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← 1260 HOUSING DEVELOPMENT CORPORATION

Form 990 for tax year 2023

Filed by 1260 HOUSING DEVELOPMENT CORPORATION.

Totals

Total revenue
$19,765,476
Total expenses
$16,311,468
Contributions and grants received
$188
Grants paid
$0
Program service revenue
$16,911,249
Investment income
$2,599,855
Other revenue
$254,184
Total assets, end of year
$83,915,544
Total liabilities, end of year
$34,633,724
Net assets or fund balances, end of year
$49,281,820
Program services expenses (Part IX)
$13,796,507
Management and general expenses
$2,514,961
Fundraising expenses
$0
Program service expenses (Part III)
$13,796,507

Program services were 84.6% 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.

  • 1f · All other contributions, gifts and grants

    $188

  • 2a · Program service revenue: GOVERNMENT CONTRACT INCOME

    total $12,716,321 · related or exempt $12,716,321

  • 2b · Program service revenue: RENTAL INCOME FROM TENANTS

    total $2,784,135 · related or exempt $2,784,135

  • 2c · Program service revenue: SECTION 8 - HUD

    total $1,397,921 · related or exempt $1,397,921

  • 2d · Program service revenue: REAL ESTATE SERVICES

    total $12,872 · related or exempt $12,872

  • 3 · Investment income

    total $887,493 · excluded $887,493

  • 7a · Gross sales of assets other than inventory

    other assets $3,981,051

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

    other assets $2,268,689

  • 7c · Gain or loss

    other assets $1,712,362

  • 7d · Net gain or loss

    total $1,712,362 · excluded $1,712,362

  • 11a · Other revenue: MISCELLANEOUS

    total $254,184 · related or exempt $254,184

  • 11e · Other revenue, total

    $254,184

Functional expenses

Part IX, the statement of functional expenses.

  • 11c · Fees: accounting

    total $79,452 · management and general $79,452

  • 11g · Fees: other

    total $185,223 · management and general $185,223

  • 13 · Office expenses

    total $48,449 · management and general $48,449

  • 16 · Occupancy

    total $5,866,064 · program services $5,866,064

  • 20 · Interest

    total $1,470,012 · management and general $1,470,012

  • 22 · Depreciation, depletion and amortization

    total $767,770 · program services $767,770

  • 23 · Insurance

    total $798,911 · program services $798,911

  • 24a · Other expenses: GENERAL PROPERTY & ADMI

    total $2,835,874 · program services $2,835,874

  • 24b · Other expenses: PURCHASED SERVICES

    total $1,856,379 · program services $1,237,674 · management and general $618,705

  • 24c · Other expenses: SUPPORT SERVICES-TENANT

    total $1,285,666 · program services $1,285,666

  • 24d · Other expenses: EQUIPMENT RENTAL AND MA

    total $378,337 · program services $378,337

  • 24e · All other expenses

    total $739,331 · program services $626,211 · management and general $113,120

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $621,624 · end of year $204,512

  • 3 · Pledges and grants receivable

    beginning of year $2,394,286 · end of year $5,674,114

  • 9 · Prepaid expenses and deferred charges

    beginning of year $252,336 · end of year $176,486

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

    $17,231,394

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

    $6,866,371

  • 10c · Land, buildings and equipment, net

    beginning of year $17,495,058 · end of year $10,365,023

  • 11 · Investments: publicly traded securities

    beginning of year $5,110,531 · end of year $4,920,521

  • 15 · Other assets

    beginning of year $57,872,005 · end of year $62,574,888

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,173,147 · end of year $1,919,945

  • 24 · Unsecured notes and loans payable

    beginning of year $30,709,980 · end of year $26,522,229

  • 25 · Other liabilities

    beginning of year $6,394,573 · end of year $6,191,550

  • 27 · Net assets without donor restrictions

    beginning of year $42,564,430 · end of year $46,888,726

  • 28 · Net assets with donor restrictions

    beginning of year $2,903,710 · end of year $2,393,094

Mission and programs · 2023

Mission

1260 HOUSING DEVELOPMENT CORPORATION IS A NOT-FOR-PROFIT CORPORATION ESTABLISHED FOR THE PURPOSE OF DEVELOPING, ACQUIRING, FINANCING, AND MANAGING LOW-INCOME PERMANENT HOUSING FOR INDIVIDUALS WITH BEHAVIORAL HEALTH ISSUES, AS WELL AS INDIVIDUALS IN NEED OF TRANSITIONAL AND EMERGENCY HOUSING IN THE CITY OF PHILADELPHIA, PENNSYLVANIA.

