Civic Intelligence

Mhany Stella Heights Housing Development Fund Corporation

990 • Fiscal year 2020 • EIN 84-2668403

Jan 01, 2020 to Dec 31, 2020 • Filed on Aug 27, 2021

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

82nd percentile

1.19x

Higher debt load relative to assets than 82% of similar nonprofits.

2020 filings • NTEE L • $5M-$10M nonprofits • Source year 2020

Liabilities / Revenue

89th percentile

13.71x

Higher debt load relative to revenue than 89% of similar nonprofits.

2020 filings • NTEE L • $5M-$10M nonprofits • Source year 2020

Net Margin

2nd percentile

-165%

Higher net margin than 2% of similar nonprofits.

2020 filings • NTEE L • $5M-$10M nonprofits • Source year 2020

Top Officer Pay

33rd percentile

$0

Higher top officer pay than 33% of similar nonprofits.

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

2020 filings • NTEE L • $5M-$10M nonprofits • Source year 2020

Asset Growth

54th percentile

1.1%

Faster asset growth than 54% of similar nonprofits.

2020 filings • NTEE L • $5M-$10M nonprofits • Annualized from 2019 to 2020

Revenue Growth

97th percentile

252%

Faster revenue growth than 97% of similar nonprofits.

2020 filings • NTEE L • $5M-$10M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets82nd percentile

Assets

Up

$7,091,462

Up $77,179 (+1.1%) from 2019

Net Assets

Down

-$1,328,227

Down $1,125,476 (-555%) from 2019

Liabilities

Up

$8,419,689

Up $1,202,655 (+17%) from 2019

Revenue And Expenses
Liabilities / Revenue89th percentileNet Margin2nd percentile

Revenue

Up

$614,313

Up $439,759 (+252%) from 2019

Expenses

Up

$1,630,166

Up $1,252,861 (+332%) from 2019

Net Income

Down

-$1,015,853

Down $813,102 (-401%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth54th percentile

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

$15M$10M$5.0M$0-$5.0MAssets 2019: $7,014,283Liabilities 2019: $7,217,034Net Assets 2019: -$202,7512019Assets 2020: $7,091,462Liabilities 2020: $8,419,689Net Assets 2020: -$1,328,2272020Assets 2021: $6,908,768Liabilities 2021: $9,069,668Net Assets 2021: -$2,160,9002021Assets 2022: $6,986,761Liabilities 2022: $10,066,597Net Assets 2022: -$3,079,8362022Assets 2023: $4,875Liabilities 2023: $4,875Net Assets 2023: $02023Assets 2024: $193,410Liabilities 2024: $199,120Net Assets 2024: -$5,7102024

Highlighted filing

2020

Assets$7,091,462
Liabilities$8,419,689
Net Assets-$1,328,227
Open 2020 Filing

Operations Trend

Revenue Growth97th percentile

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

$3.0M$2.0M$1.0M$0-$1.0M-$2.0MRevenue 2019: $174,554Expenses 2019: $377,305Net Income 2019: -$202,7512019Revenue 2020: $614,313Expenses 2020: $1,630,166Net Income 2020: -$1,015,8532020Revenue 2021: $621,883Expenses 2021: $1,454,556Net Income 2021: -$832,6732021Revenue 2022: $617,887Expenses 2022: $1,536,823Net Income 2022: -$918,9362022Revenue 2023: $608,935Expenses 2023: $2,215,704Net Income 2023: -$1,606,7692023Revenue 2024: $0Expenses 2024: $0Net Income 2024: $02024

Highlighted filing

2020

Revenue$614,313
Expenses$1,630,166
Net Income-$1,015,853
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Aug 27, 2021
Return Version
2020v4.1
Gross Receipts
$614,313
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$6,849,043$6,782,241▼ $66,802
Cash and Non-Interest-Bearing Accounts$46,932$100,933▲ $54,001
Accounts Receivable$95,294$90,796▼ $4,498
Intangible Assets$12,409$43,345▲ $30,936
Prepaid Expenses and Deferred Charges-$3,611-
Total Assets$7,014,283$7,091,462▲ $77,179
Other Assets Total$10,605$70,536▲ $59,931
Liabilities
Mortgage Notes Payable Secured by Investment Property$7,107,744$7,624,090▲ $516,346
Accounts Payable and Accrued Expenses$65,135$457,260▲ $392,125
Other Liabilities$41,555$333,627▲ $292,072
Deferred Revenue$2,600$4,712▲ $2,112
Total Liabilities$7,217,034$8,419,689▲ $1,202,655
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-202,751$-1,328,227▼ $1,125,476
Total Net Assets Fund Balance$-202,751$-1,328,227▼ $1,125,476
Total Liabilities and Net Assets / Fund Balance$7,014,283$7,091,462▲ $77,179

