OFFICE OF MORTGAGE SETTLEMENT: Form 990, tax year 2012
View the entire original 990 at ProPublica ↗
- Organization
- OFFICE OF MORTGAGE SETTLEMENT (EIN 45-4458511)
- Tax period
- 2012-07-01 to 2013-06-30
- Filed
- 2014-02-10
- IRS object ID
- 201420419349301027
- Schema version
- 2012v2.1
- 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) |
|---|---|---|
| Timestamp | 2014-02-10T16:50:39-06:00 | Timestamp |
| Tax Period End Date | 2013-06-30 | TaxPeriodEndDate |
Preparer Firm PreparerFirm
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 560574444 | EIN |
Preparer Firm Business Name PreparerFirmBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | CHERRY BEKAERT LLP | BusinessNameLine1 |
Preparer Firm US Address PreparerFirmUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1111 METROPOLITAN AVE STE 1000 | AddressLine1 |
| City | CHARLOTTE | City |
| State | NC | State |
| ZIP Code | 28204 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnType |
| Tax Period Begin Date | 2012-07-01 | TaxPeriodBeginDate |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 454458511 | EIN |
Name Name
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | OFFICE OF MORTGAGE SETTLEMENT OVERSIGHT | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Control | OFFI | NameControl |
| Phone | 9198254748 | Phone |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 301 FAYETTEVILLE STREET NO 1801 | AddressLine1 |
| City | RALEIGH | City |
| State | NC | State |
| ZIP Code | 27601 | ZIPCode |
Officer Officer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | JOSEPH A SMITH JR | Name |
| Title | PRESIDENT & DIRECTOR | Title |
| Phone | 9198254748 | Phone |
| Date Signed | 2014-02-05 | DateSigned |
| Authorize Third Party | 1 | AuthorizeThirdParty |
Preparer Preparer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | JANICE A RATICA | Name |
| PTIN | P00358837 | PTIN |
| Phone | 7043771678 | Phone |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax Year | 2012 | TaxYear |
| Build TS | 2015-11-30 17:44:51Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Of Principal Officer Person | JOSEPH A SMITH JR | NameOfPrincipalOfficerPerson |
Address Principal Officer US AddressPrincipalOfficerUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 301 FAYETTEVILLE STREET NO 1801 | AddressLine1 |
| City | RALEIGH | City |
| State | NC | State |
| ZIP Code | 27601 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | 23537277 | GrossReceipts |
| Group Return For Affiliates | 0 | GroupReturnForAffiliates |
| Organization501c | X | Organization501c |
| Web Site | HTTPS://WWW.MORTGAGEOVERSIGHT.COM/ | WebSite |
| Type Of Organization Corporation | X | TypeOfOrganizationCorporation |
| Year Formation | 2012 | YearFormation |
| State Legal Domicile | NC | StateLegalDomicile |
| Activity Or Mission Description | SEE SCHEDULE O. | ActivityOrMissionDescription |
| Nbr Voting Members Governing Body | 5 | NbrVotingMembersGoverningBody |
| Nbr Independent Voting Members | 4 | NbrIndependentVotingMembers |
| Total Nbr Employees | 4 | TotalNbrEmployees |
| Total Nbr Volunteers | 0 | TotalNbrVolunteers |
| Total Gross UBI | 0 | TotalGrossUBI |
| Net Unrelated Business Txbl Income | 0 | NetUnrelatedBusinessTxblIncome |
| Contributions Grants Prior Year | 0 | ContributionsGrantsPriorYear |
| Contributions Grants Current Year | 0 | ContributionsGrantsCurrentYear |
| Program Service Revenue Prior Year | 21750000 | ProgramServiceRevenuePriorYear |
| Program Service Revenue CY | 23532675 | ProgramServiceRevenueCY |
