2024-10-22T11:56:26-05:00 2023-12-31 351750664 DAUBY O'CONNOR & ZALESKI LLC 501 CONGRESSIONAL BLVD 300 CARMEL IN 46032 990 2023-01-01 581623245 MACON HOUSING DEVELOPMENT CORPORATION MACO 3367650424 PO BOX 770 FRANKLIN NC 28734 MARK WEST CHAIRPERSON 3367650424 2024-10-22 1 1 JACOB A SOWERS P01712829 3178485700 2023 2024-10-15 13:58:12Z OAK FOREST APARTMENTS MARK WEST PO BOX 770 FRANKLIN NC 28734 282512 0 X N/A X 1985 NC MACON HOUSING DEVELOPMENT CORPORATION WAS ORGANIZED TO CONSTRUCT, OWN, AND OPERATE A 32-UNIT APARTMENT COMMUNITY IN FRANKLIN, NORTH CAROLINA, KNOWN AS OAK FOREST APARTMENTS, PURSUANT TO SECTION 223(F) OF THE NATIONAL HOUSING ACT, AS AMENDED. THE CORPORATION HAS ENTERED INTO THE STANDARD FHA REGULATORY AGREEMENTS GOVERNING THE OPERATION OF THE COMMUNITY WITH THE FEDERAL HOUSING ADMINISTRATION SECTION OF HUD. THE CORPORATION HAS ENTERED INTO A HOUSING ASSISTANCE PAYMENT CONTRACT (HAP CONTRACT) WITH HUD. THE HAP CONTRACT PROVIDES RENT ASSISTANCE FOR LOW INCOME FAMILIES (OR PERSONS) AS PROVIDED BY THE SECTION 8 PROGRAM OF THE NATIONAL HOUSING ACT. 7 7 0 0 0 0 169796 175348 100143 102875 78 -1969 4846 4117 274863 280371 0 0 0 0 0 0 0 0 0 204924 229399 204924 229399 69939 50972 496331 529939 1057458 1040094 -561127 -510155 X MACON HOUSING DEVELOPMENT CORPORATION WAS ORGANIZED TO CONSTRUCT, OWN, AND OPERATE A 32-UNIT APARTMENT COMMUNITY IN FRANKLIN, NORTH CAROLINA, KNOWN AS OAK FOREST APARTMENTS, PURSUANT TO SECTION 223(F) OF THE NATIONAL HOUSING ACT, AS AMENDED. THE CORPORATION HAS ENTERED INTO THE STANDARD FHA REGULATORY AGREEMENTS GOVERNING THE OPERATION OF THE COMMUNITY WITH THE FEDERAL HOUSING ADMINISTRATION SECTION OF HUD. THE CORPORATION HAS ENTERED INTO A HOUSING ASSISTANCE PAYMENT CONTRACT (HAP CONTRACT) WITH HUD. THE HAP CONTRACT PROVIDES RENT ASSISTANCE FOR LOW INCOME FAMILIES (OR PERSONS) AS PROVIDED BY THE SECTION 8 PROGRAM OF THE NATIONAL HOUSING ACT. 0 0 157910 100734 MACON HOUSING DEVELOPMENT CORPORATION WAS ORGANIZED TO CONSTRUCT, OWN, AND OPERATE A 32-UNIT APARTMENT COMMUNITY IN FRANKLIN, NORTH CAROLINA, KNOWN AS OAK FOREST APARTMENTS, PURSUANT TO SECTION 223(F) OF THE NATIONAL HOUSING ACT, AS AMENDED. THE CORPORATION HAS ENTERED INTO THE STANDARD FHA REGULATORY AGREEMENTS GOVERNING THE OPERATION OF THE COMMUNITY WITH THE FEDERAL HOUSING ADMINISTRATION SECTION OF HUD. THE CORPORATION HAS ENTERED INTO A HOUSING ASSISTANCE PAYMENT CONTRACT (HAP CONTRACT) WITH HUD. THE HAP CONTRACT PROVIDES RENT ASSISTANCE FOR LOW INCOME FAMILIES (OR PERSONS) AS PROVIDED BY THE SECTION 8 PROGRAM OF THE NATIONAL HOUSING ACT. 157910 1 1 0 0 0 0 0 0 0 0 1 0 1 0 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 1 3 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 1 0 0 0 X LAURA GRIMES 3367650424 PO BOX 25168 WINSTON SALEM NC 27103 X MARK WEST CHAIRPERSON 0.50 0.00 X X 0 0 0 PATRICK BETANCOURT VICE CHAIRPERSON 0.50 0.00 X X 0 0 0 JOSH OWENS DIRECTOR 0.50 0.00 X 0 0 0 PEDRO CISNEROS DIRECTOR 0.50 0.00 X 0 0 0 DICK SCHMIDT DIRECTOR 0.50 0.00 X 0 0 0 JACK HORTON DIRECTOR 0.50 0.00 X 0 0 0 D'ANNE MADDOX DIRECTOR 0.50 0.00 X 0 0 0 0 0 0 0 0 0 0 0 175348 175348 RENTAL INCOME 531110 102875 102875 102875 172 172 2141 -2141 -2141 -2141 LAUNDRY & VENDING 531110 3117 3117 TENANT CHARGES 531110 1000 1000 4117 280371 100734 0 4289 20951 20951 22 22 5789 5789 269 269 8641 8641 1442 1442 137321 137321 353 353 1431 1431 5699 5699 822 822 MTG CO EMPLOYEE CHARGEB 31769 31769 RECAPTURE RESIDUAL RECE 14050 14050 BAD DEBTS 840 840 229399 157910 71489 0 16930 11579 817 1650 8247 9105 1319534 1108707 