Lincoln Towers Housing Development Fund Corporation
- Assets
- $9.1m
- Revenue
- $1.9m
- Investments
- $0.0
- Employees
- 2
- Location
- Elmsford, NY
- Founding
- 03/1998
- Data as of
- 06/2021
- EIN
- 13-3974371
Organization Overview
Lincoln Towers Housing Development Fund Corporation is located in Elmsford, NY. The organization was established in 1998. 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 06/2021, Lincoln Towers Housing Development Fund Corporation employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lincoln Towers Housing Development Fund 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 06/2021, Lincoln Towers Housing Development Fund Corporation generated $1.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $2.1m during the year ending 06/2021. While expenses have increased by 5.1% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO ACQUIRE AND OPERATE AN 89-UNIT RESIDENTIAL RENTAL PROJECT, LOCATED IN NEW ROCHELLE, NY, UNDER THE NATIONAL HOUSING ACT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ACTIVITIES RELATED TO 89 LOW INCOME HOUSING UNITS SUPPORTED BY THE US DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT UNDER THE SECTION 8 AND THE SECTION 8 CONVERSION PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patricia Johnson Secretary | OfficerTrustee | 0.1 | $0 |
Revdr Michael J Rouse President | OfficerTrustee | 0.1 | $0 |
Bernice Smith ESQ Treasurer | OfficerTrustee | 0.1 | $0 |
Ayris Granby Vice President | OfficerTrustee | 0.1 | $0 |
Mary E Williams Director | Trustee | 0.1 | $0 |
Anna Davis Director | Trustee | 0.1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Arch Services Masonry Repairs | 6/29/21 | $219,528 |
Jnc Enterprises Inc Apt Rehabilitation | 6/29/21 | $104,688 |
C Williams Electrical Construction Inc Generator | 6/29/21 | $120,000 |
Ctl Carpet Flooring | 6/29/21 | $107,531 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,491,649 |
| Investment income | $22,231 |
| 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 | $1,942,997 |
| Statement of Expenses | |
|---|---|
| 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 to disqualified persons | $0 |
| Other salaries and wages | $123,227 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $50,186 |
| Payroll taxes | $8,951 |
| Fees for services: Management | $84,343 |
| Fees for services: Legal | $4,955 |
| Fees for services: Accounting | $12,000 |
| 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 | $3,084 |
| 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 | $440,603 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $379,831 |
| Insurance | $75,076 |
| All other expenses | $0 |
| Total functional expenses | $2,145,909 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $19,915 |
| Savings and temporary cash investments | $3,140,688 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $27,217 |
| 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 | $64,532 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $580,479 |
| Other assets | $2,083,408 |
| Total assets | $9,118,785 |
| Accounts payable and accrued expenses | $297,466 |
| 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 | $12,010,204 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $73,117 |
| Total liabilities | $12,380,787 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | -$3,262,002 |
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 |