Council Towers V Housingdevelopment Fund Corporation
- Assets
- $11.5m
- Revenue
- $755.0k
- Investments
- $0.0
- Employees
- 0
- Location
- New York, NY
- Founding
- 07/2007
- Data as of
- 12/2022
- EIN
- 20-5686282
Organization Overview
Council Towers V Housingdevelopment Fund Corporation is located in New York, NY. The organization was established in 2007. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, 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. Council Towers V Housingdevelopment 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 12/2022, Council Towers V Housingdevelopment Fund Corporation generated $755.0k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.9% each year. All expenses for the organization totaled $1.5m during the year ending 12/2022. While expenses have increased by 2.6% per year over the past 8 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 PROVIDE SUBSIDIZED RENTAL APARTMENTS FOR SENIORS AND LOWER INCOME INDIVIDUALS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE HOUSING ASSISTANCE TO LOW INCOME SENIOR CITIZENS.
TO PROVIDE HOUSING ASSISTANCE TO LOW INCOME SENIOR CITIZENS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Abraham Biderman Director | Trustee | 0.1 | $0 |
Elena Sytcheva Director | Trustee | 1 | $0 |
Jeffry Nearby Outgoing Director | Trustee | 1 | $0 |
Stacey Scheinberg President | OfficerTrustee | 0.1 | $0 |
David Greenfield CEO | Officer | 0.1 | $0 |
Matthew Locurto Outgoing CFO | Officer | 0.1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| 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 | $0 |
| Total Program Service Revenue | $725,611 |
| Investment income | $8,167 |
| 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 | $755,036 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $248,012 |
| Fees for services: Legal | $5,124 |
| Fees for services: Accounting | $33,340 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $50 |
| Office expenses | $29,005 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $190,593 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $72 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $637,147 |
| Insurance | $138,520 |
| All other expenses | $1,213 |
| Total functional expenses | $1,514,476 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,119 |
| Savings and temporary cash investments | $21,036 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $119,692 |
| 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 | $46,135 |
| Net Land, buildings, and equipment | $10,487,371 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $841,968 |
| Total assets | $11,519,321 |
| Accounts payable and accrued expenses | $209,971 |
| Grants payable | $0 |
| Deferred revenue | $3,676 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $15,563 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $15,537,526 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $514,935 |
| Total liabilities | $16,281,671 |
| Net assets without donor restrictions | -$4,762,350 |
| 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 | $11,519,321 |