2021-07-29T16:30:44-05:00 2020-12-31 273263553 GALLEROS ROBINSON CPAS LLP 115 DAVIS STATION RD CREAM RIDGE NJ 08514 990 2020-01-01 113257656 358-74 VERNON AVENUE HOUSING DEVELOPMENT FUND CORPORATION 358- 2126655500 132 RALPH AVENUE BROOKLYN NY 11233 ELLIOTT ROBINSON JR CHAIRMAN 2126655500 2021-07-29 1 ELLIOTT ROBINSON JR 999009999 LEONORA GALLEROSCPA P00181670 7324622020 2021-07-07 3 AAL1 IAL1 2020 2022-09-23 18:48:47Z ELLIOTT ROBINSON JR 132 RALPH AVENUE BROOKLYN NY 11233 682872 0 X N/A X 1995 NY 358-74 VERNON AVENUE HOUSING DEVELOPMENT FUND CORPORATION (THE ORGANIZATION) PROVIDES SUPPORTIVE HOUSING FOR THE VERY LOW-INCOME PERSONS AGE 62 AND OLDER OR HANDICAPPED PERSONS. 3 3 5 0 0 0 0 0 724740 681063 236 135 380 1674 725356 682872 0 0 0 0 178025 182393 0 0 0 861742 712932 1039767 895325 -314411 -212453 3141608 3010852 5689579 5771276 -2547971 -2760424 THE ORGANIZATION'S MISSION IS TO DEVELOP HOUSING FACILITIES AND SERVICES FOR THE ELDERLY AND HANDICPPAED PERSONS OF LOW-INCOME. 0 0 725757 681063 THE ORGANIZATION CONTINUES TO PROVIDES SUPPORTIVE HOUSING TO ITS ELDERLY AND/OR HANDICAPPED TENANTS IN ITS LUCILLE ROSE MANOR APARTMENTS (THE PROJECT). SINCE THE PROJECT WAS DEVELOPED THROUGH A CAPITAL ADVANCE FROM THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT UNDER SECTION 202 OF THE HOUSING ACT OF 1959, THE ORGANIZATION CONTINUES TO OPERATE, MAINTAIN AND MANAGE THE PROJECT IN ACCORDANCE WITH THE REQUIREMENTS OF HUD, SPECIFICALLY IN TERMS OF ADMITTING ELIGIBLE TENANTS ONLY. THROUGH ITS HOUSING ASSISTANCE PAYMENTS (HAP) CONTRACT WITH HUD, THE ORGANIZATION PROCESSED MONTHLY HOUSING ASSISTANCE FROM HUD FOR EACH OF THE TENANTS AND COLLECT THE TENANTS' PORTION OF THE MONTHLY RENT. 725757 1 0 0 0 0 0 0 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 18 0 1 5 1 0 0 0 0 0 0 0 0 0 0 0 0 X 3 3 0 0 0 0 0 0 0 1 1 0 0 1 1 0 1 1 1 1 1 0 NY X X LWC MANAGEMENT CORPORATION 2126655500 2090 ADAM CLAYTON POWELL JR BLVD NEW YORK NY 10027 X ELLIOTT ROBINSON JR CHAIRMAN 4.00 X X 0 0 0 JAMES HENRY SECRETARY/TREASURER 2.00 X X 0 0 0 MELVIN POPE SR MEMBER 2.00 X X 0 0 0 0 0 0 0 0 0 0 0 LOW-INCOME HSNG RENTAL 531110 678846 678846 LAUNDRY&VENDING MACHIN 531110 2217 2217 681063 135 135 OTHER REVENUE 900099 1674 1674 1674 682872 681063 0 1809 X 126572 63286 63286 44401 22201 22200 11420 5710 5710 40118 40118 4125 4125 23066 23066 107149 107149 20971 12615 8356 109445 109445 711 711 135568 135568 55384 55384 REAL ESTATE TAXES 142971 142971 REPAIRS AND MAINTENANCE 66592 66592 MISCELLANEOUS 6369 6369 FINES, FEES AND PENALTI 463 463 895325 725757 169568 0 4261 19929 16104 29674 10780 16207 5751375 3067006 2784132 2684369 326331 260673 3141608 3010852 242253 109216 