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Nonprofiteer
← BRIGHTON BEACH HOUSING DEVELOPMENT FUND COMPANY INC

Form 990 for tax year 2024

Filed by BRIGHTON BEACH HOUSING DEVELOPMENT FUND COMPANY INC.

Totals

Total revenue
$4,152,245
Total expenses
$4,469,376
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$4,137,288
Investment income
$7,547
Other revenue
$7,410
Total assets, end of year
$11,511,042
Total liabilities, end of year
$28,900,293
Net assets or fund balances, end of year
-$17,389,251
Program services expenses (Part IX)
$3,584,832
Management and general expenses
$884,544
Fundraising expenses
$0
Program service expenses (Part III)
$3,584,832

Program services were 80.2% 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: APARTMENT RENTAL

    total $4,137,288 · related or exempt $4,137,288

  • 3 · Investment income

    total $7,547 · excluded $7,547

  • 11a · Other revenue: LAUNDRY & TENANT CHARG

    total $7,410 · related or exempt $7,410

  • 11e · Other revenue, total

    $7,410

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $340,930 · program services $340,930

  • 8 · Pension plan contributions

    total $27,457 · program services $27,457

  • 9 · Other employee benefits

    total $79,663 · program services $79,663

  • 10 · Payroll taxes

    total $24,981 · program services $24,981

  • 11a · Fees: management

    total $210,545 · management and general $210,545

  • 11b · Fees: legal

    total $5,750 · program services $5,750

  • 11c · Fees: accounting

    total $65,248 · management and general $65,248

  • 12 · Advertising and promotion

    total $904 · program services $904

  • 13 · Office expenses

    total $52,724 · program services $52,724

  • 16 · Occupancy

    total $1,098,052 · program services $1,098,052

  • 19 · Conferences, conventions and meetings

    total $2,162 · program services $2,162

  • 20 · Interest

    total $677,862 · program services $677,862

  • 22 · Depreciation, depletion and amortization

    total $430,154 · program services $430,154

  • 23 · Insurance

    total $72,790 · program services $72,790

  • 24a · Other expenses: MORTGAGOR ENTITY EXPENS

    total $608,751 · management and general $608,751

  • 24b · Other expenses: REPAIRS & MAINTENANCE

    total $440,557 · program services $440,557

  • 24c · Other expenses: BAD DEBTS

    total $176,591 · program services $176,591

  • 24d · Other expenses: ELDERLY CARE SERVICES

    total $91,303 · program services $91,303

  • 24e · All other expenses

    total $62,952 · program services $62,952

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,268,903 · end of year $1,650,745

  • 2 · Savings and temporary cash investments

    beginning of year $2,128,189 · end of year $1,382,498

  • 4 · Accounts receivable

    beginning of year $381,428 · end of year $2,214

  • 9 · Prepaid expenses and deferred charges

    beginning of year $287,804 · end of year $287,009

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

    $20,428,714

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

    $12,279,405

  • 10c · Land, buildings and equipment, net

    beginning of year $8,125,438 · end of year $8,149,309

  • 14 · Intangible assets

    beginning of year $2,667 · end of year $2,667

  • 15 · Other assets

    beginning of year $184,621 · end of year $36,600

  • 17 · Accounts payable and accrued expenses

    beginning of year $351,490 · end of year $414,525

  • 19 · Deferred revenue

    beginning of year $5,688 · end of year $12,179

  • 21 · Escrow or custodial account liability

    beginning of year $39,446 · end of year $36,361

  • 23 · Secured mortgages and notes payable

    beginning of year $29,016,969 · end of year $28,392,228

  • 25 · Other liabilities

    beginning of year $37,577 · end of year $45,000

  • 27 · Net assets without donor restrictions

    beginning of year -$17,152,116 · end of year -$17,469,247

  • 28 · Net assets with donor restrictions

    beginning of year $79,996 · end of year $79,996

Mission and programs · 2024

Mission

AS PART OF THE JASA'S COMPREHENSIVE NETWORK OF SERVICES FOR OLDER ADULTS, BRIGHTON BEACH HOUSING DEVELOPMENT FUND COMPANY, INC. PROVIDES AFFORDABLE HOUSING AND SOCIAL SERVICES TO LOW INCOME OLDER ADULTS LIVING INDEPENDENTLY.

Activities or mission (Part I)

TO PROVIDE AFFORDABLE HOUSING & SOCIAL SERVICES TO LOW INCOME OLDER ADULTS LIVING INDEPENDENTLY.

  • THE CORPORATION PROVIDED AFFORDABLE HOUSING AND AUXILIARY FACILITIES FOR OLDER ADULTS OF LOW INCOME. THE PROJECT CONSISTS OF 154 UNITS LOCATED IN BROOKLYN, NEW YORK.

    Expenses $3,584,832 · Revenue $4,144,698

As filed on the 2024 return.

Listed in Part VII

  • Alan Cohen

    BOARD MEMBER

    Total calculated
    $255,510
    From this org
    $0
    From related orgs
    $230,239
    Other
    $25,271
    Hours/week
    1 + 34 related

    Schedule J breakdown matched by us

    Base
    $0 + $229,263 related
    Bonus
    $0
    Other
    $0 + $976 related
    Deferred
    $0
    Nontaxable benefits
    $0 + $25,271 related
    Filer's total
    $0 + $255,510 related

  • Donald Manning

    VP/SECRETARY

    Total calculated
    $316,852
    From this org
    $0
    From related orgs
    $301,817
    Other
    $15,035
    Hours/week
    1 + 34 related

    Schedule J breakdown matched by us

    Base
    $0 + $301,817 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $15,035 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $316,852 related

  • Martin Siroka

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1 + 10 related

  • Kathryn Haslanger

    OUTGOING CEO

    Total calculated
    $536,369
    From this org
    $0
    From related orgs
    $468,755
    Other
    $67,614
    Hours/week
    1 + 34 related

    Schedule J breakdown matched by us

    Base
    $0 + $460,257 related
    Bonus
    $0
    Other
    $0 + $8,498 related
    Deferred
    $0
    Nontaxable benefits
    $0 + $67,614 related
    Filer's total
    $0 + $536,369 related

  • Matthew Locurto

    CFO

    Total calculated
    $287,816
    From this org
    $0
    From related orgs
    $238,985
    Other
    $48,831
    Hours/week
    1 + 34 related

    Schedule J breakdown matched by us

    Base
    $0 + $237,964 related
    Bonus
    $0
    Other
    $0 + $1,021 related
    Deferred
    $0
    Nontaxable benefits
    $0 + $48,831 related
    Filer's total
    $0 + $287,816 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.

Provenance

Return type
form_990
Tax year
2024
Filed
12 May 2026
IRS schema version
2024v5.5
Source object
202601339349300515

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