Civic Intelligence

Ahepa 78 Inc.

990 • Fiscal year 2019 • EIN 35-1634086

Jul 01, 2018 to Jun 30, 2019 • Filed on Nov 20, 2019

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

60th percentile

0.07x

Higher debt load relative to assets than 60% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2019

Liabilities / Revenue

75th percentile

0.18x

Higher debt load relative to revenue than 75% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2019

Net Margin

11th percentile

-26%

Higher net margin than 11% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2019

Top Officer Pay

50th percentile

$0

Higher top officer pay than 50% of similar nonprofits.

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

2019 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2019

Asset Growth

15th percentile

-11%

Faster asset growth than 15% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2018 to 2019

Revenue Growth

54th percentile

6.2%

Faster revenue growth than 54% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2018 to 2019

Assets

Down

$921,730

Down $117,544 (-11%) from 2018

Net Assets

Down

$854,369

Down $98,194 (-10%) from 2018

Liabilities

Down

$67,361

Down $19,350 (-22%) from 2018

Revenue

Up

$371,099

Up $21,557 (+6.2%) from 2018

Expenses

Up

$469,293

Up $13,573 (+3.0%) from 2018

Net Income

Up

-$98,194

Up $7,984 (+7.5%) from 2018

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

2019

Assets$921,730
Liabilities$67,361
Net Assets$854,369

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

2019

Revenue$371,099
Expenses$469,293
Net Income-$98,194
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Nov 20, 2019
Return Version
2018v3.1
Gross Receipts
$371,099
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$684,186$596,938▼ $87,248
Investments Program Related$320,052$288,488▼ $31,564
Prepaid Expenses and Deferred Charges$10,180$11,020▲ $840
Cash and Non-Interest-Bearing Accounts$9,854$7,311▼ $2,543
Accounts Receivable$0$2,604▲ $2,604
Total Assets$1,039,274$921,730▼ $117,544
Other Assets Total$15,002$15,369▲ $367
Liabilities
Accounts Payable and Accrued Expenses$68,312$51,238▼ $17,074
Other Liabilities$14,399$15,324▲ $925
Deferred Revenue$4,000$799▼ $3,201
Total Liabilities$86,711$67,361▼ $19,350
Net Assets / Fund Balance
Unrestricted Net Assets$952,563$854,369▼ $98,194
Total Net Assets Fund Balance$952,563$854,369▼ $98,194
Total Liabilities and Net Assets / Fund Balance$1,039,274$921,730▼ $117,544

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$263,497$2,217,337$2,480,834
Equipment$114,537$101,194$215,731
Land$190,000-$190,000
Leasehold Improvements$28,904$91,464$120,368
Investment Program Related Org$1,653--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Louis H BravosPresident
Nicholas GianikosVice President / Treasurer
Bill PanagiotidesDirector
Dominic a PerezDirector
George DomorasDirector
George StroguiludisDirector
Leon StathDirector
Peter MurdakesDirector
John G DemetrakisFormer Director
Jeff FarverProject Coordinator
Joseph SkoraProject Coordinator
Tom Coil JrSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$217,262
Program Service Revenue
$150,539
Investment Income
$1,458
Other Revenue
$1,840
Change in Net Assets
$-98,194

Audited Revenue Reconciliation

Revenue per Audited Statements
$371,099
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$371,099
Total Revenue per Form 990
$371,099
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$469,293
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$205,771--$205,771
Depreciation Depletion$106,746--$106,746
Fees for Services Management-$52,203-$52,203
Other Expenses$28,349--$28,349
Office Expenses-$18,179-$18,179
Fees for Services Accounting-$9,585-$9,585
Insurance-$4,514-$4,514
Information Technology-$2,750-$2,750
Conferences and Meetings-$1,784-$1,784
Travel-$293-$293
Total Functional Expenses$379,985$89,308$0$469,293

