2012-10-11T14:51:49-05:00 2011-12-31 521158459 HERTZBACH & COMPANY PA 800 RED BROOK BLVD SUITE 300 OWINGS MILLS MD 21117 990 2011-01-01 330998489 WESLEY ASI OF NORTHERN VIRGINIA WESL 7036423830 5515 CHEROKEE AVE NO 204 ALEXANDRIA VA 22312 SHELLEY MURPHY 7036423830 2012-10-08 1 JEFFREY M KLEEMAN P00849057 4103633200 2011 2016-02-24 21:20:13Z SHELLEY MURPHY 5515 CHEROKEE AVE SUITE 204 ALEXANDRIA VA 22312 183294 0 X N/A X 2002 VA PROVIDE LOW-INCOME HOUSING AND SERVICES TO HANDICAPPED PEOPLE LIVING IN 22 UNITS 7 6 0 8 0 0 0 0 192672 183210 0 84 0 0 192672 183294 0 0 0 0 32053 34612 0 0 0 202103 183767 234156 218379 -41484 -35085 2745097 2715330 3111703 3117021 -366606 -401691 TO PROVIDE LOW INCOME HOUSING AND SERVICES FOR PERSONS WITH DISABILITIES IN A 22 UNIT FACILITY. 0 0 209379 183210 PROVIDES 22 UNITS OF LOW-INCOME HOUSING AND SERVICES TO PERSONS WITH DISABILITIES 209379 1 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 7 6 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 0 0 0 0 X WESLEY HOUSING DEVELOPMENT CORPORATION 7036423830 5515 CHEROKEE AVE SUITE 204 ALEXANDRIA VA 22312 X KAREN W BROWN MED CRC 0.20 X X 0 0 0 DAVID BURDS 0.20 X X 0 0 0 MARY COCKER 0.20 X 0 0 0 GEORGE KOSTEL 0.20 X 0 0 0 SHELLEY MURPHY 0.20 X X 0 168585 12942 BETH PAUTLER 0.20 X 0 0 0 STEPHEN VANDER SCHAAF 0.20 X 0 0 0 0 168585 12942 0 0 1 0 0 RENTAL ASSISTANCE PAYM 531110 127602 127602 RENTAL INCOME 531110 52116 52116 LAUNDRY & VENDING 531110 3367 3367 TENANT CHARGES 531110 125 125 183210 84 84 183294 183210 0 84 28352 28352 4098 4098 2162 2162 18364 18364 250 250 8750 8750 550 550 7860 7860 74828 74828 283 283 67519 67519 653 653 FINANCIAL EXPENSE 3761 3761 OTHER TAXES AND INSURAN 621 621 RENT EXPENSE 328 328 218379 209379 9000 0 28069 76851 92339 81334 1529 519 2926285 376095 2617709 2550190 5451 6436 2745097 2715330 3315 3041 1931 8356 4644 4760 2534800 2534800 567013 566064 3111703 3117021 X -366606 -401691 -366606 -401691 2745097 2715330 -35085 0 X X 0 1 1 X 1 1 X 59302 59302 92696 93214 147408 192672 183210 709200 92696 152516 147408 192672 183210 768502 0 73356 6295 79651 73356 6295 79651 688851 472 1 5 84 562 472 1 5 84 562 93168 152517 147413 192672 183294 769064 0.89570 0.87990 0.00070 0.00180 X 0 1 525000 525000 2303083 321265 1981818 98202 54830 43372 2550190 DUE TO WHDC 537869 DEVELOPER FEE PAYABLE 27282 DUE TO WPMC 913 566064 183294 218379 -35085 -35085 183294 0 183294 0 183294 218379 0 218379 0 218379 PART IV, LINE 2B: THE AMOUNT OF $6,436 ON THE ACCOMPANYING FORM 990, PART X, LINE 15 REPRESENTS FUNDS DEPOSITED IN A SAVINGS ACCOUNT WITH A BALANCE WHICH IS AT LEAST EQUAL TO THE TENANTS' SECURITY DEPOSITS. VIRGINIA RENT ESCROW LAW REQUIRES THE CORPORATION TO MAINTAIN A SEPARATE ACCOUNT FOR DEPOSITS PAID BY THE TENANTS, AND TO CREDIT THE DEPOSITS ANNUALLY WITH INTEREST AT 4% BELOW THE CURRENT FEDERAL RESERVE BOARD DISCOUNT RATE AS OF JANUARY 1 OF EACH YEAR. TENANT SECURITY DEPOSITS ARE HELD IN A FEDERALLY INSURED BANK. