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Nonprofiteer
← PARK HOUSING DEVELOPMENT FUND COMPANY INC

Form 990 for tax year 2022

Filed by PARK HOUSING DEVELOPMENT FUND COMPANY INC.

Totals

Total revenue
$1,166,798
Total expenses
$1,507,097
Contributions and grants received
$876,493
Grants paid
$0
Program service revenue
$279,944
Investment income
$2,997
Other revenue
$7,364
Total assets, end of year
$4,217,631
Total liabilities, end of year
$9,389,994
Net assets or fund balances, end of year
-$5,172,363
Program services expenses (Part IX)
$1,275,313
Management and general expenses
$231,784
Fundraising expenses
$0
Program service expenses (Part III)
$1,275,313

Program services were 84.6% 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)

    $876,493

  • 2a · Program service revenue: RENTAL INCOME

    total $279,944 · related or exempt $279,944

  • 3 · Investment income

    total $2,997 · excluded $2,997

  • 11a · Other revenue: LAUNDRY & VENDING

    total $6,612 · excluded $6,612

  • 11b · Other revenue: MISCELLANEOUS

    total $752 · excluded $752

  • 11e · Other revenue, total

    $7,364

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $265,784 · program services $201,113 · management and general $64,671

  • 9 · Other employee benefits

    total $127,208 · program services $127,208

  • 10 · Payroll taxes

    total $24,207 · program services $18,317 · management and general $5,890

  • 11a · Fees: management

    total $80,734 · management and general $80,734

  • 11b · Fees: legal

    total $582 · management and general $582

  • 11c · Fees: accounting

    total $25,460 · management and general $25,460

  • 11g · Fees: other

    total $79,489 · program services $73,044 · management and general $6,445

  • 12 · Advertising and promotion

    total $115 · management and general $115

  • 13 · Office expenses

    total $47,902 · program services $20,030 · management and general $27,872

  • 16 · Occupancy

    total $443,370 · program services $432,438 · management and general $10,932

  • 22 · Depreciation, depletion and amortization

    total $321,329 · program services $321,329

  • 23 · Insurance

    total $308 · program services $308

  • 24a · Other expenses: REPAIRS & MAINTENANCE

    total $81,526 · program services $81,526

  • 24b · Other expenses: BAD DEBT EXPENSE

    total $9,083 · management and general $9,083

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $400,568 · end of year $98,685

  • 2 · Savings and temporary cash investments

    beginning of year $421,643 · end of year $307,554

  • 4 · Accounts receivable

    beginning of year $50,824 · end of year $211,627

  • 9 · Prepaid expenses and deferred charges

    beginning of year $4,730 · end of year $2,141

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

    $11,478,651

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

    $7,902,068

  • 10c · Land, buildings and equipment, net

    beginning of year $3,699,998 · end of year $3,576,583

  • 15 · Other assets

    beginning of year $22,733 · end of year $21,041

  • 17 · Accounts payable and accrued expenses

    beginning of year $268,327 · end of year $189,414

  • 19 · Deferred revenue

    beginning of year $8,645 · end of year $6,794

  • 21 · Escrow or custodial account liability

    beginning of year $21,563 · end of year $21,041

  • 23 · Secured mortgages and notes payable

    beginning of year $8,263,600 · end of year $8,263,600

  • 25 · Other liabilities

    beginning of year $870,425 · end of year $909,145

  • 27 · Net assets without donor restrictions

    beginning of year -$4,832,064 · end of year -$5,172,363

Mission and programs · 2022

Mission

SEE SCHEDULE OPARK HOUSING DEVELOPMENT FUND HOUSING IS A 94 UNIT APARTMENT RESIDENCE WHICH PARTICIPATES IN THE UNITED STATES HOUSING AND URBAN DEVELOPMENT SECTION 202 SUPPORTIVE HOUSING FOR THE ELDERLY PROGRAM WHICH IS THE ONLY FEDERALLY FUNDED HOUSING PROGRAM DESIGNED SPECIFICALLY FOR OLDER PERSONS. ELIGIBILITY FOR RESIDENCE IS RESTRICTED USUALLY TO PERSONS WHO ARE AT LEAST 62 YEARS OF AGE AND HAVE INCOMES BELOW 50 PERCENT OF THEIR AREA'S MEDIAN INCOME. APARTMENTS HAVE SPECIAL FEATURES SUCH AS GRAB BARS, AND RAMPS TO HELP OLDER PERSONS REMAIN SAFER AND MORE INDEPENDENT AS THEY AGE. PARK HOUSING DEVELOPMENT FUND COMPANY'S GOAL IS TO PROVIDE AFFORDABLE HOUSING TO THE LOW INCOME, ELDERLY AND DISABLED POPULATION OF THE COMMUNITY.

Activities or mission (Part I)

TO PROVIDE AFFORDABLE HOUSING TO LOW INCOME, ELDERLY AND DISABLED POPULATION OF THE COMMUNITY.

