C-Hp Cove Inc
- Assets
- $7.7m
- Revenue
- $5.7m
- Investments
- $0.0
- Employees
- 0
- Location
- New York, NY
- Founding
- 04/1996
- Data as of
- 12/2022
- EIN
- 52-1949584
Organization Overview
C-Hp Cove Inc is located in New York, NY. The organization was established in 1996. 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. C-Hp Cove 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, C-Hp Cove Inc generated $5.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.0% each year. All expenses for the organization totaled $5.2m during the year ending 12/2022. While expenses have increased by 3.3% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE CORPORATIONS'S PURPOSE IS TO PROVIDE LOW INCOME HOUSING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION PROVIDES HOUSING TO LOW INCOME TENANTS IN A 384 UNIT APARTMENT COMPLEX LOCATED IN BOYNTON BEACH, FLORIDA OPERATED UNDER THE NAME CLIPPER COVE APARTMENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard F Burns President | OfficerTrustee | 1 | $0 |
Joseph P Wiedorfer Jr VP | OfficerTrustee | 1 | $0 |
John Corbett VP | OfficerTrustee | 1 | $0 |
Hugh Jacobs VP | Officer | 1 | $0 |
Thomas G Vaccaro Secretary | Officer | 1 | $0 |
Steve Green VP | Officer | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
The Partnership Inc Management, Payroll & Social Services | 12/30/21 | $714,711 |
Tropic Builder Repair & Maintenance | 12/30/21 | $162,890 |
Stelco Distributors Inc Repair & Maintenance | 12/30/21 | $159,196 |
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 | $5,650,518 |
| Investment income | $70 |
| 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 | $5,650,588 |
| 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 | $398,641 |
| Pension plan accruals and contributions | $4,559 |
| Other employee benefits | $82,044 |
| Payroll taxes | $32,893 |
| Fees for services: Management | $260,724 |
| Fees for services: Legal | $8,496 |
| Fees for services: Accounting | $12,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $14,140 |
| Office expenses | $25,994 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $723,376 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,346,811 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $798,021 |
| Insurance | $829,266 |
| All other expenses | $29,919 |
| Total functional expenses | $5,205,447 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $439,279 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $56,958 |
| 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 | $300,931 |
| Net Land, buildings, and equipment | $5,800,838 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $359,098 |
| Intangible assets | $440,793 |
| Other assets | $342,955 |
| Total assets | $7,740,852 |
| Accounts payable and accrued expenses | $252,048 |
| Grants payable | $0 |
| Deferred revenue | $60,870 |
| 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 | $39,174,085 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $48,385 |
| Total liabilities | $39,535,388 |
| Net assets without donor restrictions | -$31,794,536 |
| 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 | $7,740,852 |
Grants Awarded
Over the last fiscal year, C-Hp Cove Inc has awarded $14,865,334 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
THE NHP FOUNDATION PURPOSE: LOW INCOME HOUSING | $8,919,380 |
THE PARTNERSHIP INC PURPOSE: LOW INCOME HOUSING | $5,945,954 |