Civic Intelligence

Myrtle Avenue Commercial Revitalization and Development Project LDC

990 • Fiscal year 2014 • EIN 31-1706307

Sep 01, 2013 to Aug 31, 2014 • Filed on Apr 10, 2015

472 Myrtle Avenue 2nd Floor11205

(718) 230-1689

Siviq Scores

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

Liabilities / Assets

27th percentile

0.01x

Higher debt load relative to assets than 27% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Liabilities / Revenue

19th percentile

0.01x

Higher debt load relative to revenue than 19% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Net Margin

74th percentile

16%

Higher net margin than 74% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Top Officer Pay

78th percentile

$120,494

Higher top officer pay than 78% of similar nonprofits.

Top officer pay equals 10.0% of source-year revenue.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2014

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2014

Assets

$723,255

No earlier filing loaded for comparison.

Net Assets

$713,154

No earlier filing loaded for comparison.

Liabilities

$10,101

No earlier filing loaded for comparison.

Revenue

$1,202,789

No earlier filing loaded for comparison.

Expenses

$1,015,575

No earlier filing loaded for comparison.

Net Income

$187,214

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

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

$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

2014

Assets$723,255
Liabilities$10,101
Net Assets$713,154

Operations Trend

Revenue, expenses, and net income across loaded years, with this 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

2014

Revenue$1,202,789
Expenses$1,015,575
Net Income$187,214
Jump To
Filing Snapshot
Filing Period
Sep 1, 2013 to Aug 31, 2014
Signed
Apr 10, 2015
Return Version
2013v4.0
Gross Receipts
$1,850,192
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
Investments Program Related$629,447$0▼ $629,447
Savings and Temporary Cash Investments-$340,324-
Cash and Non-Interest-Bearing Accounts$216,550$310,305▲ $93,755
Accounts Receivable$145,274$52,446▼ $92,828
Land, Buildings, and Equipment, Net-$15,177-
Prepaid Expenses and Deferred Charges-$3,303-
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 in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$992,971$723,255▼ $269,716
Other Assets Total$1,700$1,700→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$399,745--
Accounts Payable and Accrued Expenses$65,400$6,818▼ $58,582
Other Liabilities$1,886$3,283▲ $1,397
Total Liabilities$467,031$10,101▼ $456,930
Net Assets / Fund Balance
Unrestricted Net Assets$285,940$373,154▲ $87,214
Temporarily Rstr Net Assets$240,000$340,000▲ $100,000
Total Net Assets Fund Balance$525,940$713,154▲ $187,214
Total Liabilities and Net Assets / Fund Balance$992,971$723,255▼ $269,716

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$15,177$4,433$19,610
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Michael B BackerExec. DirectorFT$120,494$120,494

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$610,387
Program Service Revenue
$341,223
Investment Income
$251,179
Other Revenue
$0
All Other Contributions
$168,484
Change in Net Assets
$187,214

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,202,789
Total Revenue per Audited Statements
$1,202,789
Total Revenue per Form 990
$1,202,789
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$548,297
Other Expenses$467,278
Total Fundraising Expense$22,921
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$391,120-$6,000$397,120
Current Officers, Directors, Trustees, and Key Employees$49,455$17,219$9,177$75,851
Occupancy$39,926$1,584$1,396$42,906
Other Employee Benefits$34,854$1,621$1,294$37,769
Payroll Taxes$34,859$1,434$1,264$37,557
All Other Expenses$20,788$5,532$2,087$28,407
Fees for Services Legal$14,936$1,224$1,086$17,246
Other Expenses$12,089--$12,089
Office Expenses$6,082$377$332$6,791
Fees for Services Accounting$2,562$210$176$2,948
Insurance$1,506$123$109$1,738
Depreciation Depletion-$1,364-$1,364
Travel$916$179-$1,095
Conferences and Meetings$344$30-$374
Total Functional Expenses$961,757$30,897$22,921$1,015,575

