2015-06-05T12:25:58-05:00 2014-12-31 043097400 KEVIN P MARTIN ASSOCIATES PC 10 FORBES WEST BRAINTREE MA 02184 990 2014-01-01 042679926 BRIGHTON ALLSTON ELDERLY HOMES INC BRIG 7818490011 C/O CORCORAN MGMT CO 100 GRANDVIEW RD NO 207 BRAINTREE MA 02184 JAMES CREAMER PRESIDENT 7818490011 2015-05-07 1 KENNETH DAVIN CPA P01280481 7813803520 2015-05-07 2014 2016-02-25 16:41:14Z KAREN SMITH 59 ALDIE ST ALLSTON MA 02134 1603909 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 1002050 1187623 566574 400016 675 638 5754 15632 1575053 1603909 0 0 0 0 0 0 0 0 0 1384589 1465287 1384589 1465287 190464 138622 2973432 3146803 4112935 4147684 -1139503 -1000881 TO PROVIDE AFFORDABLE RENTAL UNITS FOR ELDERLY AND HANDICAPPED PERSONS 0 0 1465287 405454 PROVIDED EIGHTY RENTAL UNITS OF HOUSING ON A NON-PROFIT BASIS FOR ELDERLY OR HANDICAPPED PERSONS TO MEET THEIR PHYSICAL, SOCIAL AND PSYCHOLOGICAL NEEDS 1465287 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 1 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 JAMES CREAMER 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 BOB MARSHALL TREASURER 1.00 X X 0 0 0 JIM GIBBONS DIRECTOR 1.00 X 0 0 0 HELENA CREAMER SECRETARY 1.00 X X 0 0 0 0 0 0 0 0 0 0 CORCORAN MANAGEMENT COMPANY 100 GRANDVIEW ROAD SUITE 207 BRAINTREE MA 02184 MANAGEMENT SERVICES 304765 1 1187623 1187623 TENANT RENTAL INCOME 531110 400016 400016 400016 638 638 CELL TOWER REVENUE 532000 10194 10194 LAUNDRY & OTHER INCOME 531110 5356 5356 TENANT CHARGES 531110 82 82 15632 1603909 405454 0 10832 X 91466 91466 107 107 18170 18170 214595 214595 337 337 55221 55221 752912 752912 149498 149498 14104 14104 RECAPTURE OF RESIDUAL R 168176 168176 701 701 1465287 1465287 0 0 206805 289963 838 2435 47300 49180 4700146 2756262 1847749 1943884 870740 861341 2973432 3146803 221493 272115 5833 2857 18589 18923 3730907 3673613 136113 180176 4112935 4147684 X -1139503 -1000881 -1139503 -1000881 2973432 3146803 138622 0 X 0 1 X 1 1 1 X 895430 939473 1319240 1002050 1187623 5343816 234986 253288 254567 566574 400016 1709431 1130416 1192761 1573807 1568624 1587639 7053247 0 0 0 7053247 2553 1800 1025 675 638 6691 2553 1800 1025 675 638 6691 20795 5836 5533 5754 15632 53550 1153764 1200397 1580365 1575053 1603909 7113488 0.99150 0.98980 0.00090 0.00140 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 256321 256321 4025708 2677206 1348502 418117 79056 339061 1943884 TAX AND INSURANCE ESCROW 114886 RESERVE FOR REPLACEMENT 480582 TENANT SECURITY DEPOSIT ESCROW 23173 FINANCING FEES, NET OF ACCUMULATED AMORTIZATION 151226 SPECIAL DEVELOPMENT ESCROW 43819 RESIDUAL RECEIPTS RESERVE 19698 MORTGAGE INSURANCE PREMIUM ESCROW 15957 AT&T SECURITY DEPOSIT 12000 861341 EXCESS PROJECT FUNDS 168176 AT&T SECURITY DEPOSIT 12000 180176 X 1627674 23765 23765 1603909 0 1603909 1489052 23765 23765 1465287 0 1465287 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, 2014, 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 TAX RETURNS REMAIN OPEN FOR POSSIBLE FEDERAL INCOME TAX EXAMINATION FOR THREE YEARS FROM THE FILING DATE. THE CORPORATION IS NOT CURRENTLY UNDER EXAMINATION BY ANY TAXING JURISDICTION. FORM 990, PART VI, SECTION A, LINE 2 JAMES CREAMER AND HELENA CREAMER HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 3 THE CORPORATION INCURRED A MANAGEMENT FEE OF $87,930, FOR THE YEAR ENDED DECEMBER 31, 2014 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, 2014, ADDITIONAL MANAGEMENT FEES OF $2,240 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 214,595. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 214,595. TANGIBLE PROPERTY REPAIR REGULATIONS THE TAXPAYER HEREBY ADOPTS THE FINAL TANGIBLE PROPERTY REGULATIONS CONTAINED HEREIN TREASURY DECISIONS, T.D. 9636 EFFECTIVE FOR THE TAX YEAR 1/1/14 - 12/31/14.