Skip to content
Nonprofiteer
← CABRINI HOUSING DEVELOPMENT FUND CORPORATION

Form 990 for tax year 2022

Filed by CABRINI HOUSING DEVELOPMENT FUND CORPORATION.

Totals

Total revenue
$875,757
Total expenses
$1,148,818
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$873,540
Investment income
$393
Other revenue
$1,824
Total assets, end of year
$11,664,805
Total liabilities, end of year
$12,231,607
Net assets or fund balances, end of year
-$566,802
Program services expenses (Part IX)
$1,048,902
Management and general expenses
$99,916
Fundraising expenses
$0
Program service expenses (Part III)
$1,048,902

Program services were 91.3% 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 $873,540 · related or exempt $873,540

  • 3 · Investment income

    total $393 · excluded $393

  • 11a · Other revenue: LAUNDRY AND VENDING MA

    total $1,184 · excluded $1,184

  • 11b · Other revenue: MISCELLANEOUS

    total $640 · excluded $640

  • 11e · Other revenue, total

    $1,824

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $60,000 · management and general $60,000

  • 11b · Fees: legal

    total $9,781 · management and general $9,781

  • 11c · Fees: accounting

    total $17,750 · management and general $17,750

  • 11g · Fees: other

    total $367,509 · program services $367,509

  • 13 · Office expenses

    total $24,064 · program services $14,424 · management and general $9,640

  • 16 · Occupancy

    total $255,271 · program services $255,271

  • 19 · Conferences, conventions and meetings

    total $579 · management and general $579

  • 22 · Depreciation, depletion and amortization

    total $298,661 · program services $298,661

  • 23 · Insurance

    total $46,913 · program services $46,913

  • 24a · Other expenses: CONTRACTS

    total $49,557 · program services $49,557

  • 24b · Other expenses: REPAIRS AND MAINTENANCE

    total $13,553 · program services $13,553

  • 24c · Other expenses: MISCELLANEOUS

    total $5,174 · program services $3,014 · management and general $2,160

  • 24d · Other expenses: BAD DEBT EXPENSE

    total $6 · management and general $6

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,322 · end of year $4,360

  • 2 · Savings and temporary cash investments

    beginning of year $892 · end of year $890

  • 4 · Accounts receivable

    beginning of year $112,945 · end of year $1,306

  • 9 · Prepaid expenses and deferred charges

    beginning of year $7,468 · end of year $7,002

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

    $16,017,134

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

    $4,802,043

  • 10c · Land, buildings and equipment, net

    beginning of year $11,377,458 · end of year $11,215,091

  • 15 · Other assets

    beginning of year $389,981 · end of year $436,156

  • 17 · Accounts payable and accrued expenses

    beginning of year $128,495 · end of year $166,753

  • 19 · Deferred revenue

    beginning of year $826 · end of year $1,517

  • 21 · Escrow or custodial account liability

    beginning of year $20,343 · end of year $19,853

  • 23 · Secured mortgages and notes payable

    beginning of year $11,996,200 · end of year $11,996,200

  • 25 · Other liabilities

    beginning of year $37,943 · end of year $47,284

  • 27 · Net assets without donor restrictions

    beginning of year -$293,741 · end of year -$566,802

Mission and programs · 2022

Mission

IT IS THE MISSION OF CABRINI APARTMENTS TO EXTEND THE INDEPENDENCE AND INCREASE THE QUALITY OF LIFE OF LOW INCOME AND MOBILITY IMPAIRED SENIOR CITIZENS THROUGH THE PROVISION OF SAFE, AFFORDABLE HOUSING IN CONJUNCTION WITH SOCIAL ACTIVITIES AND LINKING SUPPORT SERVICES. THESE SERVICES WILL BE PROVIDED INCORPORATING THE CORE VALUES OF CABRINI: COMPASSION. RESPECT. DIGNITY. EXCELLENCE.

