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Nonprofiteer
← MAAC HOUSING CORPORATION

Form 990 for tax year 2022

Filed by MAAC HOUSING CORPORATION.

Totals

Total revenue
$5,187,555
Total expenses
$4,051,633
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$4,248,179
Investment income
$935,955
Other revenue
$3,421
Total assets, end of year
$48,248,981
Total liabilities, end of year
$5,800,930
Net assets or fund balances, end of year
$42,448,051
Program services expenses (Part IX)
$4,051,633
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$4,051,633

Program services were 100.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: TENANT RENTS

    total $4,056,483 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: TENANT CHARGES

    total $24,461 · unrelated business $0 · excluded $0

  • 2c · Program service revenue: LAUNDRY AND VENDING

    total $66,681 · unrelated business $0 · excluded $0

  • 2d · Program service revenue: DAYCARE CENTER

    total $100,554 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $935,955 · unrelated business $0 · excluded $935,955

  • 11d · All other revenue

    total $3,421 · related or exempt $3,421 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $3,421

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $313,666 · program services $313,666 · management and general $0 · fundraising $0

  • 9 · Other employee benefits

    total $52,538 · program services $52,538 · management and general $0 · fundraising $0

  • 10 · Payroll taxes

    total $26,112 · program services $26,112 · management and general $0 · fundraising $0

  • 11b · Fees: legal

    total $13,513 · program services $13,513 · management and general $0 · fundraising $0

  • 11c · Fees: accounting

    total $25,538 · program services $25,538 · management and general $0 · fundraising $0

  • 12 · Advertising and promotion

    total $2,597 · program services $2,597 · management and general $0 · fundraising $0

  • 13 · Office expenses

    total $20,880 · program services $20,880 · management and general $0 · fundraising $0

  • 16 · Occupancy

    total $358,650 · program services $358,650 · management and general $0 · fundraising $0

  • 17 · Travel

    total $4,728 · program services $4,728 · management and general $0 · fundraising $0

  • 20 · Interest

    total $335,258 · program services $335,258 · management and general $0 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $1,153,273 · program services $1,153,273 · management and general $0 · fundraising $0

  • 23 · Insurance

    total $167,341 · program services $167,341 · management and general $0 · fundraising $0

  • 24a · Other expenses: RESIDENT RELATIONS EXPENSE

    total $130,984 · program services $130,984 · management and general $0 · fundraising $0

  • 24b · Other expenses: PROPERTY TAXES

    total $15,339 · program services $15,339 · management and general $0 · fundraising $0

  • 24c · Other expenses: MANAGEMENT FEES

    total $203,941 · program services $203,941 · management and general $0 · fundraising $0

  • 24d · Other expenses: INCENTIVE FEE

    total $239,182 · program services $239,182 · management and general $0 · fundraising $0

  • 24e · All other expenses

    total $988,093 · program services $988,093 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,363,798 · end of year $1,575,933

  • 4 · Accounts receivable

    beginning of year $34,666 · end of year $37,575

  • 7 · Other notes and loans receivable

    beginning of year $25,577,132 · end of year $25,577,132

  • 9 · Prepaid expenses and deferred charges

    beginning of year $53,092 · end of year $58,685

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

    $25,266,406

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

    $12,373,736

  • 10c · Land, buildings and equipment, net

    beginning of year $13,389,308 · end of year $12,892,670

  • 13 · Investments: program-related

    beginning of year -$527,993 · end of year -$277,802

  • 15 · Other assets

    beginning of year $7,219,284 · end of year $8,384,788

  • 17 · Accounts payable and accrued expenses

    beginning of year $511,970 · end of year $603,146

  • 19 · Deferred revenue

    beginning of year $1,676 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $5,195,251 · end of year $5,119,692

  • 25 · Other liabilities

    beginning of year $88,261 · end of year $78,092

  • 27 · Net assets without donor restrictions

    beginning of year $41,312,129 · end of year $42,448,051

Mission and programs · 2022

Mission

WELFARE MAAC HOUSING CORPORATION WAS ORGANIZED AND OPERATED FOR THE PURPOSE OF PROMOTING DECENT, SAFE AND AFFORDABLE HOUSING FOR LOW INCOME PERSONS

