2024-12-24T11:09:52-06:00 2023-12-31 812950760 SAX LLP 389 INTERPACE PARKWAY STE 3 PARSIPPANY NJ 07054 990 2023-01-01 111308900 THE SEA GATE ASSOCIATION SEAG 7184494700 3700 SURF AVENUE BROOKLYN NY 11224 VINCENT CIRINO PRESIDENT 7184494700 2024-12-24 1 0 MARQUS WHITE P00053187 9734726250 2024-12-17 2023 2024-10-15 13:58:12Z X VINCENT CIRINO 3700 SURF AVENUE BROOKLYN NY 11224 6207197 0 X N/A X 1899 NY HOMEOWNERS ASSOCIATION. 22 21 138 21 0 0 269784 4579 5817743 6047799 -890274 890 284090 153929 5481343 6207197 0 0 0 0 2916471 2674709 0 0 0 6243999 4421725 9160470 7096434 -3679127 -889237 27458826 28574487 437903 2106172 27020923 26468315 HOMEOWNERS ASSOCIATION 0 0 5881828 6047799 TO PROTECT AND SECURE THE AREA KNOWN AS SEA GATE NEW YORK. ALSO MAINTAIN THE COMMUNAL PROPERTIES AND PROVIDE BASIC PUBLIC SERVICES FOR THE ASSOCIATION MEMBERS. 5881828 0 0 0 1 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 1 0 0 0 0 0 0 0 0 0 0 1 2 0 1 138 1 0 0 0 0 0 0 0 0 0 0 0 0 X 22 21 0 0 1 0 1 1 1 1 1 0 0 1 1 1 1 1 0 0 0 0 NY X NATANIELA HAMADANI 7184494700 3700 SURF AVENUE BROOKLYN NY 11224 VINCENT CIRINO PRESIDENT 10.00 0.00 X X 0 0 0 ROBBIN PARAISON PRESIDENT 10.00 0.00 X X 0 0 0 RAIZY DAVIS VICE PRESIDENT 10.00 0.00 X X 0 0 0 YURIY KRASNER 2ND VICE PRESIDENT 10.00 0.00 X X 0 0 0 FREDERICK BABA TREASURER 10.00 0.00 X X 0 0 0 MATT STERN SECRETARY 10.00 0.00 X X 0 0 0 ELAINE FRIDLIN SECRETARY 10.00 0.00 X X 0 0 0 DOMINIC D'ANGELO BOARDMEMBER 10.00 0.00 X 0 0 0 ETHAN GERBER BOARDMEMBER 10.00 0.00 X 0 0 0 BETTY BARANOFF BOARDMEMBER 10.00 0.00 X 0 0 0 YAKOV ISRAEL BOARDMEMBER 10.00 0.00 X 0 0 0 LARRY LEFKOWITZ BOARDMEMBER 10.00 0.00 X 0 0 0 CARMEN RICCI BOARDMEMBER 10.00 0.00 X 0 0 0 TAMIR KOVACH BOARDMEMBER 10.00 0.00 X 0 0 0 JACK WEIDHORN BOARDMEMBER 10.00 0.00 X 0 0 0 EDWARD YUSUPOV BOARDMEMBER 10.00 X 0 0 0 PASQUAEL DEANGELIS BOARDMEMBER 10.00 X 0 0 0 BERNARD KAUFMAN BOARDMEMBER 10.00 X 0 0 0 OLEG SEMENENKO BOARDMEMBER 10.00 X 0 0 0 LANCE BURNS BOARDMEMBER 10.00 X 131250 0 0 GIANNI MONTALTO BOARDMEMBER 10.00 X 0 0 0 JACK SUBEN BOARDMEMBER 10.00 X 0 0 0 131250 0 0 1 0 0 0 TRIVELLA & FORTE LLP 1311 MAMARONECK AVE WHITE PLAINS NY 10605 LEGAL 137317 LANCE BURNS 3723 MERMAID AVE BROOKLYN NY 11224 PROFESSIONAL 131250 VICTORY CONTRACTING CO INC 786 E 94TH ST BROOKLYN NY 11236 GENERAL CONTRACTOR 119000 ALAN J WOHLBERG ESQ 2805 AVENUE N BROOKLYN NY 11210 LEGAL 115440 4 4579 4579 DUES AND CHARGES 561700 4931147 4931147 SUMMER SERVICE INCOME 561700 891184 891184 KEY AND DECAL FEES 561700 166120 166120 OTHER INCOME 561700 31348 31348 RENTAL INCOME 561700 28000 28000 6047799 890 890 INTEREST BILLED 900099 103853 103853 LEGAL REIMBURSEMENTS 900099 50076 50076 153929 6207197 6201728 0 890 2302134 2048899 253235 116097 116097 256478 228265 28213 422607 422607 34000 34000 133046 133046 116959 116959 