2024-03-27T07:50:52-05:00 2023-09-30 474526160 EFPR GROUP CPAS PLLC 100 SOUTH CLINTON AVE SUITE 1500 ROCHESTER NY 14604 990 2022-10-01 223113185 ROYAL GARDENS DEVELOPMENT FUND COMPANY PROJECT NO 014-EH282 ROYA 5856378220 100 ROYAL GARDENS WAY BROCKPORT NY 14420 MICHAEL MORICH PRESIDENT 5856378220 2024-03-26 1 MICHAEL MORICH 999009999 0 CHRISTOPHER JOHNSTON P00896198 5854278900 2024-03-26 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z MICHAEL MORICH 100 ROYAL GARDENS WAY BROCKPORT NY 14420 827408 0 X N/A X 1990 NY ROYAL GARDENS HOUSING DEVELOPMENT FUND COMPANY, INC., PROJECT NO. 014-EH282 (THE ORGANIZATION), IS A DULY AUTHORIZED NON-PROFIT CORPORATION FORMED PURSUANT TO ARTICLE XI OF THE PRIVATE HOUSING FINANCE LAW OF THE STATE OF NEW YORK. THE ORGANIZATION WAS ORGANIZED SOLELY AND SPECIFICALLY TO DEVELOP, OWN AND OPERATE A LOW-INCOME HOUSING PROJECT ON A NON-PROFIT BASIS PURSUANT TO SECTION 202 OF THE NATIONAL HOUSING ACT, SAID PROJECT KNOWN AS ROYAL GARDENS APARTMENTS, A 74-UNIT PROJECT (ONE UNIT IS OCCUPIED BY THE SUPERINTENDENT AND IS NON-INCOME PRODUCING), LOCATED AT 100 ROYAL GARDENS WAY, BROCKPORT, NEW YORK. 6 6 5 0 0 0 0 0 776873 806148 533 2571 5892 18689 783298 827408 0 0 0 0 175709 183770 0 0 0 601270 584089 776979 767859 6319 59549 2637037 2585216 3155240 3043870 -518203 -458654 X THE ORGANIZATION WAS ORGANIZED SOLELY AND SPECIFICALLY TO DEVELOP, OWN AND OPERATE A LOW-INCOME HOUSING PROJECT ON A NON-PROFIT BASIS PURSUANT TO SECTION 202 OF THE NATIONAL HOUSING ACT, SAID PROJECT KNOWN AS ROYAL GARDENS APARTMENTS AND LOCATED AT 100 ROYAL GARDENS WAY, BROCKPORT,NEW YORK. 0 0 548286 818181 CORPORATION WAS FORMED PURSUANT TO ARTICLE XI OF THE PRIVATE HOUSING FINANCE LAW OF NYS, EXCLUSIVELY TO OWN AND OPERATE A HOUSING PROJECT FOR THE ELDERLY AND LOW INCOME HANDICAPPED. THE 74 UNIT PROJECT WAS FULLY RENTED FOR ITS ENTIRE FISCAL YEAR TO QUALIFIED PARTICIPANTS UNDER DEPARTMENT OF HUD REGULATIONS. 548286 1 0 0 0 0 0 0 0 0 0 1 0 0 1 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 1 10 0 1 5 1 0 0 0 0 0 0 0 0 0 0 0 0 X 6 6 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 NY X KYLE LYSKAWA-CHRISTOPHER COMMUNITY 3154241821 990 JAMES STREET SYRACUSE NY 13203 X DAN BRADT DIRECTOR 1.00 X 0 0 0 GORDON HEGEMAN TREASURER 1.00 X X 0 0 0 MARK HILL DIRECTOR 1.00 X 0 0 0 MICHAEL MORICH PRESIDENT 5.00 X X 0 0 0 MICHAEL DOWNS DIRECTOR 1.00 X X 0 0 0 CARL KESSELRING SECRETARY 1.00 X X 0 0 0 0 0 0 0 0 0 0 0 RENTS-TENANTS 532000 806148 806148 806148 2571 2571 MISCELLANEOUS 900099 12033 12033 LAUNDRY & VENDING 812300 6656 6656 18689 827408 818181 0 9227 145401 25187 