  • CARLSBAD LAUREL TREE APARTMENTS-CARLSBAD APARTMENTS CONSISTS OF A 138-UNIT LOW INCOME HOUSING PROJECT IN 23 RESIDENTIAL BUILDINGS TOGETHER WITH OPEN SPACE AND RECREATIONAL AMENITIES LOCATED IN SAN DIEGO COUNTY, CALIFORNIA, IN WHICH MAAC HOUSING CORPORATION (MHC) SERVES AS A LIMITED PARTNER. MAAC PRESIDENT JOHN ADAMS MANOR APARTMENTS, LLC (MAAC PJAM LLC)- MAAC PJAM LLC WAS FORMED IN MARCH 2016 WITH MHC AS THE SOLE MEMBER FOR THE PURPOSE OF ACQUIRING THE PRESIDENT JOHN ADAMS MANOR APARTMENTS (THE PROJECT) FROM THE PJAM LP, AN AFFILIATED PARTNERSHIP. THE GENERAL PARTNER IS PJAM INC., A CALIFORNIA EXEMPT ORGANIZATION. THE PROJECT CONSISTS OF 300 UNITS OF AFFORDABLE RENTAL HOUSING IN 38 RESIDENTIAL BUILDINGS LOCATED IN THE CITY SAN DIEGO, CALIFORNIA. MHC BECAME THE SOLE OWNER OF THE APARTMENT PROJECT IN MAY 2016, RECEIVING AN ALLOCATION OF 100% OF THE LOSSES AS ITS SOLE MEMBER. MAAC SAN MARTIN DE PORRES LLC-EFFECTIVE JUNE 1, 2017, SAN MARTIN DE PORRES, L.P., SOLD THE PROJECT TO SAN MARTIN DE PORRES, LLC, A WHOLLY OWNED SUBSIDIARY OF MAAC HOUSING CORPORATION. THE PROJECT CONSISTS OF A 116-UNIT, AFFORDABLE RENTAL HOUSING APARTMENT LOCATED IN THE CITY OF SPRING VALLEY, SAN DIEGO COUNTY, CALIFORNIA. MAAC COMMUNITY CENTER WAS TRANSFERRED TO MCC CHULA VISTA, LLC, A SOLE MEMBER SUBSIDIARY OF MAAC HOUSING CORP, AS OF MAY, 2017. THE PROJSCT IS A 73,000 SQUARE FOOT PROPERTY LOCATED IN CHULA VISTA, CALIFORNIA, WHICH IS USED FOR A CHARTER SCHOOL AND VARIOUS PROGRAMS. DURING 2020, MAAC HOUSING CORP BECAME A LIMITED PARTNER IN TWO ADDITIONAL PARTNERSHIPS: MAAC IVY LP (99.99%) AND MAAC NATIONAL CITY LP (99.99%). THESE ENTITIES HOLD LAND TO BE DEVELOPED INTO AFFORDABLE RENTAL HOUSING PROJECTS, WITH CONSTRUCTION EXPECTED TO COMMENCE IN 2022. MHC WAS FORMED TO PROVIDE DECENT, SAFE AND AFFORDABLE HOUSING FOR LOW INCOME PERSONS AND FAMILIES. IN ADDITION, THESE PROJECTS CREATE SUPPORTIVE COMMUNITIES, INCLUDE QUALITY PROPERTY MANAGEMENT, TENANT GOVERNANCE COUNCILS, CULTURALLY- SENSITIVE SOCIAL SERVICES, WORK SKILL ENHANCEMENT PROGRAMS, COMMUNITY LEADERSHIP AND ORGANIZATION, AND INTERVENTION STRATEGIES FOR CHILDREN AND YOUTH. THEY PROVIDE A COMPREHENSIVE PROGRAM OF SUPPORT SERVICES TO THEIR RESIDENTS, INCLUDING A DIVERSE AND CULTURALLY APPROPRIATE LIBRARY, AN AFTER-SCHOOL READING PROGRAM, ON-SITE CHILDCARE, AN ACTIVE TENANT ASSOCIATION, A LUNCH PROGRAM, AND A SUMMER CAMP PARTICIPATION PROGRAM. MHC WAS FORMED TO SUPPORT THE METROPOLITAN AREA ADVISORY COMMITTEE ON ANTI-POVERTY OF SAN DIEGO COUNTY, INC, A CALIFORNIA NONPROFIT BENEFIT CORPORATION.