| Investment Income Prior Year | 0 | InvestmentIncomePriorYear |
| Investment Income Current Year | 4602 | InvestmentIncomeCurrentYear |
| Other Revenue Prior Year | 0 | OtherRevenuePriorYear |
| Other Revenue Current Year | 0 | OtherRevenueCurrentYear |
| Total Revenue Prior Year | 21750000 | TotalRevenuePriorYear |
| Total Revenue Current Year | 23537277 | TotalRevenueCurrentYear |
| Grants And Similar Amnts Prior Year | 0 | GrantsAndSimilarAmntsPriorYear |
| Grants And Similar Amnts CY | 0 | GrantsAndSimilarAmntsCY |
| Benefits Paid To Members Prior Year | 0 | BenefitsPaidToMembersPriorYear |
| Benefits Paid To Members CY | 0 | BenefitsPaidToMembersCY |
| Salaries Etc Prior Year | 184805 | SalariesEtcPriorYear |
| Salaries Etc Current Year | 851568 | SalariesEtcCurrentYear |
| Total Prof Fundrsng Exp Prior Year | 0 | TotalProfFundrsngExpPriorYear |
| Total Prof Fundrsng Exp CY | 0 | TotalProfFundrsngExpCY |
| Total Fundrsng Exp Current Year | 0 | TotalFundrsngExpCurrentYear |
| Other Expense Prior Year | 2524560 | OtherExpensePriorYear |
| Other Expenses Current Year | 40798597 | OtherExpensesCurrentYear |
| Total Expenses Prior Year | 2709365 | TotalExpensesPriorYear |
| Total Expenses Current Year | 41650165 | TotalExpensesCurrentYear |
| Revenues Less Expenses Prior Year | 19040635 | RevenuesLessExpensesPriorYear |
| Revenues Less Expenses CY | -18112888 | RevenuesLessExpensesCY |
| Total Assets BOY | 19862452 | TotalAssetsBOY |
| Total Assets EOY | 11210003 | TotalAssetsEOY |
| Total Liabilities BOY | 821817 | TotalLiabilitiesBOY |
| Total Liabilities EOY | 10282256 | TotalLiabilitiesEOY |
| Net Assets Or Fund Balances BOY | 19040635 | NetAssetsOrFundBalancesBOY |
| Net Assets Or Fund Balances EOY | 927747 | NetAssetsOrFundBalancesEOY |
| Info In Schedule O Part III | X | InfoInScheduleOPartIII |
| Mission Description | SEE DESCRIPTION NOTED ON SCHEDULE O. | MissionDescription |
| Significant New Program Services | 0 | SignificantNewProgramServices |
| Significant Change | 0 | SignificantChange |
| Expense | 39384026 | Expense |
| Revenue | 23532675 | Revenue |
| Description | SEE DESCRIPTION NOTED ON SCHEDULE O. | Description |
| Total Program Service Expense | 39384026 | TotalProgramServiceExpense |
| Described In501 C3 | 0 | DescribedIn501C3 |
| Schedule B Required | 0 | ScheduleBRequired |
| Political Activities | 0 | PoliticalActivities |
| Subject To Proxy Tax | 0 | SubjectToProxyTax |
| Donor Advised Funds | 0 | DonorAdvisedFunds |
| Conservation Easements | 0 | ConservationEasements |
| Collections Of Art | 0 | CollectionsOfArt |
| Credit Counseling | 0 | CreditCounseling |
| Term Or Permanent Endowments | 0 | TermOrPermanentEndowments |
| Report Land Bldg Equip | 0 | ReportLandBldgEquip |
| Report Invest Oth Securities | 0 | ReportInvestOthSecurities |
| Report Prog Rel Invest | 0 | ReportProgRelInvest |
| Report Other Assets | 0 | ReportOtherAssets |
| Report Other Liabilities | 0 | ReportOtherLiabilities |
| Report Fin48 Footnote | 1 | ReportFin48Footnote |
| Independent Audit Financial Stmt | 1 | IndependentAuditFinancialStmt |
| Consolidated Audit Financial Stmt | 0 | ConsolidatedAuditFinancialStmt |
| School | 0 | School |
| Foreign Office | 0 | ForeignOffice |
| Foreign Activities | 0 | ForeignActivities |
| More Than5000 K To Organizations | 0 | MoreThan5000KToOrganizations |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividuals |
| Professional Fundraising | 0 | ProfessionalFundraising |
| Fundraising Activities | 0 | FundraisingActivities |
| Gaming | 0 | Gaming |
