2013-07-23T09:31:04-05:00 2012-12-31 043097400 KEVIN P MARTIN ASSOCIATES PC 10 FORBES WEST BRAINTREE MA 02184 990 2012-01-01 042679926 BRIGHTON ALLSTON ELDERLY HOMES INC BRIG 7818490011 C/O CORCORAN MGMT CO 100 GRANDVIEW RD NO 207 BRAINTREE MA 02184 JAMES CREAMER 7818490011 2013-06-24 1 KRISTIN E LABONTE CPA P00744707 7813803520 2013-06-06 2012 2016-02-24 21:20:13Z JAMES CREAMER 59 ALDIE ST ALLSTON MA 02134 1580365 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 10 10 0 0 0 0 939473 1319240 253288 254567 1800 1025 5836 5533 1200397 1580365 0 0 0 0 0 0 0 0 0 1110887 1759654 1110887 1759654 89510 -179289 2913172 3073431 4063850 4403398 -1150678 -1329967 TO PROVIDE AFFORDABLE RENTAL UNITS FOR ELDERLY AND HANDICAPPED PERSONS 0 0 1759654 260100 PROVIDED EIGHTY RENTAL UNITS OF HOUSING ON A NON-PROFIT BASIS FOR ELDERLY OR HANDICAPPED PERSONS TO MEET THEIR PHYSICAL, SOCIAL AND PSYCHOLOGICAL NEEDS 1759654 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 10 10 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 1.00 X X 0 0 0 WILLIAM CORRIGAN 1.00 X 0 0 0 JAMES CREAMER 1.00 X X 0 0 0 JANE MCHALE 1.00 X 0 0 0 MARY DOLAN 1.00 X 0 0 0 BOB MARSHALL 1.00 X X 0 0 0 JIM GIBBONS 1.00 X 0 0 0 HELENA CREAMER 1.00 X 0 0 0 PAUL KAELLER 1.00 X 0 0 0 MILLIE HOLLUM-MCLAUGHLIN 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 276180 1 1319240 1319240 TENANT RENTAL INCOME 531110 254567 254567 254567 1025 1025 LAUNDRY & OTHER INCOME 531110 5533 5533 5533 1580365 260100 0 1025 X 87573 87573 17436 17436 17540 17540 189331 189331 389 389 42417 42417 996069 996069 96478 96478 RECAPTURE OF RESIDUAL R 308801 308801 BAD DEBT 2548 2548 1072 1072 1759654 1759654 0 0 144197 193795 6166 3432 35714 35766 4254499 2489765 1678364 1764734 1048731 1075704 2913172 3073431 207434 286056 1580 4225 18978 19390 3835858 3784926 0 308801 4063850 4403398 X -1150678 -1329967 -1150678 -1329967 2913172 3073431 -179289 0 X X 0 1 X 1 1 1 X 826124 853127 895430 939473 1319240 4833394 266261 242368 234986 253288 254567 1251470 1092385 1095495 1130416 1192761 1573807 6084864 0 0 0 6084864 5325 3377 2553 1800 1025 14080 5325 3377 2553 1800 1025 14080 5920 20561 20795 5836 5533 58645 1103630 1119433 1153764 1200397 1580365 6157589 0.98820 0.98600 0.00230 0.00360 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 256321 256321 3892509 2485003 1407506 105669 4762 100907 1764734 TAX AND INSURANCE ESCROW 111793 RESERVE FOR REPLACEMENT 431844 TENANT SECURITY DEPOSIT ESCROW 23165 FINANCING FEES, NET OF ACCUMULATED AMORTIZATION 163499 SPECIAL DEVELOPMENT ESCROW 43407 RESIDUAL RECEIPTS RESERVE 287089 MORTGAGE INSURANCE PREMIUM ESCROW 14907 1075704 EXCESS PROJECT FUNDS 308801 308801 X 1603585 23220 23220 1580365 0 1580365 1782874 23220 23220 1759654 0 1759654 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. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: 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, 2012, THE PROJECT DOES NOT BELIEVE ITS FINANCIAL STATEMENTS INCLUDE ANY UNCERTAIN TAX POSITIONS. THE PROJECT RECOGNIZES INTEREST AND PENALTIES, IF ANY, RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST EXPENSE. GENERALLY, THE CORPORATION'S INFORMATION RETURNS REMAIN OPEN FOR FEDERAL INCOME TAX EXAMINATION FOR THREE YEARS FROM THE FILING DATE. NO NOTICES HAVE BEEN RECEIVED FROM EITHER THE INTERNAL REVENUE SERVICE OR COMMONWEALTH OF MASSACHUSETTS ADDRESSING ANY OPEN YEAR. 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 $86,849, FOR THE YEAR ENDED DECEMBER 31, 2012 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. 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. OTHER FEES FORM 990, PART IX, LINE 11G MANAGEMENT SERVICES: PROGRAM SERVICE EXPENSES 189,331. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 189,331. FORM 990, PART XII, LINE 2C EXPLANATION: THERE HAVE BEEN NO CHANGES FROM THE PRIOR YEAR IN THE METHODS USED BY THE COMMITTEE RESPONSIBLE FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT.