Civic Intelligence

Ahepa 78 Inc.

990 • Fiscal year 2015 • EIN 35-1634086

Jul 01, 2014 to Jun 30, 2015 • Filed on Sep 30, 2015

2078 West 79th StreetMerrillville, IN 46410

(219) 771-9082

Siviq Scores

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

Liabilities / Assets

42nd percentile

0.06x

Higher debt load relative to assets than 42% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Liabilities / Revenue

65th percentile

0.24x

Higher debt load relative to revenue than 65% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Net Margin

11th percentile

-26%

Higher net margin than 11% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Top Officer Pay

35th percentile

$0

Higher top officer pay than 35% of similar nonprofits.

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

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Asset Growth

15th percentile

-8.2%

Faster asset growth than 15% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Revenue Growth

49th percentile

3.0%

Faster revenue growth than 49% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Assets

Down

$1,284,668

Down $114,752 (-8.2%) from 2014

Net Assets

Down

$1,206,992

Down $84,901 (-6.6%) from 2014

Liabilities

Down

$77,676

Down $29,851 (-28%) from 2014

Revenue

Up

$320,456

Up $9,427 (+3.0%) from 2014

Expenses

Down

$405,357

Down $1,660 (-0.4%) from 2014

Net Income

Up

-$84,901

Up $11,087 (+12%) from 2014

Historical Trend

Balance Sheet Trend

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

$2.0M$1.5M$1.0M$500K$0Assets 2012: $1,545,961Liabilities 2012: $75,553Net Assets 2012: $1,470,4082012Assets 2013: $1,456,360Liabilities 2013: $68,479Net Assets 2013: $1,387,8812013Assets 2014: $1,399,420Liabilities 2014: $107,527Net Assets 2014: $1,291,8932014Assets 2015: $1,284,668Liabilities 2015: $77,676Net Assets 2015: $1,206,9922015Assets 2016: $1,288,389Liabilities 2016: $174,631Net Assets 2016: $1,113,7582016Assets 2017: $1,215,969Liabilities 2017: $157,228Net Assets 2017: $1,058,7412017Assets 2018: $1,039,274Liabilities 2018: $86,711Net Assets 2018: $952,5632018Assets 2019: $921,730Liabilities 2019: $67,361Net Assets 2019: $854,3692019Assets 2020: $799,879Liabilities 2020: $61,766Net Assets 2020: $738,1132020Assets 2021: $678,603Liabilities 2021: $87,735Net Assets 2021: $590,8682021Assets 2022: $627,921Liabilities 2022: $68,138Net Assets 2022: $559,7832022Assets 2023: $670,526Liabilities 2023: $61,559Net Assets 2023: $608,9672023Assets 2024: $690,513Liabilities 2024: $63,124Net Assets 2024: $627,3892024

Highlighted filing

2015

Assets$1,284,668
Liabilities$77,676
Net Assets$1,206,992

Operations Trend

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

$600K$400K$200K$0-$200KExpenses 2012: $378,5592012Expenses 2013: $390,2612013Revenue 2014: $311,029Expenses 2014: $407,017Net Income 2014: -$95,9882014Revenue 2015: $320,456Expenses 2015: $405,357Net Income 2015: -$84,9012015Revenue 2016: $328,832Expenses 2016: $422,066Net Income 2016: -$93,2342016Revenue 2017: $346,079Expenses 2017: $401,096Net Income 2017: -$55,0172017Revenue 2018: $349,542Expenses 2018: $455,720Net Income 2018: -$106,1782018Revenue 2019: $371,099Expenses 2019: $469,293Net Income 2019: -$98,1942019Revenue 2020: $388,667Expenses 2020: $504,923Net Income 2020: -$116,2562020Revenue 2021: $393,322Expenses 2021: $540,568Net Income 2021: -$147,2462021Revenue 2022: $468,496Expenses 2022: $499,581Net Income 2022: -$31,0852022Revenue 2023: $464,445Expenses 2023: $415,261Net Income 2023: $49,1842023Revenue 2024: $489,307Expenses 2024: $470,885Net Income 2024: $18,4222024

Highlighted filing

2015

Revenue$320,456
Expenses$405,357
Net Income-$84,901
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
Sep 30, 2015
Return Version
2014v5.0
Gross Receipts
$320,456
Mission and Program Overview

Mission

The corporation was organized to construct, own, and operate an affordable housing apartment community.

