2012-11-15T17:18:46-08:00 2011-12-31 Maletta & Company 43 Enterprise Drive Bristol CT 060107457 990 2011-01-01 042622178 BRIGHTWOOD DEVELOPMENT CORPORATION BRIG 4137342144 2345 MAIN STREET SPRINGFIELD MA 01107 HERIBERTO FLORES 2012-11-15 true MICHAEL A MALETTA CPA 8605826715 X 2011 2016-02-24 21:20:13Z 1738460 false false X N/A X 1977 MA TO PROMOTE ECONOMIC AND COMMUNITY DEVELOPMENT IN THE SPRINGFIELD, MA AREA AND PUERTO RICO THROUGH ON-GOING ASSISTANCE AND SUPPORT IN THE AREAS OF JOB PLACEMENT, NEW AND EXISTING BUSINESS DEVELOPMENT, ENTREPRENEURIAL ACTIVITIES, AND HOUSING. 5 4 2 0 39900 913764 798415 822413 7 7 1200 2276 839522 1738460 0 0 249169 0 0 978681 1081053 978681 1330222 -139159 408238 4232818 5468198 2754546 3580238 1478272 1887960 X TO PROMOTE ECONOMIC AND COMMUNITY DEVELOPMENT IN THE SPRINGFIELD, MA AREA AND PUERTO RICO THROUGH ON-GOING ASSISTANCE AND SUPPORT IN THE AREAS OF JOB PLACEMENT, NEW AND EXISTING BUSINESS DEVELOPMENT, ENTREPRENEURIAL ACTIVITIES, AND HOUSING. false false 407500 MEMORIAL SQUARE APARTMENTS - 40 UNIT MULTIPLE FAMILY HOUSING TO PROVIDE HOUSING TO LOW INCOME FAMILIES. 340644 BRIGHTWOOD DEVELOPMENT CORPORATION - TO PROMOTE ECONOMIC DEVELOPMENT IN THE SPRINGFIELD, MA AREA THROUGH ON-GOING ASSISTANCE AND SUPPORT IN THE AREAS OF JOB PLACEMENT, NEW AND EXISTING BUSINESS DEVELOPMENT, ENTREPRENEURSHIP, AND HOUSING. 272170 VILLA TAINO APARTMENTS - 30 UNIT USDA RD RURAL HOUSING MULTIPLE FAMILY HOUSING PROPERTY TO PROVIDE SUBSIDIZED HOUSING TO AREA FARM WORKERS AND THEIR FAMILIES. 259158 1279472 true true false false false false false false false false true false false true true true false true false false false false false false false false false false false true false false false false false false true false false false false false false false false false true false false false false true 10 0 true 2 true false false false false false false false false false false false 0 false false false false false false false false false false false X 5 4 false false false false false false false false false false false false true false false false false false false false false false MA X MAGGIE RIVERA 4137463844 2460 MAIN ST SUITE 112 SPRINGFIELD MA 01107 RUSSELL OMER 2.00 X 0 0 0 LUZ DEJESUS 2.00 X X 0 0 0 CECILIO RIVERA 2.00 X X 0 0 0 BRUCE YOUNG CANDELARIA 2.00 X X 0 93182 0 HERIBERTO FLORES 15.00 X X 0 280491 16800 373673 16800 0 false true false 0 866364 47400 913764 VILLA TAINO 531110 270659 269781 878 MEMORIAL SQUARE 531110 346427 346336 91 LA PLAZA DEL MERCADO 531120 205327 205327 822413 7 7 0 0 0 0 0 0 0 OTHER INCOME 531190 2276 2276 2276 1738460 823720 976 0 0 0 0 0 0 221401 221401 0 5989 5989 21779 21779 60613 60613 12970 12970 29575 19500 10075 0 0 0 0 2200 2200 32376 30028 2348 0 0 322173 315659 6514 19463 19463 0 1505 1505 117644 108459 9185 0 140739 140234 505 0 REPAIRS & MAINTENANCE 134357 133851 506 PROJECT COSTS 43230 42350 880 PROGRAM EXPENSE 23451 23451 CONTRACTUAL SERVICES 100589 100589 BOOKKEEPING 22750 3550 19200 17418 15881 1537 1330222 1279472 50750 0 57957 67361 0 406909 29932 31432 0 0 0 0 6258 6110 6529170 2782042 3886560 3747128 12650 14100 0 0 0 239461 1195158 4232818 5468198 164993 670234 275000 2559788 2607042 29765 27962 2754546 3580238 X 1478272 1887960 1478272 1887960 