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Nonprofiteer
← POAH NMTC2 TITLE HOLDING CORPORATION

Form 990 for tax year 2022

Filed by POAH NMTC2 TITLE HOLDING CORPORATION.

Totals

Total revenue
$299,104
Total expenses
$602,244
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$299,104
Investment income
$0
Other revenue
$0
Total assets, end of year
$10,147,937
Total liabilities, end of year
$11,648,488
Net assets or fund balances, end of year
-$1,500,551
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

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 INCOME

    total $299,104 · related or exempt $299,104

Functional expenses

Part IX, the statement of functional expenses.

  • 11c · Fees: accounting

    total $35,360

  • 13 · Office expenses

    total $1,814

  • 20 · Interest

    total $161,510

  • 21 · Payments to affiliates

    total $50,000

  • 22 · Depreciation, depletion and amortization

    total $293,560

  • 24a · Other expenses: ASSET MANAGEMENT FEE

    total $60,000

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $105,170 · end of year $153,098

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

    $11,176,426

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

    $1,491,917

  • 10c · Land, buildings and equipment, net

    beginning of year $9,978,069 · end of year $9,684,509

  • 15 · Other assets

    beginning of year $348,456 · end of year $310,330

  • 17 · Accounts payable and accrued expenses

    beginning of year $10,850 · end of year $19,300

  • 23 · Secured mortgages and notes payable

    beginning of year $11,618,256 · end of year $11,629,188

  • 27 · Net assets without donor restrictions

    beginning of year -$1,197,411 · end of year -$1,500,551

Mission and programs · 2022

Mission

THE ENTITY WILL BE OPERATED EXCLUSIVELY FOR THE CHARITABLE PURPOSE OF HOLDING TITLE TO OR A LEASEHOLD INTEREST IN A RENTAL PROPERTY (THE "PROPERTY"), COLLECTING INCOME FROM THE PROPERTY, AND TURNING OVER THE ENTIRE AMOUNT OF SUCH INCOME, LESS EXPENSES TO PRESERVATION OF AFFORDABLE HOUSING, INC. ("POAH"), AN ORGANIZATION EXEMPT FROM TAXATION UNDER SECTION 501(C)(3). THE CORPORATION'S BUSINESS OBJECTIVES INCLUDES CONTINUING TO QUALIFY AS A QUALIFIED ACTIVE LOW-INCOME COMMUNITY BUSINESS UNDER SECTION 45D OF THE INTERNAL REVENUE CODE.

  • THE ENTITY WILL LEASE COMPLETED PROJECT(S) TO POAH OR ITS WHOLLY OWNED SUBSIDIARY AS THE "MASTER TENANT" FOR USE AS A MIXED USE DEVELOPMENT CONSISTING OF RESIDENTIAL RENTAL APARTMENTS AND GROUND FLOOR RETAIL, WHICH IS INTENDED TO BE A LEASE TO A DAYCARE CENTER THAT WILL PROVIDE DAY CARE SERVICES AT RATES AFFORDABLE TO LOW-INCOME PERSONS.CURRENTLY, THE "PROPERTY" CONSISTS OF 24 RESIDENTIAL UNITS AND APPROXIMATELY 6,800 SQUARE FEET OF COMMERCIAL SPACE, IS LOCATED IN CHICAGO, ILLINOIS, AND OPERATES UNDER THE NAME OF TRIANON LOFTS APARTMENTS.

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • AARON GORNSTEIN

    PRESIDENT

    Total calculated
    $516,238
    From this org
    $0
    From related orgs
    $488,895
    Other
    $27,343
    Hours/week
    0.1 + 40.3 related

    Schedule J breakdown matched by us

    Base
    $0 + $370,700 related
    Bonus
    $0 + $118,195 related
    Other
    $0
    Deferred
    $0 + $12,142 related
    Nontaxable benefits
    $0 + $15,201 related
    Filer's total
    $0 + $516,238 related

  • GEORGIA MURRAY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1 + 1.1 related

  • MARK GOLDHABER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1 + 1.2 related

  • WILLIAM TOWNS

    DIRECTOR

    Total calculated
    $5,500
    From this org
    $0
    From related orgs
    $5,500
    Other
    $0
    Hours/week
    0.1 + 1.1 related

  • ALLISON ADDUCI

    TREASURER, MANAGING DIRECTOR & CFO

    Total calculated
    $303,573
    From this org
    $0
    From related orgs
    $295,229
    Other
    $8,344
    Hours/week
    0.1 + 40.3 related

    Schedule J breakdown matched by us

    Base
    $0 + $238,229 related
    Bonus
    $0 + $57,000 related
    Other
    $0
    Deferred
    $0 + $8,344 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $303,573 related

  • RANDY PARKER

    OUTGOING TREASURER

    Total calculated
    $303,096
    From this org
    $0
    From related orgs
    $280,438
    Other
    $22,658
    Hours/week
    0.1 + 40.3 related

    Schedule J breakdown matched by us

    Base
    $0 + $280,438 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $11,218 related
    Nontaxable benefits
    $0 + $11,440 related
    Filer's total
    $0 + $303,096 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.

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.

Related corporations and trusts

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

Provenance

Return type
form_990
Tax year
2022
Filed
14 November 2023
IRS schema version
2022v5.0
Source object
202303199349300525

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