2513 2070 5429800 5429800 21803 15013 208387 5689579 5771276 X -2547971 -2760424 -2547971 -2760424 3141608 3010852 -212453 0 X X 0 1 X 1 1 1 X 547100 550034 559478 543178 507697 2707487 547100 550034 559478 543178 507697 2707487 2707487 223 228 285 236 135 1107 380 1674 2054 2710648 945948 0.99880 0.99950 X 29101 29101 5458509 2803241 2655268 263765 263765 0 2684369 TENANTS SECURITY DEPOSITS 14095 REPLACEMENT RESERVE 246578 260673 TENANTS SECURITY DEPOSITS 14095 REAL ESTATE TAXES PAYABLE 194292 208387 X 696864 13992 13992 682872 0 682872 909317 13992 13992 895325 0 895325 PART X, LINE 2: MANAGEMENT HAS DETERMINED THAT THE ORGANIZATION HAS NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE FINANCIAL STATEMENT RECOGNITION. THE ORGANIZATION IS NO LONGER SUBJECT TO AUDITS BY THE APPLICABLE TAXING JURISDICTIONS FOR PERIODS PRIOR TO 2017. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENT-FREE UNIT 13,992. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENT-FREE UNIT 13,992. FORM 990, PART VI, SECTION B, LINE 11B THE DRAFT FORM 990 IS INITIALLY PROVIDED TO THE MANAGING AGENT FOR REVIEW AND COMMENTS. ONCE REVIEWED AND COMMENTS ADDRESSED,COPY OF THE DRAFT FORM 990 IS PROVIDED TO THE BOARD THROUGH THE BOARD CHAIR FOR REVIEW COMMENTS AND APPROVAL FOR SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ON AN ANNUAL BASIS, ALL BOARD MEMBERS, MANAGING AGENT AND KEY EMPLOYEES ARE REQUIRED TO DISCLOSE ANY CONFLICT OR POTENTIAL CONFLICT OF INTEREST. THE DISCLOSURES ARE REVIEWED BY THE BOARD MEMBERS. ANY MEMBER(S) WITH CONFLICT OF INTEREST WILL NOT BE ALLOWED TO VOTE ON MATTERS RELATED TO THE CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION HAS CONTRACTED LWC MANAGEMENT CORPORATION TO MANAGE THE PROJECT. MANAGEMENT FEES ARE DETERMINED AND APPROVED BY THE U.S. HOUSING AND URBAN DEVELOPMENT. COMPENSATION OF PROJECT EMPLOYEES FOR MAINTENANCE AND OTHER ADMINISTRATIVE TASKS ARE INITIALLY DETERMINED BY THE MANAGING AGENT BASED ON EXPERIENCE AND RATES OFFERED BY SIMILAR ENTITIES IN THE AREA, AND THEN PRESENTED TO THE BOARD. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S FORM 990 IS AVAILABLE AT WWW.GUIDESTAR.ORG. GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON WRITTEN REQUEST OR BY CONTACTING LWC MANAGEMENT CORPORATION LOCATED AT 2090 ADAM CLAYTON JR BLVD, SUITE 203, NEW YORK, NY 10027 OR BY CALLING (212) 665-5500. FORM 990, PART IX, LINE 11G SECURITY SERVICES: PROGRAM SERVICE EXPENSES 106,752. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 106,752. CONSULTANTS: PROGRAM SERVICE EXPENSES 397. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 397. FORM 990, PART XII, LINE 2C: THE PROCESS DID NOT CHANGED FROM PRIOR YEAR.