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Nonprofiteer
← GALVAN ASSET MANAGEMENT INC

Form 990 for tax year 2022

Filed by GALVAN ASSET MANAGEMENT INC.

Totals

Total revenue
$1,119,160
Total expenses
$1,377,251
Contributions and grants received
$1,000
Grants paid
$0
Program service revenue
$1,118,012
Investment income
$148
Other revenue
$0
Total assets, end of year
$4,009,441
Total liabilities, end of year
$5,211,031
Net assets or fund balances, end of year
-$1,201,590
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$1,377,251

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.

  • 1e · Government grants (contributions)

    $1,000

  • 2a · Program service revenue: FEE FOR SERVICE INCOME

    total $363,781 · related or exempt $363,781

  • 2b · Program service revenue: STATE STREET

    total $163,339 · related or exempt $163,339

  • 2c · Program service revenue: RICHARDSON HALL LP

    total $142,492 · related or exempt $142,492

  • 2d · Program service revenue: 37-47 NORTH 5TH ST, HUDSON

    total $112,143 · related or exempt $112,143

  • 2e · Program service revenue: 2ND & WARREN

    total $106,604 · related or exempt $106,604

  • 2f · All other program service revenue

    total $229,653 · related or exempt $229,653

  • 3 · Investment income

    total $148 · excluded $148

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $109,292

  • 11a · Fees: management

    total $94,336

  • 11b · Fees: legal

    total $21,600

  • 11c · Fees: accounting

    total $28,522

  • 13 · Office expenses

    total $14,092

  • 16 · Occupancy

    total $208,979

  • 17 · Travel

    total $10,353

  • 20 · Interest

    total $101,431

  • 22 · Depreciation, depletion and amortization

    total $216,594

  • 23 · Insurance

    total $101,862

  • 24a · Other expenses: SALARIES & WAGES

    total $70,600

  • 24b · Other expenses: SALARIES & WAGES

    total $48,992

  • 24c · Other expenses: SALARIES & WAGES

    total $46,077

  • 24d · Other expenses: REPAIRS

    total $41,408

  • 24e · All other expenses

    total $263,113

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $179,317 · end of year $97,014

  • 4 · Accounts receivable

    beginning of year $30,614 · end of year $131,222

  • 7 · Other notes and loans receivable

    beginning of year $65,917 · end of year $88,242

  • 9 · Prepaid expenses and deferred charges

    beginning of year $10,810 · end of year $10,567

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

    $7,677,313

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

    $4,265,373

  • 10c · Land, buildings and equipment, net

    beginning of year $3,550,173 · end of year $3,411,940

  • 13 · Investments: program-related

    beginning of year $95,120 · end of year $120

  • 15 · Other assets

    beginning of year $304,005 · end of year $270,336

  • 17 · Accounts payable and accrued expenses

    beginning of year $136,582 · end of year $183,826

  • 23 · Secured mortgages and notes payable

    beginning of year $3,528,068 · end of year $3,449,034

  • 25 · Other liabilities

    beginning of year $1,626,927 · end of year $1,578,171

  • 27 · Net assets without donor restrictions

    beginning of year -$1,055,621 · end of year -$1,201,590

Mission and programs · 2022

Mission

THE SPECIFIC, PRIMARY AND EXCLUSIVE PURPOSES FOR WHICH THIS CORPORATION IS FORMED IS TO HOLD TITLE TO PROPERTY, COLLECTING MONIES THEREFROM, AND TURNING OVER THE ENTIRE AMOUNT THEREOF, LESS EXPENSES, TO GALVAN HOUSING RESOURCES, INC., A NEW YORK NOT-FOR-PROFIT CORPORATION AND THE GALVAN FOUNDATION CHARITABLE TRUST, A NEW YORK UNINCORPORATED CHARITABLE TRUST. TO PROVIDE LOW-COST, AFFORDABLE RENTAL HOUSING TO LOW-INCOME FAMILIES (AS DETERMINED BY GOVERNMENT GUIDELINES) AND PROVIDE LOW-COST RENTAL SPACE AS ADMINISTRATIVE OFFICES FOR OTHER NOT-FOR-PROFIT AND CHARITABLE CORPORATIONS.

Activities or mission (Part I)

TO PROVIDE LOW-COST, AFFORDABLE RENTAL HOUSING TO LOW-INCOME FAMILIES (AS DETERMINED BY GOVERNMENT GUIDELINES) AND PROVIDE LOW-COST RENTAL SPACE AS ADMINISTRATIVE OFFICES FOR OTHER NOT-FOR-PROFIT AND CHARITABLE CORPORATIONS.

  • TO PROVIDE LOW-COST, AFFORDABLE RENTAL HOUSING TO LOW-INCOME FAMILIES (AS DETERMINED BY GOVERNMENT GUIDELINES) AND PROVIDE LOW-COST RENTAL SPACE AS ADMINISTRATIVE OFFICES FOR OTHER NOT-FOR-PROFIT AND CHARITABLE CORPORATIONS.

    Expenses $2,314 · Revenue $1,119,160

  • TO PROVIDE LOW-COST, AFFORDABLE RENTAL HOUSING TO LOW-INCOME FAMILIES (AS DETERMINED BY GOVERNMENT GUIDELINES) AND PROVIDE LOW-COST RENTAL SPACE AS ADMINISTRATIVE OFFICES FOR OTHER NOT-FOR-PROFIT AND CHARITABLE CORPORATIONS.

    Expenses $1,374,937

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

Listed in Part VII

  • T Eric Galloway

    PRESIDENT

    Total calculated
    $0
    Hours/week
    5

  • Dan Kent

    TREASURER

    Total calculated
    $0
    Hours/week
    10

  • Rafal Markwat

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Rodney Russo

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Richard Scalera

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

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.

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.

  • RICHARDSON HALL GP

    RELATED · RENTAL R/E · NY · general or managing partner

    Directly controlled by GALVAN ASSET MANAGEMENT INC

  • HUDSON HOMESTEAD LP

    RELATED · RENTAL R/E · NY · general or managing partner

    Directly controlled by GALVAN HOUSING RESOURCES

  • RICHARDSON HALL LP

    RELATED · RENTAL R/E · NY

    Directly controlled by RICHARDSON HALL GP

  • RDC ASSOICATES-I LP

    RELATED · RENTAL R/E · NY

    Directly controlled by GALVAN ASSET MANAGEMENT INC

  • GALVAN PARTNERS LLC

    UNRELATED · RENTAL/R/E · NY

    Directly controlled by NA

  • H & E GROUP LLC

    UNRELATED · NY

    Directly controlled by NA

Provenance

Return type
form_990
Tax year
2022
Filed
7 May 2024
IRS schema version
2022v5.0
Source object
202431349349305098

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