2011-07-27T13:58:35-05:00 2010-12-31 HERTZBACH & COMPANY PA 800 RED BROOK BLVD SUITE 300 OWINGS MILLS MD 21117 990 2010-01-01 330998489 WESLEY ASI OF NORTHERN VIRGINIA WESL 7036423830 5515 CHEROKEE AVE NO 204 ALEXANDRIA VA 22312 SHELLEY MURPHY 7036423830 2011-07-25 1 JEFFREY M KLEEMAN 4103633200 2010 2016-03-07 17:11:31Z SHELLEY MURPHY 5515 CHEROKEE AVE SUITE 204 ALEXANDRIA VA 22312 192672 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 147408 192672 5 0 0 0 147413 192672 0 0 0 0 0 32053 0 0 0 214145 202103 214145 234156 -66732 -41484 2862269 2745097 3187391 3111703 -325122 -366606 TO PROVIDE LOW INCOME HOUSING AND SERVICES FOR PERSONS WITH DISABILITIES IN A 22 UNIT FACILITY. 0 0 225156 192672 PROVIDES 22 UNITS OF LOW-INCOME HOUSING AND SERVICES TO PERSONS WITH DISABILITIES 225156 1 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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 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 0 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 133237 5861 BETH PAUTLER 0.20 X 0 0 0 STEPHEN VANDER SCHAAF 0.20 X 0 0 0 JOHN HUDSON 0.00 X 0 0 0 NANCY MINTER 0.00 X 0 0 0 0 133237 5861 0 0 0 0 0 RENTAL ASSISTANCE PAYM 531110 136566 136566 RENTAL INCOME 531110 48781 48781 LAUNDRY & VENDING 531110 4292 4292 OTHER REVENUE 531110 2270 2270 TENANT CHARGES 531110 763 763 192672 192672 192672 0 0 25645 25645 4544 4544 1864 1864 18854 18854 250 250 8750 8750 6650 6650 96509 96509 245 245 67399 67399 474 474 FINANCIAL EXPENSE 1331 1331 RENT EXPENSE 661 661 OTHER TAXES AND INSURAN 639 639 BAD DEBTS 341 341 234156 225156 9000 0 76091 28069 77323 92339 3263 1529 15567 2926285 308576 2685108 2617709 4917 5451 2862269 2745097 1734 3315 3536 1931 5016 4644 2534800 2534800 642305 567013 3187391 3111703 X -325122 -366606 -325122 -366606 2862269 2745097 -41484 0 X X 0 1 1 X 1 1 X 59302 59302 33489 92696 93214 147408 192672 559479 33489 92696 152516 147408 192672 618781 0 73356 73356 73356 73356 545425 616 472 1 5 1094 616 472 1 5 1094 34105 93168 152517 147413 192672 619875 0.87990 0.99740 0.00180 0.00260 X 0 1 525000 525000 2303083 263566 2039517 98202 45010 53192 2617709 DUE TO WHDC 539731 DEVELOPER FEE PAYABLE 27282 567013 192672 234156 -41484 0 -41484 192672 0 192672 0 192672 234156 0 234156 0 234156 PART IV, LINE 2B: THE AMOUNT OF $5,451 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 1% BELOW THE CURRENT FEDERAL RATE. TENANT SECURITY DEPOSITS ARE HELD IN A FEDERALLY INSURED BANK. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: EFFECTIVE JANUARY 1, 2009, THE CORPORATION ADOPTED FASB ACCOUNTING STANDARDS CODIFICATION (ASC) 740, INCOME TAXES (FORMERLY REFERRED TO AS FASB FINANCIAL INTERPRETATION NO. 48, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES), WHICH CLARIFIED THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. THE CORPORATION RECOGNIZES THE TAX BENEFIT FROM UNCERTAIN TAX POSITIONS ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY THE TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. THE TAX BENEFITS RECOGNIZED IN THE FINANCIAL STATEMENTS FROM SUCH POSITIONS ARE THEN MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON SETTLEMENT. 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, 2007 THROUGH DECEMBER 31, 2010 REMAIN OPEN TO EXAMINATION BY TAX JURISDICTIONS TO WHICH THE CORPORATION IS SUBJECT. 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, 2010, PROPERTY MANAGEMENT FEES TOTALING $18,854 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 OVERSITGHT OF THE FINANCIAL STATEMENT AUDIT FORM 990 PART XII LINE 2C THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. 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