Form 990 for tax year 2022
Filed by MILFORD HOUSING DEVELOPMENT CORPERATION.
Totals
- Total revenue
- $10,610,866
- Total expenses
- $10,971,772
- Contributions and grants received
- $2,560,387
- Grants paid
- $0
- Program service revenue
- $8,168,358
- Investment income
- $39,295
- Other revenue
- -$157,174
- Total assets, end of year
- $32,022,744
- Total liabilities, end of year
- $39,894,326
- Net assets or fund balances, end of year
- -$7,871,582
- Program services expenses (Part IX)
- $8,948,510
- Management and general expenses
- $1,931,389
- Fundraising expenses
- $91,873
- Program service expenses (Part III)
- $8,948,510
Program services were 81.6% 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.
-
1e · Government grants (contributions)
$1,281,730
-
1f · All other contributions, gifts and grants
$1,278,657
-
2a · Program service revenue: LOW INCOME APARTMENT RENTALS
total $3,917,561 · related or exempt $3,917,561
-
2b · Program service revenue: CONSTRUCTION AND MANAGEMENT
total $2,716,421 · related or exempt $2,716,421
-
2c · Program service revenue: USDA & HUD ASSISTANCE
total $1,324,708 · related or exempt $1,324,708
-
2d · Program service revenue: OTHER INCOME AND SALES
total $209,668 · related or exempt $209,668
-
3 · Investment income
total $11,709 · related or exempt $11,709
-
7a · Gross sales of assets other than inventory
other assets $1,792,865
-
7b · Less cost or other basis and sales expenses
other assets $1,765,279
-
7c · Gain or loss
other assets $27,586
-
7d · Net gain or loss
total $27,586 · related or exempt $27,586
-
11a · Other revenue: WEST STREET MANOR ANNEX LP
total $33,669 · excluded $33,669
-
11b · Other revenue: CARLTON COURT LP
total $1,687 · excluded $1,687
-
11c · Other revenue: MARSHALL MANOR LP
total -$9,979 · excluded -$9,979
-
11d · All other revenue
total -$182,551 · excluded -$182,551
-
11e · Other revenue, total
-$157,174
Functional expenses
Part IX, the statement of functional expenses.
-
7 · Other salaries and wages
total $3,006,652 · program services $1,887,759 · management and general $1,047,775 · fundraising $71,118
-
9 · Other employee benefits
total $877,279 · program services $437,446 · management and general $421,314 · fundraising $18,519
-
11b · Fees: legal
total $2,926 · program services $2,926
-
11c · Fees: accounting
total $182,283 · program services $160,332 · management and general $21,951
-
12 · Advertising and promotion
total $6,006 · program services $4,489 · management and general $371 · fundraising $1,146
-
13 · Office expenses
total $246,179 · program services $202,036 · management and general $44,143
-
14 · Information technology
total $41,266 · program services $22,375 · management and general $18,891
-
16 · Occupancy
total $1,748,674 · program services $1,738,537 · management and general $10,137
-
17 · Travel
total $4,160 · program services $3,483 · management and general $677
-
19 · Conferences, conventions and meetings
total $39,058 · program services $8,635 · management and general $29,333 · fundraising $1,090
-
20 · Interest
total $903,039 · program services $827,680 · management and general $75,359
-
22 · Depreciation, depletion and amortization
total $1,424,260 · program services $1,317,512 · management and general $106,748
-
23 · Insurance
total $467,701 · program services $383,491 · management and general $84,210
-
24a · Other expenses: PROJECT COSTS
total $1,833,065 · program services $1,833,065
-
24b · Other expenses: AUTOMOTIVE
total $91,092 · program services $60,214 · management and general $30,878
-
24c · Other expenses: BAD DEBTS
total $45,844 · program services $45,844
-
24d · Other expenses: TAXES AND LICENSES
total $27,488 · program services $4,545 · management and general $22,943
-
24e · All other expenses
total $24,800 · program services $8,141 · management and general $16,659
Balance sheet
Part X, book values.
