Cumberland Gardens Housing Development Fund Company Inc in New York, New York (NY)

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Cumberland Gardens Housing Development Fund Company Inc
Employer Identification Number (EIN)133907908
Name of OrganizationCumberland Gardens Housing Development Fund Company Inc
In Care of NameNew York Foundation For Senior
Address150 Nassau Street, New York, NY 10038-1529
ActivitiesDescribed in section 170(b)1)(a)(vi) of the Code, Low income housing
SubsectionCharitable Organization
Ruling Date11/1996
DeductibilityContributions are deductible
FoundationOrganization that normally receives no more than one third of its support from gross investment income and unrelated business income and at the same time more than one third of its support from contributions, fees, and gross receipts related to exempt purposes
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period06/2012
Assets$5,000,000 to $9,999,999
Income$500,000 to $999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$9,216,338
Amount of Income$920,052
Form 990 Revenue Amount$920,052
National Taxonomy of Exempt Entities (NTEE)Housing, Shelter: Housing Development, Construction, Management


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Amount of income in 2012: $920,052
Cumberland Gardens Housing Development Fund Company Inc: 

 $920,052
Other organizations performing similar types of work: 

 $139,990

Assets in 2012: $9,216,338
Cumberland Gardens Housing Development Fund Company Inc: 

 $9,216,338
Other organizations performing similar types of work: 

 $733,330

Expenses in 2007: $1,015,015
This organization: 

 $1,015,015
Other organizations performing similar types of work: 

 $912,131

Income to expenses ratio in 2007: 0.8
This organization: 

 0.8
Other organizations performing similar types of work: 

 1.0

Expenses allocated to program services in 2007: 100.0%
This organization: 

 100.0%
Other organizations performing similar types of work: 

 92.2%

Number of employees in 2007: 7
This organization: 

 7
Other organizations performing similar types of work: 

 6

Employees paid over $50,000 in 2007: 0.0%
This organization: 

 0.0%
Other organizations performing similar types of work: 

 3.1%

Grants share in income in 2007: 0.0%
This organization: 

 0.0%
Other organizations performing similar types of work: 

 0.0%

Financial snapshot ($)

Revenue for 2007

Assets at end of 2007

Functional Expenses for 2007 ($)

Income-Producing Activities for 2007

Revenue, Expenses, and Changes in Net Assets or Fund Balances
2001200220032004200520062007
Total revenue$719,452$694,083$701,404$714,134$751,109$776,405$828,657
Contributions, gifts, grants, and similar amounts received$0$0$0$0$0$0$0
Contributions to donor advised funds$0$0
Direct public support$0$0$0$0$0$0$0
Indirect public support$0$0$0$0$0$0$0
Government contributions (grants)$0$0$0$0$0$0$0
Program service revenue including government fees and contracts$713,430$688,184$694,994$685,567$731,370$754,391$805,707
Membership dues and assessments$0$0$0$0$0$0$0
Interest on savings and temporary cash investments$154$99$143$2,599$14,329$16,095$17,550
Dividends and interest from securities$0$0$0$0$0$0$0
Net rental income or (loss)$0$0$0$0$0$0$0
Gross rents$0$0$0$0$0$0$0
Less: rental expenses$0$0$0$0$0$0$0
Other investment income$0$0$0$0$0$0$0
Gain or (loss) from sales of assets other than inventory$0$0$0$0$0$0$0
Gross amount from sales of assets other than inventory$0$0$0$0$0$0$0
Less: cost or other basis and sales expenses$0$0$0$0$0$0$0
Net income or (loss) from special events and activities$0$0$0$0$0$0$0
Gross revenue$0$0$0$0$0$0$0
Less: direct expenses other than fundraising expenses$0$0$0$0$0$0$0
Gross profit or (loss) from sales of inventory$0$0$0$0$0$0$0
Gross sales of inventory, less returns and allowances$0$0$0$0$0$0$0
Less: cost of goods sold$0$0$0$0$0$0$0
Other revenue$5,868$5,800$6,267$25,968$5,410$5,919$5,400
Total expenses$796,474$798,528$951,489$1,016,063$1,039,278$1,019,231$1,015,015
Program services$796,474$798,528$951,489$1,016,063$1,039,278$1,019,231$1,015,015
Management and general$0$0$0$0$0$0$0
Fundraising$0$0$0$0$0$0$0
Payments to affiliates$0$0$0$0$0$0$0
Net assets or fund balances at end of year$-125,045$-229,490$-591,613$-893,542$-1,181,711$-1,424,537$-1,610,895
Excess or (deficit) for the year$-77,022$-104,445$-250,085$-301,929$-288,169$-242,826$-186,358
Net assets or fund balances at beginning of year$44,803$-125,045$-229,490$-591,613$-893,542$-1,181,711$-1,424,537
Other changes in net assets or fund balances$-92,826$0$-112,038$0$0$0$0
Statement of Functional Expenses (for 2007)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$1,015,015$1,015,015$0$0
Grants paid from donor advised funds$0
Other grants and allocations$0
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$0$0$0$0
Compensation of former officers, directors, key employees, etc.$0$0$0$0
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0$0$0
Salaries and wages of employees not included above$150,316$150,316$0$0
Pension plan contributions not included above$0$0$0$0
Employee benefits not included above$0$0$0$0
Payroll taxes$0$0$0$0
Professional fundraising fees$0$0$0$0
Accounting fees$28,471$28,471$0$0
Legal fees$2,015$2,015$0$0
Supplies$0$0$0$0
Telephone$2,000$2,000$0$0
Postage and shipping$0$0$0$0
Occupancy$153,205$153,205$0$0
Equipment rental and maintenance$0$0$0$0
Printing and publications$0$0$0$0
Travel$0$0$0$0
Conferences, conventions, and meetings$0$0$0$0
Interest$0$0$0$0
Depreciation, depletion, etc.$253,142$253,142$0$0
Other expenses not covered above$425,866$425,866$0$0
Balance Sheets
2001200220032004200520062007
Total assets$10,689,388$10,968,698$11,018,758$10,962,555$10,603,891$10,367,898$10,103,307
Cash - non-interest-bearing$0$0$0$0$0$0$0
Savings and temporary cash investments$281,336$436,583$532,600$278,957$84,873$141,212$101,823
Accounts receivable less allowance for doubtful accounts$0$5,952$501$2,750$8,561$6,916$8,488
Pledges receivable less allowance for doubtful accounts$0$0$0$0$0$0$0
Grants receivable$0$0$0$0$0$0$0
Receivables from current and former officers, directors, trustees, and key employees$0$0$0$0$0$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0
Other notes and loans receivable less allowance for doubtful accounts$0$0$0$0$0$0$0
Inventories for sale or use$0$0$0$0$0$0$0
Prepaid expenses and deferred charges$8,806$11,636$0$75,589$61,449$12,537$10,657
Investments - publicly-traded securities$426,582$429,632
Investments - other securities$0$0$0$328,948$423,473$0$0
Investments - land, buildings, and equipment less accumulated depreciation$0$0$0$0$0$0$0
Investments - other$0$0$0$0$0$0$0
Land, buildings, and equipment less accumulated depreciation$10,370,847$10,486,664$10,457,844$10,254,713$10,002,900$9,758,044$9,529,506
Other assets, including program-related investments$28,399$27,863$27,813$21,598$22,635$22,607$23,201
Total liabilities$10,814,433$11,198,188$11,610,371$11,856,097$11,785,602$11,792,435$11,714,202
Accounts payable and accrued expenses$46,049$52,798$242,625$342,247$260,432$285,488$200,741
Grants payable$0$0$0$0$0$0$0
Deferred revenue$0$0$0$0$0$0$0
Loans from officers, directors, trustees, and key employees$0$0$0$0$0$0$0
Tax-exempt bond liabilities$0$0$0$0$0$0$0
Mortgages and other notes payable$10,699,633$11,010,826$11,010,826$11,484,199$11,484,199$11,484,199$11,484,199
Other liabilities$68,751$134,564$356,920$29,651$40,971$22,748$29,262
Total liabilities and net assets/fund balances$10,689,388$10,968,698$11,018,758$10,962,555$10,603,891$10,367,898$10,103,307
Total net assets or fund balances$-125,045$-229,490$-591,613$-893,542$-1,181,711$-1,424,537$-1,610,895
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
2001200220032004200520062007
