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Nonprofiteer
← NEIGHBORHOOD HOUSING SERVICES OF NEW YORK CITY INC

Form 990 for tax year 2022

Filed by NEIGHBORHOOD HOUSING SERVICES OF NEW YORK CITY INC.

Totals

Total revenue
$12,319,217
Total expenses
$11,066,613
Contributions and grants received
$10,312,183
Grants paid
$8,017,939
Program service revenue
$1,365,768
Investment income
$495
Other revenue
$640,771
Total assets, end of year
$25,135,298
Total liabilities, end of year
$21,147,629
Net assets or fund balances, end of year
$3,987,669
Program services expenses (Part IX)
$10,159,757
Management and general expenses
$727,951
Fundraising expenses
$178,905
Program service expenses (Part III)
$10,159,757

Program services were 91.8% 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.

  • 1c · Fundraising events

    $296,696

  • 1e · Government grants (contributions)

    $9,375,325

  • 1f · All other contributions, gifts and grants

    $640,162

  • 2a · Program service revenue: REHAB, LENDING PROGRAM

    total $1,365,768 · related or exempt $1,365,768

  • 3 · Investment income

    total $495 · excluded $495

  • 8a · Fundraising events: gross income

    $95,183

  • 8a · Fundraising events: contributions included on line 1c

    $296,696

  • 8b · Fundraising events: direct expenses

    $95,183

  • 8c · Net income from fundraising events

    total $0

  • 11a · Other revenue: ERC INCOME

    total $617,237 · related or exempt $617,237

  • 11b · Other revenue: OTHER INCOME

    total $23,534 · related or exempt $23,534

  • 11e · Other revenue, total

    $640,771

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $8,017,939 · program services $8,017,939

  • 5 · Compensation of officers, directors and key employees

    total $295,305 · program services $196,907 · management and general $75,502 · fundraising $22,896

  • 7 · Other salaries and wages

    total $1,106,911 · program services $738,079 · management and general $283,008 · fundraising $85,824

  • 9 · Other employee benefits

    total $185,285 · program services $123,547 · management and general $47,372 · fundraising $14,366

  • 10 · Payroll taxes

    total $90,795 · program services $60,541 · management and general $23,214 · fundraising $7,040

  • 11b · Fees: legal

    total $32,398 · program services $9,071 · management and general $21,059 · fundraising $2,268

  • 11c · Fees: accounting

    total $70,000 · program services $19,600 · management and general $45,500 · fundraising $4,900

  • 11g · Fees: other

    total $238,881 · program services $66,045 · management and general $154,324 · fundraising $18,512

  • 13 · Office expenses

    total $46,352 · program services $39,535 · management and general $5,015 · fundraising $1,802

  • 16 · Occupancy

    total $214,188 · program services $184,201 · management and general $21,419 · fundraising $8,568

  • 19 · Conferences, conventions and meetings

    total $18,021 · program services $11,343 · management and general $6,678

  • 20 · Interest

    total $282,132 · program services $282,132

  • 22 · Depreciation, depletion and amortization

    total $74,658 · program services $59,727 · management and general $11,198 · fundraising $3,733

  • 23 · Insurance

    total $55,294 · program services $44,235 · management and general $8,294 · fundraising $2,765

  • 24a · Other expenses: WORKSHOP EXPENSES

    total $138,062 · program services $138,062 · management and general $0 · fundraising $0

  • 24b · Other expenses: EXPENSED EQUIPMENT

    total $103,440 · program services $88,528 · management and general $10,794 · fundraising $4,118

  • 24c · Other expenses: MISCELLANEOUS

    total $67,563 · program services $57,648 · management and general $9,815 · fundraising $100

  • 24d · Other expenses: OUTSIDE SERVICES

    total $25,794 · program services $21,911 · management and general $2,946 · fundraising $937

  • 24e · All other expenses

    total $3,595 · program services $706 · management and general $1,813 · fundraising $1,076

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,627,777 · end of year $3,473,250

  • 2 · Savings and temporary cash investments

    beginning of year $7,492,021 · end of year $12,645,021

  • 3 · Pledges and grants receivable

    beginning of year $62,374 · end of year $409,694

  • 4 · Accounts receivable

    beginning of year $89,245 · end of year $199,140

  • 7 · Other notes and loans receivable

    beginning of year $7,913,355 · end of year $7,905,060

  • 9 · Prepaid expenses and deferred charges

    beginning of year $88,254 · end of year $79,317

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

    $2,316,861

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

    $2,177,427

  • 10c · Land, buildings and equipment, net

    beginning of year $214,092 · end of year $139,434

  • 15 · Other assets

    beginning of year $406,039 · end of year $284,382

  • 17 · Accounts payable and accrued expenses

    beginning of year $234,804 · end of year $207,438

  • 21 · Escrow or custodial account liability

    beginning of year $556,849 · end of year $951,975

  • 23 · Secured mortgages and notes payable

    beginning of year $3,365,889 · end of year $3,334,588

  • 25 · Other liabilities

    beginning of year $11,000,550 · end of year $16,653,628

  • 27 · Net assets without donor restrictions

    beginning of year $2,727,865 · end of year $3,887,669

  • 28 · Net assets with donor restrictions

    beginning of year $7,200 · end of year $100,000

Mission and programs · 2022

Mission

NEIGHBORHOOD HOUSING SERVICES OF NEW YORK CITY (NHSNYC), THROUGH FINANCIAL EMPOWERMENT AND AFFORDABLE LENDING, ENABLES INDIVIDUALS AND FAMILIES TO INVEST IN, PRESERVE, AND IMPROVE THEIR NEIGHBORHOODS, THEIR HOMES, AND THEIR FUTURES. WORKING IN PARTNERSHIP WITH THE PRIVATE SECTOR, GOVERNMENT AGENCIES AND LOCAL RESIDENTS AND BUSINESSES, WE OFFER A WIDE RANGE OF SERVICES BASED ON THE NEEDS OF EACH INDIVIDUAL COMMUNITY WE SERVE, INCLUDING FINANCIAL AND HOMEOWNERSHIP EDUCATION, LOAN ORIGINATION, AND MORTGAGE FACILITATION TO SUPOPRT THE ATTAINMENT AND SUSTAINABILITY OF HOMEOWNERSHIP FOR UNDERSERVED NEW YORKERS. OUR ULTIMATE GOAL IS TO SUPPORT THE REALIZATION OF THE BEST QUALITY OF LIFE POSSIBLE FOR EACH NEW YORKER, STARTING WITH A STABLE HOME.

