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← SHORE FRONT COUNCIL HOUSING DEVELOPMENT FUND CORP

Form 990 for tax year 2023

Filed by SHORE FRONT COUNCIL HOUSING DEVELOPMENT FUND CORP.

Totals

Total revenue
$616,013
Total expenses
$1,168,908
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$610,406
Investment income
$1,803
Other revenue
$3,804
Total assets, end of year
$3,467,309
Total liabilities, end of year
$6,339,048
Net assets or fund balances, end of year
-$2,871,739
Program services expenses (Part IX)
$1,107,853
Management and general expenses
$61,055
Fundraising expenses
$0
Program service expenses (Part III)
$1,107,853

Program services were 94.8% 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.

  • 2a · Program service revenue: RENTAL INCOME

    total $610,406 · related or exempt $610,406

  • 3 · Investment income

    total $1,803 · excluded $1,803

  • 11a · Other revenue: LAUNDRY AND VENDING

    total $3,000 · related or exempt $3,000

  • 11d · All other revenue

    total $804 · related or exempt $804

  • 11e · Other revenue, total

    $3,804

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $228,390 · program services $179,537 · management and general $48,853

  • 11b · Fees: legal

    total $6,510 · program services $6,510

  • 11c · Fees: accounting

    total $12,202 · management and general $12,202

  • 11g · Fees: other

    total $45,025 · program services $45,025

  • 13 · Office expenses

    total $18,587 · program services $18,587

  • 16 · Occupancy

    total $181,228 · program services $181,228

  • 20 · Interest

    total $16,901 · program services $16,901

  • 22 · Depreciation, depletion and amortization

    total $172,294 · program services $172,294

  • 24a · Other expenses: REPAIRS AND MAINTENANCE

    total $286,756 · program services $286,756

  • 24b · Other expenses: ASSOCIATION DUES

    total $190,875 · program services $190,875

  • 24c · Other expenses: BAD DEBTS EXPENSES

    total $8,463 · program services $8,463

  • 24e · All other expenses

    total $1,677 · program services $1,677

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $32,448 · end of year $224,066

  • 4 · Accounts receivable

    beginning of year $17,142 · end of year $20,675

  • 9 · Prepaid expenses and deferred charges

    beginning of year $31,753 · end of year $26,176

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

    $5,068,979

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

    $2,113,027

  • 10c · Land, buildings and equipment, net

    beginning of year $2,980,496 · end of year $2,955,952

  • 15 · Other assets

    beginning of year $225,198 · end of year $240,440

  • 17 · Accounts payable and accrued expenses

    beginning of year $463,310 · end of year $657,451

  • 19 · Deferred revenue

    beginning of year $9,305 · end of year $9,042

  • 21 · Escrow or custodial account liability

    beginning of year $20,389 · end of year $20,392

  • 23 · Secured mortgages and notes payable

    beginning of year $3,985,895 · end of year $3,985,895

  • 25 · Other liabilities

    beginning of year $1,126,982 · end of year $1,666,268

  • 27 · Net assets without donor restrictions

    beginning of year -$2,318,844 · end of year -$2,871,739

Mission and programs · 2023

Mission

TO PROVIDE LOW INCOME HOUSING FOR SENIORS.

Activities or mission (Part I)

PROVIDE LOW INCOME HOUSING FOR SENIORS.

  • TO PROVIDE LOW INCOME HOUSING FOR SENIORS.

    Expenses $1,107,853 · Revenue $613,406

As filed on the 2023 return.

Listed in Part VII

  • JOSEPH ALLERHAND

    TREASURER

    Total calculated
    $0
    Hours/week
    0.1 + 1.2 related

  • KEN ECKSTEIN

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.1 + 1.6 related

  • STACEY SCHEINBERG

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0.1 + 2.3 related

  • DAVID GREENFIELD

    CEO

    Total calculated
    $688,172
    From this org
    $0
    From related orgs
    $627,955
    Other
    $60,217
    Hours/week
    0.1 + 49.9 related

    Schedule J breakdown matched by us

    Base
    $0 + $627,665 related
    Bonus
    $0
    Other
    $0 + $290 related
    Deferred
    $0 + $7,680 related
    Nontaxable benefits
    $0 + $52,837 related
    Filer's total
    $0 + $688,472 related

  • ELENA SYTCHEVA

    CO-MANAGING DIRECTOR

    Total calculated
    $174,472
    From this org
    $0
    From related orgs
    $157,049
    Other
    $17,423
    Hours/week
    0.1 + 39.9 related

    Schedule J breakdown matched by us

    Base
    $0 + $156,932 related
    Bonus
    $0
    Other
    $0 + $117 related
    Deferred
    $0 + $1,939 related
    Nontaxable benefits
    $0 + $15,776 related
    Filer's total
    $0 + $174,764 related

  • PHILIP KIBEL

    CFO

    Total calculated
    $207,386
    From this org
    $0
    From related orgs
    $168,339
    Other
    $39,047
    Hours/week
    0.1 + 39.9 related

    Schedule J breakdown matched by us

    Base
    $0 + $167,694 related
    Bonus
    $0
    Other
    $0 + $645 related
    Deferred
    $0 + $2,262 related
    Nontaxable benefits
    $0 + $36,973 related
    Filer's total
    $0 + $207,574 related

  • ROBERT NEWMAN

    COO

    Total calculated
    $289,829
    From this org
    $0
    From related orgs
    $284,353
    Other
    $5,476
    Hours/week
    0.1 + 39.9 related

    Schedule J breakdown matched by us

    Base
    $0 + $283,066 related
    Bonus
    $0
    Other
    $0 + $1,287 related
    Deferred
    $0 + $3,376 related
    Nontaxable benefits
    $0 + $2,400 related
    Filer's total
    $0 + $290,129 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.

Related corporations and trusts

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

Provenance

Return type
form_990
Tax year
2023
Filed
13 November 2024
IRS schema version
2023v5.1
Source object
202423199349301317

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