Ahepa 78, inc. Is a not-for-profit corporation formed in accordance with the not-for-profit statutes of the state of indiana. The corporation was organized to construct, own and operate a 50-unit apartment community in merrillville, indiana, known as ahepa 78 apartments, pursuant to section 202 of the national affordable housing act, as amended. The sponsor of the corporation is ahepa national housing corporation.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,033,548$958,651▼ $74,897
Investments Program Related$323,507$297,291▼ $26,216
Prepaid Expenses and Deferred Charges$10,396$10,403▲ $7
Cash and Non-Interest-Bearing Accounts$16,849$2,803▼ $14,046
Accounts Receivable$56$451▲ $395
Total Assets$1,399,420$1,284,668▼ $114,752
Other Assets Total$15,064$15,069▲ $5
Liabilities
Accounts Payable and Accrued Expenses$94,146$64,322▼ $29,824
Other Liabilities$13,381$13,354▼ $27
Total Liabilities$107,527$77,676▼ $29,851
Net Assets / Fund Balance
Unrestricted Net Assets$1,291,893$1,206,992▼ $84,901
Total Net Assets Fund Balance$1,291,893$1,206,992▼ $84,901
Total Liabilities and Net Assets / Fund Balance$1,399,420$1,284,668▼ $114,752

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$684,690$1,729,320$2,414,010
Equipment$31,541$182,585$214,126
Land$190,000-$190,000
Leasehold Improvements$52,420$67,948$120,368
Investment Program Related Org$255,990--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Dino ManolopoulosPresident - Former
Louis H BravosVice President
Angelika MagramesDirector
Dominic a PerezDirector
George DomorasDirector
Jeff FarverDirector
John G DemetrakisDirector
Leon StathDirector
Sam a KyresDirector
John MagramesDirector - Former
Joseph SkoraCoordinator
Nicholas GianikosSecretary
George VlahosTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$179,731
Program Service Revenue
$138,515
Investment Income
$1,110
Other Revenue
$1,100
Change in Net Assets
$-84,901

Audited Revenue Reconciliation

Revenue per Audited Statements
$320,456
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$320,456
Total Revenue per Form 990
$320,456
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$405,357
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$127,750--$127,750
Depreciation Depletion$109,199--$109,199
Fees for Services Management-$45,453-$45,453
Other Expenses$24,729--$24,729
Office Expenses-$10,138-$10,138
Fees for Services Accounting-$8,610-$8,610
Information Technology-$2,688-$2,688
Insurance-$2,688-$2,688
Conferences and Meetings-$1,812-$1,812
Travel-$256-$256
Advertising-$203-$203
Total Functional Expenses$333,509$71,848$0$405,357

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$405,357
Total Expenses per Audited Statements$405,357
Total Expenses per Form 990$405,357
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
Tenant Security Deposits$13,354
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
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
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 2

Angelika magrames, director, and john magrames, director, have a family relationship.

Form 990, Part VI, Section A, Line 3

The corporation is managed by ahepa affordable management company, inc., an affiliate of ahepa national housing corporation. Ahepa affordable management company, inc. Has a project owner's and management agent's certification for multifamily housing projects with the u.s. Department of housing and urban development. Under this certification, hud has approved ahepa affordable management company, inc. To manage the underlying project of the corporation. The management contract encompasses the day to day operations of the project including, but not limited to, collection of rents, maintenance of facilities, supervision of staff, and ongoing support for both the owners and tenants as needed in order to establish a safe, sanitary and affordable environment.

