Civic Intelligence

Myrtle Avenue Commercial Revitalization and Development Project LDC

EIN 31-1706307 • 501(c)3 • Brooklyn, NY

Profile

The Myrtle Avenue Commercial Revitalization and Development Project LDC is a not-for-profit organization incorporated under New York State Law in 1999. The Corporation was formed for the charitable and public purpose of restoring the "Main Street" of the Fort Greene/Clinton Hill community in Brooklyn, New York to a bustling, economically vital neighborhood commercial corridor that will provide entrepreneurial, cultural, recreational and employment opportunities for all those who live, work, study or otherwise have an interest in the area.

472 Myrtle Avenue 2nd FloorBrooklyn, NY 11205

www.myrtleavenue.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

Score unavailable

No value available

Liabilities-to-assets requires both liabilities and assets on the latest valid filing.

Source year 2022

Liabilities / Revenue

62nd percentile

0.00x

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

501(c)3 • <$500k nonprofits • Source year 2022

Net Margin

1st percentile

-6819%

Higher net margin than 1% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2022

Top Officer Pay

81st percentile

$0

Higher top officer pay than 81% of similar nonprofits.

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

501(c)3 • <$500k nonprofits • Source year 2022

Asset Growth

10th percentile

-100%

Faster asset growth than 10% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2021 to 2022

Revenue Growth

94th percentile

165%

Faster revenue growth than 94% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2021 to 2022

Assets

Down

$0

Down $416,878 (-100%) from 2021

Liabilities

Down

$0

Down $28,331 (-100%) from 2021

Net Assets

Down

$0

Down $388,547 (-100%) from 2021

Revenue

Up

$1,671

Up $1,041 (+165%) from 2021

Expenses

Up

$115,609

Up $6,935 (+6.4%) from 2021

Net Income

Down

-$113,938

Down $5,894 (-5.5%) from 2021

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$800K$600K$400K$200K$0Assets 2014: $723,255Liabilities 2014: $10,101Net Assets 2014: $713,1542014Assets 2015: $688,304Liabilities 2015: $19,497Net Assets 2015: $668,8072015Assets 2016: $690,470Liabilities 2016: $16,500Net Assets 2016: $673,9702016Assets 2017: $678,921Liabilities 2017: $10,469Net Assets 2017: $668,4522017Assets 2018: $682,717Liabilities 2018: $18,710Net Assets 2018: $664,0072018Assets 2019: $630,667Liabilities 2019: $9,171Net Assets 2019: $621,4962019Assets 2020: $527,378Liabilities 2020: $30,787Net Assets 2020: $496,5912020Assets 2021: $416,878Liabilities 2021: $28,331Net Assets 2021: $388,5472021Assets 2022: $0Liabilities 2022: $0Net Assets 2022: $02022

Highlighted filing

2022

Assets$0
Liabilities$0
Net Assets$0

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$1.5M$1.0M$500K$0-$500KRevenue 2014: $1,202,789Expenses 2014: $1,015,575Net Income 2014: $187,2142014Revenue 2015: $428,487Expenses 2015: $472,834Net Income 2015: -$44,3472015Revenue 2016: $622,877Expenses 2016: $617,714Net Income 2016: $5,1632016Revenue 2017: $749,224Expenses 2017: $754,743Net Income 2017: -$5,5192017Revenue 2018: $688,817Expenses 2018: $693,262Net Income 2018: -$4,4452018Revenue 2019: $549,526Expenses 2019: $592,037Net Income 2019: -$42,5112019Revenue 2020: $253,535Expenses 2020: $378,440Net Income 2020: -$124,9052020Revenue 2021: $630Expenses 2021: $108,674Net Income 2021: -$108,0442021Revenue 2022: $1,671Expenses 2022: $115,609Net Income 2022: -$113,9382022

Highlighted filing

2022

Revenue$1,671
Expenses$115,609
Net Income-$113,938

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Sep 1, 2021 to Aug 31, 2022
Signed
Oct 24, 2022
Return Version
2021v4.0
Gross Receipts
$1,671
Mission and Program Overview

