2014-08-04T10:35:58-05:00 2013-12-31 043097400 KEVIN P MARTIN ASSOCIATES PC 10 FORBES WEST BRAINTREE MA 02184 990 2013-01-01 042707590 HANOVER LEGION ELDERLY HOUSING CORPORATION C/O JOHN M CORCORAN & CO HANO 7818490011 100 GRANDVIEW RD NO 207 BRAINTREE MA 02184 THOMAS BAILEY PRESIDENT 7818490011 2014-07-23 1 KRISTIN E LABONTE CPA P00744707 7813803520 2014-07-23 2013 2015-11-30 17:44:51Z THOMAS BAILEY 100 GRANDVIEW RD NO 207 BRAINTREE MA 02184 955796 0 X N/A X 1979 MA TO PROVIDE SIXTY RENTAL UNITS OF HOUSING ON A NON-PROFIT BASIS FOR ELDERLY OR HANDICAPPED PERSONS TO MEET THEIR PHYSICAL, SOCIAL AND PSYCHOLOGICAL NEEDS 7 7 0 0 0 0 567791 182014 310661 707469 19256 17912 6251 6147 903959 913542 0 0 0 0 0 0 0 0 0 1250303 879195 1250303 879195 -346344 34347 2769511 2341575 3892923 3457123 -1123412 -1115548 TO PROVIDE RENTAL UNITS FOR ELDERLY OR HANDICAPPED PERSONS 0 0 879195 713616 PROVIDE HOUSING FOR ELDERLY OR HANDICAPPED PERSONS WITH LOW INCOME TO MEET THEIR PHYSICAL, SOCIAL AND PSYCHOLOGICAL NEEDS 879195 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 7 7 0 1 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 MA X CORCORAN MANAGEMENT 7818490011 100 GRANDVIEW ROAD SUITE 207 BRAINTREE MA 02184 X JOAN NORRIS DIRECTOR 1.00 X 0 0 0 MARGARET DILL VICE PRESIDENT 1.00 X X 0 0 0 JOSEPH O'NEILL TREASURER 1.00 X X 0 0 0 DONALD BUCKLEY DIRECTOR 1.00 X 0 0 0 THOMAS BAILEY PRESIDENT 1.00 X X 0 0 0 JOSEPH HANNIGAN DIRECTOR 1.00 X 0 0 0 DOROTHY QUINN CLERK 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 219279 1 182014 182014 RENT INCOME TENANTS 531110 707469 707469 707469 990 990 59176 42254 16922 16922 16922 LAUNDRY & OTHER INCOME 531110 3767 3767 COMCAST REVENUE 531110 2380 2380 6147 913542 713616 0 17912 X 35595 35595 55 55 13500 13500 183699 183699 526 526 49062 49062 528596 528596 55446 55446 RECAPTURE OF RESIDUAL R 12183 12183 533 533 879195 879195 0 0 27929 18035 465116 446455 11 2018 14248 14633 3300117 2036719 1318844 1263398 943363 597036 2769511 2341575 121974 103950 1917 2988 23640 24653 3348630 3313607 396762 11925 3892923 3457123 X -1123412 -1115548 -1123412 -1115548 2769511 2341575 34347 -26483 0 X 0 1 X 1 1 1 X 691019 730164 776488 567791 182014 2947476 691019 730164 776488 567791 182014 2947476 2947476 35406 11423 1632 2024 990 51475 7341 6441 18169 6251 6147 44349 3043300 1876900 0.96850 0.96530 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 85000 85000 3181046 2002648 1178398 21821 21821 0 12250 12250 0 1263398 TAX AND INSURANCE ESCROW 99083 RESERVE FOR REPLACEMENT 330917 TENANT SECURITY DEPOSITS 26710 RESIDUAL RECEIPTS RESERVE 15008 FINANCING FEES, NET OF ACCUMULATED AMORTIZATION 125318 597036 EXCESS PROJECT FUNDS 11925 11925 X 913542 0 913542 0 913542 905678 26483 26483 879195 0 879195 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: GAAP PRESCRIBES 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, 2013, THE CORPORATION 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 FROM THE FILING DATE. THE PROJECT IS NOT CURRENTLY UNDER EXAMINATION BY ANY TAXING JURISDICTION. PART XII, LINE 2D - OTHER ADJUSTMENTS: UNREALIZED LOSS 26,483. FORM 990, PART VI, SECTION A, LINE 3 THE CORPORATION INCURRED A MANAGEMENT FEE OF $35,595 FOR THE YEAR ENDED DECEMBER 31, 2013, DUE TO CORCORAN MANAGEMENT COMPANY. THE MANAGEMENT FEE IS EQUAL TO 4% OF EFFECTIVE RENTAL REVENUE. THE AGREEMENT IS IN EFFECT UNTIL CANCELED BY MASSHOUSING, THE CORPORATION OR CORCORAN MANAGEMENT COMPANY. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 GOES TO THE BOARD PRESIDENT FOR SIGNATURE FORM 990, PART VI, SECTION C, LINE 18 UPON REQUEST FORM 990, PART VI, SECTION C, LINE 19 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 183,684. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 183,684. CONTRACTORS: PROGRAM SERVICE EXPENSES 15. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 15.