  • PARK HOUSING DEVELOPMENT FUND HOUSING IS A 94 UNIT APARTMENT RESIDENCE WHICH PARTICIPATES IN THE UNITED STATES HOUSING AND URBAN DEVELOPMENT SECTION 202 SUPPORTIVE HOUSING FOR THE ELDERLY PROGRAM.

    Expenses $1,275,313 · Revenue $279,944

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

Listed in Part VII

  • David Silva Mojica

    TREASURER/VICE CHAIRMAN/CHIEF HR OFFICER

    Total calculated
    $318,866
    From this org
    $0
    From related orgs
    $302,435
    Other
    $16,431
    Hours/week
    0.25 + 34.75 related

    Schedule J breakdown matched by us

    Base
    $0 + $301,439 related
    Bonus
    $0
    Other
    $0 + $996 related
    Deferred
    $0 + $4,563 related
    Nontaxable benefits
    $0 + $11,868 related
    Filer's total
    $0 + $318,866 related

  • Michael R Potack

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 5 related

  • Harvey Ishofsky

    VICE CHAIRMAN THRU JUNE 2022

    Total calculated
    $0
    Hours/week
    0.5 + 5 related

  • Myron Schlanger

    SECRETARY THRU JUNE 2022

    Total calculated
    $0
    Hours/week
    0.5 + 5 related

  • Kenneth Zuckerbrot

    ASSISTANT SECRETARY THRU JUNE 2022

    Total calculated
    $0
    Hours/week
    0.5 + 5 related

  • Mark Weinstein

    TREASURER THRU JUNE 2022

    Total calculated
    $0
    Hours/week
    0.5 + 5 related

  • Russell D Fisher

    TRUSTEE THRU JUNE 2022

    Total calculated
    $0
    Hours/week
    0.5 + 5 related

  • Neil Heyman

    TRUSTEE THRU JUNE 2022

    Total calculated
    $0
    Hours/week
    0.5 + 5 related

  • Stephen Kantor DDS

    TRUSTEE THRU JUNE 2022

    Total calculated
    $0
    Hours/week
    0.5 + 5 related

  • Howard Krain

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 5 related

  • Tara Buonocore-Rut

    PRESIDENT/CEO/CHAIRMAN

    Total calculated
    $1,056,676
    From this org
    $0
    From related orgs
    $1,006,891
    Other
    $49,785
    Hours/week
    0.25 + 34.75 related

    Schedule J breakdown matched by us

    Base
    $0 + $705,751 related
    Bonus
    $0 + $300,000 related
    Other
    $0 + $1,140 related
    Deferred
    $0 + $6,016 related
    Nontaxable benefits
    $0 + $43,769 related
    Filer's total
    $0 + $1,056,676 related

  • Shaun Ruskin

    SECRETARY/CSO

    Total calculated
    $720,610
    From this org
    $0
    From related orgs
    $713,813
    Other
    $6,797
    Hours/week
    0.25 + 34.75 related

    Schedule J breakdown matched by us

    Base
    $0 + $537,020 related
    Bonus
    $0 + $175,000 related
    Other
    $0 + $1,793 related
    Deferred
    $0 + $5,495 related
    Nontaxable benefits
    $0 + $1,302 related
    Filer's total
    $0 + $720,610 related

  • Stacey Johnston

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 5 related

  • John Kehoe

    TRUSTEE (VP FINANCE THRU MARCH 22)

    Total calculated
    $138,804
    From this org
    $0
    From related orgs
    $130,101
    Other
    $8,703
    Hours/week
    0.5 + 34.5 related

  • Johnny Lee

    CFO THRU MAY 2022

    Total calculated
    $0
    Hours/week
    0.25 + 34.75 related

  • Leny Tirtasaputra

    CFO

    Total calculated
    $365,776
    From this org
    $0
    From related orgs
    $329,515
    Other
    $36,261
    Hours/week
    0.25 + 34.75 related

    Schedule J breakdown matched by us

    Base
    $0 + $327,063 related
    Bonus
    $0
    Other
    $0 + $2,452 related
    Deferred
    $0 + $2,106 related
    Nontaxable benefits
    $0 + $34,155 related
    Filer's total
    $0 + $365,776 related

  • Justin Walter

    VP OF PERFORMANCE IMPROVEMENT

    Total calculated
    $248,604
    From this org
    $0
    From related orgs
    $239,723
    Other
    $8,881
    Hours/week
    0.25 + 34.75 related

    Schedule J breakdown matched by us

    Base
    $0 + $239,029 related
    Bonus
    $0
    Other
    $0 + $694 related
    Deferred
    $0 + $7,183 related
    Nontaxable benefits
    $0 + $1,698 related
    Filer's total
    $0 + $248,604 related

  • Emina Tabakovic

    VP OF OPERATIONS

    Total calculated
    $274,240
    From this org
    $0
    From related orgs
    $233,258
    Other
    $40,982
    Hours/week
    0.25 + 34.75 related

