2012-08-09T09:57:38-05:00 2011-12-31 043097400 KEVIN P MARTIN & ASSOCIATES PC 10 FORBES WEST BRAINTREE MA 02184 990 2011-01-01 042707590 HANOVER LEGION ELDERLY HOUSING CORPORATION C/O JOHN M CORCORAN & CO HANO 7818490011 100 GRANDVIEW RD NO 207 BRAINTREE MA 02184 THOMAS BAILEY 7818490011 2012-08-02 1 KRISTIN LABONTE P00744707 7813803520 2012-08-02 2011 2016-02-24 21:20:13Z THOMAS BAILEY 100 GRANDVIEW RD NO 207 BRAINTREE MA 02184 1110074 0 X N/A X 1979 MA TO PROVIDE SIXTY RENTAL UNITS OF HOUSING ON A NON-PROFIT BASIS FOR ELDERLY OR HANDICAPPED PERSONS TO MEET THEIR PHYSICAL, SOCIAL AND PSYCHOLOGICAL NEEDS 7 7 0 0 0 0 730164 776488 284201 278050 11423 19172 6441 18169 1032229 1091879 0 0 0 0 0 0 0 0 0 1011066 1072884 1011066 1072884 21163 18995 2745932 2774115 3560325 3553726 -814393 -779611 TO PROVIDE RENTAL UNITS FOR ELDERLY OR HANDICAPPED PERSONS 0 0 1072884 296219 PROVIDE HOUSING FOR ELDERLY OR HANDICAPPED PERSONS WITH LOW INCOME TO MEET THEIR PHYSICAL, SOCIAL AND PSYCHOLOGICAL NEEDS 1072884 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 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 7 7 0 1 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 MA X CORCORAN MANAGEMENT 7818490011 100 GRANDVIEW ROAD SUITE 207 BRAINTREE MA 02184 X JOAN NORRIS 1.00 X 0 0 0 MARGARET DILL 1.00 X X 0 0 0 JOSEPH O'NEILL 1.00 X X 0 0 0 DONALD BUCKLEY 1.00 X 0 0 0 THOMAS BAILEY 1.00 X X 0 0 0 JOSEPH HANNIGAN 1.00 X 0 0 0 DOROTHY QUINN 1.00 X X 0 0 0 0 0 0 0 0 0 0 CORCORAN MANAGEMENT COMPANY 100 GRANDVIEW ROAD SUITE 207 BRAINTREE MA 02184 MANAGEMENT SERVICES 232150 1 776488 776488 RENT INCOME TENANTS 531110 278050 278050 278050 1632 1632 35735 18195 17540 17540 17540 COMCAST REVENUE 531110 13344 13344 LAUNDRY & OTHER INCOME 531110 4214 4214 611 611 18169 1091879 296219 0 19172 42900 42900 74 74 13500 13500 192648 192648 366 366 44036 44036 718395 718395 60314 60314 651 651 1072884 1072884 0 0 95374 1205 423742 461985 109 1020 14960 15775 3300117 1925825 1434606 1374292 777141 919838 2745932 2774115 125822 147772 1401 22012 23004 3412491 3381549 3560325 3553726 X -814393 -779611 -814393 -779611 2745932 2774115 X 18995 15787 X X 0 1 1 X 1 1 X 665879 677668 691019 730164 776488 3541218 665879 677668 691019 730164 776488 3541218 3541218 35616 26110 35406 11423 1632 110187 6726 9072 7341 6441 18169 47749 3699154 1379639 0.95730 0.95180 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 85000 85000 3181046 1891754 1289292 21821 21821 0 12250 12250 0 1374292 TAX AND INSURANCE ESCROW 109447 RESERVE FOR REPLACEMENT 231487 TENANT SECURITY DEPOSITS 24201 RESIDUAL RECEIPTS RESERVE 422036 FINANCING FEES, NET OF ACCUMULATED AMORTIZATION 132667 919838 1091879 1072884 18995 15787 15787 34782 1107666 15787 15787 1091879 0 1091879 1072884 0 1072884 0 1072884 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: GAAP PRESCRIBES 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. THE CORPORATION RECOGNIZES INTEREST AND PENALTIES, IF ANY, RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST EXPENSE. FOR THE YEAR ENDED DECEMBER 31, 2011, THE CORPORATION DOES NOT BELIEVE ITS FINANCIAL STATEMENTS INCLUDE ANY UNCERTAIN TAX POSITIONS. ALL TAX YEARS PRIOR TO 2008 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 INCURRED A MANAGEMENT FEE OF $42,900, FOR THE YEAR ENDED DECEMBER 31, 2011 DUE TO CORCORAN MANAGEMENT COMPANY. THE MANAGEMENT FEE IS EQUAL TO 4% OF EFFECTIVE RENTAL REVENUE. THE AGREEMENT IS IN EFFECT UNTIL CANCELED BY MASSHOUSING, THE CORPORATION, OR THE CORCORAN MANAGEMENT COMPANY. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 GOES TO THE BOARD PRESIDENT FOR SIGNATURE FORM 990, PART VI, SECTION C, LINE 18 UPON REQUEST FORM 990, PART VI, SECTION C, LINE 19 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 15,787. 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.