2016-09-29T15:10:22-05:00 2016-03-31 141731700 MICHAEL A TOBIN & ASSOCIATES CPA'S PC 40 BRITISH AMERICAN BLVD LATHAM NY 12110 990 2015-04-01 237120738 SOMALTOW HOUSING COMPANY INC SOMA 101 SOUTH PEARL STREET ALBANY NY 12207 PETER MCKEE PRESIDENT 2016-09-29 true MICHAEL A TOBIN II P00248170 5187833100 2016-09-29 2015 2017-02-10 21:41:12Z PETER MCKEE 36 GLADWISH RD DELMAR NY 12054 1336610 false X X 1971 NY TO PROVIDE HOUSING AND AUXILIARY FACILITIES FOR AGED PERSONS OF LOW INCOME, AND TO THIS END TO PLAN, ACQUIRE, CONSTRUCT, OWN, MAINTAIN AND OPERATE SUCH HOUSING AND AUXILIARY FACILITIES. 8 8 0 8 0 0 105091 96604 116228 87728 474199 474662 695518 658994 0 0 0 0 0 49213 52610 49213 52610 646305 606384 19703368 20233707 0 19703368 20233707 TO PROVIDE HOUSING AND AUXILIARY FACILITIES FOR AGED PERSONS OF LOW INCOME, AND TO THIS END TO PLAN, ACQUIRE, CONSTRUCT, OWN, MAINTAIN AND OPERATE SUCH HOUSING AND AUXILIARY FACILITIES. false false 25530 96604 TO PROVIDE HOUSING AND AUXILIARY FACILITIES FOR AGED PERSONS OF LOW INCOME, AND TO THIS END TO PLAN, ACQUIRE, CONSTRUCT, OWN, MAINTAIN AND OPERATE SUCH HOUSING AND AUXILIARY FACILITIES. 25530 true false false false false false false false false false false false false true false true false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false true 0 0 true 0 false false false false false false false false false false X 8 8 false false false false false false false true false false false true true true true true true false false false NY X KIMBERLY HANSEN WOODS 5184630294 101 SOUTH PEARL STREET ALBANY NY 12207 X PETER MCKEE PRESIDENT 2.00 X X 0 0 0 JOHN BISHOP VICE PRESIDE 1.00 X X 0 0 0 ERIC SPRAGUE SECRETARY 1.00 X X 0 0 0 JOHN SABURRO TREASURER 2.00 X X 0 0 0 VERNON VICTORSON DIRECTOR 1.00 X 0 0 0 MARCIA CHANDLER DIRECTOR 1.00 X 0 0 0 PASTOR ALFRED SANLES DIRECTOR 1.00 X 0 0 0 MONIKA BOEKMANN DIRECTOR 1.00 X 0 0 0 KIMBERLY HANSEN WOODS EXECUTIVE DI 40.00 X 0 0 0 false false false X MANAGEMENT FEE INCOME 96604 96604 96604 44015 44015 721329 677616 43713 43713 43713 EXEMPT REVENUE-SEE SCHEDULE O 474662 474662 474662 658994 571266 87728 3950 3950 13438 13438 400 400 26636 23844 2792 DONATIONS, TENANT SUPPORT 7436 1686 5750 ANNUAL FILING FEE 750 750 52610 25530 27080 0 440414 315390 8050 13205436 13205436 2553773 2879607 3503745 3825224 19703368 20233707 0 0 X 19703368 20233707 19703368 20233707 19703368 20233707 606384 -76045 X X true X false true false X 562789 569677 566094 579290 571266 2849116 562789 569677 566094 579290 571266 2849116 2849116 59816 52034 45709 116228 44015 317802 59816 52034 45709 116228 44015 317802 622605 621711 611803 695518 615281 3166918 0.89960 0.89830 0.10000 0.10000 X ACCRUED INTEREST RECEIVABLE 3090917 DEVELOPER'S FEE RECEIVABLE 732357 REIMBURSEMENT DUE FROM PROJECT 1950 3825224 X SCHEDULE D, PAGE 3, PART X THE COMPANY ADOPTED FASB ASC 740-10, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. THE COMPANY HAS ANALYZED THE TAX POSITION TAKEN IN ITS FILINGS WITH THE INTERNAL REVENUE SERVICE AND STATE