2017-11-14T09:10:09-06:00 2016-12-31 221478099 COHNREZNICK LLP ONE BOSTON PLACE SUITE 500 BOSTON MA 02108 990 2016-01-01 237011408 LOWER ROXBURY COMMUNITY CORPORATION LOWE 6175413900 184 DUDLEY STREET ROXBURY MA 02119 Jeanne Pinado CEO 6175413900 2017-11-13 1 LEONARD J BERKOWITZ P00872822 6176481400 209.3.217.20 2017-11-13 12:17:47 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 4FA2AEB2F2920BD945A96D8753017EDDD99C4CBB 2016 2021-01-29 14:40:06Z JEANNE PINADO 184 Dudley Street Roxbury MA 02119 12251786 0 X N/A X 1967 MA TO FURTHER THE INTEREST OF ALL OF THE RESIDENTS IN THE AREA KNOWN AS LOWER ROXBURY IN MATTERS OF HOUSING, EDUCATION, RECREATION AND TO REVITALIZE THE COMMUNITY. 11 10 0 0 0 0 0 0 10889829 10879340 48389 84621 0 1287825 10938218 12251786 25000 13724874 0 0 0 0 0 0 0 1220460 1210191 1245460 14935065 9692758 -2683279 25355796 21788444 8667754 7750478 16688042 14037966 X THE OVERALL MISSION IS TO FOSTER THE SOCIAL, PHYSICAL, ECONOMIC AND CULTURAL RENAISSANCE OF THE LOWER ROXBURY COMMUNITY BY PROMOTING THE ECONOMIC SELF-SUFFICIENCY AND SOCIAL WELL-BEING OF LOW-INCOME AND MODERATE-INCOME RESIDENTS AND ADVOCATING FOR THE HOME OWNERSHIP, BUSINESS DEVELOPMENT OR EDUCATION. 0 0 14935065 13724874 12251786 TO FURTHER THE INTEREST OF ALL OF THE RESIDENTS IN THE AREA KNOWNAS LOWER ROXBURY IN THE MATTERS OF HOUSING, EDUCATION, RECREATIONAND GENERALLY TO WORK FOR THE REVITALIZATION OF THE COMMUNITY. 14935065 1 0 0 0 0 0 0 0 0 0 1 0 1 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 1 5 0 0 0 0 0 0 0 0 0 0 0 0 X 11 10 0 1 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 0 0 0 MA X JEANNE PINADO 6178496220 184 DUDLEY STREET ROXBURY MA 02119 ayanna hines director 1.00 3.00 X 0 0 0 dion irish director 1.00 3.00 X 0 0 0 Elmer Freeman director 1.00 3.00 X 0 0 0 Ivelise Rivera President 1.00 3.00 X X 0 0 0 JEANNE M PINADO CEO/Asst Treasurer 3.00 40.00 X X 211323 0 26431 Lisa Morishanti Vice President 1.00 3.00 X X 0 0 0 Malik aziz director 1.00 3.00 X 0 0 0 matthew camp Treasurer 1.00 3.00 X X 0 0 0 Milton Irving Director 1.00 3.00 X 0 0 0 nina ruff Secretary/Clerk 1.00 3.00 X X 0 0 0 Sonrisa Haynes director 1.00 3.00 X 0 0 0 Brooke E Woodson assistant secretary 3.00 40.00 X 123215 0 20391 gayle harrold cfo/assistant treasurer 3.00 40.00 X 159300 0 29019 russell tanner Vice President of Real Estate 1.00 40.00 X 208600 0 25504 Brian Pilcher Senior asset Manager 1.00 40.00 X 122270 0 4637 824708 0 105982 5 0 1 0 Turner Construction Company Two Seaport Lane Boston MA 02210 Construction 395223 Kaplan Construction 116 Harvard Street Brookline MA 02446 Construction 331783 Massachusetts Housing Investment Corpora 70 Federal Street Boston MA 02110 Investment Corporation 322293 Walker Development 33 Lyman Street Westborough MA 01581 Construction 166690 Eversource Electric 247 Station Drive Westwood MA 02090 Electric 139102 5 Partnership Distributions 531110 9719663 9719663 Rental Income 531110 1140709 1140709 MANAGEMENT FEE REVENUE 531110 10000 10000 MISCELLANEOUS INCOME 531110 8968 8968 10879340 84621 84621 Debt Forgiveness Income 531110 1287825 1287825 1287825 12251786 12167165 0 84621 13724874 13724874 33076 33076 18766 18766 27945 27945 40522 40522 289284 289284 354078 354078 251231 251231 22812 22812 Real Estate Taxes 133944 133944 SALARIES AND BENEFITS 28533 28533 Miscellaneous 10000 10000 