4232818 5468198 X 408238 1450 X false true false X false false X 174971 256634 65760 39900 913764 1451029 0 0 174971 256634 65760 39900 913764 1451029 0 1451029 682 722 545 412 976 3337 0 22004 13057 1200 1300 2275 39836 1494202 798010 0.97110 0.94840 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 448397 448397 5291031 2336452 2954579 737241 400507 336734 47936 40518 7418 4565 4565 3747128 TENANT SECURITY DEPOSITS 32257 Rounding 1 RESERVE AND ESCROW DEPOSITS 441850 MORTGAGE COSTS 30546 CONSTRUCTION IN PROGRESS 689504 1195158 DEPOSITS PAYABLE 27962 27962 1738460 1330222 408238 1450 23592 25042 433280 2215593 1450 475683 477133 1738460 1738460 1782313 452091 452091 1330222 1330222 Part X Part X : FIN48 Footnote Under provisions of the U.S. Internal Revenue Code, section 501(c)(3), BDC is exempt from taxes on income, other than unrelated business income, and accordingly does not record a provision for income taxes on its related earnings. In June 2006, a new accounting interpretation was issued regarding accounting for uncertainty income taxes which prescribes how an entity should measure, recognize, present and disclose positions that it has taken or expects to take on its tax or information returns. The effect of the implementation of this guidance was not material to the financial statements.BDC regularly reviews and evaluates its tax positions taken in previously filed information returns and as reflected in its financial statements, with regard to issues affecting its tax exempt status, unrelated business income, and related matters. It believes that in the event of an examination by taxing authorities, its positions would prevail based on the technical merits of such positions. Therefore, BDC has concluded that no tax benefits or liabilities are required to be recognized. Part XIII, Line 2d Part XIII, Line 2d: Other expenses and losses per audited F/S EL CENTRO DE SALUD MEDICO(SCH R PART IV) $452091 Part XII, Line 2d Part XII, Line 2d: Other revenue amounts included in F/S but not included on form 990 EL CENTRO DE SALUD MEDICO(SCH R PART IV) $475683 false false false false false false false false false false HERIBERTO FLORES 280491 16800 297291 FLORES DEVELOPMENT LLC MEMORIAL SQUARE LIHTC DEVELOPERS FEE X 176203 176203 false true true FLORES DEVELOPMENT LLC MEMORIAL SQUARE APARTMENTS X 438364 438364 false true true 614567 IN 1984, BRIGHTWOOD DEVELOPMENT CORPORATION RENOVATED THROUGH A TAX SHELTER LIMITED PARTNERSHIP, THE MEMORIAL SQUARE APARTMENTS. IN SEPTEMBER 2004, THE PROPERTY A THEN "BURNED OUT" TAX SHELTER WAS PUT IN FORCED FORECLOSURE BY DEBT HOLDERS. BRIGHTWOOD DID NOT HAVE AVAILABLE FINANCIAL RESOURCES TO PURCHASE THE PROPERTY. THE COMMUNITY WAS IN JEOPARDY OF LOSING LOCAL CONTROL OF THE PROPERTY AND AFFORDABLE HOUSING FOR 40 LOW INCOME FAMILIES. A PLAN WAS PUT IN EFFECT BY THE BOARD OF DIRECTORS TO PURCHASE THE PROPERTY THROUGH FORECLOSURE BY A MEMBER OF THE BOARD OF DIRECTORS TO RETAIN LOCAL CONTROL AND THEN TO TRANSFER THE PROPERTY BACK TO BRIGHTWOOD DEVELOPMENT CORPORATION. THE PLAN WAS EXECUTED AND THE PROPERTY PURCHASED THROUGH FORECLOSURE ON NOVEMBER 4, 2004. THE PROPERTY WAS CLEARED OF ALL LIENS AND ALL DEBT, SUBMITTED FOR LOW INCOME HOUSING TAX CREDIT (LIHTC) FEDERAL RENOVATION PROGRAM (WHICH