OFFICE OF MORTGAGE SETTLEMENT: Form 990, tax year 2014
View the entire original 990 at ProPublica ↗
- Organization
- OFFICE OF MORTGAGE SETTLEMENT (EIN 45-4458511)
- Tax period
- 2014-07-01 to 2015-06-30
- Filed
- 2016-01-26
- IRS object ID
- 201630269349300113
- Schema version
- 2014v6.0
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2016-01-26T11:04:38-06:00 | ReturnTs |
| Tax Period End | 2015-06-30 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 560574444 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | CHERRY BEKAERT LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1111 METROPOLITAN AVE STE 1000 | AddressLine1Txt |
| City | CHARLOTTE | CityNm |
| State Abbreviation | NC | StateAbbreviationCd |
| ZIP | 28204 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2014-07-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 454458511 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | OFFICE OF MORTGAGE SETTLEMENT OVERSIGHT | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | OFFI | BusinessNameControlTxt |
| Phone | 9198254748 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 301 FAYETTEVILLE STREET NO 1801 | AddressLine1Txt |
| City | RALEIGH | CityNm |
| State Abbreviation | NC | StateAbbreviationCd |
| ZIP | 27601 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | JOSEPH A SMITH JR | PersonNm |
| Person Title | PRESIDENT & DIRECTOR | PersonTitleTxt |
| Phone | 9198254748 | PhoneNum |
| Signature | 2016-01-16 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | JANICE A RATICA | PreparerPersonNm |
| PTIN | P00358837 | PTIN |
| Phone | 7043771678 | PhoneNum |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2014 | TaxYr |
| Build TS | 2016-04-25 22:37:26Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | JOSEPH A SMITH JR | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 301 FAYETTEVILLE STREET NO 1801 | AddressLine1Txt |
| City | RALEIGH | CityNm |
| State Abbreviation | NC | StateAbbreviationCd |
| ZIP | 27601 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $79,945,247 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | HTTPS://WWW.MORTGAGEOVERSIGHT.COM/ | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 2012 | FormationYr |
| Legal Domicile State | NC | LegalDomicileStateCd |
| Activity Or Mission | SEE SCHEDULE O. | ActivityOrMissionDesc |
| Voting Members Governing Body | 5 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 4 | VotingMembersIndependentCnt |
| Total Employee | 4 | TotalEmployeeCnt |
| Total Volunteers | 0 | TotalVolunteersCnt |
| Total Gross UBI | $0 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $72,185,836 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $79,938,899 | CYProgramServiceRevenueAmt |
| PY Investment Income | $7,435 | PYInvestmentIncomeAmt |
| CY Investment Income | $6,348 | CYInvestmentIncomeAmt |
| PY Other Revenue | $0 | PYOtherRevenueAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $72,193,271 | PYTotalRevenueAmt |
| CY Total Revenue | $79,945,247 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $0 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $1,050,154 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $1,035,741 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $70,873,515 | PYOtherExpensesAmt |
| CY Other Expenses | $73,176,307 | CYOtherExpensesAmt |
| PY Total Expenses | $71,923,669 | PYTotalExpensesAmt |
| CY Total Expenses | $74,212,048 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $269,602 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $5,733,199 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $10,675,781 | TotalAssetsBOYAmt |
| Total Assets EOY | $16,816,936 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $9,478,432 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $9,886,388 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $1,197,349 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $6,930,548 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Mission | SEE DESCRIPTION NOTED ON SCHEDULE O. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Expense | $71,664,919 | ExpenseAmt |
