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Astella Development Corporation

IRS exemption revoked

Brooklyn, NYUnknown exempt organizationEIN 11-2458675

To provide affordable housing and economic development opportunities, and to improve the quality of life in coney island, brooklyn.

88¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
Revoked
IRS exemption revoked
Concern: the IRS revoked its tax exemption.
IRS Auto-Revocation List
Latest return
FY2021
latest Form 990
Concern: the latest return is for FY2021, 5 tax years back; more than 4 tax years.
IRS e-file · Filing history
Surplus or deficit
0 of 2
filings with a surplus
Average deficit $51K a year · 55% of revenue · last 2 filings
Concern: a surplus in 0 of the last 2 filings.
Pt I · Ln 19 · 2 filings
Spent on programs
88%
of spending
Looks good: 88% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
1 mo
of spending, in cash
Fine: 1.0 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$623K
267% of total assets
Concern: liabilities are 267% of assets; over 80%.
Pt X · Ln 26
Independent board members
6
of 6 voting members
Looks good: 6 of 6 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$91K
-4% vs prior year
Spent
$148K
To programs
88%
Net assets
−$390K
By yearFY2020–FY2021
Revenue
$91K
FY2021▼ -4%
Revenue by fiscal year
FY2020$95K
FY2021$91K
Expenses
$148K
FY2021▲ +5%
Expenses by fiscal year
FY2020$140K
FY2021$148K
Net assets
−$390K
FY2021▼ -18%
Net assets by fiscal year
FY2020−$330K
FY2021−$390K

From the FY2021 Form 990 (year ending June 2021) · see the original

Form 990 (PDF) Claim
IRS revoked this organization's tax-exempt status on November 15, 2024

Is it real?

No. The IRS revoked its tax exemption. Latest filing on record: FY2021.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

88 cents of each dollar spent went to programs.

Program services 88% · $130K Management & general 12% · $18K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

Who runs it and what they're paid

7 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Astella Development Corporation executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Builds affordable homes and creates jobs to improve life in Coney Island.

Provided by the organization

This section is blank until Astella Development Corporation claims this page.

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1 program service account for $130K of program spending, described in the organization's own filed words · FY2020.
01

Neighborhood Development Program

Administer monies to carry out housing programs including the following activities: rehabbing, informational meetings, advice on low cost loan programs for home owners, heap, scrie, assistance with applications for housing projects across the city.

$130Kprogram expense

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By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$91K
Ln 12
Gifts and grantsLn 1h$91K
Money outPt IX
$148K
Ln 25
Programscol B$130K
Managementcol C$18K
Owns and owesPt X
−$390K
net assets · Ln 32
Cash and savingsLn 1–2$12K
Total assetsLn 16$233K
LiabilitiesLn 26$623K
PeoplePt VI, VII
7
listed · VII A
PaidVII A0
Voting boardVI 1a6
IndependentVI 1b6
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$91K
Government grantsLn 1e$91K
Total revenueLn 12$91K
Assets in detailPt X, end of year
CashLn 1$12K
Cash and savings togetherLn 1–2$12K
Other assetsLn 15$221K
Total assetsLn 16$233K
LiabilitiesLn 26$623K
Net assetsLn 32−$390K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$15K$12K
Total assetsLn 16$233K$233K
LiabilitiesLn 26$562K$623K
Net assetsLn 32−$330K−$390K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$8K$8K
Other fees for servicesLn 11g$122K$122K
Office expensesLn 13$18K$18K
Total functional expensesLn 25$148K$130K$18K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2021 Latest Viewing $91K$148K−$57K−$390K 990 PDF
FY2020 $95K$140K−$45K−$330K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2021 990 (4 parts)
Part VIII · Statement of revenue $91,223 across 3 lines filed
VIII-1e Government grants$91,223
VIII-1h Total contributions, gifts and grants$91,223
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$91,223
Part IX · Statement of functional expenses $148,050 across 3 lines filed
IX-11c Accounting feesPrograms $8,056$8,056
IX-11g Other fees for servicesPrograms $121,994$121,994
IX-13 Office expensesManagement $18,000$18,000
IX-25 Total functional expensesPrograms $130,050 · Management $18,000 · Fundraising $0$148,050
Part X · Balance sheet $233,377 assets, 8 lines filed
X-1 Cash, non-interest-bearingStart of year $14,796$12,066
X-15 Other assetsStart of year $217,811$221,311
X-16 Total assetsStart of year $232,607$233,377
X-25 Other liabilitiesStart of year $562,351$622,982
X-26 Total liabilitiesStart of year $562,351$622,982
X-27 Net assets without donor restrictionsStart of year −$329,744−$389,605
X-32 Total net assets or fund balancesStart of year −$329,744−$389,605
X-33 Total liabilities and net assetsStart of year $232,607$233,377
Part XI · Reconciliation of net assets −$389,605 net assets at year end
XI-1 Total revenue$91,223
XI-2 Total expenses$148,050
XI-3 Revenue less expenses−$56,827
XI-4 Net assets at start of year−$329,744
XI-9 Other changes in net assets−$3,037
XI-10 Net assets at end of year−$389,605

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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