Freeman Apartments Inc is located in Westfield, NJ. The organization was established in 1997. 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. Freeman Apartments 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 12/2021, Freeman Apartments Inc generated $186.5k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $226.5k during the year ending 12/2021. While expenses have increased by 1.6% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE LOW INCOME HOUSING FOR THE DISABLED.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION PROVIDES 14 UNITS OF RESIDENTIAL HOUSING FOR LOW INCOME DISABLED INDIVIDUALS.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Susan P Howley President | OfficerTrustee | 1 | $0 |
Philip T Pasmanik Treasurer | OfficerTrustee | 0.5 | $0 |
John Westervelt 721-1221 Vice President | OfficerTrustee | 0.5 | $0 |
Elisa Sananman Secretary | OfficerTrustee | 3 | $0 |
Ed Heaton Till 7121 Vice President | OfficerTrustee | 0.5 | $0 |
Bruce Bergen Trustee | Trustee | 0.5 | $0 |
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 | $186,473 |
Investment income | $48 |
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 | $186,521 |
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 | $11,200 |
Pension plan accruals and contributions | $0 |
Other employee benefits | $1,169 |
Payroll taxes | $918 |
Fees for services: Management | $30,252 |
Fees for services: Legal | $0 |
Fees for services: Accounting | $10,300 |
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 | $3,979 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $16,298 |
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 | $72,548 |
Insurance | $10,373 |
All other expenses | $2,526 |
Total functional expenses | $226,450 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $2,376 |
Savings and temporary cash investments | $0 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $2,383 |
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 | $4,515 |
Net Land, buildings, and equipment | $1,006,813 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $61,223 |
Total assets | $1,077,310 |
Accounts payable and accrued expenses | $23,908 |
Grants payable | $0 |
Deferred revenue | $7,918 |
Tax-exempt bond liabilities | $0 |
Escrow or custodial account liability | $4,658 |
Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
Secured mortgages and notes payable | $14,700 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $0 |
Total liabilities | $51,184 |
Net assets without donor restrictions | $1,026,126 |
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 | $1,077,310 |
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Columbus Property Management & Development Inc Philadelphia, PA | $30,446,777 | $36,581,885 |
Nycha Ii Housing Development Fund Corporation New York, NY | $21,607,256 | $75,418,815 |
Eihab Human Services New Jersey Inc Springfield Gardens, NY | $6,084,233 | $34,447,037 |
West Side Federation For Senior Housing Inc New York, NY | $138,485,239 | $41,412,403 |
Mainstay Life Services Pittsburgh, PA | $23,133,484 | $27,133,047 |
East Harlem Pilot Block Housing Development Fund Co Inc New York, NY | $76,192,730 | $32,420,395 |
Orange Affordable Housing Inc New York, NY | $0 | $0 |
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