2015-11-16T10:10:10-06:00 2014-12-31 131517563 LOEB & TROPER LLP 655 THIRD AVENUE 12TH FLOOR NEW YORK NY 10017 990 2014-01-01 113200785 SHOREFRONT TOWERS HOUSING DEVELOPMENT FUND CORPORATION SHOR 7189217742 6323 7TH AVENUE BROOKLYN NY 11220 ALEXANDER BALKO PRESIDENT 7189217742 2015-11-10 1 AARON SHAPIRO P01333816 2128674000 2014 2016-04-25 22:37:26Z ALEXANDER BALKO 6323 7TH AVENUE BROOKLYN NY 11220 705188 0 X WWW.MJHS.ORG X 1994 NY TO PROVIDE HOUSING TO THE ELDERLY. 3 2 3 2 0 0 0 0 695524 695395 1265 1240 5132 8553 701921 705188 0 0 0 0 123639 123535 0 0 0 1156731 1208142 1280370 1331677 -578449 -626489 11211155 10602775 11415567 11433676 -204412 -830901 SHOREFRONT TOWERS OPERATES A 116 UNIT, NOT-FOR-PROFIT, RESIDENTIAL APARTMENT BUILDING COMPLEX FOR THE ELDERLY AND THOSE IN NEED OF CHARITABLE SUPPORT. 0 0 1169334 695395 SHOREFRONT TOWERS IS OPERATES A 116 UNIT, NOT-FOR-PROFIT, RESIDENTIAL APARTMENT BUILDING COMPLEX FOR THE ELDERLY AND THOSE IN NEED OF CHARITABLE SUPPORT. 1169334 1 0 0 0 0 0 0 0 1 0 1 0 0 0 0 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 2 0 3 1 0 0 0 0 0 0 0 0 0 0 X 3 2 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 NY X TUC MANAGEMENT 2127657900 200 WEST 57TH STREET NEW YORK NY 10019 ELI S FELDMAN CEO 0.50 34.50 X X 0 1561074 141259 SHMUEL LEFKOWITZ CHAIRPERSON 0.50 2.50 X X 0 0 0 JACOB FRIEDMAN DIRECTOR 0.50 2.50 X 0 0 0 ROBERT LEAMER ASST. SEC./SR. VP, GENERAL COUNSEL 0.50 34.50 X 0 642741 186585 ALEXANDER BALKO PRESIDENT 0.50 34.50 X 0 1196034 325341 JEFF DAVIS CFO 0.50 34.50 X 0 454148 77120 0 3853997 730305 0 0 1 0 ALPINE CONSTRUCTION SERVICES 36-17 20TH AVENUE ASTORIA NY 11105 CONSTRUCTION 142195 US SECURITY ASSOC INC PO BOX 931703 ATLANTA GA 31193 SECURITY 115054 TUC MANAGEMENT 200 WEST 57TH STREET 702 NEW YORK NY 10019 MANAGEMENT AGENT 109340 3 RENTAL INCOME 531110 695395 695395 695395 1240 1240 LAUNDRY AND VENDING 900099 3600 3600 4953 4953 8553 705188 695395 0 9793 94585 94585 21342 21342 7608 7608 110560 110560 22302 22302 114004 114004 60 60 180392 151295 29097 237014 236945 69 143 143 478555 478555 ELDERLY CARE EXPENSES 65000 65000 BAD DEBTS 112 112 1331677 1169334 162343 0 24383 8627 1170946 822337 6054 4362 7081 10170 16915076 7186333 9974169 9728743 28522 28536 11211155 10602775 207084 223820 10111 11470 28522 28536 11169850 11169850 11415567 11433676 X -204412 -830901 -204412 -830901 11211155 10602775 -626489 0 X X 0 1 X 1 1 1 X 695833 691695 692690 695524 695395 3471137 695833 691695 692690 695524 695395 3471137 0 0 0 3471137 2014 672 1453 1265 1240 6644 2014 672 1453 1265 1240 6644 6087 7870 5794 5138 8553 33442 703934 700237 699937 701927 705188 3511223 0.98860 0.98380 0.00190 0.00770 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: LAUNDRY AND VENDING MACHINES MISCELLANEOUS REVENUE 0 1 X 169000 169000 