-
2 · Savings and temporary cash investments
beginning of year $4,490,433 · end of year $4,400,320
-
4 · Accounts receivable
beginning of year $850,333 · end of year $871,135
-
9 · Prepaid expenses and deferred charges
beginning of year $419,378 · end of year $506,588
-
10a · Land, buildings and equipment: cost or other basis
$49,262,955
-
10b · Land, buildings and equipment: accumulated depreciation
$28,954,589
-
10c · Land, buildings and equipment, net
beginning of year $22,682,739 · end of year $20,308,366
-
12 · Investments: other securities
beginning of year $251,438 · end of year $215,962
-
14 · Intangible assets
beginning of year $128,147 · end of year $99,053
-
15 · Other assets
beginning of year $5,854,933 · end of year $5,621,320
-
17 · Accounts payable and accrued expenses
beginning of year $855,290 · end of year $1,068,430
-
19 · Deferred revenue
beginning of year $1,204,517 · end of year $931,026
-
23 · Secured mortgages and notes payable
beginning of year $32,475,562 · end of year $30,035,801
-
25 · Other liabilities
beginning of year $7,577,164 · end of year $7,859,069
-
27 · Net assets without donor restrictions
beginning of year -$8,711,870 · end of year -$9,052,696
-
28 · Net assets with donor restrictions
beginning of year $1,276,738 · end of year $1,181,114
Mission and programs · 2022
Mission
THE MISSION OF THE MHDC IS TO PROVIDE DECENT, SAFE, AND AFFORDABLE HOUSING SOLUTIONS FOR PEOPLE OF MODEST MEANS.
-
TO PROVIDE AND MANAGE 189 LOW TO MODERATE INCOME HOUSING UNITS SUBSIDIZED BY HUD AND USDA-RD, GOVERNED BY HUD AND USDA REGULATIONS; TO PROVIDE ASSISTANCE TO INDIVIDUALS UNDER THE USDA SELF HELP HOUSING PROGRAM; TO REHABILITATE HOMES FOR SALE TO FAMILIES OF MODEST MEANS; TO PROVIDE CONSTRUCTION SERVICES TO ENTITIES PROVIDING HOUSING TO FAMILIES OF MODEST MEANS; TO MAINTAIN THE FINANCIAL AND COMPLIANCE RECORDS TO ENSURE THE FAMILIES OF MODEST MEANS ARE RECEIVING THE PROPER BENEFITS
Expenses $8,948,510 · Revenue $8,168,358
As filed on the 2022 return.
Listed in Part VII
-
Nancy ChomaNANCY CHOMA
DIRECTOR
- Total calculated
- $0
-
Margaret GallegoMARGARET GALLEGO
DIRECTOR
- Total calculated
- $0
-
Joseph HerbertJOSEPH HERBERT
DIRECTOR
- Total calculated
- $0
-
Thomas HoulihanTHOMAS HOULIHAN
VICE CHAIR
- Total calculated
- $0
-
Lisa KirkwoodLISA KIRKWOOD
DIRECTOR
- Total calculated
- $0
-
Matthew ParksMATTHEW PARKS
CHAIR
- Total calculated
- $0
-
Rev Thomas PasmoreREV THOMAS PASMORE
DIRECTOR
- Total calculated
- $0
-
Timothy RileyTIMOTHY RILEY
DIRECTOR
- Total calculated
- $0
-
Linda RogersLINDA ROGERS
DIRECTOR
- Total calculated
- $0
-
Russell HuxtableRUSSELL HUXTABLE
VICE PRES.
- Total calculated
- $0
-
Jennifer KintzJENNIFER KINTZ
TREASURER
- Total calculated
- $0
-
David MooreDAVID MOORE
PRESIDENT
- Total calculated
- $0
-
Christina StanleyCHRISTINA STANLEY
VICE PRESIDE
- Total calculated
- $0
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.
Grants on this return
No itemized grants to organizations on this return.
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.
-
MISSION BUILDERS LLC
CONTRACTOR · DE
Directly controlled by MHDC
-
GROUND CONTROL LLC
CONTRACTOR · DE
Directly controlled by MHDC
-
CAPITOL PLAZA LLC
RENTAL · DE
-
CARLTON COURT LLC
RENTAL · MD
-
MHDC GP LLC
RENTAL · DE
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 21 June 2023
- IRS schema version
- 2022v5.0
- Source object
- 202301729349300345
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