14935065 14935065 0 0 X 1673423 1059888 50000 18343 1434391 1967502 8994631 1881946 6282692 7112685 8024323 5393613 7890967 6236413 25355796 21788444 402151 360516 6899059 6842113 1366544 547849 8667754 7750478 X 16688042 14037966 16688042 14037966 25355796 21788444 X -2683279 9533 23670 X 0 1 X 1 0 X 67570 67570 21819201 1239938 1658069 10889829 10879340 46486377 21886771 1239938 1658069 10889829 10879340 46553947 0 16720902 16720902 16720902 16720902 29833045 8499 10154 38158 48389 84621 189821 8499 10154 38158 48389 84621 189821 21895270 1250092 1696227 10938218 10963961 46743768 0.63820 0.55240 0.00410 0.00300 X 1206000 1206000 7583729 1715461 5868268 204902 166485 38417 7112685 INVESTMENT IN HSG SUBSIDIARIES 1660603 C Investment in Securities 3733010 F 5393613 FINANCING FEES 58426 DUE FROM AFFILIATES 6091052 OTHER ASSETS 86935 6236413 DUE TO AFFILIATED ENTITIES 536585 OTHER CURRENT LIABILITIES 11264 547849 X Part X, Line 2: MPDC AND CERTAIN SUBSIDIARIES, NAMELY; MADISON PARK ECONOMIC DEVELOPMENT CORPORATION, MADISON PARK HOUSING CORPORATION AND LOWER ROXBURY COMMUNITY CORPORATION ("LRCC") QUALIFY AS ORGANIZATIONS FORMED FOR CHARITABLE PURPOSES UNDER SECTION 501(C)(3) OF THE IRC AND THEREFORE ARE NOT SUBJECT TO INCOME TAX AND ARE NOT PRIVATE FOUNDATIONS UNDER SECTION 509(A)(1). CERTAIN UNRELATED BUSINESS INCOME, AS DEFINED IN THE IRC, IS SUBJECT TO FEDERAL INCOME TAX. FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015, THERE WAS NO UNRELATED BUSINESS INCOME. ADDITIONAL SUBSIDIARIES OR AFFILIATES OF MPDC, NAMELY, BERYL GARDENS, INC., BERYL GARDENS COOPERATIVE CORPORATION, DUDLEY GREENVILLE MM LLC, MPIII TOWNHOMES MM LLC., MADISON PARK IV GP LLC, MADISON RUGGLES SHAWMUT, INC., MADISON WILLIAMS MM LLC, SMITH II INC., AND SMITH SENIOR RESIDENCES MM LLC, ARE C CORPORATIONS OR LLCS THAT HAVE ELECTED TO BE TAXED AS A CORPORATION THAT ARE SUBJECT TO TAXATION AT THE FEDERAL AND STATE LEVELS. DEFERRED TAXES ARE COMPUTED BASED ON THE DIFFERENCE BETWEEN THE FINANCIAL STATEMENTS AND INCOME TAX BASIS OF ASSETS AND LIABILITIES USING ENACTED MARGINAL TAX RATES. AS OF DECEMBER 31, 2016 AND 2015, THE TAX EXPENSE, DEFERRED TAXES, AND VALUATION ALLOWANCES ARE IMMATERIAL. Beryl Gardens Limited Partnership, Haynes House Associates II Limited Partnership, Madison Park III Associates Limited Partnership, MPIV 2011 Limited Partnership, MBII LP, and Smith House II Limited Partnership are partnerships and all taxable income and losses are allocated to the partners. Dudley Greenville LLC, Madison Williams LLC, MPIII Townhomes LLC, Smith Senior Residences LLC and Ruggles Shawmut Housing LLC are limited liability companies and all taxable income and losses are allocated to the members. Madison Bard LLC, Madison School House LLC, Madison Tropical LLC, Madison Tropical Market LLC, Madison Williams LLC (in 2015), Madison Gateway LLC, P10 Development Services LLC, Madison Property Development LLC and 2451 Washington LLC are limited liability companies and all taxable income and losses are allocated to MPDC as the sole member. Madison Washington II LLC and LRCC Maintenance LLC are limited liability companies and all taxable income and losses are allocated to Lower Roxbury Community Corporation as the sole member. Madison Hibernian Hall LLC, LRCC Leasing LLC, LRCC Holdings LLC and Dewitt Community Center LLC are