METRO NORTH GARDENS HOUSING DEVELOPMENT FUND CORPORATION

EIN: 133189285 501(c)(3) Housing & Shelter

BRONX, NY

Total Revenue
$1,137,385
Total Expenses
$1,266,597
Total Assets
$6,653,926
Net Assets
$358,627
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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
NY
Principal Officer
RONALD MONTESSI
Phone
7189936798
Tax Period
2023-10-01 to 2024-09-30

METRO NORTH GARDENS HOUSING DEVELOPMENT FUND CORPORATION, founded in 1983, is a community nonprofit in the Housing & Shelter sector that reported $1.1M in total revenue in fiscal year 2023. Revenue grew 10% year-over-year, indicating healthy expansion. Expenses of $1.3M exceeded revenue, resulting in a 11% operating deficit.

Mission

METRO NORTH GARDENS HOUSING DEVELOPMENT FUND CORPORATION (THE "PROJECT"), A 48 UNIT APARTMENT PROJECT LOCATED IN NEW YORK, NEW YORK, WAS FORMED AS A C CORPORATION IN SEPTEMBER 1983 TO PROVIDE HOUSING FOR LOW INCOME OF THE NATIONAL HOUSING ACT AND REGULATED BY THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT ("HUD") WITH RESPECT TO RENTAL CHARGES AND OPERATING METHODS. THE PROJECT IS SUBJECT TO SECTION 8 HOUSING ASSISTANCE PAYMENTS AGREEMENTS WITH HUD, AND A SIGNIFICANT PORTION OF THE PROJECT'S RENTAL INCOME IS RECEIVED FROM HUD, AS ITS ONLY MAJOR PROGRAM.

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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%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $812,168
Program Service Revenue $310,936
Investment Income $14,090
Other Revenue $191
TOTAL REVENUE $1,137,385

Expense Breakdown

Grants Paid $0
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $1,177,147
Other Expenses $1,266,597
TOTAL EXPENSES $1,266,597

Year-over-Year Comparison

2023 2022 Change
Revenue $1,137,385 $1,034,348 +0.1%
Expenses $1,266,597 $1,060,129 +0.2%
Net Income $-129,212 $-25,781 +4.0%
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

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Governance

Voting Members
4
Independent Members
4
Employees
N/A
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
4
$0
Total Directors
0
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
PAULINE ABBOT SECRETARY N/A
Officer
$0 $0 $0
JAMES LUDVIG MEMBER N/A
Officer
$0 $0 $0
RONALD MONTESSI PRESIDENT N/A
Officer
$0 $0 $0
JOSEPHINE ROSARIO MEMBER N/A
Officer
$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 $1,137,385 $1,266,597 $6,653,926 $-129,212
2023 $1,057,952 $1,060,129 $6,872,262 $-2,177
2022 $963,980 $1,204,975 $6,973,216 $-240,995
2021 $969,788 $872,047 $7,262,446 $97,741
2020 $996,374 $886,296 $7,273,810 $110,078
2019 $971,111 $891,520 $7,154,279 $79,591
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