Form 990, Part VI, Section A, Line 7A

The directors of the corporation shall, at all times, be limited to individuals who are either members of ahepa 78, inc. Or nonmembers who have the approval of the board of directors of the sponsoring organization, ahepa national housing corporation. In the event that a director of the corporation ceases to be a member of ahepa 78, inc. Or, if the aforesaid approval is withdrawn, then, in either event, such shall constitute automatic resignation as a director of the corporation.

Form 990, Part VI, Section B, Line 11

The auditing firm sends a draft of the return to the management company. The management company forwards a copy of the return to each board member for their comments prior to filing.

Form 990, Part VI, Section C, Line 19

The form 990 and all related financial and policy information are made available to the public upon written request.

FORM 990, PART VII, SECTION A, LINE 1A, COLUMN B:

All of the officers, directors, and employees listed in part vii, section a perform similar duties and have similar responsibilities for related organizations as they do for this organization. Their total hours worked per week for this organization are similar to their hours worked for related organizations both in terms of number of hours and type of work performed.

Filing and Contact Details

Filer

Filer Name
Ahepa 78 Inc
EIN
35-1634086
Phone
2197719082
Address
2078 WEST 79TH STREET, MERRILLVILLE, IN 46410

Signing Officer

Name
Louis H Bravos
Title
Vice President
Phone
2197719082
Signed
2015-09-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Louis H Bravos
Formed
1986
Legal Domicile
In
Voting Board Members
11
Independent Board Members
11
Employees
0
Volunteers
0

Preparer

Firm
DAUBY O'CONNOR & ZALESKI LLC
Address
501 CONGRESSIONAL BLVD STE 300, CARMEL, IN 46032
Preparer
Kyle Waldman
Phone
3178485700
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

The management company receives a copy of the audit. Prior to the finalization of the audit, a copy of the audit is given to all of the board members for their comments. When the audit is up for bid, the board discusses the relationship with the current auditors and makes a determination as to whether to maintain this relationship or change to a new auditing firm.

Financial Statement Notes

PART X, LINE 2:

The corporation is exempt from federal income tax under section 501(c)(3) of the internal revenue code and state income tax and has been classified as an other than private foundation. Accordingly, no provision for federal and state taxes on revenue and income has been recognized in the accompanying financial statements. Generally, the federal and state tax returns were subject to examinations from the three years after the later of the original or extended due date or the date filed with the applicable tax authority.

