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Nonprofiteer
← MAPES BOULEVARD H D F C CORP

Form 990 for tax year 2023

Filed by MAPES BOULEVARD H D F C CORP.

Totals

Total revenue
$1,180,295
Total expenses
$1,279,604
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$1,129,851
Investment income
$11,682
Other revenue
$38,762
Total assets, end of year
$2,090,834
Total liabilities, end of year
$7,927,916
Net assets or fund balances, end of year
-$5,837,082
Program services expenses (Part IX)
$1,062,436
Management and general expenses
$217,168
Fundraising expenses
$0
Program service expenses (Part III)
$1,062,436

Program services were 83.0% 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: RENT INCOME

    total $1,129,851 · related or exempt $1,129,851

  • 3 · Investment income

    total $11,682 · excluded $11,682

  • 11a · Other revenue: BAD DEBT RECOVERY

    total $5,921 · related or exempt $5,921

  • 11b · Other revenue: LAUNDRY INCOME

    total $2,400 · related or exempt $2,400

  • 11d · All other revenue

    total $30,441 · related or exempt $30,441

  • 11e · Other revenue, total

    $38,762

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $144,329 · program services $144,329

  • 8 · Pension plan contributions

    total $5,167 · program services $5,167

  • 9 · Other employee benefits

    total $24,115 · program services $24,115

  • 10 · Payroll taxes

    total $16,477 · program services $16,477

  • 11a · Fees: management

    total $86,191 · management and general $86,191

  • 11b · Fees: legal

    total $14,450 · management and general $14,450

  • 11c · Fees: accounting

    total $24,900 · management and general $24,900

  • 11g · Fees: other

    total $150,093 · program services $86,193 · management and general $63,900

  • 13 · Office expenses

    total $16,469 · management and general $16,469

  • 14 · Information technology

    total $6,335 · management and general $6,335

  • 16 · Occupancy

    total $260,880 · program services $260,880

  • 17 · Travel

    total $22 · management and general $22

  • 20 · Interest

    total $72,128 · program services $72,128

  • 22 · Depreciation, depletion and amortization

    total $139,125 · program services $139,125

  • 23 · Insurance

    total $108,956 · program services $108,956

  • 24a · Other expenses: REPAIRS AND MAINTENANCE

    total $205,066 · program services $205,066

  • 24b · Other expenses: SUPERVISING AGENT FEE

    total $2,868 · management and general $2,868

  • 24c · Other expenses: PAYROLL PROCESSING FEES

    total $2,033 · management and general $2,033

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $251,687 · end of year $222,639

  • 4 · Accounts receivable

    beginning of year $64,901 · end of year $108,543

  • 9 · Prepaid expenses and deferred charges

    beginning of year $84,686 · end of year $14,034

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

    $11,381,766

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

    $10,191,215

  • 10c · Land, buildings and equipment, net

    beginning of year $1,272,938 · end of year $1,190,551

  • 15 · Other assets

    beginning of year $520,699 · end of year $555,067

  • 17 · Accounts payable and accrued expenses

    beginning of year $595,000 · end of year $545,905

  • 23 · Secured mortgages and notes payable

    beginning of year $7,212,779 · end of year $7,212,779

  • 25 · Other liabilities

    beginning of year $124,905 · end of year $169,232

  • 27 · Net assets without donor restrictions

    beginning of year -$5,737,773 · end of year -$5,837,082

Mission and programs · 2023

Mission

MAPES BOULEVARD HOUSING DEVELOPMENT FUND CORPORATION WAS FORMED TO OWN AND OPERATE A HOUSING PROJECT IN THE BOROUGH OF THE BRONX, NY FOR PERSONS OF LOW INCOME.

Activities or mission (Part I)

MAPES BOULEVARD HOUSING DEVELOPMENT FUND CORPORATION WAS FORMED TO DEVELOP OWN AND OPERATE A HOUSING PROJECT IN THE BOROUGH OF THE BRONX, NY FOR PERSONS OF LOW INCOME.

  • TO PROVIDE LOW INCOME HOUSING TO 91 FAMILIES.

    Expenses $1,062,436 · Revenue $1,168,613

As filed on the 2023 return.