| Revenue | $79,938,899 | RevenueAmt |
| Desc | SEE DESCRIPTION NOTED ON SCHEDULE O. | Desc |
| Total Program Service Expenses | $71,664,919 | TotalProgramServiceExpensesAmt |
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Temp Or Permanent Endowments | 0 | TempOrPermanentEndowmentsInd |
| Report Land Building Equipment | 0 | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | 0 | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | 0 | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | Yes (1) | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | 0 | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Engaged In Excess Benefit Trans | 0 | EngagedInExcessBenefitTransInd |
| PY Excess Benefit Trans | 0 | PYExcessBenefitTransInd |
| Loan Outstanding | 0 | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With Officer Ent | Yes (1) | BusinessRlnWithOfficerEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | Yes (1) | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 17 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 4 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | 0 | UnrelatedBusIncmOverLimitInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 5 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 4 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | 0 | MembersOrStockholdersInd |
| Election Of Board Members | 0 | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | 0 | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | Yes (1) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| States Where Copy Of Return Is Fld | NC | StatesWhereCopyOfReturnIsFldCd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | JOHN SABISTON | PersonNm |
| Phone | 9198254734 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 301 FAYETTEVILLE ST SUITE 1801 | AddressLine1Txt |
| City | RALEIGH | CityNm |
| State Abbreviation | NC | StateAbbreviationCd |
| ZIP | 27601 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (7 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | OfficerOfficerInd |
|---|---|---|---|---|---|---|
| JOHN S ALLISON | ||||||
| DIRECTOR | 4.00 | Yes (X) | $24,000 | $0 | $0 | |
| BONNIE V HANCOCK | ||||||
| DIRECTOR | 2.50 | Yes (X) | $23,750 | $0 | $0 | |
| DONALD A PAPE | ||||||
| DIRECTOR | 4.00 | Yes (X) | $23,000 | $0 | $0 | |
| D KEITH PIGUES | ||||||
| DIRECTOR | 2.50 | Yes (X) | $23,000 | $0 | $0 | |
| JOSEPH A SMITH JR | ||||||
| PRESIDENT AND BOARD CHAIR | 40.00 | Yes (X) | $650,000 | $0 | $0 | Yes (X) |
| JOHN P SABISTON | ||||||
| VICE PRESIDENT, TREAS. AND SECR. | 40.00 | $184,800 | $0 | $0 | Yes (X) | |
| CHRISTINE HOOD | ||||||
| ASSISTANT SECRETARY | 40.00 | $0 | $0 | $0 | Yes (X) | |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $928,550 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $0 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 2 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| BDO USA LLP | |||||
| PO BOX 642743 | PITTSBURGH | PA | 152642743 | ACCOUNTING FIRMS - MONITORING COMPLIANCE | $27,035,243 |
| BAKER TILLY VIRCHOW KRAUSE LLP | |||||
| 8219 LEESBURG PIKE 800 | TYSONS | VA | 22182 | ACCOUNTING FIRMS - MONITORING COMPLIANCE | $10,668,233 |
| BKD LLP | |||||
| 220 W MAIN ST SUITE 1700 | LOUISVILLE | KY | 40202 | ACCOUNTING FIRMS - MONITORING COMPLIANCE | $7,233,892 |
| CROWE CHIZEK LLP | |||||
| PO BOX 145415 | CINCINNATI | OH | 45250 | ACCOUNTING FIRMS - MONITORING COMPLIANCE | $7,226,470 |
| MCGLADREY LLP | |||||
| 331 WEST 3RD ST SUITE 200 | DAVENPORT | IA | 52801 | ACCOUNTING FIRMS - MONITORING COMPLIANCE | $6,703,172 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 10 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | SETTLEMENT INCOME | Desc |
| Business | 900099 | BusinessCd |
