Graduate Center Foundation Housing Corporation
- Assets
- $18.9m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 0
- Location
- New York, NY
- Founding
- 03/2009
- Data as of
- 06/2022
- EIN
- 26-2227891
Organization Overview
Graduate Center Foundation Housing Corporation is located in New York, NY. The organization was established in 2009. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Graduate Center Foundation Housing 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, Graduate Center Foundation Housing Corporation generated $1.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (3.6%) each year. All expenses for the organization totaled $2.4m during the year ending 06/2022. 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
THE GRADUATE CENTER FOUNDATION HOUSING CORPORATION WAS FORMED TO FOSTER AND ENABLE THE ACHIEVEMENT AND FULFILLMENT OF THE EDUCATION GOALS OF STUDENTS ENROLLED AT THE GRADUATE SCHOOL AND UNIVERSITY CENTER - CUNY, BY CREATING AFFORDABLE HOUSING FOR THE USE OF SUCH GRADUATE STUDENTS AND THEIR FAMILIES WHILE THESE STUDENTS COMPLETE THEIR STUDIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE SCHEDULE O:THE GRADUATE CENTER APARTMENTS HAVE CONTINUED TO GROW IN POPULARITY AMONG FACULTY AND STUDENTS. THE GRADUATE CENTER APARTMENTS' RATES HAVE CONTINUED TO STAY COMPETITIVE AND AFFORDABLE. LOCATED AT 165 EAST 118TH STREET, THE EIGHT-STORY GRADUATE CENTER APARTMENTS COMPLEX OFFERS BRIGHT, MODERN, AIRY, AND AFFORDABLE HOUSING, AND PROVIDES AN EASY COMMUTE TO THE GRADUATE CENTER FOR ITS STUDENTS AND FACULTY MEMBERS. THE GRADUATE CENTER APARTMENT COMPLEX FEATURES 77 HOUSING UNITS, INCLUDING 64 UNITS FOR GRADUATE STUDENTS AND 12 APARTMENTS FOR COLLEGE FACULTY.THE GRADUATE CENTER APARTMENTS AMENITIES CONSIST OF A ROOFTOP RECREATION SPACE, AN EXERCISE ROOM, A GROUND LOUNGE, BIKE STORAGE, AND ACCESS TO THE EXTENSIVE PUBLIC SPACES AND OUTDOOR AREAS ON THE CAMPUS ADJACENT TO THE HOUSING FACILITY.THE OCCUPANCY RATE AT THE GRADUATE CENTER APARTMENTS HAS INCREASED FOR ACADEMIC YEAR 2021-2022, BUT NOT YET TO THE PRE-COVID LEVELS. IT IS EXPECTED TO BE BACK TO PRE-PANDEMIC OCCUPANCY FOR THE 2022-2023 ACADEMIC YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peter H Darrow President | OfficerTrustee | 1 | $0 |
Myron Glucksman Treasurer | OfficerTrustee | 1 | $0 |
Dwight Lee Secretary | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Urban Associates Property Mgmt, Security & Superintendent | 6/29/22 | $640,408 |
Kramer Levin Naftalis And Frankel Ll Legal Services | 6/29/22 | $212,759 |
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 | $1,474,627 |
| Investment income | $1,014 |
| 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 | $1,485,607 |
| 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 | $137,181 |
| Pension plan accruals and contributions | $11,298 |
| Other employee benefits | $27,243 |
| Payroll taxes | $10,494 |
| Fees for services: Management | $81,698 |
| Fees for services: Legal | $212,904 |
| Fees for services: Accounting | $2,188 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $387,359 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $1,127 |
| Royalties | $0 |
| Occupancy | $47,368 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $463,648 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $623,250 |
| Insurance | $114,946 |
| All other expenses | $3,043 |
| Total functional expenses | $2,403,217 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $81,478 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $104,394 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $90,660 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $18,040,917 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $537,418 |
| Total assets | $18,854,867 |
| Accounts payable and accrued expenses | $60,584 |
| Grants payable | $0 |
| Deferred revenue | $70,149 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $159,655 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $12,446,708 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $12,737,096 |
| Net assets without donor restrictions | $6,117,771 |
| 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 | $18,854,867 |