Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $3,548,923

• 1f · All other contributions, gifts and grants

  $195,000

• 2a · Program service revenue: INTEREST INCOME - LOAN

  total $1,367,962 · related or exempt $1,367,962

• 2b · Program service revenue: ORIGINATION FEE INCOME

  total $76,005 · related or exempt $76,005

• 2c · Program service revenue: MISCELLANEOUS

  total $7,330 · related or exempt $7,330

• 3 · Investment income

  total $89,747 · excluded $89,747

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $460,744 · program services $460,744

• 7 · Other salaries and wages

  total $87,190 · program services $87,190

• 8 · Pension plan contributions

  total $56,357 · program services $56,357

• 9 · Other employee benefits

  total $42,263 · program services $42,263

• 10 · Payroll taxes

  total $30,728 · program services $30,728

• 11b · Fees: legal

  total $1,169 · program services $1,169

• 11c · Fees: accounting

  total $7,265 · program services $2,906 · management and general $4,359

• 11g · Fees: other

  total $82,966 · management and general $82,966

• 13 · Office expenses

  total $14,885 · program services $5,954 · management and general $8,931

• 17 · Travel

  total $20,183 · management and general $20,183

• 20 · Interest

  total $455,058 · program services $455,058

• 22 · Depreciation, depletion and amortization

  total $4,792 · program services $4,792

• 23 · Insurance

  total $1,411 · management and general $1,411

• 24a · Other expenses: PROVISION FOR LOAN LOSS

  total $29,445 · program services $29,445

• 24b · Other expenses: FINANCIAL EXPENSE

  total $2,684 · program services $2,684

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $4,690,547 · end of year $6,243,515

• 2 · Savings and temporary cash investments

  end of year $6,000,000

• 4 · Accounts receivable

  beginning of year $245,344 · end of year $343,557

• 9 · Prepaid expenses and deferred charges

  beginning of year $3,307 · end of year $2,226

• 10a · Land, buildings and equipment: cost or other basis

  $20,999

• 10b · Land, buildings and equipment: accumulated depreciation

  $12,901

• 10c · Land, buildings and equipment, net

  beginning of year $12,890 · end of year $8,098

• 12 · Investments: other securities

  beginning of year $136,700 · end of year $391,500

• 15 · Other assets

  beginning of year $30,824,952 · end of year $43,731,709

• 17 · Accounts payable and accrued expenses

  beginning of year $254,789 · end of year $310,837

• 19 · Deferred revenue

  beginning of year $1,478,923 · end of year $4,505,000

• 23 · Secured mortgages and notes payable

  beginning of year $3,001,980 · end of year $8,322,986

• 24 · Unsecured notes and loans payable

  beginning of year $18,937,928 · end of year $23,231,651

• 25 · Other liabilities

  beginning of year $500,000 · end of year $500,000

• 27 · Net assets without donor restrictions

  beginning of year $11,740,120 · end of year $19,850,131

The filer's explanations (Part III)

SCHEDULE J, PART 1, LINE 6A

THE CEO AND EVP RECEIVE INCENTIVE PAY BASED GENERALLY UPON NET OPERATING INCOME FOR A GIVEN YEAR. THE 2022 INCENTIVE PAY WAS BASED UPON PRECENTAGE OF BASE SALARY. SHORT-TERM INCENTIVE PAY: CEO 15% TO 25% AND EVP 15% TO 25%. LONG-TERM INCENTIVE PAY: CEO AND EVP UP TO 25%. FOR EACH EXECUTIVE, THE LOW END OF BONUS PERCENTAGE BEGINS WHEN MHDF ACHIEVES THE BUDGETED INCOME AMOUNT OF NET OPERATING INCOME AND INCREASES TO ITS HIGH POINT WHEN MHDF ACHIEVES 120% OF BUDGETED NET OPERATING INCOME. NET OPERATING INCOME IS DEFINED AS NET INCOME LESS NON-OPERATING GRANTS. THE BOARD HAS DISCRETION TO AWARD BONUSES TO EXECUTIVES REGARDLESS OF THE NET INCOME OF THE COMPANY, SO LONG AS SUCH BONUS PAYMENTS ALIGN WITH THE COMPARABILITY DATA FOR SIMILARLY SITUATED ORGANIZATIONS. BONUS PAYMENTS ARE SUBJECT TO INDIVIDUAL PERFORMANCE REVIEWS.