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← URBAN HORIZONS HOUSING DEVELOPMENT FUND CORPORATION

Form 990 for tax year 2023

Filed by URBAN HORIZONS HOUSING DEVELOPMENT FUND CORPORATION.

Totals

Total revenue
$1,809,656
Total expenses
$2,588,616
Contributions and grants received
$50,015
Grants paid
$0
Program service revenue
$1,645,770
Investment income
$77,949
Other revenue
$35,922
Total assets, end of year
$10,244,874
Total liabilities, end of year
$26,590,308
Net assets or fund balances, end of year
-$16,345,434
Program services expenses (Part IX)
$2,486,213
Management and general expenses
$102,403
Fundraising expenses
$0
Program service expenses (Part III)
$2,486,213

Program services were 96.0% 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.

  • 1d · Related organizations

    $50,015

  • 2a · Program service revenue: RENTAL INCOME

    total $1,645,770 · related or exempt $1,645,770

  • 3 · Investment income

    total $77,949 · excluded $77,949

  • 11a · Other revenue: OTHER TENANT CHARGES

    total $15,780 · excluded $15,780

  • 11b · Other revenue: LAUNDRY INCOME

    total $14,400 · excluded $14,400

  • 11c · Other revenue: OTHER INCOME

    total $2,999 · excluded $2,999

  • 11d · All other revenue

    total $2,743 · excluded $2,743

  • 11e · Other revenue, total

    $35,922

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $285,580 · program services $285,580

  • 8 · Pension plan contributions

    total $1,338 · program services $1,338

  • 9 · Other employee benefits

    total $121,500 · program services $121,500

  • 10 · Payroll taxes

    total $38,390 · program services $38,390

  • 11a · Fees: management

    total $88,189 · management and general $88,189

  • 11b · Fees: legal

    total $38,212 · program services $38,212

  • 11c · Fees: accounting

    total $14,214 · management and general $14,214

  • 11g · Fees: other

    total $201,034 · program services $201,034

  • 13 · Office expenses

    total $29,874 · program services $29,874

  • 16 · Occupancy

    total $575,286 · program services $575,286

  • 22 · Depreciation, depletion and amortization

    total $636,486 · program services $636,486

  • 24a · Other expenses: REPAIRS AND MAINTENANCE

    total $371,495 · program services $371,495

  • 24b · Other expenses: BAD DEBT

    total $187,018 · program services $187,018

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $13,801 · end of year $557,541

  • 4 · Accounts receivable

    beginning of year $139,933 · end of year $88,612

  • 9 · Prepaid expenses and deferred charges

    beginning of year $124,055 · end of year $132,454

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

    $16,837,153

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

    $8,789,724

  • 10c · Land, buildings and equipment, net

    beginning of year $8,067,328 · end of year $8,047,429

  • 15 · Other assets

    beginning of year $1,780,132 · end of year $1,418,838

  • 17 · Accounts payable and accrued expenses

    beginning of year $182,092 · end of year $127,632

  • 19 · Deferred revenue

    beginning of year $46,833 · end of year $27,469

  • 21 · Escrow or custodial account liability

    beginning of year $73,953 · end of year $77,058

  • 23 · Secured mortgages and notes payable

    beginning of year $18,209,234 · end of year $18,581,053

  • 25 · Other liabilities

    beginning of year $7,179,611 · end of year $7,777,096

  • 27 · Net assets without donor restrictions

    beginning of year -$15,566,474 · end of year -$16,345,434

Mission and programs · 2023

Mission

URBAN HORIZONS HOUSING DEVELOPMENT FUND CORPORATION WAS FORMED TO OWN A MULTI-SERVICE COMPLEX, WHICH INCLUDES 132 RESIDENTIAL UNITS FOR LOW-INCOME FAMILIES.

Activities or mission (Part I)

TO PROVIDE HOUSING TO LOW AND MODERATE INCOME FAMILIES.

  • OPERATION OF A 132 RESIDENTIAL UNITS FOR LOW AND MODERATE INCOME FAMILIES.

    Expenses $2,486,213 · Revenue $1,645,770

As filed on the 2023 return.

Listed in Part VII

  • Davon Russell

    PRESIDENT

    Total calculated
    $360,519
    From this org
    $0
    From related orgs
    $330,798
    Other
    $29,721
    Hours/week
    10 + 35 related

    Schedule J breakdown matched by us

    Base
    $0 + $308,298 related
    Bonus
    $0
    Other
    $0 + $22,500 related
    Deferred
    $0 + $17,033 related
    Nontaxable benefits
    $0 + $12,688 related
    Filer's total
    $0 + $360,519 related

  • Gustavo Campos

    VICE PRESIDENT/TREASURER

    Total calculated
    $26,154
    From this org
    $0
    From related orgs
    $26,154
    Other
    $0
    Hours/week
    10 + 35 related

  • Alexandra Dyer

    VICE PRESIDENT/TREASURER THRU MAR 2023

    Total calculated
    $0
    Hours/week
    10 + 35 related

  • Linda Field

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.25 + 0.75 related

  • Sean Simmons

    SECRETARY THRU JUN 2023

    Total calculated
    $0
    Hours/week
    0.25 + 0.5 related

  • Sharmi Sobhan

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25 + 0.25 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

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.

  • URBAN HORIZONS II LP

    HOUSING · NY

  • BRONX COMMONS RETAIL LLC

    HOUSING · NY

Related corporations and trusts

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

  • WHEDCO DEVELOPMENT CORP

    C · HOUSING · NY

  • URBAN HORIZONS II GP INC

    C · HOUSING · NY

Provenance

Return type
form_990
Tax year
2023
Filed
13 November 2024
IRS schema version
2023v5.1
Source object
202403189349307905

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