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Nonprofiteer
← MPOWER DEVELOPMENT CORP

Form 990 for tax year 2022

Filed by MPOWER DEVELOPMENT CORP.

Totals

Total revenue
$657,001
Total expenses
$362,618
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$236,702
Investment income
$420,299
Other revenue
$0
Total assets, end of year
$13,614,993
Total liabilities, end of year
$94,937
Net assets or fund balances, end of year
$13,520,056
Program services expenses (Part IX)
$278,210
Management and general expenses
$84,408
Fundraising expenses
$0
Program service expenses (Part III)
$641,056

Program services were 76.7% 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: RENTAL REVENUE

    total $236,702 · related or exempt $236,702

  • 3 · Investment income

    total $420,299 · related or exempt $420,299

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $72,960 · management and general $72,960

  • 11c · Fees: accounting

    total $9,250 · management and general $9,250

  • 16 · Occupancy

    total $112,547 · program services $112,547

  • 22 · Depreciation, depletion and amortization

    total $84,550 · program services $84,550

  • 23 · Insurance

    total $42,453 · program services $42,453

  • 24a · Other expenses: OPERATING AND MAINTENAN

    total $38,660 · program services $38,660

  • 24b · Other expenses: MISCELLANEOUS

    total $2,198 · management and general $2,198

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $684,211 · end of year $885,595

  • 4 · Accounts receivable

    beginning of year $17,950 · end of year $34,877

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,877 · end of year $1,508

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

    $3,466,016

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

    $1,427,139

  • 10c · Land, buildings and equipment, net

    beginning of year $10,823,470 · end of year $2,038,877

  • 15 · Other assets

    beginning of year $1,089,745 · end of year $10,654,136

  • 17 · Accounts payable and accrued expenses

    beginning of year $29,675 · end of year $29,647

  • 19 · Deferred revenue

    beginning of year $0 · end of year $7,269

  • 25 · Other liabilities

    beginning of year $57,902 · end of year $58,021

  • 27 · Net assets without donor restrictions

    beginning of year $12,529,676 · end of year $13,520,056

Mission and programs · 2022

Mission

THE CORPORATION'S MISSION IS TO HOLD TITLE TO PROPERTY, COLLECT RENT THEREFROM AND TURN OVER THE ENTIRE AMOUNT THEREOF, LESS EXPENSES, TO AN ORGANIZATION WHICH ITSELF IS EXEMPT UNDER SECTION 501(A) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

  • OPERATION AND MAINTENANCE OF PROPERTY HELD FOR 501(A) ORGANIZATIONS

    Expenses $278,210

  • DISTRIBUTION OF NET PROFIT TO ORGANIZATION EXEMPT FROM INCOME TAX UNDER SECTION 501(A)

    Expenses $362,846

As filed on the 2022 return.

Listed in Part VII

  • SISTER MARY SCULLION

    PRESIDENT

    Total calculated
    $157,415
    From this org
    $0
    From related orgs
    $94,576
    Other
    $62,839
    Hours/week
    0.5 + 39.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $74,076 related
    Bonus
    $0
    Other
    $0 + $20,500 related
    Deferred
    $0 + $54,454 related
    Nontaxable benefits
    $0 + $8,385 related
    Filer's total
    $0 + $157,415 related

  • KEVIN NOEL

    TREASURER

    Total calculated
    $247,340
    From this org
    $0
    From related orgs
    $216,424
    Other
    $30,916
    Hours/week
    0.5 + 39.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $216,424 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $10,596 related
    Nontaxable benefits
    $0 + $20,320 related
    Filer's total
    $0 + $247,340 related

  • JANET STEARNS

    SECRETARY

    Total calculated
    $191,234
    From this org
    $0
    From related orgs
    $185,030
    Other
    $6,204
    Hours/week
    0.5 + 39.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $185,030 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $6,204 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $191,234 related

  • PROPERTY MANAGER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    10 + 30 related

  • JOAN DAWSON MCCONNON

    TREASURER

    Total calculated
    $429,487
    From this org
    $0
    From related orgs
    $353,308
    Other
    $76,179
    Hours/week
    0.5 + 39.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $332,808 related
    Bonus
    $0
    Other
    $0 + $20,500 related
    Deferred
    $0 + $60,130 related
    Nontaxable benefits
    $0 + $16,049 related
    Filer's total
    $0 + $429,487 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

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.

Provenance

Return type
form_990
Tax year
2022
Filed
22 September 2023
IRS schema version
2022v5.0
Source object
202342659349300004

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