Civic Intelligence

Mhany 2012 II Housing Development Fund Corporation

990 • Fiscal year 2019 • EIN 45-5133701

Jul 01, 2018 to Jun 30, 2019 • Filed on Jul 08, 2020

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

67th percentile

1.00x

Higher debt load relative to assets than 67% of similar nonprofits.

2019 filings • NTEE L • $5M-$10M nonprofits • Source year 2019

Liabilities / Revenue

97th percentile

33.77x

Higher debt load relative to revenue than 97% of similar nonprofits.

2019 filings • NTEE L • $5M-$10M nonprofits • Source year 2019

Net Margin

3rd percentile

-112%

Higher net margin than 3% of similar nonprofits.

2019 filings • NTEE L • $5M-$10M nonprofits • Source year 2019

Top Officer Pay

34th percentile

$0

Higher top officer pay than 34% of similar nonprofits.

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

2019 filings • NTEE L • $5M-$10M nonprofits • Source year 2019

Asset Growth

Score unavailable

No value available

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

Source year 2019

Revenue Growth

Score unavailable

No value available

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

Source year 2019

Balance Sheet
Liabilities / Assets67th percentile

Assets

$6,564,466

No earlier filing loaded for comparison.

Net Assets

$23,890

No earlier filing loaded for comparison.

Liabilities

$6,540,576

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue97th percentileNet Margin3rd percentile

Revenue

$193,697

No earlier filing loaded for comparison.

Expenses

$410,892

No earlier filing loaded for comparison.

Net Income

-$217,195

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

$10M$5.0M$0-$5.0MAssets 2019: $6,564,466Liabilities 2019: $6,540,576Net Assets 2019: $23,8902019Assets 2020: $6,264,401Liabilities 2020: $6,542,755Net Assets 2020: -$278,3542020Assets 2021: $6,138,842Liabilities 2021: $6,607,344Net Assets 2021: -$468,5022021Assets 2022: $5,981,265Liabilities 2022: $6,763,192Net Assets 2022: -$781,9272022Assets 2023: $5,815,822Liabilities 2023: $6,796,661Net Assets 2023: -$980,8392023Assets 2024: $5,783,393Liabilities 2024: $6,992,487Net Assets 2024: -$1,209,0942024

Highlighted filing

2019

Assets$6,564,466
Liabilities$6,540,576
Net Assets$23,890
Open 2019 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$1.0M$500K$0-$500KRevenue 2019: $193,697Expenses 2019: $410,892Net Income 2019: -$217,1952019Revenue 2020: $327,811Expenses 2020: $523,756Net Income 2020: -$195,9452020Revenue 2021: $342,536Expenses 2021: $532,684Net Income 2021: -$190,1482021Revenue 2022: $360,570Expenses 2022: $673,995Net Income 2022: -$313,4252022Revenue 2023: $400,925Expenses 2023: $599,837Net Income 2023: -$198,9122023Revenue 2024: $350,208Expenses 2024: $578,463Net Income 2024: -$228,2552024

Highlighted filing

2019

Revenue$193,697
Expenses$410,892
Net Income-$217,195
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Jul 8, 2020
Return Version
2018v3.2
Gross Receipts
$193,697
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$0$6,335,703▲ $6,335,703
Accounts Receivable$0$17,758▲ $17,758
Prepaid Expenses and Deferred Charges-$12,573-
Cash and Non-Interest-Bearing Accounts$0$0→ $0
Total Assets$0$6,564,466▲ $6,564,466
Other Assets Total$0$198,432▲ $198,432
Liabilities
Mortgage Notes Payable Secured by Investment Property-$5,415,353-
Other Liabilities$0$1,092,175▲ $1,092,175
Accounts Payable and Accrued Expenses-$30,558-
Deferred Revenue-$2,490-
Total Liabilities$0$6,540,576▲ $6,540,576
Net Assets / Fund Balance
Unrestricted Net Assets-$23,890-
Total Net Assets Fund Balance$0$23,890▲ $23,890
Total Liabilities and Net Assets / Fund Balance$0$6,564,466▲ $6,564,466

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$6,005,707$93,162$6,098,869
Land$329,996-$329,996
Compensation and Service Providers
Top Officer Pay34th percentile

Board Members and Trustees

NameTitle
Julia BoydPresident
Dorothy AmadiSecretary
Natalie BrownTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$193,697
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-217,195

Audited Revenue Reconciliation

Revenue per Audited Statements
$193,697
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$42,813
Total Revenue per Audited Statements
$236,510
Total Revenue per Form 990
$193,697
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$410,892
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
Depreciation Depletion$95,526--$95,526
Occupancy$61,805--$61,805
Interest$58,984--$58,984
Fees for Services Other$38,309--$38,309
Fees for Services Management-$14,989-$14,989
Fees for Services Accounting-$9,854-$9,854
Insurance$6,506--$6,506
Office Expenses$2,954--$2,954
Fees for Services Legal$1,940--$1,940
Other Expenses$1,773--$1,773
Total Functional Expenses$386,049$24,843$0$410,892

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$453,705
Expenses per Audited Statements$410,892
Total Expenses per Form 990$410,892
Expenses Not Reported on Form 990$42,813
Expenses Not Reported on Financial Statements$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$826,681
Development Fees$265,494
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
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
Yes
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 commitees.”

