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Nonprofiteer
← GIBB MANSION HOUSING DEVELOPMENT FUND CORPORATION

Form 990 for tax year 2022

Filed by GIBB MANSION HOUSING DEVELOPMENT FUND CORPORATION.

Totals

Total revenue
$1,048,489
Total expenses
$1,374,260
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$998,051
Investment income
$47,751
Other revenue
$2,687
Total assets, end of year
$9,118,702
Total liabilities, end of year
$10,178,222
Net assets or fund balances, end of year
-$1,059,520
Program services expenses (Part IX)
$1,325,759
Management and general expenses
$48,501
Fundraising expenses
$0
Program service expenses (Part III)
$1,325,759

Program services were 96.5% 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 $998,051 · related or exempt $998,051

  • 3 · Investment income

    total $47,751 · excluded $47,751

  • 11d · All other revenue

    total $2,687 · related or exempt $2,687

  • 11e · Other revenue, total

    $2,687

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $240,880 · program services $192,379 · management and general $48,501

  • 11b · Fees: legal

    total $2,849 · program services $2,849

  • 11c · Fees: accounting

    total $9,713 · program services $9,713

  • 13 · Office expenses

    total $31,315 · program services $31,315

  • 16 · Occupancy

    total $270,056 · program services $270,056

  • 20 · Interest

    total $83,551 · program services $83,551

  • 22 · Depreciation, depletion and amortization

    total $210,752 · program services $210,752

  • 23 · Insurance

    total $99,957 · program services $99,957

  • 24a · Other expenses: REPAIRS AND MAINTENANCE

    total $279,886 · program services $279,886

  • 24b · Other expenses: TENANT MOVE OUT EXPENSE

    total $80,301 · program services $80,301

  • 24c · Other expenses: BAD DEBT EXPENSES

    total $65,000 · program services $65,000

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $398,898 · end of year $194,722

  • 4 · Accounts receivable

    beginning of year $133,409 · end of year $219,291

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

    $8,242,255

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

    $1,247,225

  • 10c · Land, buildings and equipment, net

    beginning of year $7,204,354 · end of year $6,995,030

  • 15 · Other assets

    beginning of year $1,592,350 · end of year $1,709,659

  • 17 · Accounts payable and accrued expenses

    beginning of year $706,330 · end of year $696,731

  • 19 · Deferred revenue

    beginning of year $15,402 · end of year $13,820

  • 21 · Escrow or custodial account liability

    beginning of year $7,062 · end of year $25,501

  • 23 · Secured mortgages and notes payable

    beginning of year $9,332,966 · end of year $9,376,170

  • 25 · Other liabilities

    beginning of year $1,000 · end of year $66,000

  • 27 · Net assets without donor restrictions

    beginning of year -$733,749 · end of year -$1,059,520

Mission and programs · 2022

Mission

THE CORPORATION WAS ORGANIZED EXCLUSIVELY FOR THE PURPOSE OF ACQUIRING, DEVELOPING AND MAINTAINING, ON A NONPROFIT BASIS, A HOUSING PROJECT FOR PERSONS OF LOW INCOME.

Activities or mission (Part I)

TO ACQUIRE, DEVELOP AND MAINTAIN, ON A NONPROFIT BASIS, A HOUSING PROJECT FOR PERSONS OF LOW INCOME.

  • THE CORPORATION WAS ORGANIZED EXCLUSIVELY FOR THE PURPOSE OF ACQUIRING, DEVELOPING AND MAINTAINING, ON A NONPROFIT BASIS, A HOUSING PROJECT FOR PERSONS OF LOW INCOME.

    Expenses $1,325,759 · Revenue $1,000,738

As filed on the 2022 return.

Listed in Part VII

  • Bernell Grier

    SECRETARY

    Total calculated
    $188,221
    From this org
    $0
    From related orgs
    $180,447
    Other
    $7,774
    Hours/week
    0.5 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $180,447 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $7,774 related
    Filer's total
    $0 + $188,221 related

  • Heather Gershen

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0.5 + 3.5 related

  • Imani Griszell

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 3.5 related

  • Yvonne Cummings

    TREASURER

    Total calculated
    $0
    Hours/week
    0.5 + 3.5 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 corporations and trusts

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

  • PACC HDFC

    C · APRTMENT OWNER · NY

Provenance

Return type
form_990
Tax year
2022
Filed
3 May 2024
IRS schema version
2022v5.0
Source object
202411279349301901

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