Civic Intelligence

Milltwee Housing Development Fund Company Inc.

990 • Fiscal year 2023 • EIN 13-3124888

Oct 01, 2022 to Sep 30, 2023 • Filed on Mar 13, 2024

Organization ProfileN/A
145 East 126th StreetNew York, NY 10035

(646) 672-1503

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

86th percentile

1.59x

Higher debt load relative to assets than 86% of similar nonprofits.

2023 filings • NTEE L • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

74th percentile

5.76x

Higher debt load relative to revenue than 74% of similar nonprofits.

2023 filings • NTEE L • $1M-$5M nonprofits • Source year 2023

Net Margin

23rd percentile

-30%

Higher net margin than 23% of similar nonprofits.

2023 filings • NTEE L • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

46th percentile

$0

Higher top officer pay than 46% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2023 filings • NTEE L • $1M-$5M nonprofits • Source year 2023

Asset Growth

14th percentile

-6.6%

Faster asset growth than 14% of similar nonprofits.

2023 filings • NTEE L • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

21st percentile

-4.8%

Faster revenue growth than 21% of similar nonprofits.

2023 filings • NTEE L • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets86th percentile

Assets

Down

$3,495,515

Down $247,739 (-6.6%) from 2022

Net Assets

Down

-$2,046,364

Down $291,833 (-17%) from 2022

Liabilities

Up

$5,541,879

Up $44,094 (+0.8%) from 2022

Revenue And Expenses
Liabilities / Revenue74th percentileNet Margin23rd percentile

Revenue

Down

$962,317

Down $48,527 (-4.8%) from 2022

Expenses

Up

$1,254,150

Up $9,712 (+0.8%) from 2022

Net Income

Down

-$291,833

Down $58,239 (-25%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth14th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$10M$5.0M$0-$5.0MAssets 2011: $2,944,133Liabilities 2011: $5,245,225Net Assets 2011: -$2,301,0922011Assets 2013: $2,692,158Liabilities 2013: $5,500,138Net Assets 2013: -$2,807,9802013Assets 2014: $2,726,341Liabilities 2014: $3,886,092Net Assets 2014: -$1,159,7512014Assets 2015: $4,684,775Liabilities 2015: $5,883,437Net Assets 2015: -$1,198,6622015Assets 2016: $4,559,628Liabilities 2016: $5,787,912Net Assets 2016: -$1,228,2842016Assets 2017: $4,518,301Liabilities 2017: $5,397,480Net Assets 2017: -$879,1792017Assets 2018: $4,135,962Liabilities 2018: $5,247,151Net Assets 2018: -$1,111,1892018Assets 2019: $3,977,783Liabilities 2019: $5,185,436Net Assets 2019: -$1,207,6532019Assets 2020: $4,001,016Liabilities 2020: $5,444,971Net Assets 2020: -$1,443,9552020Assets 2021: $3,784,136Liabilities 2021: $5,305,073Net Assets 2021: -$1,520,9372021Assets 2022: $3,743,254Liabilities 2022: $5,497,785Net Assets 2022: -$1,754,5312022Assets 2023: $3,495,515Liabilities 2023: $5,541,879Net Assets 2023: -$2,046,3642023Assets 2024: $3,266,579Liabilities 2024: $5,661,625Net Assets 2024: -$2,395,0462024

