William L Chisolm Housing Development Fund Corp, Messer Gregory Ttee in Brooklyn, New York (NY)

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William L Chisolm Housing Development Fund Corp, Messer Gregory Ttee
Employer Identification Number (EIN)061305873
Name of OrganizationWilliam L Chisolm Housing Development Fund Corp
Secondary NameMesser Gregory Ttee
In Care of NameAbdur Rahman Farrakhan
Address26 Court St, Brooklyn, NY 11242-0103
ActivitiesLow income housing
SubsectionCharitable Organization
Ruling Date03/1991
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 Period12/2004
Assets$10,000,000 to $49,999,999
Income$1,000,000 to $4,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$16,981,858
Amount of Income$2,280,768
Form 990 Revenue Amount$2,280,768
National Taxonomy of Exempt Entities (NTEE)Housing, Shelter: Housing Development, Construction, Management


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Amount of income in 2004: $2,280,768
This organization: 

 $2,280,768
Other organizations performing similar types of work: 

 $335,144

Assets in 2004: $16,981,858
This organization: 

 $16,981,858
Other organizations performing similar types of work: 

 $1,134,092

Expenses in 2004: $3,480,777
William L Chisolm Housing Development Fund Corp, Messer Gregory Ttee: 

 $3,480,777
Other organizations performing similar types of work: 

 $1,087,679

Income to expenses ratio in 2004: 0.7
This organization: 

 0.7
Other organizations performing similar types of work: 

 1.1

Expenses allocated to program services in 2004: 98.0%
This organization: 

 98.0%
Other organizations performing similar types of work: 

 85.5%

Number of employees in 2004: 25
This organization: 

 25
Other organizations performing similar types of work: 

 12

Employees paid over $50,000 in 2004: 0.0%
This organization: 

 0.0%
Other organizations performing similar types of work: 

 2.7%

Grants share in income in 2004: 0.0%
William L Chisolm Housing Development Fund Corp, Messer Gregory Ttee: 

 0.0%
Other organizations performing similar types of work: 

 41.3%

Financial snapshot ($)

Revenue for 2004

Assets at end of 2004

Expenses for 2004

Functional Expenses for 2004 ($)

