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Nonprofiteer
← MVP HOUSING DEVELOPMENT FUND COMPANY INC

Form 990 for tax year 2023

Filed by MVP HOUSING DEVELOPMENT FUND COMPANY INC.

Totals

Total revenue
$988,567
Total expenses
$1,319,744
Contributions and grants received
$758,877
Grants paid
$0
Program service revenue
$208,760
Investment income
$19,263
Other revenue
$1,667
Total assets, end of year
$3,823,866
Total liabilities, end of year
$6,701,384
Net assets or fund balances, end of year
-$2,877,518
Program services expenses (Part IX)
$994,952
Management and general expenses
$324,792
Fundraising expenses
$0
Program service expenses (Part III)
$994,952

Program services were 75.4% 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)

    $758,877

  • 2a · Program service revenue: RENTAL INCOME

    total $208,760 · related or exempt $208,760

  • 3 · Investment income

    total $19,263 · excluded $19,263

  • 11a · Other revenue: MISCELLANEOUS

    total $1,214 · excluded $1,214

  • 11b · Other revenue: LAUNDRY & VENDING

    total $453 · excluded $453

  • 11e · Other revenue, total

    $1,667

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $247,676 · program services $110,565 · management and general $137,111

  • 9 · Other employee benefits

    total $55,272 · program services $55,272

  • 10 · Payroll taxes

    total $11,015 · program services $4,917 · management and general $6,098

  • 11a · Fees: management

    total $82,028 · management and general $82,028

  • 11c · Fees: accounting

    total $32,243 · management and general $32,243

  • 11g · Fees: other

    total $98,455 · program services $73,418 · management and general $25,037

  • 13 · Office expenses

    total $44,674 · program services $26,769 · management and general $17,905

  • 16 · Occupancy

    total $401,427 · program services $386,079 · management and general $15,348

  • 19 · Conferences, conventions and meetings

    total $206 · management and general $206

  • 22 · Depreciation, depletion and amortization

    total $268,183 · program services $268,183

  • 23 · Insurance

    total $1,330 · program services $1,330

  • 24a · Other expenses: REPAIRS & MAINTENANCE

    total $68,897 · program services $68,419 · management and general $478

  • 24b · Other expenses: BAD DEBT EXPENSE

    total $8,338 · management and general $8,338

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $170,526 · end of year $224,475

  • 2 · Savings and temporary cash investments

    beginning of year $615,123 · end of year $598,965

  • 4 · Accounts receivable

    beginning of year $8,604 · end of year $11,017

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,320 · end of year $1,656

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

    $8,388,478

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

    $5,417,902

  • 10c · Land, buildings and equipment, net

    beginning of year $3,186,844 · end of year $2,970,576

  • 15 · Other assets

    beginning of year $17,039 · end of year $17,177

  • 17 · Accounts payable and accrued expenses

    beginning of year $97,904 · end of year $108,784

  • 19 · Deferred revenue

    beginning of year $13,593 · end of year $12,270

  • 21 · Escrow or custodial account liability

    beginning of year $16,698 · end of year $16,836

  • 23 · Secured mortgages and notes payable

    beginning of year $6,406,100 · end of year $6,406,100

  • 25 · Other liabilities

    beginning of year $11,502 · end of year $157,394

  • 27 · Net assets without donor restrictions

    beginning of year -$2,546,341 · end of year -$2,877,518

Mission and programs · 2023

Mission

MVP HOUSING DEVELOPMENT FUND COMPANY IS A 66 UNIT APARTMENT RESIDENCE WHICH PARTICIPATES IN THE UNITED STATES HOUSING AND URBAN DEVELOPMENT SECTION 202 SUPPORTIVE HOUSING FOR THE ELDERLY PROGRAM, WHICH IS THE ONLY FEDERALLY FUNDED HOUSING PROGRAM DESIGNED SPECIFICALLY FOR OLDER PERSONS. ELIGIBILITY FOR RESIDENCE IS RESTRICTED USUALLY TO PERSONS WHO ARE AT LEAST 62 YEARS OF AGE AND HAVE INCOME OF BELOW 50 PERCENT OF THEIR AREA'S MEDIAN INCOME. APARTMENTS HAVE SPECIAL FEATURES SUCH AS GRAB BARS, AND RAMPS TO HELP OLDER PERSONS REMAIN SAFER AND MORE INDEPENDENT AS THEY AGE. MVP HOUSING DEVELOPMENT FUND COMPANY'S GOAL IS TO PROVIDE AFFORDABLE HOUSING TO THE LOW INCOME, ELDERLY AND DISABLED POPULATION OF THE COMMUNITY.

