

Mission and programs · 2022

Mission

A non-profit housing project serving elderly persons of low income which includes housing facilities and services specially designed to meet their physical, social, and psychological needs, and to promote their health, security, happiness, and usefulness in longer living.

Activities or mission (Part I)

To develop and operate a housing project for elderly persons of low income.

  • Housing for the Elderly - the organization constructed a development of 23 units of housing for low-income elderly persons 62 years of age or older. The project was completed and has been operating successfully since 2007. The program's goal is to relieve the poor and distressed by enabling them to secure the basic human needs of decent shelter and promote the social welfare.

    Expenses $240,738 · Revenue $171,376

As filed on the 2022 return.

Listed in Part VII

  • Kathleen Greeley

    Director

    Total calculated
    $0
    Hours/week
    0.1

  • Michael Laughlin

    Director

    Total calculated
    $0
    Hours/week
    0.1

  • Susan Boss

    Director

    Total calculated
    $192,637
    From this org
    $0
    From related orgs
    $173,232
    Other
    $19,405
    Hours/week
    0.1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $173,232 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $5,197 related
    Nontaxable benefits
    $0 + $14,208 related
    Filer's total
    $0 + $192,637 related

  • Kathryn Bryan

    Director

    Total calculated
    $186,002
    From this org
    $0
    From related orgs
    $173,543
    Other
    $12,459
    Hours/week
    0.1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $173,543 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $5,206 related
    Nontaxable benefits
    $0 + $7,253 related
    Filer's total
    $0 + $186,002 related

  • Jean Lowe

    Director

    Total calculated
    $0
    Hours/week
    0.1

  • Alexander Castro

    Vice President

    Total calculated
    $256,796
    From this org
    $0
    From related orgs
    $243,302
    Other
    $13,494
    Hours/week
    0.1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $243,302 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $7,299 related
    Nontaxable benefits
    $0 + $6,195 related
    Filer's total
    $0 + $256,796 related

  • Leslie W Kernan Jr

    Secretary

    Total calculated
    $197,190
    From this org
    $0
    From related orgs
    $191,447
    Other
    $5,743
    Hours/week
    0.1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $191,447 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $5,743 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $197,190 related

  • Ruperto Montero

    Treasurer & Vice President

    Total calculated
    $221,951
    From this org
    $0
    From related orgs
    $209,888
    Other
    $12,063
    Hours/week
    0.1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $209,888 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $6,297 related
    Nontaxable benefits
    $0 + $5,766 related
    Filer's total
    $0 + $221,951 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

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 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
Alloway HDFC does not have an Executive Director, however, the wages and benefits of all top management employees of the parent corporation are determined by the personnel committee of the parent company, PathStone Corporation, as part of its ongoing wage comparative studies and benefit budgeting process. The process includes independent review, comparability data, and deliberation by a 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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

Related partnerships

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

Related corporations and trusts

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

Provenance

Return type
form_990
Tax year
2022
Filed
18 April 2023
IRS schema version
2022v5.0
Source object
202311189349300911

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