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Nonprofiteer
← DEROSE HDC INC

Form 990 for tax year 2023

Filed by DEROSE HDC INC.

Totals

Total revenue
$1,663,914
Total expenses
$1,385,378
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$1,663,150
Investment income
$764
Other revenue
$0
Total assets, end of year
$5,831,936
Total liabilities, end of year
$7,041,778
Net assets or fund balances, end of year
-$1,209,842
Program services expenses (Part IX)
$1,029,842
Management and general expenses
$355,536
Fundraising expenses
$0
Program service expenses (Part III)
$1,029,842

Program services were 74.3% 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 $1,579,585 · related or exempt $1,579,585

  • 2b · Program service revenue: INCOME FROM PTRSHIP

    total $35,787 · related or exempt $35,787

  • 2c · Program service revenue: MANAGEMENT FEE

    total $30,000 · related or exempt $30,000

  • 2d · Program service revenue: OTHER INCOME

    total $17,778 · related or exempt $17,778

  • 3 · Investment income

    total $764 · excluded $764

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $10,000 · management and general $10,000

  • 20 · Interest

    total $40,774 · program services $40,774

  • 22 · Depreciation, depletion and amortization

    total $371,906 · program services $371,906

  • 24a · Other expenses: OPERATING & MAINTENANCE

    total $452,770 · program services $452,770

  • 24b · Other expenses: ADMINISTRATIVE

    total $271,337 · management and general $271,337

  • 24c · Other expenses: UTILITIES

    total $163,076 · program services $163,076

  • 24d · Other expenses: TAX & INSURANCE

    total $74,199 · management and general $74,199

  • 24e · All other expenses

    total $1,316 · program services $1,316

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,485,338 · end of year $2,913,036

  • 4 · Accounts receivable

    beginning of year $48,880 · end of year $50,164

  • 9 · Prepaid expenses and deferred charges

    beginning of year $21,842 · end of year $23,426

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

    $5,603,812

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

    $2,956,616

  • 10c · Land, buildings and equipment, net

    beginning of year $3,013,470 · end of year $2,647,196

  • 15 · Other assets

    beginning of year $149,065 · end of year $198,114

  • 17 · Accounts payable and accrued expenses

    beginning of year $94,018 · end of year $85,625

  • 19 · Deferred revenue

    beginning of year $2,062 · end of year $3,574

  • 23 · Secured mortgages and notes payable

    beginning of year $963,640 · end of year $833,300

  • 25 · Other liabilities

    beginning of year $6,147,253 · end of year $6,119,279

  • 27 · Net assets without donor restrictions

    beginning of year -$1,488,378 · end of year -$1,209,842

Mission and programs · 2023

Mission

TO FACILITATE THE DEVELOPMENT OF AFFORDABLE HOUSING.

Activities or mission (Part I)

THE ORGANIZATION OPERATED HOUSING FOR LOW INCOME INDIVIDUALS AND FAMILIES.

  • THE ORGANIZATION SERVES AS A GENERAL PARTNER IN LIMITED PARTNERSHIPS WHICH OWN AND OPERATE HOUSING AND PROVIDE RELATED SERVICES TO LOW AND MODERATE INCOME PERSONS.THE ORGANIZATION IS ALSO THE SOLE MEMBER OF HERMOCILLA LLC. AN ENTITY WITH THE PURPOSE TO ACQUIRE, REHABILITATE, AND OPERATE A 100-UNIT AFFORDABLE SENIOR HOUSING COMPLEX IN SAN JOSE, CALIFORNIA, WHICH IS CURRENTLY OPERATING UNDER THE NAME VILLA HERMOSA APARTMENTS.

    Expenses $1,029,842 · Revenue $1,663,150

As filed on the 2023 return.

