Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: RENTAL INCOME

  total $833,090 · related or exempt $833,090

• 3 · Investment income

  total $18,130 · excluded $18,130

Functional expenses

Part IX, the statement of functional expenses.

• 11a · Fees: management

  total $36,126 · program services $11,679 · management and general $24,447

• 11b · Fees: legal

  total $523 · program services $523

• 11c · Fees: accounting

  total $1,000 · program services $1,000

• 13 · Office expenses

  total $4,571 · program services $4,571

• 14 · Information technology

  total $2,637 · program services $2,637

• 22 · Depreciation, depletion and amortization

  total $133,676 · program services $133,676

• 23 · Insurance

  total $10,232 · program services $10,232

• 24a · Other expenses: REAL ESTATE COSTS

  total $267,748 · program services $267,748

• 24b · Other expenses: COMMISSION

  total $29,347 · program services $29,347

• 24c · Other expenses: BANK FEES

  total $422 · program services $422

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $573,963 · end of year $1,115,450

• 2 · Savings and temporary cash investments

  beginning of year $451,508 · end of year $445,054

• 4 · Accounts receivable

  beginning of year $55,201 · end of year $0

• 9 · Prepaid expenses and deferred charges

  beginning of year $87,387 · end of year $59,245

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

  $4,024,085

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

  $1,510,949

• 10c · Land, buildings and equipment, net

  beginning of year $2,634,886 · end of year $2,513,136

• 15 · Other assets

  beginning of year $895,025 · end of year $892,594

• 17 · Accounts payable and accrued expenses

  beginning of year $150,413 · end of year $494,507

• 23 · Secured mortgages and notes payable

  beginning of year $1,480,000 · end of year $1,355,000

• 25 · Other liabilities

  beginning of year $1,369,863 · end of year $1,113,340

• 28 · Net assets with donor restrictions

  beginning of year $1,697,694 · end of year $2,062,632

The filer's explanations (Part III)

PART I, LINE 3

DANIEL KANE IS THE PRESIDENT OF CITYWIDE DEVELOPMENT CORPORATION, A RELATED ORGANIZATION DISCLOSED IN SCHEDULE R. HIS COMPENSATION IS DISCLOSED WITHIN THIS FORM 990 BECAUSE IT IS PAID BY CITYWIDE DEVELOPMENT CORPORATION. HE IS NOT PAID BY THIS ORGANIZATION. THE OTHER HIGHLY COMPENSATED EMPLOYEES REPORTED IN PART VII SECTION A OF THIS TAX RETURN ARE ALSO PAID BY CITYWIDE DEVELOPMENT CORPORATION NOT BY THIS ORGANIZATION. THEIR SALARY AND BENEFITS ARE ONLY REPORTED WITHIN THIS RETURN DUE TO THE RELATED PARTY RELATIONSHIP. COMPENSATION IS ESTABLISHED USING A COMPENSATION COMMITTEE, INDEPENDENT COMPENSATION CONSULTANT AND SURVERIES AND STUDIES.