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Reside Affordable INC FY2023 filing

Tax-deductible

Brooklyn, NY501(c)(3)Housing EIN 83-1154621Revenue $284K in FY2023

On file with the IRS349 Keap Street, 11211-6640 · Brooklyn, NYTax-exempt since Mar 2022Publicly supported — 509(a)(2)

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Reside Affordable serves as new york city's primary nonprofit intermediary for the development and preservation of Affordable housing, assisting in the development and promotion of Affordable rental housing and homeownership through an array of specialized programs and services. Reside Affordable directs these efforts toward supporting the low income public with Affordable housing, by marketing low income units.

501(c)(3) charity; gifts are tax-deductible.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78

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FY2023 · 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
3 of 3
filings with a surplus
Average surplus $84K a year · 29% of revenue · last 3 filings
Looks good: a surplus in 3 of the last 3 filings.
Pt I · Ln 19 · 3 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Concern: 0.2 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$303K
106% of total assets
Concern: liabilities are 106% of assets; over 80%.
Pt X · Ln 26
Independent board members
3
of 3 voting members
Looks good: 3 of 3 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$284K
+24% vs prior year
Spent
$215K
To programs
0%
Net assets
−$18K
By yearFY2022–FY2024
Revenue
$284K
FY2023▲ +24%
Tap a bar for its year
Revenue by fiscal year
FY2022$228K
FY2023$284K
FY2024$354K
Expenses
$215K
FY2023▼ -4%
Tap a bar for its year
Expenses by fiscal year
FY2022$225K
FY2023$215K
FY2024$174K
Net assets
−$18K
FY2023▲ +79%
Tap a bar for its year
Net assets by fiscal year
FY2022−$87K
FY2023−$18K
FY2024$162K

From the FY2023 Form 990 · see the original

990 PDF Claim
You’re viewing the FY2023 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 Mar 2022.

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

Where the money goes

What each dollar paid for.

Management & general 100% · $215K

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

3 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Reside Affordable 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 15aNo

Programs and updates

Develops and preserves affordable housing for low-income New Yorkers through specialized programs.

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Provided by the organization

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1 program · in their own filed words · FY2023
01

Reside affordable serves as new york city's primary nonprofit intermediary for the development and preservation of affordable housing, assisting in the development and promotion of affordable rental housing and homeownership through an array of specialized programs and services.

Pt IX · col B

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$284K
Ln 12
Fees for servicesLn 2g$284K
Money outPt IX
$215K
Ln 25
Managementcol C$215K
Owns and owesPt X
−$18K
net assets · Ln 32
Cash and savingsLn 1–2$4K
Total assetsLn 16$285K
LiabilitiesLn 26$303K
PeoplePt VI, VII
3
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$284K
Total revenueLn 12$284K
Assets in detailPt X, end of year
CashLn 1$4K
Cash and savings togetherLn 1–2$4K
Total assetsLn 16$285K
LiabilitiesLn 26$303K
Net assetsLn 32−$18K
OperationsPt I, VI
EmployeesI 51
VolunteersI 63
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 FY23End FY23
Cash and savingsLn 1–2$9K$4K
Total assetsLn 16$164K$285K
LiabilitiesLn 26$251K$303K
Net assetsLn 32−$87K−$18K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$47K$47K
Payroll taxesLn 10$4K$4K
Accounting feesLn 11c$6K$6K
Other fees for servicesLn 11g$5K$5K
Office expensesLn 13$19K$19K
OccupancyLn 16$128K$128K
InsuranceLn 23$112$112
Other expenses (24a–d)Ln 24$7K$7K
Total functional expensesLn 25$215K$0$215K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $354K$174K$180K$162K 990 PDF
FY2023 Viewing $284K$215K$69K−$18K 990 PDF
FY2022 $228K$225K$3K−$87K 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 FY2023 990 (6 parts)
Part I · Summary $283,815 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $228,350$283,815
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $228,350$283,815
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 $66,669$50,865
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $158,241$164,047
I-18 Total expensesPrior year $224,910$214,912
I-19 Revenue less expensesPrior year $3,440$68,903
Part VI · Governance 3 of 3 board members independent, 1 to look at
VI-1a Voting members of the governing body3
VI-1b Independent voting members3
VI-15a Process for setting top official's payNo
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
Part VIII · Statement of revenue $283,815 across 2 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $283,815$283,815
VIII-12 Total revenueRelated to mission $283,815 · Unrelated business $0 · Excluded from tax $0$283,815
Part IX · Statement of functional expenses $214,912 across 8 lines filed
IX-7 Other salaries and wagesManagement $47,250$47,250
IX-10 Payroll taxesManagement $3,615$3,615
IX-11c Accounting feesManagement $5,500$5,500
IX-11g Other fees for servicesManagement $5,250$5,250
IX-13 Office expensesManagement $18,622$18,622
IX-16 OccupancyManagement $127,920$127,920
IX-23 InsuranceManagement $112$112
IX-24 Other expenses (24a–d)Management $6,643$6,643
IX-25 Total functional expensesPrograms $0 · Management $214,912 · Fundraising $0$214,912
Part X · Balance sheet $284,941 assets, 9 lines filed
Asset lines not itemized here account for $35,000; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $9,343$3,901
X-4 Accounts receivableStart of year $119,450$246,040
X-16 Total assetsStart of year $163,793$284,941
X-17 Accounts payable and accrued expensesStart of year $235,927$284,100
X-24 Unsecured notes and loans payableStart of year $14,973$19,045
X-26 Total liabilitiesStart of year $250,900$303,145
X-27 Net assets without donor restrictionsStart of year −$87,107−$18,204
X-32 Total net assets or fund balancesStart of year −$87,107−$18,204
X-33 Total liabilities and net assetsStart of year $163,793$284,941
Part XI · Reconciliation of net assets −$18,204 net assets at year end
XI-1 Total revenue$283,815
XI-2 Total expenses$214,912
XI-3 Revenue less expenses$68,903
XI-4 Net assets at start of year−$87,107
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$18,204

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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