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE CORPORATION IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, EXCEPT FOR UNRELATED BUSINESS INCOME AS DEFINED IN THE CODE. THE CORPORATION DID NOT HAVE ANY UNRELATED BUSINESS INCOME DURING THE YEARS ENDED DECEMBER 31, 2011 AND 2010. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN INCLUDED IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE CORPORATION HAS ADOPTED FASB ASC 740, INCOME TAXES, WHICH CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. BASED ON ITS EVALUATION, THE CORPORATION HAS CONCLUDED THAT THERE ARE NO SIGNIFICANT UNCERTAIN TAX POSITIONS REQUIRING RECOGNITION IN THE FINANCIAL STATEMENTS. NO INTEREST OR PENALTIES HAVE BEEN RECORDED AS A RESULT OF TAX UNCERTAINTIES. THE TAX YEARS ENDED DECEMBER 31, 2008 THROUGH DECEMBER 31, 2011 REMAIN OPEN TO EXAMINATION BY TAX JURISDICTIONS TO WHICH THE CORPORATION IS SUBJECT. 0 0 0 0 0 0 0 0 0 SHELLEY MURPHY 0 168585 0 0 0 0 0 6360 0 6582 0 181527 0 0 FORM 990, PART VI, SECTION A, LINE 3 THE CORPORATION IS OBLIGATED UNDER THE TERMS OF A MANAGEMENT AGREEMENT WITH WHDC. UNDER THE TERMS OF THE AGREEMENT, THE CORPORATION WILL PAY WHDC 10% OF GROSS RENTAL COLLECTIONS FOR ANNUAL PROPERTY MANAGEMENT SERVICES. THE CALCULATED FEE IS PAID ON A MONTHLY BASIS. DURING THE YEAR ENDED DECEMBER 31, 2011, PROPERTY MANAGEMENT FEES TOTALING $18,364 WERE CHARGED TO OPERATIONS. FORM 990, PART VI, SECTION B, LINE 11 THE DRAFT TAX RETURN IS SENT TO THE GOVERNING BODY (BOARD OF DIRECTORS). THE BOARD OF DIRECTORS REVIEWS THE RETURN AND RESOLVES ANY QUESTIONS. THE BOARD OF DIRECTORS SENDS APPROVAL TO THE TAX PREPARER TO FINALIZE THE RETURN. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION'S CONFLICT OF INTEREST POLICY REQUIRES EACH DIRECTOR AND/OR OFFICER TO ANNUALLY DISCLOSE HIS/HER KNOWLEDGE AND UNDERSTANDING OF THE POLICY WHICH INCLUDES THE DUTY OF THE DIRECTOR AND/OR OFFICER TO DISCLOSE TO THE BOARD OF DIRECTORS ANY ACTUAL OR POTENTIAL CONFLICTS OF INTEREST. THE BOARD OF DIRECTORS (EXCLUDING ANY MEMBER WHICH IS PARTY TO THE CONFLICT) IS RESPONSIBLE FOR REVIEWING THE POTENTIAL CONFLICT AND MAKING THE DETERMINATION IF AN ACTUAL CONFLICT OF INTEREST EXISTS. UPON KNOWLEDGE THAT A CONFLICT WAS NOT PROPERLY DISCLOSED TO THE BOARD OF DIRECTORS, APPROPRIATE CORRECTIVE AND DISCIPLINARY ACTIONS SHALL BE TAKEN. INDIVIDUALS PARTY TO ANY CONFLICTS OF INTEREST SHALL BE PRECLUDED FROM VOTING ON ANY MATTERS ASSOCIATED WITH THE ARRANGEMENT OR TRANSACTION INVOLVING SUCH CONFLICT. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. DESCRIBE HOURS FOR RELATED ORGANIZATION FORM 990 PART VII COLUMN B AS BOARD OF DIRECTOR AND SECRETARY, SHELLEY MURPHY DOES NOT RECEIVE COMPENSATION FOR HER ROLE IN THE ORGANIZATION. SHE WORKS APPROXIMATELY 0.2 HOURS PER WEEK AS A BOARD MEMBER. SHE IS EMPLOYED, WORKING ON AVERAGE 40 HOURS PER WEEK, BY WESLEY HOUSING DEVELOPMENT CORPORATION OF NORTHERN VIRGINIA, A RELATED ORGANIZATION, AS THE ORGANIZATION'S PRESIDENT AND CEO FOR WHICH SHE RECEIVES HER SALARY AND BENEFITS. DESCRIBE CHANGES IN COMMITTEE OVERSIGHT OF THE FINANCIAL STATEMENT AUDIT FORM 990 PART XII LINE 2C THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. 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