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Loretto Housing Development Fund Co INC

Tax-deductible

Syracuse, NY501(c)(3)Human Services EIN 22-3116481Revenue $14K in FY2024

On file with the IRSloretto-cny.org700 E Brighton Ave, 13205-2201 · Syracuse, NYTax-exempt since Sep 1991Publicly supported — 509(a)(2)

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The organization rents real estate to a related not-for-profit section 501(c)(3) organization which operates an alzhiemers residence for persons in need of supervision.

501(c)(3) charity; gifts are tax-deductible.
100¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
0 of 2
filings with a surplus
Average deficit $33K a year · 252% of revenue · last 2 filings
Concern: a surplus in 0 of the last 2 filings.
Pt I · Ln 19 · 2 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
12 mo
of spending, in cash
Looks good: 12.1 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$1.0M
414% of total assets
Concern: liabilities are 414% of assets; over 80%.
Pt X · Ln 26
Independent board members
16
of 16 voting members
Looks good: 16 of 16 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$14K
+20% vs prior year
Spent
$47K
To programs
100%
Net assets
−$785K
By yearFY2023–FY2024
Revenue
$14K
FY2024▲ +20%
Tap a bar for its year
Revenue by fiscal year
FY2023$12K
FY2024$14K
Expenses
$47K
FY2024▲ +5%
Tap a bar for its year
Expenses by fiscal year
FY2023$44K
FY2024$47K
Net assets
−$785K
FY2024▼ -4%
Tap a bar for its year
Net assets by fiscal year
FY2023−$752K
FY2024−$785K

From the FY2024 Form 990 · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Sep 1991.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $46K Management & general 0% · $131

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

25 people listed on the 990.

Part VII, Section A · reportable compensation
Vicki O'Neill
Board Member, Chair
$0Pt VII · Sec A
Stephanie Crockett
Board Member, Vice Chair
$0Pt VII · Sec A
John R Brennan
Board Member, Secretary
$0Pt VII · Sec A
John McCabe
Board Member
$0Pt VII · Sec A
Kevin Bryans
Board Member
$0Pt VII · Sec A
$0Pt VII · Sec A
Stephen J Kingston
Board Member
$0Pt VII · Sec A
Sam Carello
Board Member
$0Pt VII · Sec A
See Loretto Housing Development Fund Co INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Provides housing for an Alzheimer's residence.

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Provided by the organization

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1 program · $46K · in their own filed words · FY2024
01

Loretto housing development fund company rents real estate to churchill manor, a related not-for-profit section 501(c)(3) organization which operates a specialized housing for people with dementia.

$46Kprogram expense

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$14K
Ln 12
Fees for servicesLn 2g$14K
Investment incomeLn 3$8
Money outPt IX
$47K
Ln 25
Programscol B$46K
Managementcol C$131
Owns and owesPt X
−$785K
net assets · Ln 32
Cash and savingsLn 1–2$47K
Total assetsLn 16$250K
LiabilitiesLn 26$1.0M
PeoplePt VI, VII
25
listed · VII A
PaidVII A0
Voting boardVI 1a16
IndependentVI 1b16
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$14K
Investment incomeLn 3$8
Total revenueLn 12$14K
Assets in detailPt X, end of year
CashLn 1$9K
SavingsLn 2$39K
Cash and savings togetherLn 1–2$47K
Land, buildings, equipmentLn 10c$203K
Total assetsLn 16$250K
LiabilitiesLn 26$1.0M
Net assetsLn 32−$785K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$47K$47K
Land, buildings, equipmentLn 10c$209K$203K
Total assetsLn 16$256K$250K
LiabilitiesLn 26$1.0M$1.0M
Net assetsLn 32−$752K−$785K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Office expensesLn 13$131$131
OccupancyLn 16$14K$14K
InterestLn 20$26K$26K
Depreciation, depletion and amortizationLn 22$6K$6K
Total functional expensesLn 25$47K$46K$131$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $14K$47K−$33K−$785K 990 PDF
FY2023 $12K$44K−$33K−$752K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $14,093 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $11,700$14,085
I-10 Investment incomePrior year $8$8
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $11,708$14,093
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $44,276$46,613
I-18 Total expensesPrior year $44,276$46,613
I-19 Revenue less expensesPrior year −$32,568−$32,520
Part VI · Governance 16 of 16 board members independent, no flags
VI-1a Voting members of the governing body16
VI-1b Independent voting members16
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $14,093 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $14,085$14,085
VIII-3 Investment incomeExcluded from tax $8$8
VIII-12 Total revenueRelated to mission $14,085 · Unrelated business $0 · Excluded from tax $8$14,093
Part IX · Statement of functional expenses $46,613 across 4 lines filed
IX-13 Office expensesManagement $131$131
IX-16 OccupancyPrograms $14,194$14,194
IX-20 InterestPrograms $26,088$26,088
IX-22 Depreciation, depletion and amortizationPrograms $6,200$6,200
IX-25 Total functional expensesPrograms $46,482 · Management $131 · Fundraising $0$46,613
Part X · Balance sheet $249,865 assets, 8 lines filed
X-1 Cash, non-interest-bearingStart of year $8,716$8,606
X-2 Savings and temporary cash investmentsStart of year $38,659$38,535
X-10c Land, buildings and equipment, netStart of year $208,923$202,724
X-16 Total assetsStart of year $256,298$249,865
X-26 Total liabilitiesStart of year $1,008,698$1,034,785
X-27 Net assets without donor restrictionsStart of year −$752,400−$784,920
X-32 Total net assets or fund balancesStart of year −$752,400−$784,920
X-33 Total liabilities and net assetsStart of year $256,298$249,865
Part XI · Reconciliation of net assets −$784,920 net assets at year end
XI-1 Total revenue$14,093
XI-2 Total expenses$46,613
XI-3 Revenue less expenses−$32,520
XI-4 Net assets at start of year−$752,400
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$784,920

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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