    Schedule J breakdown matched by us

    Base
    $0 + $232,639 related
    Bonus
    $0
    Other
    $0 + $619 related
    Deferred
    $0 + $2,930 related
    Nontaxable benefits
    $0 + $38,052 related
    Filer's total
    $0 + $274,240 related

  • Jeannie Doherty-Benckwit

    VP OF BUSINESS DEVELOPMENT

    Total calculated
    $261,665
    From this org
    $0
    From related orgs
    $249,822
    Other
    $11,843
    Hours/week
    0.25 + 34.75 related

    Schedule J breakdown matched by us

    Base
    $0 + $247,949 related
    Bonus
    $0
    Other
    $0 + $1,873 related
    Deferred
    $0 + $5,568 related
    Nontaxable benefits
    $0 + $6,275 related
    Filer's total
    $0 + $261,665 related

  • Alicia Nelson-Jones

    CHIEF COMPLIANCE OFFICER

    Total calculated
    $273,432
    From this org
    $0
    From related orgs
    $235,813
    Other
    $37,619
    Hours/week
    0.25 + 34.75 related

    Schedule J breakdown matched by us

    Base
    $0 + $233,963 related
    Bonus
    $0
    Other
    $0 + $1,850 related
    Deferred
    $0 + $4,760 related
    Nontaxable benefits
    $0 + $32,859 related
    Filer's total
    $0 + $273,432 related

  • Gilda St Fleur

    VP OF QUALITY

    Total calculated
    $255,486
    From this org
    $0
    From related orgs
    $233,721
    Other
    $21,765
    Hours/week
    0.25 + 34.75 related

    Schedule J breakdown matched by us

    Base
    $0 + $232,563 related
    Bonus
    $0
    Other
    $0 + $1,158 related
    Deferred
    $0 + $1,520 related
    Nontaxable benefits
    $0 + $20,245 related
    Filer's total
    $0 + $255,486 related

  • Arhima Jacobs

    VP OF PROVIDER RELATIONS

    Total calculated
    $234,548
    From this org
    $0
    From related orgs
    $222,988
    Other
    $11,560
    Hours/week
    0.25 + 34.75 related

    Schedule J breakdown matched by us

    Base
    $0 + $221,890 related
    Bonus
    $0
    Other
    $0 + $1,098 related
    Deferred
    $0
    Nontaxable benefits
    $0 + $11,560 related
    Filer's total
    $0 + $234,548 related

  • Aliona Cochiorva

    VP OF STRATEGIC INITIATIVES

    Total calculated
    $260,880
    From this org
    $0
    From related orgs
    $218,876
    Other
    $42,004
    Hours/week
    0.25 + 34.75 related

    Schedule J breakdown matched by us

    Base
    $0 + $217,751 related
    Bonus
    $0
    Other
    $0 + $1,125 related
    Deferred
    $0
    Nontaxable benefits
    $0 + $42,004 related
    Filer's total
    $0 + $260,880 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

  • 4a · Severance or change-of-control payment

Answered no

  • 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 SALARIES FOR THE EXECUTIVES ARE DETERMINED BY THE PARENT COMPANY, CENTERLIGHT HEALTH SYSTEM, INC. THE METHODS UTILIZED INCLUDE: A COMPENSATION COMMITTEE, COMPARING TO THE FORM 990'S OF OTHER ORGANIZATIONS, COMPENSATION SURVEYS OR STUDIES, AND APPROVAL BY THE COMPENSATION COMMITTEE OF THE BOARD.
PART I, LINE 4A
JOHN KEHOE RECEIVED $48,949 OF SEVERANCE IN HIS 2022 W-2.

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.

  • SCHEUER GARDENS LP

    RELATED · AFFORDABLE HOUSING · NY

    Directly controlled by SCHEUER GARDENS GP INC

  • SCHEUER PLAZA LP

    RELATED · AFFORDABLE HOUSING · NY

    Directly controlled by SCHEUER PLAZA GP INC

Related corporations and trusts

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

  • BETH ABRAHAM MANAGEMENT SOLUTIONS

    C · TO MANAGE NURSING FACILITIES UNDER RECEIVERSHIP · NY

    Directly controlled by BETH ABRAHAM HEALTH SERVICES

  • SCHEUER GARDENS GP INC

    C · REAL ESTATE · NY

  • SCHEUER PLAZA GP INC

    C · REAL ESTATE · NY

  • TBM HOUSING DEVELOPMENT FUND COMPANY INC

    C · HOUSING FOR THE ELDERLY · NY

    Directly controlled by CENTERLIGHT HEALTH SYSTEM INC

  • BETH ABRAHAM HOUSING DEVELOPMENT FUND COMPANY INC

    C · HOUSING FOR THE ELDERLY · NY

    Directly controlled by CENTERLIGHT HEALTH SYSTEM INC

Provenance

Return type
form_990
Tax year
2022
Filed
12 November 2023
IRS schema version
2022v5.0
Source object
202323169349301007

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