2024-05-13T14:21:04-05:00 2023-06-30 042571780 AAFCPAS INC 50 WASHINGTON STREET WESTBOROUGH MA 01581 990 2022-07-01 223139262 RURAL DEVELOPMENT INC RURA 4138639781 241 MILLERS FALLS ROAD TURNERS FALLS MA 01376 GINA GOVONI EXECUTIVE DIRECTOR 4138639781 2024-05-10 1 GINA GOVONI XXX-XX-XXXX 1 DAVID KELLEHER CPA P01059560 5083669100 2024-05-10 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z GINA GOVONI 241 MILLERS FALLS ROAD TURNERS FALLS MA 01376 924350 0 X WWW.RURALDEVELOPMENTINC.ORG X 1991 MA IT IS THE MISSION OF RURAL DEVELOPMENT, INC. (RDI) TO ADVANCE THE RIGHT OF ALL PEOPLE IN FRANKLIN COUNTY AND THE NORTH QUABBIN REGION TO OCCUPY ENVIRONMENTALLY RESPONSIBLE, ENERGY EFFICIENT, AFFORDABLE HOUSING AND TO IMPROVE ECONOMIC INDEPENDENCE. RDI STRIVES TO PROMOTE ENVIRONMENTAL AWARENESS AND TO OPERATE IN A MANNER THAT IS RESPECTFUL OF THE RURAL CHARACTER OF OUR REGION. 8 8 0 9 0 0 9533 176949 379542 632897 62 11654 31225 102850 420362 924350 0 0 0 0 0 0 0 0 0 798795 753234 798795 753234 -378433 171116 13267936 3657284 12442872 2853763 825064 803521 X IT IS THE MISSION OF RDI TO ADVANCE THE RIGHT OF ALL PEOPLE IN FRANKLIN COUNTY AND THE NORTH QUABBIN REGION TO OCCUPY ENVIRONMENTALLY RESPONSIBLE, ENERGY EFFICIENT, AFFORDABLE HOUSING AND TO IMPROVE ECONOMIC INDEPENDENCE. RDI STRIVES TO PROMOTE ENVIRONMENTAL AWARENESS AND TO OPERATE IN A MANNER THAT IS RESPECTFUL OF THE RURAL CHARACTER OF OUR REGION. 0 0 491551 735747 AFFORDABLE HOUSING - THIS PROGRAM OFFERS TWENTY-FIVE UNITS OF AFFORDABLE HOUSING TO LOW TO MODERATE INCOME PERSONS IN ASHFIELD AND ORANGE MASSACHUSETTS. 491551 1 1 0 0 0 0 0 0 1 0 1 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 1 7 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 8 8 0 1 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 1 1 MA X X LISA CORNISH 4138639781 241 MILLERS FALLS ROAD TURNERS FALLS MA 01376 X LINDA DUNLAVY PRESIDENT 1.00 1.00 X X 0 0 0 CHRISTOPHER SIKES VICE PRESIDENT (UNTIL 10/2022) 0.00 X X 0 0 0 CLARE HIGGINS TREASURER 1.00 1.00 X X 0 0 0 REGINA CURTIS SECRETARY 1.00 X X 0 0 0 LESLIE BROWN DIRECTOR 1.00 1.00 X 0 0 0 LEVI ROMAN DIRECTOR 1.00 X 0 0 0 BILL BREITBART DIRECTOR 1.00 X 0 0 0 FAITH WILLIAMS DIRECTOR 1.00 X 0 0 0 SHAUNDELL DIAZ DIRECTOR 1.00 X 0 0 0 GINA GOVONI EXECUTIVE DIRECTOR 20.00 X 0 0 0 0 0 0 0 0 0 0 MARIOS CONSTRUCTION CO INC 262 OLD LYMAN ROAD SO HADLEY MA 01075 CONSTRUCTION 2764046 1 176949 176949 RENTAL INCOME 531110 345654 345654 DEVELOPER FEES 531110 237559 237559 INTEREST INCOME ON NOT 900099 49684 49684 632897 64 64 11590 0 11590 11590 11590 MISCELLANEOUS 531390 102850 102850 102850 924350 735747 0 11654 X 284628 107819 176809 13670 7971 5699 27900 27900 103839 86512 17327 20403 6494 13909 221283 201659 19624 2140 2140 54678 54678 BAD DEBT 17128 17128 MISCELLANEOUS 7565 7150 415 753234 491551 261683 0 481794 462566 16362 58229 17184 17675 2279227 874576 10683423 1404651 1455553 855237 613620 858926 13267936 3657284 1285789 171845 12249 