Scotia Committee Housing Development Fund Co Inc
- Assets
- $6.1m
- Revenue
- $1.0m
- Investments
- $2.7m
- Employees
- 0
- Location
- Scotia, NY
- Founding
- 05/1983
- Data as of
- 11/2022
- EIN
- 22-2418269
Organization Overview
Scotia Committee Housing Development Fund Co Inc, operating under the name Holyrood House, is located in Scotia, NY. The organization was established in 1983. 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. Holyrood House 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 11/2022, Holyrood House generated $1.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $936.9k during the year ending 11/2022. While expenses have increased by 6.2% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
SEE FORM 990, PAGE 2, PART III, LINE 1A
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FUND'S PRIMARY PROGRAM SERVICE IS TO PROVIDE HUD SUBSIDIZED/LOW INCOME HOUSING TO QUALIFIED TENANTS. IN 2015, THE FUND COMMENCED A MULTI-YEAR REHABILITATION PROJECT UNDER WHICH APPROXIMATELY $3.5 MILLION WILL BE COMMITTED TO THE COMPLETE REHABILITATION OF THE FUND'S HOUSING PROJECT IN SCOTIA. THIS PROJECT WILL INCLUDE THE REHABILITATION OF EACH APARTMENT, THE VARIOUS COMMON AREAS, AND THE REPLACEMENT OF THE BUILDING ELEVATORS. ALTHOUGH THIS PROJECT WAS INACTIVE DURING THE PAST FEW FISCAL YEARS (DUE TO THE PANDEMIC), AS OF NOVEMBER 30, 2022, APPROXIMATELY $2.9 MILLION UNDER THIS PROJECT HAD BEEN EXPENDED. IT IS PROJECTED THAT APPROXIMATELY $300,000 WILL BE EXPENDED IN EACH OF THE NEXT TWO YEARS, WITH THE COMPLETION OF THE PROJECT IN 2024.
FROM TIME TO TIME, THE FUND MAY GRANT MONIES TO OTHER EXEMPT ORGANIZATIONS WHICH SHARE A COMMON MISSION OF SUPPORTING SENIOR HOUSING, MEALS FOR THOSE LIVING IN LOW INCOME HOUSING, AND OTHER PURPOSES WHICH MIGHT BE OTHERWISE ALIGNED WITH THE FUND'S MISSION. IN THE CURRENT FISCAL YEAR, THE FUND PROVIDED GRANTS TO TWO EXEMPT ORGANIZATIONS IN THE TOTAL AMOUNT OF $21,650. THESE GRANTS ARE REPORTED UNDER PAGE 10, PART IX, LINE 1, WITH MORE DETAILED INFORMATION REPORTED UNDER SCHEDULE I, PART II OF THIS FORM 990.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ronald Pinkerton President | OfficerTrustee | 5 | $1,100 |
Nancy Shults Vice President | OfficerTrustee | 5 | $600 |
Steven George Treasurer | OfficerTrustee | 5 | $600 |
Christine Bissonette Secretary | OfficerTrustee | 5 | $550 |
Harlan Barney Jr Director | Trustee | 2 | $50 |
Mary Beth Butch Director | Trustee | 2 | $50 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Tom Dilorenzo General Contractor Construction | 11/29/20 | $246,381 |
Burns Management Reimbursements And Fe Property Management | 11/29/20 | $311,542 |
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 | $1,004,401 |
| Investment income | $17,667 |
| 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 | $1,022,068 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $21,650 |
| 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. | $3,000 |
| Compensation of current officers, directors, key employees. | $3,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $215,197 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $38,401 |
| Fees for services: Management | $53,730 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $34,283 |
| Advertising and promotion | $0 |
| Office expenses | $36,544 |
| 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 | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $211,786 |
| Insurance | $178,834 |
| All other expenses | $0 |
| Total functional expenses | $936,897 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $592,264 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $9,234 |
| 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 | $80,436 |
| Net Land, buildings, and equipment | $2,694,406 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,671,885 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $24,997 |
| Total assets | $6,073,222 |
| Accounts payable and accrued expenses | $39,327 |
| Grants payable | $0 |
| Deferred revenue | $1,197 |
| 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 | $27,572 |
| Total liabilities | $68,096 |
| Net assets without donor restrictions | $6,005,126 |
| 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 | $6,073,222 |
Grants Awarded
Over the last fiscal year, Scotia Committee Housing Development Fund Co Inc has awarded $21,650 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Schenectady, NY PURPOSE: UNRESTRICTED GRANT | $20,000 |
Latham, NY PURPOSE: UNRESTRICTED GRANT | $1,650 |
Endowment Analysis
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Cedar Crest Village Llc Pompton Plains, NJ | $458,841,206 | $94,228,748 |
Brooksby Village Inc Peabody, MA | $455,308,698 | $77,450,637 |
Ann S Choice Inc Warminster, PA | $390,463,878 | $78,899,329 |
Linden Ponds Inc Hingham, MA | $366,102,829 | $68,847,923 |
Acts Retirement Services Inc Fort Washington, PA | $53,774,543 | $61,999,737 |
Lantern Hill Inc New Providence, NJ | $464,665,892 | $49,148,353 |
Whitemarsh Continuing Care Retirement Community Lafayette Hill, PA | $237,675,792 | $39,315,037 |
New York Foundation For Senior Citizens Home Attendant Services I New York, NY | $24,976,445 | $43,263,283 |
Caringhouse Projects Incorporated Pleasantville, NJ | $35,651,045 | $47,839,367 |
Concordia Lutheran Ministries Of Pittsburgh Pittsburgh, PA | $101,461,859 | $42,844,424 |
Sjf Ccrc Inc Voorhees, NJ | $105,324,676 | $30,989,570 |
Hudson Lutheran Housing Corporation Secaucus, NJ | $0 | $195,483 |