2011-05-11T14:50:32-05:00 2010-06-30 O'Connor Davies Munns & Dobbins LLP 60 East 42nd Street 36th Fl New York NY 101653698 990 2009-07-01 133584060 80-92 RIDGE HOUSING DEVELOPMENT FUND COMPANY INC 80-9 2129627653 11 PARK PLACE No 1416 NEW YORK NY 10007 Linda R Hoffman 2129627653 2011-05-11 1 2122862600 2009 2016-02-24 21:20:13Z Linda R Hoffman 11 PARK PLACE No 1416 NEW YORK NY 10007 1845362 0 X www.nyfsc.org X 1989 NY Provides 100 units of subsidized, low income housing for senior citizens. Located at 80 Ridge Street between Ridge and Delancey Streets in Manhattan, it offers social and recreational services. Forty seven of its tenants are Enriched Housing Program residents who require special assistance. Food service is also provided for those in the Enriched Housing Program. 4 3 9 3 0 0 0 1720524 1839499 9141 1363 4500 4500 1734165 1845362 0 0 271634 294020 0 0 1583090 1579182 1854724 1873202 -120559 -27840 6909825 6763402 8463092 8344509 -1553267 -1581107 DEVELOPING, CONSTRUCTING AND OPERATING HOUSING AND RELATED FACILITIES FOR THE ELDERLY AND HANDICAPPED. 0 0 1873202 1839499 OPERATION OF APARTMENT BUILDING TO PROVIDE LOW- COST HOUSING FOR THE ELDERLY POOR. 1873202 1 0 0 0 0 0 0 0 0 1 0 1 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 7 0 1 9 1 0 0 0 0 0 0 0 0 0 4 3 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 NY X X MArtha Bauer 2129627653 11 PARK PLACE SUITE 1416 New York NY 10007 X Deborah Bernstein 1.00 X X 0 0 0 ELIZABETH TOZER 1.00 X X 0 121272 0 JOAN FINKELSTEN 1.00 X X 0 0 0 ANN VAN NESS 1.00 X 0 0 0 Linda R Hoffman 1.00 X 0 463408 12879 Martha Bauer 1.00 X 0 192669 14739 0 777349 27618 0 0 1 0 Allied Barton Security Services PO Box 828854 Philadelphia PA 19182 Security Services 104857 1 RENTAL INCOME 531110 1839499 1839499 1839499 1363 1363 MISCELLANEOUS INCOME 900099 4500 4500 4500 1845362 1839499 0 5863 240265 240265 1320 1320 34139 34139 18296 18296 58800 58800 1296 1296 31018 31018 104857 104857 4329 4329 294346 294346 737844 737844 229630 229630 34483 34483 operating & maintenance 77025 77025 Misc. Taxes & permit 3084 3084 Misc. Admin Expenses 2240 2240 BAD DEBTS 230 230 1873202 1873202 0 0 109200 181617 2434 7679 5937 6081 9649510 3749228 6074828 5900282 701231 651566 16195 16177 6909825 6763402 60455 69047 8240290 8143040 162347 132422 8463092 8344509 X -1553267 -1581107 -1553267 -1581107 6909825 6763402 X 0 1 1 X 1 1 X 1614575 1686018 1686370 1720524 1839499 8546986 1614575 1686018 1686370 1720524 1839499 8546986 0 0 0 8546986 23422 35495 36079 9141 1363 105500 23422 35495 36079 9141 1363 105500 5084 5348 4717 4500 4500 24149 1643081 1726861 1727166 1734165 1845362 8676635 0.98510 0.98170 0.01220 0.01530 X Schedule A, Part IV, Supplemental Information: SCHEDULE A, PART III, LINE 12, EXPLANATION FOR OTHER INCOME: Other Income for all periods consists of miscellaneous revenue collected from laundry rentals provided for the convenience of the tenants. 50000 50000 9424170 3595164 5829006 175340 154064 21276 5900282 TENANT SECURITY asset 16177 16177 TENANT SECURITY DEPOSITS 16177 MANAGEMENT FEE PAYABLE 7910 Mortgage interest payable 61119 Accrued real Estate taxes 47216 132422 1845362 1873202 -27840 0 -27840 1845362 0 1845362 0 1845362 1873202 0 1873202 0 1873202 Part X: Description of Uncertain Tax Positions Under FIN 48: The Project recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Management has determined that the Project had no uncertain tax positions that would require financial statement recognition. The Project is no longer subject to audits by the applicable taxing jurisdictions for periods prior to 2007. X X X X X 0 0 0 0 0 0 0 0 0 Linda R Hoffman 0 413408 0 50000 0 0 0 0 0 12879 0 476287 0 0 Martha Bauer 0 177669 0 15000 0 0 0 1810 0 12929 0 207408 0 0 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 were chargeable up to a maximum HUD allowable rate of $49 per unit per month. The management fees incurred during the year ended June 30, 2010 amounted to $58,800. Management fees outstanding at June 30, 2010 were $7,910. Form 990, Part VI, Section B, line 11 80-92 Ridge Street 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 80-92 Ridge Street 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 B, line 15a The salary paid to the CFO and CEO are paid by New York Foundation for Senior Citizens, Inc., a related organization. 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 July 2010, 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 July 2010. Form 990, Part VI, Section C, line 19 80-92 ridge 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 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: 80-92 ridge housing development fund company, 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 Foundation 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) 509(a)(1) N/A 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) 509(a)(2) N/A 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) 509(a)(1) N/A New York Foundation for Senior Citizens - Home Attendant Services inc 11 Park Place Suite 1416 new york NY 10007 133083852 Long-term care Home Attendant Program for the eldery. NY 501(c)(3) 509(a)(1) N/A Yorkville Gardens HDFC Inc 11 Park Place Suite 1416 New york NY 10007 133085054 subsidized housing for the elderly. NY 501(c)(3) 509(a)(2) N/A Tenth and 51st HDFC Inc 11 Park Place Suite 1416 new york NY 10007 133270654 subsidized housing for the elderly. NY 501(c)(3) 509(a)(2) N/A 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) 509(a)(1) N/A concourse Gardens hdfc inc 11 Park Place Suite 1416 new york NY 10007 133696061 subsidized housing for the elderly. NY 501(c)(3) 509(a)(2) N/A cumberland Gardens hdfc inc 11 Park Place Suite 1416 new york NY 10007 133907908 subsidized housing for the elderly. NY 501(c)(3) 509(a)(2) N/A alma rangel gardens HDFC inc 11 Park Place Suite 1416 new york NY 10007 134066940 subsidized housing for the elderly. NY 501(c)(3) 509(a)(2) N/A riverview gardens hdfc inc 11 Park Place Suite 1416 new york NY 10007 133995933 subsidized housing for the elderly. NY 501(c)(3) 509(a)(2) N/A surf GardensHDFc Inc 11 Park Place Suite 1416 new york NY 10007 205437122 subsidized housing for the elderly- Under Construction. NY 501(c)(3) 509(a)(2) N/A 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0