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Cendevco II Redevelopment Fund INC

Tax-deductible

New York, NY501(c)(3)HousingEIN 83-1436238Revenue $4.5M in FY2024

On file with the IRS420 5th Ave FL 14, 10018-0221 · New York, NYTax-exempt since Apr 2021Supporting org, Type II — 509(a)(3)

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To support the functions of urban home ownership corporation ("uhoc") and other corporations affilliated with uhoc.

501(c)(3) charity; gifts are tax-deductible.
72¢ of each $1 spent went to programs.
Run by 7 volunteers.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

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
4 of 4
filings with a surplus
Average surplus $9.8M a year · 92% of revenue · last 4 filings
Looks good: a surplus in 4 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
72%
of spending
Fine: 72% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$234K
to officers and key staff · 9% of spending
Top officer’s pay higher than 55% of similar orgs
Looks good: pay to officers and key staff is 9% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
21 mo
of spending, in cash
Looks good: 20.6 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
2
named funders · $5.4M
Fine: 2 funders name it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$37.5M
94% of total assets
Concern: liabilities are 94% of assets; over 80%.
Pt X · Ln 26
Independent board members
7
of 8 voting members
Looks good: 7 of 8 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$4.5M
-70% vs prior year
Spent
$2.6M
To programs
72%
Net assets
$2.4M
By yearFY2020–FY2024
Revenue
$4.5M
FY2024▼ -70%
Tap a bar for its year
Revenue by fiscal year
FY2020$0
FY2021$12.0M
FY2022$11.0M
FY2023$15.2M
FY2024$4.5M
Expenses
$2.6M
FY2024▲ +346%
Tap a bar for its year
Expenses by fiscal year
FY2020Not on file
FY2021$65K
FY2022$276K
FY2023$572K
FY2024$2.6M
Net assets
$2.4M
FY2024▼ -93%
Tap a bar for its year
Net assets by fiscal year
FY2020$0
FY2021$11.9M
FY2022$22.6M
FY2023$37.2M
FY2024$2.4M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

990 PDF Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Apr 2021.

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

Where the money goes

72 cents of each dollar spent went to programs.

Program services 72% · $1.8M Management & general 28% · $709K

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

9 people listed on the 990; $234K paid to officers and key staff.

Part VII, Section A · reportable compensation
Nestor Oliver
V President
$124,500Pt VII · Sec A
Paul Moore
President
$110,000Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Jean Mondesir
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Nestor Oliver’s $124K as V President is at the 55th percentile of top reported officer pay among 2036 $1–10M housing nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

See Cendevco II Redevelopment Fund 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

Provides funding and operational support for urban home ownership initiatives.

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Provided by the organization

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1 program · $1.8M · in their own filed words · FY2024
01

To support the functions of urban home ownership corporation (uhoc) and other corporations affilliated with uhoc

$1.8Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2021
Crotona Estates Housing Development Fund Company INCFY2021$3.6M
Longfellow Avenue Housing Development Fund Co INCFY2021$1.8M
Total grants receivedfrom 2 funders$5.4M