Listed in Part VII

  • Adam Weinstein

    PRESIDENT/CEO

    Total calculated
    $990,213
    From this org
    $0
    From related orgs
    $818,137
    Other
    $172,076
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $660,637 related
    Bonus
    $0 + $135,000 related
    Other
    $0 + $22,500 related
    Deferred
    $0 + $143,252 related
    Nontaxable benefits
    $0 + $28,824 related
    Filer's total
    $0 + $990,213 related

  • James Robert Pigott Jr

    VICE PRESIDENT AND SECRETA

    Total calculated
    $430,091
    From this org
    $0
    From related orgs
    $350,387
    Other
    $79,704
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $269,887 related
    Bonus
    $0 + $58,000 related
    Other
    $0 + $22,500 related
    Deferred
    $0 + $56,202 related
    Nontaxable benefits
    $0 + $23,502 related
    Filer's total
    $0 + $430,091 related

  • Lukeman Ogunyinka

    TREASURER

    Total calculated
    $337,124
    From this org
    $0
    From related orgs
    $274,320
    Other
    $62,804
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $224,320 related
    Bonus
    $0 + $50,000 related
    Other
    $0
    Deferred
    $0 + $56,202 related
    Nontaxable benefits
    $0 + $6,602 related
    Filer's total
    $0 + $337,124 related

  • Lloyd Zuckerberg

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Matthew Kelly

    VP PROPERTY DEVELOPMENT

    Total calculated
    $423,493
    From this org
    $0
    From related orgs
    $350,240
    Other
    $73,253
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $267,740 related
    Bonus
    $0 + $60,000 related
    Other
    $0 + $22,500 related
    Deferred
    $0 + $56,202 related
    Nontaxable benefits
    $0 + $17,051 related
    Filer's total
    $0 + $423,493 related

  • Michael Wadman

    VP PROPERTY DEVELOPMENT

    Total calculated
    $360,805
    From this org
    $0
    From related orgs
    $302,790
    Other
    $58,015
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $262,790 related
    Bonus
    $0 + $40,000 related
    Other
    $0
    Deferred
    $0 + $56,202 related
    Nontaxable benefits
    $0 + $1,813 related
    Filer's total
    $0 + $360,805 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

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 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)

PART I, LINE 3
PHIPPS HOUSES, AN AFFILIATE OF THE REPORTING ORGANIZATION PAID COMPENSATION TO THE REPORTING ORGANIZATION'S TOP MANAGEMENT OFFICIAL. PHIPPS HOUSES HAS ESTABLISHED THE COMPENSATION OF THE TOP MANAGEMENT OFFICIAL USING COMPENSATION COMMITTEE, INDEPENDENT COMPENSATION CONSULTANT, FORM 990 OF OTHER ORGANIZATIONS, COMPENSATION SURVEY OR STUDY, AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE.
PART I, LINE 4B
ADAM WEINSTEIN, PRESIDENT, IS A PARTICIPANT IN A SECTION 457(F) PLAN THAT REQUIRES HIM TO PERFORM SERVICES FOR A PERIOD OF TIME. HE HAS RECEIVED ANNUAL AWARDS BEGINNING IN 2017 AND (CONSISTENT WITH IRS FORM 990, SCHEDULE J INSTRUCTIONS) THESE AMOUNTS ARE TREATED AS ACCRUED OR EARNED RATABLY OVER THE COURSE OF THE SERVICE PERIOD. $87,050 IS REPORTED AS EARNED DURING THE REPORTING PERIOD WHICH IS INCLUDED IN SCHEDULE J, PART II, COLUMN (C).

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.

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.

Related partnerships

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

  • PLAZA SOUTH MANAGEMENT CO II

    REAL ESTATE M · NY

  • VIA VERDE RENTAL LEASING LLC

    REAL ESTATE M · NY

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • 1039 BOSTON ROAD MANAGEMENT CORP

