Promesa Housing Development Fund Corporation Inc

EIN: 133608906 501(c)(3) Community Improvement

Bronx, NY

Total Revenue
$5,678,952
Total Expenses
$7,060,417
Total Assets
$50,738,044
Net Assets
$17,031,062
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1990
Legal Domicile
NY
Principal Officer
Raul Russi
Phone
7182991100
Tax Period
2024-01-01 to 2024-12-31

Promesa Housing Development Fund Corporation Inc, founded in 1990, is a community nonprofit in the Community Improvement sector that reported $5.7M in total revenue in fiscal year 2024. Revenue fell 27% from the prior year — a significant decline worth monitoring. Expenses of $7.1M exceeded revenue, resulting in a 24% operating deficit.

Mission

TO COMBAT COMMUNITY DETERIORATION AND LESSEN NEIGHBORHOOD TENSIONS THROUGH THE RESIDENTIAL REVITALIZATION OF THE BRONX AND ADJACENT AREAS OF BRONX COUNTY.

Program Service Accomplishments

Program 1
Expenses: $6,517,749 Revenue: $5,277,570

THE ENTITY WAS FOUNDED TO COMBAT COMMUNITY DETERIORATION AND LESSEN NEIGHBORHOOD TENSIONS THROUGH THE RESIDENTIAL REVITALIZATION OF BRONX COUNTY, NEW YORK.

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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 (2024)

Revenue Breakdown

Contributions & Grants $400,000
Program Service Revenue $5,277,570
Investment Income $1,382
Other Revenue $0
TOTAL REVENUE $5,678,952

Expense Breakdown

Grants Paid $0
Salaries & Benefits $2,570,334
Fundraising Expenses $0
Program Expenses $6,517,749
Other Expenses $4,490,083
TOTAL EXPENSES $7,060,417

Year-over-Year Comparison

2024 2023 Change
Revenue $5,678,952 $7,768,189 -0.3%
Expenses $7,060,417 $9,682,782 -0.3%
Net Income $-1,381,465 $-1,914,593 -0.3%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✓ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Liquidity & Cash Position

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Governance

Voting Members
5
Independent Members
5
Employees
46
Volunteers
5

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
8
$2,972,766
Total Directors
5
$0
Key Employees
1
$208,347
Highest Compensated
3
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
RAUL RUSSI PRESIDENT 0.0
Officer
$0 $101,830 $998,427
LYMARIS ALBORS CHIEF EXECUTIVE OFFICER 0.0
Officer
$0 $56,068 $892,752
JOSE A RODRIGUEZ CHIEF LEGAL OFFICER/EXEC. VP 0.0
Officer
$0 $30,262 $592,593
VICKY GATELL CHIEF FINANCIAL OFFICER 0.0
Officer
$0 $46,781 $488,994
LORRAINE COLEMAN VP OF SPECIAL PROJECTS 35.0
Highest
$204,061 $43,316 $247,377
DAVID ALMONTE DIRECTOR - HOUSING DEVELOPMENT 35.0
Highest
$199,442 $46,396 $245,838
ANNE-MARIE A HENDRICKSON SR. VP OF AFFORABLE HOUSING 35.0
Key Emp
$194,327 $14,020 $208,347
CORNELIA NAROVICI CONSTRUCTION DIRECTOR 35.0
Highest
$167,171 $21,811 $188,982
ELIEZER RODRIGUEZ ESQ CHAIR 1.0
Officer Director
$0 $0 $0
CARMEN S MELERO VICE CHAIR 1.0
Officer Director
$0 $0 $0
MARYBETH HOTALING TREASURER 1.0
Officer Director
$0 $0 $0
GILBERT HERNANDEZ SECRETARY 1.0
Officer Director
$0 $0 $0
ARNIE SEGARRA MEMBER 1.0
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 $5,678,952 $7,060,417 $50,738,044 $-1,381,465
2023 $7,768,189 $9,682,782 $46,450,343 $-1,914,593
2022 $7,954,144 $9,492,956 $46,161,430 $-1,538,812
2021 $8,538,986 $11,348,226 $39,360,301 $-2,809,240
2020 $10,310,413 $9,809,899 $29,117,921 $500,514
2019 $12,679,109 $9,642,116 $28,286,592 $3,036,993
2018 $9,718,930 $9,482,506 $25,696,045 $236,424
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