Income-Producing Activities for 2004

Revenue, Expenses, and Changes in Net Assets or Fund Balances
20032004
Total revenue$2,471,617$2,280,768
Contributions, gifts, grants, and similar amounts received$0$0
Contributions to donor advised funds
Direct public support$0$0
Indirect public support$0$0
Government contributions (grants)$0$0
Program service revenue including government fees and contracts$940,317$789,824
Membership dues and assessments$0$0
Interest on savings and temporary cash investments$0$0
Dividends and interest from securities$508$589
Net rental income or (loss)$1,530,792$1,490,355
Gross rents$1,530,792$1,490,355
Less: rental expenses$0$0
Other investment income$0$0
Gain or (loss) from sales of assets other than inventory$0$0
Gross amount from sales of assets other than inventory$0$0
Less: cost or other basis and sales expenses$0$0
Net income or (loss) from special events and activities$0$0
Gross revenue$0$0
Less: direct expenses other than fundraising expenses$0$0
Gross profit or (loss) from sales of inventory$0$0
Gross sales of inventory, less returns and allowances$0$0
Less: cost of goods sold$0$0
Other revenue$0$0
Total expenses$3,707,767$3,480,777
Program services$3,649,295$3,412,828
Management and general$58,472$67,949
Fundraising$0$0
Payments to affiliates$0$0
Net assets or fund balances at end of year$1,969,310$1,246,877
Excess or (deficit) for the year$-1,236,150$-1,200,009
Net assets or fund balances at beginning of year$2,660,634$1,969,310
Other changes in net assets or fund balances$544,826$477,576
Statement of Functional Expenses (for 2004)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$3,480,777$3,412,828$67,949$0
Grants paid from donor advised funds
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.
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)
Salaries and wages of employees not included above$458,460$412,614$45,846$0
Pension plan contributions not included above$0$0$0$0
Employee benefits not included above$53,803$48,423$5,380$0
Payroll taxes$35,317$31,785$3,532$0
Professional fundraising fees$27,710$24,939$2,771$0
Accounting fees$8,000$7,200$800$0
Legal fees$51,186$46,067$5,119$0
Supplies$35,055$31,550$3,505$0
Telephone$9,956$8,960$996$0
Postage and shipping$0$0$0$0
Occupancy$888,735$888,735$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$470,617$470,617$0$0
Depreciation, depletion, etc.$627,797$627,797$0$0
Other expenses not covered above$814,141$814,141$0$0
Balance Sheets
20032004
Total assets$17,593,901$16,981,858
Cash - non-interest-bearing$30,259$18,180
Savings and temporary cash investments$0$0
Accounts receivable less allowance for doubtful accounts$303,776$254,003
Pledges receivable less allowance for doubtful accounts$0$0
Grants receivable$0$0
Receivables from current and former officers, directors, trustees, and key employees$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)
Other notes and loans receivable less allowance for doubtful accounts$0$0
Inventories for sale or use$0$0
Prepaid expenses and deferred charges$43,886$24,374
Investments - publicly-traded securities
Investments - other securities$0$0
Investments - land, buildings, and equipment less accumulated depreciation$0$0
Investments - other$0$0
Land, buildings, and equipment less accumulated depreciation$15,551,165$14,932,956
Other assets, including program-related investments$1,664,815$1,752,345
Total liabilities$15,624,591$15,734,981
Accounts payable and accrued expenses$207,990$143,803
Grants payable$0$0
Deferred revenue$144,281$29,699
Loans from officers, directors, trustees, and key employees$0$0
Tax-exempt bond liabilities$0$0
Mortgages and other notes payable$12,364,949$11,820,123
Other liabilities$2,907,371$3,741,356
Total liabilities and net assets/fund balances$17,593,901$16,981,858
Total net assets or fund balances$1,969,310$1,246,877
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
20032004
Total revenue$2,471,617$2,280,768
Total revenue, gains, and other support per audited financial statements$2,471,617$2,280,768
Other expenses$0$0
Net unrealized gains on investments$0$0
Donated services and use of facilities$0$0
Recoveries of prior year grants$0$0
Other$0$0
Other revenue$0$0
Investment expenses$0$0
Other$0$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
20032004
Total expenses$3,707,767$3,480,777
Total expenses and losses per audited financial statements$3,707,767$3,480,777
Other revenue$0$0
Donated services and use of facilities$0$0
Prior year adjustments$0$0
Losses$0$0
Other$0$0
Other expenses$0$0
Investment expenses$0$0
Other$0$0
Current Officers, Directors, Trustees, and Key Employees
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings0
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?
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?
Does the organization have a written conflict of interest policy?
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?No
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)?
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?
Did the organization acquire a direct or indirect interest in any applicable insurance contract?