Activities or mission (Part I)

CABRINI HOUSING DEVELOPMENT FUND CORPORATION (HDFC) BEGAN ITS OPERATIONS IN OCTOBER 2005 TO PROVIDE AFFORDABLE HOUSING TO THE VERY LOW INCOME AND HANDICAPPED, ELDERLY POPULATION. THE GOAL: TO MAXIMIZE RESIDENTS ABILITY TO MAINTAIN THEIR INDEPENDENCE WHILE "AGING IN PLACE." THE RESIDENCE PROVIDES SECURITY, COMMUNITY, AND CONTINUITY, IMPORTANT HOUSING FEATURES FOR AGING RESIDENTS THAT OTHER HOUSING ASSISTANCE PROGRAMS MAY NOT PROVIDE. CONSISTING OF 70 ONE-BEDROOM APARTMENTS, CABRINI HDFC HOUSED 86 RESIDENTS IN 2022, OF WHICH 76 OF THE HOUSEHOLD UNITS ARE CATEGORIZED AS EXTREMELY LOW INCOME (LESS THAN $28,000). VERY LOW INCOME IN THE NYC REGION IS DEFINED AS A HOUSEHOLD WITH AN INCOME OF LESS THAN $46,700 FOR A ONE PERSON HOUSEHOLD AND $53,400 FOR A TWO PERSON HOUSEHOLD.

  • SEE SCHEDULE OCABRINI APARTMENTS IS A HUD 202 SUBSIDIZED INDEPENDENT SENIOR HOUSING FACILITY, LOCATED IN THE GRAMERCY PARK SECTION OF MANHATTAN. THE PROJECT IS SPONSORED BY CABRINI OF WESTCHESTER, A MINISTRY OF THE MISSIONARY SISTERS OF THE SACRED HEART OF JESUS. ENVISIONED IN 2000 AND OPENED IN 2005 ITS MISSION IS TO SERVE THOSE INDIVIDUALS WHOSE VERY LIMITED INCOME HAS COMPROMISED THEIR ABILITY TO FIND SAFE, ACCESSIBLE, AND AFFORDABLE HOUSING, AND TO DO SO IN A DIGNIFIED AND SUPPORTIVE ENVIRONMENT.CABRINI APARTMENTS IS COMPRISED OF 70 ONE-BEDROOM APARTMENTS AND 1 TWO BEDROOM APARTMENT FOR A LIVE-IN SUPERINTENDENT. SIX APARTMENTS ARE DESIGNED PARTICULARLY FOR THOSE WITH PHYSICAL DISABILITIES. A LARGE COMMUNITY ROOM AND KITCHEN, A LIBRARY/CONFERENCE ROOM, LAUNDRY ROOM AND GAME ROOM ARE AN INTEGRAL PART OF THE COMMUNITY. A LARGE FURNISHED AND LANDSCAPED COURTYARD AND A DECK ON THE TOP FLOOR ADD TO THE AMENITIES AVAILABLE TO ALL. OFFICE SPACE FOR STAFF OCCUPIES ONE HALL OFF A GRACIOUS LOBBY WHERE A RECEPTION AREA IS STAFFED FOR SECURITY PURPOSES. A FULL TIME MANAGER OVERSEES THE CABRINI APARTMENTS AND A TENANT COORDINATOR IS EMPLOYED WHOSE RESPONSIBILITY IS TO IDENTIFY NEEDS OF THE TENANTS, LINK SERVICES, ADVOCATE WITH THIRD PARTIES, COMPLETE MUNICIPAL APPLICATIONS FOR BENEFITS, AND COORDINATE EDUCATIONAL AND INFORMATION LECTURES RELATED TO AGING ISSUES AND OTHER SOCIAL ACTIVITIES. ALL EXPENSES OF CABRINI APARTMENTS ARE DIRECTLY RELATED TO PROVIDING SERVICES TO ACHIEVE THE GOALS OF CABRINI HDFCS MISSION.