limited liability companies and all taxable income and losses are allocated to Madison Park Economic Development Corporation as the sole member. No provision or benefit for income taxes has been included in these financial statements for any of these entities since the limited liability companies' net taxable profit or loss is passed through to the individual members and the partnerships' income or the loss is passed through to its partners. The provisions of GAAP require that a tax position be recognized or derecognized based upon a more likely than not threshold. This applies to tax positions taken or expected to be taken in the tax returns of all entities included in the Company's consolidated group. The Company regularly assesses the potential settlement outcomes resulting from income tax examinations. The implementation of these provisions has no impact on the Company's consolidated financial statements as the Company believes that its consolidated financial statements do not include any uncertain tax positions. Generally, the above information or tax returns remain open for federal income tax examination for three years from the filing date. No notices have been received from either the Internal Revenue Service or Commonwealth of Massachusetts addressing any subsequent year. 0 Madison Park Housing Corporation 184 Dudley Street Roxbury MA 02119 042743779 170(b)(1)(A)(vi) 8119985 Support Grant to MPHC Madison Park Housing Corporation 184 Dudley Street Roxbury MA 02119 042743779 170(b)(1)(A)(vi) 5604889 Support Grant to MPHC 1 0 0 0 0 0 0 0 0 0 JEANNE M PINADO CEO/Asst Treasurer 184123 0 27200 0 0 0 0 0 26431 0 237754 0 0 0 gayle harrold cfo/assistant treasurer 145500 0 13800 0 0 0 0 0 29019 0 188319 0 0 0 russell tanner Vice President of Real Estate 183600 0 25000 0 0 0 0 0 25504 0 234104 0 0 0 Part I, Line 3 LOWER ROXBURY COMMUNITY CORPORATION HAS NO EMPLOYEES. ALL COMPENSATION IS PROVIDED TO EMPLOYEES OF ITS SOLE MEMBER, MADISON PARK DEVELOPMENT CORPORATION. PLEASE REFER TO MPDC'S FORM 990 FOR COMPENSATION INFORMATION AND DECISION MAKING. Form 990, Part VI, Section A, line 3 During 2008, the company entered into a management agreement with Cornu Management Company, Inc. The management fee is equal to 5% of gross collected revenue. The agreement is in effect on a year-to-year basis. Form 990, Part VI, Section A, line 6 Madison Park Development Corporation is the sole member of Lower Roxbury Community Corporation. Form 990, Part VI, Section A, line 7a Madison Park Development Corporation, a sole member, has the power to appoint the board. Form 990, Part VI, Section B, line 11b The form 990 is reviewed prior to issuance by the finance committee who then makes a recommendation to the board of directors to approve for filing. Form 990, Part VI, Section B, line 12c Each director, principal officer and member of a committee with governing board delegated powers shall annually sign a statement which affirms that such person: 1. Has received a copy of the conflict of interest policy; 2. Has read and understood this policy; 3. Has agreed to comply with policy and 4. Understands that the organization is a non-profit and that in order to maintain its federal tax exemption it must engage primarily in activites which accomplish one or more of its tax-exempted purposes. Form 990, Part VI, Section C, line 19 The organization's governing documents, conflict of interest policy, and financial statements are available to the public upon request. FORM 990, PART X, LINE 25 THERE is a TAX BASIS SPONSOR LOAN THAT is NOT RECORDED FOR GAAP PURPOSES: Smith Senior Residences LLC Sponsor Loan - GAAP Basis: $0 Tax Basis: $13,231,917 Form 990, Part XI, line 9: Writeoff Intercompany Accounts 23,670. 