JURISDICTIONS WHERE IT OPERATES. THE COMPANY BELIEVES THAT ITS INCOME TAX FILING POSITION WILL BE SUSTAINED UPON EXAMINATION AND DOES NOT ANTICIPATE ANY ADJUSTMENTS THAT WOULD RESULT IN A MATERIAL ADVERSE AFFECT ON THE COMPANY'S FINANCIAL CONDITIONS, RESULTS OF OPERATIONS OR CASH FLOWS. ACCORDINGLY, THE COMPANY HAS NOT RECORDED ANY RESERVE OR RELATED ACCRUALS FOR INTEREST AND PENALTIES FOR UNCERTAIN INCOME TAX POSITIONS AT MARCH 31, 2016 AND 2015. THE COMPANY IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. FORM 990 THE ORGANIZATION WAS NOT A PARTY TO A BUSINESS TRANSACTION WITH ANY OFFICER OR DIRECTOR, ETC. AS DEFINED BY PART IV ITEM 28. THE ORGANIZATION CURRENTLY ACTS AS THE MANAGER OF A 345-UNIT HOUSING COMPLEX FOR LOW INCOME SENIOR CITIZENS WHICH IS OWNED BY SOUTH MALL TOWERS ALBANY, L.P. VARIOUS OF THE OFFICERS OR DIRECTORS MAY HAVE BUSINESS TRANSACTIONS WITH SOUTH MALL TOWERS ALBANY, L.P. AS PER THE ORGANIZATION'S CONFLICT OF INTEREST POLICY, ANY DIRECTOR OR OFFICER MUST DISCLOSE ANY CONFLICTS OF INTEREST AND ARE REQUIRED TO RECUSE THEMSELVES FROM ANY DECISIONS ON MATTERS IN WHICH THEY HAVE AN INTEREST. FORM 990, PAGE 6, PART VI, LINE 8B THE ORGANIZATION HAS NO COMMITTEES FORM 990, PAGE 6, PART VI, LINE 11B A DRAFT COPY OF THE FORM 990 WAS SENT TO THE TREASURER FOR HIS REVIEW AND COMMENTS PRIOR TO A REVIEW BY THE OTHER BOARD MEMBERS. A DRAFT COPY OF THE FORM 990 WAS THEN SENT TO THE OTHER BOARD MEMBERS FOR THEIR REVIEW AND COMMENTS PRIOR TO FILING IT WITH THE INTERNAL REVENUE SERVICE. FORM 990, PAGE 6, PART VI, LINE 12C ALL BOARD MEMBERS ARE REQUIRED TO RESPOND TO AN ANNUAL QUESTIONNAIRE REGARDING ANY CONFLICTS OF INTEREST. ANY NOTED CONFLICTS ARE RESOLVED IN A TIMELY MANNER. COPIES OF THE QUESTIONNAIRE ARE MAINTAINED BY THE ORGANIZATION. ANY DIRECTOR OR OFFICER MUST DISCLOSE ANY CONFLICTS OF INTEREST AND ARE REQUIRED TO RECUSE THEMSELVES FROM ANY DECISION ON MATTERS IN WHICH THEY HAVE AN INTEREST. FORM 990, PAGE 6, PART VI, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART VIII ACCRUED INTEREST EARNED ON PURCHASE MONEY MORTGAGE TO FURTHER THE ORGANIZATION'S EXEMPT PURPOSE. THESE EARNINGS WILL BE CONVERTED INTO PARTIAL CONSIDERATION FOR THE RE-PURCHASE OF A LOW INCOME HOUSING PROJECT PREVIOUSLY OWNED BY THE ORGANIZATION. THE ORGANIZATION HAS AN OPTION AND RIGHT OF FIRST REFUSAL TO RE-PURCHASE THE PROJECT UPON COMPLETION OF THE TAX CREDIT COMPLIANCE PERIOD. THE BOARD OF DIRECTOR'S INTENT TO RE-PURCHASE THE PROJECT WAS AFFIRMED IN 2003 AND WAS RE-AFFIRMED BY THE BOARD OF DIRECTORS ON OCTOBER 21, 2010. THE ORGANIZATION'S EXEMPT PURPOSE IS THE OPERATION AND MANAGEMENT OF A LOW INCOME HOUSING PROJECT FOR THE ELDERLY AND THE HANDICAPPED. AMOUNT EARNED FOR THE FISCAL YEAR ENDED MARCH 31, 2016 - 474,662. FORM 990, PAGE 12, PART XII, LINE 2C THE ENTIRE BOARD OF DIRECTORS UNDER THE LEADERSHIP OF THE BOARD TREASURER ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE COMPILATION OF THE ORGANIZATION'S FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDEDNT ACCOUNTANT.