    Expenses $1,048,902 · Revenue $873,540

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

Listed in Part VII

  • Patricia Krasnausky

    PRESIDENT

    Total calculated
    $343,191
    From this org
    $0
    From related orgs
    $308,831
    Other
    $34,360
    Hours/week
    0.1 + 37.4 related

    Schedule J breakdown matched by us

    Base
    $0 + $308,407 related
    Bonus
    $0
    Other
    $0 + $424 related
    Deferred
    $0 + $15,667 related
    Nontaxable benefits
    $0 + $18,693 related
    Filer's total
    $0 + $343,191 related

  • James Migliore

    CHAIR

    Total calculated
    $0
    Hours/week
    0.2

  • Sr Catherine Garry

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    0.1 + 0.6 related

  • James Lee Esq

    TREASURER

    Total calculated
    $0
    Hours/week
    0.1

  • Sr Arlene Van Dusen Msc

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.1 + 0.8 related

  • Donald Amoruso

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1 + 0.7 related

  • Deborah Lynch

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1 + 0.5 related

  • Robert Davis Kennedy MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1

  • David Arditti

    ASSISTANT TREASURER

    Total calculated
    $306,923
    From this org
    $0
    From related orgs
    $236,871
    Other
    $70,052
    Hours/week
    0.1 + 37.4 related

    Schedule J breakdown matched by us

    Base
    $0 + $236,447 related
    Bonus
    $0
    Other
    $0 + $424 related
    Deferred
    $0 + $12,558 related
    Nontaxable benefits
    $0 + $57,494 related
    Filer's total
    $0 + $306,923 related

  • Judy Futterman

    ASSISTANT SECRETARY

    Total calculated
    $78,007
    From this org
    $0
    From related orgs
    $59,863
    Other
    $18,144
    Hours/week
    0.1 + 37.4 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
COMPENSATION PAID TO THE PRESIDENT IS DETERMINED BY A RELATED ENTITY, CABRINI OF WESTCHESTER, USING THE FOLLOWING PROCESS: IN 2021, CABRINI OF WESTCHESTER ALONG WITH 19 OTHER ORGANIZATIONS PARTICIPATED IN AN EXECUTIVE COMPENSATION AND BENEFITS SURVEY CONDUCTED BY SULLIVAN COTTER AND ASSOCIATES. ALL PARTICIPANTS ARE MEMBERS OF THE GREATER NEW YORK HOSPITAL ASSOCIATION AND ARE CONTINUING CARE ORGANIZATIONS. THE COMPARISON GROUP INDICATED FOR CABRINI WAS LOCAL NON-PROFIT HEALTH CARE ORGANIZATIONS WITH ANNUAL REVENUES OF UNDER $60 MILLION. THE SURVEY REPORT WAS RECEIVED IN MAY OF 2022 AND SHARED WITH THE EXECUTIVE COMMITTEE OF CABRINI OF WESTCHESTER. THE PURPOSE OF PROVIDING THE REPORT AND CURRENT SALARIES OF THE EXECUTIVE STAFF WAS TO PROVIDE THE COMMITTEE WITH A COMPARISON OF SALARIES FOR KEY POSITIONS WITH SIMILAR ORGANIZATIONS SO THE COMMITTEE COULD PERFORM ITS DUTY TO ANNUALLY REVIEW AND APPROVE SALARIES FOR THE CEO AND CFO. OTHER SALARIES IN THE REPORT WERE FOR MANAGEMENT PURPOSES. THE RESULTS WERE AS FOLLOWS: CEO SALARY COMPENSATION FALLS BELOW THE 25 PERCENTILE. CFO SALARY COMPENSATION FALLS BELOW THE 75 PERCENTILE AND BELOW THE MEAN SALARY. THE COO SALARY COMPENSATION FALLS BELOW THE 75 PERCENTILE AND LESS THAN 2% ABOVE THE MEAN. ANY INCREASE FOR THESE POSITIONS, IF GIVEN, ARE LIMITED TO THE SAME PERCENT INCREASE GRANTED TO ALL NON-UNION STAFF AND MUST BE APPROVED BY THE BOARD OF DIRECTORS. SUCH APPROVAL IS DOCUMENTED IN THE MINUTES OF THE BOARD MEETING.

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.

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202333199349328573

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.