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IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT - FORMER
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt2TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt3SECRETARY
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IRS990/InfoInScheduleOPartXIIInd0X
IRS990/InformationTechnologyGrp/ManagementAndGeneralAmt02688
IRS990/InformationTechnologyGrp/TotalAmt02688
IRS990/InsuranceGrp/ManagementAndGeneralAmt02688
IRS990/InsuranceGrp/TotalAmt02688
IRS990/InvestmentIncomeGrp/ExclusionAmt01110
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IRS990/InvestmentInJointVentureInd00
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IRS990/IRPDocumentCnt00
IRS990/IRPDocumentW2GCnt00
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IRS990/LegalDomicileStateCd0IN
IRS990/LoanOutstandingInd00
IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0AHEPA 78, INC. IS A NOT-FOR-PROFIT CORPORATION FORMED IN ACCORDANCE WITH THE NOT-FOR-PROFIT STATUTES OF THE STATE OF INDIANA. THE CORPORATION WAS ORGANIZED TO CONSTRUCT, OWN AND OPERATE A 50-UNIT APARTMENT COMMUNITY IN MERRILLVILLE, INDIANA, KNOWN AS AHEPA 78 APARTMENTS, PURSUANT TO SECTION 202 OF THE NATIONAL AFFORDABLE HOUSING ACT, AS AMENDED. THE SPONSOR OF THE CORPORATION IS AHEPA NATIONAL HOUSING CORPORATION.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt01291893
IRS990/NetAssetsOrFundBalancesEOYAmt01206992
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NoListedPersonsCompensatedInd0X
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/ProgramServicesAmt0127750
IRS990/OccupancyGrp/TotalAmt0127750
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt010138
IRS990/OfficeExpensesGrp/TotalAmt010138
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt015064
IRS990/OtherAssetsTotalGrp/EOYAmt015069
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherExpensesGrp/Desc0MANAGEMENT COMPANY EMPL
IRS990/OtherExpensesGrp/Desc1SERVICE COORDINATOR
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IRS990/OtherExpensesGrp/ProgramServicesAmt124729
IRS990/OtherExpensesGrp/TotalAmt071831
IRS990/OtherExpensesGrp/TotalAmt124729
IRS990/OtherLiabilitiesGrp/BOYAmt013381
IRS990/OtherLiabilitiesGrp/EOYAmt013354
IRS990/OtherRevenueMiscGrp/BusinessCd0531110
IRS990/OtherRevenueMiscGrp/Desc0LAUNDRY & VENDING
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IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt01100
IRS990/OtherRevenueTotalAmt01100
IRS990/PartialLiquidationInd00
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt010396
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt010403
IRS990/PrincipalOfficerNm0LOUIS H BRAVOS
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0531110
IRS990/ProgramServiceRevenueGrp/Desc0RENTAL INCOME
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0138515
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt0174123
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt01516
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IRS990/PYOtherRevenueAmt01275
IRS990/PYProgramServiceRevenueAmt0134115
IRS990/PYRevenuesLessExpensesAmt0-95988
IRS990/PYSalariesCompEmpBnftPaidAmt00
IRS990/PYTotalExpensesAmt0407017
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0311029
IRS990/QuidProQuoContributionsInd00
IRS990/ReconcilationRevenueExpnssAmt0-84901
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd01
IRS990/RevenueAmt0138515
IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/TotalAmt00
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0MISCELLANEOUS INCOME CONSISTS OF TENANT CHARGES, LAUNDRY AND VENDING CHARGES AND OTHER INCOME ITEMS FOR SERVICES PROVIDED FOR THE CONVENIENCE OF THE TENANTS.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0SCHEDULE A, PART III, LINE 12:
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearAmt0179731
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus1YearAmt0174123
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus2YearsAmt0178431
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus3YearsAmt0161581
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/TotalAmt0693866
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearAmt01110
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus1YearAmt01516
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus2YearsAmt02791
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus3YearsAmt03734
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus4YearsAmt05678
IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt014829
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt0138515
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt0134115
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt0125202
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt0111619
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt0271647
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt0781098
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt01110
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt01516
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus2YearsAmt02791
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus3YearsAmt03734
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus4YearsAmt05678
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt014829
IRS990ScheduleA/InvestmentIncomeCYPct00.00990
IRS990ScheduleA/InvestmentIncomePYPct00.01530
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearAmt01100
