2016-07-25T13:40:49-07:00 2015-12-31 SAMUEL KLEIN AND COMPANY 550 BROAD ST STE 11 NEWARK NJ 071024543 990 2015-01-01 237269706 BLOOMFIELD SENIOR CITIZENS HOUSING FELICITY TOWERS BLOO 9737432300 100 LLEWELYN AVENUE BLOOMFIELD NJ 07003 ALAN LAQUAGLIA President 2016-07-25 true BRUCE W MICHEL P00381558 9736246100 2015 2016-12-15 16:53:06Z 1745769 false false X N/A X 1968 NJ THE ORGANIZATION OWNS A 148-UNIT APARTMENT BUILDING THAT IS SUBSIDIZED BY THE NEW JERSEY HOUSING & MORTGAGE FINANCE AGENCY AND THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT TO PROVIDE ELDERLY INDIVIDUALS WITH LOW AND MODERATE INCOME HOUSING AT AN AFFORDABLE RATE.THE CORPORATION CHARGES THE TENANT RENT AT A RATE NOT TO EXCEED 30% OF THEIR INCOME. THE BALANCE IS SUPPLIED BY THE NEW JERSEY HOUSING & MORTGAGE FINANCE AGENCY AND UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. 8 8 7 8 0 459293 751908 1112835 988152 769 940 3720 4769 1576617 1745769 0 0 297332 298774 0 0 1098589 1468905 1395921 1767679 180696 -21910 3412951 3362292 3902478 3810057 -489527 -447765 THE ORGANIZATION OWNS A 148-UNIT APARTMENT BUILDING THAT IS SUBSIDIZED BY THE NEW JERSEY HOUSING & MORTGAGE FINANCE AGENCY AND THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT TO PROVIDE ELDERLY INDIVIDUALS WITH LOW AND MODERATE INCOME HOUSING AT AN AFFORDABLE RATE.THE CORPORATION CHARGES THE TENANT RENT AT A RATE NOT TO EXCEED 30% OF THEIR INCOME. THE BALANCE IS SUPPLIED BY THE NEW JERSEY HOUSING & MORTGAGE FINANCE AGENCY AND UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. false false 1692812 1733535 TO PROVIDE ELDERLY INDIVIDUALS WITH LOW TO MODERATE INCOME HOUSING AT AN AFFORDABLE RATE SUBSIDIZED BY THE NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY AND THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT 1692812 true true false false false false false false false false true false false true true true 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 true false false false false false false false false false true 8 0 true 7 true false false false false false false false false 0 false false false false false false false false false false X 8 8 false true false false false false false true true false false true true false false false true true true false X X Co RP MARZULLI COMPANY 9737432300 264 BELLEVILLE AVE BLOOMFIELD NJ 07003 GREGG BURNETT Trustee 1.00 0.00 X 0 0 0 ALAN LAQUAGLIA President 1.00 0.00 X X 0 0 0 MARIA RIZZITELLO Secretary 1.00 0.00 X X 0 0 0 FRED MENZIL Trustee 1.00 0.00 X 0 0 0 JOAN M YAR Vice President 1.00 0.00 X X 0 0 0 MICHAEL NAPOLITANO Trustee 1.00 0.00 X 0 0 0 DEBBIE AGENS Secretary 1.00 0.00 X 0 0 0 RP MARZULLI COINC MANAGING AGENT 40.00 0.00 X 69619 0 0 69619 0 false false false 0 751908 211291 751908 APARTMENT RENT 531110 944461 944461 COMMERCIAL RENTS 531110 23486 23486 GARAGE & PARKING RENT 531110 13680 13680 LAUNDRY 531110 6525 6525 988152 940 940 0 0 0 0 0 0 0 MISCELLANEOUS INCOME 900099 4769 4769 4769 1745769 992921 940 0 0 0 0 69619 34810 34809 0 182449 182449 0 29672 29672 17034 17034 0 0 31024 19323 11701 0 0 0 0 0 0 0 0 0 