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Nonprofiteer
← BUFFALO STATE COLLEGE FOUNDATION HOUSING CORPORATION

Form 990 for tax year 2023

Filed by BUFFALO STATE COLLEGE FOUNDATION HOUSING CORPORATION.

Totals

Total revenue
$5,706,025
Total expenses
$9,608,485
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$5,608,985
Investment income
$53,254
Other revenue
$43,786
Total assets, end of year
$35,739,193
Total liabilities, end of year
$35,339,166
Net assets or fund balances, end of year
$400,027
Program services expenses (Part IX)
$3,378,949
Management and general expenses
$6,229,536
Fundraising expenses
$0
Program service expenses (Part III)
$3,378,949

Program services were 35.2% 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: STUDENT HOUSING

    total $5,608,985 · related or exempt $5,608,985

  • 3 · Investment income

    total $365,988 · excluded $365,988

  • 7a · Gross sales of assets other than inventory

    securities $5,777,675

  • 7b · Less cost or other basis and sales expenses

    securities $6,090,409

  • 7c · Gain or loss

    securities -$312,734

  • 7d · Net gain or loss

    total -$312,734 · excluded -$312,734

  • 11d · All other revenue

    total $43,786 · related or exempt $43,786

  • 11e · Other revenue, total

    $43,786

Functional expenses

Part IX, the statement of functional expenses.

  • 11f · Fees: investment management

    total $8,672 · management and general $8,672

  • 11g · Fees: other

    total $21,294 · program services $11,480 · management and general $9,814

  • 13 · Office expenses

    total $4,793 · program services $4,793

  • 16 · Occupancy

    total $371,539 · program services $371,539

  • 20 · Interest

    total $1,113,769 · program services $1,113,769

  • 22 · Depreciation, depletion and amortization

    total $1,187,893 · program services $1,187,893

  • 23 · Insurance

    total $163,752 · management and general $163,752

  • 24a · Other expenses: TRANSFER TO FOUNDATION

    total $6,000,000 · management and general $6,000,000

  • 24b · Other expenses: CONTRACTED SERVICES

    total $442,312 · program services $395,014 · management and general $47,298

  • 24c · Other expenses: BAD DEBTS

    total $199,555 · program services $199,555

  • 24d · Other expenses: SUPPLIES & MATERIALS

    total $79,298 · program services $79,298

  • 24e · All other expenses

    total $15,608 · program services $15,608

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,984,830 · end of year $3,744,078

  • 4 · Accounts receivable

    beginning of year $620,180 · end of year $642,465

  • 9 · Prepaid expenses and deferred charges

    beginning of year $131,615 · end of year $158,121

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

    $42,988,201

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

    $13,936,724

  • 10c · Land, buildings and equipment, net

    beginning of year $30,057,571 · end of year $29,051,477

  • 11 · Investments: publicly traded securities

    beginning of year $1,577,289 · end of year $613,409

  • 12 · Investments: other securities

    beginning of year $6,293,009 · end of year $1,529,643

  • 17 · Accounts payable and accrued expenses

    beginning of year $324,233 · end of year $181,911

  • 23 · Secured mortgages and notes payable

    beginning of year $35,880,691 · end of year $34,431,971

  • 25 · Other liabilities

    beginning of year $520,246 · end of year $725,284

  • 27 · Net assets without donor restrictions

    beginning of year $3,939,324 · end of year $400,027

Mission and programs · 2023

Mission

ESTABLISHED FOR THE PROVISION AND MAINTENANCE OF RESIDENTIAL FACILITIES FOR STUDENTS AND FACULTY AT BUFFALO STATE UNIVERSITY.

Activities or mission (Part I)

CONSTRUCT AND OPERATE A STUDENT-HOUSING COMPLEX SERVING BUFFALO STATE UNIVERSITY.

  • CONSTRUCT AND OPERATE RESIDENTIAL STUDENT-HOUSING. THE HOUSING CONSISTS OF A 224,000 SQUARE FOOT, SEVEN-STORY COMPLEX CONSISTING OF 507 BEDS, TO SERVE THE STUDENTS OF BUFFALO STATE UNIVERSITY.

    Expenses $3,378,949 · Revenue $5,652,771

As filed on the 2023 return.

Listed in Part VII

  • C Teo Balbach

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Mike Bonitatibus

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Rich Trigilio

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.5

  • Jeremy Hudson

    TREASURER

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Jim Finnerty

    EXECUTIVE DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related

  • Tim Gordon

    EX-OFFICIO DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Jim Iglewski

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Tom O'Brien

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Jim Thor

    EX-OFFICIO DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 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.

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
2023
Filed
5 May 2025
IRS schema version
2023v6.0
Source object
202531289349300323

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