Activities or mission (Part I)

TO PROVIDE AFFORDABLE HOUSING TO THE LOW INCOME, ELDERLY AND DISABLED POPULATION OF THE COMMUNITY.

  • MVP HOUSING DEVELOPMENT FUND COMPANY IS A 66 UNIT APARTMENT RESIDENCE WHICH PARTICIPATES IN THE UNITED STATES HOUSING AND URBAN DEVELOPMENT SECTION 202 SUPPORTIVE HOUSING FOR THE ELDERLY PROGRAM.

    Expenses $994,952 · Revenue $208,760

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Michael R Potack

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    0.5 + 5 related

  • Harvey Ishofsky

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    0.5 + 5 related

  • Myron Schlanger

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.5 + 5 related

  • Kenneth Zuckerbrot

    ASST SEC/TREASURER

    Total calculated
    $0
    Hours/week
    0.5 + 5 related

  • Mark Weinstein

    TREASURER THRU OCT 2023

    Total calculated
    $0
    Hours/week
    0.5 + 5 related

  • Russell D Fisher

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 5 related

  • Neil Heyman

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 5 related

  • Stephen Kantor DDS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 6 related

  • Howard Krain

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 5 related

  • Tara Buonocore-Rut

    PRESIDENT/CEO

    Total calculated
    $1,566,737
    From this org
    $0
    From related orgs
    $1,519,582
    Other
    $47,155
    Hours/week
    0.25 + 39.75 related

    Schedule J breakdown matched by us

    Base
    $0 + $877,652 related
    Bonus
    $0 + $640,790 related
    Other
    $0 + $1,140 related
    Deferred
    $0 + $3,455 related
    Nontaxable benefits
    $0 + $43,700 related
    Filer's total
    $0 + $1,566,737 related

  • Shaun Ruskin

    EXEC. VP, CSO THRU JUNE 2023

    Total calculated
    $1,074,647
    From this org
    $0
    From related orgs
    $1,069,730
    Other
    $4,917
    Hours/week
    0.25 + 39.75 related

    Schedule J breakdown matched by us

    Base
    $0 + $652,045 related
    Bonus
    $0 + $415,994 related
    Other
    $0 + $1,691 related
    Deferred
    $0 + $3,117 related
    Nontaxable benefits
    $0 + $1,800 related
    Filer's total
    $0 + $1,074,647 related

  • Leny Tirtasaputra

    CFO

    Total calculated
    $564,412
    From this org
    $0
    From related orgs
    $523,509
    Other
    $40,903
    Hours/week
    0.25 + 39.75 related

    Schedule J breakdown matched by us

    Base
    $0 + $403,749 related
    Bonus
    $0 + $117,138 related
    Other
    $0 + $2,622 related
    Deferred
    $0 + $9,900 related
    Nontaxable benefits
    $0 + $31,003 related
    Filer's total
    $0 + $564,412 related

  • David Silva Mojica

    CHIEF HR OFFICER

    Total calculated
    $431,442
    From this org
    $0
    From related orgs
    $412,542
    Other
    $18,900
    Hours/week
    0.25 + 39.75 related

    Schedule J breakdown matched by us

    Base
    $0 + $304,185 related
    Bonus
    $0 + $106,782 related
    Other
    $0 + $1,575 related
    Deferred
    $0 + $4,950 related
    Nontaxable benefits
    $0 + $13,950 related
    Filer's total
    $0 + $431,442 related

  • Alicia Nelson-Jones

    CHIEF COMPLIANCE OFFICER

    Total calculated
    $369,629
    From this org
    $0
    From related orgs
    $331,763
    Other
    $37,866
    Hours/week
    0.25 + 39.75 related

    Schedule J breakdown matched by us

    Base
    $0 + $241,585 related
    Bonus
    $0 + $86,549 related
    Other
    $0 + $3,629 related
    Deferred
    $0 + $9,900 related
    Nontaxable benefits
    $0 + $27,966 related
    Filer's total
    $0 + $369,629 related

  • Jeannie Doherty-Benckwit

    VP OF BUSINESS DEVELOPMENT

    Total calculated
    $341,088
    From this org
    $0
    From related orgs
    $328,450
    Other
    $12,638
    Hours/week
    0.25 + 39.75 related

