2017-11-13T08:38:49-06:00 2016-12-31 221478099 COHNREZNICK LLP ONE BOSTON PLACE SUITE 500 BOSTON MA 02108 990 2016-01-01 042988263 Asian Community Development Corporation ASIA 6174822380 38 OAK STREET BOSTON MA 02111 PAUL W LEE PRESIDENT/DIRECTOR 6174822380 2017-11-08 1 EDWARD MCNEIL P00090108 6176481400 2017-11-08 209.3.217.20 2017-11-08 13:47:50 ES P 5843074F9AF73DF33E5B1312C73A8480C0B54E89 4FA2AEB2F2920BD945A96D8753017EDDD99C4CBB 2016 2017-02-10 21:41:12Z PAUL W LEE 38 OAK STREET BOSTON MA 02111 7427722 0 X WWW.ASIANCDC.ORG X 1987 MA TO BE A COMMUNITY-BASED ORGANIZATION SERVING THE ASIAN AMERICAN COMMUNITY OF GREATER BOSTON BY PROVIDING PHYSICAL, ECONOMIC AND LEADERSHIP DEVELOPMENT. 14 14 11 0 0 0 205031 283333 937707 344915 0 6412825 289265 310119 1432003 7351192 0 0 0 0 627739 698964 30880 38400 256345 280299 14092238 938918 14829602 493085 -7478410 26978474 14468595 10018986 4583029 16959488 9885566 X TO BE A COMMUNITY-BASED ORGANIZATION SERVING THE ASIAN AMERICAN COMMUNITY OF GREATER BOSTON BY PROVIDING PHYSICAL, ECONOMIC AND LEADERSHIP DEVELOPMENT. 0 0 13762570 3843969 REAL ESTATE - ACDC WORKS TO ENSURE ADEQUATE, HIGH QUALITY AFFORDABLE HOUSING TO MEET THE NEEDS OF COMMUNITIES OF HIGH ASIAN AMERICAN POPULATIONS. ACDC NOW HAS FIVE PROPERTIES IN ITS PORTFOLIO THAT INCLUDES 756 HOMES OF WHICH 375 ARE AFFFORDABLE. THREE DEVELOPMENTS IN CHINATOWN ACCOUNT FOR 702 NEWLY BUILT HOMES. 166183 15860 COMPREHENSIVE HOUSING OPPORTUNITIES PROGRAM (CHOP) PROVIDES THE COMMUNITY WITH FINANCIAL EMPOWERMENT THROUGH HOME BUYING WORKSHOPS, FINANCIAL MANAGEMENT TRAINING AND 1 ON 1 HOMEBUYING COUNSELING. ITS MONTHLY WORKSHOPS FOR FIRST-TIME HOMEBUYERS IS THE ONLY HUD-APPROVED WORKSHOP IN NEW ENGLAND THAT PROVIDES CHINESE LANGUAGE SERVICE ON A REGULAR BASIS. 350 PEOPLE COMPLETED OUR FIRST-TIME HOMEBUYER WOKSHOP IN 2016, OVER A THIRD OF WHICH WERE CHINESE SPEAKING CLIENTS. MOREOVER, 45 HOUSEHOLDS PURCHASED A HOME AFTER ATTENDING THE WORKSHOP. ACDC'S HOUSING COUNSELORS ALSO PROVIDE 1-ON-1 HOMEBUYER COUNSELING. CHOP ALSO PROVIDES POST-PURCHASE WORKSHOPS TO ASSIST HOMEOWNERS IN AREAS OF ENERGY EFFICIENCY, TAX REPORTING AND IDENTITY THEFT PROTECTION. 101491 6472 YOUTH ACDC PROVIDES A HIGH SCHOOL LEADERSHIP PROGRAM, ASIAN VOICES OF ORGANIZED YOUTH FOR COMMUNITY EMPOWERMENT (A-VOYCE), TRAINING YOUTH IN COMMUNITY LEADERSHIP AND ORGANIZING IN CHINATOWN AND THE GREATER BOSTON AREA. THEY LEARN ABOUT CULTURAL IDENTITY, COMMUNITY DEVELOPMENT, AND PERFORM PLACEMAKING ACTIVITIES. OVER 70 YOUTH WERE INVOLVED IN 2016. YOUTH LEARN ENTREPRENEURSHIP SKILLS AND APPLY THESE SKILLS THROUGH RUNNING THEIR OWN YOUTH-LED BUSINESS PROVIDING WALKING TOURS OF CHINATOWN. 319151 140081 ALL OTHER ACCOMPLISHMENT COMMUNITY ORGANIZING AND RESIDENT ENGAGEMENT - ACDC ENGAGES ITS RESIDENTS AND THE WIDER COMMUNITY TO PROMOTE HEALTHY LIVING AND HEALTHY COMMUNITIES IN CHINATOWN, MALDEN AND QUINCY. COMMUNITY ORGANIZING ACTIVITIES HAVE INCLUDED EDUCATING RESIDENTS ON THE BENEFITS OF CIVIC ENGAGEMENT AND AFFORDABLE HOUSING. 