Highlighted filing

2023

Assets$3,495,515
Liabilities$5,541,879
Net Assets-$2,046,364
Open 2023 Filing

Operations Trend

Revenue Growth21st percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.5M$1.0M$500K$0-$500KRevenue 2011: $1,001,806Expenses 2011: $1,147,727Net Income 2011: -$145,9212011Revenue 2013: $1,017,378Expenses 2013: $1,050,562Net Income 2013: -$33,1842013Revenue 2014: $992,207Expenses 2014: $1,088,294Net Income 2014: -$96,0872014Revenue 2015: $1,025,458Expenses 2015: $1,064,369Net Income 2015: -$38,9112015Revenue 2016: $987,503Expenses 2016: $1,017,125Net Income 2016: -$29,6222016Revenue 2017: $1,052,411Expenses 2017: $1,107,689Net Income 2017: -$55,2782017Revenue 2018: $1,009,443Expenses 2018: $1,241,453Net Income 2018: -$232,0102018Revenue 2019: $1,006,884Expenses 2019: $1,103,348Net Income 2019: -$96,4642019Revenue 2020: $1,006,579Expenses 2020: $1,242,881Net Income 2020: -$236,3022020Revenue 2021: $1,102,072Expenses 2021: $1,179,054Net Income 2021: -$76,9822021Revenue 2022: $1,010,844Expenses 2022: $1,244,438Net Income 2022: -$233,5942022Revenue 2023: $962,317Expenses 2023: $1,254,150Net Income 2023: -$291,8332023Revenue 2024: $910,407Expenses 2024: $1,261,801Net Income 2024: -$351,3942024

Highlighted filing

2023

Revenue$962,317
Expenses$1,254,150
Net Income-$291,833
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2022 to Sep 30, 2023
Signed
Mar 13, 2024
Return Version
2022v5.0
Gross Receipts
$962,317
Mission and Program Overview

Mission

Help low income inner city elderly in housing and other essential living need.

Providing housing to elderly and handicapped families.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,574,979$2,387,318▼ $187,661
Intangible Assets$504,515$480,327▼ $24,188
Prepaid Expenses and Deferred Charges$45,548$50,851▲ $5,303
Accounts Receivable$22,536$39,357▲ $16,821
Cash and Non-Interest-Bearing Accounts$15,004$27,390▲ $12,386
Total Assets$3,711,319$3,495,515▼ $215,804
Other Assets Total$548,737$510,272▼ $38,465
Liabilities
Mortgage Notes Payable Secured by Investment Property$4,761,109$4,644,170▼ $116,939
Accounts Payable and Accrued Expenses$677,734$874,722▲ $196,988
Other Liabilities$14,029$12,831▼ $1,198
Deferred Revenue$12,978$10,156▼ $2,822
Total Liabilities$5,465,850$5,541,879▲ $76,029
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-1,754,531$-2,046,364▼ $291,833
Total Net Assets Fund Balance$-1,754,531$-2,046,364▼ $291,833
Total Liabilities and Net Assets / Fund Balance$3,711,319$3,495,515▼ $215,804

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,352,847$4,275,792$6,628,639
Equipment$22,471$68,726$91,197
Other Land Buildings-$43,762$43,762
Land$12,000-$12,000
Other Assets Org$6,436--
Compensation and Service Providers
Top Officer Pay46th percentile

Board Members and Trustees

NameTitle
Derrick TaittPresdent
Patricia AndrewsSecretary
Beverly PabonTreasurer
Diana SpannVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$952,606
Investment Income
$2,589
Other Revenue
$7,122
Change in Net Assets
$-291,833

Audited Revenue Reconciliation

Revenue per Audited Statements
$962,317
Total Revenue per Audited Statements
$962,317
Total Revenue per Form 990
$962,317
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,112,612
Salaries, Compensation, and Employee Benefits$141,538
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$211,849--$211,849
Occupancy$162,575--$162,575
Interest$137,316--$137,316
Other Salaries and Wages$83,950$32,096-$116,046
Insurance$58,807--$58,807
All Other Expenses$39,181--$39,181
Other Expenses$30,107--$30,107
Fees for Services Management-$28,560-$28,560
Office Expenses-$23,595-$23,595
Other Employee Benefits$11,717$4,480-$16,197
Fees for Services Accounting-$15,025-$15,025
Fees for Services Other$9,374--$9,374
Payroll Taxes$6,725$2,570-$9,295
Fees for Services Legal$4,631--$4,631
Total Functional Expenses$1,147,824$106,326$0$1,254,150

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,254,150
Total Expenses per Audited Statements$1,254,150
Total Expenses per Form 990$1,254,150
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Tenant Security Deposits$8,074
Other Liabilities$4,757
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Backup withholding compliance
No
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“Form 990 is reviewed by the management company and then sent to all board members for their review and comments before it is filed.”

