2016-11-15T00:00:00-06:00 2015-12-31 273263553 GALLEROS KOH LLP 71 W MAIN STREET SUITE 302 FREEHOLD NJ 07728 990 2015-01-01 113257656 358-74 VERNON AVENUE HOUSING DEVELOPMENT CORPORATION 358- 2126655500 132 RALPH AVENUE BROOKLYN NY 11233 ELLIOTT ROBINSON JR CHAIRMAN 2126655500 2016-11-15 1 LEONORA GALLEROSCPA P00181670 7324622020 2016-11-13 2015 2017-02-10 21:41:12Z ELLIOTT ROBINSON JR 132 RALPH AVENUE BROOKLYN NY 11233 718866 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 0 0 0 0 0 0 649727 718572 409 294 0 0 650136 718866 0 0 0 0 110508 133172 0 0 0 725736 752065 836244 885237 -186108 -166371 4066277 3917135 5548456 5565685 -1482179 -1648550 THE ORGANIZATION'S MISSION IS TO DEVELOP HOUSING FACILITIES AND SERVICES FOR THE ELDERLY AND HANDICPPAED PERSONS OF LOW-INCOME. 0 0 795758 718572 DURING 2015 THE ORGANIZATION CONTINUES TO PROVIDE 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. 795758 1 0 0 0 0 0 0 0 0 0 1 0 0 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 0 1 26 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 711131 711131 LAUNDRY&VENDING MACHIN 531110 7441 7441 718572 294 294 718866 718572 0 294 97271 97271 10491 10491 25410 25410 50210 50210 96 96 11000 11000 14961 6457 8504 17092 17092 129081 129081 196439 196439 47547 47547 REPAIRS AND MAINTENANCE 207184 207184 REAL ESTATE TAXES 75878 75878 MISCELLANEOUS 2577 2577 885237 795758 89479 0 985 45000 2126 24309 10464 13774 5696526 2141203 3751762 3555323 300940 278729 4066277 3917135 101412 118936 762 467 5429800 5429800 16482 16482 5548456 5565685 X -1482179 -1648550 -1482179 -1648550 4066277 3917135 -166371 0 X 0 1 X 1 1 1 X 412255 611058 609227 649727 515343 2797610 412255 611058 609227 649727 515343 2797610 2797610 505 568 523 409 2005 2799615 180136 0.99930 0.99910 X 29101 29101 5408803 1956661 3452142 258622 184542 74080 3555323 TENANTS SECURITY DEPOSITS 16482 REPLACEMENT RESERVE 262247 278729 TENANTS SECURITY DEPOSITS 16482 16482 X 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 2011. Form 990, Part VI, Section B, line 11 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 conflit 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 inteest. 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.