Civic Intelligence

Mrc Melrose Housing Development Fund Corporation

990 • Fiscal year 2022 • EIN 46-1680265

Jul 01, 2021 to Jun 30, 2022 • Filed on Nov 02, 2022

Organization ProfileMRCBX.ORG
576B East 165th StreetBronx, NY 10456

(718) 589-7858

Siviq Scores

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

Liabilities / Assets

61st percentile

1.09x

Higher debt load relative to assets than 61% of similar nonprofits.

2022 filings • NTEE L21 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

68th percentile

7.50x

Higher debt load relative to revenue than 68% of similar nonprofits.

2022 filings • NTEE L21 • $1M-$5M nonprofits • Source year 2022

Net Margin

63rd percentile

-10%

Higher net margin than 63% of similar nonprofits.

2022 filings • NTEE L21 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

63rd percentile

$139,930

Higher top officer pay than 63% of similar nonprofits.

Top officer pay equals 25.4% of source-year revenue.

2022 filings • NTEE L21 • $1M-$5M nonprofits • Source year 2022

Asset Growth

67th percentile

-0.7%

Faster asset growth than 67% of similar nonprofits.

2022 filings • NTEE L21 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

34th percentile

-0.6%

Faster revenue growth than 34% of similar nonprofits.

2022 filings • NTEE L21 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets61st percentile

Assets

Down

$3,780,025

Down $25,711 (-0.7%) from 2021

Net Assets

Down

-$350,187

Down $56,977 (-19%) from 2021

Liabilities

Up

$4,130,212

Up $31,266 (+0.8%) from 2021

Revenue And Expenses
Liabilities / Revenue68th percentileNet Margin63rd percentile

Revenue

Down

$551,042

Down $3,553 (-0.6%) from 2021

Expenses

Up

$608,019

Up $24,507 (+4.2%) from 2021

Net Income

Down

-$56,977

Down $28,060 (-97%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth67th percentile

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

$6.0M$4.0M$2.0M$0-$2.0MAssets 2014: $4,149,519Liabilities 2014: $4,133,700Net Assets 2014: $15,8192014Assets 2015: $4,017,255Liabilities 2015: $4,067,366Net Assets 2015: -$50,1112015Assets 2016: $4,044,758Liabilities 2016: $4,112,297Net Assets 2016: -$67,5392016Assets 2017: $4,015,230Liabilities 2017: $4,115,090Net Assets 2017: -$99,8602017Assets 2018: $3,944,453Liabilities 2018: $4,113,585Net Assets 2018: -$169,1322018Assets 2019: $3,926,638Liabilities 2019: $4,114,552Net Assets 2019: -$187,9142019Assets 2020: $3,848,936Liabilities 2020: $4,113,229Net Assets 2020: -$264,2932020Assets 2021: $3,805,736Liabilities 2021: $4,098,946Net Assets 2021: -$293,2102021Assets 2022: $3,780,025Liabilities 2022: $4,130,212Net Assets 2022: -$350,1872022Assets 2023: $3,679,406Liabilities 2023: $4,133,145Net Assets 2023: -$453,7392023

Highlighted filing

2022

Assets$3,780,025
Liabilities$4,130,212
Net Assets-$350,187
Open 2022 Filing

Operations Trend

Revenue Growth34th percentile

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

$800K$600K$400K$200K$0-$200KRevenue 2014: $508,886Expenses 2014: $493,067Net Income 2014: $15,8192014Revenue 2015: $505,792Expenses 2015: $571,722Net Income 2015: -$65,9302015Revenue 2016: $498,002Expenses 2016: $513,432Net Income 2016: -$15,4302016Revenue 2017: $504,093Expenses 2017: $551,791Net Income 2017: -$47,6982017Revenue 2018: $513,812Expenses 2018: $583,084Net Income 2018: -$69,2722018Revenue 2019: $541,857Expenses 2019: $560,639Net Income 2019: -$18,7822019Revenue 2020: $539,925Expenses 2020: $616,304Net Income 2020: -$76,3792020Revenue 2021: $554,595Expenses 2021: $583,512Net Income 2021: -$28,9172021Revenue 2022: $551,042Expenses 2022: $608,019Net Income 2022: -$56,9772022Revenue 2023: $544,053Expenses 2023: $643,915Net Income 2023: -$99,8622023

Highlighted filing

2022

Revenue$551,042
Expenses$608,019
Net Income-$56,977
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Nov 2, 2022
Return Version
2021v4.2
Gross Receipts
$551,042
Mission and Program Overview

Mission

The corporation is organized exclusively for the purpose of developing on a tax-exempt basis, an affordable housing project for persons of low income.

