2016-11-15T06:17:56-08:00 2015-12-31 Maletta & Company 43 Enterprise Drive Bristol CT 060107457 990 2015-01-01 042622178 BRIGHTWOOD DEVELOPMENT CORPORATION BRIG 4137342144 2345 MAIN STREET SPRINGFIELD MA 01107 HERIBERTO FLORES President & CEO 2016-11-15 true MICHAEL A MALETTA CPA P00435529 8605826715 X 2015 2017-02-10 21:41:12Z 1460136 false false X N/A X 1977 MA TO PROMOTE ECONOMIC AND COMMUNITY DEVELOPMENT IN THE SPRINGFIELD, MA AREA AND PUERTO RICO THROUGH ON-GOING ASSISTANCE AND SUPPORT IN THE AREAS OF JOB PLACEMENT, NEW AND EXISTING BUSINESS DEVELOPMENT, ENTREPRENEURIAL ACTIVITIES, AND HOUSING. 5 3 5 0 650205 496612 878796 904694 383 1584 23886 57246 1553270 1460136 0 0 406662 442971 0 0 1234941 1135005 1641603 1577976 -88333 -117840 5611335 5461736 2940091 2907832 2671244 2553904 X TO PROMOTE ECONOMIC AND COMMUNITY DEVELOPMENT IN THE SPRINGFIELD, MA AREA AND PUERTO RICO THROUGH ON-GOING ASSISTANCE AND SUPPORT IN THE AREAS OF JOB PLACEMENT, NEW AND EXISTING BUSINESS DEVELOPMENT, ENTREPRENEURIAL ACTIVITIES, AND HOUSING. false false 466566 BRIGHTWOOD DEVELOPMENT CORPORATION - TO PROMOTE ECONOMIC DEVELOPMENT IN THE SPRINGFIELD, MA AREA THROUGH ON-GOING ASSISTANCE AND SUPPORT IN THE AREAS OF JOB PLACEMENT, NEW AND EXISTING BUSINESS DEVELOPMENT, ENTREPRENEURSHIP, AND HOUSING. 456732 401869 MEMORIAL SQUARE APARTMENTS - 40 UNIT MULTIPLE FAMILY HOUSING TO PROVIDE HOUSING TO LOW INCOME FAMILIES. 356714 292519 VILLA TAINO APARTMENTS - 30 UNIT USDA RD RURAL HOUSING MULTIPLE FAMILY HOUSING PROPERTY TO PROVIDE SUBSIDIZED HOUSING TO AREA FARM WORKERS AND THEIR FAMILIES. 245883 213078 1525895 true true false false false false false false false false true false false false true true false true false false false false false false false false false false false true false false false false false false true false false false false false false false false false true false false false false true 6 0 true 5 true false false false false false false false false 0 false false false false false false false false false false X 5 3 false false false false false false false false false false false true false false false false false false false false MA X MAGGIE RIVERA 4137463844 2460 MAIN ST SUITE 112 SPRINGFIELD MA 01107 HERIBERTO FLORES President 15.00 40.50 X X 0 228874 7480 NORMAN ROLDAN Secretary 2.00 0.00 X X 0 0 0 CECILIO RIVERA Treasurer 2.00 0.00 X X 0 0 0 VANESSA OTERO Vice President 2.00 40.00 X X 0 105480 4476 RUSSELL OMER Chairman 2.00 0.00 X 0 0 0 334354 11956 0 false true false 0 496612 496612 LA PLAZA DEL MERCADO 531120 210306 210306 MEMORIAL SQUARE APARTMENT 531110 401869 401869 VILLA TAINO 531110 292519 292519 904694 1584 1584 0 0 0 0 0 0 0 COMMISSIONS 900099 41167 41167 OTHER INCOME 900099 16079 16079 57246 1460136 963524 0 0 0 0 0 0 377297 377297 0 49786 49786 15888 15888 66576 65807 769 6755 6755 27250 17250 10000 0 0 0 0 2260 2260 38953 36897 2056 0 0 361121 355448 5673 8327 8327 0 0 100084 93020 7064 0 219559 219055 504 4378 4378 REPAIRS & MAINTENANCE 144117 140657 3460 PROJECT COSTS 40605 40227 378 PERMITS, TAXES, FILING FEES 28242 27742 500 BOOKKEEPING 27432 8232 19200 59346 56869 2477 1577976 1525895 52081 0 66992 60034 