2024-10-25T11:11:16-04:00 2023-12-31 273263553 GALLEROS ROBINSON 115 DAVIS STATION RD CREAM RIDGE NJ 08514 990 2023-01-01 550849044 ROBERT H MOORE HDFC ROBE 7188588803 67 HANSON PLACE BROOKLYN NY 11217 RONELA JOB SECRETARY 2126655500 2024-10-17 true LEONORA GALLEROS P00181670 6469210400 2024-10-21 2023 2024-10-15 13:58:12Z JAMES WHITFIELD 676759 false X N/A X 2003 NY OPERATE SENIOR HOUSING APARTMENT BUILDING. 3 3 3 3 0 0 671810 673484 57 52 2573 3223 674440 676759 0 0 115166 102784 0 0 997039 1017095 1112205 1119879 -437765 -443120 6666891 6521511 638349 936089 6028542 5585422 OPERATE APARTMENT BUILDING. false false 974330 673484 THE PROJECT OWNS AND OPERATES AN APARTMENT COMPLEX IN BROOKLYN, NEW YORK. THE BUILDING WHICH CONTAINS 59 RESIDENTIAL UNITS WAS CONSTRUCTED AND OPERATED UNDER SECTION 202 OF THE HOUSING ACT OF 1959 AND REGULATED BY THE U.S. HUD. HUD SECTION 202 PROGRAM PROVIDES AFFORDABLE HOUSING ASSISTANCE TO SENIOR CITIZEN OVER THE AGE OF 62 YEARS OLD. 974330 true false false false false false false false false false true false false true true true true false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false true 20 0 true 3 true false false false false false false false false false false false false X 3 3 false true false false false false false true true false false true true true true true true true true false NY X X LWC MANAGEMENT CORPORATION 2126655500 2090 ADAM CLAYTON POWELL JR BLVD NEW YORK NY 10027 X JAMES WHITFIELD CEO 5.00 0.00 X X 0 0 0 ALISON LIBURD PRESIDENT 5.00 0.00 X X 0 0 0 DAISY DOBBINS VICE PRESIDE 5.00 0.00 X X 0 0 0 RONELA JOB SECRETARY 5.00 X X 0 0 0 false false false LOW-INCOME HOUSING RENTAL 531110 673484 673484 673484 52 52 OTHER REVENUE 900099 3223 3223 3223 676759 676707 52 80703 61467 19236 15150 15150 6931 6931 47728 47728 366 366 32566 32566 70111 68461 1650 12079 12079 342143 342143 265079 265079 93427 93427 REPAIRS AND MAINTENANCE 109593 109593 FINES, FEES, & PENAILTIES 15250 15250 BAD DEBTS 12300 12300 EQUIPMENT RENTAL 9149 9149 7304 7304 1119879 974330 145549 0 23124 8923 6324 25096 21390 17095 9680887 3777216 6078206 5903671 537847 566726 6666891 6521511 617410 919309 5032 871 15907 15909 638349 936089 X -3269858 -3712978 9298400 9298400 6028542 5585422 6666891 6521511 -443120 X X false true X true true true X 730032 715075 679781 671810 676707 3473405 730032 715075 679781 671810 676707 3473405 3473405 314 162 86 57 52 671 314 162 86 57 52 671 1630 2223 3853 730346 715237 679867 673497 678982 3477929 0.99870 0.99930 0.00000 0.00000 X PART III, LINE 12 INSURANCE CLAIMS 1,630 OTHER REVENUE 2,223 9664087 3760416 5903671 16800 16800 5903671 REPLACEMENT RESERVE 514649 TENANT SECURITY DEPOSITS 15909 RESIDUAL RESERVE 13311 UTILITY DEPOSITS 11870 DUE FROM RELATED PARTIES 10987 566726 TENANT SECURITY DEPOSITS PAYABLE 15909 15909 X 688815 12056 12056 676759 676759 1131935 12056 12056 1119879 1119879 SCHEDULE D, PAGE 