Mission

The Myrtle Avenue Commercial Revitalization and Development Project LDC is a not-for-profit organization incorporated under New York State Law in 1999. The Corporation was formed for the charitable and public purpose of restoring the "Main Street" of the Fort Greene/Clinton Hill community in Brooklyn, New York to a bustling, economically vital neighborhood commercial corridor that will provide entrepreneurial, cultural, recreational and employment opportunities for all those who live, work, study or otherwise have an interest in the area.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$319,680$0▼ $319,680
Cash and Non-Interest-Bearing Accounts$91,983$0▼ $91,983
Accounts Receivable$3,507$0▼ $3,507
Prepaid Expenses and Deferred Charges$1,708$0▼ $1,708
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Land, Buildings, and Equipment, Net-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$416,878$0▼ $416,878
Other Assets Total-$0-
Liabilities
Accounts Payable and Accrued Expenses$28,331--
Total Liabilities$28,331$0▼ $28,331
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$388,547--
Total Net Assets Fund Balance$388,547$0▼ $388,547
Total Liabilities and Net Assets / Fund Balance$416,878$0▼ $416,878
Compensation and Service Providers

Board Members and Trustees

NameTitle
Ann DanielsChairman
Bernell GrierTrustee
Gary HattemTrustee
Jed MarcusTrustee
John DewTrustee
Leah FlaxTrustee
Michael MassiahTrustee
Sudha SeetharamanTrustee
Emily Ahn LevySecretary
Michael BanachTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,500
Program Service Revenue
$0
Investment Income
$171
Other Revenue
$0
All Other Contributions
$1,500
Change in Net Assets
$-113,938

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,671
Total Revenue per Audited Statements
$1,671
Total Revenue per Form 990
$1,671
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$115,609
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
Fees for Services Other$10,000$8,240-$18,240
Fees for Services Legal-$12,786-$12,786
Insurance-$3,791-$3,791
Fees for Services Accounting-$3,650-$3,650
Other Expenses$1,807$75-$75
Total Functional Expenses$86,807$28,802$0$115,609

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$115,609
Total Expenses per Audited Statements$115,609
Total Expenses per Form 990$115,609
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
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
Yes
Other officer compensation reviewed
Yes
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, Line 11B: Form 990 Review Process

forms are reviewed with cpa before filing.

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

an annual questionaire is completed by all board members to solicit information.

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

board reviews all salaries annually using comparability analysis.

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

documents are available for review upon request.

Filing and Contact Details

Filer

Filer Name
Myrtle Avenue Commercial Revitalization
EIN
31-1706307
Phone
7182301689
Address
472 Myrtle Avenue 2nd Floor, Brooklyn, NY 11205

Signing Officer

Name
Michael Banach
Title
Treasurer
Signed
2022-10-24
Discuss with paid preparer
Yes

Organization Details

Formed
1999
Legal Domicile
Ny
Voting Board Members
13
Independent Board Members
13
Employees
0

Preparer

Firm
Loewenwarter & Co LLP
Address
200 Old Country Road Suite 274, Mineola, NY 11501
Preparer
Joel Quirk
Phone
5167399777
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 3: Ceased Conducting or Significant Changes To Services

On January 19, 2022 the Corporations Board of Directors authorized the dissolution of the organization and adopted a Plan of Dissolution and Distribution of Assets (the Plan) which has been approved by the New York State Attorney General. After paying all outstanding liabilities and pursuant to the Plan, the Corporations final distribution of assets was made to Myrtle Avenue Brooklyn District Management Association on June 28, 2022. The Corporation has no remaining assets and is in the process of submitting its Certificate of Dissolution to the New York State Attorney Generals Office for approval. Upon the approval of the Attorney General, the Certificate of Dissolution will be filed with the New York State Department of State, Division of Corporations, and the Corporation will be dissolved.