744921 744921 907855 907855 BAD DEBT 1251883 1251883 PROPERTY TAXES 163414 163414 MAINTENANCE AND REPAIRS 145076 145076 POLICE EXPENSE 125401 125401 376563 266114 110449 7096434 5881828 1214606 0 184873 508776 974651 875728 2817555 2544454 86522 240354 27328759 4355340 23347719 22973419 47506 1431756 27458826 28574487 14307 191724 377797 484256 45799 1430192 437903 2106172 X 0 0 0 0 27020923 26468315 27020923 26468315 27458826 28574487 -889237 336629 0 X 0 1 X 1 0 1 1 0 72366 72366 26004318 3332193 22672125 1221164 994363 226801 30911 28784 2127 22973419 OTHER RECEIVABLES 35841 DEPOSITS 31032 RIGHT-OF-USE ("ROU") ASSET, NET - OPERATING LEASE 1364883 1431756 SECURITY DEPOSITS 22407 OPERATING LEASE LIABILITIES, 1407785 1430192 X 6207197 0 6207197 0 6207197 7096434 0 7096434 0 7096434 PART X, LINE 2: THE ASSOCIATION IS A NOT-FOR-PROFIT ASSOCIATION THAT IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. U.S. GAAP REQUIRES MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE ASSOCIATION AND RECOGNIZE A TAX LIABILITY IF THE ASSOCIATION HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. MANAGEMENT EVALUATED THE ASSOCIATION'S TAX POSITIONS AND CONCLUDED THAT THE ASSOCIATION HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THE INTERNAL REVENUE SERVICE. LANCE BURNS BOARD MEMBER 131250 CLUB MANAGEMENT 0 NOVA OFFSET CORP BOARD MEMBER COMPANY 7354 PRINTING SERVICES 0 990, PAGE 1, QUESTION B, AMENDED RETURN THE SEA GATE ASSOCIATION AMENDED RETURN EXPLANATION TAX YEAR: 2023 CALENDAR YEAR ENDING: 12/31/2023 THE ORGANIZATION IS AMENDING ITS 2023 FORM 990 FOR THE FOLLOWING REASONS: THE ANNUAL AUDIT WAS DELAYED BEYOND THE EXTENDED 990 DUE DATE OF NOVEMBER 15,2024. THE 990 WAS FILED USING THE UNAUDITED AMOUNTS TO MEET THE EXTENDED DUE DATE. THE FOLLOWING ARE THE LIST OF CORRECTIONS: FORM 990 PAGE 2, PART III, LINE 4A PROGRAM EXPENSE & REVENUE WAS UPDATED FROM $6,889,720 & $5,634,909 TO $5,881,828 & $6,047,799 RESPECTIVELY. PAGE 9, PART VIII STATEMENT OF REVENUE LINE 2 G THE AMOUNT OF PROGRAM SERVICE REVENUE WAS UPDATED FROM $5,634,909 TO $6,047,799. LINES 11 A THE AMOUNT OF TOTAL REVENUE WERE UPDATED FROM $5,794,307 TO $6,207,197. PAGE 10, PART IX STATEMENT OF FUNCTIONAL EXPENSES WERE UPDATED LINE 7 WAS $2,324,526 TO $2,302,134. LINE 9 WAS $119,553 TO $116,097. LINE 10 WAS $258,425 TO $256,478. LINE 11 B WAS $439,974 TO $422,607. LINE 11 C WAS $89,000 TO $34,000. LINE 13 WAS $134,480 TO $133,046. LINE 16 WAS $108,786 TO $116,959. LINE 22 WAS $602,451 TO $744,921. LINE 23 WAS $806,805 TO $907,855. LINE 24 A WAS $2,444,143 TO $1,251,883. LINE 24 B WAS $195,980 TO $163,414. LINE 24 C WAS $147,232 TO $145,076. LINE 24 E WAS $395,832 TO $376,563. THE CORRECTED TOTAL EXPENSES WERE $8,192,588 TO $7,096,434. PAGE 11, PART X BALANCE SHEET COLUMN (B) LINE 4 ACCOUNTS RECEIVABLE WERE UPDATED