Civic Intelligence

Us Mcleod Housing Development Fund Corporation

990 • Fiscal year 2023 • EIN 47-2901744

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 07, 2024

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

87th percentile

1.38x

Higher debt load relative to assets than 87% of similar nonprofits.

2023 filings • NTEE L • $5M-$10M nonprofits • Source year 2023

Liabilities / Revenue

77th percentile

7.33x

Higher debt load relative to revenue than 77% of similar nonprofits.

2023 filings • NTEE L • $5M-$10M nonprofits • Source year 2023

Net Margin

13th percentile

-45%

Higher net margin than 13% of similar nonprofits.

2023 filings • NTEE L • $5M-$10M nonprofits • Source year 2023

Top Officer Pay

30th percentile

$0

Higher top officer pay than 30% of similar nonprofits.

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

2023 filings • NTEE L • $5M-$10M nonprofits • Source year 2023

Asset Growth

17th percentile

-4.3%

Faster asset growth than 17% of similar nonprofits.

2023 filings • NTEE L • $5M-$10M nonprofits • Annualized from 2022 to 2023

Revenue Growth

37th percentile

1.2%

Faster revenue growth than 37% of similar nonprofits.

2023 filings • NTEE L • $5M-$10M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets87th percentile

Assets

Down

$7,802,187

Down $352,500 (-4.3%) from 2022

Net Assets

Down

-$2,987,523

Down $660,310 (-28%) from 2022

Liabilities

Up

$10,789,710

Up $307,810 (+2.9%) from 2022

Revenue And Expenses
Liabilities / Revenue77th percentileNet Margin13th percentile

Revenue

Up

$1,471,595

Up $17,319 (+1.2%) from 2022

Expenses

Up

$2,131,905

Up $142,285 (+7.2%) from 2022

Net Income

Down

-$660,310

Down $124,966 (-23%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth17th 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

2023

Assets$7,802,187
Liabilities$10,789,710
Net Assets-$2,987,523
Open 2023 Filing

Operations Trend

Revenue Growth37th 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

2023

Revenue$1,471,595
Expenses$2,131,905
Net Income-$660,310
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 7, 2024
Return Version
2023v5.1
Gross Receipts
$1,471,595
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$7,055,911$6,703,116▼ $352,795
Accounts Receivable$156,988$148,653▼ $8,335
Cash and Non-Interest-Bearing Accounts$14,743$14,743→ $0
Total Assets$8,154,687$7,802,187▼ $352,500
Other Assets Total$927,045$935,675▲ $8,630
Liabilities
Mortgage Notes Payable Secured by Investment Property$9,723,899$9,723,899→ $0
Other Liabilities$581,407$936,924▲ $355,517
Accounts Payable and Accrued Expenses$176,594$128,887▼ $47,707
Total Liabilities$10,481,900$10,789,710▲ $307,810
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-2,327,213$-2,987,523▼ $660,310
Total Net Assets Fund Balance$-2,327,213$-2,987,523▼ $660,310
Total Liabilities and Net Assets / Fund Balance$8,154,687$7,802,187▼ $352,500

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$6,703,116$2,638,597$9,341,713
Other Assets Org$78,295--
Compensation and Service Providers
Top Officer Pay30th 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
$1,252,217
Investment Income
$0
Other Revenue
$219,378
Change in Net Assets
$-660,310

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,471,595
Total Revenue per Audited Statements
$1,471,595
Total Revenue per Form 990
$1,471,595
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,820,594
Salaries, Compensation, and Employee Benefits$311,311
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$771,860--$771,860
Depreciation Depletion$352,795--$352,795
Insurance$307,040--$307,040
Other Salaries and Wages$253,396--$253,396
Other Expenses$77,858$112,046-$112,046
Fees for Services Accounting-$77,066-$77,066
Interest$62,853--$62,853
Other Employee Benefits$35,730--$35,730
All Other Expenses$30,281--$30,281
Payroll Taxes$22,185--$22,185
Fees for Services Legal$18,681--$18,681
Information Technology$748--$748
Travel$665--$665
Total Functional Expenses$1,940,444$191,461$0$2,131,905

