2019-11-14T14:02:44-06:00 2018-12-31 BDO USA LLP 100 PARK AVENUE NEW YORK NY 100175001 990 2018-01-01 113200785 SHOREFRONT TOWERS HOUSING DEVELOPMENT FUND CORPORATION % TUC MANAGEMENT SHOR 7189217742 6323 7TH AVENUE BROOKLYN NY 11220 ALEXANDER BALKO PRESIDENT/CEO 7189217742 2019-11-09 true Angelo Pirozzi P00446022 2128858000 100.2.34.218 26308920193185000053 2019-11-14 P 9C79E9A9669F6ACE2C319A1C04A34C88558E1FDA 0250A0117BBBF50B142145F0ADF59CAFA50564D7 2018 2020-03-31 21:24:44Z ALEXANDER BALKO 6323 7TH AVENUE BROOKLYN NY 11220 2226273 false X WWW.MJHS.ORG X 1994 NY TO PROVIDE HOUSING TO THE ELDERLY 3 1 0 5 0 0 0 0 1275771 2213855 1739 10883 4300 1535 1281810 2226273 0 0 0 0 147692 327561 0 0 0 1380649 1408931 1528341 1736492 -246531 489781 9384744 10162453 11642703 11930631 -2257959 -1768178 SHOREFRONT TOWERS OPERATES A 116 UNIT, NOT-FOR-PROFIT, RESIDENTIAL APARTMENT BUILDING COMPLEX FOR THE ELDERLY AND THOSE IN NEED OF CHARITABLE SUPPORT. false false 1591056 0 2213855 SHOREFRONT TOWERS OPERATES A 116 UNIT, NOT-FOR-PROFIT, RESIDENTIAL APARTMENT BUILDING COMPLEX FOR THE ELDERLY AND THOSE IN NEED OF CHARITABLE SUPPORT. 1591056 true false false false false false false false true false true false false false true false true false 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 true false false true 2 0 true 0 false false false false false false false false false false false false X 3 1 false true false false false false false true true false false true true true true true true false false false NY X TUC MANAGEMENT 2127657900 200 WEST 57TH STREET NEW YORK NY 10019 X Alexander Balko CeO/President 0.5 34.5 X X 0 1277748 123942 Shmuel Lefkowitz chair 0.5 5.0 X X 0 0 0 Eli Feldman Director 0.5 4.5 X 0 247799 38811 Jeffrey Davis Chief Financial Officer 0.5 34.5 X 0 628737 91812 Robert Leamer assistant secretary 0.5 34.5 X 0 616117 108983 0 2770401 363548 0 false true false Advanced Building Consultants Group 32-36 112th Place 2nd Floor EAST ELMHURST NY 11369 Professional service 128824 TUC Management Company 4 Executive Blvd Suite 100 SUFFERN NY 10901 Property mgmt 152318 US Security Associates Inc PO Box 931703 ATLANTA GA 311931703 Security 184764 3 0 RENTAL INCOME 531110 2213855 2213855 2213855 10883 10883 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 LAUNDRY AND VENDING 900099 2700 2700 OTHER REVENUE 900099 211 211 BAD DEBTS 900099 -1376 -1376 1535 2226273 2213855 12418 0 0 0 0 0 0 286031 286031 0 0 26960 26960 14570 14570 113041 113041 0 10800 10800 0 0 0 84893 84893 0 15441 9398 6043 0 0 617686 617686 0 0 0 0 0 483645 483645 1381 1381 ELDERLY CARE EXPENSES 64999 64999 MISCELLANEOUS EXPENSES 17045 1493 15552 1736492 1591056 145436 0 14278 36774 225092 1895432 0 0 715464 3958 0 0 0 0 0 0 0 0 13169 7380 17304252 9114730 8387574 8189522 0 0 0 0 0 0 0 0 29167 29387 9384744 10162453 262940 550279 0 0 4880 5252 0 0 29167 29387 0 0 11169850 11169850 0 0 175866 175863 11642703 11930631 X -2257959 -1768178 0 0 0 0 -2257959 -1768178 9384744 10162453 489781 X X false true X true true true X 0 0 0 0 0 0 695395 695872 696047 1275771 2213855 5576940 0 0 0 695395 695872 696047 1275771 2213855 5576940 0 0 0 5576940 1240 1093 1077 1739 10883 16032 0 1240 1093 1077 1739 10883 16032 0 8553 5352 7046 4300 1535 26786 705188 702317 704170 1281810 2226273 5619758 0.99238 0.99101 0.00285 0.00157 X false true X 169000 169000 16683164 9018565 7664599 98291 48221 50070 353797 47944 305853 8189522 0 DUE TO RELATED PARTIES 175863 175863 2245581 19308 19308 2226273 2226273 1755800 19308 19308 1736492 1736492 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 XI, LINE 2D - OTHER ADJUSTMENTS: RENT FREE UNIT .....$19,308 PART XII, LINE 2D - OTHER ADJUSTMENTS: RENT FREE UNIT .....$19,308 false false false false false false false false false Alexander Balko CeO/President 0 1010627 0 200244 0 66877 0 47438 0 76504 0 1401690 0 0 Jeffrey Davis Chief Financial Officer 0 537267 0 53550 0 37920 0 38500 0 53312 0 720549 0 0 Robert Leamer assistant secretary 0 510363 0 51000 0 54754 0 47438 0 61545 0 725100 0 0 Eli Feldman Director 0 0 0 0 0 247799 0 2425 0 36386 0 286610 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. 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: DRAFT OF THE COMPLETED RETURN IS REVIEWED BY THE PRESIDENT, CFO, AND 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 FINANCE COMMITTEE FOR ITS REVIEW AND APPROVAL. ONCE THE COMMITTEE HAS COMPLETED ITS REVIEW A COPY OF THE RETURN IS PROVIDED TO ALL BOARD MEMBERS BEFORE IT IS FILED WITH THE IRS. 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 ABOARD 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 15A: SHOREFRONT TOWERS HOUSING DEVELOPMENT FUND CORPORATION does not compensate its CEO & President reported on part VII of the Form 990. The CEO & President is paid by a related 501(c)(3) organization, Metropolitan Jewish Health System ("MJHS"). The processes used to determine the CEO & Presidents compensation is disclosed on MJHS Annual Form 990. MJHS 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. 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. THE BASIS FOR ITS DETERMINATION AND ALL DECISIONS MADE ARE CONTEMPORANEOUSLY DOCUMENTED IN MEETING MINUTES. FORM 990, PART VI, SECTION B, LINE 15b: SHOREFRONT TOWERS HOUSING DEVELOPMENT FUND CORPORATION does not compensate its other officers or key employees who are paid by a related 501(c)(3) organization, Metropolitan Jewish Health System ("MJHS"). The processes used to determine the other officers and key employees compensation is disclosed on MJHS Annual Form 990. MJHS 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. THIS MARKET ANALYSIS IS THEN REVIEWED BY THE HUMAN RESOURCES DEPARTMENT UNDER THE DIRECTION OF THE CHIEF HUMAN RESOURCES OFFICER IN CONJUNCTION WITH THE CEO, USING LOCAL SURVEYS TO ENSURE MARKET COMPETITIVENESS. FORM 990, PART VI, SECTION C, LINE 19: UPON REQUEST, THE ORGANIZATION WILL MAKE AVAILABLE ONLY THOSE DOCUMENTS REQUIRED TO BE DISCLOSED UNDER THE PUBLIC INSPECTION LAWS. FORM 990, PART XII, LINE 2C: THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. 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