13306 10602071 2668612 542763 0 12442872 2853763 X 825064 803521 825064 803521 13267936 3657284 X 171116 -192659 X X 0 1 X 1 0 X 6470 2610 1254267 9533 176949 1449829 294917 289753 353216 410767 735747 2084400 301387 292363 1607483 420300 912696 3534229 0 91929 157999 39706 225048 155926 670608 91929 157999 39706 225048 155926 670608 2863621 246 150 70 62 64 592 246 150 70 62 64 592 301633 292513 1607553 420362 912760 3534821 0.81010 0.80870 0.00020 0.00030 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 80400 80400 2192487 868236 1324251 6340 6340 0 1404651 NOTES RECEIVABLE 855237 C 855237 RESTRICTED CASH 98116 TENANT SECURITY DEPOSITS 13306 DUE FROM AFFILIATE 100000 DEVELOPER FEE RECEIVABLE 647504 858926 X PART IV, LINE 2B: THE ESCROW ACCOUNT LIABILITY ON FORM 990, PART X, LINE 21 REFLECTS TENANT SECURITY DEPOSITS WHICH ARE HELD IN A SEPARATE BANK ACCOUNT. THE DEPOSITS ARE REFUNDED TO THE TENANTS UPON TERMINATION OF THE RESPECTIVE LEASE. PART X, LINE 2: RDI ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES IN ACCORDANCE WITH ASC TOPIC, INCOME TAXES. THIS STANDARD CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS AND PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE CONSOLIDATING FINANCIAL STATEMENTS REGARDING A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. RDI HAS DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS WHICH QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE CONSOLIDATING FINANCIAL STATEMENTS AT JUNE 30, 2023. HOWEVER, RDI'S INFORMATION RETURNS ARE SUBJECT TO EXAMINATION BY THE APPROPRIATE TAXING JURISDICTIONS. FORM 990, PART VI, SECTION A, LINE 3 RDI AND THE BOARD OF DIRECTORS HAS ENGAGED FRANKLIN COUNTY REGIONAL HOUSING AND REDEVELOPMENT AUTHORITY TO SERVE AS A MANAGEMENT COMPANY AND MANAGE THE DAY-TO-DAY MANAGEMENT AND OPERATIONAL FUNCTIONS OF RDI. FORM 990, PART VI, SECTION A, LINE 4 THE ORGANIZATION'S BY-LAWS WERE AMENDED AS FOLLOWS: 1. TO AMEND ARTICLE 2, SECTION 1 OF THE RDI BYLAWS TO READ AS "THE OFFICERS OF THE CORPORATION SHALL BE A PRESIDENT, VICE-PRESIDENT, TREASURER, SECRETARY, AND SUCH OTHER OFFICERS AS MAY BE DESIGNATED BY THE BOARD OF DIRECTOR". 2. TO AMEND THE SECOND SENTENCE OF ARTICLE 2, SECTION 2 OF THE RDI BYLAWS TO READ AS "EXCEPT AS OTHERWISE AUTHORIZED BY RESOLUTION OF THE CORPORATION OR THESE BYLAWS, THE PRESIDENT SHALL SIGN ALL CONTRACTS, DEEDS, AND OTHER INSTRUMENTS MADE BY THE CORPORATION". 3. TO AMEND ARTICLE 2, SECTION 4 OF THE BYLAWS TO READ AS ""THE TREASURER SHALL SIGN ALL ORDERS AND CHECKS FOR THE PAYMENT OF MONEY AND SHALL PAY OUT AND DISBURSE SUCH MONIES UNDER THE DIRECTION OF THE CORPORATION EXCEPT AS OTHERWISE AUTHORIZED BY RESOLUTION OF THE CORPORATION OR THESE BYLAWS". 