| Total Revenue Column | $79,938,899 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $79,938,899 | RelatedOrExemptFuncIncomeAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $79,938,899 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $6,348 | TotalRevenueColumnAmt |
| Exclusion | $6,348 | ExclusionAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $79,945,247 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $79,938,899 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $0 | UnrelatedBusinessRevenueAmt |
| Exclusion | $6,348 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part IX | Yes (X) | InfoInScheduleOPartIXInd |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $928,550 | TotalAmt |
| Management And General | $928,550 | ManagementAndGeneralAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $76,460 | TotalAmt |
| Management And General | $76,460 | ManagementAndGeneralAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $30,731 | TotalAmt |
| Management And General | $30,731 | ManagementAndGeneralAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $125,944 | TotalAmt |
| Program Services | $125,944 | ProgramServicesAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $38,378 | TotalAmt |
| Program Services | $38,378 | ProgramServicesAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $71,270,306 | TotalAmt |
| Program Services | $71,270,306 | ProgramServicesAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $180,827 | TotalAmt |
| Management And General | $180,827 | ManagementAndGeneralAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $230,291 | TotalAmt |
| Program Services | $230,291 | ProgramServicesAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $116,409 | TotalAmt |
| Management And General | $116,409 | ManagementAndGeneralAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $51,946 | TotalAmt |
| Management And General | $51,946 | ManagementAndGeneralAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,162,206 | TotalAmt |
| Management And General | $1,162,206 | ManagementAndGeneralAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $74,212,048 | TotalAmt |
| Program Services | $71,664,919 | ProgramServicesAmt |
| Management And General | $2,547,129 | ManagementAndGeneralAmt |
| Fundraising | $0 | FundraisingAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $8,409,001 | BOYAmt |
| EOY | $15,651,721 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,255 | BOYAmt |
| EOY | $1,856 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,265,525 | BOYAmt |
| EOY | $1,163,359 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $10,675,781 | BOYAmt |
| EOY | $16,816,936 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $9,478,432 | BOYAmt |
| EOY | $9,886,388 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $9,478,432 | BOYAmt |
| EOY | $9,886,388 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Organization Follows SFAS117 | Yes (X) | OrganizationFollowsSFAS117Ind |
Unrestricted Net Assets UnrestrictedNetAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,197,349 | BOYAmt |
| EOY | $6,930,548 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,197,349 | BOYAmt |
| EOY | $6,930,548 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $10,675,781 | BOYAmt |
| EOY | $16,816,936 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expnss | $5,733,199 | ReconcilationRevenueExpnssAmt |
| Other Changes In Net Assets | $0 | OtherChangesInNetAssetsAmt |
| Info In Schedule O Part XII | Yes (X) | InfoInScheduleOPartXIIInd |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Consolidated Basis Fincl Stmt | Yes (X) | ConsolidatedBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (1) | AuditCommitteeInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $0 | TotalBookValueLandBuildingsAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART X, LINE 2: | FormAndLineReferenceDesc |