    Schedule J breakdown matched by us

    Base
    $0 + $267,396 related
    Bonus
    $0 + $58,954 related
    Other
    $0 + $2,100 related
    Deferred
    $0 + $8,385 related
    Nontaxable benefits
    $0 + $4,253 related
    Filer's total
    $0 + $341,088 related

  • Emina Tabakovic

    VP OF OPERATIONS

    Total calculated
    $337,881
    From this org
    $0
    From related orgs
    $294,812
    Other
    $43,069
    Hours/week
    0.25 + 39.75 related

    Schedule J breakdown matched by us

    Base
    $0 + $237,476 related
    Bonus
    $0 + $56,598 related
    Other
    $0 + $738 related
    Deferred
    $0 + $4,546 related
    Nontaxable benefits
    $0 + $38,523 related
    Filer's total
    $0 + $337,881 related

  • Justin Walter

    VP OF PERFORMANCE IMPROVEMENT

    Total calculated
    $335,661
    From this org
    $0
    From related orgs
    $300,128
    Other
    $35,533
    Hours/week
    0.25 + 39.75 related

    Schedule J breakdown matched by us

    Base
    $0 + $243,356 related
    Bonus
    $0 + $56,024 related
    Other
    $0 + $748 related
    Deferred
    $0 + $9,104 related
    Nontaxable benefits
    $0 + $26,429 related
    Filer's total
    $0 + $335,661 related

  • Gilda St Fleur

    VP OF QUALITY

    Total calculated
    $334,612
    From this org
    $0
    From related orgs
    $303,635
    Other
    $30,977
    Hours/week
    0.25 + 39.75 related

    Schedule J breakdown matched by us

    Base
    $0 + $247,028 related
    Bonus
    $0 + $55,325 related
    Other
    $0 + $1,282 related
    Deferred
    $0 + $7,311 related
    Nontaxable benefits
    $0 + $23,666 related
    Filer's total
    $0 + $334,612 related

  • Aliona Cochiorva

    VP OF STRATEGIC INITIATIVES

    Total calculated
    $321,258
    From this org
    $0
    From related orgs
    $278,819
    Other
    $42,439
    Hours/week
    0.25 + 39.75 related

    Schedule J breakdown matched by us

    Base
    $0 + $224,999 related
    Bonus
    $0 + $52,650 related
    Other
    $0 + $1,170 related
    Deferred
    $0 + $4,907 related
    Nontaxable benefits
    $0 + $37,532 related
    Filer's total
    $0 + $321,258 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)

PART I, LINE 3
THE SALARIES FOR THE EXECUTIVES ARE DETERMINED BY THE PARENT COMPANY, CENTERLIGHT HEALTH SYSTEM, INC. THE METHODS UTILIZED INCLUDE: A COMPENSATION COMMITTEE, COMPARING TO THE FORM 990'S OF OTHER ORGANIZATIONS, COMPENSATION SURVEYS OR STUDIES, AND APPROVAL BY THE COMPENSATION COMMITTEE OF THE BOARD.

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.

  • SCHEUER GARDENS LP

    RELATED · AFFORDABLE HOUSING · NY

    Directly controlled by SCHEUER GARDENS GP INC

  • SCHEUER PLAZA LP

    RELATED · AFFORDABLE HOUSING · NY

    Directly controlled by SCHEUER PLAZA GP INC

Related corporations and trusts

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

  • BETH ABRAHAM MANAGEMENT SOLUTIONS

    C · TO MANAGE NURSING FACILITIES UNDER RECEIVERSHIP · NY

    Directly controlled by BETH ABRAHAM HEALTH SERVICES

  • SCHEUER GARDENS GP INC

    C · REAL ESTATE · NY

  • SCHEUER PLAZA GP INC

    C · REAL ESTATE · NY

  • TBM HOUSING DEVELOPMENT FUND COMPANY INC

    C · HOUSING FOR THE ELDERLY · NY

    Directly controlled by CENTERLIGHT HEALTH SYSTEM INC

  • BETH ABRAHAM HOUSING DEVELOPMENT FUND COMPANY INC

    C · HOUSING FOR THE ELDERLY · NY

    Directly controlled by CENTERLIGHT HEALTH SYSTEM INC

Provenance

Return type
form_990
Tax year
2023
Filed
11 November 2024
IRS schema version
2023v5.1
Source object
202403169349306800

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