Oyster Bay Urban Renewal Inc
- Assets
- $23.6m
- Revenue
- $3.9m
- Investments
- $0.0
- Employees
- 8
- Location
- Keyport, NJ
- Founding
- 08/2001
- Data as of
- 09/2023
- EIN
- 23-7242529
Organization Overview
Oyster Bay Urban Renewal Inc is located in Keyport, NJ. The organization was established in 2001. 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 09/2023, Oyster Bay Urban Renewal Inc employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Oyster Bay Urban Renewal 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 09/2023, Oyster Bay Urban Renewal Inc generated $3.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 13.0% each year . All expenses for the organization totaled $3.4m during the year ending 09/2023. While expenses have increased by 14.9% 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE PURPOSE OF THE CORPORATION IS TO BUILD AND OPERATE LOW AND MODERATE INCOME HOUSING UNDER A SECTION 236 INTEREST REDUCTION PROGRAM FOR 208 UNITS.
Describe the Organization's Program Activity:
TO HELP PROVIDE AFFORDABLE RESIDENT SENIOR HOUSING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph Carey President | OfficerTrustee | 1 | $0 |
Chris Burns Vice President | OfficerTrustee | 1 | $0 |
Michael Walling Secretary/treasurer | OfficerTrustee | 1 | $0 |
Cynthia Weber Director | OfficerTrustee | 1 | $0 |
Nicholas Vecchio Director | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cmc Limited Inc Employee Leasing | 9/29/23 | $309,030 |
Coughlin Management Company Property Management | 9/29/23 | $188,868 |
World Insurance Associates Llc Insurance | 9/29/23 | $130,183 |
Evco Mechanical Corporation Water Heater Installation | 9/29/23 | $109,803 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,501,409 |
| 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 | $2,501,409 |
| Total Program Service Revenue | $1,371,227 |
| Investment income | $21,500 |
| 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 | $3,921,416 |
| 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 | $27,405 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $188,868 |
| Fees for services: Legal | $7,154 |
| Fees for services: Accounting | $31,510 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $50,045 |
| Advertising and promotion | $0 |
| Office expenses | $29,948 |
| 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 | $750,848 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $498,155 |
| Insurance | $397,217 |
| All other expenses | $174,967 |
| Total functional expenses | $3,433,122 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $144,819 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $10,757 |
| 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 | $99,669 |
| Net Land, buildings, and equipment | $15,653,659 |
| Investments—publicly traded securities | $1,421,156 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,299,058 |
| Total assets | $23,629,118 |
| Accounts payable and accrued expenses | $159,462 |
| 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 | $15,270,362 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $145,129 |
| Total liabilities | $15,574,953 |
| Net assets without donor restrictions | $5,517,506 |
| Net assets with donor restrictions | $2,536,659 |
| 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 | $23,629,118 |