| Hospital | 0 | Hospital |
| Grants To Organizations | 0 | GrantsToOrganizations |
| Grants To Individuals | 0 | GrantsToIndividuals |
| Schedule J Required | 1 | ScheduleJRequired |
| Tax Exempt Bonds | 0 | TaxExemptBonds |
| Excess Benefit Transaction | 0 | ExcessBenefitTransaction |
| Prior Excess Benefit Transaction | 0 | PriorExcessBenefitTransaction |
| Loan To Officer Or DQP | 0 | LoanToOfficerOrDQP |
| Grant To Related Person | 0 | GrantToRelatedPerson |
| Bsnss Rltnshp With Organization | 0 | BsnssRltnshpWithOrganization |
| Bsnss Rltnshp Thru Family Member | 0 | BsnssRltnshpThruFamilyMember |
| Officer Entity With Bsnss Rltnshp | 0 | OfficerEntityWithBsnssRltnshp |
| Deductible Non Cash Contributions | 0 | DeductibleNonCashContributions |
| Deductible Contributions Of Art | 0 | DeductibleContributionsOfArt |
| Terminated | 0 | Terminated |
| Partial Liquidation | 0 | PartialLiquidation |
| Disregarded Entity | 0 | DisregardedEntity |
| Related Entity | 0 | RelatedEntity |
| Related Org Controlled Entity | 0 | RelatedOrgControlledEntity |
| Activities Conducted Partnership | 0 | ActivitiesConductedPartnership |
| Schedule O Required | 1 | ScheduleORequired |
| Number Forms Transmitted With1096 | 18 | NumberFormsTransmittedWith1096 |
| Number W2 G Included | 0 | NumberW2GIncluded |
| Compliance With Backup Witholding | 1 | ComplianceWithBackupWitholding |
| Number Of Employees | 4 | NumberOfEmployees |
| Employment Tax Returns Filed | 1 | EmploymentTaxReturnsFiled |
| Unrelated Business Income | 0 | UnrelatedBusinessIncome |
| Foreign Financial Account | 0 | ForeignFinancialAccount |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTrans |
| Taxable Party Notification | 0 | TaxablePartyNotification |
| Non Deductible Contributions | 0 | NonDeductibleContributions |
| Indoor Tanning Services | 0 | IndoorTanningServices |
| Info In Schedule O Part VI | X | InfoInScheduleOPartVI |
| Nbr Voting Governing Body Members | 5 | NbrVotingGoverningBodyMembers |
| Number Independent Voting Members | 4 | NumberIndependentVotingMembers |
| Family Or Business Relationship | 0 | FamilyOrBusinessRelationship |
| Delegation Of Management Duties | 0 | DelegationOfManagementDuties |
| Changes To Organizing Docs | 1 | ChangesToOrganizingDocs |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuse |
| Members Or Stockholders | 0 | MembersOrStockholders |
| Election Of Board Members | 0 | ElectionOfBoardMembers |
| Decisions Subject To Approval | 0 | DecisionsSubjectToApproval |
| Minutes Of Governing Body | 1 | MinutesOfGoverningBody |
| Minutes Of Committees | 1 | MinutesOfCommittees |
| Officer Mailing Address | 0 | OfficerMailingAddress |
| Local Chapters | 0 | LocalChapters |
| Form990 Provided To Governing Body | 1 | Form990ProvidedToGoverningBody |
| Conflict Of Interest Policy | 1 | ConflictOfInterestPolicy |
| Annual Disclosure Covered Persons | 1 | AnnualDisclosureCoveredPersons |
| Regular Monitoring Enforcement | 1 | RegularMonitoringEnforcement |
| Whistleblower Policy | 1 | WhistleblowerPolicy |
| Document Retention Policy | 1 | DocumentRetentionPolicy |
| Compensation Process CEO | 1 | CompensationProcessCEO |
| Compensation Process Other | 1 | CompensationProcessOther |
| Investment In Joint Venture | 0 | InvestmentInJointVenture |
| States Where Copy Of Return Is Filed | NC | StatesWhereCopyOfReturnIsFiled |
| Upon Request | X | UponRequest |
The Books Are In Care Of TheBooksAreInCareOf
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Person | JOHN SABISTON | NamePerson |
