New York Mortgage Coalition Inc
- Assets
- $2.7m
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 4
- Location
- New York, NY
- Founding
- 07/2002
- Data as of
- 12/2023
- EIN
- 30-0021150
Organization Overview
New York Mortgage Coalition Inc is located in New York, NY. The organization was established in 2002. According to its NTEE Classification (L30) the organization is classified as: Housing Search Assistance, under the broad grouping of Housing & Shelter and related organizations. As of 12/2023, New York Mortgage Coalition Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New York Mortgage Coalition 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, New York Mortgage Coalition Inc generated $1.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.5% each year. All expenses for the organization totaled $1.6m during the year ending 12/2023. While expenses have increased by 7.2% per year over the past 8 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.
Since 2016, New York Mortgage Coalition Inc has awarded 159 individual grants totaling $6,338,359. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
EXPANDING HOMEOWNERSHIP OPPORTUNITIES FOR LOW AND MODERATE INCOME PERSONS AND FAMILIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOUSING COUNSELING PROGRAM: NYMC HOUSING COUNSELING AGENCIES PROVIDE HOUSING COUNSELING SERVICES. CLIENTS WHO RECEIVE A HOMEOWNERSHIP CERTIFICATE OF COMPLETION MUST COMPLETE A MINIMUM OF 8 HOURS OF EDUCATION; 6 HOURS IN A CLASSROOM SETTING AND 2 HOURS OF ONE-ON-ONE COUNSELING WITH A HOMEOWNERSHIP COUNSELOR. 2 OUT OF 3 CLIENTS ENROLLED IN NYMC'S ONE-ON-ONE COUNSELING PROGRAM BECOME MORTGAGE-READY WITHIN 6 TO 12 MONTHS. SINCE INCEPTION, NYMC HAS PROVIDED HOMEOWNERSHIP COUNSELING TO MORE THAN 30,000 LOW TO MIDDLE INCOME FAMILIES AND HELPED ORIGINATE OVER $1 BILLION IN AFFORDABLE FIRST-HOME MORTGAGES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carolyn Rebecca Senn Executive Dir. | Officer | 40 | $154,153 |
Deborah Johnson President | OfficerTrustee | 2 | $0 |
Marie Pedraza Vice President | OfficerTrustee | 2 | $0 |
Donald Tom Treasurer | OfficerTrustee | 2 | $0 |
Yangchen Chadotsang Secretary | OfficerTrustee | 2 | $0 |
Bernadette M Mueller Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $513,500 |
| Fundraising events | $48,704 |
| Related organizations | $0 |
| Government grants | $496,864 |
| All other contributions, gifts, grants, and similar amounts not included above | $452,015 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,511,083 |
| Total Program Service Revenue | $7,770 |
| Investment income | $73,996 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$5,161 |
| Net Income from Fundraising Events | -$6,671 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,581,033 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,069,557 |
| 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. | $178,977 |
| Compensation of current officers, directors, key employees. | $35,696 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $148,214 |
| Pension plan accruals and contributions | $412 |
| Other employee benefits | $14,662 |
| Payroll taxes | $32,874 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $38,900 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,132 |
| Fees for services: Other | $111,126 |
| Advertising and promotion | $0 |
| Office expenses | $7,093 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $5,225 |
| Travel | $2,485 |
| 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 | $1,671 |
| Insurance | $5,092 |
| All other expenses | $0 |
| Total functional expenses | $1,629,635 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $238,821 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $608,073 |
| Accounts receivable, net | $22,063 |
| 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 | $5,686 |
| Net Land, buildings, and equipment | $4,367 |
| Investments—publicly traded securities | $1,816,936 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,695,946 |
| Accounts payable and accrued expenses | $84,368 |
| Grants payable | $544,862 |
| Deferred revenue | $141,944 |
| 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 | $58,500 |
| Total liabilities | $829,674 |
| Net assets without donor restrictions | $1,826,272 |
| Net assets with donor restrictions | $40,000 |
| 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 | $2,695,946 |
Grants Awarded
Over the last fiscal year, New York Mortgage Coalition Inc has awarded $1,060,943 in support to 23 organizations.
| Grant Recipient | Amount |
|---|---|
AFFORDABLE HOUSING PURPOSE: Housing COUNSELING | $72,603 |
CAMBA LEGAL SERVICES PURPOSE: Counseling Services | $19,650 |
ECONOMIC OPPORTUNITY COUNCIL PURPOSE: Counseling Services | $12,000 |
HOUSING AND FAMILY SERVICES PURPOSE: Financial and Hsg Counseling & Tech | $99,450 |
AAFE COMMUNITY DEVEL FUND PURPOSE: Financial Counseling & Technology | $45,000 |
AMERICAN DEBT RESOURCES INC PURPOSE: Counseling Services | $43,900 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Valley Community Development Corporation Northampton, MA | $26,965,396 | $4,190,882 |
Fair Share Housing Center Inc Cherry Hill, NJ | $4,330,161 | $2,328,703 |
New York Mortgage Coalition Inc New York, NY | $2,695,946 | $1,581,033 |
Erie Dawn Inc Erie, PA | $815,348 | $550,377 |
Brookline Improvement Coalition Inc Brookline, MA | $2,046,784 | $434,876 |
Homesharing Program Of Somerset County Inc Bridgewater, NJ | $360,596 | $281,773 |
Reside Affordable Inc Brooklyn, NY | $163,793 | $228,350 |
Homeward Bound Program Bronx, NY | $0 | $170,816 |
Calvert Vaux Preservation Alliance Staatsburg, NY | $24,163 | $0 |
Housing With Hope Foundation Inc Scotch Plains, NJ | $264,795 | $101,707 |
Union Neighborhood Assistance Corporation Boston, MA | $1,694,797 | $56,649 |
Flipping For Charities Inc Somerset, MA | $108,573 | $0 |
All Borough Solutions Inc Brooklyn, NY | $252,213 | $0 |
Housing Partners Of New York Inc Brooklyn, NY | $354,229 | $0 |
Wellness Transitional Living Inc Valley Cottage, NY | $0 | $0 |
Chi Reality Inc White Plains, NY | $53,587 | $0 |
Antonetta Sacro Foundation Everett, MA | $519,531 | $16,652 |