2013-11-15T16:39:42-06:00 2012-12-31 273263553 GALLEROS KOH LLP 71 W MAIN STREET SUITE 302 FREEHOLD NJ 07728 990 2012-01-01 113257656 358-74 VERNON AVENUE HOUSING DEVELOPMENT CORPORATION 358- 2126655500 132 RALPH AVENUE BROOKLYN NY 11233 ELLIOTT ROBINSON JR 2126655500 2013-11-15 1 LEONORA GALLEROSCPA P00181670 7324622020 2013-11-15 2012 2016-03-07 17:11:31Z ELLIOTT ROBINSON JR 132 RALPH AVENUE BROOKLYN NY 11233 611626 0 X N/A X 1995 NY 358-74 VERNON AVENUE HOUSING DEVELOPMENT FUND CORPORATION (THE CORPORATION) PROVIDES SUPPORTIVE HOUSING FOR THE VERY LOW-INCOME PERSONS AGE 62 AND OLDER OR HANDICAPPED PERSONS. 3 3 8 0 0 0 412255 0 183379 611058 505 568 0 0 596139 611626 0 0 0 0 120848 128238 0 0 0 510852 594132 631700 722370 -35561 -110744 4551239 4439559 5519832 5518896 -968593 -1079337 THE CORPORATION'S MISSION IS TO DEVELOP HOUSING FACILITIES AND SERVICES FOR THE ELDERLY AND HANDICPPAED PERSONS OF LOW-INCOME. 0 0 617349 611626 DURING 2012, THE CORPORATION 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 CORPORATION 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 CORPORATION PROCESSED MONTHLY HOUSING ASSISTANCE FROM HUD FOR EACH OF THE TENANTS AND COLLECT THE TENANTS' PORTION OF THE MONTHLY RENT. 617349 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 15 0 1 8 1 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 4.00 X X 0 0 0 JAMES HENRY 2.00 X X 0 0 0 MELVIN POPE SR 2.00 X X 0 0 0 0 0 0 0 0 0 0 0 LOW-INCOME HSNG RENTAL 531110 609438 609438 LAUNDRY&VENDING MACHIN 531110 1620 1620 611058 568 568 611626 611058 0 568 97080 97080 23391 23391 7767 7767 39627 39627 3718 3718 10500 10500 2475 2475 100 100 22358 22358 16580 16580 339874 339874 95 95 149237 149237 MISCELLANEOUS 6350 6350 BAD DEBTS 3218 3218 722370 617349 105021 0 38485 13488 2861 2511 8223 45800 5677725 1553890 4269077 4123835 232593 253925 4551239 4439559 71334 70544 2941 2908 5429800 5429800 15757 15644 5519832 5518896 X -968593 -1079337 -968593 -1079337 4551239 4439559 -110744 0 X X 0 1 X 1 1 1 X 394329 217085 318702 412255 611058 1953429 394329 217085 318702 412255 611058 1953429 1953429 314 505 568 1387 1954816 200006 0.99930 0.99950 X 29101 29101 5648624 1553890 4094734 4123835 TENANTS SECURITY DEPOSITS 15341 REPLACEMENT RESERVE 238584 253925 TENANTS SECURITY DEPOSITS 15644 15644 X 611626 0 611626 0 611626 722370 0 722370 0 722370 Description of Uncertain Tax Positions Under FIN 48: Part X, Line 2: Management has determined that the Corporation has no uncertain tax positions that would require financial statement recognition. The Corporation is no longer subject to audits by the applicable taxing jurisdictions for periods prior to 2009. 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 CORPORATION 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 CORPORATION'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 XII, Line 2c The process did not change from prior year.