| Telephone Number | 9198254734 | TelephoneNumber |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 301 FAYETTEVILLE ST SUITE 1801 | AddressLine1 |
| City | RALEIGH | City |
| State | NC | State |
| ZIP Code | 27601 | ZIPCode |
Form990 Part VII Section A Form990PartVIISectionA (8 entries)
| TitleTitle | Average Hours Per WeekAverageHoursPerWeek | Individual Trustee Or DirectorIndividualTrusteeOrDirector | Reportable Comp From OrganizationReportableCompFromOrganization | Reportable Comp From Related OrgsReportableCompFromRelatedOrgs | Other CompensationOtherCompensation | OfficerOfficer |
|---|---|---|---|---|---|---|
| JOHN ALLISON | ||||||
| DIRECTOR | 4.00 | X | 17000 | 0 | 0 | |
| JAMES E HOLSHOUSER DECEASED | ||||||
| DIRECTOR | 2.50 | X | 17250 | 0 | 0 | |
| BONNIE HANCOCK | ||||||
| DIRECTOR | 2.50 | X | 17250 | 0 | 0 | |
| DONALD A PAPE | ||||||
| DIRECTOR | 4.00 | X | 17250 | 0 | 0 | |
| KEITH PIGUES | ||||||
| DIRECTOR | 2.50 | X | 17250 | 0 | 0 | |
| JOSEPH A SMITH JR | ||||||
| PRESIDENT & DIRECTOR | 40.00 | X | 295673 | 0 | 0 | X |
| JOHN P SABISTON | ||||||
| VICE PRESIDENT, TREAS,SECRETARY | 40.00 | 128769 | 0 | 0 | X | |
| CHRISTINE HOOD | ||||||
| ASSISTANT SECRETARY | 40.00 | 0 | 0 | 0 | X | |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | 510442 | TotalReportableCompFromOrg |
| Total Reportable Comp Frm Rltd Orgs | 0 | TotalReportableCompFrmRltdOrgs |
| Total Other Compensation | 0 | TotalOtherCompensation |
| Number Individuals GT100 K | 2 | NumberIndividualsGT100K |
| Formers Listed | 0 | FormersListed |
| Total Comp GT150 K | 1 | TotalCompGT150K |
| Compensation From Other Sources | 0 | CompensationFromOtherSources |
Contractor Compensation ContractorCompensation (5 entries)
| Address Line1AddressOfContractor/AddressUS/AddressLine1 | CityAddressOfContractor/AddressUS/City | StateAddressOfContractor/AddressUS/State | ZIP CodeAddressOfContractor/AddressUS/ZIPCode | Description Of ServicesDescriptionOfServices | CompensationCompensation |
|---|---|---|---|---|---|
| BDO USA LLP | |||||
| 100 HIGH STREET | BOSTON | MA | 02110 | ACCOUNTING FIRMS - MONITORING COMPLIANCE | 4552533 |
| POYNER SPRUILL LLP | |||||
| 301 FAYETTEVILLE STREET | RALEIGH | NC | 27601 | LEGAL - MONITORING COMPLIANCE | 1745260 |
| GUPTON MARS INTERNATIONAL | |||||
| 75 SOUTH BROADWAY | WHITE PLAINS | NY | 10601 | MONITORING SYSTEM | 857310 |
| CAPSTRAT | |||||
| 1201 EDWARDS MILL ROAD SUITE 400 | RALEIGH | NC | 27607 | COMMUNICATIONS | 681098 |
| SMITH MOORE LEATHERWOOD LLP | |||||
| 434 FAYETTEVILLE ST HANNOVER SQUA | RALEIGH | NC | 27601 | LEGAL - MONITORING COMPLIANCE | 638313 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Number Of Contractors GT100 K | 7 | NumberOfContractorsGT100K |
Program Service Revenue ProgramServiceRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | SETTLEMENT INCOME | Description |
| Business Code | 922110 | BusinessCode |
| Total Revenue Column | 23532675 | TotalRevenueColumn |
| Related Or Exempt Function Income | 23532675 | RelatedOrExemptFunctionIncome |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | 23532675 | TotalProgramServiceRevenue |
Investment Income InvestmentIncome
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 4602 | TotalRevenueColumn |
| Exclusion | $4,602 | ExclusionAmount |
Total Revenue TotalRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 23537277 | TotalRevenueColumn |
| Related Or Exempt Function Income | 23532675 | RelatedOrExemptFunctionIncome |
| Unrelated Business Revenue | 0 | UnrelatedBusinessRevenue |