319151 140081 14349395 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 1 14 0 1 11 1 0 0 0 0 0 1 1 0 0 0 0 X 14 14 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X HAMILTON HO 6174822380 38 OAK STREET BOSTON MA 02111 AMANDA LINEHAN DIRECTOR 1.00 0.00 X 0 0 0 AMY CHEUNG DIRECTOR 1.00 0.00 X 0 0 0 EUGENE HHO DIRECTOR 1.00 0.00 X 0 0 0 GEOFFREY WHY VICE TREASURER/DIRECTOR 1.00 0.00 X X 0 0 0 JEFFREY WONG TREASURER/DIRECTOR 1.00 0.00 X X 0 0 0 MICHAEL S GRECO CLERK/DIRECTOR 1.00 0.00 X X 0 0 0 MICHAEL TOW DIRECTOR 1.00 0.00 X 0 0 0 NICK CHAU DIRECTOR 1.00 0.00 X 0 0 0 PAUL W LEE PRESIDENT/DIRECTOR 1.00 0.00 X X 0 0 0 PETER MADSEN DIRECTOR 1.00 0.00 X 0 0 0 REBECCA A LEE DIRECTOR 1.00 0.00 X 0 0 0 SONI GUPTA OUTGOING DIRECTOR 1.00 0.00 X 0 0 0 STEVEN CHEN DIRECTOR 1.00 0.00 X 0 0 0 TERRY KWAN VP/DIRECTOR 1.00 0.00 X X 0 0 0 THATSADA SETHAPHONG OUTGOING DIRECTOR 1.00 0.00 X 0 0 0 YONGMEI CHEN DIRECTOR 1.00 0.00 X 0 0 0 ANGIE LIOU EXECUTIVE DIRECTOR 40.00 0.00 X 101869 0 13081 HAMILTON HO CHIEF OPER. OFFICER 40.00 0.00 X 83123 0 23718 JANELLE CHAN FORMER EXEC DIRECTOR 40.00 0.00 X 16661 0 5272 201653 0 42071 1 0 0 0 0 4250 279083 36110 283333 Real estate development 531110 186469 186469 management fees income 531110 136114 136114 SERVICE REVENUE 531110 22332 22332 344915 2755325 2755325 58164 56815 1349 1349 1349 3657500 0 3657500 3657500 3657500 325867 4250 19715 306152 306152 other income 531110 2618 2618 2618 7351192 4006382 0 3061477 544312 327011 91835 125466 107278 65856 18461 22961 47374 28028 8066 11280 4628 4628 88446 21528 66918 38400 38400 2105 1000 1105 1035 75 540 420 29153 16936 7401 4816 12882 7237 1340 4305 620 374 246 11412 5211 4705 1496 66452 66321 131 25166 17239 3523 4404 4782 3275 670 837 bad debt expense 13753264 13752398 866 0 fundraising 43794 5770 326 37698 consultants 9830 7045 2785 training 9587 7324 1217 1046 29082 12139 13727 3216 14829602 14349395 223862 256345 1467732 1195009 200608 1207902 772369 379229 9676372 10574101 6438 34542 1150863 236051 1040462 914812 163000 163000 13651493 0 26978474 14468595 52662 1015361 9966324 3567668 10018986 4583029 X 2979305 -4607113 13980183 14492679 16959488 9885566 26978474 14468595 -7478410 404488 0 X X 0 1 X 1 0 X 410548 185794 154364 205031 279083 1234820 410548 185794 154364 205031 279083 1234820 1234820 579420 480111 49754 53394 2813489 3976168 38130 362004 366073 3990235 4756442 9967430 1892624 0.12390 0.64210 X Schedule A, Part II, Line 10, Explanation of Other Income: other income - 2013 Amount: $ 13,712. 2014 Amount: $ 11,704. 2015 Amount: $ 11,870. 2016 Amount: $ 2,618. sale of tax credits - 2016 Amount: $ 3,657,500. fundraising income - 2014 Amount: $ 324,015. 2015 Amount: $ 328,763. 2016 Amount: $ 330,117. service fees - 2013 Amount: $ 24,418. 2014 Amount: $ 26,285. 2015 Amount: $ 25,440. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1079402 222905 856497 71461 13146 58315 914812 Note Payable - BRA 1325000 Line of credit - CEDAC 427349 Note Payable - Related Party 900 CITY OF BOSTON - NHT LOAN 1811159 tenant security deposits 3260 3567668 X Part X, Line 2: ACDC is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code, as amended, except for income taxes on "unrelated business income," if any. For the year ended December 31, 2016, ACDC did not have any "unrelated business income" subject to income taxes; accordingly, no provision for income taxes has been included in the consolidated financial statements. ACDC and its Subsidiaries adopted provisions related to the subsequent recognition and measurement of tax positions. This guidance requires recognition of the financial statement impact of a tax position when it is more-likely-than-not that the position will be sustained upon examination. The Corporation did not identify any uncertain tax positions that qualify for either recognition or disclosure in the consolidated financial statements. OTLP, TVLLC, and FSLLC have elected to be treated as pass-through entities for income tax purposes and, as such, are not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by the owners on their respective income tax returns. The affiliated entities' federal tax status as pass-through entities is based on the legal status as partnerships or limited liability companies. Accordingly, these affiliated entities are not required to take any tax positions in order to qualify as pass-through entities. The affiliated entities are required and do file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these consolidated financial statements do not reflect a provision for income taxes and these affiliated entities have no other tax positions which must be considered for disclosure. HSRLLC as a single member LLC is disregarded for tax purposes. OTC is a C corporation. FSMMLLC, TVMMLLC and HSGMMLLC have elected to be treated as C corporations. These entities are not exempt from income taxes. These entities account for income taxes in accordance with the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for temporary differences between financial statement and income tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized. For the year ended December 31, 2016, the entities reported taxable federal and state losses of approximately $21,000 and $20,000, respectively. FSMMLLC, TVMMLLC and HSGMMLLC have immaterial net operating tax loss carryforwards. OTC has net operating loss carryforwards, which are used each year to offset any potential taxable income. As of December 31, 2016, available federal net operating loss carryforwards amounted to approximately $477,000 and will expire at various dates through 2036. State net operating loss carryforwards available to offset future taxable income amounted to approximately $316,000 at December 31, 2016 and will expire at various dates through 2036. At December 31, 2016, the OTC has a gross deferred tax asset totaling approximately $96,000, which relate to the net operating loss carryforwards. OTC has recorded a 100% valuation allowance against the deferred tax asset, as the realization of these assets is not likely to occur. Accordingly, the consolidated statements do not reflect a provision for income taxes or deferred tax assets or liabilities, and