2016-08-12T11:50:32-05:00 2015-12-31 043097400 KEVIN P MARTIN ASSOCIATES PC 10 FORBES WEST BRAINTREE MA 02184 990 2015-01-01 042679926 BRIGHTON ALLSTON ELDERLY HOMES INC BRIG 7818490011 C/O CORCORAN MGMT 100 GRANDVIEW RD BRAINTREE MA 02184 KAREN SMITH PRESIDENT 7818490011 2016-07-14 1 JOLANTA TUCK CPA P01340068 7813803520 2016-07-14 2015 2016-12-15 16:53:06Z KAREN SMITH 59 ALDIE ST ALLSTON MA 02134 1648888 0 X N/A X 1978 MA TO PROVIDE EIGHTY RENTAL UNITS OF HOUSING ON A NON-PROFIT BASIS FOR ELDERLY OR HANDICAPPED PERSONS TO MEET THEIR PHYSICAL, SOCIAL AND PSYCHOLOGICAL NEEDS 8 8 0 0 0 0 1187623 1182948 400016 430256 638 526 15632 35158 1603909 1648888 0 0 0 0 0 0 0 0 0 1465287 1780900 1465287 1780900 138622 -132012 3146803 3169377 4147684 4302270 -1000881 -1132893 TO PROVIDE AFFORDABLE RENTAL UNITS FOR ELDERLY AND HANDICAPPED PERSONS 0 0 1780900 436988 PROVIDED EIGHTY RENTAL UNITS OF HOUSING ON A NON-PROFIT BASIS FOR ELDERLY OR HANDICAPPED PERSONS TO MEET THEIR PHYSICAL, SOCIAL AND PSYCHOLOGICAL NEEDS 1780900 1 1 0 0 0 0 0 0 1 0 1 0 0 1 1 1 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 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 8 8 0 1 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 MA X CORCORAN MANAGEMENT CO INC 7818490014 100 GRANDVIEW ROAD SUITE 207 BRAINTREE MA 02184 X KAREN SMITH PRESIDENT 1.00 X X 0 0 0 WILLIAM CORRIGAN DIRECTOR 1.00 X 0 0 0 JANE MCHALE DIRECTOR 1.00 X 0 0 0 MARY DOLAN DIRECTOR 1.00 X 0 0 0 ROBERT MARSHALL TREASURER 1.00 X X 0 0 0 JAMES GIBBONS CLERK 1.00 X X 0 0 0 DAVID MCNAIR DIRECTOR 1.00 X 0 0 0 ANTHONY D'ISIDORO DIRECTOR 1.00 X 0 0 0 0 0 0 0 0 0 0 CORCORAN MANAGEMENT COMPANY 100 GRANDVIEW ROAD SUITE 207 BRAINTREE MA 02184 MANAGEMENT SERVICES 323268 1 1182948 1182948 TENANT RENTAL INCOME 531110 430256 430256 430256 526 526 CELL TOWER REVENUE 532000 28426 28426 LAUNDRY & OTHER INCOME 531110 5881 5881 851 851 35158 1648888 436988 0 28952 X 102755 102755 126 126 18660 18660 228587 228587 320 320 61026 61026 816801 816801 169790 169790 14820 14820 RECAPTURE OF RESIDUAL R 179887 179887 WRITE OFF UNAMORTIZED F 151226 151226 PREPAYMENT PENALTIES 36386 36386 516 516 1780900 1780900 0 0 289963 127776 2435 119010 49180 64280 4742922 2922568 1943884 1820354 111479 861341 926478 3146803 3169377 272115 235735 2857 4485 18923 19191 3673613 3862972 180176 179887 4147684 4302270 X -1000881 -1132893 -1000881 -1132893 3146803 3169377 -132012 0 X 0 1 X 1 1 1 X 939473 1319240 1002050 1187623 1182948 5631334 253288 254567 566574 400016 430256 1904701 1192761 1573807 1568624 1587639 1613204 7536035 0 0 0 7536035 1800 1025 675 638 526 4664 1800 1025 675 638 526 4664 5836 5533 5754 15632 35158 67913 1200397 1580365 1575053 1603909 1648888 7608612 0.99050 0.99150 0.00060 0.00090 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 