2016-05-10T09:29:12-05:00 2015-06-30 271728945 PKF O'CONNOR DAVIES LLP 665 FIFTH AVENUE NEW YORK NY 10022 990 2014-07-01 133085054 YORKVILLE GARDENS HOUSING DEVELOPMENT FUND CO INC YORK 2129627653 11 PARK PLACE NO 1416 NEW YORK NY 10007 LINDA HOFFMAN CEO 2129627653 2016-05-03 1 GARRETT M HIGGINS P00543209 2122862600 2016-05-03 2014 2016-08-17 19:52:53Z LINDA HOFFMAN 11 PARK PLACE NO 1416 NEW YORK NY 10007 2463844 0 X WWW.NYFSC.ORG X 1981 NY PROVIDE 131 UNITS OF SUBSIDIZED, LOW INCOME HOUSING FOR SENIOR CITIZENS. LOCATED ON EAST 93RD STREET, BROWN GARDENS OFFERS SOCIAL AND RECREATIONAL SERVICES. FORTY SIX (46) OF ITS TENANTS ARE ENRICHED HOUSING PROGRAM RESIDENTS WHO REQUIRE SPECIAL ASSISTANCE AND FOOD SERVICE. 4 3 9 6 0 0 0 0 2444885 2456043 428 318 8023 7483 2453336 2463844 0 0 0 0 432676 434805 0 0 0 1841371 1791606 2274047 2226411 179289 237433 4103165 4059882 5953404 5672688 -1850239 -1612806 DEVELOPING, CONSTRUCTING AND OPERATING HOUSING AND RELATED FACILITIES FOR THE ELDERLY AND HANDICAPPED. 0 0 2103466 2456043 PROVIDES 131 UNITS OF SUBSIDIZED LOW INCOME HOUSING FOR SENIOR CITIZENS. 2103466 1 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 6 0 9 1 0 0 0 0 0 0 0 0 0 0 X 4 3 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 NY X X MARTHA BAUER CHIEF FINANCIAL OFFICER 2129627653 11 PARK PLACE SUITE 1416 NEW YORK NY 10007 DEBORAH SMITH BERNSTEIN PRESIDENT 0.20 3.20 X X 0 0 0 ELIZABETH R TOZER VICE PRESIDENT 0.20 3.40 X X 0 47900 0 JOAN FINKELSTEIN EXECUTIVE SECRETARY 0.20 3.00 X X 0 0 0 ANN VAN NESS BOARD MEMBER 0.20 3.40 X 0 0 0 LINDA R HOFFMAN CHIEF EXECUTIVE OFFICER 1.00 34.00 X 0 565715 17585 MARTHA BAUER CHIEF FINANCIAL OFFICER 1.00 34.00 X 0 227379 19965 0 840994 37550 0 0 1 0 ALLIED BARTON SECURITY SERVICES PO BOX 828854 PHILADELPHIA PA 19182 SECURITY SERVICES 110174 1 RENTAL INCOME 531110 2456043 2456043 2456043 318 318 LAUNDRY REVENUE 531110 7000 7000 FORFEITED SECURITY DEP 531110 483 483 7483 2463844 2456043 0 7801 329422 329422 72611 72611 32772 32772 94248 94248 339 339 34527 18027 16500 155861 155861 568 568 20229 8939 11290 610701 610701 515752 515752 256793 256793 OPERATING & MAINTENANCE 100033 100033 BAD DEBT EXPENSE 2555 2555 2226411 2103466 122945 0 87985 62771 374817 404902 3769 3387 178459 184339 9512358 6194819 3371751 3317539 86384 86944 4103165 4059882 131714 166590 29509 30069 5744305 5428456 47876 47573 5953404 5672688 X -1850239 -1612806 -1850239 -1612806 4103165 4059882 237433 0 X X 0 1 X 1 1 1 X 2430973 2434090 2404942 2444885 2456043 12170933 2430973 2434090 2404942 2444885 2456043 12170933 0 0 0 12170933 265 198 547 428 318 1756 265 198 547 428 318 1756 7100 8305 7257 8023 7483 38168 2438338 2442593 2412746 2453336 2463844 12210857 0.99670 0.99670 0.00010 0.00010 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: LAUNDRY REVENUE - 2010 AMOUNT: $ 6,700. 