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← PRESERVING CITY NEIGHBORHOODS HOUSING DEVELOPMENT FUND CORPORATI

Form 990 for tax year 2022

Filed by PRESERVING CITY NEIGHBORHOODS HOUSING DEVELOPMENT FUND CORPORATI.

Totals

Total revenue
$1,770,862
Total expenses
$1,043,648
Contributions and grants received
$501,162
Grants paid
$0
Program service revenue
$924,828
Investment income
$344,872
Other revenue
$0
Total assets, end of year
$26,998,817
Total liabilities, end of year
$74,380
Net assets or fund balances, end of year
$26,924,437
Program services expenses (Part IX)
$932,604
Management and general expenses
$111,044
Fundraising expenses
$0
Program service expenses (Part III)
$932,604

Program services were 89.4% 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.

  • 1e · Government grants (contributions)

    $501,162

  • 2a · Program service revenue: MORTGAGE INTEREST INCO

    total $681,828 · related or exempt $681,828

  • 2b · Program service revenue: PCN FEE

    total $240,000 · related or exempt $240,000

  • 2c · Program service revenue: STANDBY FEES

    total $3,000 · related or exempt $3,000

  • 3 · Investment income

    total $15,689 · excluded $15,689

  • 7a · Gross sales of assets other than inventory

    other assets $815,153

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

    other assets $485,970

  • 7c · Gain or loss

    other assets $329,183

  • 7d · Net gain or loss

    total $329,183 · related or exempt $329,183

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $169,944 · program services $106,419 · management and general $63,525

  • 11b · Fees: legal

    total $1,590 · management and general $1,590

  • 11c · Fees: accounting

    total $29,220 · management and general $29,220

  • 11d · Fees: lobbying

    total $3,415 · management and general $3,415

  • 13 · Office expenses

    total $8,565 · program services $5,363 · management and general $3,202

  • 16 · Occupancy

    total $20,180 · program services $12,637 · management and general $7,543

  • 17 · Travel

    total $347 · program services $217 · management and general $130

  • 23 · Insurance

    total $5,493 · program services $3,440 · management and general $2,053

  • 24a · Other expenses: LOAN SERVICING COSTS

    total $803,916 · program services $803,916

  • 24b · Other expenses: EQUIPMENT RENTAL & REPA

    total $978 · program services $612 · management and general $366

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,688,337 · end of year $9,746,776

  • 3 · Pledges and grants receivable

    end of year $301,162

  • 7 · Other notes and loans receivable

    beginning of year $9,484,459 · end of year $3,748,254

  • 15 · Other assets

    beginning of year $14,924,585 · end of year $13,202,625

  • 17 · Accounts payable and accrued expenses

    beginning of year $11,180 · end of year $38,510

  • 23 · Secured mortgages and notes payable

    beginning of year $2,651,670

  • 25 · Other liabilities

    beginning of year $237,308 · end of year $35,870

  • 27 · Net assets without donor restrictions

    beginning of year $8,890,706 · end of year $11,629,383

  • 28 · Net assets with donor restrictions

    beginning of year $17,306,517 · end of year $15,295,054

Mission and programs · 2022

Mission

THE CORPORATION IS ORGANIZED EXCLUSIVELY FOR THE PURPOSE OF PERSERVING AND CREATING, ON A NON-PROFIT BASIS, HOUSING PROJECTS FOR PERSONS OF LOW AND MODERATE INCOME. IN ADDITION TO PROMOTING AFFORDABLE HOUSING OPPORTUNITIES, IT SEEKS TO PREVENT AND ELIMINATE BLIGHT AND FOSTER THE STABLIZATION OF COMMUNITIES THROUGHOUT NEW YORK CLLY.

  • THE CORPORATION IS ORGANIZED EXCLUSIVELY FOR THE PURPOSE OF PRESERVING AND CREATING, ON A NONPROFIT BASIS, HOUSING PROJECTS FOR PERSONS OF LOW AND MODERATE INCOME. DURING THE YEAR, THE ORGANIZATION CONTINUED TO MAINTAIN AND DISPOSE OF THE PROPERTIES IN ACCORDANCE WITH FEDERAL, STATE AND CITY REGULATIONS.

    Expenses $932,604 · Revenue $1,254,011

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

Listed in Part VII

  • Brian Segel

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Harold Shultz

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Kimberly Darga

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Lydia Tom

    SECRETARY

    Total calculated
    $0
    Hours/week
    1 + 6 related

  • Valerie White

    TREASURER

    Total calculated
    $0
    Hours/week
    1 + 6 related

  • Richard Pinner

    ASSISTANT SECRETARY

    Total calculated
    $0
    Hours/week
    1 + 6 related

  • Salvatore D'Avola

    ASSISTANT SECRETARY

    Total calculated
    $270,875
    From this org
    $0
    From related orgs
    $247,449
    Other
    $23,426
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $246,825 related
    Bonus
    $0
    Other
    $0 + $624 related
    Deferred
    $0 + $8,943 related
    Nontaxable benefits
    $0 + $14,483 related
    Filer's total
    $0 + $270,875 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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • PNC LLC

    RE DVELOP · NY · income $1,102,343 · assets $8,216,204

    Directly controlled by PCN HDFC

Provenance

Return type
form_990
Tax year
2022
Filed
14 November 2023
IRS schema version
2022v5.0
Source object
202333199349330908

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