2012-05-10T08:44:24-05:00 2011-06-30 KEVIN P MARTIN & ASSOCIATES PC 10 FORBES WEST BRAINTREE MA 02184 990 2010-07-01 043291646 WORCESTER NEW HORIZONS INC WORC 9786306600 205 SCHOOL STREET GARDNER MA 01440 PAUL A TEIXEIRA 9786306600 2012-05-08 1 KRISTIN LABONTE 7813803520 2012-05-07 2010 2016-02-24 21:20:13Z PAUL A TEIXEIRA 205 SCHOOL STREET GARDNER MA 01440 616148 0 X N/A X 1995 MA TO ACQUIRE, CONSTRUCT, REHABILITATE AND OPERATE 34 UNITS OF AFFORDABLE RESIDENTIAL HOUSING FOR HANDICAPPED PERSONS IN WORCESTER, MA. 4 4 0 0 0 0 500420 515225 90538 98586 469 282 2074 2055 593501 616148 0 0 0 0 0 0 0 0 0 627305 633494 627305 633494 -33804 -17346 1691140 1684413 2219944 2230563 -528804 -546150 TO ACQUIRE, CONSTRUCT, REHABILITATE AND OPERATE 34 UNITS OF AFFORDABLE RESIDENTIAL HOUSING FOR HANDICAPPED PERSONS IN WORCESTER, MA. 0 0 633494 98636 TO ACQUIRE, CONSTRUCT, REHABILITATE AND OPERATE 34 UNITS OF AFFORDABLE RESIDENTIAL HOUSING FOR HANDICAPPED PERSONS IN WORCESTER, MA. 633494 1 1 0 1 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 0 1 7 0 0 0 0 0 0 0 0 0 0 0 0 X 4 4 0 1 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 MA X X PAUL A TEIXEIRA PRESIDENT 9786306600 205 SCHOOL STREET GARDNER MA 01440 X PAUL A TEIXEIRA 0.10 X X 0 0 0 DONNA R WARSHAW 0.10 X X 0 0 0 MICHAEL KENNEDY 0.10 X 0 0 0 CYNTHIA KINGDON 0.10 X 0 0 0 DONALD E BRADWAY 0.10 X 0 0 0 DAVID H PERRY 0.10 X 0 0 0 0 0 0 0 0 0 0 RCAP SOLUTIONS INC 205 SCHOOL STREET GARDNER MA 01440 MANAGEMENT SERVICES 155560 US SECURITY ASSOCIATES 122-C PARK AVE WILLOW GROVE PA 19090 SECURITY 115955 2 515225 515225 RENTAL INCOME 531110 98586 98586 98586 282 282 LAUNDRY INCOME 531390 2005 2005 50 50 2055 616148 98636 0 2287 26172 26172 590 590 9058 9058 357 357 79203 79203 14228 14228 420178 420178 911 911 79434 79434 TAXES, LICENSES & PERMI 2530 2530 BAD DEBT 833 833 633494 633494 0 0 29991 79923 48483 43554 2022 887 1419 2169291 806886 1409224 1362405 92249 89265 109171 106960 1691140 1684413 27751 63181 6953 6979 2174378 2149515 10862 10888 2219944 2230563 X -528804 -546150 -528804 -546150 1691140 1684413 -17346 0 X X 0 1 1 X 1 1 X 500420 515225 1015645 548284 570689 565192 90538 98586 1873289 548284 570689 565192 590958 613811 2888934 0 0 0 2888934 469 282 751 469 282 751 2900 2074 2055 7029 548284 570689 568092 593501 616148 2896714 0.99730 0.99800 0.00030 0.00020 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 1 357 0 0 0 357 0 0 1 77373 77373 2062250 792173 1270077 19774 4819 14955 9894 9894 0 1362405 TENANT SECURITY DEPOSITS 7276 RESIDUAL RECEIPTS FUND 52752 RESERVE FOR REPLACEMENTS 46932 106960 ACCRUED INTEREST 10748 PREPAID RENT 140 10888 616148 633494 -17346 0 -17346 616148 0 616148 0 616148 633494 0 633494 0 633494 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: THE CORPORATION HAS ADOPTED THE PROVISIONS OF GAAP WHICH 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 JUNE 30, 2011, THE CORPORATION HAS NO MATERIAL UNCERTAIN TAX POSITIONS TO BE ACCOUNTED FOR IN THE FINANCIAL STATEMENTS. THE CORPORATION RECOGNIZES INTEREST AND PENALTIES, IF ANY, RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST EXPENSE. ALL TAX YEARS PRIOR TO 2007 ARE CLOSED VIA THE PASSING OF THE STATUTE OF LIMITATIONS. NO NOTICES HAVE BEEN RECEIVED FROM EITHER THE INTERNAL REVENUE SERVICE OR COMMONWEALTH OF MASSACHUSETTS ADDRESSING ANY SUBSEQUENT YEAR. FORM 990, PART VI, SECTION A, LINE 3 THE CORPORATION IS AFFILIATED WITH RCAP SOLUTIONS, INC.(RCAP), A NONPROFIT CORPORATION WHO IS THE SPONSOR AGENCY OF THE PROJECT. RCAP PROVIDES PROPERTY MANAGEMENT SERVICES AND IS REIMBURSED BY THE CORPORATION. THE CORPORATION INCURRED AND PAID A MANAGEMENT FEE OF $26,172, FOR THE YEAR ENDED JUNE 30, 2011 DUE TO RCAP. THE MANAGEMENT FEE IS EQUAL TO 4.25% OF TOTAL RENT COLLECTIONS. THE AGREEMENT IS IN EFFECT UNTIL CANCELED BY HUD, THE CORPORATION OR RCAP. FORM 990, PART VI, SECTION B, LINE 11 THE MANAGEMENT COMPANY CFO AND CONTROLLER WORK CLOSELY WITH THE CPA FIRM AND PROVIDE INFORMATION NECESSARY TO COMPLETE THE 990. THE 990 IS DISCUSSED WITH NEW HORIZON BOARD, HIGHLIGHTING THE IMPORTANCE OF COMPLIANCE WITH IRS REGULATIONS AS IT IS PRESENTED ON THE 990. THE FORM IS ELECTRONICALLY SENT TO THE BOARD OF DIRECTORS ONCE COMPLETED BY THE CPA FIRM. FORM 990, PART VI, SECTION C, LINE 19 A COPY OF THE FINANCIAL STATEMENTS AND GOVERNING DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC WHEN REQUESTED IN WRITING. REQUESTS SHOULD BE DIRECTED TO THE PRESIDENT OF THE BOARD OF THE DIRECTORS. IN ADDITION THE FORM 990 IS AVAILABLE AT THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE. 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.