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?
Number of employees employed in the pay period that includes March 12, 200625
Analysis of Income-Producing Activities (for 2004)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$589$2,280,179
Program service revenue
Program service revenue 1000000$000$0$0
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$789,824
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments000000$000$0$0
Dividends and interest from securities000000$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)$589$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$1,490,355
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$0
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2004)
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 2004)
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 2004)
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?
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?
Did the organization maintain any donor advised funds?
Did the organization make any taxable distributions under section 4966?
Did the organization make a distribution to a donor, donor advisor, or related person?
Enter the total number of donor advised funds owned at the end of the tax year
Enter the aggregate value of assets held in all donor advised funds owned at the end of the tax year
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
Enter the aggregate value of assets held in all funds or accounts included above at the end of the tax year
Reason for Non-Private Foundation Status
The organization is not a private foundation because it isOrganization that receives a substantial part of its support from a governmental unit or from the general public
Support Schedule
20022003
Total$2,427,776$2,471,617
Gifts, grants, and contributions received$2,427,776$2,471,617
Membership fees received$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$0$0
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$0
Net income from unrelated business activities not included above$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$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
Other income$0$0
Lobbying Expenditures by Electing Public Charities (for 2004)
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
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Jefferson County Assisted Housing Corp500 Office Park Dr Ste 300, Mountain Brk, AL 35223-2436AL1990-02$469,131,007
2Presbyterian College503 S Broad St, Clinton, SC 29325-2865SC1944-01$68,191,198
3West Side Federation For Senior Housing Inc2345 Broadway 2nd Fl, New York, NY 10024-3213NY1978-03$27,635,517
4Hope Network, Alternative Community Living Inc70 Lafayette St, Pontiac, MI 48342-2033MI1987-04$23,071,987
5Ahc Inc2230 Fairfax Dr Apt 300, Arlington, VA 22201-6618VA1976-08$15,383,324
6Self Help Enterprises8445 W Elowin Ct, Visalia, CA 93291-9262CA1965-04$13,513,804
7Habitat For Humanity International Inc, New York City Hfh111 John St Fl 23, New York, NY 10038-3109NY1987-01$12,081,898
8William L Chisolm Housing Development Fund Corp, Messer Gregory Ttee26 Court St, Brooklyn, NY 11242-0103NY1991-03$2,280,768
9R O U S E Rpc Inc99 Bloomingrove Dr, Troy, NY 12180-8401NY1994-07$973,961
10Better Neighborhoods Inc986 Albany St, Schenectady, NY 12307-1513NY1969-04$862,707
11Grand Central District Management Association Inc122 E 42nd St Rm 601, New York, NY 10168-0699NY1991-06$12,824,650
12Franklin-Winsor Housing Develpoment Fund Corporation5 West Main Street, Elmsford, NY 10523-2416NY1986-10$8,242,640
13Borinquen Court Housing Development Fund Corporation2804 Third Ave 6th Fl, Bronx, NY 10455-4000NY1979-08$4,994,267
14Neighbors Of Watertown Inc116 Franklin St, Watertown, NY 13601-3318NY1972-03$4,979,421
15Ithaca Neighborhood Housing Services Inc115 W Clinton St, Ithaca, NY 14850-5636NY1977-03$4,756,124
16Hunts Point Housing Development Fund Corporation885 Bruckner Blvd, Bronx, NY 10459-5201NY1991-02$4,285,516
17Leap Inc621 Degraw St, Brooklyn, NY 11217-3120NY1992-10$3,874,111
18Broadway Housing Development Fund Company Inc583 Riverside Drive, New York, NY 10031-8346NY1988-12$3,836,645
19Habitat For Humanity International Inc, Suffolk Hfh643 Middle Country Rd, Middle Island, NY 11953-2509NY1987-01$3,648,135
20Loretto-Utica Adult Residence Inc1445 Kemble St, Utica, NY 13501-4441NY1993-04$2,919,132
Number of organizations performing similar types of work
Alaska3
Alabama26
Arkansas24
Arizona22
California196
Colorado35
Connecticut24
District of Columbia19
Delaware3
Florida83
Georgia43
Hawaii12
Iowa17
Idaho3
Illinois81
Indiana43
Kansas14
Kentucky57
Louisiana26
Massachusetts81
Maryland44
Maine14
Michigan71
Minnesota47
Missouri35
Mississippi13
Montana4
North Carolina87
North Dakota3
Nebraska26
New Hampshire10
New Jersey59
New Mexico9
Nevada3
New York183
Ohio113
Oklahoma15
Oregon11
Pennsylvania106
Rhode Island14
South Carolina36
South Dakota10
Tennessee37
Texas113
Utah6
Virginia49
Vermont10
Washington28
Wisconsin42
West Virginia10
Wyoming3
International6
Total2,029

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