2451 Washington LLC 184 Dudley Street Suite 102 Roxbury MA 02119 203909215 Affordable Housing MA MPDC Haynes House MM LLC 184 Dudley Street Suite 102 Roxbury MA 02119 454287355 Affordable Housing MA MPDC LRCC Holdings LLC 184 Dudley Street Suite 102 Roxbury MA 02119 474344198 Affordable Housing MA MPDC lrcc LEASING LLC 184 Dudley Street Suite 102 Roxbury MA 02119 812037456 AFFordable Housing MA MPDC Madison Bard LLC 184 Dudley Street Suite 102 Roxbury MA 02119 273060171 Affordable Housing MA MPDC Madison Gateway LLC 184 Dudley Street Suite 102 Roxbury MA 02119 463359675 Affordable Housing MA MPDC Madison Hibernian Hall LLC 184 Dudley Street Suite 102 Roxbury MA 02119 461172886 Affordable Housing MA MPEDC Madison Property Development LLC 184 Dudley Street Suite 102 Roxbury MA 02119 270366179 Affordable Housing MA MPDC Madison Schoolhouse LLC 184 Dudley Street Suite 102 Roxbury MA 02119 261591413 Affordable Housing MA MPDC Madison Tropical LLC 184 Dudley Street Suite 102 Roxbury MA 02119 452804996 Affordable Housing MA MPDC Madison Tropical Markets LLC 184 Dudley Street Suite 102 Roxbury MA 02119 463342679 Affordable Housing MA MPDC Madison Washington II LLC 184 Dudley Street Suite 102 Roxbury MA 02119 208135439 Affordable Housing MA 1269771 -113192 LRCC P10 Development Services LLC 184 Dudley Street Suite 102 Roxbury MA 02119 364748875 Affordable Housing MA MPDC LRCC Maintenance LLC 184 Dudley Street Suite 102 roxbury MA 02119 814093166 affordable Housing MA MPDC Madison Park Housing Corporation 184 Dudley Street Suite 102 Roxbury MA 02119 042743779 Affordable Housing MA 501(c)(3) Line 10 MPDC 0 Madison Park Development Corporation 184 Dudley Street Suite 102 Roxbury MA 02119 237164223 Affordable Housing MA 501(c)(3) Line 10 N/A 0 Madison Park Economic Development COrp 184 Dudley Street Suite 102 Roxbury MA 02119 043126706 Affordable Housing MA 501(c)(3) Line 10 MPDC 0 Orchard Gardens Resident Association Inc 184 Dudley Street Suite 102 Roxbury MA 02119 042867846 Affordable Housing MA 501(c)(3) Line 10 MPDC 0 Adams Orchard Limited 184 Dudley Street Suite 102 Roxbury MA 02119 043428515 Rental Real Estate MA N/A N/A 0 0 Beryl Gardens Limited Partnership 184 Dudley Street Suite 102 Roxbury MA 02119 043293229 Rental Real Estate MA LRCC Related -20502 0 0 0.01000 Dudley Greenville LLC 184 Dudley Street Suite 102 Roxbury MA 02119 272754424 Rental Real Estate MA N/A N/A 0 0 Haynes House II Limited Partnership 184 Dudley Street Suite 102 Roxbury MA 02119 043231123 Rental Real Estate MA LRCC Related -48648 -819 0 0 0.99990 Interfaith Housing Developers LLC 184 Dudley Street Suite 102 Roxbury MA 02119 161644819 Rental Real Estate MA N/A N/A 0 0 Madison Botolph II LP 184 Dudley Street Suite 102 Roxbury MA 02119 364796660 Rental Real Estate MA LRCC Related -89 -24 0 0 0.99990 Madison Hibernian Hall LLC 184 Dudley Street Suite 102 Roxbury MA 02119 461172886 Rental Real Estate MA N/A N/A 0 0 Madison Park III Associates LP 184 