3, PART X THE PROJECT 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 PROJECT'S TAX-EXEMPT PURPOSE IS SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. THE PROJECT RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE POSITIONS ARE MORE-LIKELY-THAN-NOT BE SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. MANAGEMENT HAS DETERMINED THAT THE PROJECT HAS NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE FINANCIAL STATEMENT RECOGNITION OR DISCLOSURE. THE PROJECT IS NO LONGER SUBJECT TO AUDITS BY THE APPLICABLE TAXING JURISDICTIONS FOR PERIODS PRIOR TO 2020. CURRENTLY, THERE ARE NO AUDITS IN PROGRESS. SCHEDULE D, PAGE 4, PART XI, LINE 2D RENT-FREE UNIT 12,056 SCHEDULE D, PAGE 4, PART XII, LINE 2D RENT-FREE UNIT 12,056 FORM 990, PAGE 6, PART VI, LINE 3 THE BOARD CONTRACTED LWC MANAGEMENT CORPORATION TO MANAGE THE RENTAL PROPERTY THROUGH A MANAGEMENT CONTRACT AGREEMENT. THE MANAGEMENT COMPANY REPORTS TO THE BOARD ON A MONTHLY BASIS. FORM 990, PAGE 6, PART VI, LINE 11B THE DRAFT FORM 990 IS INITIALLY PROVIDED TO THE MANAGING AGENT FOR REVIEW AND COMMENTS. ONCE REVIEWED AND COMMENTS ADDRESSED,COPY OF THE DRAFT FORM 990 IS PROVIDED TO THE BOARD THROUGH THE BOARD CHAIR FOR REVIEW COMMENTS AND APPROVAL FOR SUBMISSION TO THE IRS. FORM 990, PAGE 6, PART VI, LINE 12C ON AN ANNUAL BASIS, ALL BOARD MEMBERS, MANAGING AGENT AND KEY EMPLOYEES ARE REQUIRED TO DISCLOSE ANY CONFLICT OR POTENTIAL CONFLICT OF INTEREST. THE DISCLOSURES ARE REVIEWED BY THE BOARD MEMBERS. ANY MEMBER(S) WITH CONFLICT OF INTEREST WILL NOT BE ALLOWED TO VOTE ON MATTERS RELATED TO THE CONFLICT OF INTEREST. FORM 990, PAGE 6, PART VI, LINE 15A THE ORGANIZATION HAS CONTRACTED LWC MANAGEMENT CORPORATION TO MANAGE THE PROJECT. MANAGEMENT FEES ARE DETERMINED AND APPROVED BY THE U.S. HOUSING AND URBAN DEVELOPMENT. COMPENSATION OF PROJECT EMPLOYEES FOR MAINTENANCE AND OTHER ADMINISTRATIVE TASKS ARE INITIALLY DETERMINED BY THE MANAGING AGENT BASED ON EXPERIENCE AND RATES OFFERED BY SIMILAR ENTITIES IN THE AREA, AND THEN PRESENTED TO THE BOARD. FORM 990, PAGE 6, PART VI, LINE 15B THE ORGANIZATION HAS CONTRACTED LWC MANAGEMENT CORPORATION TO MANAGE THE PROJECT. MANAGEMENT FEES ARE DETERMINED AND APPROVED BY THE U.S. HOUSING AND URBAN DEVELOPMENT. COMPENSATION OF PROJECT EMPLOYEES FOR MAINTENANCE AND OTHER ADMINISTRATIVE TASKS ARE INITIALLY DETERMINED BY THE MANAGING AGENT BASED ON EXPERIENCE AND RATES OFFERED BY SIMILAR ENTITIES IN THE AREA, AND THEN PRESENTED TO THE BOARD. FORM 990, PAGE 6, PART VI, LINE 19 THE ORGANIZATION'S FORM 990 IS AVAILABLE AT WWW.GUIDESTAR.ORG. AND HTTPS://APPS.IRS.GOV/APP/EOS/. GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON WRITTEN REQUEST OR BY CONTACTING LWC MANAGEMENT CORPORATION LOCATED AT 2090 ADAM CLAYTON JR BLVD, SUITE 206, NEW YORK, NY 10027 OR BY CALLING (212) 665-5500. FORM 990, PAGE 12, PART XII, LINE 2C THE PROCESS DID NOT CHANGED FROM PRIOR YEAR.