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus1YearAmt01275
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus2YearsAmt01310
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus3YearsAmt01362
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus4YearsAmt01200
IRS990ScheduleA/OtherIncome509Grp/TotalAmt06247
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportCY509Pct00.98590
IRS990ScheduleA/PublicSupportPY509Pct00.98030
IRS990ScheduleA/PublicSupportTotal509Amt01474964
IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/TotalAmt00
IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind0X
IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt0318246
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt0308238
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt0303633
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt0273200
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt0271647
IRS990ScheduleA/Total509Grp/TotalAmt01474964
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt0320456
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt0311029
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt0307734
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0278296
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt0278525
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt01496040
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/BuildingsGrp/BookValueAmt0684690
IRS990ScheduleD/BuildingsGrp/DepreciationAmt01729320
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt02414010
IRS990ScheduleD/EquipmentGrp/BookValueAmt031541
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0182585
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0214126
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0405357
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt039656
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt11645
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt2255990
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc0PAINTING RESERVE
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc1RESIDUAL RECEIPTS FUND
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc2RESERVE FOR REPLACEMENTS FUND
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd0C
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd1C
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd2C
IRS990ScheduleD/LandGrp/BookValueAmt0190000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0190000
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt052420
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt067948
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0120368
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt013354
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0TENANT SECURITY DEPOSITS
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0320456
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE CORPORATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND STATE INCOME TAX AND HAS BEEN CLASSIFIED AS AN OTHER THAN PRIVATE FOUNDATION. ACCORDINGLY, NO PROVISION FOR FEDERAL AND STATE TAXES ON REVENUE AND INCOME HAS BEEN RECOGNIZED IN THE ACCOMPANYING FINANCIAL STATEMENTS. GENERALLY, THE FEDERAL AND STATE TAX RETURNS WERE SUBJECT TO EXAMINATIONS FROM THE THREE YEARS AFTER THE LATER OF THE ORIGINAL OR EXTENDED DUE DATE OR THE DATE FILED WITH THE APPLICABLE TAX AUTHORITY.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0958651
IRS990ScheduleD/TotalBookValueProgramRltdAmt0297291
IRS990ScheduleD/TotalExpensesPerForm990Amt0405357
IRS990ScheduleD/TotalLiabilityAmt013354
IRS990ScheduleD/TotalRevenuePerForm990Amt0320456
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0320456
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0405357
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ANGELIKA MAGRAMES, DIRECTOR, AND JOHN MAGRAMES, DIRECTOR, HAVE A FAMILY RELATIONSHIP.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE CORPORATION IS MANAGED BY AHEPA AFFORDABLE MANAGEMENT COMPANY, INC., AN AFFILIATE OF AHEPA NATIONAL HOUSING CORPORATION. AHEPA AFFORDABLE MANAGEMENT COMPANY, INC. HAS A PROJECT OWNER'S AND MANAGEMENT AGENT'S CERTIFICATION FOR MULTIFAMILY HOUSING PROJECTS WITH THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. UNDER THIS CERTIFICATION, HUD HAS APPROVED AHEPA AFFORDABLE MANAGEMENT COMPANY, INC. TO MANAGE THE UNDERLYING PROJECT OF THE CORPORATION. THE MANAGEMENT CONTRACT ENCOMPASSES THE DAY TO DAY OPERATIONS OF THE PROJECT INCLUDING, BUT NOT LIMITED TO, COLLECTION OF RENTS, MAINTENANCE OF FACILITIES, SUPERVISION OF STAFF, AND ONGOING SUPPORT FOR BOTH THE OWNERS AND TENANTS AS NEEDED IN ORDER TO ESTABLISH A SAFE, SANITARY AND AFFORDABLE ENVIRONMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE DIRECTORS OF THE CORPORATION SHALL, AT ALL TIMES, BE LIMITED TO INDIVIDUALS WHO ARE EITHER MEMBERS OF AHEPA 78, INC. OR NONMEMBERS WHO HAVE THE APPROVAL OF THE BOARD OF DIRECTORS OF THE SPONSORING ORGANIZATION, AHEPA NATIONAL HOUSING CORPORATION. IN THE EVENT THAT A DIRECTOR OF THE CORPORATION CEASES TO BE A MEMBER OF AHEPA 78, INC. OR, IF THE AFORESAID APPROVAL IS WITHDRAWN, THEN, IN EITHER EVENT, SUCH SHALL CONSTITUTE AUTOMATIC RESIGNATION AS A DIRECTOR OF THE CORPORATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE AUDITING FIRM SENDS A DRAFT OF THE RETURN TO THE MANAGEMENT COMPANY. THE MANAGEMENT COMPANY FORWARDS A COPY OF THE RETURN TO EACH BOARD MEMBER FOR THEIR COMMENTS PRIOR TO FILING.

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