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Nonprofiteer
← AAFE COMMUNITY DEVELOPMENT FUND INC

Form 990 for tax year 2024

Filed by AAFE COMMUNITY DEVELOPMENT FUND INC.

Totals

Total revenue
$673,738
Total expenses
$739,124
Contributions and grants received
$315,070
Grants paid
$0
Program service revenue
$108,344
Investment income
$41,256
Other revenue
$209,068
Total assets, end of year
$6,746,365
Total liabilities, end of year
$2,344,654
Net assets or fund balances, end of year
$4,401,711
Program services expenses (Part IX)
$696,739
Management and general expenses
$42,385
Fundraising expenses
$0
Program service expenses (Part III)
$696,739

Program services were 94.3% 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.

  • 1e · Government grants (contributions)

    $66,857

  • 1f · All other contributions, gifts and grants

    $248,213

  • 2a · Program service revenue: LOAN INTEREST

    total $58,333 · related or exempt $58,333

  • 2b · Program service revenue: LOAN FEES

    total $29,511 · related or exempt $29,511

  • 2c · Program service revenue: OTHER PROGRAM INCOME

    total $20,500 · related or exempt $20,500

  • 3 · Investment income

    total $41,256 · excluded $41,256

  • 6a · Gross rents

    real property $159,120

  • 6b · Less rental expenses

    real property $16,806

  • 6c · Rental income or loss

    real property $142,314

  • 6d · Net rental income or loss

    total $142,314 · excluded $142,314

  • 11a · Other revenue: FEE REIMBURSEMENT

    total $65,391 · related or exempt $65,391

  • 11b · Other revenue: OTHER

    total $1,363 · related or exempt $1,363

  • 11e · Other revenue, total

    $66,754

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $128,864 · program services $128,864

  • 7 · Other salaries and wages

    total $157,305 · program services $150,890 · management and general $6,415

  • 8 · Pension plan contributions

    total $3,807 · program services $3,639 · management and general $168

  • 9 · Other employee benefits

    total $40,965 · program services $39,578 · management and general $1,387

  • 10 · Payroll taxes

    total $26,317 · program services $25,683 · management and general $634

  • 11a · Fees: management

    total $6,146 · program services $5,998 · management and general $148

  • 11g · Fees: other

    total $54,802 · program services $27,130 · management and general $27,672

  • 13 · Office expenses

    total $26,688 · program services $26,045 · management and general $643

  • 16 · Occupancy

    total $72,735 · program services $71,081 · management and general $1,654

  • 20 · Interest

    total $85,643 · program services $84,900 · management and general $743

  • 22 · Depreciation, depletion and amortization

    total $87,430 · program services $85,323 · management and general $2,107

  • 23 · Insurance

    total $14,997 · program services $14,636 · management and general $361

  • 24a · Other expenses: BAD DEBT

    total $17,561 · program services $17,561

  • 24b · Other expenses: MISC

    total $8,140 · program services $7,846 · management and general $294

  • 24c · Other expenses: EQUIPT. RENTAL & MAINT.

    total $3,699 · program services $3,610 · management and general $89

  • 24d · Other expenses: LOAN AND CREDIT RELATED

    total $2,331 · program services $2,302 · management and general $29

  • 24e · All other expenses

    total $1,694 · program services $1,653 · management and general $41

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $551,267 · end of year $2,340,184

  • 2 · Savings and temporary cash investments

    beginning of year $1,506,341 · end of year $468,086

  • 3 · Pledges and grants receivable

    beginning of year $63,955 · end of year $117,456

  • 7 · Other notes and loans receivable

    beginning of year $731,337 · end of year $728,296

  • 9 · Prepaid expenses and deferred charges

    beginning of year $7,717 · end of year $3,020

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

    $3,949,721

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

    $1,038,617

  • 10c · Land, buildings and equipment, net

    beginning of year $2,998,534 · end of year $2,911,104

  • 15 · Other assets

    beginning of year $1,112,906 · end of year $178,219

  • 17 · Accounts payable and accrued expenses

    beginning of year $126,711 · end of year $87,646

  • 23 · Secured mortgages and notes payable

    beginning of year $1,365,617 · end of year $1,323,961

  • 25 · Other liabilities

    beginning of year $1,012,632 · end of year $933,047

  • 27 · Net assets without donor restrictions

    beginning of year $4,467,097 · end of year $4,401,711

Mission and programs · 2024

Mission

AAFE COMMUNITY DEVELOPMENT FUND, INC. PROVIDES TARGETED TECHNICAL ASSISTANCE AND AFFORDABLE SECOND MORTGAGE LOANS TO ENHANCE HOME-OWNERSHIP OPPORTUNITIES FOR LOW AND MODERATE INCOME RESIDENTS OF NEW YORK CITY.