    Expenses $4,051,633 · Revenue $4,251,600

As filed on the 2022 return.

Listed in Part VII

  • Arnulfo Manriquez

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $383,854
    From this org
    $0
    From related orgs
    $344,178
    Other
    $39,676
    Hours/week
    0.5

    Schedule J breakdown matched by us

    Base
    $0 + $344,178 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $13,726 related
    Nontaxable benefits
    $0 + $25,949 related
    Filer's total
    $0 + $383,853 related

  • Shreya Sasaki

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.5

  • Austin Foye

    CHIEF FINANCIAL OFFICCER

    Total calculated
    $219,571
    From this org
    $0
    From related orgs
    $186,559
    Other
    $33,012
    Hours/week
    0.5

    Schedule J breakdown matched by us

    Base
    $0 + $186,559 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $8,790 related
    Nontaxable benefits
    $0 + $24,223 related
    Filer's total
    $0 + $219,572 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

Pt I Line 3
THE ORGANIZATION DOES NOT ITSELF COMPENSATE ANY OFFICERS, DIRECTORS OR BOARD MEMBERS; HOWEVER, ITS BOARD MEMBERS ARE ALSO MEMEBERS OF THE BOARD OF ITS SUPPORTED ORGANIZATION, METROPOLITAN AREA ADVISORY COMMITTEE ON ANTI-POVERTy. THE CEO OF MAAC IS COMPENSATED ACCORDING TO ITS COMPENSATION POLICIES BY USING COMPENSATION SURVEYS AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • MAAC-SEE NOTE

    501(C)3 · LOW INCOME HOUSING · CA

    Directly controlled by NA

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • MAAC PRESIDENT JOHN ADAMS MANOR LLC

    LOW INCOME HOUSING · CA · income $934,550 · assets $30,600,177

    Directly controlled by MHC

  • SAN MARTIN DE PORRES LLC

    LOW INCOME HOUSING · CA · income $1,414,962 · assets $7,890,294

    Directly controlled by MHC

  • MCC CHULA VISTA LLC

    LOW INCOME HOUSING · CA · income $960,917 · assets $9,001,436

    Directly controlled by MHC

  • MAAC SENIORS ON BROADWAY LLC

    LOW INCOME HOUSING · CA · income $0 · assets $0

    Directly controlled by MHC

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • CARLSBAD LAUREL TREE APARTMENTS LP

    RELATED · LOW INCOME HOUSING · CA · 99.99% owned · share of income $278,875 · share of assets $2,436,619

    Directly controlled by MHC

  • SAN MARTIN DE PORRES LP

    RELATED · LOW INCOME HOUSING · CA · 99.9% owned · share of income $0 · share of assets $0

    Directly controlled by MHC

  • MAAC SENDERO LP

    RELATED · LOW INCOME HOUSING · CA · 0.1% owned · share of income $0 · share of assets $0

    Directly controlled by MAAC

  • MAAC NATIONAL CITY LP

    RELATED · LOW INCOME HOUSING · CA · 99.99% owned · share of income $0 · share of assets $0

    Directly controlled by MHC

  • SAN MARTIN 2020 LP

    RELATED · LOW INCOME HOUSING · CA · 99% owned · share of income $0 · share of assets $0

    Directly controlled by MHC

  • MAAC IVY LP

    RELATED · LOW INCOME HOUSING · CA · 99.99% owned · share of income $0 · share of assets $0

    Directly controlled by MHC

  • MERCADO 2019 LP

    RELATED · LOW INCOME HOUSING · CA · 99% owned · share of income $0 · share of assets $0

    Directly controlled by MHC

  • CREST ON IMPERIAL LP

    RELATED · LOW INCOME HOUSING · CA · 0.1% owned · share of income $0 · share of assets $0

    Directly controlled by MAAC

Provenance

Return type
form_990
Tax year
2022
Filed
14 November 2023
IRS schema version
2022v5.0
Source object
202313199349327426

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