Civic Intelligence

Mbd Housing Development Fund Company Inc

990 • Fiscal year 2015 • EIN 13-3192224

Jan 01, 2015 to Dec 31, 2015 • Filed on Oct 06, 2016

Organization ProfileN/A
1762 boston roadBronx, NY 10460

(718) 842-0256

Siviq Scores

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

Liabilities / Assets

6th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2015

Liabilities / Revenue

6th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2015

Net Margin

98th percentile

94%

Higher net margin than 98% of similar nonprofits.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2015

Top Officer Pay

87th percentile

$281,580

Higher top officer pay than 87% of similar nonprofits.

Top officer pay equals 9.5% of source-year revenue.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2015

Asset Growth

98th percentile

205%

Faster asset growth than 98% of similar nonprofits.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2014 to 2015

Revenue Growth

99th percentile

825%

Faster revenue growth than 99% of similar nonprofits.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets6th percentile

Assets

Up

$1,580,248

Up $1,062,247 (+205%) from 2014

Net Assets

Up

$1,580,248

Up $2,789,554 (+231%) from 2014

Liabilities

Down

$0

Down $1,727,307 (-100%) from 2014

Revenue And Expenses
Liabilities / Revenue6th percentileNet Margin98th percentile

Revenue

Up

$2,967,882

Up $2,646,912 (+825%) from 2014

Expenses

Down

$178,328

Down $177,024 (-50%) from 2014

Net Income

Up

$2,789,554

Up $2,823,936 (+8213%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth98th percentile

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

$2.0M$1.0M$0-$1.0M-$2.0MAssets 2010: $700,048Liabilities 2010: $1,623,800Net Assets 2010: -$923,7522010Assets 2011: $643,843Liabilities 2011: $1,615,291Net Assets 2011: -$971,4482011Assets 2012: $664,257Liabilities 2012: $1,721,341Net Assets 2012: -$1,057,0842012Assets 2013: $543,620Liabilities 2013: $1,718,544Net Assets 2013: -$1,174,9242013Assets 2014: $518,001Liabilities 2014: $1,727,307Net Assets 2014: -$1,209,3062014Assets 2015: $1,580,248Liabilities 2015: $0Net Assets 2015: $1,580,2482015

Highlighted filing

2015

Assets$1,580,248
Liabilities$0
Net Assets$1,580,248
Open 2015 Filing

Operations Trend

Revenue Growth99th percentile

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

$3.0M$2.0M$1.0M$0-$1.0MExpenses 2010: $368,0132010Revenue 2011: $340,564Expenses 2011: $388,260Net Income 2011: -$47,6962011Revenue 2012: $335,410Expenses 2012: $421,046Net Income 2012: -$85,6362012Revenue 2013: $335,974Expenses 2013: $453,814Net Income 2013: -$117,8402013Revenue 2014: $320,970Expenses 2014: $355,352Net Income 2014: -$34,3822014Revenue 2015: $2,967,882Expenses 2015: $178,328Net Income 2015: $2,789,5542015

Highlighted filing

2015

Revenue$2,967,882
Expenses$178,328
Net Income$2,789,554
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Oct 6, 2016
Return Version
2015v2.1
Gross Receipts
$5,552,939
Mission and Program Overview

Mission

Mbd housing development fund company, inc. (the "company"), a not-for-profit company, was formed in 1983 under the laws of the state of new york, for the purpose of operating a rental housing project under section 202 of the national housing act.

Providing low income housing.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net-$1,559,706-
Land, Buildings, and Equipment, Net$284,089$0▼ $284,089
Cash and Non-Interest-Bearing Accounts$82,047$20,542▼ $61,505
Accounts Receivable$3,940--
Total Assets$518,001$1,580,248▲ $1,062,247
Other Assets Total$147,925$0▼ $147,925
Liabilities
Mortgage Notes Payable Secured by Investment Property$900,441--
Other Liabilities$803,370$0▼ $803,370
Accounts Payable and Accrued Expenses$21,479--
Deferred Revenue$2,017--
Total Liabilities$1,727,307$0▼ $1,727,307
Net Assets / Fund Balance
Unrestricted Net Assets$-1,209,306$1,580,248▲ $2,789,554
Total Net Assets Fund Balance$-1,209,306$1,580,248▲ $2,789,554
Total Liabilities and Net Assets / Fund Balance$518,001$1,580,248▲ $1,062,247
Compensation and Service Providers
Top Officer Pay87th percentile

Employees

NameTitleOtherTotal
Rubria RodriguezFiscal Administrator$125,340$125,340

Board Members and Trustees

NameTitle
Wallace MobleyBoard Chair
Derrick LovettPresident/CEO
April HortonDirector
Carmen SilvaDirector
Florence BlanchardDirector
Phyllis WilliamsDirector
deacon JOE TAYLORDirector
James ShippTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$167,262
Investment Income
$1,989,109
Other Revenue
$811,511
Change in Net Assets
$2,789,554
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$178,328
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$54,112--$54,112
Interest$41,220--$41,220
Fees for Services Management$21,768$17,541-$39,309
Depreciation Depletion$15,689--$15,689
Fees for Services Accounting-$10,282-$10,282
Insurance$6,574--$6,574
Fees for Services Legal-$4,126-$4,126
Other Expenses$1,600--$1,600
Office Expenses$540$474-$1,014
Total Functional Expenses$145,905$32,423$0$178,328
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
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, Part VI, Section B, line 11

“Form 990 is reviewed by the ceo of the organization, but a full copy is not provided to the whole board.”