Dudley Street Suite 102 Roxbury MA 02119 042626724 Rental Real Estate MA N/A N/A 0 0 Madison Park IV 2011 Limited Partnership 184 Dudley Street Suite 102 Roxbury MA 02119 433459053 rental Real Estate MA LRCC Related -43 -215 0 0 0.99990 Madison Trinity Limited Partnership 184 Dudley Street Suite 102 Roxbury MA 02119 043339768 Rental Real Estate MA N/A N/A 0 0 Madison Tropical Markets 184 Dudley Street Suite 102 Roxbury MA 02119 463342679 Rental Real Estate MA N/A N/A 0 0 Madison Williams LLC 184 Dudley Street Suite 102 Roxbury MA 02119 463342757 Rental Real Estate MA N/A n/A 0 0 mpiii TOWNHOMES LLC 184 Dudley Street Suite 102 Roxbury MA 02119 473681685 REntal Real Estate MA N/A N/A 0 0 Ruggles Shawmut Housing LLC 184 Dudley Street Suite 102 Roxbury MA 02119 202182768 Rental Real Estate MA N/A N/A 0 0 School House Brookledge Cummins LP 536 Granite Street Braintree MA 02184 261599765 Rental Real Estate MA N/A N/A 0 0 Smith House II Limited Partnership 184 Dudley Street Suite 102 Roxbury MA 02119 043293225 Rental Real Estate MA LRCC Related 22054089 0 0 0.99990 Smith Senior Residences LLC 184 Dudley Street Suite 102 Roxbury MA 02119 320494148 Rental Real Estate MA LRCC Related -37607 3068224 0 0 0.99990 Adams Orchard Inc 40 Court Street Boston MA 02108 043428514 Rental Real Estate MA N/A C 0 Beryl Gardens Cooperative Corporation 184 Dudley Street Suite 102 Roxbury MA 02119 043296338 rental Real Estate MA LRCC C -14728 1.00000 1 Beryl Gardens Inc 184 Dudley Street Suite 102 Roxbury MA 02119 043293227 Rental Real Estate MA LRCC C -15720 1.00000 1 Dudley Greenville MM LLC 184 Dudley Street Suite 102 Roxbury MA 02119 461232440 Rental Real Estate MA N/A C 0 Haynes II Inc 184 Dudley Street Suite 102 Roxbury MA 02119 043220498 Rental Real Estate MA LRCC C 1.00000 1 Interfaith Housing Developers Inc 184 Dudley Street Suite 102 Roxbury MA 02119 161644815 Rental Real Estate MA N/A C 0 Lower Roxbury Management Corporation 184 Dudley Street Suite 102 Roxbury MA 02119 042628306 Rental Real Estate MA N/A C 0 Madison Botolph GP Inc 184 Dudley Street Suite 102 Roxbury MA 02119 462310065 Rental Real Estate MA LRCC C -89 -24 1.00000 1 Madison Davenport Inc 184 Dudley Street Suite 102 Roxbury MA 02119 043428521 Rental Real Estate MA N/A C 0 Madison Park IV GP LLC 184 Dudley Street Suite 102 Roxbury MA 02119 453261293 Rental Real Estate MA LRCC C -619 -4347 0.79000 1 Madison Ruggles Shawmut Inc 184 Dudley Street Suite 102 Roxbury MA 02119 651251191 Rental Real Estate MA N/A C 0 MTV Inc 122 Dewitt Drive Boston MA 02120 043339765 Rental Real Estate MA N/A C 0 School House B C Madison Park and EAF G 536 Granite Street Braintree MA 02184 261599665 School House MA N/A C 0 School House K W Madison Park & EAF LLC 536 Granite Street Braintree MA 02184 261599663 School House MA N/A C 0 Smith II Inc 184 Dudley Street Suite 102 Roxbury MA 02119 473661174 REntal Real Estate MA N/A C 0 Smith II Inc 184 Dudley Street Suite 102 Roxbury MA 02119 043293223 Rental Real Estate MA LRCC C 1.00000 1 Smith Senior Residences MM LLC 184 Dudley Street Suite 102 roxbury MA 02119 812393714 rental Real Estate MA lrCC C 1.00000 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 1 Beryl Gardens LP A 4117 Cost BERYL GARDENS LP S 31167 cost Smith House II LP L 44000 cost MP III Townhomes LLC L 100000 cost Haynes House Associated II LP M 10000 cost