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Nonprofiteer
← GALVAN ASSET MANAGEMENT INC

Form 990 for tax year 2024

Filed by GALVAN ASSET MANAGEMENT INC.

Totals

Total revenue
$343,338
Total expenses
$506,681
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$345,916
Investment income
$17,811
Other revenue
-$20,389
Total assets, end of year
$6,462,531
Total liabilities, end of year
$6,609,547
Net assets or fund balances, end of year
-$147,016
Program services expenses (Part IX)
$506,681
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$506,681

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: FEE FOR SERVICE INCOME

    total $345,916 · related or exempt $345,916

  • 3 · Investment income

    total $17,811 · related or exempt $17,811

  • 6a · Gross rents

    real property $1,168,299

  • 6b · Less rental expenses

    real property $1,189,206

  • 6c · Rental income or loss

    real property -$20,907

  • 6d · Net rental income or loss

    total -$20,907 · related or exempt -$20,907

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $518 · related or exempt $518

  • 11e · Other revenue, total

    $518

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $147,530 · program services $147,530

  • 11a · Fees: management

    total $4,678 · program services $4,678

  • 11g · Fees: other

    total $105,919 · program services $105,919

  • 13 · Office expenses

    total $61,863 · program services $61,863

  • 17 · Travel

    total $1,213 · program services $1,213

  • 20 · Interest

    total $7,199 · program services $7,199

  • 23 · Insurance

    total $98,132 · program services $98,132

  • 24a · Other expenses: REPAIRS AND MAINTENANCE

    total $48,186 · program services $48,186

  • 24b · Other expenses: SUPPLIES

    total $24,185 · program services $24,185

  • 24c · Other expenses: TELEPHONE

    total $7,099 · program services $7,099

  • 24d · Other expenses: UTILITIES

    total $1,888 · program services $1,888

  • 24e · All other expenses

    total -$1,211 · program services -$1,211

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $168,187 · end of year $123,024

  • 4 · Accounts receivable

    beginning of year $17,717 · end of year $149,287

  • 9 · Prepaid expenses and deferred charges

    beginning of year $15,839 · end of year $12,866

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

    $12,450,813

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

    $6,792,533

  • 10c · Land, buildings and equipment, net

    beginning of year $5,953,430 · end of year $5,658,280

  • 13 · Investments: program-related

    beginning of year $120 · end of year $0

  • 15 · Other assets

    beginning of year $397,575 · end of year $519,074

  • 17 · Accounts payable and accrued expenses

    beginning of year $63,634 · end of year $97,704

  • 23 · Secured mortgages and notes payable

    beginning of year $4,395,795 · end of year $3,958,188

  • 25 · Other liabilities

    beginning of year $2,084,907 · end of year $2,553,655

  • 27 · Net assets without donor restrictions

    beginning of year $8,532 · end of year -$147,016

Mission and programs · 2024

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.

    Revenue $343,338

  • 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.

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • T Eric Galloway

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Rafal Markwat

    SECRETARY

    Total calculated
    $0
    Hours/week
    5

  • Dan Kent

    PRESIDENT

    Total calculated
    $0
    Hours/week
    10

  • 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

    RENTAL R/E · NY · general or managing partner

  • HUDSON HOMESTEAD LP

    RENTAL R/E · NY · general or managing partner

  • RICHARDSON HALL LP

    RENTAL R/E · NY

  • RDC ASSOICATES-I LP

    RENTAL R/E · NY

Provenance

Return type
form_990
Tax year
2024
Filed
10 September 2026
IRS schema version
2024v5.5
Source object
202622579349300737

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