0 14267 3300 37054 90156 0 0 0 0 6831 6895 8063012 3024981 5227225 5038031 16750 17250 0 0 0 242216 246070 5611335 5461736 395377 461248 36652 2472604 2412434 35458 34150 2940091 2907832 X 2671244 2553904 2671244 2553904 5611335 5461736 -117840 500 X false true X false false X 913764 922199 567457 650205 496612 3550237 0 0 913764 922199 567457 650205 496612 3550237 0 3550237 976 533 441 383 1584 3917 0 2275 1200 1200 1200 1200 7075 3561229 0.99690 0.99680 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 559656 559656 6903155 2900861 4002294 204199 23943 180256 386205 93911 292294 9797 6266 3531 5038031 DEPOSITS PAYABLE 34148 Rounding 2 34150 X 1902132 500 482662 483162 1418970 41166 41166 1460136 1965197 428387 428387 1536810 41166 41166 1577976 Part X : FIN48 Footnote Under provisions of the U.S. Internal Revenue Code, section 501(c)(3), BDC is exempt from taxes on income, other than unrelated business income, and accordingly does not record a provision for income taxes on its related earnings. In June 2006, a new accounting interpretation was issued regarding accounting for uncertainty income taxes which prescribes how an entity should measure, recognize, present and disclose positions that it has taken or expects to take on its tax or information returns. The effect of the implementation of this guidance was not material to the financial statements.BDC regularly reviews and evaluates its tax positions taken in previously filed information returns and as reflected in its financial statements, with regard to issues affecting its tax exempt status, unrelated business income, and related matters. It believes that in the event of an examination by taxing authorities, its positions would prevail based on the technical merits of such positions. Therefore, BDC has concluded that no tax benefits or liabilities are required to be recognized. Part XI, Line 2d: Other revenue amounts included in F/S but not included on form 990 El Centro de Salud Medico, Sch R Part IV $482661 rounding $1 Part XI, Line 4b: Other revenue amounts included on 990 but not included in F/S El Centro de Salud/BDC Elimination $41166 Part XII, Line 2d: Other expenses and losses per audited F/S El Centro de Salud Medico, Sch R Part IV $428389 rounding $-2 Part XII, Line 4b: Other revenue amounts included on 990 but not included in F/S El Centro de Salud/BDC Elimination $41166 false false false false false false false false false false HERIBERTO FLORES President 228874 7480 236354 FLORES DEVELOPMENT LLC MEMORIAL SQUARE APARTMENTS X 438364 false true true FLORES DEVELOPMENT LLC MEMORIAL SQUARE LIHTC DEVELOPERS FEE X 176203 false true true Schedule L, Part V Supplemental Information IN 1984, BRIGHTWOOD DEVELOPMENT CORPORATION RENOVATED THROUGH A TAX SHELTER LIMITED PARTNERSHIP, THE MEMORIAL SQUARE APARTMENTS. IN SEPTEMBER 2004, THE PROPERTY A THEN "BURNED OUT" TAX SHELTER WAS PUT IN FORCED FORECLOSURE BY DEBT HOLDERS. BRIGHTWOOD DID NOT HAVE AVAILABLE FINANCIAL RESOURCES TO PURCHASE THE PROPERTY. THE COMMUNITY WAS IN JEOPARDY OF LOSING LOCAL CONTROL OF THE PROPERTY AND AFFORDABLE HOUSING FOR 40 LOW INCOME FAMILIES. A PLAN WAS PUT IN EFFECT BY THE BOARD OF