Civic Intelligence

Mhany Stella Heights Housing Development Fund Corporation

990 • Fiscal year 2021 • EIN 84-2668403

Jan 01, 2021 to Dec 31, 2021 • Filed on Sep 30, 2022

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

86th percentile

1.31x

Higher debt load relative to assets than 86% of similar nonprofits.

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

Liabilities / Revenue

93rd percentile

14.58x

Higher debt load relative to revenue than 93% of similar nonprofits.

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

Net Margin

2nd percentile

-134%

Higher net margin than 2% 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

28th percentile

-2.6%

Faster asset growth than 28% of similar nonprofits.

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

Revenue Growth

41st percentile

1.2%

Faster revenue growth than 41% of similar nonprofits.

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

Assets

Down

$6,908,768

Down $182,694 (-2.6%) from 2020

Net Assets

Down

-$2,160,900

Down $832,673 (-63%) from 2020

Liabilities

Up

$9,069,668

Up $649,979 (+7.7%) from 2020

Revenue

Up

$621,883

Up $7,570 (+1.2%) from 2020

Expenses

Down

$1,454,556

Down $175,610 (-11%) from 2020

Net Income

Up

-$832,673

Up $183,180 (+18%) from 2020

Historical Trend

Balance Sheet Trend

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

2021

Assets$6,908,768
Liabilities$9,069,668
Net Assets-$2,160,900

Operations Trend

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

2021

Revenue$621,883
Expenses$1,454,556
Net Income-$832,673
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Sep 30, 2022
Return Version
2021v4.2
Gross Receipts
$621,883
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$6,782,241$6,757,190▼ $25,051
Accounts Receivable$90,796$125,431▲ $34,635
Cash and Non-Interest-Bearing Accounts$100,933$0▼ $100,933
Intangible Assets$43,345$0▼ $43,345
Prepaid Expenses and Deferred Charges$3,611$4,562▲ $951
Total Assets$7,091,462$6,908,768▼ $182,694
Other Assets Total$70,536$21,585▼ $48,951
Liabilities
Mortgage Notes Payable Secured by Investment Property$7,624,090$8,091,097▲ $467,007
Accounts Payable and Accrued Expenses$457,260$528,061▲ $70,801
Other Liabilities$333,627$446,091▲ $112,464
Deferred Revenue$4,712$4,419▼ $293
Total Liabilities$8,419,689$9,069,668▲ $649,979
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-1,328,227$-2,160,900▼ $832,673
Total Net Assets Fund Balance$-1,328,227$-2,160,900▼ $832,673
Total Liabilities and Net Assets / Fund Balance$7,091,462$6,908,768▼ $182,694

Asset Categories

AssetBook ValueDepreciationBasis
Land$3,800,000-$3,800,000
Buildings$2,789,894$169,057$2,958,951
Other Land Buildings$154,991-$154,991
Equipment$12,305$154$12,459
Compensation and Service Providers

Board Members and Trustees

NameTitle
Dorothy AmadiPresident
Derrick OwensSecretary
Natalie BrownTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$618,180
Investment Income
$0
Other Revenue
$3,703
Change in Net Assets
$-832,673

Audited Revenue Reconciliation

Revenue per Audited Statements
$621,883
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$621,883
Total Revenue per Form 990
$621,883
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,454,556
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$357,686$54,254-$411,940
Occupancy$323,366--$323,366
Interest$321,565--$321,565
Depreciation Depletion$72,343--$72,343
Insurance$53,797--$53,797
Fees for Services Legal$13,621--$13,621
Fees for Services Accounting$11,493--$11,493
Other Expenses$6,649--$6,649
Office Expenses$5,831--$5,831
Fees for Services Other$4,634--$4,634
Total Functional Expenses$1,400,302$54,254$0$1,454,556

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,454,556
Total Expenses per Audited Statements$1,454,556
Total Expenses per Form 990$1,454,556
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$428,604
Security Deposit$17,487
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
2022-09-30
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

Additional Explanations

FORM 990, PART XII, LINE 2C:

There has not been a change to the oversight process or selection process during the tax year.

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, 2021 and 2020. 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.

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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, 2021 AND 2020. 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/TotalBookValueLandBuildingsAmt06757190
IRS990ScheduleD/TotalExpensesPerForm990Amt01454556
IRS990ScheduleD/TotalLiabilityAmt0446091
IRS990ScheduleD/TotalRevenuePerForm990Amt0621883
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0621883
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01454556
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/ExplanationTxt4THERE HAS NOT BEEN A CHANGE TO THE OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR.
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 XII, LINE 2C:
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd20
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd30
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd40
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd50
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd70
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd90
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd100
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd110
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd120
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd130
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd150
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd170
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd0N/A
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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
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt15C
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt16C
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt17C
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd0NY
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd1NY
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd2NY
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd3NY
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd4NY
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd5NY
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd6NY
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd7NY
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd8NY
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd9NY
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd11NY
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd12NY
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd14NY
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd15NY
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd16NY
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd17NY
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt0INVESTMENT
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt1INVESTMENT
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt2INVESTMENT
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt3INVESTMENT
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt4INVESTMENT
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt5INVESTMENT
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt6INVESTMENT
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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

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