Norfolk Housing Development Fund Company Inc is located in Norfolk, NY. The organization was established in 1990. 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. Norfolk 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 12/2023, Norfolk Housing Development Fund Company Inc generated $215.8k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.4%) each year. All expenses for the organization totaled $179.9k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (3.5%) per year over the past 8 years. 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
THIS COMPANY HAS BEEN ORGANIZED EXCLUSIVELY, AS ITS SOLE PURPOSE, TO DEVELOP, ON A NOT-FOR-PROFIT BASIS, A 24-UNIT HOUSING PROJECT FOR PERSONS OF LOW INCOME WHERE NO ADEQUATE HOUSING EXISTS FOR SUCH PERSONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATION OF A 24-UNIT HOUSING PROJECT FOR LOW-INCOME SENIOR CITIZENS AND OTHER QUALIFIED INDIVIDUALS.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Donna Peterson President | OfficerTrustee | 1 | $0 |
Eva Enache Treasurer | OfficerTrustee | 1 | $0 |
Mary Jane Byrne Secretary | OfficerTrustee | 1 | $0 |
Ilona Joy Vice President | OfficerTrustee | 1 | $0 |
Bonnie Davey Board Member | Trustee | 35 | $38,288 |
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 | $31,998 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $31,998 |
Total Program Service Revenue | $183,814 |
Investment income | $29 |
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 | $215,841 |
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. | $38,288 |
Compensation of current officers, directors, key employees. | $38,288 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $0 |
Pension plan accruals and contributions | $0 |
Other employee benefits | $8,075 |
Payroll taxes | $2,992 |
Fees for services: Management | $0 |
Fees for services: Legal | $0 |
Fees for services: Accounting | $6,400 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $26,903 |
Advertising and promotion | $70 |
Office expenses | $2,510 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $35,073 |
Travel | $0 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $7,490 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $36,831 |
Insurance | $12,536 |
All other expenses | $2,745 |
Total functional expenses | $179,913 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $34,335 |
Savings and temporary cash investments | $61,464 |
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 | $267 |
Net Land, buildings, and equipment | $343,118 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $6,041 |
Total assets | $445,225 |
Accounts payable and accrued expenses | $2,292 |
Grants payable | $0 |
Deferred revenue | $0 |
Tax-exempt bond liabilities | $0 |
Escrow or custodial account liability | $6,041 |
Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
Secured mortgages and notes payable | $818,588 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $0 |
Total liabilities | $826,921 |
Net assets without donor restrictions | -$381,696 |
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 | $445,225 |