0 0 0 166073 166073 0 238035 238035 67502 67502 UTILITIES 316102 316102 MAINTENANCE CONTRACTS 248564 248564 REAL ESTATE TAXES 172806 172806 REPAIRS AND MAINTENACE 101305 101305 127494 99137 28357 1767679 1692812 74867 0 81536 161199 0 0 42647 41337 0 0 0 0 62748 33892 6739694 4373737 2540691 2365957 0 0 0 91589 685329 668318 3412951 3362292 188220 148909 17754 66594 3609632 3506074 86872 88480 3902478 3810057 X -489527 -447765 -489527 -447765 3412951 3362292 X -21910 63672 X false true X true true true X 841150 509757 456593 459293 751908 3018701 0 0 841150 509757 456593 459293 751908 3018701 0 3018701 685 1203 961 769 940 4558 0 0 3023259 3177180 0.99850 0.99830 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 87139 87139 6652555 4373737 2278818 2365957 RESTRICTED DEPOSITS & FUNDED RESERVE 668318 UNAMORTIZED LOAN CLOSING COSTS 668318 TENANTS SECURITY DEPOSITS 88480 88480 X 1745769 1745769 1745769 1767679 1767679 1767679 Part X : FIN48 Footnote THE ACCOUNTING STANDARD ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ADDRESSES THE DETERMINATION OF WHETHER TAX BENEFITS CLAIMED OR EXPECTED TO BE CLAIMED ON A TAX RETURN SHOULD BE RECORDED IN THE FINANCIAL STATEMENTS. uNDER THAT GUIDANCE, THE ORGANIZATION MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES BASED ON THE TECHNICAL MERITS OF THE POSITION. EXAMPLES OF TAX POSITIONS INCLUDE THE TAX-EXEMPT STATUS OF THE ORGANIZATION AND VARIOUS POSITIONS RELATED TO THE POTENTIAL SOURCES OF UNRELATED BUSINESS TAXABLE INCOME (UBIT). THE TAX BENEFITS RECOGNIZED IN THE FINANCIAL STATEMENTS FROM SUCH A POSITION ARE MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. THERE WERE NO UNRECOGNIZED TAX BENEFITS IDENTIFIED OR RECORDED AS LIABILITIES FOR THE YEARS ENDED DECEMBER 31,2015 AND 2014. THE ORGANIZATION FILES ITS FORMS 990 IN THE U.S. FEDERAL JURISDICTION AND THE OFFICE OF THE STATE'S ATTORNEY GENERAL FOR THE STATE OF NEW JERSEY. THE ORGANIZATION IS GENERALLY NO LONGER SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE FOR YEARS BEFORE 2012. X INTEREST RATE REDUCTION 1 211291 FAIR MARKET VALUE false true false Form 990, Part VI, Line 3: Description of Delegated Duties to Management Company THE MANAGING AGENT'S DUTIES INCLUDE: MANAGING THE FACILITY, HIRING AND SUPERVISING EMPLOYEES OF THE BUILDING, COLLECTION OF RENTS, MAINTENANCE OF THE BUILDING AND GROUNDS, PREPARATION OF VOUCHERS FOR GRANT ASSISTANCE PAYMENTS, DISBURSEMENT OF CHECKS, COMPLETING TENANT LEASES AND RENEWALS AND TENANT CERTIFICATIONS AND RECERTIFICATIONS. Form 990, Part VI, Line 11b: Form 990 Review Process THE FORM 990 IS REVIEWED BY MANAGEMENT AND THE SIGNING OFFICER PRIOR TO FILING THE RETURN. Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees THE TOP MANAGEMENT OFFICIAL'S COMPENSATION IS DETERMINED BY THE NEW JERSEY HOUSING MORTGAGE FINANCE AGENCY. Form 990, Part VI, Line 19: Other Organization Documents Publicly Available THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST Other Changes In Net Assets Or Fund Balances - Other Increases INCREASE IN RESERVE FOR REPAIRS AND REPLACEMENTS = $63672