2011 AMOUNT: $ 6,875. 2012 AMOUNT: $ 7,000. 2013 AMOUNT: $ 7,000. 2014 AMOUNT: $ 7,000. FORFEITED SECURITY DEPOSIT - 2010 AMOUNT: $ 400. 2011 AMOUNT: $ 1,430. 2012 AMOUNT: $ 257. 2013 AMOUNT: $ 1,023. 2014 AMOUNT: $ 483. 0 1 X 66000 66000 9254392 6019776 3234616 191966 175043 16923 3317539 MANAGEMENT FEE PAYABLE TO SPONSOR 47573 47573 X 2463844 0 2463844 0 2463844 2226411 0 2226411 0 2226411 PART IV, LINE 2B: THE ORGANIZATION COLLECTS AND MAINTAINS TENANT SECURITY DEPOSITS IN ALIGNMENT WITH THE FOLLOWING PROCEDURE. RESIDENTS PROVIDE THE BUILDING MANAGEMENT OFFICER WITH A SECURITY DEPOSIT UPON MOVING INTO THE HOUSING UNIT. THESE FUNDS ARE DEPOSITED INTO A SEPARATE ACCOUNT AND HELD BY THE ORGANIZATION TO ADDRESS FUTURE EXPENSES THAT MAY BE INCURRED FOR REPAIRS AND/OR DAMAGES TO THE HOUSING UNITS AFTER THE TENANT VACATES THE PREMISES. THE REMAINING SECURITY DEPOSIT FUNDS ARE DISBURSED BACK TO THE TENANT BY THE ORGANIZATION WHEN ALL NECESSARY REPAIRS HAVE BEEN COMPLETED TO PREPARE THE UNIT FOR AN INCOMING TENANT. PART X, LINE 2: THE ENTITY RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE POSITIONS ARE MORE LIKELY THAN NOT TO BE SUSTAINED. MANAGEMENT HAS DETERMINED THAT THE ENTITY HAD NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE FINANCIAL STATEMENT RECOGNITION OR DISCLOSURE. THE ENTITY IS NO LONGER SUBJECT TO EXAMINATIONS BY THE APPLICABLE TAXING JURISDICTIONS FOR PERIODS PRIOR TO JUNE 30, 2012. 0 0 0 0 0 0 0 0 0 LINDA R HOFFMAN CHIEF EXECUTIVE OFFICER 0 447670 0 70000 0 48045 0 0 0 17585 0 583300 0 0 MARTHA BAUER CHIEF FINANCIAL OFFICER 0 209879 0 17500 0 0 0 2330 0 17635 0 247344 0 0 PART I, LINE 3 YORKVILLE GARDENS HDFC DOES NOT PROVIDE COMPENSATION TO ANY OF ITS TOP MANAGEMENT OFFICIALS. THE SALARY PAID TO THE CFO AND CEO IS PAID BY NEW YORK FOUNDATION FOR SENIOR CITIZENS, INC., A RELATED ORGANIZATION. THE FOLLOWING IS THEIR COMPENSATION POLICY. NEW YORK FOUNDATION FOR SENIOR CITIZENS, INC. HAS ESTABLISHED A WRITTEN COMPENSATION POLICY FOR THEIR COMPENSATION COMMITTEE TO FOLLOW IN ESTABLISHING THE COMPENSATION FOR THE CEO, EXECUTIVE DIRECTOR, TOP MANAGEMENT OFFICIAL, OTHER OFFICERS OR KEY EMPLOYEES. THE POLICY MANDATES THAT EXECUTIVE COMPENSATION BE REVIEWED ANNUALLY BY