Affordable housing project for persons of low income.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$3,172,016$3,082,072▼ $89,944
Accounts Receivable$140,491$143,116▲ $2,625
Cash and Non-Interest-Bearing Accounts$11,051$66,512▲ $55,461
Prepaid Expenses and Deferred Charges$27,386$27,706▲ $320
Intangible Assets$19,000$19,000→ $0
Total Assets$3,805,736$3,780,025▼ $25,711
Other Assets Total$435,792$441,619▲ $5,827
Liabilities
Mortgage Notes Payable Secured by Investment Property$4,063,249$4,063,249→ $0
Other Liabilities$35,697$59,232▲ $23,535
Accounts Payable and Accrued Expenses-$7,731-
Total Liabilities$4,098,946$4,130,212▲ $31,266
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-293,210$-350,187▼ $56,977
Total Net Assets Fund Balance$-293,210$-350,187▼ $56,977
Total Liabilities and Net Assets / Fund Balance$3,805,736$3,780,025▼ $25,711

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,077,072$867,951$3,945,023
Land$5,000-$5,000
Other Assets Org$37,110--
Compensation and Service Providers
Top Officer Pay63rd percentile

Employees

NameTitleFull / Part TimeOtherTotal
Paul MooreExecutive DirectorPT$139,930$139,930

Board Members and Trustees

NameTitle
Helen Foreman-hinesPresident
Glenda Campbell Off 921Vice President
Izzy KukajVice President
Robert Balachandran on 921Vice President
Abigail TaylorDirector
Ivy D Forde Off 921Director
Jackie Forbes-clarkDirector
Rita Jones on 921Director
Rosemarie Gordon on 921Director
Sandra Aike Off 921Director
Fredrica Clark on 921Secretary
Kinanda Murray Off 921Secretary
Sean Turner on 921Treasurer
Valerie Toon Off 921Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$550,243
Investment Income
$0
Other Revenue
$799
Change in Net Assets
$-56,977
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$608,019
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 Other$139,917--$139,917
Depreciation Depletion$99,133--$99,133
Insurance$54,343--$54,343
Fees for Services Management$46,531--$46,531
Fees for Services Legal$13,707--$13,707
Other Expenses$10,369--$10,369
Fees for Services Accounting$10,040--$10,040
Office Expenses$5,818--$5,818
Total Functional Expenses$608,019$0$0$608,019
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 Deposit$36,371
Due to Affiliate$16,702
Prepaid Rent$6,159
Governance and Compliance

Governance Checklist

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

Governance Explanations

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

“A draft of form 990 is reviewed and approved by the board prior to filing.”

Form 990, Part VI, Section B, Line 12C

“Board members are required to disclose any conflicts of interest on an anuual basis and as potential conflicts arise.”

Form 990, Part VI, Section C, Line 19

“The organization makes its governing documents, conflict of interest policy, form 990 and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Mrc Melrose Housing Development Fund
EIN
46-1680265
Phone
7185897858
Address
576B EAST 165TH STREET, BRONX, NY 10456

Signing Officer

Name
Paul Moore
Title
Executive Director
Phone
6466758248
Signed
2022-11-02
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Paul Moore
Formed
2013
Legal Domicile
Ny
Voting Board Members
9
Independent Board Members
9
Employees
0
Volunteers
0

Preparer

Firm
Marcum Llp
Address
730 THIRD AVENUE 11TH FLOOR, NEW YORK, NY 10017
Preparer
Sarah Avery
Phone
2124855500
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Payroll funding: program service expenses 139,917. Management and general expenses 0. Fundraising expenses 0. Total expenses 139,917.”

