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← LA CASA DE FELICIDAD HOUSING DEVELOPMENT FUND CORPORATION

Form 990 for tax year 2022

Filed by LA CASA DE FELICIDAD HOUSING DEVELOPMENT FUND CORPORATION.

Totals

Total revenue
$1,382,296
Total expenses
$1,924,838
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$1,340,286
Investment income
$6,838
Other revenue
$35,172
Total assets, end of year
$5,658,299
Total liabilities, end of year
$12,046,566
Net assets or fund balances, end of year
-$6,388,267
Program services expenses (Part IX)
$1,800,151
Management and general expenses
$124,687
Fundraising expenses
$0
Program service expenses (Part III)
$1,800,151

Program services were 93.5% 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 $1,340,286 · related or exempt $1,340,286

  • 3 · Investment income

    total $6,838 · excluded $6,838

  • 11a · Other revenue: BAD DEBT RECOVERY

    total $30,162 · related or exempt $30,162

  • 11b · Other revenue: LAUNDRY INCOME

    total $4,800 · related or exempt $4,800

  • 11d · All other revenue

    total $210 · related or exempt $210

  • 11e · Other revenue, total

    $35,172

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $204,634 · program services $204,634

  • 8 · Pension plan contributions

    total $18,815 · program services $18,815

  • 9 · Other employee benefits

    total $117,189 · program services $117,189

  • 10 · Payroll taxes

    total $19,746 · program services $19,746

  • 11a · Fees: management

    total $103,537 · management and general $103,537

  • 11b · Fees: legal

    total $1,432 · program services $1,432

  • 11c · Fees: accounting

    total $21,150 · management and general $21,150

  • 11g · Fees: other

    total $18,443 · program services $18,443

  • 12 · Advertising and promotion

    total $15,928 · program services $15,928

  • 13 · Office expenses

    total $23,443 · program services $23,443

  • 14 · Information technology

    total $6,811 · program services $6,811

  • 16 · Occupancy

    total $416,327 · program services $416,327

  • 22 · Depreciation, depletion and amortization

    total $452,864 · program services $452,864

  • 23 · Insurance

    total $32,833 · program services $32,833

  • 24a · Other expenses: REPAIRS AND MAINTENANCE

    total $331,821 · program services $331,821

  • 24b · Other expenses: PROTECTION CONTRACT

    total $128,960 · program services $128,960

  • 24e · All other expenses

    total $10,905 · program services $10,905

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $142,842 · end of year $212,364

  • 4 · Accounts receivable

    beginning of year $12,618 · end of year $57,030

  • 9 · Prepaid expenses and deferred charges

    beginning of year $143,534 · end of year $144,687

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

    $12,238,102

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

    $7,186,553

  • 10c · Land, buildings and equipment, net

    beginning of year $5,440,699 · end of year $5,051,549

  • 15 · Other assets

    beginning of year $151,425 · end of year $192,669

  • 17 · Accounts payable and accrued expenses

    beginning of year $224,138 · end of year $296,543

  • 19 · Deferred revenue

    beginning of year $15,214 · end of year $16,500

  • 23 · Secured mortgages and notes payable

    beginning of year $11,438,500 · end of year $11,438,500

  • 24 · Unsecured notes and loans payable

    end of year $23,308

  • 25 · Other liabilities

    beginning of year $97,902 · end of year $271,715

  • 27 · Net assets without donor restrictions

    beginning of year -$5,884,636 · end of year -$6,388,267

Mission and programs · 2022

Mission

LA CASA DE FELICIDAD HOUSING DEVELOPMENT FUND CORPORATION WAS FORMED TO DEVELOP, OWN, AND OPERATE AN 84-UNIT RESIDENTIAL BUILDING LOCATED IN THE BRONX, NY, TO PROVIDE HOUSING FOR ELDERLY PERSONS OF LOW INCOME.

Activities or mission (Part I)

TO PROVIDE HOUSING FOR ELDERLY PERSONS OF VERY LOW-INCOME.

  • TO PROVIDE LOW INCOME HOUSING TO ELDERLY PERSONS. 84 FAMILIES BENEFITED.

    Expenses $1,800,151 · Revenue $1,375,458

As filed on the 2022 return.

Listed in Part VII

  • ADAM WEINSTEIN

    PRESIDENT

    Total calculated
    $968,887
    From this org
    $0
    From related orgs
    $806,771
    Other
    $162,116
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $642,271 related
    Bonus
    $0 + $145,000 related
    Other
    $0 + $19,500 related
    Deferred
    $0 + $143,252 related
    Nontaxable benefits
    $0 + $18,864 related
    Filer's total
    $0 + $968,887 related

  • JAMES ROBERT PIGOTT JR

    VICE PRESIDENT AND SECRETARY

    Total calculated
    $415,028
    From this org
    $0
    From related orgs
    $340,062
    Other
    $74,966
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $264,562 related
    Bonus
    $0 + $56,000 related
    Other
    $0 + $19,500 related
    Deferred
    $0 + $56,202 related
    Nontaxable benefits
    $0 + $18,764 related
    Filer's total
    $0 + $415,028 related

  • MATTHEW KELLY

    VICE PRESIDENT

    Total calculated
    $407,918
    From this org
    $0
    From related orgs
    $337,028
    Other
    $70,890
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $271,028 related
    Bonus
    $0 + $56,000 related
    Other
    $0 + $10,000 related
    Deferred
    $0 + $56,202 related
    Nontaxable benefits
    $0 + $14,688 related
    Filer's total
    $0 + $407,918 related

  • BRIAN BRICKER

    TREASURER

    Total calculated
    $386,236
    From this org
    $0
    From related orgs
    $316,782
    Other
    $69,454
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $241,282 related
    Bonus
    $0 + $56,000 related
    Other
    $0 + $19,500 related
    Deferred
    $0 + $56,202 related
    Nontaxable benefits
    $0 + $13,252 related
    Filer's total
    $0 + $386,236 related

  • JESSICA CLEMENTE

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • ALEXANDER CRUZ

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • JAVIER LOPEZ

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MICHAEL WADMAN

    VICE PRESIDENT

    Total calculated
    $368,503
    From this org
    $0
    From related orgs
    $310,698
    Other
    $57,805
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $255,698 related
    Bonus
    $0 + $55,000 related
    Other
    $0
    Deferred
    $0 + $56,202 related
    Nontaxable benefits
    $0 + $1,603 related
    Filer's total
    $0 + $368,503 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 ANNUAL AWARDS BEGINNING IN 2017 AND (CONSISTENT WITH IRS FORM 990, SCHEDULE J INSTRUCTIONS) THESE AMOUNTS ARE TREATED AS ACCRUED OR EARNED RATABLY OVER THE COURSE OF THE SERVICE PERIOD. $87,050 IS REPORTED AS EARNED DURING THE REPORTING PERIOD WHICH IS INCLUDED IN SCHEDULE J, PART 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

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
29 March 2024
IRS schema version
2022v5.0
Source object
202410939349300101

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