Phipps Houses
- Assets
- $525.8m
- Revenue
- $46.3m
- Investments
- $51.8m
- Employees
- 13
- Location
- New York, NY
- Founding
- 03/1948
- Data as of
- 12/2018
- EIN
- 11-1187480
Organization Overview
Phipps Houses is located in New York, NY. The organization was established in 1948. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. As of 12/2018, Phipps Houses employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations.
For the year ending 12/2018, Phipps Houses generated $46.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (4.4%) each year. All expenses for the organization totaled $13.3m during the year ending 12/2018. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2018
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE, PROMOTE AND DEVELOP AFFORDABLE HOUSING FOR LOW AND MODERATE INCOME RESIDENTS OF THE NEW YORK METROPOLITAN AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE, PROMOTE AND DEVELOP AFFORDABLE HOUSING FOR LOW AND MODERATE INCOME RESIDENTS OF THE NEW YORK METROPOLITAN AREA.
CASH CONTRIBUTIONS TO PHIPPS NEIGHBORHOODS, INC., A NOT-FOR-PROFIT AFFILIATE CLASSIFIED UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, WHICH PROVIDES EDUCATIONAL AND SOCIAL SERVICES TO RESIDENTS OF HOUSING DEVELOPMENTS OWNED AND/OR SPONSORED BY PHIPPS HOUSES AND THEIR COMMUNITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Adam Weinstein President/ceo | Officer | 40 | $821,345 |
James Robert Pigott Jr Vice President And Secretary | Officer | 40 | $289,444 |
Matthew Kelly Vice President | Officer | 40 | $287,804 |
Brian Bricker Treasurer | Officer | 40 | $271,378 |
Dianne Morales Vice President | Officer | 1 | $270,735 |
Michael Wadman Vice President | Officer | 40 | $237,740 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Curtis Ginsberg Architects Llp Architectural Srvcs. | 12/30/18 | $2,546,569 |
Marvel Architects Pllc Architectural Srvcs. | 12/30/18 | $2,387,591 |
Canido Basonas Construction Corp Construct/contractor | 12/30/18 | $1,261,384 |
Lettire Construction Corp Construct/contractor | 12/30/18 | $2,539,160 |
Mega Contracting Group Llc Construct/contractor | 12/30/18 | $1,441,080 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $5,300,291 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,300,291 |
| Total Program Service Revenue | $16,104,913 |
| Investment income | $7,490,036 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$3,209 |
| Net Gain/Loss on Asset Sales | $7,629,615 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $46,318,158 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $392,534 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $3,001,430 |
| Compensation of current officers, directors, key employees. | $3,001,430 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,692,234 |
| Pension plan accruals and contributions | $146,141 |
| Other employee benefits | $75,073 |
| Payroll taxes | $196,987 |
| Fees for services: Management | $386,736 |
| Fees for services: Legal | $231,817 |
| Fees for services: Accounting | $188,870 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $77,074 |
| Advertising and promotion | $40,170 |
| Office expenses | $911,383 |
| Information technology | $181,321 |
| Royalties | $0 |
| Occupancy | $3,904,822 |
| Travel | $21,161 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,975 |
| Interest | $30,990 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,065,624 |
| Insurance | $138,985 |
| All other expenses | $96,198 |
| Total functional expenses | $13,328,505 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,028,172 |
| Savings and temporary cash investments | $38,187,365 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $61,787,210 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $29,624,810 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $22,735,736 |
| Net Land, buildings, and equipment | $88,154,840 |
| Investments—publicly traded securities | $230,449,791 |
| Investments—other securities | $51,836,221 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $525,804,145 |
| Accounts payable and accrued expenses | $7,706,634 |
| Grants payable | $0 |
| Deferred revenue | $9,815,658 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $7,027,047 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $26,416,307 |
| Total liabilities | $50,965,646 |
| Unrestricted restricted net Assets | $474,838,499 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $474,838,499 |
Grants Awarded
Over the last fiscal year, Phipps Houses has awarded $378,534 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
New York, NY PURPOSE: FUND CAPITAL | $250,000 |
New York, NY PURPOSE: GENERAL SUPPORT | $98,034 |
New York, NY PURPOSE: FUND FLOORING | $23,000 |
New York, NY PURPOSE: ADVANCING RESEARCH | $7,500 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Phipps Houses has recieved totaling $176,399.
| Awarding Organization | Amount |
|---|---|
Henry Phipps Plaza North Housing Development Fund Corporation New York, NY PURPOSE: PROMOTING AFFORDABLE | $175,000 |
The Today Show Charitable Foundationinc New York, NY PURPOSE: TO PROMOTE THE WELFARE OR OTHERWISE ENRICH THE LIVES OF LESS FORTUNATE CHILDREN AND TEENS. | $1,399 |
Endowment Analysis
| Beg. Balance | $308,005,591 |
| Earnings | -$20,887,695 |
| Other Expense | $18,510,000 |
| Ending Balance | $268,607,896 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Viecare Beaver Llc Cranberry Township, PA | $33,707,357 | $46,118,953 |
West Side Federation For Senior Housing Inc New York, NY | $138,485,239 | $41,412,403 |
Eihab Human Services New Jersey Inc Springfield Gardens, NY | $6,789,414 | $27,918,508 |
Columbus Property Management & Development Inc Philadelphia, PA | $26,158,929 | $27,715,825 |
Housing Assistance Corporation Hyannis, MA | $19,460,978 | $27,429,095 |
Nhp Foundation New York, NY | $188,390,325 | $21,427,453 |
Mainstay Life Services Pittsburgh, PA | $22,073,883 | $28,130,633 |
East Harlem Pilot Block Housing Development Fund Co Inc New York, NY | $63,852,390 | $27,373,317 |
Diego Beekman Mutual Housing Assoc Housing Developmnt Fund Corp Bronx, NY | $50,313,639 | $23,300,184 |
Valley View Haven Inc Belleville, PA | $33,027,658 | $20,622,412 |
Viecare Butler Llc Cranberry Township, PA | $14,493,924 | $19,003,474 |
Fairhaven Healthcare Center Inc Lowell, MA | $23,100,413 | $15,143,251 |