Ocean City 2406 Inc
- Assets
- $1.8m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 5
- Location
- Neptune, NJ
- Founding
- 12/1985
- Data as of
- 06/2021
- EIN
- 22-2294651
Organization Overview
Ocean City 2406 Inc is located in Neptune, NJ. The organization was established in 1985. 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. As of 06/2021, Ocean City 2406 Inc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ocean City 2406 Inc 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 06/2021, Ocean City 2406 Inc generated $1.1m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.0% each year. All expenses for the organization totaled $1.1m during the year ending 06/2021. While expenses have increased by 2.3% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
COMPASSIONATELY SERVING IN COMMUNITY SO THAT ALL ARE FREE TO CHOOSE ABUNDANT LIFE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION CONSISTS OF 60 APARTMENTS FOR SENIOR AND HANDICAPPED INDIVIDUALS FINANCED THROUGH HUD. OCCUPANCY AVERAGED 96%.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jana Purkis-Brash Trustee | Trustee | 0.5 | $0 |
Lawrence D Carlson Secretary | Trustee | 0.5 | $0 |
Rev Edward Carll Chairman | Trustee | 0.5 | $0 |
Gavin Stobie Trustee | Trustee | 0.5 | $0 |
Lawrence E Johnson III Trustee | Trustee | 0.5 | $0 |
Rev Christopher L Miller Trustee | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $52,883 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,453 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $55,336 |
| Total Program Service Revenue | $1,077,340 |
| Investment income | $113 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,047 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,131,742 |
| 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 | $272,731 |
| Pension plan accruals and contributions | $4,836 |
| Other employee benefits | $43,539 |
| Payroll taxes | $22,212 |
| Fees for services: Management | $50,970 |
| Fees for services: Legal | $4,102 |
| Fees for services: Accounting | $28,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $856 |
| Office expenses | $27,496 |
| Information technology | $20,541 |
| Royalties | $0 |
| Occupancy | $95,450 |
| Travel | $443 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,150 |
| Interest | $65,429 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $111,788 |
| Insurance | $58,267 |
| All other expenses | $21,392 |
| Total functional expenses | $1,079,890 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,716 |
| Savings and temporary cash investments | $427,829 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,386 |
| 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 | $20,241 |
| Net Land, buildings, and equipment | $1,239,195 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $73,629 |
| Total assets | $1,779,996 |
| Accounts payable and accrued expenses | $85,753 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $24,899 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $610,655 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $684,594 |
| Total liabilities | $1,405,901 |
| Net assets without donor restrictions | $374,095 |
| 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 | $1,779,996 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
1260 Housing Development Corporation Philadelphia, PA | $75,955,661 | $16,577,131 |
Services For The Underserved Inc New York, NY | $8,662,192 | $15,624,121 |
Hudson River Housing Poughkeepsie, NY | $27,296,400 | $16,670,773 |
Division Housing Corporation Brooklyn, NY | $37,066,960 | $16,618,579 |
Affordable Housing Alliance Inc Neptune, NJ | $23,008,220 | $15,041,931 |
New Community Corporation Newark, NJ | $92,222,632 | $16,838,314 |
Boston Tremont Housing Development Fund Corporation New York, NY | $28,761,784 | $24,917,100 |
Highbridge Community Housing Development Fund Corporation Bronx, NY | $37,198,979 | $10,077,862 |
Harlem West Ii Housing Dev Fund Co Inc New York, NY | $7,149,098 | $1,214,746 |
Housing Development Corporation Midatlantic Lancaster, PA | $24,908,226 | $11,939,671 |
Augustus & James Corporation New York, NY | $14,865,131 | $12,141,215 |
Milford Housing Development Corperation Milford, DE | $34,677,401 | $10,337,525 |