Other Changes In Net Assets Or Fund Balances - Other Decreases

distribution in dissolution = -$274609

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IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt01708
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt00
IRS990/ProfessionalFundraisingInd0false
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt0630
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt0108674
IRS990/PYRevenuesLessExpensesAmt0-108044
IRS990/PYTotalExpensesAmt0108674
IRS990/PYTotalRevenueAmt0630
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IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0-113938
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0false
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0319680
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt01500
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0252479
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0412115
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt0666094
IRS990ScheduleA/GovtFurnSrvcFcltsVl170Grp/TotalAmt00
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt0171
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt0630
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt02412
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt04508
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt03349
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt011070
IRS990ScheduleA/OtherIncome170Grp/TotalAmt00
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.98370
IRS990ScheduleA/PublicSupportPY170Pct00.98740
IRS990ScheduleA/PublicSupportTotal170Amt0666094
IRS990ScheduleA/SubstantialContributorsTotAmt00
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft170Grp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt01500
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0252479
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0412115
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt0666094
IRS990ScheduleA/TotalSupportAmt0677164
IRS990ScheduleA/UnrelatedBusinessNetIncm170Grp/TotalAmt00
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/ExpensesSubtotalAmt0115609
IRS990ScheduleD/RevenueSubtotalAmt01671
IRS990ScheduleD/TotalExpensesPerForm990Amt0115609
IRS990ScheduleD/TotalRevenuePerForm990Amt01671
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01671
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0115609
IRS990/ScheduleJRequiredInd0false
IRS990ScheduleN/AssetsDistributedInd0true
IRS990ScheduleN/AttorneyGeneralNotifiedInd0true
IRS990ScheduleN/BondLiabilitiesDischargedInd0false
IRS990ScheduleN/BondsOutstandingInd0false
IRS990ScheduleN/DirectorOfSuccessorInd0false
IRS990ScheduleN/EmployeeOfSuccessorInd0false
IRS990ScheduleN/LiabilitiesPaidInd0true
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/AssetsDistriOrExpnssPaidDesc0Cash Transfer
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/DistributionDt02022-06-28
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/EIN0202659913
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/FairMarketValueOfAssetAmt0274609
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/IRCSectionTxt0501(c)3
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/MethodOfFMVDeterminationTxt0cash value
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/AddressLine1Txt0472 Myrtle Ave 2nd Floor
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/CityNm0Brooklyn
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/StateAbbreviationCd0NY
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/ZIPCd011205
IRS990ScheduleN/OwnerOfSuccessorInd0false
IRS990ScheduleN/ReceiveCompensationInd0false
IRS990ScheduleN/RequiredToNotifyAGInd0true
IRS990ScheduleN/SupplementalInformationDetail/ExplanationTxt0Attached as required are Resolutions of a meeting of the Board of Directors of Myrtle Avenue Commercial Revitalization and Development Project Local Development Corporation duly held on January 19, 2022 (certified by the Corporations Secretary) authorizing the Corporations dissolution and adopting the attached Plan of Dissolution and Distribution of Assets. Also attached is the New York State Attorney Generals Approval of the Plan of Dissolution and Distribution of Assets.
IRS990ScheduleN/SupplementalInformationDetail/FormAndLineReferenceDesc0Sch N, Part III, Additional Information
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0On January 19, 2022 the Corporations Board of Directors authorized the dissolution of the organization and adopted a Plan of Dissolution and Distribution of Assets (the Plan) which has been approved by the New York State Attorney General. After paying all outstanding liabilities and pursuant to the Plan, the Corporations final distribution of assets was made to Myrtle Avenue Brooklyn District Management Association on June 28, 2022. The Corporation has no remaining assets and is in the process of submitting its Certificate of Dissolution to the New York State Attorney Generals Office for approval. Upon the approval of the Attorney General, the Certificate of Dissolution will be filed with the New York State Department of State, Division of Corporations, and the Corporation will be dissolved.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1forms are reviewed with cpa before filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2an annual questionaire is completed by all board members to solicit information.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3board reviews all salaries annually using comparability analysis.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4documents are available for review upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5distribution in dissolution = -$274609
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part III, Line 3: Ceased Conducting or Significant Changes To Services
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Other Changes In Net Assets Or Fund Balances - Other Decreases
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IRS990/SignificantChangeInd0true
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0NY
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0true
IRS990/TotalAssetsBOYAmt0416878
IRS990/TotalAssetsEOYAmt00
IRS990/TotalAssetsGrp/BOYAmt0416878
IRS990/TotalAssetsGrp/EOYAmt00
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt01500
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt028802
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt086807
IRS990/TotalFunctionalExpensesGrp/TotalAmt0115609
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt028331
IRS990/TotalLiabilitiesEOYAmt00
IRS990/TotalLiabilitiesGrp/BOYAmt028331
IRS990/TotalLiabilitiesGrp/EOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0388547
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt00
IRS990/TotalProgramServiceExpensesAmt086807
IRS990/TotalProgramServiceRevenueAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0171
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01671
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0416878
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt00
IRS990/TravelGrp/TotalAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0472 Myrtle Avenue 2nd Floor
IRS990/USAddress/CityNm0Brooklyn
IRS990/USAddress/StateAbbreviationCd0NY

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