Activities or mission (Part I)

NHS REVITALIZES UNDERSERVED NEIGHBORHOODS BY CREATING AND PRESERVING AFFORDABLE HOUSING AND PROVIDING OPPORTUNITIES FOR HOMEOWNERSHIP EDUCATION, FINANCIAL ASSISTANCE, AND COMMUNITY LEADERSHIP.

  • LENDING: NEIGHBORHOOD HOUSING SERVICES OF NEW YORK CITY, INC. (NHSNYC) IS A FEDERALLY-CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI). OUR LENDING PLATFORM ENABLES NHSNYC TO ORIGINATE LOANS AND GRANTS FOR THE ACQUISITION OR PRESERVATION OF 1-TO-4 FAMILY PROPERTIES THROUGHOUT NEW YORK CITY, INCLUDING HOUSES AS WELL AS UNITS IN COOPERATIVE AND CONDOMINIUM DEVELOPMENTS. NHSNYC ALSO HAS THE ABILITY TO PROVIDE RENOVATION AND REPAIR LOANS FOR SMALL BUILDINGS, WITH BETWEEN ONE-TO-TWENTY HOUSING UNITS. IN 2022, WELLS FARGO SELECTED NHSNYC, ALONG WITH LISC AND THE CENTER FOR NEW YORK CITY NEIGHBORHOODS, TO RECEIVE A $7.5 MILLION WORTH GRANT. THE PURPOSE OF THIS GRANT WILL BE TO EXPAND LENDING WITH HELP IN CREATING AN OPEN ACCESS FUND, TO HELP LOW TO MODERATE INCOME BORROWERS BRIDGE THE GAP TO PURCHASE A HOME.

    Expenses $9,295,097 · Grants $9,375,325 · Revenue $861,289

  • EDUCATION/COUNSELING: NHSNYC CURRENTLY OPERATES IN TWO OFFICES THROUGHOUT NEW YORK CITY. THESE INCLUDE A HOMEOWNERSHIP CENTER HEADQUARTER IN MIDTOWN MANHATTAN AND A SATELLITE OFFICE IN THE TRANSPORT WORKERS UNION COUNSELING CENTER IN THE NORTH BRONX. IN EACH LOCATION, NHSNYC PROVIDES CRITICAL HOMEOWNERSHIP PROMOTION AND PRESERVATION SERVICES TO LOW AND MODERATE INCOME FAMILIES LIVING IN NEW YORK CITY, INCLUDING: (1) EDUCATION ABOUT ALL PHASES OF THE HOMEOWNERSHIP PROCESS; (2) ASSISTANCE IN SECURING AFFORDABLE, FIXED-RATE MORTGAGE FINANCING; (3) SUPPORT TO PRESERVE HOMEOWNERSHIP THROUGH FORECLOSURE INTERVENTION SERVICES; (4) FINANCIAL COACHING; AND (5) SINCE 2006, ADMINISTER THE HOME FIRST DOWNPAYMENT AND CLOSING COST ASSISTANCE PROGRAM FOR THE CITY OF NEW YORK WITH GRANTS UP TO $100,000, TO FAMILIES BELOW 80% OF MEDIAN INCOME. CLIENTS PURCHASING A HOME MUST COMPLETE AN EIGHT-HOUR HOMEBUYER'S EDUCATION SEMINAR COVERING EFFECTIVE MONEY MANAGEMENT TECHNIQUES, THE MORTGAGE FINANCING PROCESS, AND THE HOMEBUYER PROCESS. CLIENTS PURCHASING A 1-4 FAMILY HOME MUST COMPLETE A TWO-HOUR LANDLORD EDUCATION SEMINAR TO ENSURE THEY ARE PREPARED FOR THE RESPONSIBILITIES OF BEING A LANDLORD.

    Expenses $836,783 · Revenue $504,479

  • SPECIAL PROJECTS NONE NOTED FOR PROGRAM EXPENSE STATEMENT LAST YEAR.

    Expenses $27,877

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Donald E Tom

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Eustace Greaves Jr Lutcf

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Mark D Podgainy

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Scott Gold

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Erik Shumar

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Susan Cullen

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Moses Gates

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • David Bagatelle

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Adam Dejak

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Rebecca Gilman Crimmins

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • John Abramo

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Jamie Thomas

    BOARD SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Michael P King

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Manutosh Marthur

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Gerrald Ellis

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Derrick Griggs

    CEO

    Total calculated
    $216,634
    From this org
    $186,788
    From related orgs
    $0
    Other
    $29,846
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $186,788
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $29,846
    Filer's total
    $216,634

  • Marita R Bankhead

    DIRECTOR OF LENDING

    Total calculated
    $119,307
    From this org
    $108,517
    From related orgs
    $0
    Other
    $10,790
    Hours/week
    35

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

  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

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.

Provenance

Return type
form_990
Tax year
2022
Filed
23 August 2023
IRS schema version
2022v5.0
Source object
202312359349300906

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