Gates Avenue Housing Development Fund Corporation
- Assets
- $13.6m
- Revenue
- $669.7k
- Investments
- $0.0
- Employees
- 0
- Location
- New York, NY
- Founding
- 12/1993
- Data as of
- 06/2022
- EIN
- 13-3550051
Organization Overview
Gates Avenue Housing Development Fund Corporation is located in New York, NY. The organization was established in 1993. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Gates Avenue Housing Development Fund Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Gates Avenue Housing Development Fund Corporation generated $669.7k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.0% each year. All expenses for the organization totaled $678.8k during the year ending 06/2022. While expenses have increased by 7.2% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO DEVELOP AND OPERATE A HOUSING PROJECT FOR PERSONS OF LOW INCOME AND NEEDY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
520 GATES AVENUE IS A 61-BED TRANSITIONAL RESIDENCE IN BEDFORD-STUYVESANT, BROOKLYN. FORMERLY A HOME FOR THE BLIND, IT WAS RENOVATED IN 1990 BY THE NONPROFIT THE DOE FUND, AND SINCE THEN IT HAS SERVED AS A WORKING COMMUNITY OPERATED BY AND FOR PEOPLE WHO HAVE EXPERIENCED HOMELESSNESS OR WHO HAVE RETURNED FROM INCARCERATION. GATES AVENUE IS EMBLEMATIC OF THE DOE FUND'S PERSON-FIRST APPROACH TO ADDRESSING HOMELESSNESS; RATHER THAN THE BARRACKS-STYLE HOUSING OF A STANDARD HOMELESS SHELTER, THE RESIDENCE IS COMPOSED OF TWO-MAN ROOMS, AND EACH RESIDENT HAS THEIR OWN KEYS.AS THE ORIGINAL HOME OF THE DOE FUND'S READY, WILLING & ABLE PROGRAM, GATES AVENUE PROVIDES PAID WORK, HOUSING, AND SUPPORT SERVICES TO ITS RESIDENTS. THIS "THREE-LEGGED STOOL" MODEL HAS HELPED THOUSANDS OF PEOPLE SUCCESSFULLY TRANSITION OUT OF HOMELESSNESS, AND MULTIPLE STUDIES HAVE SHOWN IT REDUCES THE CHANCE OF RECIDIVATING BY 62%. GATES AVENUE BOTH BUILDS COMMUNITY FOR INDIVIDUALS EXPERIENCING HOMELESSNESS AND PROVIDES CRUCIAL RESOURCES UNIQUE TO THEIR DIVERSE NEEDS, FROM CASE MANAGEMENT TO CAREER TRAINING, ADDICTION RECOVERY, AND ADULT BASIC EDUCATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Harriet Mcdonald President & CEO | OfficerTrustee | 1 | $0 |
Steven Koppel Chairman | OfficerTrustee | 0.25 | $0 |
Christian Diez Treasurer As Of 8/16/21 | OfficerTrustee | 0.25 | $0 |
David Shapiro Board Member | Trustee | 0.25 | $0 |
Bill Thompson Board Member | Trustee | 0.25 | $0 |
Sunil Kapadia Board Member | Trustee | 0.25 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $669,722 |
| 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 | $669,722 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $669,722 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,800 |
| Pension plan accruals and contributions | $1,713 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $12,521 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $244,047 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $415,904 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $678,803 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $246,419 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,000 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $8,585,709 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,758,926 |
| Total assets | $13,592,054 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $8,682,854 |
| Other liabilities | $5,071,605 |
| Total liabilities | $13,754,459 |
| Net assets without donor restrictions | -$162,405 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $13,592,054 |