Form 990, Part VI, Section B, line 12C

“The organization has an affirmation of its principles statement and whistleblower policy that board members and senior staff are required to sign. These statements address issues of ethics and conflicts of interest. It is the responsibility of all directors, officers, and employees to report ethics violations or suspended violations. No director, officer, or employee who in good faith reports an ethics violation shall suffer harassment, retaliation, or adverse employment consequence. Violations or suspended violations may be submitted on a confidential basis by complaint or anonymously. The organization encourages employees to share their concerns with someone who can address them properly. These policies are intended to encourage and enable employees and other to raise ethics concerns on an ongoing basis.”

Form 990, Part VI, Section C, line 19

“The organization makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. The return, financial statements , conflict of interest policy, articles of incorporation, form 990, form 1023, and by-laws are available upon written request or by calling the organization directly.”

Filing and Contact Details

Filer

Filer Name
mbd housing development fund
EIN
13-3192224
Phone
7188420256
Address
1762 boston road, BRONX, NY 10460

Signing Officer

Name
Derrick Lovett
Title
PRESIDENT/CEO
Phone
7188420256
Signed
2016-10-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Derrick Lovett
Formed
1975
Legal Domicile
Ny
Voting Board Members
7
Independent Board Members
7
Employees
0
Volunteers
0

Preparer

Firm
Cohnreznick Llp
Address
1212 Avenue of the Americas, New York, NY 10036
Preparer
Thomas Lanning
Phone
2122970400
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IRS990/Desc0OPERATED A RENTAL HOUSING PROJECT UNDER SECTION 202 OF THE NATIONAL HOUSING ACT. THE PROJECT CONSISTS OF 18 UNITS LOCATED IN BRONX, NEW YORK. the building was sold on june 24, 2016.
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IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FORM 990 IS REVIEWED BY THE CEO OF THE ORGANIZATION, BUT A FULL COPY IS NOT PROVIDED TO THE WHOLE BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION HAS AN AFFIRMATION OF ITS PRINCIPLES STATEMENT AND WHISTLEBLOWER POLICY THAT BOARD MEMBERS AND SENIOR STAFF ARE REQUIRED TO SIGN. THESE STATEMENTS ADDRESS ISSUES OF ETHICS AND CONFLICTS OF INTEREST. IT IS THE RESPONSIBILITY OF ALL DIRECTORS, OFFICERS, AND EMPLOYEES TO REPORT ETHICS VIOLATIONS OR SUSPENDED VIOLATIONS. NO DIRECTOR, OFFICER, OR EMPLOYEE WHO IN GOOD FAITH REPORTS AN ETHICS VIOLATION SHALL SUFFER HARASSMENT, RETALIATION, OR ADVERSE EMPLOYMENT CONSEQUENCE. VIOLATIONS OR SUSPENDED VIOLATIONS MAY BE SUBMITTED ON A CONFIDENTIAL BASIS BY COMPLAINT OR ANONYMOUSLY. THE ORGANIZATION ENCOURAGES EMPLOYEES TO SHARE THEIR CONCERNS WITH SOMEONE WHO CAN ADDRESS THEM PROPERLY. THESE POLICIES ARE INTENDED TO ENCOURAGE AND ENABLE EMPLOYEES AND OTHER TO RAISE ETHICS CONCERNS ON AN ONGOING BASIS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION MAKES ITS FORM 990 AVAILABLE FOR PUBLIC INSPECTION AS REQUIRED UNDER SECTION 6104 OF THE INTERNAL REVENUE CODE. THE RETURN, FINANCIAL STATEMENTS , CONFLICT OF INTEREST POLICY, ARTICLES OF INCORPORATION, FORM 990, FORM 1023, AND BY-LAWS ARE AVAILABLE UPON WRITTEN REQUEST OR BY CALLING THE ORGANIZATION DIRECTLY.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section C, line 19
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Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,580,248
Liabilities
$0
Net assets
$1,580,248
Revenue
$2,967,882
Expenses
$178,328
Net income
$2,789,554
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2015Detailed filing. Detailed filing data is available for this year.$1.58$0.00$1.58$2.97$0.18$2.79
2014Detailed filing. Detailed filing data is available for this year.$0.52$1.73$1.21$0.32$0.36$0.03
2013Summary only. Only limited summary data is available for this year.$0.54$1.72$1.17$0.34$0.45$0.12
2012Summary only. Only limited summary data is available for this year.$0.66$1.72$1.06$0.34$0.42$0.09
2011Summary only. Only limited summary data is available for this year.$0.64$1.62$0.97$0.34$0.39$0.05
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.70$1.62$0.92$0.37