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 design a ted 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 2012 Ii Housing Development Fund
EIN
45-5133701
Phone
7182468080
Address
470 VANDERBILT AVE 9TH FLOOR, BROOKLYN, NY 11238

Signing Officer

Name
Ismene Speliotis
Title
Executive Director
Phone
7182468080
Signed
2020-07-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ismene Speliotis
Formed
2012
Legal Domicile
Ny
Voting Board Members
3
Independent Board Members
3
Employees
0
Volunteers
0

Preparer

Firm
Cohnreznick Llp
Address
4 BECKER FARM ROAD, ROSELAND, NJ 07068
Preparer
Lori Rothe Yokobosky CPA
Phone
9732283500
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 4:

“The organization was inactive in prior years.”

FORM 990, PART XI, LINE 9:

“Transfer of net assets from affiliate 241,085.”

Financial Statement Notes

PART X, LINE 2:

“The organization has applied for and received a determination letter from the internal revenue service ("irs") to be treated as a tax-exempt entity pursuant to section 501(c)(3) of the internal revenue code and did not have any unrelated business income for the period ended june 30, 2019. Due to its tax-exempt status, the corporation is not subject to income taxes. The corporation is required to file and does file informational returns with the irs and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the corporation has no other tax positions which must be considered for disclosure. Informational returns filed by the corporation are subject to examination by the irs for a period of three years. Although the corporation was formed in 2012, it remained inactive until 2018. No informational returns are currently being examined by the irs.”

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION HAS APPLIED FOR AND RECEIVED A DETERMINATION LETTER FROM THE INTERNAL REVENUE SERVICE ("IRS") TO BE TREATED AS A TAX-EXEMPT ENTITY PURSUANT TO SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND DID NOT HAVE ANY UNRELATED BUSINESS INCOME FOR THE PERIOD ENDED JUNE 30, 2019. DUE TO ITS TAX-EXEMPT STATUS, THE CORPORATION IS NOT SUBJECT TO INCOME TAXES. THE CORPORATION IS REQUIRED TO FILE AND DOES FILE INFORMATIONAL RETURNS WITH THE IRS AND OTHER TAXING AUTHORITIES. ACCORDINGLY, THESE FINANCIAL STATEMENTS DO NOT REFLECT A PROVISION FOR INCOME TAXES AND THE CORPORATION HAS NO OTHER TAX POSITIONS WHICH MUST BE CONSIDERED FOR DISCLOSURE. INFORMATIONAL RETURNS FILED BY THE CORPORATION ARE SUBJECT TO EXAMINATION BY THE IRS FOR A PERIOD OF THREE YEARS. ALTHOUGH THE CORPORATION WAS FORMED IN 2012, IT REMAINED INACTIVE UNTIL 2018. NO INFORMATIONAL RETURNS ARE CURRENTLY BEING EXAMINED BY THE IRS.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION DELEGATES ALL MANAGEMENT RESPONSIBILITIES TO MHANY MANAGEMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ORGANIZATION DOES NOT HAVE COMMITEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2FORM 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 DESIGN A TED 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/ExplanationTxt3DOCUMENTS ARE AVAILABLE UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION WAS INACTIVE IN PRIOR YEARS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5TRANSFER OF NET ASSETS FROM AFFILIATE 241,085.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART XI, LINE 4:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XI, LINE 9:
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IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd1N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd2N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd3N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd4N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd5N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd6N/A
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
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN0208927666
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd0NY
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd1NY
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd3NY
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt0INVESTMENT
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt1INVESTMENT
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt2INVESTMENT
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt3INVESTMENT
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt4INVESTMENT
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt5INVESTMENT
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt6INVESTMENT
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt7INVESTMENT
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt14INVESTMENT
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt15INVESTMENT
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt16INVESTMENT
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
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt8MHANY 2015 MANAGER INC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt9MHANY 3 INC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt10MHANY 4 INC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt11MHANY 5 INC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt12MHANY BRITSOL INC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt13MHANY CORTELYOU HDFC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt14PE2 HDFC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt15PE2 MANAGER LLC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt16PHOENIX ESTATES HDFC

Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$6,564,466
Liabilities
$6,540,576
Net assets
$23,890
Revenue
$193,697
Expenses
$410,892
Net income
-$217,195
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.78$6.99$1.21$0.35$0.58$0.23
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.82$6.80$0.98$0.40$0.60$0.20
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.98$6.76$0.78$0.36$0.67$0.31
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6.14$6.61$0.47$0.34$0.53$0.19
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.26$6.54$0.28$0.33$0.52$0.20
2019Detailed filing. Detailed filing data is available for this year.$6.56$6.54$0.02$0.19$0.41$0.22