4. TO AMEND SECTION 9 OF THE RDI BYLAWS TO READ AS "THE BOARD OF DIRECTORS MAY APPOINT AN EXECUTIVE DIRECTOR. SUBJECT TO THE GENERAL DIRECTION OF THE BOARD OF DIRECTORS, AND EXCEPT AS OTHERWISE PROVIDED BY LAW OR THESE BYLAWS, THE EXECUTIVE DIRECTOR SHALL SUPERVISE THE DAY-TO-DAY OPERATIONS OF THE CORPORATION AND PERFORM SUCH OTHER DUTIES AS MAY BE PRESCRIBED BY THE DIRECTORS. SUBJECT TO ANY PROTOCOLS OR LIMITS ESTABLISHED BY THE BOARD OF DIRECTORS FROM TIME TO TIME, THE EXECUTIVE DIRECTOR MAY SIGN ON BEHALF OF THE CORPORATION ANY CONTRACTS, REQUISITIONS AND CHECKS TO IMPLEMENT THE ANNUAL BUDGET OR ANY PROJECT APPROVED BY THE DIRECTORS. THE EXECUTIVE DIRECTOR SHALL SERVE AT THE WILL OF THE DIRECTORS". 5. TO APPOINT GINA GOVONI AS THE EXECUTIVE DIRECTOR OF THE CORPORATION. 6. TO ALLOW THE EXECUTIVE DIRECTOR TO HAVE CONTRACTING AND PAYMENT AUTHORITY ON BEHALF OF THE CORPORATION UP TO A LIMIT OF $100,000, AND THAT ANY CONTRACTS OR PAYMENTS OF MORE THAN $100,000 SHALL REQUIRE APPROVAL BY THE BOARD OF DIRECTORS. 7. TO ELECT GINA GOVONI AS THE ASSISTANT SECRETARY OF THE CORPORATION, WHO MAY PERFORM THE DUTIES OF THE SECRETARY IN THE ABSENCE OF THE SECRETARY. 8. TO REDUCE THE NUMBER OF AUTHORITY DIRECTORS FROM 3 TO 2; THUS, INCREASING THE NUMBER OF NON-AUTHORITY DIRECTORS FROM 5 TO 6, REVISING THE FOLLOWING IN ARTICLE 4, SECTION 2, AS SEEN IN ATTACHED. 9. TO AMEND THE RDI BY LAWS TO REPLACE ALL GENDERED LANGUAGE WITH GENDER-NEUTRAL LANGUAGE. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS FIRST REVIEWED BY MANAGEMENT OF FRANKLIN COUNTY REGIONAL HOUSING AND REDEVELOPMENT AUTHORITY, THE MANAGEMENT COMPANY ENGAGED BY RDI TO PERFORM DAILY MANAGEMENT AND OPERATIONAL FUNCTIONS. THEN, THE FORM 990 IS PROVIDED TO THE BOARD OF DIRECTORS FOR REVIEW AND APPROVAL, BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS ARE REQUIRED TO SIGN OFF ANNUALLY ON RDI'S CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION C, LINE 18 RDI'S FORM 1023 IS AVAILABLE UPON REQUEST. RDI'S FORM 990 IS AVAILABLE UPON REQUEST AND ANOTHER'S WEBSITE AT WWW.GUIDESTAR.ORG. FORM 990, PART VI, SECTION C, LINE 19 RDI'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART VI, LINE 16B: RDI'S POLICY OVER EVALUATING ITS PARTICIPATION IN JOINT VENTURE ARRANGEMENTS INVOLVES AN ASSESSMENT PERFORMED BY RDI'S BOARD OF DIRECTORS TO ENSURE THE TERMS OF ANY POTENTIAL JOINT VENTURE RELATIONSHIP IS PERMITTED UNDER APPLICABLE FEDERAL TAX LAW AND RDI'S EXEMPT STATUS IS BEING SAFEGUARDED. IN ADDITION, FORMAL OPERATING AND OTHER APPLICABLE AGREEMENTS ARE FORMALLY EXECUTED BY ALL PARTIES INVOLVED AND CLEARLY OUTLINE RDI'S ROLE IN ALL JOINT VENTURE RELATIONSHIPS. FORM 990, PART IX, LINE 11G OTHER CONSULTANTS: PROGRAM SERVICE EXPENSES 86,512. MANAGEMENT AND GENERAL EXPENSES 17,327. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 103,839. FORM 990, PART XI, LINE 9: ELIMINATION OF DISREGARDED ENTITY SANDERSON PLACE, LLC -192,659. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS A FINANCE COMMITTEE THAT HAS OVERSIGHT OF THE AUDIT PROCESS. THE FINANCE COMMITTEE MEETS WITH THE AUDITORS AND PRESENTS A SUMMARY OF THE AUDIT RESULTS TO THE FULL BOARD OF DIRECTORS. 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