DIRECTORS TO PURCHASE THE PROPERTY THROUGH FORECLOSURE BY A MEMBER OF THE BOARD OF DIRECTORS TO RETAIN LOCAL CONTROL AND THEN TO TRANSFER THE PROPERTY BACK TO BRIGHTWOOD DEVELOPMENT CORPORATION. THE PLAN WAS EXECUTED AND THE PROPERTY PURCHASED THROUGH FORECLOSURE ON NOVEMBER 4, 2004. THE PROPERTY WAS CLEARED OF ALL LIENS AND ALL DEBT, SUBMITTED FOR LOW INCOME HOUSING TAX CREDIT (LIHTC) FEDERAL RENOVATION PROGRAM (WHICH IT SHOULD RECEIVE ACCEPTANCE IN THE BEGINNING OF 2013) AND TRANSFERRED BACK TO BRIGHTWOOD DEVELOPMENT CORPORATION WITH CLEAN TITLE AT TAX CREDIT COST BASIS. PART OF THAT COST BASIS TRANSFER INCLUDED A LOAN FROM THE BOARD MEMBER OF $176,203 FOR ACTUAL COSTS INCURRED.BRIGHTWOOD DEVELOPMENT CORPORATION DID NOT INCUR ANY EXPENSES ON THIS TRANSACTION AND THE RETURN OF THE PROPERTY TRANSACTION WAS DONE WITH NO PROFIT TO THE BOARD MEMBER AND THE BOARD MEMBER FINANCED LOAN TO BRIGHTWOOD DEVELOPMENT CORPORATION IS AT 0% INTEREST, WITH ZERO REPAYMENT SCHEDULE FOR PRINCIPAL. THE PRINCIPAL WILL BE PAID AT LOW INCOME HOUSING TAX CREDIT CLOSING WITH PROCEEDS FROM THE CLOSING OF THIS TRANSACTION.IN ADDITION TO BRIGHTWOOD DEVELOPMENT CORPORATION, THE LOCAL COMMUNITY DEVELOPMENT CORPORATION MAINTAINING LOCAL CONTROL AND OWNERSHIP OF THE PROPERTY IT WILL RECEIVE A DEVELOPERS FEE FOR THE LIHTC RENOVATIONS UPON COMPETITION OF THE RENOVATIONS TO FURTHER ITS MISSION OF PROVIDING AFFORDABLE HOUSING AND ECONOMIC DEVELOPMENT TO THE LOCAL COMMUNITY.IF AND WHEN BRIGHTWOOD DEVELOPMENT CORPORATION RECEIVES A DEVELOPER FEE A PORTION OF THAT FEE WOULD REPAY THE LOAN OF $438,364 (ALSO AT 0% INTEREST, WITH NO REPAYMENT PLAN FOR PRINCIPAL) FROM THE BOARD MEMBER FOR DEVELOPMENT COSTS,EXPENSES AND THE BOARD MEMBERS SHARE OF THE DEVELOPMENT FEE FOR THE TAX CREDIT APPLICATION PROCESS THAT ARE NOT ELIGIBLE FOR TAX CREDIT COST BASIS AND ARE ONLY REIMBURSEABLE FROM DEVELOPERS FEES. IF THE DEVELOPMENT FEE IS NOT RECEIVED OR NOT SUFFICIENT TO COVER THE LOAN FROM THE BOARD MEMBER THE LOAN WILL BE FORGIVEN BY THE BOARD MEMBER. Form 990, Part III, Line 4d: Other Program Services Description OTHER PROGRAM SERVICES 4: LA PLAZA - 12 COMMERCIAL RENTAL UNITS TO PROVIDE ECONOMIC DEVELOPMENT IN THE NORTH END OF SPRINGFIELD, MA. Form 990, Part VI, Line 11b: Form 990 Review Process THE FORM 990 WAS REVIEWED BY MEMBERS OF THE BOARD OF DIRECTORS. Form 990, Part VI, Line 19: Other Organization Documents Publicly Available APPLICABLE DOCUMENTS ARE MADE AVAILABLE UPON WRITTEN REQUEST TO BRIGHTWOOD DEVELOPMENT CORPORATION AND ARE MADE AVAILABLE BASED ON CURRENT REGULATIONS. PARTNERS FOR COMMUNITY 11-13 HAMPDEN STREET SPRINGFIELD MA 01103 043397486 NONPROFIT MANAGEMENT SERVICES MA 501(C)(3) 9 N/A false NEW ENGLAND FARM WORKERS COUNCIL INC 11-13 HAMPDEN STREET SPRINGFIELD MA 01103 060872959 HUMAN SERVICE, ECONOMIC DEVELOPMENT ORG MA 501(C)(3) 9 N/A false EL CENTRO DE SALUD MEDICO INC 380 Plainfield Street SPRINGFIELD MA 01107 043269592 MEDICAL CENTER MA BRIGHTWOOD DEVELOPMENT CORPORATION C corp 1.00000 false false false false false true false false false false false false false false false false false false false false NEW ENGLAND FARM WORKERS COUNCIL INC e 87771 FMV