178TH STREET HOUSING DEVELOPMENT F… - 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

1980

Legal Domicile

Principal Officer

SALVATORE GIGANTE

Phone

7186172800

Tax Period

2024-07-01 to 2025-06-30

178TH STREET HOUSING DEVELOPMENT FUND COMPANY INC, founded in 1980, is a community nonprofit in the Housing & Shelter sector that reported $2.0M in total revenue in fiscal year 2024. Expenses of $2.6M exceeded revenue, resulting in a 29% operating deficit.

Mission

PROVIDES AFORDABLE HOUSING TO THE ELDERLY AND HANDICAPPED UNDER SECTION 202 OF THE FEDERAL HOUSING ACT OF 1959.

Program Service Accomplishments

Program 1

Expenses: $2,467,541 Revenue: $2,009,240

PROVIDES AFORDABLE HOUSING TO THE ELDERLY AND HANDICAPPED UNDER SECTION 202 OF THE FEDERAL HOUSING ACT OF 1959.

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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 (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $2,009,240

Investment Income $477

Other Revenue $0

TOTAL REVENUE $2,009,717

Expense Breakdown

Grants Paid $0

Salaries & Benefits $160,616

Fundraising Expenses $0

Program Expenses $2,467,541

Other Expenses $2,429,765

TOTAL EXPENSES $2,590,381

Year-over-Year Comparison

	2024	2023	Change
Revenue	$2,009,717	$1,900,922	+0.1%
Expenses	$2,590,381	$2,288,136	+0.1%
Net Income	$-580,664	$-387,214	+0.5%

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

Volunteers

N/A

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

$285,105

Total Directors

$250,490

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ENRICO BOCCIA	CHAIR	0.00	Officer Director	$0	$0	$0
EVELYN VELAZQUEZ	TREASUREY/SECRETARY	0.00	Officer Director	$0	$0	$0
SALVATORE GIGANTE	VICE PRESIDENT	1.00	Officer Director	$0	$0	$250,490
ANGELA DAVIS FARRISH	CHIEF EXECTIVE DIRECTOR	1.00	Officer	$0	$0	$34,615
SONAL SHAH	CONTROLLER	1.00	Highest	$0	$0	$144,679

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
2025	$2,009,717	$2,590,381	$1,401,022	$-580,664
2024	No data	No data	No data	No data
2023	$2,017,884	$2,347,395	$1,607,743	$-329,511
2022	$2,056,316	$2,394,363	$1,540,743	$-338,047
2021	$-277,548	No data	$1,529,787	No data
2020	$1,909,960	$2,244,563	$2,151,240	$-334,603
2019	$1,898,461	$2,217,504	$2,375,541	$-319,043
2018	$2,022,379	$2,085,524	$2,591,043	$-63,145

178TH STREET HOUSING DEVELOPMENT FUND COMPANY INC