Mhany Peninsula Local Development Corporation
- Assets
- $39.1m
- Revenue
- $563.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Brooklyn, NY
- Founding
- 05/2019
- Data as of
- 12/2022
- EIN
- 32-0575794
Organization Overview
Mhany Peninsula Local Development Corporation is located in Brooklyn, NY. The organization was established in 2019. According to its NTEE Classification (J20) the organization is classified as: Employment Preparation & Procurement, under the broad grouping of Employment and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mhany Peninsula Local Development Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Mhany Peninsula Local Development Corporation generated $563.4k in total revenue. All expenses for the organization totaled $1.1m during the year ending 12/2022.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
DEVELOP, ON A NON PROFIT BASIS, A HOUSING PROJECT FOR PERSONS OF LOW INCOME.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EXPENSES WERE INCURRED FOR THE MAINTENANCE OF A HOUSING PROJECT DEVELOPED FOR THE BENEFIT OF PERSONS OF LOW INCOME.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dorothy Amadi President | OfficerTrustee | 1 | $0 |
Derrick Owens Secretary | OfficerTrustee | 1 | $0 |
Natalie Brown Treasurer | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $559,369 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $563,369 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $4,024 |
| Fees for services: Legal | $925,000 |
| Fees for services: Accounting | $3,093 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $6,100 |
| Advertising and promotion | $79 |
| Office expenses | $25,258 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $72,902 |
| Travel | $8 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $32,623 |
| All other expenses | $15,248 |
| Total functional expenses | $1,102,993 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $43,602 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $911,264 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $7,204 |
| Net Land, buildings, and equipment | $37,934,206 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $241,982 |
| Total assets | $39,138,258 |
| Accounts payable and accrued expenses | $214,656 |
| Grants payable | $0 |
| Deferred revenue | $14,973,357 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $54,972 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $18,275,803 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $6,174,297 |
| Total liabilities | $39,693,085 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | -$554,827 |
| Total liabilities and net assets/fund balances | $39,138,258 |