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$469,293
Total Expenses per Audited Statements$469,293
Total Expenses per Form 990$469,293
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$15,324
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 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 11B

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
Nicholas Gianikos
Title
Vice President
Phone
2197719082
Signed
2019-11-20
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Nicholas Gianikos
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 300, CARMEL, IN 46032
Preparer
Jonathan B Scott
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/TitleTxt1VICE PRESIDENT / TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt2SECRETARY
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IRS990/Form990PartVIISectionAGrp/TitleTxt4PROJECT COORDINATOR
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IRS990/LocalChaptersInd00
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IRS990/MembersOrStockholdersInd00
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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.
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IRS990/MoreThan5000KToOrgInd00
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IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NoListedPersonsCompensatedInd0X
IRS990/NondeductibleContributionsInd00
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IRS990/OccupancyGrp/TotalAmt0205771
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IRS990/OfficeExpensesGrp/TotalAmt018179
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt015002
IRS990/OtherAssetsTotalGrp/EOYAmt015369
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherExpensesGrp/Desc0MANAGEMENT COMPANY EMPL
IRS990/OtherExpensesGrp/Desc1SERVICE COORDINATOR
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IRS990/OtherExpensesGrp/TotalAmt128349
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IRS990/OtherRevenueMiscGrp/BusinessCd2531110
IRS990/OtherRevenueMiscGrp/Desc0LAUNDRY & VENDING
IRS990/OtherRevenueMiscGrp/Desc1OTHER REVENUE-MISC.
IRS990/OtherRevenueMiscGrp/Desc2TENANT CHARGES
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IRS990/PoliticalCampaignActyInd00
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IRS990/PrincipalOfficerNm0NICHOLAS GIANIKOS
IRS990/ProfessionalFundraisingInd00
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IRS990/RelatedEntityInd01
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IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd01
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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:
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IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus2YearsAmt0188305
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus3YearsAmt0182564
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus4YearsAmt0179731
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IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearAmt01458
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IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus2YearsAmt0912
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus3YearsAmt0502
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus4YearsAmt01110
IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt04313
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt0150539
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt0152927
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt0155067
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt0144553
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt0138515
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt0741601
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt01458
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt0331
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus2YearsAmt0912
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus3YearsAmt0502
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus4YearsAmt01110
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt04313
IRS990ScheduleA/InvestmentIncomeCYPct00.00250
IRS990ScheduleA/InvestmentIncomePYPct00.00260
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IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus1YearAmt01710
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus2YearsAmt01795
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus3YearsAmt01213
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus4YearsAmt01100
IRS990ScheduleA/OtherIncome509Grp/TotalAmt07658
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
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IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/TotalAmt00
IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind0X
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IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt0371099
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt0349542
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt0346079
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0328832
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt0320456
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt01716008
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/BookValueAmt0263497
IRS990ScheduleD/BuildingsGrp/DepreciationAmt02217337
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt02480834
IRS990ScheduleD/EquipmentGrp/BookValueAmt0114537
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0101194
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0215731
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
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IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt0247179
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt139656
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt21653
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc0RESERVE FOR REPLACEMENTS FUND
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc1PAINTING RESERVE
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc2RESIDUAL RECEIPTS FUND
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd0C
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd1C
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd2C
IRS990ScheduleD/LandGrp/BookValueAmt0190000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0190000
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt028904
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt091464
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0120368
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt015324
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0TENANT SECURITY DEPOSITS
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0371099
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/TotalBookValueLandBuildingsAmt0596938
IRS990ScheduleD/TotalBookValueProgramRltdAmt0288488
IRS990ScheduleD/TotalExpensesPerForm990Amt0469293
IRS990ScheduleD/TotalLiabilityAmt015324
IRS990ScheduleD/TotalRevenuePerForm990Amt0371099
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0371099
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0469293
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE 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/ExplanationTxt1THE 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/ExplanationTxt2THE 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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