Long Island Partnership Housing Development Fund Co Inc
- Assets
- $2.8m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Hauppauge, NY
- Founding
- 06/1993
- Data as of
- 12/2023
- EIN
- 11-2911043
Organization Overview
Long Island Partnership Housing Development Fund Co Inc is located in Hauppauge, NY. The organization was established in 1993. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Long Island Partnership Housing Development Fund Co 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 12/2023, Long Island Partnership Housing Development Fund Co Inc generated $1.2m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 3.9% each year. All expenses for the organization totaled $1.3m during the year ending 12/2023. While expenses have increased by 5.4% per year over the past 5 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE DEVELOPMENT AND/OR REHABILITATION AND TRANSFER OF COMPLETED HOUSING UNITS TO HOMEOWNERS IN ACCORDANCE WITH LONG ISLAND PARTNERSHIP HOUSING DEVELOPMENT FUND COMPANY, INC.'S TAX EXEMPT PURPOSE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2023, LONG ISLAND PARTNERSHIP HOUSING DEVELOPMENT FUND COMPANY, INC. (LIPHDFC) COMPLETED AND TRANSFERRED 3 HOME UNITS TO HOMEBUYERS IN SUFFOLK COUNTY. THESE HOMEBUYERS WERE INDIVIDUALS WHO MET THE INCOME ELIGIBILITY REQUIREMENTS AND WOULD NOT OTHERWISE HAVE BEEN ABLE TO AFFORD A NEW HOME IN THE MARKET PLACE. IN ADDITION, MULTIPLE OTHER PROPERTIES WERE UNDER CONSTRUCTION DURING THE YEAR. THE LAND UPON WHICH THESE 3 HOME UNITS WERE BUILT WAS TRANSFERRED TO AN AFFILIATE ENTITY OF LIPHDFC, LONG ISLAND PARTNERSHIP CLT HOUSING DEVELOPMENT FUND COMPANY, INC. (LIPCLT). LIPCLT WAS ESTABLISHED WITH THE INTENT OF ACQUIRING AND DEVELOPING OR REHABILITATING MULTIPLE PARCELS OF LAND THROUGHOUT LONG ISLAND AND RETAINING OWNERSHIP OF THESE PARCELS WITHIN ITS LAND TRUST FOREVER. UNDER ITS SHARED-EQUITY MODEL, LIPCLT RETAINS OWNERSHIP OF LAND WITHIN ITS LAND TRUST AND LEASES THE LAND TO HOME BUYERS FOR A RENEWABLE TERM OF 99 YEARS THROUGH A GROUND LEASE AGREEMENT, WHILE THE HOME BUYERS PURCHASE AND HOLD OWNERSHIP INTEREST IN THE PHYSICAL STRUCTURE. THIS ALLOWS INCOME-ELIGIBLE FAMILIES TO PURCHASE HOMES AT BELOW-MARKET PRICES, AND ALLOWS THE PROPERTY TO REMAIN AFFORDABLE IN PERPETUITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peter J Elkowitz Jr President / | OfficerTrustee | 4 | $0 |
James Britz Exec. VP / C | OfficerTrustee | 3 | $0 |
Jill Rosen-Nikoloff Cco/general | Officer | 3 | $0 |
Valerie Canny CFO | Officer | 3 | $0 |
Martha Abrams Director (in | Trustee | 0.1 | $0 |
Scott Bronson Director (in | Trustee | 0.1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $4,370 |
| All other contributions, gifts, grants, and similar amounts not included above | $21,561 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $25,931 |
| Total Program Service Revenue | $1,203,280 |
| Investment income | $25,482 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$25,345 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,229,348 |
| 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 | $272,808 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $9,270 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,963 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $312 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $913 |
| 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 | $0 |
| Insurance | $16,767 |
| All other expenses | $966,345 |
| Total functional expenses | $1,268,378 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $58,434 |
| Savings and temporary cash investments | $443,892 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,301,496 |
| Total assets | $2,803,822 |
| Accounts payable and accrued expenses | $81,951 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $81,951 |
| Net assets without donor restrictions | $2,721,871 |
| 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 | $2,803,822 |