| Explanation | OMSO RECEIVED INTERNAL REVENUE SERVICE ("IRS") APPROVAL AS A TAX EXEMPT ORGANIZATION ON DECEMBER 12, 2013 UNDER SECTION 501(C)(4) OF THE INTERNAL REVENUE CODE, AND ACCORDINGLY, IS NOT SUBJECT TO FEDERAL INCOME TAX. MANAGEMENT HAS EVALUATED THE EFFECT OF THE GUIDANCE PROVIDED BY U.S. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. MANAGEMENT BELIEVES THAT OMSO CONTINUES TO SATISFY THE REQUIREMENTS OF A TAX-EXEMPT ORGANIZATION AT JUNE 30, 2015. MANAGEMENT HAS EVALUATED ALL OTHER TAX POSITIONS THAT COULD HAVE A SIGNIFICANT EFFECT ON THE CONSOLIDATED FINANCIAL STATEMENTS AND DETERMINED OMSO HAD NO UNCERTAIN INCOME TAX POSITIONS AT JUNE 30, 2015. OMSO'S FEDERAL EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURNS (FORM 990) ARE SUBJECT TO EXAMINATION BY THE IRS, GENERALLY FOR THREE YEARS AFTER THEY ARE FILED. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Independent Consultant | Yes (X) | IndependentConsultantInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | 0 | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
| Comp Based On Revenue Of Flng Org | 0 | CompBasedOnRevenueOfFlngOrgInd |
| Comp Bsd On Rev Related Orgs | 0 | CompBsdOnRevRelatedOrgsInd |
| Comp Bsd Net Earns Flng Org | 0 | CompBsdNetEarnsFlngOrgInd |
| Comp Bsd Net Earns Rltd Orgs | 0 | CompBsdNetEarnsRltdOrgsInd |
| Any Non Fixed Payments | 0 | AnyNonFixedPaymentsInd |
| Initial Contract Exception | Yes (1) | InitialContractExceptionInd |
| Rebuttable Presumption Proc | Yes (1) | RebuttablePresumptionProcInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (2 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| JOSEPH A SMITH JR | ||||||||||||||
| PRESIDENT AND BOARD CHAIR | $650,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $650,000 | $0 | $0 | $0 |
| JOHN P SABISTON | ||||||||||||||
| VICE PRESIDENT, TREAS. AND SECR. | $184,800 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $184,800 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 8 | FormAndLineReferenceDesc |
| Explanation | THE SELECTION OF THE MONITOR WAS MADE BY AGREEMENT OF ALL OF THE PARTIES TO THE FIVE CONSENT JUDGEMENTS THAT COMPRISE THE SETTLEMENT. THE OMSO BOARD OF DIRECTORS DOES NOT HAVE THE RIGHT TO TERMINATE OR REPLACE THE MONITOR. THE COMPENSATION OF THE MONITOR IS APPROVED THROUGH THE ADOPTION PROCESS OF THE OMSO BUDGET, WHERE THE MONITOR EXPRESSLY SUBMITS TO THE SERVICERS THAT ARE SUBJECT TO THE SETTLEMENT AND TO A MONITORING COMMITTEE REPRESENTING THE GOVERNMENT PARTIES AN ANNUAL BUDGET THAT EXPRESSLY DISCLOSES THE MONITOR'S COMPENSATION, WHICH BUDGET IS IMPLEMENTED ABSENT AN OBJECTION. THUS, THE MONITOR'S COMPENSATION IS SUBJECT TO THE INITIAL CONTRACT EXCEPTION UNDER TREASURY REGULATION SECTION 53.4958-4(A)(3). NEVERTHELESS, THE COMPENSATION OF THE MONITOR IS REVIEWED BY THE OMSO BOARD OF DIRECTORS IN A PROCESS THAT FOLLOWS THE REBUTTABLE PRESUMPTION PROCEDURE DESCRIBED IN TREASURY REGULATION SECTION 53.4958-6(C). | ExplanationTxt |
Schedule L IRS990ScheduleL
Bus Tr Involve Interested Prsn BusTrInvolveInterestedPrsnGrp
Name Of Interested NameOfInterested
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | POYNER SPRUILL | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Relationship Description | JOSEPH A SMITH, JR., PRESIDENT AND DIRECTOR, IS A PARTNER AT POYNER SPRUILL | RelationshipDescriptionTxt |
| Transaction | $3,165,041 | TransactionAmt |
| Transaction | THE MONITOR, JOSEPH A. SMITH, JR., WHO IS PRESIDENT AND DIRECTOR OF OMSO, BECAME A PARTNER WITH POYNER SPRUILL IN APRIL 2015. OMSO HAS A SUBLEASE AGREEMENT WITH POYNER SPRUILL FOR OFFICE SPACE FOR OMSO'S EMPLOYEE AND MANAGEMENT TEAM. THE OFFICE SPACE IS SUBLET FROM POYNER SPRUILL AT THE SAME RATE AS POYNER SPRUILL'S LEASE AGREEMENT. THE AMOUNT PAID FOR RENT TOTALED $112,809. OMSO ALSO HAS A LEGAL AND CONSULTING SERVICES AGREEMENT WITH POYNER SPRUILL FOR LEGAL AND ADMINISTRATIVE SUPPORT. THE AMOUNT PAID FOR LEGAL AND OFFICE SERVICES TOTALED $3,052,232. ALL TRANSACTIONS ARE AT ARM'S LENGTH AND FAIR MARKET VALUE. | TransactionDesc |
