Phipps Houses
- Assets
- $754.8m
- Revenue
- $88.0m
- Investments
- $64.3m
- Employees
- 22
- Location
- New York, NY
- Founding
- 03/1948
- Data as of
- 12/2021
- EIN
- 11-1187480
Organization Overview
Phipps Houses is located in New York, NY. The organization was established in 1948. 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. As of 12/2021, Phipps Houses employed 22 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Phipps Houses is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2021, Phipps Houses generated $88.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.8% each year. All expenses for the organization totaled $21.5m during the year ending 12/2021. While expenses have increased by 8.3% 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.
Since 2014, Phipps Houses has awarded 44 individual grants totaling $3,794,506. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE, PROMOTE AND DEVELOP AFFORDABLE HOUSING FOR LOW AND MODERATE INCOME RESIDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE, PROMOTE AND DEVELOP AFFORDABLE HOUSING FOR LOW AND MODERATE INCOME RESIDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Adam Weinstein President/ceo | Officer | 40 | $791,174 |
James Robert Pigott Jr Vice President And Secretary | Officer | 40 | $330,476 |
Matthew Kelly VP Property Development | Officer | 40 | $326,830 |
Brian Bricker Treasurer | Officer | 40 | $302,845 |
Michael Wadman VP Property Development | Officer | 40 | $301,098 |
Andre White Vice President | Officer | 1 | $294,072 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ca Rich Consultants Inc Environmental Remediation | 12/30/21 | $2,265,162 |
Lettire Construction Corp Construction Contractor | 12/30/21 | $4,262,482 |
Monadnock Construction Inc Construction Contractor | 12/30/21 | $5,721,335 |
Akrf Inc Environmental Remediation | 12/30/21 | $2,053,462 |
Marvel Architects Pllc Architect | 12/30/21 | $2,043,497 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $1,440,000 |
| 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 | $1,440,000 |
| Total Program Service Revenue | $51,483,220 |
| Investment income | $10,360,554 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $21,626,311 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $88,001,578 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,532,434 |
| 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. | $3,069,951 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,870,527 |
| Pension plan accruals and contributions | $160,255 |
| Other employee benefits | $360,097 |
| Payroll taxes | $246,272 |
| Fees for services: Management | $473,904 |
| Fees for services: Legal | $94,321 |
| Fees for services: Accounting | $179,488 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $198,469 |
| Advertising and promotion | $127,865 |
| Office expenses | $177,749 |
| Information technology | $101,487 |
| Royalties | $0 |
| Occupancy | $5,850,693 |
| Travel | $6,977 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $11,282 |
| Interest | $321,756 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,265,582 |
| Insurance | $177,425 |
| All other expenses | $0 |
| Total functional expenses | $21,514,926 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $15,973,816 |
| Savings and temporary cash investments | $877,584 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $181,427,851 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $97,351,974 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $81,506,797 |
| Net Land, buildings, and equipment | $70,210,397 |
| Investments—publicly traded securities | $243,116,249 |
| Investments—other securities | $64,311,840 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $754,776,508 |
| Accounts payable and accrued expenses | $11,879,764 |
| Grants payable | $0 |
| Deferred revenue | $9,927,808 |
| 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 | $6,397,666 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $17,510,394 |
| Total liabilities | $45,715,632 |
| Net assets without donor restrictions | $709,060,876 |
| 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 | $754,776,508 |
Grants Awarded
Over the last fiscal year, Phipps Houses has awarded $2,491,916 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
New York, NY PURPOSE: LOAN FORGIVENESS | $2,421,916 |
SETTLEMENT HOUSING FUND INC PURPOSE: ANNUAL SPRING BENEFIT | $15,000 |
New York, NY PURPOSE: CHPC ANNUAL LUNCHEON | $15,000 |
New York, NY PURPOSE: ANNUAL AWARDS CONFERENCE SPONSORSHIP AND DONATION | $15,000 |
Bronx, NY PURPOSE: LOISAIDA FESTIVAL SPONSORSHIP | $10,000 |
New York, NY PURPOSE: NYU FURMAN CENTER ADVISORY BOARD ANNUAL CONTRIBUTION | $7,500 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Phipps Houses has recieved totaling $176,399.
| Awarding Organization | Amount |
|---|---|
Henry Phipps Plaza North Housing Development Fund Corporation New York, NY PURPOSE: PROMOTING AFFORDABLE | $175,000 |
The Today Show Charitable Foundationinc New York, NY PURPOSE: TO PROMOTE THE WELFARE OR OTHERWISE ENRICH THE LIVES OF LESS FORTUNATE CHILDREN AND TEENS. | $1,399 |
Endowment Analysis
| Beg. Balance | $251,300,261 |
| Ending Balance | $251,300,261 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Viecare Beaver Llc Cranberry Township, PA | $43,089,373 | $46,860,704 |
Columbus Property Management & Development Inc Philadelphia, PA | $30,446,777 | $36,581,885 |
Nycha Ii Housing Development Fund Corporation New York, NY | $21,607,256 | $75,418,815 |
Housing Assistance Corporation Hyannis, MA | $20,544,372 | $36,246,807 |
Eihab Human Services New Jersey Inc Springfield Gardens, NY | $6,084,233 | $34,447,037 |
West Side Federation For Senior Housing Inc New York, NY | $138,485,239 | $41,412,403 |
Mainstay Life Services Pittsburgh, PA | $23,133,484 | $27,133,047 |
East Harlem Pilot Block Housing Development Fund Co Inc New York, NY | $76,192,730 | $32,420,395 |
Orange Affordable Housing Inc New York, NY | $0 | $0 |
Housing Visions Unlimited Inc Syracuse, NY | $54,882,329 | $24,284,268 |
Phipps Houses New York, NY | $754,776,508 | $88,001,578 |
C-Hp Cove Inc New York, NY | $8,025,727 | $5,367,385 |