Form 990, Page 6, Part VI, Line 12C

“The board of directors has adopted the conflict of interest policy which requires annual disclosures from all directors and trustees and staff and follow up on all issues identified therein.”

Form 990, Page 6, Part VI, Line 19

“All governing documents and financial statements are available upon request.”

Filing and Contact Details

Filer

Filer Name
Milltwee Housing Development Fund
EIN
13-3124888
Phone
6466721503
Address
145 EAST 126TH STREET, NEW YORK, NY 10035

Signing Officer

Name
Derrick Taitt
Title
Presdent
Phone
6466721503
Signed
2024-03-13

Organization Details

Principal Officer
Derrick Taitt
Formed
1989
Voting Board Members
4
Independent Board Members
4
Employees
2

Preparer

Firm
VARGAS & RIVERA CPA'S LLP
Address
586 ROUTE 304, NEW CITY, NY 10956
Preparer
Luis C Rivera
Phone
8456383113
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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt38124
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt46436
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IRS990ScheduleD/OtherAssetsOrgGrp/Desc1RESERVE FOR REPLACEMENT
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FORM 990 IS REVIEWED BY THE MANAGEMENT COMPANY AND THEN SENT TO ALL BOARD MEMBERS FOR THEIR REVIEW AND COMMENTS BEFORE IT IS FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BOARD OF DIRECTORS HAS ADOPTED THE CONFLICT OF INTEREST POLICY WHICH REQUIRES ANNUAL DISCLOSURES FROM ALL DIRECTORS AND TRUSTEES AND STAFF AND FOLLOW UP ON ALL ISSUES IDENTIFIED THEREIN.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ALL GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
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IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01147824
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ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/PersonNm0DERRICK TAITT
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum06466721503
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-03-13
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0MILLTWEE HOUSING DEVELOPMENT FUND
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0CO INC
ReturnHeader/Filer/BusinessNameControlTxt0MILL
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ReturnHeader/Filer/PhoneNum06466721503
ReturnHeader/Filer/USAddress/AddressLine1Txt0145 EAST 126TH STREET
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ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
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ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0133747593
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0VARGAS & RIVERA CPA'S LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0586 ROUTE 304
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0NEW CITY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd010956
ReturnHeader/PreparerPersonGrp/PhoneNum08456383113
ReturnHeader/PreparerPersonGrp/PreparationDt02024-03-13
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0LUIS C RIVERA
ReturnHeader/ReturnTs02024-03-13T19:42:20-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0DERRICK
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0TAITT
ReturnHeader/TaxPeriodBeginDt02022-10-01
ReturnHeader/TaxPeriodEndDt02023-09-30
ReturnHeader/TaxYr02022

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,495,515
Liabilities
$5,541,879
Net assets
-$2,046,364
Revenue
$962,317
Expenses
$1,254,150
Net income
-$291,833
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.27$5.66$2.40$0.91$1.26$0.35
2023Detailed filing. Detailed filing data is available for this year.$3.50$5.54$2.05$0.96$1.25$0.29
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.74$5.50$1.75$1.01$1.24$0.23
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.78$5.31$1.52$1.10$1.18$0.08
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.00$5.44$1.44$1.01$1.24$0.24
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.98$5.19$1.21$1.01$1.10$0.10
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.14$5.25$1.11$1.01$1.24$0.23
2017Detailed filing. Detailed filing data is available for this year.$4.52$5.40$0.88$1.05$1.11$0.06
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.56$5.79$1.23$0.99$1.02$0.03
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.68$5.88$1.20$1.03$1.06$0.04
2014Summary only. Only limited summary data is available for this year.$2.73$3.89$1.16$0.99$1.09$0.10
2013Summary only. Only limited summary data is available for this year.$2.69$5.50$2.81$1.02$1.05$0.03
2011Summary only. Only limited summary data is available for this year.$2.94$5.25$2.30$1.00$1.15$0.15