Division Housing Corporation
- Assets
- $37.1m
- Revenue
- $16.6m
- Investments
- $0.0
- Employees
- 26
- Location
- Brooklyn, NY
- Founding
- 05/2014
- Data as of
- 06/2022
- EIN
- 45-3615582
Organization Overview
Division Housing Corporation is located in Brooklyn, NY. The organization was established in 2014. 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 06/2022, Division Housing Corporation employed 26 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Division 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, Division Housing Corporation generated $16.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.3% each year. All expenses for the organization totaled $14.9m during the year ending 06/2022. While expenses have increased by 5.5% 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 OWN, REHABILITATE, MAINTAIN, AND MANAGE, ON A NONPROFIT BASIS, A MUNICIPALLY-AIDED HOUSING PROJECT IN BROOKLYN, NY, FOR PERSONS WITH LOW INCOME.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION OPERATES AN APARTMENT COMPLEX OF 534 RESIDENTIAL UNITS (AND TWO COMMERCIAL SPACES), WHICH SERVES AS LOW-INCOME RENTAL HOUSING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Monsignor Anthony Hernandez President | OfficerTrustee | 5 | $0 |
Mary Dunbar Secretary / Treasurer | OfficerTrustee | 3 | $0 |
Miguel Hernandez Director | Trustee | 3 | $0 |
Rabbi Joshua Rosenbaum Director | Trustee | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
M & H Contracting Usa Corp Repair & Maintenance | 6/29/22 | $267,444 |
Citi Security Inc Security | 6/29/22 | $388,283 |
Rafe Contracting Llc Repair & Maintenance | 6/29/22 | $316,514 |
Joseph And Son Restoration Inc Repair & Maintenance | 6/29/22 | $1,177,075 |
Adiba Contracting Corp Repair & Maintenance | 6/29/22 | $816,283 |
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 | $16,574,894 |
| Investment income | $43,685 |
| 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 | $16,618,579 |
| 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 | $1,950,817 |
| Pension plan accruals and contributions | $142,362 |
| Other employee benefits | $513,561 |
| Payroll taxes | $155,910 |
| Fees for services: Management | $122,662 |
| Fees for services: Legal | $23,513 |
| Fees for services: Accounting | $41,857 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $32,732 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,180,945 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,433,435 |
| Insurance | $848,422 |
| All other expenses | $232,627 |
| Total functional expenses | $14,864,860 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,577,794 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $979,148 |
| 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 | $1,751,426 |
| Net Land, buildings, and equipment | $19,887,431 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $12,871,161 |
| Total assets | $37,066,960 |
| Accounts payable and accrued expenses | $1,814,604 |
| 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 | $32,718,976 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | -$885,741 |
| Total liabilities | $33,647,839 |
| Net assets without donor restrictions | $3,419,121 |
| 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 | $37,066,960 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
First Chinese Presbyterian Community Affairs Home Attendant C New York, NY | $26,741,134 | $40,973,137 |
Corporation For Supportive Housing New York, NY | $191,922,281 | $44,983,722 |
Community Options New York Inc Princeton, NJ | $30,057,554 | $34,330,215 |
Lantern Community Services Inc New York, NY | $8,603,902 | $30,172,757 |
Pathstone Corporation Rochester, NY | $88,645,469 | $21,347,590 |
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 |
Cambridge Affordable Housing Corporation Cambridge, MA | $128,682,054 | $13,147,216 |
Affordable Housing Alliance Inc Neptune, NJ | $23,008,220 | $15,041,931 |
New Community Corporation Newark, NJ | $92,222,632 | $16,838,314 |