SUGAR HILL NEW MARKET TAX CREDIT I… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2011

Legal Domicile

Principal Officer

CHARLENE MELVILLE

Phone

2125682030

Tax Period

2023-01-01 to 2023-12-31

SUGAR HILL NEW MARKET TAX CREDIT INC, founded in 2011, is a small nonprofit in the Housing & Shelter sector that reported $400K in total revenue in fiscal year 2023. Revenue surged 210432% from the prior year, signaling strong growth momentum. Expenses of $589K exceeded revenue, resulting in a 47% operating deficit.

Mission

THE ORGANIZATION'S PRIMARY EXEMPT PURPOSE IS TO ASSIST IN THE DEVELOPMENT OF THE SUGAR HILL PROJECT, A MULTI-USE BUILDING CONSISTING OF 124 AFFORDABLE STUDIO, ONE, TWO AND THREE BEDROOM APARTMENTS, AN EARLY CHILDHOOD CENTER KNOWN AS THE SUGAR HILL MUSEUM PRE-SCHOOL,RENTAL SPACE, UNDERGROUND PARKING GARAGE AND THE SUGAR HILL CHILDREN'S MUSEUM OF ART AND STORYTELLING.

Program Service Accomplishments

Program 1

Expenses: $589,171 Revenue: $0

THE ORGANIZATION'S PRIMARY PROGRAM SERVICE ACTIVITY IS TO FACILITATE THE FINANCING FOR THE SUGAR HILL PROJECT, A FACILITY THAT PAIRS PERMANENT HOUSING WITH EARLY EDUCATION AND EDUCATIONAL ADVOCACY...

THE ORGANIZATION'S PRIMARY PROGRAM SERVICE ACTIVITY IS TO FACILITATE THE FINANCING FOR THE SUGAR HILL PROJECT, A FACILITY THAT PAIRS PERMANENT HOUSING WITH EARLY EDUCATION AND EDUCATIONAL ADVOCACY, AND ACCESS TO THE ARTS. THE ORGANIZATION FACILITATES THE FINANCING VIA SUGAR HILL LEVERAGE, LLC, A NEW YORK LIMITED LIABILITY COMPANY FORMED EXPRESSLY FOR THE PURPOSES OF ADVANCING THE CONSTRUCTION AND DEVELOPMENT OF THE SUGAR HILL PROJECT.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $400,000

Program Service Revenue $0

Investment Income $0

Other Revenue $10

TOTAL REVENUE $400,010

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $589,171

Other Expenses $589,171

TOTAL EXPENSES $589,171

Year-over-Year Comparison

	2023	2022	Change
Revenue	$400,010	$190	+2104.3%
Expenses	$589,171	$589,201	0.0%
Net Income	$-189,161	$-589,011	-0.7%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$883,546

Total Directors

$639,042

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ELLEN BAXTER	EXECUTIVE DIRECTOR (THRU 04/23)	1.00	Officer Director	$0	$36,008	$185,637
CHARLENE MELVILLE	PRESIDENT (AS OF 04/23)	1.00	Officer Director	$0	$30,648	$281,810
ALAN WEIL	VICE PRESIDENT	2.00	Officer Director	$0	$0	$0
FR JOHN FELICE	VP/EMERITUS (NON-VOTING)	2.00	Officer Director	$0	$0	$0
TAYLOR MORLEY	CHIEF OPERATING OFFICER (THRU 10/23)	1.00	Officer Director	$0	$20,872	$171,595
DAVID NATHANSON	TREASURER/SECRETARY	1.00	Officer	$0	$37,192	$244,504

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$400,010	$589,171	$22,337,925	$-189,161
2022	$190	$589,201	$22,927,086	$-589,011
2021	$88,010	$593,139	$23,519,217	$-505,129
2020	$258,205	$544,267	$24,083,606	$-286,062
2019	$6,069	$884,163	$23,911,388	$-878,094
2018	$302,868	$755,575	$25,714,676	$-452,707

SUGAR HILL NEW MARKET TAX CREDIT INC