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Nonprofiteer
← AAFE COMMUNITY DEVELOPMENT FUND INC

Form 990 for tax year 2022

Filed by AAFE COMMUNITY DEVELOPMENT FUND INC.

Totals

Total revenue
$687,283
Total expenses
$637,701
Contributions and grants received
$346,630
Grants paid
$0
Program service revenue
$125,372
Investment income
$3,484
Other revenue
$211,797
Total assets, end of year
$7,122,719
Total liabilities, end of year
$2,793,118
Net assets or fund balances, end of year
$4,329,601
Program services expenses (Part IX)
$547,033
Management and general expenses
$90,668
Fundraising expenses
$0
Program service expenses (Part III)
$547,033

Program services were 85.8% 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)

    $67,754

  • 1f · All other contributions, gifts and grants

    $278,876

  • 2a · Program service revenue: LOAN INTEREST

    total $76,517 · related or exempt $76,517

  • 2b · Program service revenue: LOAN FEES

    total $40,724 · related or exempt $40,724

  • 2c · Program service revenue: BAD DEBTS

    total $4,181 · related or exempt $4,181

  • 2d · Program service revenue: OTHER PROGRAM INCOME

    total $3,950 · related or exempt $3,950

  • 3 · Investment income

    total $3,484 · excluded $3,484

  • 6a · Gross rents

    real property $154,500

  • 6b · Less rental expenses

    real property $16,153

  • 6c · Rental income or loss

    real property $138,347

  • 6d · Net rental income or loss

    total $138,347 · excluded $138,347

  • 11a · Other revenue: FEE REIMBURSEMENT

    total $67,464 · related or exempt $67,464

  • 11b · Other revenue: MISCELLANEOUS

    total $5,986 · related or exempt $5,986

  • 11e · Other revenue, total

    $73,450

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $102,376 · program services $92,138 · management and general $10,238

  • 7 · Other salaries and wages

    total $124,228 · program services $111,805 · management and general $12,423

  • 8 · Pension plan contributions

    total $2,646 · program services $2,382 · management and general $264

  • 9 · Other employee benefits

    total $16,047 · program services $14,442 · management and general $1,605

  • 10 · Payroll taxes

    total $21,877 · program services $19,689 · management and general $2,188

  • 11g · Fees: other

    total $52,801 · program services $26,223 · management and general $26,578

  • 13 · Office expenses

    total $26,957 · program services $22,914 · management and general $4,043

  • 14 · Information technology

    total $20,937 · program services $17,796 · management and general $3,141

  • 16 · Occupancy

    total $61,227 · program services $52,043 · management and general $9,184

  • 20 · Interest

    total $97,400 · program services $92,900 · management and general $4,500

  • 22 · Depreciation, depletion and amortization

    total $87,304 · program services $74,208 · management and general $13,096

  • 23 · Insurance

    total $13,488 · program services $11,465 · management and general $2,023

  • 24a · Other expenses: REPAIRS AND MAINTENANCE

    total $3,741 · program services $3,180 · management and general $561

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

    total $3,586 · program services $3,048 · management and general $538

  • 24c · Other expenses: LOAN AND CREDIT RELATED

    total $1,723 · program services $1,642 · management and general $81

  • 24d · Other expenses: MISCELLANEOUS

    total $1,363 · program services $1,158 · management and general $205

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $843,625 · end of year $1,189,869

  • 2 · Savings and temporary cash investments

    beginning of year $1,155,275 · end of year $538,907

  • 3 · Pledges and grants receivable

    beginning of year $46,006 · end of year $90,902

  • 7 · Other notes and loans receivable

    beginning of year $754,290 · end of year $674,787

  • 9 · Prepaid expenses and deferred charges

    beginning of year $7,816 · end of year $7,479

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

    $3,949,721

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

    $863,759

  • 10c · Land, buildings and equipment, net

    beginning of year $3,173,266 · end of year $3,085,962

  • 15 · Other assets

    beginning of year $1,561,576 · end of year $1,534,813

  • 17 · Accounts payable and accrued expenses

    beginning of year $61,445 · end of year $73,293

  • 23 · Secured mortgages and notes payable

    beginning of year $1,941,261 · end of year $1,405,767

  • 25 · Other liabilities

    beginning of year $1,259,129 · end of year $1,314,058

  • 27 · Net assets without donor restrictions

    beginning of year $4,069,829 · end of year $4,094,195

  • 28 · Net assets with donor restrictions

    beginning of year $210,190 · end of year $235,406

Mission and programs · 2022

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, INCLUDING ASIAN-AMERICANS, MINORITIES AND IMMIGRANTS.

  • HOME OWNERSHIP PROGRAM - THIS PROGRAM PROVIDES TARGETED TECHNICAL ASSISTANCE TO ENHANCE HOMEOWNERSHIP FOR LOW AND MODERATE INCOME ASIAN-AMERICANS AND OTHER MINORITY AND IMMIGRANT RESIDENTS OF NEW YORK CITY. SERVICES INCLUDE: FIRST TIME HOMEBUYER TRAINING, MORTGAGE REFERRAL AND ORIGINATION, HOMEOWNERSHIP RETENTION, LANDLORD COUNSELING, AND MORTGAGE DELINQUENCY AND DEFAULT RESOLUTION.

    Expenses $372,902 · Revenue $198,822

  • CDFI AND LOAN PROGRAM - THE CDFI AND LOAN PROGRAM PROVIDES AFFORDABLE 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 PROGRAM ALSO OFFERS A RANGE OF AFFORDABLE DOWN PAYMENT, EMERGENCY REPAIR AND HOME REHABILITATION LOAN PRODUCTS.

    Expenses $174,131

As filed on the 2022 return.

Listed in Part VII

  • Donna Chiu

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Heidie Joo Burwell

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Jennifer Sun

    CO-EXECUTIVE DIRECTOR(OUTGOING)

    Total calculated
    $200,749
    From this org
    $0
    From related orgs
    $160,060
    Other
    $40,689
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $160,060 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $12,962 related
    Nontaxable benefits
    $0 + $27,727 related
    Filer's total
    $0 + $200,749 related

  • Lydia Tom

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Thomas Yu

    CO-EXECUTIVE DIRECTOR

    Total calculated
    $321,804
    From this org
    $0
    From related orgs
    $268,262
    Other
    $53,542
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $268,262 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $7,008 related
    Nontaxable benefits
    $0 + $46,534 related
    Filer's total
    $0 + $321,804 related

  • Eddie Wong

    DEPUTY MANAGING DIRECTOR

    Total calculated
    $102,375
    From this org
    $86,194
    From related orgs
    $0
    Other
    $16,181
    Hours/week
    40

  • Jessie Lee

    MANAGING DIRECTOR

    Total calculated
    $197,961
    From this org
    $0
    From related orgs
    $170,077
    Other
    $27,884
    Hours/week
    5 + 35 related

    Schedule J breakdown matched by us

    Base
    $0 + $170,077 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $11,812 related
    Nontaxable benefits
    $0 + $16,072 related
    Filer's total
    $0 + $197,961 related

  • Joy Suzanne Granado

    CHIEF ACCOUNTING OFFICER

    Total calculated
    $107,038
    From this org
    $0
    From related orgs
    $96,262
    Other
    $10,776
    Hours/week
    1 + 39 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.

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

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
2022
Filed
1 November 2023
IRS schema version
2022v5.0
Source object
202303109349302945

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