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Gregene Hdfc FY2021 filing

Tax-deductible

Brooklyn, NY501(c)(3)Housing EIN 80-0818949Revenue $362K in FY2021

On file with the IRS230 Kingston Avenue, 11213-2696 · Brooklyn, NYTax-exempt since Aug 2012Publicly supported — 509(a)(2)

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Gregene housing development fund corporation (the "corporation") has been organized exclusively to assist the acquisition and operation, on a nonprofit basis, of a housing project for persons of low income.

501(c)(3) charity; gifts are tax-deductible.
80¢ 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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FY2021 · 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 5
filings with a surplus
Average deficit $58K a year · 15% of revenue · last 5 filings
Concern: a surplus in 0 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
80%
of spending
Looks good: 80% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
2 mo
of spending, in cash
Fine: 2.0 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$2.2M
126% of total assets
Concern: liabilities are 126% of assets; over 80%.
Pt X · Ln 26
Independent board members
10
of 10 voting members
Looks good: 10 of 10 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$362K
-1% vs prior year
Spent
$420K
To programs
80%
Net assets
−$461K
By yearFY2020–FY2024
Revenue
$362K
FY2021▼ -1%
Tap a bar for its year
Revenue by fiscal year
FY2020$366K
FY2021$362K
FY2022$358K
FY2023$377K
FY2024$411K
Expenses
$420K
FY2021▲ +9%
Tap a bar for its year
Expenses by fiscal year
FY2020$385K
FY2021$420K
FY2022$415K
FY2023$471K
FY2024$470K
Net assets
−$461K
FY2021▼ -14%
Tap a bar for its year
Net assets by fiscal year
FY2020−$403K
FY2021−$461K
FY2022−$666K
FY2023−$761K
FY2024−$820K

From the FY2021 Form 990 · see the original

990 PDF Claim
You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Aug 2012.

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

Where the money goes

80 cents of each dollar spent went to programs.

Program services 80% · $336K Management & general 20% · $84K

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

11 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
$0Pt VII · Sec A
Steve Cromity
Treasurer Until 6/2021
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Edward H King ESQ.
Treasurer Beg 6/2021
$0Pt VII · Sec A
See Gregene Hdfc 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

Helps low-income people acquire and operate housing projects.

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Provided by the organization

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1 program · $336K · in their own filed words · FY2021
01

The corporation continued to provide housing to low-income tenants in its 34 apartments housed in four multi-story buildings (the "project"). Since the project was developed through proceeds of long-term loans under the article viii of the private housing finance law of the state of new york and the city of new york housing preservation…

