Civic Intelligence

Myrtle Avenue Commercial Revitalization and Development Project LDC

990 • Fiscal year 2018 • EIN 31-1706307

Sep 01, 2017 to Aug 31, 2018 • Filed on Jan 25, 2019

472 Myrtle Avenue 2nd FloorBrooklyn, NY 11205

(718) 230-1689

Siviq Scores

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

Liabilities / Assets

48th percentile

0.03x

Higher debt load relative to assets than 48% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2018

Liabilities / Revenue

48th percentile

0.03x

Higher debt load relative to revenue than 48% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2018

Net Margin

37th percentile

-0.6%

Higher net margin than 37% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2018

Top Officer Pay

90th percentile

$111,240

Higher top officer pay than 90% of similar nonprofits.

Top officer pay equals 16.1% of source-year revenue.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2018

Asset Growth

47th percentile

0.6%

Faster asset growth than 47% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2017 to 2018

Revenue Growth

26th percentile

-8.1%

Faster revenue growth than 26% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2017 to 2018

Assets

Up

$682,717

Up $3,796 (+0.6%) from 2017

Net Assets

Down

$664,007

Down $4,445 (-0.7%) from 2017

Liabilities

Up

$18,710

Up $8,241 (+79%) from 2017

Revenue

Down

$688,817

Down $60,407 (-8.1%) from 2017

Expenses

Down

$693,262

Down $61,481 (-8.1%) from 2017

Net Income

Up

-$4,445

Up $1,074 (+19%) from 2017

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

2018

Assets$682,717
Liabilities$18,710
Net Assets$664,007

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

2018

Revenue$688,817
Expenses$693,262
Net Income-$4,445
Jump To
Filing Snapshot
Filing Period
Sep 1, 2017 to Aug 31, 2018
Signed
Jan 25, 2019
Return Version
2017v2.2
Gross Receipts
$688,817
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$333,832$337,181▲ $3,349
Cash and Non-Interest-Bearing Accounts$188,055$201,134▲ $13,079
Accounts Receivable$142,809$133,112▼ $9,697
Land, Buildings, and Equipment, Net$8,301$6,009▼ $2,292
Prepaid Expenses and Deferred Charges$4,224$3,580▼ $644
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-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$678,921$682,717▲ $3,796
Other Assets Total$1,700$1,701▲ $1
Liabilities
Accounts Payable and Accrued Expenses$10,469$18,710▲ $8,241
Total Liabilities$10,469$18,710▲ $8,241
Net Assets / Fund Balance
Temporarily Rstr Net Assets$340,000$340,000→ $0
Unrestricted Net Assets$328,452$324,007▼ $4,445
Total Net Assets Fund Balance$668,452$664,007▼ $4,445
Total Liabilities and Net Assets / Fund Balance$678,921$682,717▲ $3,796

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$6,009$11,151$17,160
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Meredith Phillips AlmeidaExec. DirectorFT$108,000$3,240$111,240

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$412,115
Program Service Revenue
$273,353
Investment Income
$3,349
Other Revenue
$0
All Other Contributions
$85,240
Change in Net Assets
$-4,445

Audited Revenue Reconciliation

Revenue per Audited Statements
$688,817
Total Revenue per Audited Statements
$688,817
Total Revenue per Form 990
$688,817
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$469,356
Other Expenses$223,906
Total Fundraising Expense$24,353
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$294,588$6,544$4,476$305,608
Current Officers, Directors, Trustees, and Key Employees$88,000$10,000$10,000$108,000
Occupancy$44,053$1,717$1,514$47,284
Payroll Taxes$31,802$1,375$1,203$34,380
Office Expenses$14,949$971$812$16,732
Other Employee Benefits$14,746$638$558$15,942
Other Expenses$13,042$1,392-$14,434
Fees for Services Accounting$6,003$603$531$7,137
All Other Expenses$4,117$2,727$251$7,095
Pension Plan Contributions$5,019$217$190$5,426
Advertising--$4,630$4,630
Insurance$2,605$213$188$3,006
Depreciation Depletion-$2,292-$2,292
Fees for Services Other$1,350--$1,350
Conferences and Meetings$890$78-$968
Travel$12$2-$14
Total Functional Expenses$640,140$28,769$24,353$693,262

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$693,262
Total Expenses per Audited Statements$693,262
Total Expenses per Form 990$693,262
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 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
Meredith Phillips Almeida
Title
Exec. Director
Signed
2019-01-25
Discuss with paid preparer
Yes

Organization Details

Formed
1999
Legal Domicile
Ny
Voting Board Members
13
Independent Board Members
13
Employees
28

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 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/TitleTxt5Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt6Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt7Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt8Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt9Trustee
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IRS990/Form990PartVIISectionAGrp/TitleTxt13Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt14Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt15Vice Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt16Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt17Exec. Director
IRS990/Form990PartVIISectionAGrp/TitleTxt18Secretary
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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/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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IRS990/ProgSrvcAccomActy3Grp/Desc0HISTORIC 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.
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