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Nonprofiteer
← GARDEN STREET APARTMENTS INC

Form 990 for tax year 2022

Filed by GARDEN STREET APARTMENTS INC.

Totals

Total revenue
$99,500
Total expenses
$124,699
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$99,240
Investment income
$260
Other revenue
$0
Total assets, end of year
$1,130,460
Total liabilities, end of year
$1,194,640
Net assets or fund balances, end of year
-$64,180
Program services expenses (Part IX)
$82,715
Management and general expenses
$41,984
Fundraising expenses
$0
Program service expenses (Part III)
$82,715

Program services were 66.3% 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: TENANT ASSISTANCE PAYM

    total $53,836 · related or exempt $53,836

  • 2b · Program service revenue: RENT REVENUE

    total $45,404 · related or exempt $45,404

  • 3 · Investment income

    total $260 · excluded $260

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $9,563 · management and general $9,563

  • 11c · Fees: accounting

    total $32,421 · management and general $32,421

  • 11g · Fees: other

    total $6,410 · program services $6,410

  • 13 · Office expenses

    total $5 · program services $5

  • 16 · Occupancy

    total $30,259 · program services $30,259

  • 22 · Depreciation, depletion and amortization

    total $24,927 · program services $24,927

  • 23 · Insurance

    total $5,841 · program services $5,841

  • 24a · Other expenses: REPAIRS & MAINTENANCE

    total $15,273 · program services $15,273

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $248,410 · end of year $256,795

  • 4 · Accounts receivable

    beginning of year $2,240 · end of year $1,147

  • 9 · Prepaid expenses and deferred charges

    beginning of year $118 · end of year $121

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

    $824,134

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

    $221,207

  • 10c · Land, buildings and equipment, net

    beginning of year $627,854 · end of year $602,927

  • 15 · Other assets

    beginning of year $272,448 · end of year $269,470

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,451 · end of year $3,933

  • 21 · Escrow or custodial account liability

    beginning of year $2,965 · end of year $3,029

  • 23 · Secured mortgages and notes payable

    beginning of year $802,500 · end of year $802,500

  • 25 · Other liabilities

    beginning of year $380,135 · end of year $385,178

  • 27 · Net assets without donor restrictions

    beginning of year -$38,981 · end of year -$64,180

Mission and programs · 2022

Mission

TO PROVIDE LOW-INCOME DISABLED INDIVIDUALS WITH HOUSING IN A SPECIALLY DESIGNED ENVIRONMENT TO MEET THEIR NEEDS AND PROMOTE HEALTH, HAPPINESS AND SECURITY ON A NON-PROFIT BASIS SUFFICIENT TO MAINTAIN AND OPERATE THE HOME.

  • TO PROVIDE LOW-INCOME DISABLED INDIVIDUALS WITH HOUSING IN A SPECIALLY DESIGNED ENVIRONMENT TO MEET THEIR NEEDS AND PROMOTE HEALTH, HAPPINESS AND SECURITY ON A NON-PROFIT BASIS SUFFICIENT TO MAINTAIN AND OPERATE THE HOME.

    Expenses $82,715 · Revenue $99,240

As filed on the 2022 return.

Listed in Part VII

  • RICHARD F SULLIVAN DIRECTOR

    TREASURER & CLERK (THRU 1/31/23)

    Total calculated
    $291,564
    From this org
    $0
    From related orgs
    $279,915
    Other
    $11,649
    Hours/week
    0.5 + 39.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $273,696 related
    Bonus
    $0
    Other
    $0 + $6,219 related
    Deferred
    $0 + $8,866 related
    Nontaxable benefits
    $0 + $2,783 related
    Filer's total
    $0 + $291,564 related

  • PHILIP A MASON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1 + 2.5 related

  • PAUL ZINTL

    DIRECTOR & VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    0.1 + 1.9 related

  • JEAN YANG DIR AS OF 92122

    PRESIDENT (AS OF 8/22/22)

    Total calculated
    $191,788
    From this org
    $0
    From related orgs
    $189,086
    Other
    $2,702
    Hours/week
    0.5 + 39.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $188,496 related
    Bonus
    $0
    Other
    $0 + $590 related
    Deferred
    $0
    Nontaxable benefits
    $0 + $2,702 related
    Filer's total
    $0 + $191,788 related

  • SOPHIE SANTAELLA INTERIM PRES

    (THRU 8/21/22) & DIR. (THRU 9/21/22)

    Total calculated
    $322,476
    From this org
    $0
    From related orgs
    $279,103
    Other
    $43,373
    Hours/week
    0.5 + 39.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $277,136 related
    Bonus
    $0
    Other
    $0 + $1,967 related
    Deferred
    $0 + $8,400 related
    Nontaxable benefits
    $0 + $34,973 related
    Filer's total
    $0 + $322,476 related

  • BRUCE L BIRD

    FORMER DIRECTOR & PRESIDENT

    Total calculated
    $258,777
    From this org
    $0
    From related orgs
    $236,799
    Other
    $21,978
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0 + $226,779 related
    Bonus
    $0
    Other
    $0 + $10,020 related
    Deferred
    $0 + $10,675 related
    Nontaxable benefits
    $0 + $11,303 related
    Filer's total
    $0 + $258,777 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

The filer's explanations (Part III)

PART I, LINE 3
THE OFFICERS ARE COMPENSATED BY VINFEN CORPORATION, A CONTROLLING ORGANIZATION. THE BOARD OF DIRECTORS OF VINFEN CORPORATION AND AFFILIATES PERIODICALLY ENGAGES THE SERVICES OF AN OUTSIDE COMPENSATION AND BENEFITS CONSULTANT TO DETERMINE THE COMPETITIVENESS OF THE TOTAL COMPENSATION PAID TO CORPORATE OFFICERS. THE COMPENSATION COMMITTEE OF THE BOARD USES COMPARABLE COMPENSATION DATA TO DETERMINE THE COMPENSATION FOR THE OFFICERS PERIODICALLY WITH CONTEMPORANEOUS DOCUMENTATION. RECORDKEEPING OF ALL COMPENSATION DECISIONS EXIST, IN THE FORM OF PERSONNEL ACTION FORMS FOR EVERY COMPENSATION ACTION AFFECTING POSITIONS AT VINFEN CORPORATION.

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
14 May 2024
IRS schema version
2022v5.0
Source object
202431369349313518

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