Homestead Development Corp
- Assets
- $278.6k
- Revenue
- $243.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Lake Placid, NY
- Founding
- Data as of
- 12/2021
- EIN
- 85-0866443
Organization Overview
Homestead Development Corp is located in Lake Placid, NY. 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. Homestead Development Corp 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, Homestead Development Corp generated $243.2k in total revenue. All expenses for the organization totaled $146.4k during the year ending 12/2021.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO CONSTRUCT AFFORDABLE ENERGY EFFICIENT HOUSING FOR PURCHASE BY ESSENTIAL WORKERS IN THE VILLAGE OF LAKE PLACID, NEW YORK AND THE TOWN OF NORTH ELBA, NEW YORK IN ORDER TO PRESERVE A COMMUNITY LIFESTYLE IN AN OTHERWISE TRANSIENT ENVIRONMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PURCHASE OF VACANT LAND, COMPLETION OF ENGINEERING DESIGN, SITE PREPARATION, AND BEGIN CONSTRUCTION OF AFFORDABLE HOUSING COMPLEX IN LAKE PLACID AND NORTH ELBA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Whit Bissell Vice President | OfficerTrustee | 1 | $0 |
Jamie Rogers Secretary | OfficerTrustee | 3 | $0 |
John B Huttlinger Jr Treasurer | OfficerTrustee | 3 | $0 |
Stephen Sama President | OfficerTrustee | 5 | $0 |
Emily Kilburn Politi Trustee | Trustee | 3 | $0 |
Timothy Seymour Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $125,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $117,329 |
| Noncash contributions included in lines 1a–1f | $82,329 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $242,329 |
| Total Program Service Revenue | $0 |
| Investment income | $856 |
| 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 | $243,185 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $639 |
| 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 | $265 |
| Advertising and promotion | $2,776 |
| Office expenses | $601 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $95 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,125 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $310 |
| Total functional expenses | $146,419 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $186,588 |
| Savings and temporary cash investments | $92,038 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $278,626 |
| Accounts payable and accrued expenses | $0 |
| 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 | $1,000 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $160,000 |
| Other liabilities | $2,125 |
| Total liabilities | $163,125 |
| Net assets without donor restrictions | $0 |
| 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 | $115,501 |
| Total liabilities and net assets/fund balances | $278,626 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Homestead Development Corp has recieved totaling $40,000.
| Awarding Organization | Amount |
|---|---|
Jaideep And Rachel Khanna Foundation Greenwich, CT PURPOSE: GENERAL OPERATING SUPPORT | $25,000 |
Adirondack Foundation Lake Placid, NY PURPOSE: FOR START UP: KEEPING HOMES AFFORDABLE | $15,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Nhp Foundation New York, NY | $288,555,579 | $98,614,983 |
Viecare Beaver Llc Cranberry Township, PA | $43,089,373 | $46,860,704 |
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 |
Housing Assistance Corporation Hyannis, MA | $20,544,372 | $36,246,807 |
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 |
Housing Visions Unlimited Inc Syracuse, NY | $54,882,329 | $24,284,268 |
Phipps Houses New York, NY | $754,776,508 | $88,001,578 |