THE COMPENSATION COMMITTEE AND THAT THE COMMITTEE SHOULD BE FREE OF CONFLICTS OF INTEREST. IN ADDITION, THE APPROVING COMPENSATION COMMITTEE NEEDS TO REVIEW APPROPRIATE AND ADEQUATE DATA TO DETERMINE THE REASONABLENESS OF COMPENSATION BEING CONSIDERED. THE COMPENSATION COMMITTEE USES A VARIETY OF INFORMATION AND STUDIES THAT ARE AVAILABLE TO DETERMINE THAT THE APPROPRIATE LEVEL OF COMPENSATION IS BEING PAID TO ITS EXECUTIVES. IN JUNE 2014, THE COMPENSATION COMMITTEE OF NEW YORK FOUNDATION FOR SENIOR CITIZENS, INC. ENGAGED AN OUTSIDE CONSULTING FIRM TO CONDUCT AN EXECUTIVE COMPENSATION STUDY WHICH INCLUDED A MARKET EVALUATION OF THE TOP FIVE POSITIONS WITHIN THE ORGANIZATION. THE COMPENSATION COMMITTEE'S DECISION ON THE AMOUNT OF COMPENSATION PAID IS REQUIRED TO BE ADEQUATELY DOCUMENTED IN A CONTEMPORANEOUSLY WRITTEN FORMAT AND SHOULD DOCUMENT THE DATE OF THE DECISION, THE MEMBERS PRESENT DURING THE DECISION AND THOSE WHO VOTED ON IT, THE FULL TERMS OF THE TRANSACTION THAT WAS APPROVED AND THE COMPARABLE DATA USED AND RELIED UPON TO MAKE THE DECISION. THE COMPENSATION REVIEW PROCESS FOR THE CEO, EXECUTIVE DIRECTOR, TOP MANAGEMENT OFFICIAL, OTHER OFFICERS OR KEY EMPLOYEES WAS LAST UNDERTAKEN IN SEPTEMBER 2015. FORM 990, PART VI, SECTION A, LINE 3 THE PROJECT PURCHASES MANAGEMENT SERVICES FROM ITS SPONSOR, NEW YORK FOUNDATION FOR SENIOR CITIZENS, INC., A RELATED ENTITY. THESE FEES ARE CHARGEABLE UP TO A MAXIMUM HUD ALLOWABLE RATE OF $59.50 PER UNIT PER MONTH. THE MANAGEMENT FEES INCURRED DURING THE YEAR ENDED JUNE 30, 2015 AMOUNTED TO $94,248. MANAGEMENT FEES PAYABLE AT JUNE 30, 2015 WERE $47,573. IN ADDITION, THE SPONSOR CHARGES THE ENTITY FOR BOOKKEEPING AND ACCOUNTING SERVICES. THESE FEES AMOUNTED TO $13,488 DURING THE YEAR ENDED JUNE 30, 2015. THE MANAGEMENT COMPANY MANAGES THE BUILDING. THEY COLLECT RENT, PAY BILLS, OVERSEE THE MAINTENANCE OF THE BUILDING AND RE-CERTIFY TENANTS ANNUALLY TO INSURE COMPLIANCE WITH HUD REQUIREMENTS. PLEASE REFER TO PART VII AS, LINDA HOFFMAN AND MARTHA BAUER ARE COMPENSATED BY THE RELATED ENTITY. FORM 990, PART VI, SECTION B, LINE 11 YORKVILLE GARDENS HDFC, INC. HAS ITS FORM 990 PREPARED BY AN OUTSIDE ACCOUNTING FIRM AND HAS ESTABLISHED THE FOLLOWING REVIEW PROCESS TO ENSURE THAT THE INFORMATION REPORTED IS COMPLETE AND ACCURATE: WHEN THE FORM 990 HAS BEEN PREPARED, REVIEWED BY MANAGEMENT AND IS READY TO BE FILED WITH THE INTERNAL REVENUE SERVICE, ITS SUBMITTED ELECTRONICALLY TO A REPRESENTATIVE MEMBER OF THE ORGANIZATION'S GOVERNING BODY FOR ANY COMMENTS PRIOR