2024-11-26T15:22:17-06:00 2023-12-31 943108253 NOVOGRADAC AND COMPANY LLP 1144 HOOPER AVENUE SUITE 203 TOMS RIVER NJ 08753 990 2023-01-01 222838722 VALLEY HOUSING DEVELOPMENT CORP VALL 6109654514 635 BROAD STREET EMMAUS PA 18049 JOSEPH SCHUPP PRESIDENT 6109654514 2024-11-26 1 1 RICHARD M LARSEN P01233142 7325034257 2023 2024-10-15 13:58:12Z JOSEPH SCHUPP 1 HEARTHSTONE COURT READING PA 19606 4848601 0 X NONE X 1982 PA SEE SCHEDULE O. 8 8 0 0 0 0 749394 458939 2639377 4353648 172596 36014 1570816 0 5132183 4848601 0 0 0 0 0 0 0 0 0 3067584 6142939 3067584 6142939 2064599 -1294338 13755428 20837508 6083922 19463512 7671506 1373996 SEE SCHEDULE O. 0 0 5865365 4389662 TO RECEIVE AND ADMINISTER FUNDS TO PROVIDE LOANS FOR HOUSING FOR LOW AND MODERATE INCOME HOUSEHOLDS THAT WOULD OTHERWISE BE UNABLE TO FIND HOUSING IN THE PRIVATE MARKET. 5865365 1 1 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 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 8 8 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 PA X LEHIGH COUNTY HOUSING AUTHORITY 6109654514 635 BROAD STREET EMMAUS PA 18049 X JOSEPH SCHUPP PRESIDENT 1.00 0.25 X X 0 0 0 KIM EDWARDS VICE PRESIDENT 1.00 X X 0 0 0 ROBERT KERN SECRETARY 1.00 X X 0 0 0 JOSHUA DODD TREASURER 1.00 X X 0 0 0 ADRIENNE KWIATEK-HOLUB BOARD MEMBER 1.00 X 0 0 0 MICHAEL KAZARNOWICZ BOARD MEMBER 1.00 X 0 0 0 KENT HERMAN SOLICITOR 1.00 X 0 0 0 JOSH DODD BOARD MEMBER 1.00 X 0 0 0 JOHN ANDRONIS BOARD MEMBER 1.00 X 0 0 0 GARY MAURER BOARD MEMBER 1.00 X 0 0 0 BILL HIGHET BOARD MEMBER 1.00 X 0 0 0 0 0 0 0 0 0 0 0 458939 458939 TENANT RENT 531390 2679868 2679868 TENANT BASED ASSISTANC 900099 1409662 1409662 TENANT RENT - OTHER 531310 101055 101055 MANAGEMENT FEES 531310 86053 86053 PROGRAM RELATED INV. I 531110 77010 77010 4353648 36014 36014 4848601 4389662 0 0 X 718 576 142 217080 173665 43415 112143 89715 22428 656803 545146 111657 297701 247090 50611 558124 558124 242623 242623 108700 108700 246615 197294 49321 MAINTENANCE 1525391 1525391 BAD DEBT EXPENSE 1453804 1453804 REAL ESTATE TAXES 433855 433855 RENTAL PROPERTY EXPENSE 272874 272874 16508 16508 6142939 5865365 277574 0 2163874 3997497 271397 470080 1033102 1890401 176041 197950 36887286 25448748 7072417 11438538 211394 0 372521 288862 2454682 2554180 13755428 20837508 4716249 6706277 43526 1761136 1008877 10602883 315270 393216 6083922 19463512 X 7671506 1373996 7671506 1373996 13755428 20837508 X -1294338 -1212895 -3790277 X X 0 1 X 1 0 X 352982 316943 276779 749394 458939 2155037 1779336 1280252 947329 2195080 4276638 10478635 2132318 1597195 1224108 2944474 4735577 12633672 0 0 0 12633672 462558 456535 498228 448498 113024 1978843 462558 456535 498228 448498 113024 1978843 1750577 1456736 947329 3765896 4276638 12197176 4345453 3510466 2669665 7158868 9125239 26809691 0.47120 0.46830 0.07380 0.11130 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2019 AMOUNT: $ 1,750,577. 2020 AMOUNT: $ 1,280,252. 2021 AMOUNT: $ 947,329. 2022 AMOUNT: $ 2,195,080. 2023 AMOUNT: $ 4,276,638. RECOVERY OF BAD DEBTS - 2020 AMOUNT: $ 176,484. 2022 AMOUNT: $ 1,570,816. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2015893 2015893 33637944 25448748 8189196 1233449 1233449 11438538 RESTRICTED RESERVES 1497160 ACCRUED INTEREST 624946 DEVELOPER FEES, NET 28323 TENANT SECURITY DEPOSITS 403751 2554180 SECURITY DEPOSITS PAYABLE 393216 393216 X 4848601 0 4848601 0 4848601 6142939 0 6142939 0 6142939 PART X, LINE 2: THE CORPORATION IS A NOT-FOR-PROFIT CORPORATION WHICH IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE CORPORATION IS NOT TAXED ON INCOME DERIVED FROM ITS EXEMPT FUNCTIONS. HOWEVER, THE CORPORATION IS SUBJECT TO TAX ON UNRELATED BUSINESS INCOME, WHICH IS GENERATED FROM THE CORPORATION'S INVESTMENT INCOME AND OTHER ACTIVITIES NOT RELATED TO THEIR STATED EXEMPT PURPOSES. THE PREPARATION OF FINANCIAL STATEMENTS IN ACCORDANCE WITH ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRES THE CORPORATION TO REPORT INFORMATION REGARDING ITS EXPOSURE TO VARIOUS TAX POSITIONS TAKEN BY THE CORPORATION, INCLUDING CHANGES TO THE CORPORATIONS STATUS AS A NOT-FOR-PROFIT ENTITY. FEDERAL AND STATE TAX AUTHORITIES GENERALLY HAVE THE RIGHT TO EXAMINE AND AUDIT THE PREVIOUS THREE YEARS OF TAX RETURNS FILED. THE CORPORATION HAS EVALUATED ITS TAX POSITIONS FOR ALL OPEN TAX YEARS. CURRENTLY, THE TAX YEARS OPEN AND SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE ARE THE 2020, 2021 AND 2022 TAX YEARS. THE CORPORATION HAS DETERMINED WHETHER ANY TAX POSITIONS HAVE MET THE RECOGNITION THRESHOLD AND HAVE MEASURED THE CORPORATION'S EXPOSURE TO THOSE TAX POSITIONS. MANAGEMENT BELIEVES THAT THE CORPORATION HAS MET THE REQUIREMENTS TO MAINTAIN ITS TAX-EXEMPT STATUS, HAS ADEQUATELY ADDRESSED ALL RELEVANT TAX POSITIONS AND THAT THERE ARE NO UNRECORDED TAX LIABILITIES. ANY INTEREST OR PENALTIES ASSESSED TO THE CORPORATION ARE RECORDED IN OPERATING EXPENSES. NO INTEREST OR PENALTIES FROM FEDERAL OR STATE TAX AUTHORITIES WERE RECORDED IN THE ACCOMPANYING FINANCIAL STATEMENTS. FORM 990, PART I AND PART III, LINE 1: VHDC WAS FORMED TO RECEIVE AND ADMINISTER FUNDS TO PROVIDE LOANS FOR HOUSING FOR LOW AND MODERATE INCOME HOUSEHOLDS THAT WOULD OTHERWISE BE UNABLE TO FIND HOUSING IN THE PRIVATE MARKET; PROVIDE TRANSITIONAL HOUSING FOR LOW AND MODERATE INCOME HOUSEHOLDS COMING OUT OF SHELTERS FOR THE HOMELESS; AND PROVIDE LOW COST RENTAL HOUSING FOR LOW AND MODERATE INCOME HOUSEHOLDS. FORM 990, PART VI, SECTION A, LINE 8B A COMMITTEE OF THE BOARD DOES NOT HAVE THE AUTHORITY TO TAKE ACTION ON BEHALF OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD MEMBERS WILL REVIEW THE RETURN. FORM 990, PART VI, SECTION C, LINE 19 THE POLICY OF THE ORGANIZATION IS TO MAKE AVAILABLE TO THE GENERAL PUBLIC THEIR GOVERNING DOCUMENTS UPON WRITTEN REQUEST. FORM 990, PART IX, LINE 11G SALARIES AND WAGES: PROGRAM SERVICE EXPENSES 522,464. MANAGEMENT AND GENERAL EXPENSES 107,011. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 629,475. ARCHITECT: PROGRAM SERVICE EXPENSES 22,682. MANAGEMENT AND GENERAL EXPENSES 4,646. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 27,328. FORM 990, PART XI, LINE 9: TRANSFER OF EQUITY -3,790,277. FORM 990, PART XII, LINE 2C: THE ORGANIZATION'S OVERSIGHT PROCESS OR SELECTION PROCESS HAS NOT CHANGED DURING THE TAX YEAR. VALLEY HOUSING FINANCE CORPORATION 635 BROAD STREET EMMAUS PA 18049 232981563 FINANCE PA 501C3 N/A 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 VALLEY HOUSING FINANCE CORPORATION D 1500000 COST