Civic Intelligence

Us Mcleod Housing Development Fund Corporation

990 • Fiscal year 2021 • EIN 47-2901744

Jan 01, 2021 to Dec 31, 2021 • Filed on May 10, 2022

Organization Profile
294 Sumpter StreetBrooklyn, NY 11233

(718) 919-3600

Siviq Scores

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

Liabilities / Assets

83rd percentile

1.21x

Higher debt load relative to assets than 83% of similar nonprofits.

2021 filings • NTEE L • $5M-$10M nonprofits • Source year 2021

Liabilities / Revenue

75th percentile

7.18x

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

2021 filings • NTEE L • $5M-$10M nonprofits • Source year 2021

Net Margin

14th percentile

-38%

Higher net margin than 14% of similar nonprofits.

2021 filings • NTEE L • $5M-$10M nonprofits • Source year 2021

Top Officer Pay

32nd percentile

$0

Higher top officer pay than 32% of similar nonprofits.

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

2021 filings • NTEE L • $5M-$10M nonprofits • Source year 2021

Asset Growth

15th percentile

-3.9%

Faster asset growth than 15% of similar nonprofits.

2021 filings • NTEE L • $5M-$10M nonprofits • Annualized from 2020 to 2021

Revenue Growth

20th percentile

-3.4%

Faster revenue growth than 20% of similar nonprofits.

2021 filings • NTEE L • $5M-$10M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets83rd percentile

Assets

Down

$8,451,048

Down $347,089 (-3.9%) from 2020

Net Assets

Down

-$1,797,108

Down $538,745 (-43%) from 2020

Liabilities

Up

$10,248,156

Up $191,656 (+1.9%) from 2020

Revenue And Expenses
Liabilities / Revenue75th percentileNet Margin14th percentile

Revenue

Down

$1,427,008

Down $49,968 (-3.4%) from 2020

Expenses

Down

$1,965,753

Down $85,765 (-4.2%) from 2020

Net Income

Up

-$538,745

Up $35,797 (+6.2%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth15th percentile

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

$15M$10M$5.0M$0-$5.0MAssets 2015: $7,993,406Liabilities 2015: $8,076,230Net Assets 2015: -$82,8242015Assets 2016: $7,803,698Liabilities 2016: $7,945,902Net Assets 2016: -$142,2042016Assets 2017: $7,601,972Liabilities 2017: $7,733,070Net Assets 2017: -$131,0982017Assets 2020: $8,798,137Liabilities 2020: $10,056,500Net Assets 2020: -$1,258,3632020Assets 2021: $8,451,048Liabilities 2021: $10,248,156Net Assets 2021: -$1,797,1082021Assets 2022: $8,154,687Liabilities 2022: $10,481,900Net Assets 2022: -$2,327,2132022Assets 2023: $7,802,187Liabilities 2023: $10,789,710Net Assets 2023: -$2,987,5232023Assets 2024: $7,564,553Liabilities 2024: $11,147,987Net Assets 2024: -$3,583,4342024

Highlighted filing

2021

Assets$8,451,048
Liabilities$10,248,156
Net Assets-$1,797,108
Open 2021 Filing

Operations Trend

Revenue Growth20th percentile

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

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2015: $637,081Expenses 2015: $719,905Net Income 2015: -$82,8242015Revenue 2016: $1,309,164Expenses 2016: $1,379,589Net Income 2016: -$70,4252016Revenue 2017: $1,337,119Expenses 2017: $1,326,013Net Income 2017: $11,1062017Revenue 2020: $1,476,976Expenses 2020: $2,051,518Net Income 2020: -$574,5422020Revenue 2021: $1,427,008Expenses 2021: $1,965,753Net Income 2021: -$538,7452021Revenue 2022: $1,454,276Expenses 2022: $1,989,620Net Income 2022: -$535,3442022Revenue 2023: $1,471,595Expenses 2023: $2,131,905Net Income 2023: -$660,3102023Revenue 2024: $1,481,609Expenses 2024: $2,077,520Net Income 2024: -$595,9112024

Highlighted filing

2021

Revenue$1,427,008
Expenses$1,965,753
Net Income-$538,745
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
May 10, 2022
Return Version
2021v4.2
Gross Receipts
$1,427,008
Mission and Program Overview

Mission

The Corporation is a charitable not-for-profit corporation organized exclusively for thepurpose of developing and operating a housing project for Persons Of Low Income.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$7,761,501$7,408,706▼ $352,795
Accounts Receivable$117,400$117,785▲ $385
Cash and Non-Interest-Bearing Accounts$8,618$8,618→ $0
Total Assets$8,798,137$8,451,048▼ $347,089
Other Assets Total$910,618$915,939▲ $5,321
Liabilities
Mortgage Notes Payable Secured by Investment Property$9,723,899$9,723,899→ $0
Accounts Payable and Accrued Expenses$245,223$316,195▲ $70,972
Other Liabilities$87,378$208,062▲ $120,684
Total Liabilities$10,056,500$10,248,156▲ $191,656
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-1,258,363$-1,797,108▼ $538,745
Total Net Assets Fund Balance$-1,258,363$-1,797,108▼ $538,745
Total Liabilities and Net Assets / Fund Balance$8,798,137$8,451,048▼ $347,089