  • HOME OWERSHIP PROGRAM - THIS PROGRAM PROVIDES TARGETED TECHICAL ASSISTANCE TO ENHANCE HOMEOWNERSHIP FOR LOW MODERATE INCOME RESIDENTS OF NEW YORK CITY. SERVICES INCLUDE: FIRST TIME HOMEBUYER TRAINING, MORTGAGE REFERREL AND ORIGINATION, HOMEOWNERSHIP RETENTION, LANDLORD COUNSELING, AND MORTGAGE DELINQUENCY AND DEFAULT RESOLUTION.

    Expenses $390,538 · Revenue $20,500

  • CDFI AND LOAN PROGRAM - THE CDFI AND LOAN PROGRAM PROVIDES AFFORTABLE FINANCING TO HELP FIRST-TIME HOME BUYERS IN NEW YORK CITY WITH THEIR DOWNPAYMENTS; THUS LOWERING THE LOAN-TO-VALUE RATIO OF THEIR PRIMARY MORTGAGE. THIS PROGAM ALSO OFFERS A RANGE OF AFFORDABLE DOWN PAYMENT, EMERGENCY REPAIR AND HOME REHABILITATION LOAN PRODUCTS.

    Expenses $306,201 · Revenue $154,598

As filed on the 2024 return.

Listed in Part VII

  • Donna Chiu

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Heidie Joo Burwell

    DIRECTOR (OUTGOING)

    Total calculated
    $0
    Hours/week
    1

  • Jim Burke

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Lydia Tom

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Thomas Yu

    PRESIDENT/ED

    Total calculated
    $345,979
    From this org
    $0
    From related orgs
    $284,107
    Other
    $61,872
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $284,107 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $9,895 related
    Nontaxable benefits
    $0 + $51,977 related
    Filer's total
    $0 + $345,979 related

  • Jenny Yang

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Eddie Wong

    DEPUTY MANAGING DIRECTOR

    Total calculated
    $128,864
    From this org
    $109,069
    From related orgs
    $0
    Other
    $19,795
    Hours/week
    40

  • Jessie Lee

    MANAGING DIRECTOR

    Total calculated
    $233,939
    From this org
    $0
    From related orgs
    $203,168
    Other
    $30,771
    Hours/week
    5 + 35 related

    Schedule J breakdown matched by us

    Base
    $0 + $203,168 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $10,116 related
    Nontaxable benefits
    $0 + $20,655 related
    Filer's total
    $0 + $233,939 related

  • Joy Suzanne Granado

    CHIEF ACCOUNTING OFFICER (OUTGOING)

    Total calculated
    $196,718
    From this org
    $0
    From related orgs
    $175,272
    Other
    $21,446
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $175,272 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $6,313 related
    Nontaxable benefits
    $0 + $15,133 related
    Filer's total
    $0 + $196,718 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 COMPENSATION OF THE PRESIDENT/ED IS ESTABLISHED BY THE RELATED ENTITY, ASIAN AMERICAN FOR EQUALITY, INC.

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.

  • NORFOLK APARTMENTS LP

    PROVIDE LOW-INCOME HOUSING IN NEW YORK · NY

  • NORFOLK APARTMENTS II LP

    PROVIDE LOW-INCOME HOUSING IN NEW YORK · NY

  • EAST VILLAGE HOMES

    PROVIDE AFFORDABLE RENTAL HOUSING · NY

  • BREMOND KING DAVIS LLC

    PROVIDE AFFORDABLE RENTAL HOUSING · NY

Related corporations and trusts

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

  • HARMONY 106 CORP

    C · CONST/REHAB NYC BLDGS TO PROVIDE AFFORD. RENTAL HOUSING · NY

  • ONE FLUSHING NP LLC

    C · CONST/REHAB NYC BLDGS TO PROVIDE AFFORD. RENTAL HOUSING · NY

  • AAFE NEW AMERICAN OPPORTUNITY FUND INC

    C · PROMOTE COMMON GOOD, WELFARE, AND ECONOMIC DEVELOPMENT IN NY · NY

  • EAST VILLAGE HOMES MANAGER CORP

    C · HOLDING COMPANY · NY

  • EAST VILLAGE HOUSING DEVELOPMENT FOUND COMPANY INC

    C · HOLDING COMPANY · NY

Provenance

Return type
form_990
Tax year
2024
Filed
30 October 2025
IRS schema version
2024v5.2
Source object
202543049349302674

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