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IRS990/OfficeExpensesGrp/TotalAmt05818
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
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IRS990/OtherExpensesGrp/Desc2MISCELLANEOUS
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IRS990/OtherExpensesGrp/ProgramServicesAmt210369
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IRS990/OtherExpensesGrp/TotalAmt193966
IRS990/OtherExpensesGrp/TotalAmt210369
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IRS990/PoliticalCampaignActyInd00
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IRS990/PrincipalOfficerNm0PAUL MOORE
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0531110
IRS990/ProgramServiceRevenueGrp/Desc0LOW INCOME HOUSING REN
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0550243
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
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IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt00
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IRS990/PYOtherRevenueAmt011884
IRS990/PYProgramServiceRevenueAmt0542711
IRS990/PYRevenuesLessExpensesAmt0-28917
IRS990/PYSalariesCompEmpBnftPaidAmt00
IRS990/PYTotalExpensesAmt0583512
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0554595
IRS990/QuidProQuoContributionsInd00
IRS990/ReconcilationRevenueExpnssAmt0-56977
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
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IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd01
IRS990/ReportOtherLiabilitiesInd01
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IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt0539925
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt0541857
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt0513812
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IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt0513812
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IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt0554595
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IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0541857
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt0513812
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt02701231
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt03077072
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0867951
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt03945023
IRS990ScheduleD/LandGrp/BookValueAmt05000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt05000
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt0404509
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt137110
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0REPLACEMENT RESERVES
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1TENANT SECURITY DEPOSITS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt036371
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt16159
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt216702
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0TENANT SECURITY DEPOSIT
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1PREPAID RENT
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2DUE TO AFFILIATE
IRS990ScheduleD/TotalBookValueLandBuildingsAmt03082072
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0441619
IRS990ScheduleD/TotalLiabilityAmt059232
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A DRAFT OF FORM 990 IS REVIEWED AND APPROVED BY THE BOARD PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BOARD MEMBERS ARE REQUIRED TO DISCLOSE ANY CONFLICTS OF INTEREST ON AN ANUUAL BASIS AND AS POTENTIAL CONFLICTS ARISE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, FORM 990 AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3PAYROLL FUNDING: PROGRAM SERVICE EXPENSES 139,917. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 139,917.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART IX, LINE 11G
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd20
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd30
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd40
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd50
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0MORRISANIA REVITALIZATION CORPORATION
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt1JDD COURT HOUSING DEVELOPMENT FUND CORPORATION
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt2MARSHALL COURT HOUSING DEVELOPMENT FUND CORPORATION
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt3MRC 754 EAST 161ST STREET HOUSING DEVELOPMENT FUND CORPORATION
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt4MCGEE PLAZA HOUSING DEVELOPMENT FUND CORPORATION
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt5FULTON PLAZA HOUSING DEVELOPMENT FUND CORPORATION
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0133113927
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN1461664159
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN2133651523
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN3133833870
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN4811477381
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN5133651524
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt1501C3
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt2501C3
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0NY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd1NY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd2NY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd3NY

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,780,025
Liabilities
$4,130,212
Net assets
-$350,187
Revenue
$551,042
Expenses
$608,019
Net income
-$56,977
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Detailed filing. Detailed filing data is available for this year.$3.68$4.13$0.45$0.54$0.64$0.10
2022Detailed filing. Detailed filing data is available for this year.$3.78$4.13$0.35$0.55$0.61$0.06
2021Detailed filing. Detailed filing data is available for this year.$3.81$4.10$0.29$0.55$0.58$0.03
2020Summary only. Only limited summary data is available for this year.$3.85$4.11$0.26$0.54$0.62$0.08
2019Summary only. Only limited summary data is available for this year.$3.93$4.11$0.19$0.54$0.56$0.02
2018Summary only. Only limited summary data is available for this year.$3.94$4.11$0.17$0.51$0.58$0.07
2017Summary only. Only limited summary data is available for this year.$4.02$4.12$0.10$0.50$0.55$0.05
2016Summary only. Only limited summary data is available for this year.$4.04$4.11$0.07$0.50$0.51$0.02
2015Summary only. Only limited summary data is available for this year.$4.02$4.07$0.05$0.51$0.57$0.07
2014Summary only. Only limited summary data is available for this year.$4.15$4.13$0.02$0.51$0.49$0.02