FROM $694,884 TO $2,544,454. LINE 9 PREPAID EXPENSES WERE UPDATED FROM $234,538 TO $240,354. LINE 17 ACCOUNT PAYABLE & ACCRUED EXPENSES WAS UPDATED FROM $218,724 TO $191,724. TOTAL ASSETS/LIABILITIES LINES 16 & 33 WERE UPDATED FROM $26,719,101 TO $28,574,487. LINE 32 TOTAL NET ASSETS WERE UPDATED FROM $24,585,929 TO $26,468,315. PAGE 12, PART XI, LINE 8 THE PRIOR PERIOD ADJUSTMENT CHANGED FROM ($36,713) TO $336,629. AS A RESULT OF THE ABOVE, THE FOLLOWING SCHEDULES WERE CORRECTED: SCHEDULE D PAGE 4, PART XI & XII RECONCILIATION OF REVENUE & EXPENSES TO FINANCIAL STATEMENTS. FORM 990, PART VI, SECTION A, LINE 4 THE ORGANIZATION'S BY-LAWS WERE REVISED IN THE CALENDAR 2023 TAX YEAR. THE LAST AMENDMENT WAS IN 2008. A COPY OF THE UPDATE DOCUMENT HAS BEEN ATTACHED. FORM 990, PART VI, SECTION A, LINE 6 CLASSES OF MEMBERS OR STOCKHOLDERS PROPERTY OWNERS ARE THE ASSOCIATION'S MEMBERS. THE BOARD OF DIRECTORS IS ELECTED BY THE MEMBERS. ADDITIONALLY, THE BY-LAWS STIPULATE VARIOUS CIRCUMSTANCES WHERE THE BOARD WOULD NEED A VOTE BY THE MEMBERS TO ENACT VARIOUS ENACTMENTS. FORM 990, PART VI, SECTION A, LINE 7A ELECTION OF MEMBERS AND THEIR RIGHTS EVERY YEAR 5 MEMBERS OF THE BOARD OF DIRECTORS ARE UP FOR ELECTION. MEMBERS HAVE THE RIGHT TO VOTE ON THOSE BOARD MEMBERS. NEGATIVE: THE NOMINATING COMMITTEE VOTES/SELECTS BOARD MEMBERS - MEMBERS VOTE ONLY ON THE NOMINATING COMMITTEE. FORM 990, PART VI, SECTION A, LINE 7B DECISIONS SUBJECT TO APPROVAL OF MEMBERS DURING 2014 THE BOARD OF DIRECTORS WAS INTERESTED IN OBTAINING ADDITIONAL FINANCING FOR THE ASSOCIATION. TAKING ON ADDITIONAL FINANCING IS AN INSTANCE THAT WOULD REQUIRE A VOTE BY THE MEMBERS. THE MEMBERS VOTED AND RESOLVED TO ALLOW THE BOARD TO OBTAIN FINANCING FOR THE BENEFIT OF THE ASSOCIATION. FORM 990, PART VI, SECTION B, LINE 11B ORGANIZATION'S PROCESS TO REVIEW FORM 990 THE TAX RETURN PREPARER SENDS THE TREASURER A DRAFT COPY OF THE COMPLETED TAX RETURN FOR REVIEW AND COMMENTS. AFTER THE TREASURER APPROVES THE RETURN, HE SENDS THE RETURN TO THE BOARD OF DIRECTORS FOR REVIEW AND COMMENTS. AFTER THE BOARD OF DIRECTORS APPROVES THE RETURN, THEY NOTIFY THE PREPARER AND A FINAL VERSION OF THE RETURN IS SENT TO THE PRESIDENT TO BE SIGNED AND MAILED/E-FILED. FORM 990, PART VI, SECTION B, LINE 12C ENFORCEMENT OF CONFLICTS POLICY EMPLOYEES AND MEMBERS OF THE BOARD ARE REQUIRED TO DISCLOSE ANY POTENTIAL CONFLICT OF INTEREST. FAILURE TO DISCLOSE A POTENTIAL CONFLICT OF INTEREST, OR ENGAGING IN A PRACTICE DETERMINED TO BE A CONFLICT OF INTEREST MAY RESULT IN DISCIPLINARY ACTION UP TO AND INCLUDING TERMINATION/OR REMOVAL FROM THE BOARD. FORM 990, PART VI, SECTION C, LINE 19 FORM 990, PART VI, LINE 19 - GOVERNING DOCUMENTS DISCLOSURE EXPLANATION GOVERNING DOCUMENT AVAILABLE AT THE ASSOCIATION'S OFFICE LOCATED AT 3700 SURF AVE, BROOKLYN, NY 11224