16606610 7105642 9500968 139466 80691 58775 9728743 X 711260 6072 6072 705188 0 705188 1337749 6072 6072 1331677 0 1331677 PART IV, LINE 2B: SHOREFRONT TOWERS IS REQUIRED TO PLACE TENANT SECURITY DEPOSITS INTO AN INTEREST-BEARING ACCOUNT. ALL TENANT SECURITY DEPOSITS ARE CONSIDERED THE PROPERTY OF THE TENANT AND MAY NOT BE COMMINGLED WITH PERSONAL MONIES OR BECOME AN ASSET OF SHOREFRONT TOWERS. UPON CESSATION OF EACH TENANT'S STAY AT SHOREFRONT TOWERS, THE SECURITY DEPOSIT IS RETURNED TO THE TENANT OR A FAMILY MEMBER. PART X, LINE 2: SHOREFRONT TOWERS HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. PERIODS ENDING DECEMBER 31, 2011 AND SUBSEQUENT REMAIN SUBJECT TO EXAMINATION BY APPLICABLE TAXING AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENT FREE UNIT 6,072. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENT FREE UNIT 6,072. 0 1 0 0 0 0 0 0 0 ELI S FELDMAN CEO 0 1111631 0 158834 0 290609 0 44850 0 96409 0 1702333 0 351691 ROBERT LEAMER ASST. SEC./SR. VP, GENERAL COUNSEL 0 391112 0 204082 0 47547 0 139254 0 47331 0 829326 0 204082 ALEXANDER BALKO PRESIDENT 0 742645 0 393945 0 59444 0 269676 0 55665 0 1521375 0 393945 JEFF DAVIS CFO 0 424902 0 0 0 29246 0 36400 0 40720 0 531268 0 0 PART I, LINE 3 THE SALARIES FOR THE EXECUTIVES ARE DETERMINED BY METROPOLITAN JEWISH HEALTH SYSTEM, INC., A RELATED ORGANIZATION. THE METHODS UTILIZED INCLUDE A COMPENSATION COMMITTEE, INDEPENDENT COMPENSATION CONSULTANTS, REVIEW OF THE FORM 990 OF OTHER ORGANIZATIONS, WRITTEN EMPLOYMENT CONTRACT, COMPENSATION SURVEYS OR STUDIES AND APPROVAL BY THE COMPENSATION COMMITTEE OF THE BOARD. PART I, LINE 4B PARTICIPATED IN, OR RECEIVED PAYMENT FROM, A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN: ROBERT LEAMER - $76,038 ALEXANDER BALKO - $206,460 FORM 990, PART VI, SECTION A, LINE 3 SHOREFRONT TOWERS HOUSING DEVELOPMENT FUND CORPORATION IS MANAGED BY TUC MANAGEMENT CO., INC. FORM 990, PART VI, SECTION B, LINE 11 DRAFTS OF THE COMPLETED RETURNS ARE REVIEWED BY THE PRESIDENT, CFO, SENIOR VP, GENERAL COUNSEL AND THEIR STAFF. ANY COMMENTS ARISING FROM THEIR REVIEW ARE DISCUSSED AND IF REQUIRED, CHANGES ARE MADE TO THE DRAFT. THAT DRAFT WILL BE SUBMITTED TO THE MJHS EXECUTIVE COMMITTEE FOR ITS REVIEW AND APPROVAL. ONCE THE COMMITTEE HAS COMPLETED ITS REVIEW COPIES OF THE RETURNS WILL BE PROVIDED TO ALL BOARD MEMBERS. FORM 990, PART VI, SECTION B, LINE 12C EACH DIRECTOR, PRINCIPAL OFFICER, KEY EMPLOYEE AND MEMBER OF A COMMITTEE WITH BOARD-DELEGATED POWERS MUST FILE AND MAINTAIN CURRENT THE ORGANIZATION'S DIRECTORS BIOGRAPHICAL INFORMATION FORM AND, ON AN ANNUAL BASIS, COMPLETE THE ORGANIZATION'S DIRECTORS CONFLICT OF INTEREST STATEMENT AND ACKNOWLEDGEMENT WHICH ACKNOWLEDGES THAT EACH INDIVIDUAL HAS DISCLOSED ANY POTENTIAL CONFLICT OF INTEREST; RECEIVED A COPY OF THE