| Exclusion | $4,602 | ExclusionAmount |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part IX | X | InfoInScheduleOPartIX |
Comp Current Officers Directors CompCurrentOfficersDirectors
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 510442 | Total |
| Management And General | 510442 | ManagementAndGeneral |
Other Salaries And Wages OtherSalariesAndWages
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 305094 | Total |
| Management And General | 305094 | ManagementAndGeneral |
Payroll Taxes PayrollTaxes
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 36032 | Total |
| Management And General | 36032 | ManagementAndGeneral |
Fees For Services Management FeesForServicesManagement
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 51513 | Total |
| Program Services | 51513 | ProgramServices |
Fees For Services Legal FeesForServicesLegal
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 153574 | Total |
| Program Services | 153574 | ProgramServices |
Fees For Services Accounting FeesForServicesAccounting
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 56401 | Total |
| Program Services | 56401 | ProgramServices |
Fees For Services Other FeesForServicesOther
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 38857716 | Total |
| Program Services | 38857716 | ProgramServices |
Office Expenses OfficeExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 204659 | Total |
| Management And General | 204659 | ManagementAndGeneral |
Information Technology InformationTechnology
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 187146 | Total |
| Program Services | 187146 | ProgramServices |
Occupancy Occupancy
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 140502 | Total |
| Management And General | 140502 | ManagementAndGeneral |
Travel Travel
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 77676 | Total |
| Program Services | 77676 | ProgramServices |
Insurance Insurance
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1069410 | Total |
| Management And General | 1069410 | ManagementAndGeneral |
Total Functional Expenses TotalFunctionalExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 41650165 | Total |
| Program Services | 39384026 | ProgramServices |
| Management And General | 2266139 | ManagementAndGeneral |
| Fundraising | 0 | Fundraising |
Cash Non Interest Bearing CashNonInterestBearing
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 12088085 | BOY |
| EOY | 8101432 | EOY |
Accounts Receivable AccountsReceivable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 3600000 | BOY |
Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 4174367 | BOY |
| EOY | 3108571 | EOY |
Total Assets TotalAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 19862452 | BOY |
| EOY | 11210003 | EOY |
Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 821817 | BOY |
| EOY | 6926550 | EOY |
Deferred Revenue DeferredRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | 3355706 | EOY |
Total Liabilities TotalLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 821817 | BOY |
| EOY | 10282256 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Follow SFAS117 | X | FollowSFAS117 |
Unrestricted Net Assets UnrestrictedNetAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 19040635 | BOY |
| EOY | 927747 | EOY |
Total Net Assets Fund Balances TotalNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 19040635 | BOY |
| EOY | 927747 | EOY |
Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 19862452 | BOY |
