Civic Intelligence

Mhany Peninsula Local Development Corporation

990 • Fiscal year 2022 • EIN 32-0575794

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 14, 2023

Organization ProfileN/A
470 Vanderbilt Ave 9th FloorBrooklyn, NY 11238

(718) 246-8080

Siviq Scores

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

Liabilities / Assets

95th percentile

1.01x

Higher debt load relative to assets than 95% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Liabilities / Revenue

99th percentile

70.46x

Higher debt load relative to revenue than 99% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Net Margin

3rd percentile

-96%

Higher net margin than 3% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Top Officer Pay

9th percentile

$0

Higher top officer pay than 9% of similar nonprofits.

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

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Asset Growth

55th percentile

2.0%

Faster asset growth than 55% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2021 to 2022

Revenue Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets95th percentile

Assets

Up

$39,138,258

Up $783,482 (+2.0%) from 2021

Net Assets

Down

-$554,827

Down $539,624 (-3549%) from 2021

Liabilities

Up

$39,693,085

Up $1,323,106 (+3.4%) from 2021

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin3rd percentile

Revenue

Up

$563,369

Up $563,369 from 2021

Expenses

Up

$1,102,993

Up $1,090,868 (+8997%) from 2021

Net Income

Down

-$539,624

Down $527,499 (-4351%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth55th percentile

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

$60M$40M$20M$0-$20MAssets 2019: $11,146,292Liabilities 2019: $11,133,306Net Assets 2019: $12,9862019Assets 2020: $43,090,941Liabilities 2020: $43,094,019Net Assets 2020: -$3,0782020Assets 2021: $38,354,776Liabilities 2021: $38,369,979Net Assets 2021: -$15,2032021Assets 2022: $39,138,258Liabilities 2022: $39,693,085Net Assets 2022: -$554,8272022Assets 2023: $39,467,896Liabilities 2023: $40,743,193Net Assets 2023: -$1,275,2972023Assets 2024: $38,843,159Liabilities 2024: $41,944,796Net Assets 2024: -$3,101,6372024

Highlighted filing

2022

Assets$39,138,258
Liabilities$39,693,085
Net Assets-$554,827
Open 2022 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$2.0M$1.0M$0-$1.0M-$2.0MRevenue 2019: $12,996Expenses 2019: $10Net Income 2019: $12,9862019Revenue 2020: $0Expenses 2020: $16,064Net Income 2020: -$16,0642020Revenue 2021: $0Expenses 2021: $12,125Net Income 2021: -$12,1252021Revenue 2022: $563,369Expenses 2022: $1,102,993Net Income 2022: -$539,6242022Revenue 2023: $175,491Expenses 2023: $1,270,047Net Income 2023: -$1,094,5562023Revenue 2024: $707,081Expenses 2024: $1,928,448Net Income 2024: -$1,221,3672024

Highlighted filing

2022

Revenue$563,369
Expenses$1,102,993
Net Income-$539,624
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 14, 2023
Return Version
2022v5.0
Gross Receipts
$563,369
Mission and Program Overview

Mission

Develop, on a non profit basis, a housing project for persons of low income.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$36,536,817$37,934,206▲ $1,397,389
Accounts Receivable$1,734,273$911,264▼ $823,009
Cash and Non-Interest-Bearing Accounts$6,420$43,602▲ $37,182
Prepaid Expenses and Deferred Charges$2,050$7,204▲ $5,154
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$-15,203$-554,827▼ $539,624
Total Assets$38,354,776$39,138,258▲ $783,482
Other Assets Total$75,216$241,982▲ $166,766
Liabilities
Mortgage Notes Payable Secured by Investment Property$17,847,203$18,275,803▲ $428,600
Deferred Revenue$14,931,058$14,973,357▲ $42,299
Other Liabilities$5,368,308$6,174,297▲ $805,989
Accounts Payable and Accrued Expenses$223,410$214,656▼ $8,754
Escrow Account Liability-$54,972-
Total Liabilities$38,369,979$39,693,085▲ $1,323,106
Net Assets / Fund Balance
Total Net Assets Fund Balance$-15,203$-554,827▼ $539,624
Total Liabilities and Net Assets / Fund Balance$38,354,776$39,138,258▲ $783,482

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$37,934,206$86,794$38,021,000
Compensation and Service Providers
Top Officer Pay9th percentile

Board Members and Trustees

NameTitle
Dorothy AmadiPresident
Derrick OwensSecretary
Natalie BrownTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$559,369
Investment Income
$0
Other Revenue
$4,000
Change in Net Assets
$-539,624

Audited Revenue Reconciliation

Revenue per Audited Statements
$563,369
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$563,369
Total Revenue per Form 990
$563,369
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,102,993
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 Legal$925,000--$925,000
Occupancy$72,902--$72,902
Insurance$32,623--$32,623
Office Expenses$25,258--$25,258
All Other Expenses$15,248--$15,248
Fees for Services Other$6,100--$6,100
Fees for Services Management$4,024--$4,024
Fees for Services Accounting-$3,093-$3,093
Other Expenses$3,043--$3,043
Advertising$79--$79
Travel$8--$8
Total Functional Expenses$1,099,900$3,093$0$1,102,993

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,102,993
Total Expenses per Audited Statements$1,102,993
Total Expenses per Form 990$1,102,993
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
Due to Affiliates$4,681,626
Deferred Developer Fee Payable$1,487,672
Construction Costs Payable$4,999
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

“The organization delegates all management responsibilities to mhany management.”