    C · REAL ESTATE M · NY

  • 1691 FULTON AVENUE MANAGEMENT CORP

    C · REAL ESTATE M · NY

  • 600 EAST 156TH STREET MANAGEMENT CORP

    C · REAL ESTATE M · NY

  • 710 EAST 9TH STREET MANAGEMENT CORP

    C · REAL ESTATE M · NY

  • 912 EAST 178TH STREET MANAGEMENT CORP

    C · REAL ESTATE M · NY

  • 988 EAST 180 STREET MODERATE MM CORP

    C · REAL ESTATE M · NY

  • 988 EAST 180TH STREET HDFC

    C · REAL ESTATE M · NY

  • 988 EAST 180TH STREET MANAEMENT CORP

    C · REAL ESTATE M · NY

  • ATLANTIC CHESTNUT I MANAGEMENT CORP

    C · REAL ESTATE M · NY

  • ATLANTIC CHESTNUT II MANAGEMENT CORP

    C · REAL ESTATE M · NY

  • ATLANTIC CHESTNUT III MANAGEMENT CORP

    C · REAL ESTATE M · NY

  • BOSTON TREMONT LLC

    C · REAL ESTATE M · NY

  • COURTLANDT COMMUNITY MANAGEMENT CORP

    C · REAL ESTATE M · NY

  • COURTLANDT CORNERS I MANAGEMENT CORP

    C · REAL ESTATE M · NY

  • COURTLANDT CORNERS I INC

    C · REAL ESTATE M · NY

  • COURTLANDT CORNERS II MANAGEMENT CORP

    C · REAL ESTATE M · NY

  • COURTLANDT CORNERS II INC

    C · REAL ESTATE M · NY

  • COURTLANDT CRESCENT MANAGEMENT CORP

    C · REAL ESTATE M · NY

  • COURTLANDT CRESCENT INC

    C · REAL ESTATE M · NY

  • DEMPSEY APARTMENTS MANAGEMENT CORP

    C · REAL ESTATE M · NY

  • ECHO APARTMENTS MANAGEMENT CORP

    C · REAL ESTATE M · NY

  • ELTON CROSSING HDFC

    C · REAL ESTATE M · NY

  • ELTON CROSSING INC

    C · REAL ESTATE M · NY

  • EXTRA PLACE MANAGEMENT CORP

    C · REAL ESTATE M · NY

  • FABRIA HOUSES MANAGEMENT CORP

    C · REAL ESTATE M · NY

  • FRV PHASE 1 HOLDINGS INC

    C · REAL ESTATE M · NY

  • FRV PHASE 1 MANAGEMENT CORP

    C · REAL ESTATE M · NY

  • HANCOCK PLACE APARTMENTS MANAGEMENT CORP

    C · REAL ESTATE M · NY

  • HOBBS CIENA MANAGEMENT CORP

    C · REAL ESTATE M · NY

  • HONEYWELL II MANAGEMENT CORP

    C · REAL ESTATE M · NY

  • LEBANON WEST FARMS MANAGEMENT CORP

    C · REAL ESTATE M · NY

  • LEBANON WEST FARMS INC

    C · REAL ESTATE M · NY

  • LEE GOODWIN MANAGEMENT CORP

    C · REAL ESTATE M · NY

  • LPV MANAGEMENT CORP

    C · REAL ESTATE M · NY

  • MONTEREY APARTMENTS MANAGEMENT CORP

    C · REAL ESTATE M · NY

  • PHIPPS HOUSES HOLDINGS LLC

    C · REAL ESTATE M · NY

  • PHIPPS HOUSES SERVICES INC

    C · REAL ESTATE M · NY

  • PHIPPS HPS LIHTC ASSOCIATES INC

    C · REAL ESTATE M · NY

  • PHIPPS VIA VERDE HOMES INC

    C · REAL ESTATE M · NY

  • RCB APARTMENTS MANAGEMENT CORP

    C · REAL ESTATE M · NY

  • SALEM HOUSE MANAGEMENT CORP

    C · REAL ESTATE M · NY

  • SUNNYSIDE MEMBER CORPORATION

    C · REAL ESTATE M · NY

  • VIA VERDE CONDOMINIUM

    C · REAL ESTATE M · NY

  • VIA VERDE RENTAL MANAGEMENT CORP

    C · REAL ESTATE M · NY

  • VIA VERDE RENTAL INC

    C · REAL ESTATE M · NY

  • WEST 128TH STREET MANAGEMENT CORP

    C · REAL ESTATE M · NY

Provenance

Return type
form_990
Tax year
2023
Filed
12 May 2025
IRS schema version
2023v6.0
Source object
202501339349301100

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