TO ITS SUBMISSION. THE GOVERNING BODY IS PROVIDED WITH ONE WEEK TO REVIEW THE PREPARED FORM 990 AND PROVIDE THEIR COMMENTS. ANY COMMENTS ARE THEN GROUPED, SUMMARIZED AND PROVIDED TO THE MANAGEMENT COMMITTEE IN CHARGE OF FILING THE RETURN FOR THEIR REVIEW. EACH ISSUE IS DOCUMENTED AND ADDRESSED UNTIL THE RETURN IS FINALIZED AND APPROVED FOR FILING. FORM 990, PART VI, SECTION B, LINE 12C YORKVILLE GARDENS HDFC, INC. CURRENTLY HAS IN PLACE A CONFLICT OF INTEREST POLICY WHICH IT ANNUALLY MONITORS AND ENFORCES. THE BOARD CURRENTLY MANDATES THAT ALL MEMBERS OF MANAGEMENT AND THE GOVERNING BODY ANNUALLY SIGN A CONFLICT OF INTEREST POLICY AND DISCLOSE ANY POTENTIAL OR ACTUAL CONFLICTS THAT MAY EXIST. THE SIGNED CONFLICT OF INTEREST POLICY IS SUBMITTED TO THE CORPORATE COMPLIANCE OFFICER WHO REVIEWS THE SIGNED ATTESTATIONS FOR POTENTIAL OR ACTUAL CONFLICTS. IF A POTENTIAL OR ACTUAL CONFLICT OF INTEREST EXISTS, THE CORPORATE COMPLIANCE OFFICER WILL NOTIFY A MEMBER OF MANAGEMENT OR THE GOVERNING BODY ABOUT SUCH CONFLICT AND INVESTIGATE THE CONFLICT. THE RESULTS OF THE INVESTIGATION WILL BE SUMMARIZED AND DOCUMENTED BY THE CORPORATE COMPLIANCE OFFICER AND BE REPORTED TO THE GOVERNING BODY. IF THE CORPORATE COMPLIANCE OFFICER ESTABLISHES THAT AN ACTUAL CONFLICT EXISTS, THE MEMBER OF MANAGEMENT OR THE GOVERNING BODY WILL BE NOTIFIED IMMEDIATELY AND WILL NOT BE ALLOWED TO VOTE OR BE A PART OF ANY DECISIONS ABOUT ANY SUCH TRANSACTIONS THAT HAVE TO DO WITH THE CONFLICT UNTIL SUCH TIME THERE IS NO LONGER A CONFLICT. FORM 990, PART VI, SECTION C, LINE 19 YORKVILLE GARDENS HOUSING DEVELOPMENT FUND CONPANY, INC. MAKES ITS FORM 990 AVAILABLE FOR PUBLIC INSPECTION AS REQUIRED UNDER SECTION 6104 OF THE INTERNAL REVENUE CODE BY POSTING IT ON GUIDESTAR.ORG. IN ADDITION, FORMS 990 AND 1023 AS WELL AS THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON WRITTEN REQUEST TO 11 PARK PLACE, SUITE 1416, NEW YORK, NY, 10007 OR BY CALLING THE ORGANIZATION DIRECTLY AT (212) 962-7653. FORM 990, PART XI, LINE 2C: YORKVILLE GARDENS HOUSING DEVELOPMENT FUND CO, INC. HAS A COMMITTEE THAT IS RESPONSIBLE FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM THE PREVIOUS YEAR. FORM 990, PART VII: EXPLANATION OF PAYMENT TO ELIZABETH F. TOZER BOARD MEMBER ELIZABETH F. TOZER RECEIVES NO COMPENSATION IN HER CAPACITY AS BOARD MEMBER AND OFFICER. SHE DOES RECEIVE COMPENSATION IN HER CAPACITY AS INTERIOR DESIGN CONSULTANT TO NYFSC, INC., A RELATED ORGANIZATION. NEW YORK FDTN FOR SENIOR CITIZENS INC - GUARDIAN SERVICES 11 PARK PLACE SUITE 