| EOY | 11210003 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expenses | -18112888 | ReconcilationRevenueExpenses |
| Reconcilation Other Changes | 0 | ReconcilationOtherChanges |
| Info In Schedule O Part XII | X | InfoInScheduleOPartXII |
| Method Of Accounting Accrual | X | MethodOfAccountingAccrual |
| Accountant Compile Or Review | 0 | AccountantCompileOrReview |
| FS Audited | 1 | FSAudited |
FS Audited Basis FSAuditedBasis
| Field | Value | IRS element (for citing) |
|---|---|---|
| Financial Statement Separate | X | FinancialStatementSeparate |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | 1 | AuditCommittee |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequired |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Book Value Land Buildings | 0 | TotalOfBookValueLandBuildings |
| Footnote In Part XIII | X | FootnoteInPartXIII |
| Tot Revenue Etc Audited Fincl Stmt | 23537277 | TotRevenueEtcAuditedFinclStmt |
| Revenue Not Rptd F990 | 0 | RevenueNotRptdF990 |
| Revenue Subtotal | 23537277 | RevenueSubtotal |
| Revenue Not Rptd On Fin Stmt | 0 | RevenueNotRptdOnFinStmt |
| Total Revenue Per Form990 | 23537277 | TotalRevenuePerForm990 |
| Tot Expenses Etc Audited Fincl Stmt | 41650165 | TotExpensesEtcAuditedFinclStmt |
| Expenses Not Rptd F990 | 0 | ExpensesNotRptdF990 |
| Expenses Subtotal | 41650165 | ExpensesSubtotal |
| Expenses Not Rptd On Fin Stmt | 0 | ExpensesNotRptdOnFinStmt |
| Total Expenses Per Form990 | 41650165 | TotalExpensesPerForm990 |
Form990 Schedule D Part XIII Form990ScheduleDPartXIII
| Field | Value | IRS element (for citing) |
|---|---|---|
| Identifier | DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: | Identifier |
| Return Reference | PART X, LINE 2: | ReturnReference |
| Explanation | OFFICE OF MORTGAGE SETTLEMENT OVERSIGHT (OMSO) RECEIVED NOTIFICATION FROM THE IRS ON DECEMBER 12, 2013 CONFIRMING THE 501(C)(4) TAX EXEMPT STATUS WITH AN EFFECTIVE DATE OF FEBRUARY 06, 2012 , 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, 2013. MANAGEMENT HAS EVALUATED ALL OTHER TAX POSITIONS THAT COULD HAVE A SIGNIFICANT EFFECT ON THE FINANCIAL STATEMENTS AND DETERMINED THAT OMSO HAD NO UNCERTAIN INCOME TAX POSITIONS AT JUNE 30, 2013. OMSO'S FEDERAL EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURNS (FORM 990) FOR 2013 AND 2012 ARE SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE (IRS), GENERALLY FOR THREE YEARS AFTER THEY ARE FILED. | Explanation |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Independent Consultant | X | IndependentConsultant |
| Compensation Survey | X | CompensationSurvey |
| Board Or Committee Approval | X | BoardOrCommitteeApproval |
| Severance Payment | 0 | SeverancePayment |
| Supplemental Nonqual Retire Plan | 0 | SupplementalNonqualRetirePlan |
| Equity Based Comp Arrangement | 0 | EquityBasedCompArrangement |
| Comp Based On Revenue Of Filing Org | 0 | CompBasedOnRevenueOfFilingOrg |
| Comp Based On Revenue Related Orgs | 0 | CompBasedOnRevenueRelatedOrgs |
| Comp Based Net Earnings Filing Org | 0 | CompBasedNetEarningsFilingOrg |
| Comp Based Net Earnings Relate Orgs | 0 | CompBasedNetEarningsRelateOrgs |
| Any Non Fixed Payments | 0 | AnyNonFixedPayments |
| Initial Contract Exception | 1 | InitialContractException |
| Rebuttable Presumption Procedure | 1 | RebuttablePresumptionProcedure |
Form990 Schedule J Part II Form990ScheduleJPartII
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Person | JOSEPH A SMITH JR | NamePerson |
| Title | PRESIDENT & DIRECTOR | Title |
