FARMINGDALE HOUSING DEVELOPMENT FU… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1983

Legal Domicile

Principal Officer

STEPHEN KRESSEL

Phone

5164861000

Tax Period

2023-10-01 to 2024-09-30

FARMINGDALE HOUSING DEVELOPMENT FUND COMPANY INC, founded in 1983, is a community nonprofit in the Housing & Shelter sector that reported $1.8M in total revenue in fiscal year 2023. Revenue grew 12% year-over-year, indicating healthy expansion. The organization ran a surplus of $983K, a strong 55% operating margin.

Mission

THE COMPANY HAS BEEN ORGANIZED EXCLUSIVELY TO DEVELOP ON A NON-PROFIT BASIS, A HOUSING PROJECT FOR ELDERLY AND HANDICAPPED PERSONS OF LOW INCOME WHERE NO ADEQUATE HOUSING EXISTS FOR SUCH PERSONS, WHICH PROJECT IS TO BE AIDED BY A FEDERALLY-AIDED MORTGAGE, STATE-AIDED MORTGAGE OR MUNICIPALLY-AIDED MORTGAGE AS DEFINED IN SECTION 572 OF THE PRIVATE HOUSING FINANCE LAW OF THE STATE OF NEW YORK.

Program Service Accomplishments

Program 1

Expenses: $562,689 Revenue: $349,559

THE COMPANY PROVIDES HOUSING FOR THE ELDERLY AND HANDICAPPED. HUD PROJECT NUMBER 012 EH 288 IS AN 80-UNIT APARTMENT FACILITY, LOCATED IN FARMINGDALE, NEW YORK. THE PROJECT IS OPERATED UNDER SECTION 202 OF THE NATIONAL HOUSING ACT AND IS REGULATED BY U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) WITH RESPECT TO RENTAL CHARGES AND OPERATING METHODS.THE PROJECT ALSO IS SUBJECT TO SECTION 8 HOUSING ASSISTANCE PAYMENTS (HAP) AGREEMENTS WITH HUD, AND A SIGNIFICANT PORTION OF THE PROJECT'S RENTAL INCOME IS RECEIVED FROM HUD.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $1,299,860

Program Service Revenue $349,559

Investment Income $128,696

Other Revenue $2,961

TOTAL REVENUE $1,781,076

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $562,689

Other Expenses $798,537

TOTAL EXPENSES $798,537

Year-over-Year Comparison

	2023	2022	Change
Revenue	$1,781,076	$1,593,907	+0.1%
Expenses	$798,537	$785,392	+0.0%
Net Income	$982,539	$808,515	+0.2%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
STEPHEN KRESSEL ESQUIRE	TREASURER/PRESIDENT	1.00	Officer Director	$0	$0	$0
KATHERINE MCDONALD	SECRETARY	1.00	Officer Director	$0	$0	$0
REVEREND EDWARD BARNETT	BOARD MEMBER	1.00	Director	$0	$0	$0
REVEREND FATHER BRIAN BARRY	BOARD MEMBER	1.00	Director	$0	$0	$0
JOSEPH CAROSELLA	BOARD MEMBER	1.00	Director	$0	$0	$0
PETER A CARUSO ESQUIRE	BOARD MEMBER	1.00	Director	$0	$0	$0
LYNN CONNOLLY	BOARD MEMBER	1.00	Director	$0	$0	$0
MR DANNY GASTELUA	BOARD MEMBER	1.00	Director	$0	$0	$0
ANITA GODFREY	BOARD MEMBER	1.00	Director	$0	$0	$0
GAIL JEBY-LEVY	BOARD MEMBER	1.00	Director	$0	$0	$0
MS PRUDENCE MANOLAKES	BOARD MEMBER	1.00	Director	$0	$0	$0
MSGR MARK ROWAN	BOARD MEMBER	1.00	Director	$0	$0	$0
TOM SATTLER	BOARD MEMBER	1.00	Director	$0	$0	$0
REVEREND ROBERT WEBER	BOARD MEMBER THRU 5/24	1.00	Director	$0	$0	$0
RABBI MOSHE WEISBLUM	BOARD MEMBER	1.00	Director	$0	$0	$0
REVEREND DE CLAIRE WU	BOARD MEMBER	1.00	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$1,781,076	$798,537	$4,734,942	$982,539
2023	$1,593,907	$785,392	$4,037,941	$808,515
2022	$1,487,868	$785,090	$3,536,925	$702,778
2021	$1,303,096	$743,729	$3,070,423	$559,367
2020	$602,744	No data	$2,817,641	No data
2019	$581,365	No data	$2,357,343	No data

FARMINGDALE HOUSING DEVELOPMENT FUND COMPANY INC