Total revenue$719,452$694,083$701,404$714,134$751,109$776,405$828,657
Total revenue, gains, and other support per audited financial statements$719,452$694,083$701,404$714,134$751,109$776,405$828,657
Other expenses$0$0$0$0$0$0$0
Net unrealized gains on investments$0$0$0$0$0$0$0
Donated services and use of facilities$0$0$0$0$0$0$0
Recoveries of prior year grants$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0
Other revenue$0$0$0$0$0$0$0
Investment expenses$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
2001200220032004200520062007
Total expenses$796,474$798,528$951,489$1,016,063$1,039,278$1,019,231$1,015,015
Total expenses and losses per audited financial statements$796,474$798,528$951,489$1,016,063$1,039,278$1,019,231$1,015,015
Other revenue$0$0$0$0$0$0$0
Donated services and use of facilities$0$0$0$0$0$0$0
Prior year adjustments$0$0$0$0$0$0$0
Losses$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0
Other expenses$0$0$0$0$0$0$0
Investment expenses$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0
Current Officers, Directors, Trustees, and Key Employees
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings7
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?No
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?Yes
Does the organization have a written conflict of interest policy?Yes
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?Yes
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?No
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Did the organization acquire a direct or indirect interest in any applicable insurance contract?No
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?No
Number of employees employed in the pay period that includes March 12, 20067
Analysis of Income-Producing Activities (for 2007)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$17,550$811,107
Program service revenue
Program service revenue 1000000$000$0$805,707
Program service revenue 2000000$000$0$0
Program service revenue 3000000$000$0$0
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$17,550$0
Dividends and interest from securities000000$000$0$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$000$0$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenue000000$000$0$5,400
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2007)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0%$0$0
0%$0$0
0%$0$0
0%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2007)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$0$0$0
$0$0$0
$0$0$0
$0$0$0
$0$0$0
Total number of other employees paid over $50,0000
Statements About Activities (for 2007)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?No
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?No
Did the organization maintain any donor advised funds?No
Did the organization make any taxable distributions under section 4966?No
Did the organization make a distribution to a donor, donor advisor, or related person?No
Enter the total number of donor advised funds owned at the end of the tax year$0
Enter the aggregate value of assets held in all donor advised funds owned at the end of the tax year$0
Enter the total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts$0
Enter the aggregate value of assets held in all funds or accounts included above at the end of the tax year$0
Reason for Non-Private Foundation Status
The organization is not a private foundation because it isOrganization that normally receives: less than 1/3 of its support from gross investment income and unrelated taxable business income and more than 1/3 of its support from contribution, membership fees
Support Schedule
2000200120022003200420052006
Total$203,220$719,452$694,083$701,404$714,134$745,169$776,082
Gifts, grants, and contributions received$0$0$0$0$0$0$0
Membership fees received$0$0$0$0$0$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$202,769$713,430$688,184$694,994$685,567$729,978$750,902
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$0$154$99$143$2,599$9,781$19,756
Net income from unrelated business activities not included above$0$0$0$0$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0$0$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0$0$0$0$0
Other income$451$5,868$5,800$6,267$25,968$5,410$5,424
Lobbying Expenditures by Electing Public Charities (for 2007)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
Statements Regarding Other IRS Filings and Tax Compliance (for 2011)
Did the organization have unrelated business gross income of $1,000 or more during the year?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities $0
Gross income from members or shareholders$0
Gross income from other sources$0
Statement of Revenue (for 2011)
Total revenue$899,074
Contributions, Gifts, Grants and Other Similar Amounts$0
Program Service Revenue$892,834
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$595
Income from investment of tax-exempt bond proceeds$0
Royalties$0
Net rental income$0
Net gain from sales of assets other than inventory$0
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous Revenue$5,645
Statement of Functional Expenses (for 2011)
Total functional expenses$1,113,132
Compensation of current officers, directors, trustees, and key employees$0
Other salaries and wages$179,334
Payroll taxes$13,361
Professional fundraising services$0
Other$920,437