CONFLICTS OF INTEREST POLICY; READ AND UNDERSTANDS THE CONFLICTS OF INTEREST POLICY; AND AGREED TO COMPLY WITH THE CONFLICTS OF INTEREST POLICY. THE SENIOR VICE PRESIDENT/GENERAL COUNSEL SUPERVISES THE DISTRIBUTION, COLLECTION AND REVIEW OF THE ANNUAL DIRECTORS CONFLICT OF INTEREST STATEMENT AND ACKNOWLEDGEMENT. FROM TIME TO TIME, DIRECTORS, PRINCIPAL OFFICERS, KEY EMPLOYEES AND/OR COMMITTEE MEMBERS ARE REMINDED OF THEIR OBLIGATION TO DISCLOSE POTENTIAL OR ACTUAL CONFLICTS OF INTEREST WHEN AND IF THEY ARISE. PROCEDURES FOR MANAGING IDENTIFIED CONFLICTS: EACH DIRECTOR, PRINCIPAL OFFICER, KEY EMPLOYEE AND MEMBER OF A BOARD COMMITTEE IS REQUIRED TO DISCLOSE ANY ACTUAL OR POTENTIAL CONFLICT OF INTEREST TO THE INDIVIDUAL CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. IN THE EVENT OF SUCH A DISCLOSURE, THE INTERESTED PARTY IS EXCUSED FROM THE MEETING AND THE BOARD/COMMITTEE DETERMINES WHETHER A CONFLICT EXISTS. IF THE BOARD/COMMITTEE DETERMINES THAT A CONFLICT EXISTS, THE CHAIRPERSON OF THE BOARD OR DESIGNEE (IF APPROPRIATE) WILL APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE AND REPORT TO THE BOARD OF DIRECTORS ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT. BASED ON THE INFORMATION FURNISHED BY THE DISINTERESTED PERSON OR COMMITTEE, THE BOARD OF DIRECTORS WILL MAKE A DETERMINATION OF WHETHER THE CORPORATION CAN OBTAIN A MORE ADVANTAGEOUS TRANSACTION OR MORE REASONABLE ARRANGEMENTS FROM AN ENTITY OR PERSON THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST. IF A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST IS NOT REASONABLY ATTAINABLE UNDER THE CIRCUMSTANCES, THE BOARD OF DIRECTORS WILL DETERMINE, BY A MAJORITY VOTE OF THE DISINTERESTED DIRECTORS, WHETHER THE TRANSACTION OR ARRANGEMENT IS IN THE ORGANIZATION'S BEST INTEREST AND FOR ITS OWN BENEFIT AND WHETHER THE TRANSACTION IS FAIR AND REASONABLE TO THE ORGANIZATION. ALL OF THE ACTIONS STATED ABOVE SHALL BE REFLECTED IN THE BOARD/COMMITTEE MINUTES. IN THE EVENT THAT A DIRECTOR, PRINCIPAL OFFICER, KEY EMPLOYEE OR MEMBER OF A BOARD COMMITTEE FAILS TO DISCLOSE A POTENTIAL OR ACTUAL CONFLICT OF INTEREST, THE BOARD/COMMITTEE, AFTER AFFORDING THE INDIVIDUAL DUE PROCESS, SHALL DETERMINE WHETHER THE INDIVIDUAL VIOLATED THE CONFLICT OF INTEREST POLICY BY FAILING TO DISCLOSE AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST AND, IN THE EVENT OF A DETERMINATION THAT A VIOLATION OCCURRED, TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. FORM 990, PART VI, SECTION B, LINE 15 METROPOLITAN JEWISH HEALTH SYSTEM, INC., A RELATED ORGANIZATION RETAINS THE SERVICES OF A MAJOR EXECUTIVE COMPENSATION FIRM TO REVIEW MARKET PAY PRACTICES AND AVERAGE SALARY MOVEMENT AMONG SIMILARLY SITUATED EXECUTIVES. THE EXECUTIVE COMPENSATION FIRM IS ASKED TO DEVELOP A COMPARATIVE BASE THAT IS AS