Msgr Joseph F Stedman Residence Housing Development Fund Corporati
- Assets
- $6.0m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Brooklyn, NY
- Founding
- 03/1946
- Data as of
- 06/2021
- EIN
- 11-3402363
Organization Overview
Msgr Joseph F Stedman Residence Housing Development Fund Corporati is located in Brooklyn, NY. The organization was established in 1946. 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 a subordinate organization within an affiliated group for tax-exemption purposes. Msgr Joseph F Stedman Residence Housing Development Fund Corporati 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 06/2021, Msgr Joseph F Stedman Residence Housing Development Fund Corporati generated $1.2m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 5.0% each year. All expenses for the organization totaled $1.4m during the year ending 06/2021. While expenses have increased by 5.9% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE SAFE AND AFFORDABLE HOUSING FOR ELDERLY AND DISABLED PERSONS OF LOW INCOME.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OWNS AND OPERATES A 88 UNIT HOUSING PROJECT UNDER HUD SECTION 202 OF THE NATIONAL HOUSING ACT FOR ELDERLY AND DISABLED PERSONS OF LOW INCOME.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Martin Sussman Treasurer & Director | OfficerTrustee | 0.1 | $0 |
Mary Hurson VP & Director | OfficerTrustee | 0.1 | $0 |
Jeanne M Diulio President & Director | OfficerTrustee | 0.2 | $0 |
Desiree A Jackson-Fryson Secretary & Director | OfficerTrustee | 0.1 | $0 |
Alan Wolinetz CFO | Officer | 0.2 | $0 |
Rev Msgr Alfred P Lopinto CEO | Officer | 0.2 | $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 | $1,163,629 |
| Investment income | $495 |
| 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 | $1,175,882 |
| 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 | $96,015 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $15,825 |
| 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 | $13,299 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $621,740 |
| 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 | $255,354 |
| Insurance | $110,067 |
| All other expenses | $0 |
| Total functional expenses | $1,383,137 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $33,788 |
| Savings and temporary cash investments | $592,360 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $11,926 |
| 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 | $110,731 |
| Net Land, buildings, and equipment | $5,248,041 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $23,900 |
| Total assets | $6,020,746 |
| Accounts payable and accrued expenses | $90,688 |
| Grants payable | $0 |
| Deferred revenue | $1,299 |
| 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 | $8,983,300 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $55,236 |
| Total liabilities | $9,130,523 |
| Net assets without donor restrictions | -$3,109,777 |
| 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 | $6,020,746 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
Boston Tremont Housing Development Fund Corporation New York, NY | $28,761,784 | $24,917,100 |
Highbridge Community Housing Development Fund Corporation Bronx, NY | $37,198,979 | $10,077,862 |
Harlem West Ii Housing Dev Fund Co Inc New York, NY | $7,149,098 | $1,214,746 |
Housing Development Corporation Midatlantic Lancaster, PA | $24,908,226 | $11,939,671 |
Augustus & James Corporation New York, NY | $14,865,131 | $12,141,215 |