1416 NEW YORK NY 10007 133501671 LEGAL GUARDIAN FOR ADULTS ENROLLED IN NYC'S HUMAN RESOURCES ADMIN. PRGM. NY 501(C)(3) LINE 7 NEW YORK FOUNDATION FOR SENIOR CITIZENS INC 0 1850 SECOND AVENUE SERVICES CORP 11 PARK PLACE SUITE 1416 NEW YORK NY 10007 133557175 SUBSIDIZED HOUSING FOR THE LOW INCOME. NY 501(C)(3) LINE 9 NEW YORK FOUNDATION FOR SENIOR CITIZENS INC 0 GEORGE DALY HDFC INC 11 PARK PLACE SUITE 1416 NEW YORK NY 10007 133535818 TO PROVIDE TRANSITIONAL HOUSING FOR THE HOMELESS. NY 501(C)(3) LINE 7 NEW YORK FOUNDATION FOR SENIOR CITIZENS INC 0 NEW YORK FDTN FOR SENIOR CITIZENS - HOME ATTENDANT SVCS INC 11 PARK PLACE SUITE 1416 NEW YORK NY 10007 133083582 LONG-TERM CARE HOME ATTENDANT PROGRAM FOR THE ELDERY. NY 501(C)(3) LINE 7 NEW YORK FOUNDATION FOR SENIOR CITIZENS INC 0 80-92 RIDGE STREET HDFC INC 11 PARK PLACE SUITE 1416 NEW YORK NY 10007 133584060 SUBSIDIZED HOUSING FOR THE ELDERLY. NY 501(C)(3) LINE 9 NEW YORK FOUNDATION FOR SENIOR CITIZENS INC 0 TENTH AND 51ST HDFC INC 11 PARK PLACE SUITE 1416 NEW YORK NY 10007 133270654 SUBSIDIZED HOUSING FOR THE ELDERLY. NY 501(C)(3) LINE 9 NEW YORK FOUNDATION FOR SENIOR CITIZENS INC 0 NEW YORK FOUNDATION FOR SENIOR CITIZENS INC 11 PARK PLACE SUITE 1416 NEW YORK NY 10007 132618568 IMPROVE THE QUALITY OF LIFE FOR THE ELDERLY. NY 501(C)(3) LINE 7 N/A 0 CONCOURSE GARDENS HDFC INC 11 PARK PLACE SUITE 1416 NEW YORK NY 10007 133696061 SUBSIDIZED HOUSING FOR THE ELDERLY. NY 501(C)(3) LINE 9 NEW YORK FOUNDATION FOR SENIOR CITIZENS INC 0 CUMBERLAND GARDENS HDFC INC 11 PARK PLACE SUITE 1416 NEW YORK NY 10007 133907908 SUBSIDIZED HOUSING FOR THE ELDERLY. NY 501(C)(3) LINE 9 NEW YORK FOUNDATION FOR SENIOR CITIZENS INC 0 ALMA RANGEL GARDENS HDFC INC 11 PARK PLACE SUITE 1416 NEW YORK NY 10007 134066940 SUBSIDIZED HOUSING FOR THE ELDERLY. NY 501(C)(3) LINE 9 NEW YORK FOUNDATION FOR SENIOR CITIZENS INC 0 RIVER VIEW GARDENS HDFC INC 11 PARK PLACE SUITE 1416 NEW YORK NY 10007 133995933 SUBSIDIZED HOUSING FOR THE ELDERLY. NY 501(C)(3) LINE 9 NEW YORK FOUNDATION FOR SENIOR CITIZENS INC 0 SURF GARDENSHDFC INC 11 PARK PLACE SUITE 1416 NEW YORK NY 10007 205437122 SUBSIDIZED HOUSING FOR THE ELDERLY NY 501(C)(3) LINE 9 NEW YORK FOUNDATION FOR SENIOR CITIZENS INC 0 SURF GARDENS CONEY ISLAND LP 11 PARK PLACE RM 1416 NEW YORK NY 10007 262956023 LOW INCOME HOUSING FOR THE ELDERLY NY SURF GARDENS GP INC N/A 0 0 SURF GARDENS GP INC 11 PARK PLACE RM 1416 NEW YORK NY 10007 262956084 REAL ESTATE NY NEW YORK FOUNDATION FOR SENIOR CITIZENS INC C 0 0 0 0 0 1 0 0 0 0 0 0 0 1 0 1 1 0 0 0