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Nonprofiteer
← BREMOND KING DAVIS HOUSING DEVELOPMENT FUND COMPANY INC

Form 990 for tax year 2022

Filed by BREMOND KING DAVIS HOUSING DEVELOPMENT FUND COMPANY INC.

Totals

Total revenue
$958,111
Total expenses
$1,702,268
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$947,367
Investment income
$9,938
Other revenue
$806
Total assets, end of year
$4,629,539
Total liabilities, end of year
$5,988,361
Net assets or fund balances, end of year
-$1,358,822
Program services expenses (Part IX)
$1,573,731
Management and general expenses
$128,537
Fundraising expenses
$0
Program service expenses (Part III)
$1,573,731

Program services were 92.4% 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 $854,966 · related or exempt $854,966

  • 2b · Program service revenue: BAD DEBT RECOVERY

    total $78,374 · related or exempt $78,374

  • 2c · Program service revenue: COMMERCIAL RENT

    total $14,027 · related or exempt $14,027

  • 3 · Investment income

    total $9,938 · excluded $9,938

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $806 · related or exempt $806

  • 11e · Other revenue, total

    $806

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $111,554 · program services $111,554

  • 8 · Pension plan contributions

    total $1,032 · program services $1,032

  • 9 · Other employee benefits

    total $23,692 · program services $23,692

  • 10 · Payroll taxes

    total $15,064 · program services $15,064

  • 11b · Fees: legal

    total $13,928 · program services $13,928

  • 11c · Fees: accounting

    total $73,191 · program services $73,191

  • 11g · Fees: other

    total $20,650 · program services $20,650

  • 13 · Office expenses

    total $3,372 · program services $3,372

  • 16 · Occupancy

    total $267,983 · program services $267,983

  • 20 · Interest

    total $24,303 · program services $24,303

  • 22 · Depreciation, depletion and amortization

    total $731,929 · program services $731,929

  • 23 · Insurance

    total $85,629 · program services $85,629

  • 24a · Other expenses: BAD DEBTS

    total $128,537 · management and general $128,537

  • 24b · Other expenses: RESIDENT SERVICE FEES

    total $103,511 · program services $103,511

  • 24c · Other expenses: REPAIRS AND MAINTENANCE

    total $64,650 · program services $64,650

  • 24d · Other expenses: OTHER EXPENSES

    total $22,218 · program services $22,218

  • 24e · All other expenses

    total $11,025 · program services $11,025

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $260,055 · end of year $218,570

  • 4 · Accounts receivable

    beginning of year $111,720 · end of year $112,728

  • 9 · Prepaid expenses and deferred charges

    beginning of year $40,064 · end of year $66,507

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

    $11,490,696

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

    $8,438,788

  • 10c · Land, buildings and equipment, net

    beginning of year $3,785,385 · end of year $3,051,908

  • 15 · Other assets

    beginning of year $1,171,842 · end of year $1,179,826

  • 17 · Accounts payable and accrued expenses

    beginning of year $96,533 · end of year $77,365

  • 23 · Secured mortgages and notes payable

    beginning of year $5,837,640 · end of year $5,837,640

  • 25 · Other liabilities

    beginning of year $49,558 · end of year $73,356

  • 27 · Net assets without donor restrictions

    beginning of year -$368,799 · end of year -$815,293

  • 28 · Net assets with donor restrictions

    beginning of year -$245,866 · end of year -$543,529

Mission and programs · 2022

Mission

THE CORPORATION WAS ESTABLISHED FOR THE PURPOSES OF DEVELOPING AND OPERATING, ON A NON-PROFIT BASIS, A HOUSING PROJECT FOR PERSONS OF LOW INCOME IN NEW YORK CITY WHERE NO ADEQUATE HOUSING EXISTS FOR SUCH PERSONS.

Activities or mission (Part I)

THE ORGANIZATION WAS ESTABLISHED FOR THE PURPOSE OF DEVELOPING, ON A NON-PROFIT BASIS, A HOUSING PROJECT FOR PERSONS OF LOW INCOME IN NEW YORK CITY WHERE NO ADEQUATE HOUSING EXISTS FOR SUCH PERSONS.

  • OPERATES A LOW-INCOME HOUSING BUILDING.

    Expenses $1,573,731 · Revenue $948,173

As filed on the 2022 return.

Listed in Part VII

  • HSUEH LAM YAN

    SECRETARY

    Total calculated
    $177,261
    From this org
    $0
    From related orgs
    $163,579
    Other
    $13,682
    Hours/week
    1 + 37 related

    Schedule J breakdown matched by us

    Base
    $0 + $163,579 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $13,682 related
    Filer's total
    $0 + $177,261 related

  • JENNIFER SUN

    CO-EXECUTIVE DIRECTOR (OUTGOING)

    Total calculated
    $200,749
    From this org
    $0
    From related orgs
    $160,060
    Other
    $40,689
    Hours/week
    1 + 37 related

    Schedule J breakdown matched by us

    Base
    $0 + $160,060 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $12,962 related
    Nontaxable benefits
    $0 + $27,727 related
    Filer's total
    $0 + $200,749 related

  • NELSON CHAN

    TREASURER

    Total calculated
    $186,723
    From this org
    $0
    From related orgs
    $142,982
    Other
    $43,741
    Hours/week
    1 + 37 related

    Schedule J breakdown matched by us

    Base
    $0 + $142,982 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $5,198 related
    Nontaxable benefits
    $0 + $38,543 related
    Filer's total
    $0 + $186,723 related

  • THOMAS YU

    EXECUTIVE DIRECTOR

    Total calculated
    $321,349
    From this org
    $0
    From related orgs
    $268,262
    Other
    $53,087
    Hours/week
    1 + 37 related

    Schedule J breakdown matched by us

    Base
    $0 + $268,262 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $7,008 related
    Nontaxable benefits
    $0 + $46,079 related
    Filer's total
    $0 + $321,349 related

  • JOY SUZANNE GRANADO

    CHIEF ACCOUNTING OFFICER

    Total calculated
    $107,038
    From this org
    $0
    From related orgs
    $96,262
    Other
    $10,776
    Hours/week
    1 + 37 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

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 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
17 October 2023
IRS schema version
2022v5.0
Source object
202312989349302116

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