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Nonprofiteer
← 90 SANDS HOUSING DEVELOPMENT FUND CORPORATION

Form 990 for tax year 2023

Filed by 90 SANDS HOUSING DEVELOPMENT FUND CORPORATION.

Totals

Total revenue
$6,486,277
Total expenses
$13,680,275
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$6,289,776
Investment income
$0
Other revenue
$196,501
Total assets, end of year
$249,528,437
Total liabilities, end of year
$283,336,889
Net assets or fund balances, end of year
-$33,808,452
Program services expenses (Part IX)
$13,680,275
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$13,680,275

Program services were 100.0% 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.

  • 2a · Program service revenue: LOW INCOME HOUSING RENTAL INCOME

    total $5,926,450 · related or exempt $5,926,450

  • 2b · Program service revenue: TENANT HOUSING (GOV'T CONTRACTS)

    total $363,326 · related or exempt $363,326

  • 11a · Other revenue: REIMBURSED CLEANING/UTILITY COSTS

    total $149,798 · excluded $149,798

  • 11b · Other revenue: OTHER REIMBURSEMENTS

    total $17,929 · excluded $17,929

  • 11d · All other revenue

    total $28,774 · excluded $28,774

  • 11e · Other revenue, total

    $196,501

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $1,071,056 · program services $1,071,056

  • 8 · Pension plan contributions

    total $2,908 · program services $2,908

  • 9 · Other employee benefits

    total $143,624 · program services $143,624

  • 10 · Payroll taxes

    total $51,637 · program services $51,637

  • 11a · Fees: management

    total $474,995 · program services $474,995

  • 11b · Fees: legal

    total $62,217 · program services $62,217

  • 11c · Fees: accounting

    total $14,500 · program services $14,500

  • 11g · Fees: other

    total $60,750 · program services $60,750

  • 13 · Office expenses

    total $83,399 · program services $83,399

  • 14 · Information technology

    total $22,590 · program services $22,590

  • 16 · Occupancy

    total $896,862 · program services $896,862

  • 17 · Travel

    total $89 · program services $89

  • 19 · Conferences, conventions and meetings

    total $8,492 · program services $8,492

  • 20 · Interest

    total $6,740,993 · program services $6,740,993

  • 22 · Depreciation, depletion and amortization

    total $2,107,604 · program services $2,107,604

  • 23 · Insurance

    total $658,969 · program services $658,969

  • 24a · Other expenses: REPAIRS AND MAINTENANCE

    total $663,626 · program services $663,626

  • 24b · Other expenses: SECURITY EXPENSE

    total $483,037 · program services $483,037

  • 24c · Other expenses: BAD DEBT

    total $103,611 · program services $103,611

  • 24e · All other expenses

    total $29,316 · program services $29,316

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,661,209 · end of year $3,549,205

  • 4 · Accounts receivable

    beginning of year $843,690 · end of year $887,108

  • 9 · Prepaid expenses and deferred charges

    beginning of year $71,601,795 · end of year $19,263

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

    $247,013,553

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

    $2,107,604

  • 10c · Land, buildings and equipment, net

    beginning of year $171,617,291 · end of year $244,905,949

  • 15 · Other assets

    beginning of year $84,789 · end of year $166,912

  • 17 · Accounts payable and accrued expenses

    beginning of year $22,136,729 · end of year $27,097,559

  • 23 · Secured mortgages and notes payable

    beginning of year $242,505,220 · end of year $248,619,558

  • 25 · Other liabilities

    beginning of year $7,781,280 · end of year $7,619,772

  • 27 · Net assets without donor restrictions

    beginning of year -$26,614,455 · end of year -$33,808,452

Mission and programs · 2023

Mission

90 SANDS OPERATES A HOUSING PROJECT THAT PROVIDES HOUSING, ACCESS TO JOBS TRAINING AND EMPLOYMENT SERVICES TO ELIGIBLE YOUNG ADULTS, FORMERLY HOMELESS & LOW INCOME SINGLE ADULTS.

Activities or mission (Part I)

OPERATION OF HOUSING PROJECT FOR THE BENEFIT OF FORMERLY HOMELESS YOUNG ADULTS.

  • 90 SANDS STREET IS A 29-STORY BUILDING WITH 305 STUDIO UNITS OF SUPPORTIVE HOUSING FOR FORMERLY HOMELESS ADULTS WITH CHRONIC MENTAL ILLNESS AND 202 UNITS FOR LOW- AND MODERATE-INCOME HOUSEHOLDS WITH INCOMES RANGING FROM 30 PERCENT TO 100 PERCENT OF THE AREA MEDIAN INCOME (AMI). ON-SITE SOCIAL SERVICES INCLUDE INDIVIDUALIZED CASE MANAGEMENT, PRIMARY MEDICAL CARE, MENTAL HEALTH SERVICES, VOCATIONAL GUIDANCE, AND BENEFITS COUNSELING. A PORTION OF THE GROUND FLOOR AND CELLAR SPACES WOULD SUPPORT THE COMMUNITY FACILITY AND MANUFACTURING TENANTS.

    Expenses $13,680,275 · Revenue $6,289,776

As filed on the 2023 return.

Listed in Part VII

  • BRENDA ROSEN

    PRESIDENT & CEO

    Total calculated
    $643,431
    From this org
    $0
    From related orgs
    $629,604
    Other
    $13,827
    Hours/week
    5.26 + 29.74 related

    Schedule J breakdown matched by us

    Base
    $0 + $529,604 related
    Bonus
    $0 + $100,000 related
    Other
    $0
    Deferred
    $0 + $13,200 related
    Nontaxable benefits
    $0 + $627 related
    Filer's total
    $0 + $643,431 related

  • DAVID BEER

    CHAIRMAN & VP

    Total calculated
    $384,088
    From this org
    $0
    From related orgs
    $336,867
    Other
    $47,221
    Hours/week
    8.16 + 26.84 related

    Schedule J breakdown matched by us

    Base
    $0 + $316,867 related
    Bonus
    $0 + $20,000 related
    Other
    $0
    Deferred
    $0 + $13,200 related
    Nontaxable benefits
    $0 + $34,021 related
    Filer's total
    $0 + $384,088 related

  • JUDITH ROSENFELD

    SECRETARY

    Total calculated
    $153,555
    From this org
    $0
    From related orgs
    $136,282
    Other
    $17,273
    Hours/week
    8.45 + 26.55 related

    Schedule J breakdown matched by us

    Base
    $0 + $136,282 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $5,591 related
    Nontaxable benefits
    $0 + $11,682 related
    Filer's total
    $0 + $153,555 related

  • BEN STACKS

    TREASURER

    Total calculated
    $0
    Hours/week
    0.08 + 0.47 related

  • KEVIN MORAN

    CHIEF FINANCIAL OFFICER

    Total calculated
    $400,262
    From this org
    $0
    From related orgs
    $353,041
    Other
    $47,221
    Hours/week
    5.26 + 29.74 related

    Schedule J breakdown matched by us

    Base
    $0 + $353,041 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $13,200 related
    Nontaxable benefits
    $0 + $34,021 related
    Filer's total
    $0 + $400,262 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.

Related corporations and trusts

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

Provenance

Return type
form_990
Tax year
2023
Filed
6 November 2024
IRS schema version
2023v5.1
Source object
202403119349302815

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