| Sharing Of Revenues | 0 | SharingOfRevenuesInd |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (8 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART I, LINE 1 AND PART III, LINES 1 AND 4A: | JOSEPH A. SMITH, JR. FORMED THE OFFICE OF MORTGAGE SETTLEMENT OVERSIGHT (OMSO), A NOT-FOR-PROFIT CORPORATION, TO HELP HIM CARRY OUT HIS DUTIES AS MONITOR (THE MONITOR) OF THE NATIONAL MORTGAGE SETTLEMENT. THE MONITOR'S PRIMARY TASKS ARE TO DETERMINE WHETHER THE SERVICERS ARE IN COMPLIANCE WITH THE MORTGAGE SERVICING STANDARDS AND CONSUMER RELIEF REQUIREMENTS AS SET FORTH IN THE CONSENT JUDGMENTS THAT COMPRISE THE SETTLEMENT. OMSO ASSISTS THE MONITOR WITH FUNCTIONS RELATED TO THE BUSINESS OF BEING THE MONITOR, INCLUDING MANAGING THE OMSO BUDGET, CONTRACTING WITH CONSULTANTS AND PROFESSIONAL FIRMS, HIRING EMPLOYEES AND MAINTAINING BOOKS AND RECORDS. FOR FURTHER INFORMATION SEE THE 2015 OMSO ANNUAL REPORT AT: WWW.MORTGAGEOVERSIGHT.COM. |
| FORM 990, PART VI, SECTION B, LINE 11 | THE FORM 990 HAS BEEN REVIEWED BY THE AUDIT COMMITTEE AND THEN THE ENTIRE BOARD OF DIRECTORS PRIOR TO ITS FILING. |
| FORM 990, PART VI, SECTION B, LINE 12C | EACH DIRECTOR AND OFFICER IS REQUIRED ON AT LEAST AN ANNUAL BASIS TO DISCLOSE ANY KNOWN CONFLICTS. THE OMSO MANAGEMENT REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES THE POLICY. IN THE EVENT OF A POTENTIAL CONFLICT, THE DIRECTOR OR OFFICER WILL RECUSE HIMSELF/HERSELF FROM DELIBERATION AND VOTING ON THE ISSUE. |
| FORM 990, PART VI, SECTION B, LINE 15 | AS PART OF THE CORPORATE GOVERNANCE FOR THE OFFICE OF MORTGAGE SETTLEMENT OVERSIGHT ("OMSO"), THE BOARD OF DIRECTORS OF OMSO CONSULTS WITH ITS GENERAL COUNSEL, BROOKS, PIERCE, MCLENDON, HUMPHREY & LEONARD, L.L.P. AND PEARL, MEYER AND ASSOCIATES, AN INDEPENDENT EXECUTIVE COMPENSATION FIRM, TO ADVISE THEM ON THE REASONABLENESS OF PROPOSED COMPENSATION FOR ALL OFFICERS AND MEMBERS OF THE BOARD OF DIRECTORS. IN ADDITION, THE MONITOR'S COMPENSATION IS APPROVED AS PART OF A BUDGET APPROVED BY A COMMITTEE CREATED UNDER THE SETTLEMENT. |
| FORM 990, PART VI, SECTION C, LINE 19 | THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICIES, FINANCIAL STATEMENTS AND ANNUAL REPORTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. |
| FORM 990, PART IX, LINE 11G | PROFESSIONAL FEES MONITORING COMPLIANCE: PROGRAM SERVICE EXPENSES 66,214,439. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 66,214,439. LEGAL - MONITORING COMPLIANCE: PROGRAM SERVICE EXPENSES 3,231,253. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 3,231,253. MONITORING SYSTEM: PROGRAM SERVICE EXPENSES 1,469,471. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,469,471. COMMUNICATIONS: PROGRAM SERVICE EXPENSES 355,143. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 355,143. |
| FORM 990, PART IX, LINE 11G: | OTHER EXPENSES: THIS SCHEDULE OF EXPENSES IDENTIFIES THE DIRECT COSTS FOR THE MONITOR TO CARRY OUT HIS DUTIES UNDER THE SETTLEMENT AND ARE NOT SPECIFIC TO THE OPERATION OF THE OMSO CORPORATE OFFICE. |
| FORM 990, PART XII, LINE 2C: | THE AUDIT COMMITTEE OF THE OMSO BOARD OF DIRECTORS. THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. |
Schedule R IRS990ScheduleR
Id Disregarded Entities IdDisregardedEntitiesGrp (2 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | Primary ActivitiesPrimaryActivitiesTxt | Legal Domicile StateLegalDomicileStateCd | Total IncomeTotalIncomeAmt | End Of Year AssetsEndOfYearAssetsAmt | Business Name Line1DirectControllingEntityName/BusinessNameLine1Txt |
|---|---|---|---|---|---|---|---|---|
| OMSO OCWEN LLC | ||||||||
| 301 FAYETTEVILLE STREET SUITE 1801 | RALEIGH | NC | 27601 | MONITORING | NC | $19,544,976 | $3,993,783 | OFFICE OF MORTGAGE SETTLEMENT OVERSIGHT |
| OMSO ST LLC | ||||||||
| 301 FAYETTEVILLE STREET SUITE 1801 | RALEIGH | NC | 27601 | MONITORING | NC | $2,943,883 | $1,516,291 | OFFICE OF MORTGAGE SETTLEMENT OVERSIGHT |