2011-08-03T07:45:08-05:00 2010-12-31 KEVIN P MARTIN & ASSOCIATES PC 10 FORBES WEST BRAINTREE MA 02184 990 2010-01-01 042707590 HANOVER LEGION ELDERLY HOUSING CORPORATION HANO 7818490011 C/O JOHN M CORCORAN CO 100 GRANDVIEW RD NO 207 BRAINTREE MA 02184 THOMAS BAILEY 7818490011 2011-07-22 1 BRIAN W MCNEIL 7813803520 2011-07-22 2010 2016-03-07 17:11:31Z THOMAS BAILEY C/O JOHN M CORCORAN CO 100 GRANDVIEW RD NO BRAINTREE MA 02184 1032229 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 691019 730164 296519 284201 35406 11423 7341 6441 1030285 1032229 0 0 0 0 0 0 0 0 0 991302 1011066 991302 1011066 38983 21163 2753301 2745932 3588857 3560325 -835556 -814393 TO PROVIDE RENTAL UNITS FOR ELDERLY OR HANDICAPPED PERSONS 0 0 1011066 290642 PROVIDE HOUSING FOR ELDERLY OR HANDICAPPED PERSONS WITH LOW INCOME TO MEET THEIR PHYSICAL, SOCIAL AND PSYCHOLOGICAL NEEDS 1011066 1 1 0 0 0 0 0 0 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 212362 1 730164 730164 RENT INCOME TENANTS 531110 284201 284201 284201 11423 11423 LAUNDRY & OTHER INCOME 812300 6441 6441 6441 1032229 290642 0 11423 40860 40860 81 81 13500 13500 171502 171502 934 934 24476 24476 464956 464956 216134 216134 60315 60315 SERVICE EXPENSE 17290 17290 OTHER EXPENSES 1018 1018 1011066 1011066 0 0 99117 95374 416192 423742 109 15051 14960 3300117 1865511 1494921 1434606 728020 777141 2753301 2745932 125409 125822 3441575 3412491 21873 22012 3588857 3560325 X -835556 -814393 -835556 -814393 2753301 2745932 21163 X X 0 1 1 X 1 1 X 660390 665879 677668 691019 730164 3425120 660390 665879 677668 691019 730164 3425120 3425120 28987 35616 26110 35406 11423 137542 6296 6726 9072 7341 6441 35876 3598538 1324149 0.95180 0.94710 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 85000 85000 3181046 1836305 1344741 21821 18706 3115 12250 10500 1750 1434606 TAX AND INSURANCE ESCROW 89763 RESERVE FOR REPLACEMENT 168783 TENANT SECURITY DEPOSITS 24197 OTHER RESERVES 505 RESIDUAL RECEIPTS RESERVE 357728 FINANCING FEES, NET OF ACCUMULATED AMORTIZATION 136165 777141 TENANT SECURITY DEPOSITS 22012 22012 1032229 1011066 21163 0 21163 1032229 0 1032229 0 1032229 1011066 0 1011066 0 1011066 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE PROJECT ADOPTED THE PROVISIONS OF GENERALLY ACCEPTED ACCOUNTING PRINCIPLES IN THE UNITED STATES OF AMERICA WHICH 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. FOR THE YEAR ENDED DECEMBER 31, 2010, THE PROJECT HAS NO MATERIAL UNCERTAIN TAX POSITIONS TO BE ACCOUNTED FOR IN THE FINANCIAL STATEMENTS. THE PROJECT 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 INCURRED A MANAGEMENT FEE OF $40,860, FOR THE YEAR ENDED DECEMBER 31, 2010 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. 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.