2013-10-30T06:11:05-07:00 2013-03-31 Pryba Tobin & Associates CPAs PC 40 British American Boulevard Latham NY 12110 990 2012-04-01 237120738 SOMALTOW HOUSING COMPANY INC SOMA 101 SOUTH PEARL STREET ALBANY NY 12207 Peter McKee 2013-10-30 true Michael A Tobin II P00248170 5187833100 2012 2016-02-25 16:41:14Z 1014385 false false X N/A 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. 9 9 0 0 0 0 59816 52034 562789 569677 622605 621711 5400 0 0 0 0 36582 42025 36582 47425 586023 574286 17787310 18402958 0 17787310 18402958 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 19928 5400 92165 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. 19928 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 true false false false false false false false false false false false false false false false false false false false false false false false true 2 0 true 0 false false false false false false false false false 0 false false false false false false false false false false X 9 9 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 Eric Sprague 1.00 0.00 X X 0 0 0 John Saburro 2.00 0.00 X X 0 0 0 PASTOR ALFRED SANLES 1.00 0.00 X 0 0 0 Peter McKee 2.00 0.00 X X 0 0 0 JANE SCHRAMM 1.00 0.00 X 0 0 0 Kenneth Gellhaus Esq 1.00 0.00 X 0 0 0 VERNON VICTORSON 1.00 0.00 X 0 0 0 MARCIA CHANDLER 1.00 0.00 X 0 0 0 JOHN BISHOP 1.00 0.00 X X 0 0 0 KIMBERLY HANSEN WOODS 40.00 0.00 X 0 0 0 0 false false false 0 0 0 49923 49923 0 0 0 394785 392674 2111 2111 2111 0 0 0 MANAGEMENT FEE INCOME 531310 92165 92165 EXEMPT REVENUE-SEE NOTES 531390 477512 477512 569677 621711 569677 52034 X 5400 5400 0 0 0 0 0 0 0 0 0 0 0 3775 3775 0 0 10170 10170 10780 10780 0 0 0 0 0 0 0 0 0 0 0 10998 10998 Annual Filing Fee 750 750 Hospitality expenses 1130 1130 DONATIONS 1775 1775 Tenant program expense 2400 2400 247 247 47425 19928 27497 0 0 246522 255458 0 0 0 0 13205436 13205436 0 0 0 1936463 2059090 0 0 0 2398889 2882974 17787310 18402958 0 0 X 17787310 18402958 17787310 18402958 17787310 18402958 X 574286 41362 X true X false true false X 0 956083 1034487 442983 562789 569677 3566019 0 0 0 956083 1034487 442983 562789 569677 3566019 0 0 3566019 10516 26718 34724 59816 52034 183808 0 10516 26718 34724 59816 52034 183808 0 0 966599 1061205 477707 622605 621711 3749827 0.95100 0.95850 0.04900 0.04150 X DEVELOPER'S FEE RECEIVABLE 1212627 ACCRUED INTEREST RECEIVABLE 1670347 2882974 X Part X Part X : FIN48 Footnote THE COMPANY ADOPTED FASB ASC 740-10, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. THE COMPANY HAS ANALYZED THE TAX POSITIONS TAKEN IN ITS FILINGS WITH THE INTERNAL REVENUE SERVICE AND STATE JURISDICTIONS WHERE IT OPERATES. THE COMPANY BELIEVES THAT ITS INCOME TAX FILING POSITIONS WILL BE SUSTAINED UPON EXAMINATION AND DOES NOT ANTICIPATE ANY ADJUSTMENTS THAT WOULD RESULT IN A MATERIAL ADVERSE AFFECT ON THE COMPANY'S FINANCIAL CONDITION, RESULTS OF OPERATIONS OR CASH FLOWS. ACCORDINGLY, THE COMPANY HAS NOT RECORDED ANY RESERVES, OR RELATED ACCRUALS FOR INTEREST AND PENALTIES FOR UNCERTAIN INCOME TAX POSITIONS AT MARCH 31, 2013 AND 2012.THE COMPANY IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. THE COMPANY BELIEVES IT IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR YEARS PRIOR TO THE YEAR ENDED MARCH 31, 2010. false ALBANY FIRE DEPARTMENT 26 BROAD ST ALBANY NY 12202 146002058 170(C)(1) 5400 0 FIRE CURTAIN 0 1 FORM 990, PART XII, LINE 2C - RESPONSIBILITY FOR OVERSIGHT 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 INDEPENDENT ACCOUNTANT. FORM 990, PART IV, ITEM 28 - BUSINESS TRANSACTIONS 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 DECISION ON MATTERS IN WHICH THEY HAVE AN INTEREST. Form 990, Part XI, Line 9 Other Changes In Net Assets Or Fund Balances - Other Increases NET UNREALIZED GAINS OR LOSSES ON INVESTMENTS = $41362 Form 990, Part VI, Line 19 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 TO THE PUBLIC UPON REQUEST. Form 990, Part VI, Line 12c Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts All board members are required to respond to an annual questionaire regarding any conflicts of interest. Any noted conflicts are resolved in a timely manner. Copies of the questionaire 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, Part VI, Line 11b Form 990, Part VI, Line 11b: Form 990 Review Process 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 PRESENTED TO THE OTHER BOARD MEMBERS FOR THEIR REVIEW AND COMMENTS AT A BOARD MEETING PRIOR TO FILING IT WITH THE INTERNAL REVENUE SERVICE. Client Note 1 - PART VIII - STATEMENT OF REVENUELINE 11aACCRUED 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, 2013 - $477,512.