Griggs Farm Inc
- Assets
- $973.1k
- Revenue
- $640.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Princeton, NJ
- Founding
- 06/2007
- Data as of
- 12/2022
- EIN
- 20-8198080
Organization Overview
Griggs Farm Inc is located in Princeton, NJ. The organization was established in 2007. According to its NTEE Classification (L22) the organization is classified as: Senior Citizens Housing & Retirement Communities, 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. Griggs Farm 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 12/2022, Griggs Farm Inc generated $640.3k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.7% each year. All expenses for the organization totaled $688.8k during the year ending 12/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE QUALITY HOMES IN A DIVERSE COMMUNITY FOR HOUSEHOLDS WHOSE TOTAL GROSS INCOMES FALL BETWEEN 30 AND 60 PERCENT OF THE AREA MEDIAN AND WITHIN GUIDELINES SET BY THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT FOR LOW INCOME HOUSEHOLDS RENT FOR ALL UNITS IS SET AT 30% OF GROSS INCOME.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GRIGGS FARM, INC OWNS 70 AFFORDABLE LOW INCOME UNITS. THE GRIGGS FARM COMMUNITY ALSO INCLUDES 70 AFFORDABLE OWNERSHIP UNITS MANAGED BY THE MUNICIPALITY OF PRINCETON, AND 140 MARKET RATE PRIVATE OWNERSHIP UNITS. GRIGGS FARM WAS DEVELOPED THROUGH THE FEDERAL LOW INCOME HOUSING TAX CREDIT PROGRAM, ALL TAX CREDITS WERE REDEEMED IN 2005 THERE ARE NO CURRENT GOVERNMENT SUBSIDIES AND GRIGGS FARM INC'S OPERATIONS ARE FINANCED SOLELY FROM THE RENTAL INCOME DERIVED FROM ITS 70 UNITS. THROUGH CAREFUL MANAGEMENT, WE ARE ABLE TO HOLD RENTS TO 30% OF EACH HOUSEHOLD'S GROSS INCOME. PCH DEVELOPMENT CORP A RELATED NONPROFIT ORGANIZATION, MANAGES THE UNITS AND OPERATIONS GRIGGS FARM IS SERVED DAILY VIA PUBLIC BUS TRANSPORTATION, ENABLING RESIDENTS TO TRAVEL TO NEARBY JOBS AND SHOPPING, DOWNTOWN PRINCETON AND AREA MALLS. GRIGGS FARM, INC WORKS WITH MERCER STREET FRIENDS TO OFFER A TWICE-A-MONTH FOOD PANTRY TO RESIDENTS (FREE OF CHARGE) WHO ARE INCOME QUALIFIED STAFF AND VOLUNTEERS, MAKE SURE THAT FOOD BAGS ARE DISTRIBUTED TO EACH ELIGIBLE HOUSEHOLD. THE FOOD IS PURCHASED THROUGH THE GRIGGS FARM INC OPERATING BUDGET OR DONATED EVERY THANKSGIVING. FOOD PANTRY HOUSEHOLDS ALSO RECEIVE A TURKEY AND TRIMMING AT NO COST. GRIGGS FARM INC ALSO PROVIDES RESIDENTS WITH CHILDREN UNDER THE AGE OF 18 WITH A STIPEND TO SUBSIDIZE SUMMER ACTIVITIES ADMINISTERED THROUGH VARIOUS LOCAL ENRICHMENT PROGRAMS, INCLUDING THE MUNICIPAL RECREATION DEPARTMENT A REPRESENTATIVE FROM THE PCH BOARD OF TRUSTEES AND INTERNAL. GRIGGS FARM COMMITTEE WORKS CLOSELY WITH THE GRIGGS FARM CONDO ASSOCIATION AND ITS BOARD TO ENSURE CONSTANT COMMUNICATION THERE IS ALSO A COMMUNITY CLUBHOUSE ON SITE FOR RESIDENT USE. ELIGIBLE RESIDENTS MAY PARTICIPATE IN THE FOOD PANTRY AND SUMMER RECREATION STIPEND PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alice K Small Board Member | Trustee | 1 | $0 |
Anne Stewart Board Member | Trustee | 1 | $0 |
C Vanleer Davis Board Member | Trustee | 1 | $0 |
Caroline Travers Board Member | Trustee | 1 | $0 |
Chad Bridges Vice President | OfficerTrustee | 1 | $0 |
Elizabeth Bidwell Bates Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $30,000 |
| 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 | $30,000 |
| Total Program Service Revenue | $610,191 |
| Investment income | $89 |
| 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 | $640,280 |
| 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 | $109,091 |
| Pension plan accruals and contributions | $3,211 |
| Other employee benefits | $19,291 |
| Payroll taxes | $10,014 |
| Fees for services: Management | $42,624 |
| Fees for services: Legal | $16,011 |
| Fees for services: Accounting | $16,345 |
| 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 | $12,178 |
| Information technology | $7,624 |
| Royalties | $0 |
| Occupancy | $61,190 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,062 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $25,919 |
| Insurance | $36,268 |
| All other expenses | $0 |
| Total functional expenses | $688,839 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $23,550 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $21,685 |
| 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 | $19,010 |
| Net Land, buildings, and equipment | $775,591 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $133,240 |
| Total assets | $973,076 |
| Accounts payable and accrued expenses | $94,270 |
| Grants payable | $0 |
| Deferred revenue | $13,982 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $68,407 |
| 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 | $176,659 |
| Net assets without donor restrictions | $796,417 |
| 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 | $973,076 |