IT SHOULD RECEIVE ACCEPTANCE IN THE BEGINNING OF 2013) AND TRANSFERRED BACK TO BRIGHTWOOD DEVELOPMENT CORPORATION WITH CLEAN TITLE AT TAX CREDIT COST BASIS. PART OF THAT COST BASIS TRANSFER INCLUDED A LOAN FROM THE BOARD MEMBER OF $176,203 FOR ACTUAL COSTS INCURRED.BRIGHTWOOD DEVELOPMENT CORPORATION DID NOT INCUR ANY EXPENSES ON THIS TRANSACTION AND THE RETURN OF THE PROPERTY TRANSACTION WAS DONE WITH NO PROFIT TO THE BOARD MEMBER AND THE BOARD MEMBER FINANCED LOAN TO BRIGHTWOOD DEVELOPMENT CORPORATION IS AT 0% INTEREST, WITH ZERO REPAYMENT SCHEDULE FOR PRINCIPAL. THE PRINCIPAL WILL BE PAID AT LOW INCOME HOUSING TAX CREDIT CLOSING WITH PROCEEDS FROM THE CLOSING OF THIS TRANSACTION.IN ADDITION TO BRIGHTWOOD DEVELOPMENT CORPORATION, THE LOCAL COMMUNITY DEVELOPMENT CORPORATION MAINTAINING LOCAL CONTROL AND OWNERSHIP OF THE PROPERTY IT WILL RECEIVE A DEVELOPERS FEE FOR THE LIHTC RENOVATIONS UPON COMPETITION OF THE RENOVATIONS TO FURTHER ITS MISSION OF PROVIDING AFFORDABLE HOUSING AND ECONOMIC DEVELOPMENT TO THE LOCAL COMMUNITY.IF AND WHEN BRIGHTWOOD DEVELOPMENT CORPORATION RECEIVES A DEVELOPER FEE A PORTION OF THAT FEE WOULD REPAY THE LOAN OF $438,364 (ALSO AT 0% INTEREST, WITH NO REPAYMENT PLAN FOR PRINCIPAL) FROM THE BOARD MEMBER FOR DEVELOPMENT COSTS,EXPENSES AND THE BOARD MEMBERS SHARE OF THE DEVELOPMENT FEE FOR THE TAX CREDIT APPLICATION PROCESS THAT ARE NOT ELIGIBLE FOR TAX CREDIT COST BASIS AND ARE ONLY REIMBURSEABLE FROM DEVELOPERS FEES. IF THE DEVELOPMENT FEE IS NOT RECEIVED OR NOT SUFFICIENT TO COVER THE LOAN FROM THE BOARD MEMBER THE LOAN WILL BE FORGIVEN BY THE BOARD MEMBER. Form 990, Part VI, Line 19 Form 990, Part VI, Line 19: Other Organization Documents Publicly Available APPLICABLE DOCUMENTS ARE MADE AVAILABLE UPON WRITTEN REQUEST TO BRIGHTWOOD DEVELOPMENT CORPORATION AND ARE MADE AVAILABLE BASED ON CURRENT REGULATIONS. Form 990, Part VI, Line 11 Form 990, Part VI, Line 11: Form 990 Review Process THE FORM 990 WAS REVIEWED BY MEMBERS OF THE BOARD OF DIRECTORS. Form 990, Part III, Line 4d Form 990, Part III, Line 4d : Other Program Services Description OTHER PROGRAM SERVICES 4: LA PLAZA - 12 COMMERCIAL RENTAL UNITS TO PROVIDE ECONOMIC DEVELOPMENT IN THE NORTH END OF SPRINGFIELD, MA. PARTNERS FOR COMMUNITY 11-13 HAMPDEN STREET SPRINGFIELD MA 01103 043397486 NONPROFIT MANAGEMENT SERVICES MA 501(C)(3) 9 N/A false EL CENTRO DE SALUD MEDICO INC 2460 MAIN STREET SUITE 112 SPRINGFIELD MA 01107 043269592 MEDICAL CENTER MA BRIGHTWOOD DEVELOPMENT CORPORATION C corp 1.00000 false false false false true false false false false false false false false false false false false false PARTNERS FOR COMMUNITY e 329762 FMV PART V, LINE 1(E) BDC has secured a U.S. Department of Health and Human Services (DHHS) grant for Puerto Rico to implement a healthy food initiative. As of December 31, 2011, BDC has incurred $340,644 in expenditures associated with the grant. BDC has not received any DHHS grant funds as of December 31, 2011; in the interim the funding for this program has been provided by PfC through a financing line of credit. PfC has advanced $329,762 to BDC as of December 31, 2011 to cover these expenses therefore, as of December 31, 2011 BDC owes PfC $329,762 which will be reimbursed upon receipt of the DHHS grant funds.