Listed in Part VII

  • Preston Prince

    PRESIDENT

    Total calculated
    $482,165
    From this org
    $0
    From related orgs
    $415,956
    Other
    $66,209
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $396,127 related
    Bonus
    $0
    Other
    $0 + $19,829 related
    Deferred
    $0 + $29,255 related
    Nontaxable benefits
    $0 + $36,954 related
    Filer's total
    $0 + $482,165 related

  • Russell Brunson

    VICE PRESIDENT/SECRETARY

    Total calculated
    $296,870
    From this org
    $0
    From related orgs
    $280,329
    Other
    $16,541
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $266,487 related
    Bonus
    $0
    Other
    $0 + $13,842 related
    Deferred
    $0 + $12,947 related
    Nontaxable benefits
    $0 + $3,594 related
    Filer's total
    $0 + $296,870 related

  • Flaherty Ward

    VICE PRESIDENT/TREASURER

    Total calculated
    $299,918
    From this org
    $0
    From related orgs
    $262,017
    Other
    $37,901
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $261,125 related
    Bonus
    $0
    Other
    $0 + $892 related
    Deferred
    $0 + $12,947 related
    Nontaxable benefits
    $0 + $24,954 related
    Filer's total
    $0 + $299,918 related

  • Aleli Sangalang

    VICE PRESIDENT/TREASURER

    Total calculated
    $493,147
    From this org
    $0
    From related orgs
    $465,270
    Other
    $27,877
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $150,265 related
    Bonus
    $0
    Other
    $0 + $315,005 related
    Deferred
    $0 + $13,321 related
    Nontaxable benefits
    $0 + $14,556 related
    Filer's total
    $0 + $493,147 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
WRITTEN EMPLOYMENT CONTRACTS WERE USED TO ESTABLISH COMPENSATION OF RELATED ORGANIZATION'S EXECUTIVES. BOARD OR COMPENSATION COMMITTEE'S APPROVAL IS ALSO REQUIRED.

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.

  • AVENIDA ESPANA HDC INC

    501(C)(3) · GP TAX CREDIT AFFORDABLE HOUSING · CA

    Directly controlled by SANTA CLARA COUNTY HOUSING AUTHORITY

  • BRACHER HDC INC

    501(C)(3) · GP TAX CREDIT AFFORDABLE HOUSING · CA

    Directly controlled by SANTA CLARA COUNTY HOUSING AUTHORITY

  • SANTA CLARA COUNTY HOUSING AUTHORITY

    170 (B)(1)(A)(V) · PUBLIC AGENCY · CA

  • HOUSING DEVELOPMENT CORPORATION INC

    501(C)(3) · GP TAX CREDIT AFFORDABLE HOUSING · CA

    Directly controlled by SANTA CLARA COUNTY HOUSING AUTHORITY

  • PINMORE HDC INC

    501(C)(3) · GP TAX CREDIT AFFORDABLE HOUSING · CA

    Directly controlled by SANTA CLARA COUNTY HOUSING AUTHORITY

  • POCO WAY HDC INC

    501(C)(3) · GP TAX CREDIT AFFORDABLE HOUSING · CA

    Directly controlled by SANTA CLARA COUNTY HOUSING AUTHORITY

  • ROTARY PLAZAHACSC HDC INC

    501(C)(3) · GP TAX CREDIT AFFORDABLE HOUSING · CA

    Directly controlled by SANTA CLARA COUNTY HOUSING AUTHORITY

  • SPG HOUSING INC

    501(C)(3) · GP TAX CREDIT AFFORDABLE HOUSING · CA

    Directly controlled by SANTA CLARA COUNTY HOUSING AUTHORITY

  • VILLA GARCIA INC

    501(C)(3) · GP TAX CREDIT AFFORDABLE HOUSING · CA

    Directly controlled by SANTA CLARA COUNTY HOUSING AUTHORITY

  • VILLA SAN PEDRO HDC INC

    501(C)(3) · GP TAX CREDIT AFFORDABLE HOUSING · CA

    Directly controlled by SANTA CLARA COUNTY HOUSING AUTHORITY

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.

  • HERMOCILLA LLC

    AFFORDABLE HOUSING · CA · income $1,598,127 · assets $3,728,870

    Directly controlled by DEROSE HDC INC

  • BAYBERRY SENIOR APARTMENTS LLC

    AFFORDABLE HOUSING · CA · income $0 · assets $0

    Directly controlled by DEROSE HDC INC

  • HAWTHORN SENIOR APARTMENTS LLC

    AFFORDABLE HOUSING · CA · income $0 · assets $0

    Directly controlled by DEROSE HDC INC

  • PRIMROSE SENIOR APARTMENTS LLC

    AFFORDABLE HOUSING · CA · income $0 · assets $0

    Directly controlled by DEROSE HDC INC

  • SAGE FAMILY APARTMENTS LLC

    AFFORDABLE HOUSING · CA · income $0 · assets $0

    Directly controlled by DEROSE HDC INC

  • TRILLIUM SENIOR APARTMENTS LLC

    AFFORDABLE HOUSING · CA · income $0 · assets $0

    Directly controlled by DEROSE HDC INC

Related partnerships

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

  • AE ASSOCIATES LTD

    AFFORDABLE HOUSING · CA

  • ALVARADO PARK LP

    AFFORDABLE HOUSING · CA

  • BASCOMHACSC ASSOCIATES LP

    RELATED · AFFORDABLE HOUSING · CA · 0.01% owned · share of income $15,030 · share of assets $441,434 · general or managing partner

