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← GRADUATE CENTER FOUNDATION HOUSING CORPORATION LIC

Form 990 for tax year 2022

Filed by GRADUATE CENTER FOUNDATION HOUSING CORPORATION LIC.

Totals

Total revenue
$6,406
Total expenses
$405,430
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$0
Investment income
$6,406
Other revenue
$0
Total assets, end of year
$11,421,266
Total liabilities, end of year
$8,949,228
Net assets or fund balances, end of year
$2,472,038
Program services expenses (Part IX)
$0
Management and general expenses
$405,430
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 0.0% 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.

  • 3 · Investment income

    total $4,678 · excluded $4,678

  • 7a · Gross sales of assets other than inventory

    securities $700,281

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

    securities $698,553

  • 7c · Gain or loss

    securities $1,728

  • 7d · Net gain or loss

    total $1,728 · excluded $1,728

Functional expenses

Part IX, the statement of functional expenses.

  • 11c · Fees: accounting

    total $7,238 · management and general $7,238

  • 11f · Fees: investment management

    total $308 · management and general $308

  • 16 · Occupancy

    total $250,883 · management and general $250,883

  • 24a · Other expenses: LOAN EXTENSION FEE

    total $145,000 · management and general $145,000

  • 24b · Other expenses: FILING AND PENALTY FEES

    total $2,001 · management and general $2,001

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,164 · end of year $38,405

  • 9 · Prepaid expenses and deferred charges

    end of year $101,773

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

    $11,150,000

  • 10c · Land, buildings and equipment, net

    beginning of year $28,788,761 · end of year $11,150,000

  • 11 · Investments: publicly traded securities

    beginning of year $700,203 · end of year $245

  • 15 · Other assets

    beginning of year $58,101 · end of year $130,843

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,009,354 · end of year $2,949,228

  • 23 · Secured mortgages and notes payable

    beginning of year $7,550,000 · end of year $6,000,000

  • 27 · Net assets without donor restrictions

    beginning of year $20,988,875 · end of year $2,472,038

Mission and programs · 2022

Mission

THE GRADUATE CENTER FOUNDATION HOUSING CORPORATION LIC, A TAX-EXEMPT ORGANIZATION, OWNS VACANT PROPERTY IN LONG ISLAND CITY.

Activities or mission (Part I)

THE GRADUATE CENTER FOUNDATION HOUSING CORPORATION LIC WAS FORMED TO FOSTER AND ENABLE THE ACHIEVEMENT AND FULFILLMENT OF THE EDUCATIONAL GOALS OF STUDENTS ENROLLED AT THE GRADUATE SCHOOL AND UNIVERSITY CENTER, CUNY, BY CREATING AFFORDABLE HOUSING FOR THE USE OF SUCH GRADUATE STUDENTS AND THEIR FAMILIES WHILE THESE STUDENTS COMPLETE THEIR STUDIES.

  • AS THE EDUCATIONAL SPONSOR FOR STUDENT HOUSING, CUNY REQUESTED THAT THE GRADUATE CENTER FOUNDATION HOUSING CORPORATION LIC ABANDON EFFORTS TO BUILD A RESIDENCE AND SELL THE LAND. ACCORDINGLY, THE GRADUATE CENTER FOUNDATION, INC. IS IN THE PROCESS OF DOING SO.

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

Listed in Part VII

  • PETER DARROW

    PRESIDENT/TREASURER

    Total calculated
    $0
    Hours/week
    1 + 11 related

  • MYRON GLUCKSMAN

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    5 + 4 related

  • BRIAN PETERSON

    SECRETARY

    Total calculated
    $338,107
    From this org
    $0
    From related orgs
    $287,404
    Other
    $50,703
    Hours/week
    1 + 35 related

    Schedule J breakdown matched by us

    Base
    $0 + $287,404 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $23,108 related
    Nontaxable benefits
    $0 + $27,595 related
    Filer's total
    $0 + $338,107 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.

Provenance

Return type
form_990
Tax year
2022
Filed
16 April 2024
IRS schema version
2022v5.0
Source object
202421209349301217

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