Activities or mission (Part I)

ESTABLISHED FOR THE PURPOSES OF DEVELOPING, ACQUIRING, FINANCING AND MANAGING LOW INCOME PERMANENT HOUSING FOR INDIVIDUALS WITH BEHAVIORAL HEALTH ISSUES AS WELL AS INDIVIDUALS IN NEED OF TRANSITIONAL AND EMERGENCY HOUSING IN THE CITY OF PHILADELPHIA, PENNSYLVANIA.

  • AFFORDABLE HOUSING PROGRAM: PROGRAM PROVIDES HOUSING TO LOW INCOME INDIVIDUALS INCLUDING VULNERABLE POPULATIONS, PHYSICALLY AND MENTALLY DISABLED IN THE CITY OF PHILADELPHIA.

    Expenses $13,796,507 · Revenue $17,165,433

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • THOMAS AK QUEENAN

    PRESIDENT & CEO

    Total calculated
    $329,089
    From this org
    $318,971
    From related orgs
    $0
    Other
    $10,118
    Hours/week
    1 + 37.5 related

    Schedule J breakdown matched by us

    Base
    $310,101
    Bonus
    $0
    Other
    $8,870
    Deferred
    $8,000
    Nontaxable benefits
    $2,118
    Filer's total
    $329,089

  • ROBERT H KWAIT

    ASSISTANT SECRETARY, VP

    Total calculated
    $242,284
    From this org
    $213,447
    From related orgs
    $0
    Other
    $28,837
    Hours/week
    1 + 37.5 related

    Schedule J breakdown matched by us

    Base
    $209,145
    Bonus
    $4,302
    Other
    $0
    Deferred
    $5,538
    Nontaxable benefits
    $23,299
    Filer's total
    $242,284

  • MARK DEITCHER

    ASSISTANT TREASURER, VP

    Total calculated
    $221,967
    From this org
    $193,577
    From related orgs
    $0
    Other
    $28,390
    Hours/week
    1 + 37.5 related

    Schedule J breakdown matched by us

    Base
    $189,623
    Bonus
    $3,954
    Other
    $0
    Deferred
    $5,091
    Nontaxable benefits
    $23,299
    Filer's total
    $221,967

  • CHIP DARLING

    VICE PRESIDENT & COO

    Total calculated
    $210,122
    From this org
    $182,087
    From related orgs
    $0
    Other
    $28,035
    Hours/week
    1 + 37.5 related

    Schedule J breakdown matched by us

    Base
    $178,387
    Bonus
    $3,700
    Other
    $0
    Deferred
    $4,764
    Nontaxable benefits
    $23,271
    Filer's total
    $210,122

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

  • 1a · Tax indemnification and gross-up payments
  • 1b · Written policy on the line-1a expenses

Answered no

  • 2 · Substantiation required before reimbursing expenses
  • 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 1A
AUTO ALLOWANCE: THOMAS QUEENAN TREATED AS TAXABLE INCOME. PAYMENT IS GROSSED UP TO COVER TAX.
PART I, LINE 1B
THE AUTOMOBILE ALLOWANCE IS A MONTHLY PAYMENT THAT IS WRITTEN INTO THE EMPLOYMENT CONTRACT FOR THE CEO.
PART I, LINE 3
ALL COMPENSATION IS PAID BY A RELATED ENTITY, COLUMBUS PROPERTY MANAGEMENT. AS SUCH, THAT ORGANIZATION'S COMPENSATION POLICY CONTROLS COMPENSATION PAID TO THOSE INDIVIDUALS INCLUDED ON SCHEDULE J. COLUMBUS PROPERTY MANAGEMENT FOLLOWS A PROCESS OF REVIEW AND APPROVAL WITH CONSIDERATION GIVEN TO COMPENSATION FOR COMPARABLE POSITIONS IN COMPARABLE INDUSTRY SEGMENTS.

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.

  • MF INTERIM LLC

    RELATED · REAL ESTATE · PA

    Directly controlled by MISSION FIRST HOUSING GROUP INC

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

Provenance

Return type
form_990
Tax year
2023
Filed
12 May 2025
IRS schema version
2023v6.0
Source object
202521329349303142

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