256321 256321 3529163 2678232 850931 496545 100528 396017 34404 15768 18636 426489 128040 298449 1820354 TAX AND INSURANCE ESCROW 189805 RESERVE FOR REPLACEMENT 618855 TENANT SECURITY DEPOSIT ESCROW 23178 SPECIAL DEVELOPMENT ESCROW 44004 RESIDUAL RECEIPTS RESERVE 19766 MORTGAGE INSURANCE PREMIUM ESCROW 7550 REPAIR ESCROW - NON CRITICAL 23320 926478 EXCESS PROJECT FUNDS 179887 179887 X 1672972 24084 24084 1648888 0 1648888 1804984 24084 24084 1780900 0 1780900 PART IV, LINE 2B: THE ESCROW LIABILITY AMOUNTS OF FORM 990, PART X, LINE 21 CONSIST OF TENANT SECURITY DEPOSITS, WHICH ARE HELD IN A SEPARATE BANK ACCOUNT. THE DEPOSITS ARE REFUNDED TO THE TENANT UPON TERMINATION OF THE LEASE. PART X, LINE 2: GENERALLY ACCEPTED ACCOUNTING PRINCIPLES IN THE UNITED STATES OF AMERICA (GAAP) PRESCRIBE A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. FOR THOSE BENEFITS TO BE RECOGNIZED, A TAX POSITION MUST BE MORE-LIKELY-THAN-NOT TO BE SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. FOR THE YEAR ENDED DECEMBER 31, 2015, THE PROJECT HAS DETERMINED THAT IT HAS NOT TAKEN ANY TAX POSITIONS WHICH WOULD RESULT IN AN UNCERTAINTY REQUIRING RECOGNITION IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE CORPORATION RECOGNIZES INTEREST AND PENALTIES, IF ANY, RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST EXPENSE. GENERALLY, THE CORPORATION'S INFORMATION RETURNS REMAIN OPEN FOR POSSIBLE FEDERAL INCOME TAX EXAMINATION FOR THREE YEARS AFTER THE FILING DATE. THE CORPORATION IS NOT CURRENTLY UNDER EXAMINATION BY ANY TAXING JURISDICTION. FORM 990, PART VI, SECTION A, LINE 3 THE CORPORATION INCURRED A MANAGEMENT FEE OF $90,841, FOR THE YEAR ENDED DECEMBER 31, 2015 DUE TO CORCORAN MANAGEMENT COMPANY. THE MANAGEMENT FEE IS EQUAL TO 5.5% OF TOTAL GROSS COLLECTIONS. THE AGREEMENT IS IN EFFECT UNTIL CANCELED BY HUD, THE CORPORATION, OR THE CORCORAN MANAGEMENT COMPANY. AS APPROVED BY HUD, ADDITIONAL MANAGEMENT FEES WERE INCURRED PER THE BETTER BUILDING CHALLENGE PROGRAM, EFFECTIVE JUNE 2014. THE ADDITIONAL FEES ARE EQUAL TO $4 PER UNIT PER MONTH. DURING THE YEAR ENDED DECEMBER 31, 2015, ADDITIONAL MANAGEMENT FEES OF $3,840 WERE INCURRED AND PAID. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS REVIEWED BY THE BOARD PRESIDENT BEFORE IT IS SIGNED FORM 990, PART VI, SECTION C, LINE 18 UPON REQUEST FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, FINANCIAL STATEMENTS AND THE FORM 990 ARE MADE AVAILABLE UPON REQUEST. THE ORGANIZATION DOES NOT CURRENTLY HAVE WRITTEN POLICIES RELATED TO CONFLICTS OF INTEREST, WHISTLEBLOWER PROTECTION OR DOCUMENT RETENTION AND DESTRUCTION. FORM 990, PART IX, LINE 11G MANAGEMENT SERVICES: PROGRAM SERVICE EXPENSES 228,587. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 228,587.