$336Kprogram expense

By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$362K
Ln 12
Fees for servicesLn 2g$359K
Investment incomeLn 3$2K
Other incomeLn 4–11$1K
Money outPt IX
$420K
Ln 25
Programscol B$336K
Managementcol C$84K
Owns and owesPt X
−$461K
net assets · Ln 32
Cash and savingsLn 1–2$70K
Total assetsLn 16$1.8M
LiabilitiesLn 26$2.2M
PeoplePt VI, VII
11
listed · VII A
PaidVII A0
Voting boardVI 1a10
IndependentVI 1b10
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$359K
Investment incomeLn 3$2K
Other incomeLn 4–11$1K
Total revenueLn 12$362K
Assets in detailPt X, end of year
CashLn 1$70K
Cash and savings togetherLn 1–2$70K
Land, buildings, equipmentLn 10c$1.2M
Other assetsLn 15$268K
Total assetsLn 16$1.8M
LiabilitiesLn 26$2.2M
Net assetsLn 32−$461K
OperationsPt I, VI
EmployeesI 50
VolunteersI 610
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 FY21End FY21
Cash and savingsLn 1–2$199K$70K
Land, buildings, equipmentLn 10c$1.3M$1.2M
Total assetsLn 16$1.8M$1.8M
LiabilitiesLn 26$2.2M$2.2M
Net assetsLn 32−$403K−$461K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$64K$58K$6K
Payroll taxesLn 10$5K$5K$520
Management feesLn 11a$26K$26K
Legal feesLn 11b$4K$4K
Accounting feesLn 11c$15K$15K
Other fees for servicesLn 11g$893$893
Office expensesLn 13$3K$2K$624
OccupancyLn 16$91K$91K
Depreciation, depletion and amortizationLn 22$71K$71K
InsuranceLn 23$44K$44K
Other expenses (24a–d)Ln 24$96K$60K$37K
All other expensesLn 24e$450$450
Total functional expensesLn 25$420K$336K$84K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $411K$470K−$59K−$820K 990 PDF
FY2023 $377K$471K−$94K−$761K 990 PDF
FY2022 $358K$415K−$57K−$666K 990 PDF
FY2021 Viewing $362K$420K−$58K−$461K 990 PDF
FY2020 $366K$385K−$19K−$403K 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 FY2021 990 (6 parts)
Part I · Summary $361,961 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $363,176$359,246
I-10 Investment incomePrior year $2,577$1,535
I-11 Other revenuePrior year $0$1,180
I-12 Total revenuePrior year $365,753$361,961
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 $73,292$69,144
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $311,252$350,875
I-18 Total expensesPrior year $384,544$420,019
I-19 Revenue less expensesPrior year −$18,791−$58,058
Part VI · Governance 10 of 10 board members independent, no flags
VI-1a Voting members of the governing body10
VI-1b Independent voting members10
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 $361,961 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $359,246$359,246
VIII-3 Investment incomeExcluded from tax $1,535$1,535
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $1,180$1,180
VIII-12 Total revenueRelated to mission $359,246 · Unrelated business $0 · Excluded from tax $2,715$361,961
Part IX · Statement of functional expenses $420,019 across 12 lines filed
IX-7 Other salaries and wagesPrograms $57,548 · Management $6,394$63,942
IX-10 Payroll taxesPrograms $4,682 · Management $520$5,202
IX-11a Management feesManagement $25,632$25,632
IX-11b Legal feesPrograms $4,002$4,002
IX-11c Accounting feesManagement $14,567$14,567
IX-11g Other fees for servicesPrograms $893$893
IX-13 Office expensesPrograms $2,068 · Management $624$2,692
IX-16 OccupancyPrograms $91,274$91,274
IX-22 Depreciation, depletion and amortizationPrograms $70,876$70,876
IX-23 InsurancePrograms $44,360$44,360
IX-24 Other expenses (24a–d)Programs $59,615 · Management $36,514$96,129
IX-24e All other expensesPrograms $450$450
IX-25 Total functional expensesPrograms $335,768 · Management $84,251 · Fundraising $0$420,019
Part X · Balance sheet $1,753,171 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $199,114$69,541
X-4 Accounts receivableStart of year $54,700$205,995
X-9 Prepaid expenses and deferred chargesStart of year $20,984$16,625
X-10c Land, buildings and equipment, netStart of year $1,263,445$1,192,569
X-15 Other assetsStart of year $267,301$268,441
X-16 Total assetsStart of year $1,805,544$1,753,171
X-17 Accounts payable and accrued expensesStart of year $41,166$47,441
X-25 Other liabilitiesStart of year $33,880$33,290
X-26 Total liabilitiesStart of year $2,208,612$2,214,297
X-27 Net assets without donor restrictionsStart of year −$403,068−$461,126
X-32 Total net assets or fund balancesStart of year −$403,068−$461,126
X-33 Total liabilities and net assetsStart of year $1,805,544$1,753,171
Part XI · Reconciliation of net assets −$461,126 net assets at year end
XI-1 Total revenue$361,961
XI-2 Total expenses$420,019
XI-3 Revenue less expenses−$58,058
XI-4 Net assets at start of year−$403,068
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$461,126

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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