Asset Categories

AssetBook ValueDepreciationBasis
Land$3,800,000-$3,800,000
Buildings$2,859,106$96,225$2,955,331
Other Land Buildings$117,779-$117,779
Equipment$5,356$643$5,999
Compensation and Service Providers
Top Officer Pay33rd percentile

Board Members and Trustees

NameTitle
Derrick OwensPresident
Dorothy AmadiSecretary
Natalie BrownTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$614,313
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-1,015,853

Audited Revenue Reconciliation

Revenue per Audited Statements
$614,313
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$614,313
Total Revenue per Form 990
$614,313
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,630,166
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 Management$457,055$42,915-$499,970
Interest$473,001--$473,001
Occupancy$295,274--$295,274
Depreciation Depletion$131,689--$131,689
Insurance$39,725--$39,725
Fees for Services Other$16,525--$16,525
Fees for Services Accounting$11,870--$11,870
Office Expenses$11,573--$11,573
Other Expenses$4,733--$4,733
Fees for Services Legal$4,267--$4,267
Total Functional Expenses$1,587,251$42,915$0$1,630,166

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,630,166
Total Expenses per Audited Statements$1,630,166
Total Expenses per Form 990$1,630,166
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
Due to Related Parties$316,962
Security Deposit$16,665
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
No
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
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 any committees.”

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 the form. Once all necessary changes are made and the president is in agreement with designated board members on the finished form 990, it will be signed by the president, dated and submitted 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 Stella Heights Housing Development
EIN
84-2668403
Phone
7182468080
Address
470 VANDERBILT AVE 9TH FLOOR, BROOKLYN, NY 11238

Signing Officer

Name
Ismene Speliotis
Title
Executive Director
Phone
7182468080
Signed
2021-08-27
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ismene Speliotis
Formed
2019
Legal Domicile
Ny
Voting Board Members
3
Independent Board Members
3
Employees
0
Volunteers
0

Preparer

Firm
Cohnreznick Llp
Address
14 SYLVAN WAY, PARSIPPANY, NJ 07054-3801
Preparer
Lori Rothe Yokobosky CPA
Phone
9732283500
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

“The corporation 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 year ended december 31, 2020 and period from september 6, 2019 (date of acquisition) through december 31, 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. While no informational returns are currently being examined by the irs, tax years since 2019 (initial year of operations) remain open.”

Raw XML AppendixShowing 400 of 895 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 CORPORATION 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 YEAR ENDED DECEMBER 31, 2020 AND PERIOD FROM SEPTEMBER 6, 2019 (DATE OF ACQUISITION) THROUGH DECEMBER 31, 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. WHILE NO INFORMATIONAL RETURNS ARE CURRENTLY BEING EXAMINED BY THE IRS, TAX YEARS SINCE 2019 (INITIAL YEAR OF OPERATIONS) REMAIN OPEN.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt06782241
IRS990ScheduleD/TotalExpensesPerForm990Amt01630166
IRS990ScheduleD/TotalLiabilityAmt0333627
IRS990ScheduleD/TotalRevenuePerForm990Amt0614313
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0614313
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01630166
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION DELEGATES ALL MANAGEMENT RESPONSIBILITIES TO MHANY MANAGEMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ORGANIZATION DOES NOT HAVE ANY COMMITTEES.
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 THE FORM. ONCE ALL NECESSARY CHANGES ARE MADE AND THE PRESIDENT IS IN AGREEMENT WITH DESIGNATED BOARD MEMBERS ON THE FINISHED FORM 990, IT WILL BE SIGNED BY THE PRESIDENT, DATED AND SUBMITTED 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/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
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
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IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd0N/A
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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
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt16C
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt17C
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd0NY
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd6NY
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd16NY
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt0INVESTMENT
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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

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$7,091,462
Liabilities
$8,419,689
Net assets
-$1,328,227
Revenue
$614,313
Expenses
$1,630,166
Net income
-$1,015,853
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.19$0.20$0.01$0.00$0.00$0.00
2023Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.61$2.22$1.61
2022Detailed filing. Detailed filing data is available for this year.$6.99$10.1$3.08$0.62$1.54$0.92
2021Detailed filing. Detailed filing data is available for this year.$6.91$9.07$2.16$0.62$1.45$0.83
2020Detailed filing. Detailed filing data is available for this year.$7.09$8.42$1.33$0.61$1.63$1.02
2019Detailed filing. Detailed filing data is available for this year.$7.01$7.22$0.20$0.17$0.38$0.20