120214 26143 26143 12226 12226 47969 47969 1500 1500 16149 16149 408 408 30660 30660 39233 39233 398 398 106388 106388 184229 184229 40490 40490 SUPPLIES 56293 56293 REPAIRS & MAINTENANCE 41152 41152 MORTGAGE INSURANCE PREM 14256 14256 MISCELLANEOUS TAXES, LI 2689 2689 2275 2275 767859 548286 219573 0 723 3469 4642 1454 4632 5420 28627 27500 5164751 3773068 1570498 1391683 1027915 1155690 2637037 2585216 44674 19166 1846 1367 3082878 2998565 25842 24772 3155240 3043870 X -518203 -458654 -518203 -458654 2637037 2585216 59549 0 X X 0 1 X 1 1 1 X 496682 494139 990821 249353 258250 780890 776873 806148 2871514 746035 752389 780890 776873 806148 3862335 0 0 0 3862335 2832 1111 429 533 2571 7476 2832 1111 429 533 2571 7476 6800 21955 4253 5892 18689 57589 755667 775455 785572 783298 827408 3927400 0.98340 0.98690 0.00190 0.00200 X 20000 20000 4581888 3420474 1161414 273251 162883 110368 153411 139062 14349 136201 50649 85552 1391683 DEBT SERVICE RESERVE 584181 ESCROW DEPOSITS 22900 MORTGAGE ESCROW 38988 REPLACEMENT RESERVE 461365 RESIDUAL RECEIPTS RESERVE 23484 TENANT SECURITY DEPOSIT 24772 1155690 TENANT SECURITY DEPOSITS 24772 24772 X 827408 0 827408 0 827408 767860 0 767860 0 767860 PART X, LINE 2: THE ORGANIZATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. HOWEVER, INCOME FROM CERTAIN ACTIVITIES NOT DIRECTLY RELATED TO THE ORGANIZATION'S TAX-EXEMPT PURPOSE COULD BE SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. IN ACCORDANCE WITH ASC 740-10-50, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, THE ORGANIZATION RECOGNIZES THE TAX BENEFITS FROM UNCERTAIN TAX POSITIONS ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY THE TAXING AUTHORITIES. MANAGEMENT BELIEVES THAT THE ORGANIZATION IS CURRENTLY OPERATING IN COMPLIANCE WITH THE APPLICABLE REQUIREMENTS OF THE INTERNAL REVENUE CODE. THEREFORE, NO LIABILITY FOR UNRECORDED TAX BENEFITS HAS BEEN INCLUDED ON THE ORGANIZATION'S FINANCIAL STATEMENTS. FORM 990, PART VI, SECTION A, LINE 3 MANAGEMENT OF THE PROPERTY IS PERFORMED BY CHRISTOPHER COMMUNITY, INC. FORM 990, PART VI, SECTION B, LINE 11B MANAGEMENT COMPANY WILL REVIEW THE 990 UPON ISSUANCE. FORM 990, PART VI, SECTION B, LINE 12C AT ONE OF THE BOARD MEETINGS DURING THE YEAR THE CONFLICT OF INTEREST FORMS WILL BE REVIEWED AND UPDATED AS DEEMED NECESSARY. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION COMPLIES WITH APPLICABLE FEDERAL AND STATE REGULATIONS. PART XI - LINE 2C THE BOARD TREASURER AND MANAGEMENT AGENT CHIEF FINANCIAL OFFICER REVIEW THE FINANCIAL STATEMENTS AND THESE STATEMENTS ARE PRESENTED TO THE ENTIRE BOARD FOR FINAL APPROVAL.