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$4.5M
Ln 12
Gifts and grantsLn 1h$2.7M
Fees for servicesLn 2g$1.7M
Investment incomeLn 3$91K
Money outPt IX
$2.6M
Ln 25
Programscol B$1.8M
Managementcol C$709K
Owns and owesPt X
$2.4M
net assets · Ln 32
Cash and savingsLn 1–2$4.4M
Total assetsLn 16$40.0M
LiabilitiesLn 26$37.5M
PeoplePt VI, VII
9
listed · VII A
PaidVII A2
Voting boardVI 1a8
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$2.7M
Fees for servicesLn 2g$1.7M
Investment incomeLn 3$91K
Other incomeLn 4–11$7K
Total revenueLn 12$4.5M
Assets in detailPt X, end of year
CashLn 1$4.4M
Cash and savings togetherLn 1–2$4.4M
InvestmentsLn 11–13$22.9M
Land, buildings, equipmentLn 10c$11.9M
Other assetsLn 15$31K
Total assetsLn 16$40.0M
LiabilitiesLn 26$37.5M
Net assetsLn 32$2.4M
OperationsPt I, VI
EmployeesI 50
VolunteersI 67
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
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$2.9M$4.4M
InvestmentsLn 11–13$21.6M$22.9M
Land, buildings, equipmentLn 10c$11.5M$11.9M
Total assetsLn 16$37.5M$40.0M
LiabilitiesLn 26$326K$37.5M
Net assetsLn 32$37.2M$2.4M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Office expensesLn 13$1.4M$1.3M$137K
OccupancyLn 16$74K$74K
Depreciation, depletion and amortizationLn 22$574K$574K
InsuranceLn 23−$1K−$1K
Other expenses (24a–d)Ln 24$461K$461K
Total functional expensesLn 25$2.6M$1.8M$709K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $4.5M$2.6M$2.0M$2.4M 990 PDF
FY2023 $15.2M$572K$14.6M$37.2M 990 PDF
FY2022 $11.0M$276K$10.7M$22.6M 990 PDF
FY2021 $12.0M$65K$11.9M$11.9M 990 PDF
FY2020 $0$0 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (6 parts)
Part I · Summary $4,538,439 revenue, 12 lines filed
I-8 Contributions and grants$2,700,000
I-9 Program service revenue$1,740,362
I-10 Investment income$91,087
I-11 Other revenue$6,990
I-12 Total revenue$4,538,439
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expenses$2,551,549
I-18 Total expenses$2,551,549
I-19 Revenue less expenses$1,986,890
Part VI · Governance 7 of 8 board members independent, 3 to look at
VI-1a Voting members of the governing body8
VI-1b Independent voting members7
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $4,538,439 across 7 lines filed
VIII-1d Related organizations$2,700,000
VIII-1h Total contributions, gifts and grants$2,700,000
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $1,740,362$1,740,362
VIII-3 Investment incomeRelated to mission $91,087$91,087
VIII-8 Net income from fundraising events$0
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $6,990$6,990
VIII-12 Total revenueRelated to mission $1,838,439 · Unrelated business $0 · Excluded from tax $0$4,538,439
Part IX · Statement of functional expenses $2,551,549 across 5 lines filed
IX-13 Office expensesPrograms $1,307,563 · Management $136,907$1,444,470
IX-16 OccupancyPrograms $73,506$73,506
IX-22 Depreciation, depletion and amortizationManagement $573,627$573,627
IX-23 InsuranceManagement −$1,177−$1,177
IX-24 Other expenses (24a–d)Programs $461,123$461,123
IX-25 Total functional expensesPrograms $1,842,192 · Management $709,357 · Fundraising $0$2,551,549
Part X · Balance sheet $39,976,118 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $2,934,181$4,372,274
X-4 Accounts receivableStart of year $1,226,657$733,328
X-10c Land, buildings and equipment, netStart of year $11,505,852$11,927,854
X-13 Program-related investmentsStart of year $21,609,270$22,911,322
X-15 Other assetsStart of year $235,776$31,340
X-16 Total assetsStart of year $37,511,736$39,976,118
X-17 Accounts payable and accrued expensesStart of year $299,593$135,503
X-26 Total liabilitiesStart of year $326,408$37,536,421
X-27 Net assets without donor restrictionsStart of year $37,185,328$2,439,697
X-32 Total net assets or fund balancesStart of year $37,185,328$2,439,697
X-33 Total liabilities and net assetsStart of year $37,511,736$39,976,118
Part XI · Reconciliation of net assets $2,439,697 net assets at year end
XI-1 Total revenue$4,538,439
XI-2 Total expenses$2,551,549
XI-3 Revenue less expenses$1,986,890
XI-4 Net assets at start of year$37,185,328
XI-7 Investment expenses−$36,732,521
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$2,439,697

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

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