Farmingdale Housing Development Fund Company Inc
- Assets
- $3.5m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Hempstead, NY
- Founding
- 08/1983
- Data as of
- 09/2022
- EIN
- 11-2614312
Organization Overview
Farmingdale Housing Development Fund Company Inc is located in Hempstead, NY. The organization was established in 1983. 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. Farmingdale Housing Development Fund Company 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 09/2022, Farmingdale Housing Development Fund Company Inc generated $1.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 34.4% each year .
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE COMPANY PROVIDES HOUSING FOR LOW INCOME, ELDERLY AND HANDICAPPED INDIVIDUALS WHO ARE ABLE TO LIVE INDEPENDENTLY ON A NOT-FOR-PROFIT BASIS. RENTS PAID BY THE TENANTS ARE SUBSIDIZED BY THE US DEPARTMENT OF H.U.D THROUGH SECTION 8 RENT ASSISTANCE PAYMENTS. THE PROJECT (BUILDING) WAS FINANCED WITH A MORTGAGE FROM H.U.D.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE COMPANY PROVIDES HOUSING FOR THE ELDERLY AND HANDICAPPED. HUD PROJECT NUMBER 012 EH 288 IS AN 80-UNIT APARTMENT FACILITY, LOCATED IN FARMINGDALE, NEW YORK. THE PROJECT IS OPERATED UNDER SECTION 202 OF THE NATIONAL HOUSING ACT AND IS REGULATED BY U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) WITH RESPECT TO RENTAL CHARGES AND OPERATING METHODS.THE PROJECT ALSO IS SUBJECT TO SECTION 8 HOUSING ASSISTANCE PAYMENTS (HAP) AGREEMENTS WITH HUD, AND A SIGNIFICANT PORTION OF THE PROJECT'S RENTAL INCOME IS RECEIVED FROM HUD.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stephen Kressel Esquire Treasurer/acting President | OfficerTrustee | 1 | $0 |
Katherine Mc Donald Secretary | OfficerTrustee | 1 | $0 |
Ms Prudence Manolakes Board Member | Trustee | 1 | $0 |
Reverend Robert Weber Board Member | Trustee | 1 | $0 |
Anita Godfrey Board Member | Trustee | 1 | $0 |
Peter A Caruso Esquire Board Member | Trustee | 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 | $1,477,231 |
| Investment income | $7,527 |
| 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 | $1,487,868 |
| 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 | $95,046 |
| Fees for services: Legal | $6,354 |
| Fees for services: Accounting | $43,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $137,349 |
| Advertising and promotion | $0 |
| Office expenses | $24,153 |
| Information technology | $3,448 |
| Royalties | $0 |
| Occupancy | $181,520 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $61,608 |
| Insurance | $90,436 |
| All other expenses | $141,976 |
| Total functional expenses | $785,090 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,226 |
| Savings and temporary cash investments | $5,611 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $51,417 |
| 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 | $43,388 |
| Net Land, buildings, and equipment | $1,607,569 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,818,714 |
| Total assets | $3,536,925 |
| Accounts payable and accrued expenses | $68,651 |
| Grants payable | $0 |
| Deferred revenue | $3,018 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $27,835 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $983,408 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,082,912 |
| Net assets without donor restrictions | $2,454,013 |
| 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 | $3,536,925 |
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