| Base Compensation Filing Org | 295673 | BaseCompensationFilingOrg |
| Comp Based On Related Orgs | 0 | CompBasedOnRelatedOrgs |
| Bonus Filing Org | 0 | BonusFilingOrg |
| Bonus Related Orgs | 0 | BonusRelatedOrgs |
| Other Compensation Filing Org | 0 | OtherCompensationFilingOrg |
| Other Compensation Related Orgs | 0 | OtherCompensationRelatedOrgs |
| Deferred Comp Filing Org | 0 | DeferredCompFilingOrg |
| Deferred Comp Related Orgs | 0 | DeferredCompRelatedOrgs |
| Nontaxable Benefits Filing Org | 0 | NontaxableBenefitsFilingOrg |
| Nontaxable Benefits Related Orgs | 0 | NontaxableBenefitsRelatedOrgs |
| Total Compensation Filing Org | 295673 | TotalCompensationFilingOrg |
| Total Compensation Related Orgs | 0 | TotalCompensationRelatedOrgs |
| Comp Report Prior990 Filing Org | 0 | CompReportPrior990FilingOrg |
| Comp Report Prior990 Related Orgs | 0 | CompReportPrior990RelatedOrgs |
Form990 Schedule J Part III Form990ScheduleJPartIII
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Reference | PART I, LINE 8 | ReturnReference |
| 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). | Explanation |
Schedule O IRS990ScheduleO
General Explanation GeneralExplanation (9 entries)
| Return ReferenceReturnReference | ExplanationExplanation | IdentifierIdentifier |
|---|---|---|
| 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 THE DUTIES HE WAS GIVEN UNDER THE NATIONAL MORTGAGE SETTLEMENT (THE "SETTLEMENT"). PURSUANT TO THE SETTLEMENT, JOSEPH A. SMITH, JR. WAS APPOINTED TO THE POSITION OF NATIONAL SETTLEMENT MONITOR (THE "MONITOR"), WITH THE PRIMARY TASKS OF DETERMINING WHETHER THE PARTIES TO THE SETTLEMENT ARE IN COMPLIANCE WITH THE MORTGAGE SERVICING STANDARDS AND CONSUMER RELIEF REQUIREMENTS AS SET FORTH IN THE CONSENT JUDGMENTS WHICH COMPRISE THE SETTLEMENT. OMSO ASSISTS THE MONITOR WITH FUNCTIONS RELATED TO THE BUSINESS OF BEING THE MONITOR, INCLUDING ACCEPTANCE AND PAYMENT OF MONEY, CONTRACTING WITH CONSULTANTS AND PROFESSIONAL FIRMS, THE HIRING OF EMPLOYEES AND THE MAINTENANCE OF BOOKS AND RECORDS. THE PARTIES TO THE SETTLEMENT MUST FILE REGULAR REPORTS WITH THE MONITOR TO DETAIL THEIR COMPLIANCE. BASED ON THESE REPORTS AS WELL AS HIS INDEPENDENT OVERSIGHT, THE MONITOR WILL MAKE HIS OWN REPORTS ON A SEMI ANNUAL BASIS TO THE FEDERAL DISTRICT COURT HAVING JURISDICTION OF THE SETTLEMENT AND THE PARTIES TO THE SETTLEMENT AS WELL AS TO THE GENERAL PUBLIC. FOR FURTHER INFORMATION, SEE THE OMSO ANNUAL REPORT AT HTTPS://WWW.MORTGAGEOVERSIGHT.COM/ABOUT-THE-OFFICE-OF-MORTGAGE- SETTLEMENT-OVERSIGHT/ | |
| FORM 990, PART VI, SECTION A, LINE 4 | THE OMSO BYLAWS WERE AMENDED BY THE BOARD OF DIRECTORS. A COPY OF THE AMENDMENTS WILL BE SENT SEPARATELY. | |
| FORM 990, PART VI, SECTION B, LINE 11 | THE FORM 990 WILL BE 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 | ACCOUNTING FIRMS - MONITORING COMPLIANCE: PROGRAM SERVICE EXPENSES 31,325,878. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 31,325,878. LEGAL - MONITORING COMPLIANCE: PROGRAM SERVICE EXPENSES 2,746,356. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,746,356. MONITORING SYSTEM: PROGRAM SERVICE EXPENSES 4,185,460. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 4,185,460. COMMUNICATIONS: PROGRAM SERVICE EXPENSES 600,022. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 600,022. | OTHER FEES |
| FORM 990, PART IX, LINE 11G | 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. | OTHER EXPENSES: |
| PART XII, LINE 2C: | THE AUDIT COMMITTEE OF THE OMSO BOARD OF DIRECTORS. THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. |