the entities have no other tax positions which must be considered for disclosure. Income tax returns filed by ACDC and its subsidiaries are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2013 remain open. X X 0 MICHELLE MILLER 52 KENT STREET BROOKLINE MA 02445 PROFESSIONAL FUNDRAISER 0 229001 38400 190601 229001 38400 190601 MA 291366 4250 287116 224 1492 7259 35660 35660 4663 3263 1508 3091 3091 500 806 330117 4250 325867 4887 3263 500 3000 8065 19715 306152 X in kind contributions for golf outing 0 36110 fmv 0 0 0 Form 990, Part VI, Section A, line 6 CLASSES OF MEMBERS OR STOCKHOLDERS ORGANIZATION HAS DOMESTIC MEMBERS. Form 990, Part VI, Section A, line 7a ELECTION OF MEMBERS AND THEIR RIGHTS ORGANIZATION MEMBERS DO ELECT MEMBERS FOR GOVERNING BOARD. Form 990, Part VI, Section A, line 7b DECISIONS SUBJECT TO APPROVAL OF MEMBERS MAJOR DECISIONS ARE DECIDED BY GOVERNING BOARD. Form 990, Part VI, Section B, line 11b Organizations process to review form 990 - form 990 was reviewed by admin personnel and board finance committee before filing. Form 990, Part VI, Section B, line 12c ACDC requires all board members to complete a conflict of interest disclosure on an annual basis. Any disclosure of potential conflict is discussed by the board. Form 990, Part VI, Section B, line 15 COMPENSATION PROCESS FOR TOP OFFICIAL COMPENSATION IS DETERMINED BY THE GOVERNING BOARD. Form 990, Part VI, Section C, line 19 GOVERNING DOCUMENTS DISCLOSURE EXPLANATION GOVERNING DOCS AND RETURNS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. form 990 part xii, line 2c THE ORGANIZATION HAS A COMMITTEE RESPONSIBLE FOR THE OVERSIGHT OF THE AUDIT AS WELL AS THE SELECTION OF THE INDEPENDENT ACCOUNTANT. ACDC HUDSON STREET REVIVAL LLC 38 OAK STREET BOSTON MA 02111 000955891 MA ACDC SUN YI LLC 38 OAK STREET BOSTON MA 02111 000811742 DE OAK TERRACE LIMITED PARTNERSHIP 888 WASHINGTON STREET BOSTON MA 02111 043137617 REAL ESTATE MA RELATED -2434486 6115085 0 0 0.99000 ACDC FORT STREET LLC 38 OAK STREET BOSTON MA 02111 263319550 REAL ESTATE MA N/A ACDC TREMONT VILLIAGE LLC 38 OAK STREET BOSTON MA 02111 364783399 REAL ESTATE MA N/A OAK TERRACE CORPORATION 38 OAK STREET BOSTON MA 02111 043137171 GP OF OTLP MA ACCD C -17210 711 0.79000 1 ACDC FORT ST MM LLC 38 OAK STREET BOSTON MA 02111 272746012 REAL ESTATE MA ACDC C -1482 71 0.79000 1 ACDC TREMONT VILLIAGE MM LLC 38 OAK STREET BOSTON MA 02111 465346551 REAL ESTATE MA ACDC C -1085 0.79000 1 HUDSON STREET GATEWAY MM LLC 75 STATE STREET BOSTON MA 02109 811152554 REAL ESTATE MA ACDC C -159 1.00000 1 0 0 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 OAK TERRACE LP ASSET MGMT FEES L 50000 EARNED VALUE OAK TERRACE LP RENT CHARGED L 49656 EARNED VALUE ACDC FORT STREET LLC INTEREST EXPENSE L 85612 EARNED VALUE ACDC TREMONT VILLAGE LLC INTEREST EXPENSE L 107512 EARNED VALUE OAK TERRACE LP INTEREST EXPENSE L 2487890 EARNED VALUE OAK TERRACE LP INTERCOMPANY BALANCE E 51444 EARNED VALUE OAK TERRACE LP INTERCOMPANY BALANCE E 3777648 EARNED VALUE ACDC TREMONT VILLAGE LLC INTERCOMPANY BALANCE E 62871 EARNED VALUE