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,015,575
Total Expenses per Audited Statements$1,015,575
Total Expenses per Form 990$1,015,575
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-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Employee Benefit Payable$3,283
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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

EIN
31-1706307
Phone
7182301689

Signing Officer

Name
Meredith Phillips Almeida
Title
Executive Director
Signed
2015-04-10
Discuss with paid preparer
Yes

Organization Details

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

Preparer

Preparer
Joel Quirk
Phone
5167399777
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 4D: Other Program Services Description

Other program services 4: business attraction & retention program - this program promotes job creation and economic revitalization through the recruitment of small businesses to myrtle avenue. The program focuses on attracting new entrepreneurs to the commericial corridor, improving the avenue's retail mix, and positioning the business district as a desirable place to both open a business and to shop. Other program services 5: historic preservation program - the historic preservation program advocates for the protection and restoration of historic structures in the myrtle avenue vicinity, and offers assistance to local property owener wanting to rehabiliate their buildings by providing financial incentives, project management, and technical assistance. Other program services 6: community development - the community development program includes a number of initiatives that seek to involve local stakeholders in projects that improve the overall quality of life in fort greene and clinton hill. The myrtle eats fresh food access initiative works to educate and empower local residents, and advocate for expanded healthy and affordable food options in the neighborhood, especially for lower-income residents and those living in public housing. Projects include training community chefs for local cooking demonstrations, a youth and senior-run farm stand, shopping market tours, community gardens on public housing grounds, and the fort greene/clinton hill community food council. The community partnerships initiative integrates local youth, public schools, and other community-based organizations as project partners and stewards of neighborhood spaces and events.

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IRS990/Form990PartVIISectionAGrp/TitleTxt7Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt8Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt9Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt10Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt11Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt12Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt13Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt14Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt15Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt16Exec. Director
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IRS990/MissionDesc0The 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.
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IRS990/ProgSrvcAccomActy2Grp/Desc0BID OPERATIONS - MARP MANAGES THE OPERATIONS OF THE MYRTLE AVENUE BROOKLYN BUSINESS IMPROVEMENT DISTRICT(BID), WHICH ENCOMPASSES ALL COMMERICIAL SPACE ON MYRTLE AVENUE BETWEEN FLATBUSH AVENUE EXTENSION AND CLASSON AVENUE.THE SERVICES PROVIDED THROUGH BID OPERATIONS INCLUDE STREET MAINTENANCE, MARKETING, AND NEW INITIATIVES.
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IRS990/ProgSrvcAccomActy3Grp/Desc0COMMUNITY DEVELOPMENT - THE COMMUNITY DEVELOPMENT PROGRAM INCLUDES A NUMBER OF INITIATIVES THAT SEEK TO INVOLVE LOCAL STAKEHOLDERS IN PROJECTS THAT IMPROVE THE OVERALL QUALITY OF LIFE IN FORT GREENE AND CLINTON HILL. THE MYRTLE EATS FRESH FOOD ACCESS INITIATIVE WORKS TO EDUCATE AND EMPOWER LOCAL RESIDENTS, AND ADVOCATE FOR EXPANDED HEALTHY AND AFFORDABLE FOOD OPTIONS IN THE NEIGHBORHOOD, ESPECIALLY FOR LOWER-INCOME RESIDENTS AND THOSE LIVING IN PUBLIC HOUSING. PROJECTS INCLUDE TRAINING COMMUNITY CHEFS FOR LOCAL COOKING DEMONSTRATIONS, A YOUTH AND SENIOR-RUN FARM STAND, SHOPPING MARKET TOURS, COMMUNITY GARDENS ON PUBLIC HOUSING GROUNDS, AND THE FORT GREENE/CLINTON HILL COMMUNITY FOOD COUNCIL. THE COMMUNITY PARTNERSHIPS INITIATIVE INTEGRATES LOCAL YOUTH, PUBLIC SCHOOLS, AND OTHER COMMUNITY-BASED ORGANIZATIONS AS PROJECT PARTNERS AND STEWARDS OF NEIGHBORHOOD SPACES AND EVENTS.
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