Form 990, Part VI, Section A, Line 8B

“Organization does not have commitiees.”

Form 990, Part VI, Section B, Line 11B

“Form 990 will be completed annually and copies will be provided to the entire governing board as well as the president of the organization. At that time the president will review the form 990 with the designated board members, any necessary changes will then be updated on form. Once all necessary changes are made and the president is in agreement with designated board members on the finished form 990, it will be signed by the president, dated and submitied by the filing deadline. A copy of the approved form 990 will be provided to all of the officers, directors and trustees before the return is filed.”

Form 990, Part VI, Section C, Line 19

“Documents are available upon request.”

Filing and Contact Details

Filer

Filer Name
Mhany Peninsula Local Development
EIN
32-0575794
Phone
7182468080
Address
470 VANDERBILT AVE 9TH FLOOR, BROOKLYN, NY 11238

Signing Officer

Name
Ismene Speliotis
Title
Executive Director
Phone
7182468080
Signed
2023-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ismene Speliotis
Formed
2018
Legal Domicile
Ny
Voting Board Members
3
Independent Board Members
3
Employees
0
Volunteers
3

Preparer

Firm
Cohnreznick Llp
Address
14 SYLVAN WAY, PARSIPPANY, NJ 07054-3801
Preparer
Lori Rothe Yokobosky CPA
Phone
9732283500
Supplemental Narrative

Additional Explanations

FORM 990, PART IV, LINE 12 A AND B:

“As of the date of filing the financial statement audit for the organization. Has not yet been completed. Form 990 has been prepared based on best information available. Should information substantially change upon the completion of the financial statement audit, appropriate action will be taken.”

Financial Statement Notes

PART IV, LINE 2B:

“The organization maintains security deposits as rquired by state law.”

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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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0AS OF THE DATE OF FILING THE FINANCIAL STATEMENT AUDIT FOR THE ORGANIZATION. HAS NOT YET BEEN COMPLETED. FORM 990 HAS BEEN PREPARED BASED ON BEST INFORMATION AVAILABLE. SHOULD INFORMATION SUBSTANTIALLY CHANGE UPON THE COMPLETION OF THE FINANCIAL STATEMENT AUDIT, APPROPRIATE ACTION WILL BE TAKEN.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION DELEGATES ALL MANAGEMENT RESPONSIBILITIES TO MHANY MANAGEMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ORGANIZATION DOES NOT HAVE COMMITIEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3FORM 990 WILL BE COMPLETED ANNUALLY AND COPIES WILL BE PROVIDED TO THE ENTIRE GOVERNING BOARD AS WELL AS THE PRESIDENT OF THE ORGANIZATION. AT THAT TIME THE PRESIDENT WILL REVIEW THE FORM 990 WITH THE DESIGNATED BOARD MEMBERS, ANY NECESSARY CHANGES WILL THEN BE UPDATED ON FORM. ONCE ALL NECESSARY CHANGES ARE MADE AND THE PRESIDENT IS IN AGREEMENT WITH DESIGNATED BOARD MEMBERS ON THE FINISHED FORM 990, IT WILL BE SIGNED BY THE PRESIDENT, DATED AND SUBMITIED BY THE FILING DEADLINE. A COPY OF THE APPROVED FORM 990 WILL BE PROVIDED TO ALL OF THE OFFICERS, DIRECTORS AND TRUSTEES BEFORE THE RETURN IS FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4DOCUMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART IV, LINE 12 A AND B:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION A, LINE 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd1N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd2N/A
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd7N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd8N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd9N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd10N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd11N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd12N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd13N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd14N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd15N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd16N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd17N/A
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd0NY
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt17INVESTMENT
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt01825 ATLANTIC MHANY INC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt1730 ROCKAWAY INC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt2830 FOX STREET HDFC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt3ACORN STRAIGHT APARTMENTS INC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt4ACORN BRISTOL HDFC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt5MHANY 2007 HDFC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt6MHANY 2013 HOLDINGS HDFC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt7MHANY 2015 HDFC

Document Assets

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Filings

Displayed year

2022 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$39,138,258
Liabilities
$39,693,085
Net assets
-$554,827
Revenue
$563,369
Expenses
$1,102,993
Net income
-$539,624
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$38.8$41.9$3.10$0.71$1.93$1.22
2023Detailed filing. Detailed filing data is available for this year.$39.5$40.7$1.28$0.18$1.27$1.09
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$39.1$39.7$0.55$0.56$1.10$0.54
2021Detailed filing. Detailed filing data is available for this year.$38.4$38.4$0.02$0.00$0.01$0.01
2020Detailed filing. Detailed filing data is available for this year.$43.1$43.1$0.00$0.00$0.02$0.02
2019Detailed filing. Detailed filing data is available for this year.$11.1$11.1$0.01$0.01$0.00$0.01