Balance Sheet (for 2011)
Total assets$9,427,301
Total liabilities$11,701,747
Tax-exempt bond liabilities$0
Secured mortgages and notes payable to unrelated third parties$11,484,199
Unsecured notes and loans payable to unrelated third parties$0
Other$217,548
Total net assets or fund balances$-2,274,446
Retained earnings, endowment, accumulated income, or other funds$0
Reason for Public Charity Status (for 2011)
The organization is not a private foundation because it is:An organization that normally receives: (1) more than 33 1/3 % of its support from contributions, membership fees, and gross receipts from activities related to its exempt functions - subject to certain exceptions, and (2) no more than 33 1/3 % of its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses acquired by the organization after June 30, 1975
Support Schedule for Organizations Described in Section 509(a)(2) (for 2011)
2007 - 2011 Total
Total support$4,207,005
Gifts, grants, contributions, and membership fees received$0
Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose$4,136,879
Tax revenues levied for the organization's benefit and either paid to or expended on its behalf$0
The value of services or facilities furnished by a governmental unit to the organization without charge$0
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources and Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975$41,599
Other$28,527
Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Texas Health Presbyterian Hospital Plano6200 Parker Rd, Plano, TX 75093-8185TX2001-10$326,632,872
2Senior Living Options Inc155 Ave Of Americas 3rd Fl, New York, NY 10013NY1998-11$58,648,536
3Grand Concourse East Housing Development Fund Corporation900 Grand Concourse, Bronx, NY 10451-2746NY2004-06$1,957,483
4Selk Housing Development Fund Company IncShinda Management Corp, Queens Village, NY 11428NY1987-01$1,507,165
5Cumberland Gardens Housing Development Fund Company Inc150 Nassau Street, New York, NY 10038-1529NY1996-11$920,052
6Harlem United Supportive Housing Development Fund Corporation306 Lenox Avenue, New York, NY 10027-4465NY2003-08$265,921
7East 54th Street Housing Development Fund Corp120 Broadway, New York, NY 10271-0002NY2002-10$129,726
8512 Lemoyne Avenue Housing Development Fund Co Inc990 James Street, Syracuse, NY 13203-2879NY1991-06$98,939
9Hancock Manor Housing Development Fund Corporation132 Ralph Ave, Brooklyn, NY 11233-1284NY1995-07$91,460
10Ocl Properties Ix Inc202 E Main St, Smithtown, NY 11787-2806NY2004-07$87,042
11Diego Beekman Mutual Housing Assoc Housing Developmnt Fund Corp1328 New York Ave, Huntingtn Sta, NY 11746-1703NY2003-06$17,593,656
12Michael Malotz Skilled Nursing Pavilion120 Odell Ave, Yonkers, NY 10701-1408NY1998-05$15,398,599
13Nassau Suffolk Partnership Housing Development Fund Company Inc180 Oser Ave Ste 800, Hauppauge, NY 11788-3737NY1997-03$8,777,077
14Common Ground Community Ii Housing Development Fund Corporation505 8th Ave Fl 5, New York, NY 10018-6550NY1997-10$4,533,922
15Purchase College Foundation Housing Corporation735 Anderson Hill Rd, Purchase, NY 10577-1402NY2000-05$3,776,005
16Cornerstone Progressive Grove Inc122 E 42nd St Rm 3605, New York, NY 10168-3620NY1996-01$3,299,533
17Ame Zion Trinity Housing Development Fund Co Inc21 Williams St, Poughkeepsie, NY 12601-4065NY2002-06$3,054,247
18New Destiny Housing Corporation12 W 37th St Fl 7, New York, NY 10018-7384NY1995-05$2,877,986
19Mhany Management Inc2-4 Nevins Street 2nd Floor, Brooklyn, NY 11217-1010NY1996-06$2,527,936
20Cornerstone-Robins Inc122 E 42nd St Rm 3605, New York, NY 10168-3620NY1996-09$2,445,575
21Northeast Brooklyn Housing Development Corporation132 Ralph Avenue, Brooklyn, NY 11233-1773NY2012-08$2,380,231
22Ravine Avenue Properties Inc1200 Zerega Ave, Bronx, NY 10462-5415NY2001-02$2,142,406
23Erie Regional Housing Development Corp104 Maryland St, Buffalo, NY 14201-1812NY1999-08$2,126,993
24Liberty Affordable Housing IncPO BOX 549, Rome, NY 13442-0549NY2003-03$2,041,233
25Project Hospitality 385 Housing Development Fund Corporation100 Park Ave, Staten Island, NY 10302-1440NY2001-02$1,589,041
26Asian-American Housing Development Fund Company Inc141 Norfolk St, New York, NY 10002-2374NY1987-03$1,510,437
27Lantern Organization Inc42 W 39th St Fl 14, New York, NY 10018-2082NY1997-11$1,446,579
28Ahi Ezer Housing Development Fund CorpFund Corp, Brooklyn, NY 11223NY1978-09$1,419,268
29Housing Plus Solutions Inc4 West 43rd St Ste 316, New York, NY 10036-7408NY2002-07$1,302,104
30Cau Eagles Pointe Inc122 E 42nd St Rm 3605, New York, NY 10168-3620NY1997-04$1,262,735
Number of organizations performing similar types of work
Alaska13
Alabama74
Arkansas50
Arizona70
California562
Colorado59
Connecticut65
District of Columbia37
Delaware21
Florida261
Georgia182
Hawaii36
Iowa43
Idaho18
Illinois179
Indiana90
Kansas29
Kentucky56
Louisiana153
Massachusetts136
Maryland105
Maine36
Michigan185
Minnesota74
Missouri83
Mississippi43
Montana24
North Carolina129
North Dakota9
Nebraska32
New Hampshire14
New Jersey152
New Mexico17
Nevada25
New York362
Ohio177
Oklahoma52
Oregon48
Pennsylvania170
Rhode Island29
South Carolina67
South Dakota16
Tennessee102
Texas290
Utah28
Virginia102
Vermont10
Washington64
Wisconsin56
West Virginia23
Wyoming7
International32
Total4,697

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