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,131,905
Total Expenses per Audited Statements$2,131,905
Total Expenses per Form 990$2,131,905
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 managing agent$830,525
Tenant Security Payable$78,295
Due to tenants$28,104
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
Yes
Other officer compensation reviewed
Yes
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 Finance Committee at the Business Office, 294 Sumpter Avenue, Brooklyn, NY all material facts related to conflicts of interest (including those that implicate an Other Related Party but not a Covered Person) (including the nature of your or the Other Related Partys interest and information about any proposed transaction or other arrangement). Disclosures should be made in advance, before any action is taken on the matter. Conflict identification and analysis can be difficult and, therefore, you are at all times expected to err on the side of caution and disclose all instances where a conflict of interest or the appearance of a conflict exists.”

CEO executive director top management comp Part VI line 15A

“Compensation for the chief executive officer is determined by the board of directors using comparative data obtained from other not for profit organizations, compensation for other staff members is determined by the CEO using the same data.”

Other officer or key employee compensation Part VI line 15B

“Compensation for the chief executive officer is determined by the board of directors using comparative data obtained from other not for profit organizations, compensation for other staff members is determined by the CEO using the same data.”

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
2024-11-07
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
Supplemental Narrative

Financial Statement Notes

Footnote for uncertain tax position under FIN 48 (Part X)

“The Organization follows the guidance of Accounting for Income Taxes (ASC 740), related touncertainties in income taxes, which prescribes a threshold or more likely than not forrecognition and disallowance of tax positions taken or expected to be taken in a tax return.”

Raw XML AppendixShowing 400 of 431 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Organization follows the guidance of Accounting for Income Taxes (ASC 740), related touncertainties in income taxes, which prescribes a threshold or more likely than not forrecognition and disallowance of tax positions taken or expected to be taken in a tax return.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Footnote for uncertain tax position under FIN 48 (Part X)
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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 Finance Committee at the Business Office, 294 Sumpter Avenue, Brooklyn, NY all material facts related to conflicts of interest (including those that implicate an Other Related Party but not a Covered Person) (including the nature of your or the Other Related Partys interest and information about any proposed transaction or other arrangement). Disclosures should be made in advance, before any action is taken on the matter. Conflict identification and analysis can be difficult and, therefore, you are at all times expected to err on the side of caution and disclose all instances where a conflict of interest or the appearance of a conflict exists.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Compensation for the chief executive officer is determined by the board of directors using comparative data obtained from other not for profit organizations, compensation for other staff members is determined by the CEO using the same data.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Compensation for the chief executive officer is determined by the board of directors using comparative data obtained from other not for profit organizations, compensation for other staff members is determined by the CEO using the same data.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Information 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/FormAndLineReferenceDesc2CEO executive director top management comp Part VI line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Other officer or key employee compensation Part VI line 15b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Governing documents etc available to public Part VI line 19
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd3N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd4N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0US Brownsville II HDFC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt1US Brownsville III HDFC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt2Urban Strategies Inc
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt3US Jones HDFC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt4US Lottport
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd3NY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd4NY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0Low income housing
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt1Low income housing
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt2Social projects
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt3Low income housing
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt4Low income housing
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt0294 Sumpter Street
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt1294 Sumpter Street
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt2294 Sumpter Street
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt3294 Sumpter Street
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt4294 Sumpter Street
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0Brooklyn
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm1Brooklyn
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm2Brooklyn
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm3Brooklyn
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm4Brooklyn
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IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalCompGreaterThan150KInd0false
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$7,802,187
Liabilities
$10,789,710
Net assets
-$2,987,523
Revenue
$1,471,595
Expenses
$2,131,905
Net income
-$660,310
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
2023Detailed filing. Detailed filing data is available for this year.$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
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$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