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$7,408,706$1,933,007$9,341,713
Other Assets Org$78,295--
Compensation and Service Providers
Top Officer Pay32nd percentile

Board Members and Trustees

NameTitle
Mark FaircloughChairperson
Pelham BollersExecutive Director
Dionne FranceSecretary
Courtney NewellTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,234,251
Investment Income
$0
Other Revenue
$192,757
Change in Net Assets
$-538,745

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,427,008
Total Revenue per Audited Statements
$1,427,008
Total Revenue per Form 990
$1,427,008
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,640,707
Salaries, Compensation, and Employee Benefits$325,046
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$520,104--$520,104
Depreciation Depletion$352,795--$352,795
Insurance$319,030--$319,030
Other Salaries and Wages$242,801--$242,801
Other Expenses$66,144$107,495-$107,495
Fees for Services Accounting-$102,849-$102,849
Interest$68,090--$68,090
Other Employee Benefits$48,101--$48,101
Office Expenses$44,976--$44,976
All Other Expenses$37,350$4,212-$41,562
Payroll Taxes$34,144--$34,144
Fees for Services Legal$6,414--$6,414
Information Technology$1,344--$1,344
Travel$1,225--$1,225
Total Functional Expenses$1,748,810$216,943$0$1,965,753

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,965,753
Total Expenses per Audited Statements$1,965,753
Total Expenses per Form 990$1,965,753
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 from Mgt Agent - Cash Receipts$129,767
Tenant Security Payable$78,295
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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 governing body review Part VI line 11

“The Form 990 is provided to the organizations governing body for their review and approval prior to filing.”

Conflict of interest policy compliance Part VI line 12C

“You are required to disclose in good faith and in writing to the Board and or the FinanceCommittee at the Business Office, 294 Sumpter Avenue, Brooklyn, NY all material factsrelated to conflicts of interest (including those that implicate an Other Related Partybut not a Covered Person) (including the nature of your or the Other Related Partysinterest and information about any proposed transaction or other arrangement). Disclosuresshould be made in advance, before any action is taken on the matter. Conflictidentification and analysis can be difficult and, therefore, you are at all times expectedto err on the side of caution and disclose all instances where a conflict of interest orthe appearance of a conflict exists.”

Governing documents etc available to public Part VI line 19

“Information and other documents of the organization are made available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
US Mcleod Hdfc
EIN
47-2901744
Address
294 Sumpter Street, Brooklyn, NY 11233

Signing Officer

Name
Pelham Bollers
Title
Executive Direc
Phone
7189193600
Signed
2022-05-10
Discuss with paid preparer
No

Organization Details

Formed
2015
Legal Domicile
Ny
Voting Board Members
3
Independent Board Members
3
Employees
0

Preparer

Firm
Padilla and Company LLP
Address
175-61 Hillside Avenue Ste 200, Jamaica, NY 11432
Preparer
Jose Paolo Espiritu
Phone
7185585858
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The Form 990 is provided to the organizations governing body for their review and approval prior to filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1You are required to disclose in good faith and in writing to the Board and or the FinanceCommittee at the Business Office, 294 Sumpter Avenue, Brooklyn, NY all material factsrelated to conflicts of interest (including those that implicate an Other Related Partybut not a Covered Person) (including the nature of your or the Other Related Partysinterest and information about any proposed transaction or other arrangement). Disclosuresshould be made in advance, before any action is taken on the matter. Conflictidentification and analysis can be difficult and, therefore, you are at all times expectedto err on the side of caution and disclose all instances where a conflict of interest orthe appearance of a conflict exists.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Information and other documents of the organization are made available to the public upon request.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990 governing body review Part VI line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Conflict of interest policy compliance Part VI line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Governing documents etc available to public Part VI line 19
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ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Padilla and Company LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0175-61 Hillside Avenue Ste 200
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ReturnHeader/PreparerPersonGrp/PreparationDt02022-11-15
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Jose Paolo Espiritu
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ReturnHeader/TaxYr02021

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$8,451,048
Liabilities
$10,248,156
Net assets
-$1,797,108
Revenue
$1,427,008
Expenses
$1,965,753
Net income
-$538,745
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$7.56$11.1$3.58$1.48$2.08$0.60
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.80$10.8$2.99$1.47$2.13$0.66
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$8.15$10.5$2.33$1.45$1.99$0.54
2021Detailed filing. Detailed filing data is available for this year.$8.45$10.2$1.80$1.43$1.97$0.54
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.80$10.1$1.26$1.48$2.05$0.57
2017Summary only. Only limited summary data is available for this year.$7.60$7.73$0.13$1.34$1.33$0.01
2016Summary only. Only limited summary data is available for this year.$7.80$7.95$0.14$1.31$1.38$0.07
2015Summary only. Only limited summary data is available for this year.$7.99$8.08$0.08$0.64$0.72$0.08