201265 210827 240924 263509 7576 7192 20572 26077 496331 529939 28168 45101 6 22 1015206 979754 14078 15217 1057458 1040094 X -561127 -510155 -561127 -510155 496331 529939 50972 0 X X 0 1 X 1 1 1 X 170316 177554 169187 169796 175348 862201 170316 177554 169187 169796 175348 862201 862201 115 91 76 78 172 532 4855 4611 5890 4846 4117 24319 887052 465351 0.97200 0.97420 X SCHEDULE A, PART II, LINE 10: MISCELLANEOUS INCOME CONSISTS OF TENANT CHARGES, LAUNDRY AND VENDING CHARGES AND OTHER INCOME ITEMS FOR SERVICES PROVIDED FOR THE CONVENIENCE OF THE TENANTS. EXPLANATION: INCLUDED ON PAGE 9 IN CURRENT YEAR OTHER REVENUE LINE 7C IS A LOSS ON DISPOSAL OF DEPRECIABLE ASSETS $2,141. THE LOSS IS NOT BEING INCLUDED ON SCHEDULE A, PART II, LINE 10 BECAUSE IT DOES NOT MEET THE DEFINITION OF SUPPORT AS DEFINED IN SECTION 509(D) OF THE INTERNAL REVENUE CODE. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 91490 91490 1036129 942759 93370 37093 11168 25925 154822 154780 42 210827 MORTGAGE ESCROW DEPOSITS 6916 C RESERVE REPLACEMENT FUND 209657 C RESIDUAL RECEIPTS 46936 C 263509 SECURITY DEPOSITS 9886 ACCRUED WAGES PAYABLE 2126 ACCRUED PAYROLL TAXES PAYABLE 160 ACCRUED INTEREST PAYABLE 3045 15217 X 282512 2141 2141 280371 0 280371 229849 450 450 229399 0 229399 PART X, LINE 2: THE CORPORATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND STATE INCOME TAX, AND HAS BEEN CLASSIFIED AS AN OTHER THAN PRIVATE FOUNDATION. ACCORDINGLY, NO PROVISION FOR FEDERAL AND STATE TAXES ON REVENUE AND INCOME HAS BEEN RECOGNIZED IN THE ACCOMPANYING FINANCIAL STATEMENTS. GENERALLY, THE FEDERAL AND STATE RETURNS ARE SUBJECT TO EXAMINATION FOR THREE YEARS AFTER THE LATER OF THE ORIGINAL OR EXTENDED DUE DATE OR THE DATE FILED WITH THE APPLICABLE TAX AUTHORITY. PART XI, LINE 2D - OTHER ADJUSTMENTS: G/L ON DISPOSAL OF FIXED ASSETS - TAX 2,141. PART XII, LINE 2D - OTHER ADJUSTMENTS: BOOK/TAX DEPRECIATION EXPENSE DIFFERENCE 450. FORM 990, PART VI, SECTION A, LINE 3 MACON HOUSING DEVELOPMENT CORPORATION IS MANAGED BY COMMUNITY MANAGEMENT CORPORATION, A PROFESSIONAL PROPERTY MANAGEMENT COMPANY. COMMUNITY MANGEMENT CORPORATION HAS A PROJECT OWNER'S & MANAGEMENT CERTIFICATION FOR MULTIFAMILY HOUSING PROJECTS WITH THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. UNDER THIS CERTIFICATION HUD HAS APPROVED COMMUNITY MANAGEMENT CORPORATION TO MANAGE THE MACON HOUSING DEVELOPMENT CORPORATION PROPERTY. FORM 990, PART VI, SECTION B, LINE 11B THE OUTSIDE INDEPENDENT ACCOUNTANT FORWARDS A DRAFT OF FORM 990 TO THE MANAGEMENT COMPANY, WHICH IN TURN DISBURSES A COMPLETE COPY OF THE 990 TO THE BOARD OF DIRECTORS FOR THEIR REVIEW. UPON BOARD APPROVAL, THE BOARD PRESIDENT NOTIFIES THE MANAGEMENT COMPANY TO COMMUNICATE APPROVAL TO THE OUTSIDE ACCOUNTANT, WHICH ISSUES A FINAL RETURN FOR THE BOARD PRESIDENT TO SIGN AND FILE. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION DOES NOT COMPENSATE OFFICERS OR KEY EMPLOYEES (SEE PAGE 7, PART VII). FORM 990, PART VI, SECTION C, LINE 19 FORM 990 AND ALL RELATED FINANCIAL AND POLICY INFORMATION ARE MADE AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST. FORM 990, PAGE 12, PART XII, LINE 2C OVERVIEW OF AUDIT FUNCTION: THE MANAGEMENT COMPANY RECEIVES A COPY OF THE AUDIT. PRIOR TO THE FINALIZATION OF THE AUDIT, A COPY OF THE AUDIT IS GIVEN TO ALL OF THE BOARD MEMBERS FOR THEIR COMMENTS. WHEN THE AUDIT IS UP FOR BID, THE BOARD DISCUSSES THE RELATIONSHIP WITH THE CURRENT AUDITORS AND MAKES A DETERMINATION AS TO WHETHER TO MAINTAIN THIS RELATIONSHIP OR CHANGE TO A NEW AUDITING FIRM.