CLOSE AS POSSIBLE TO OUR ORGANIZATION. DIFFERENT COMPARATIVE GROUPS ARE CONSIDERED FOR EACH POSITION, CEO AND SENIOR VP'S AS APPROPRIATE. THE 2014 SALARIES WERE BASED ON INFORMATION OBTAINED IN 2013. A NEW STUDY WAS DONE IN MARCH 2014. THIS MARKET ANALYSIS IS THEN REVIEWED BY THE COMPENSATION COMMITTEE IN DETERMINING SALARY ADJUSTMENTS FROM THE PERSPECTIVE OF MARKET COMPETITIVENESS AND PRIOR YEAR PERFORMANCE. PERFORMANCE IS BASED ON THE EXTENT THAT EACH EXECUTIVE HAS ACHIEVED HIS/HER GOALS. BONUS ELIGIBILITY IS DONE IN A SIMILAR MANNER. OTHER KEY EMPLOYEES ARE MANAGED IN SIMILAR MANNER THROUGH THE HUMAN RESOURCES DEPARTMENT UNDER THE DIRECTION OF THE SENIOR VICE PRESIDENT FOR HUMAN RESOURCES IN CONJUNCTION WITH THE CEO, USING LOCAL SURVEYS TO ENSURE MARKET COMPETITIVENESS. FORM 990, PART VI, SECTION C, LINE 19 THESE DOCUMENTS ARE AVAILABLE UPON REQUEST TO THE OFFICE OF THE PRESIDENT. FORM 990, PART XII, LINE 2C: THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. METROPOLITAN JEWISH HEALTH SYSTEM INC 6323 7TH AVENUE BROOKLYN NY 11220 113538697 ADMINISTRATIVE SERVICES NY 501(C)(3) 7 N/A 0 MJG NURSING HOME CO INC 6323 7TH AVENUE BROOKLYN NY 11220 237123076 NURSING HOME NY 501(C)(3) 3 N/A 0 MENORAH HOME AND HOSPITAL FOR THE AGED AND INFIRM 6323 7TH AVENUE BROOKLYN NY 11220 111672777 NURSING HOME, ADULT DAY CARE NY 501(C)(3) 3 METROPOLITAN JEWISH HEALTH SYSTEM INC 0 SHOREFRONT JEWISH GERIATRIC CENTER INC 6323 7TH AVENUE BROOKLYN NY 11220 113072153 NURSING HOME, ADULT DAY CARE NY 501(C)(3) 9 METROPOLITAN JEWISH HEALTH SYSTEM INC 0 METROPOLITAN JEWISH HOME CARE INC 6323 7TH AVENUE BROOKLYN NY 11220 320060822 HOME CARE, HOSPICE NY 501(C)(3) 9 METROPOLITAN JEWISH HEALTH SYSTEM INC 0 ELDERPLAN INC 6323 7TH AVENUE BROOKLYN NY 11220 112625096 MEDICARE ADVANTAGE SPECIAL NEEDS PLAN / MEDICAID MANAGED LONG TERM CARE PLAN NY 501(C)(3) 9 N/A 0 MENORAH FOUNDATION INC 6323 7TH AVENUE BROOKLYN NY 11220 113471173 FUNDRAISING NY 501(C)(3) 11 TYPE I METROPOLITAN JEWISH HEALTH SYSTEM FOUNDATION 0 HOMEFIRST LHCSA INC 6323 7TH AVENUE BROOKLYN NY 11220 611501623 HOME CARE NY 501(C)(3) 11 TYPE I METROPOLITAN JEWISH HEALTH SYSTEM INC 0 METROPOLITAN JEWISH HEALTH SYSTEM FOUNDATION 6323 7TH AVENUE BROOKLYN NY 11220 111630753 FUNDRAISING NY 501(C)(3) 7 N/A 0 MJHS HOSPICE AND PALLIATIVE CARE INC 6323 7TH AVENUE BROOKLYN NY 11220 133438643 HOSPICE SERVICES NY 501(C)(3) 3 METROPOLITAN JEWISH HEALTH SYSTEM INC 0 MJHS MEDICAL ASSOCIATES PC 6323 7TH AVENUE BROOKLYN NY 11220 275273404 PROVIDING HEALTH CARE SERVICES FOR AFFILIATES OF MJHS NY 501(C)(3) 9 METROPOLITAN JEWISH HEALTH SYSTEM INC 0 FIRST TO CARE HOMECARE INC 6323 7TH AVENUE BROOKLYN NE 11220 113300822 HOME HEALTHCARE SERVICES NY 501(C)(3) 9 METROPOLITAN JEWISH HEALTH SYSTEM FOUNDATION 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0