    Directly controlled by DEROSE HDC INC

  • BAYBERRY APARTMENTS LP

    RELATED · AFFORDABLE HOUSING · CA · 0.01% owned · share of income -$800 · general or managing partner

    Directly controlled by BAYBERRY SENIOR APARTMENTS LLC & SCCHA

  • BELLARMINO PLACE LP

    AFFORDABLE HOUSING · CA

  • BENDORF DRIVE LP

    AFFORDABLE HOUSING · CA

  • BLOSSOM RIVER ASSOCIATES

    RELATED · AFFORDABLE HOUSING · CA · 99% owned · share of income $666,981 · share of assets $479,384 · general or managing partner

    Directly controlled by DEROSE HDC INC & SCCHA

  • CLARENDON STREET LP

    AFFORDABLE HOUSING · CA

  • FAIRGROUNDS LUXURY FAMILY APARTMENTS LP

    AFFORDABLE HOUSING · CA

  • FAIRGROUNDS SENIOR HOUSING LP

    AFFORDABLE HOUSING · CA

  • GIRASOL ACQUISITION LP

    AFFORDABLE HOUSING · CA

  • HACSCCHOICES FAMILY ASSOCIATES LP

    AFFORDABLE HOUSING · CA

  • HACSCCHOICES SENIOR ASSOCIATES LP

    AFFORDABLE HOUSING · CA

  • HAWTHORN SENIOR APARTMENTS LP

    RELATED · AFFORDABLE HOUSING · CA · 0.01% owned · share of income -$1,005 · share of assets $18,415,818 · general or managing partner

    Directly controlled by HAWTHORN SENIOR APARTMENTS LLC & SCCHA

  • HELZER ASSOCIATES LP

    AFFORDABLE HOUSING · CA

  • JARDINES PALOMA BLANCA ACQUISITION LP

    AFFORDABLE HOUSING · CA

  • JULIAN STREET PARTNERS LP

    AFFORDABLE HOUSING · CA

  • KLAMATH ASSOCIATES

    AFFORDABLE HOUSING · CA

  • LAS GOLONDRINAS ACQUISITION LP

    AFFORDABLE HOUSING · CA

  • LAUREL GROVE LANE LP

    AFFORDABLE HOUSING · CA

  • MCCREERY AVENUE LP

    AFFORDABLE HOUSING · CA

  • PARK AVENUE SENIORS LP

    AFFORDABLE HOUSING · CA

  • PRIMROSE APARTMENTS LP

    RELATED · AFFORDABLE HOUSING · CA · 0.01% owned · share of income -$800 · general or managing partner

    Directly controlled by PRIMROSE SENIOR APARTMENTS LLC & SCCHA

  • RINCON GARDENS ASSOCIATES LP

    AFFORDABLE HOUSING · CA

  • SAGE FAMILY APARTMENTS LP

    RELATED · AFFORDABLE HOUSING · CA · 0.01% owned · share of income -$569 · share of assets $2,583,385 · general or managing partner

    Directly controlled by SAGE FAMILY APARTMENTS LLC & SCCHA

  • SAN PEDRO GARDENS ASSOCIATES LTD

    AFFORDABLE HOUSING · CA

  • TRILLIUM SENIOR APARTMENTS LP

    RELATED · AFFORDABLE HOUSING · CA · 0.01% owned · share of assets $1,433,687 · general or managing partner

    Directly controlled by TRILLIUM SENIOR APARTMENTS LLC & SCCHA

  • WILLOWSHACSC ASSOCIATES

    AFFORDABLE HOUSING · CA

Provenance

Return type
form_990
Tax year
2023
Filed
12 November 2024
IRS schema version
2023v5.1
Source object
202403209349300710

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