2024-10-24T00:44:45-05:00 2023-12-31 221478099 COHNREZNICK LLP 350 GRANITE STREET SUITE 1200 BRAINTREE MA 02184 990 2023-01-01 042679926 BRIGHTON-ALLSTON ELDERLY HOMES INC BRIG 7818490011 CO CORCORAN MGMT 100 GRANDVIEW RD BRAINTREE MA 02184 KAREN SMITH PRESIDENT 7818490011 2024-10-16 1 1 JOLANTA TUCK CPA P01340068 7813803520 2024-09-30 2023 2024-10-15 13:58:12Z KAREN SMITH C/O CORCORAN MGMT 100 GRANDVIEW RD BRAINTREE MA 02184 3120435 0 X WWW.MCNAMARAHOUSE.COM X 1978 MA TO PROVIDE EIGHTY RENTAL UNITS OF HOUSING FOR ELDERLY PERSONS. 9 9 0 0 0 0 2038715 2131374 352467 382665 352160 601657 6484 4739 2749826 3120435 0 0 0 0 0 0 0 0 0 2073563 2121237 2073563 2121237 676263 999198 20838560 22869185 20415293 20006036 423267 2863149 THE ORGANIZATION'S MISSION IS TO PROVIDE EIGHTY RENTAL UNITS OF HOUSING ON A NON-PROFIT BASIS FOR ELDERLY PERSONS, TO MEET THEIR PHYSICAL, SOCIAL, AND PSYCHOLOGICAL NEEDS. 0 0 1854572 387404 PROVIDED EIGHTY RENTAL UNITS OF HOUSING ON A NON-PROFIT BASIS FOR ELDERLY PERSONS TO MEET THEIR PHYSICAL, SOCIAL, AND PSYCHOLOGICAL NEEDS. 1854572 1 1 0 0 0 0 0 0 1 0 1 0 0 0 0 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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 9 9 0 1 0 0 0 0 0 1 1 0 0 1 1 1 0 0 0 0 0 0 MA X PAUL KAELLER 7818490011 C/O CORCORAN MGMT 100 GRANDVIEW RD BRAINTREE MA 02184 X KAREN SMITH PRESIDENT 1.00 X X 0 0 0 KEVIN DALEY TREASURER 1.00 X X 0 0 0 JAMES GIBBONS DIRECTOR 1.00 X 0 0 0 MARY HELEN BLACK CLERK 1.00 X X 0 0 0 ANTHONY D'ISIDORO DIRECTOR 1.00 X 0 0 0 MILLIE HOLLUM-MCLAUGHLIN DIRECTOR 1.00 X 0 0 0 JANE MCHALE DIRECTOR 1.00 X 0 0 0 ELLEN SCOFIELD DIRECTOR 1.00 X 0 0 0 DAVID MCNAIR DIRECTOR 1.00 X 0 0 0 0 0 0 0 0 0 0 CORCORAN MANAGEMENT COMPANY 100 GRANDVIEW ROAD SUITE 207 BRAINTREE MA 02184 MANAGEMENT FEES & BOOKKEEPING SERVICES 501179 1 2131374 2131374 TENANT RENTAL INCOME 531110 382665 382665 382665 601657 601657 LAUNDRY INCOME 531110 3893 3893 846 846 4739 3120435 387404 0 601657 X 148065 5252 142813 1918 1918 25717 25717 60550 60550 358366 358366 545 545 115764 78179 37585 1246894 1246894 163186 163186 BAD DEBTS 232 232 2121237 1854572 266665 0 1005938 1637820 11693 13203 115286 121493 5642891 4343251 1426007 1299640 16730472 18662471 1549164 1134558 20838560 22869185 162652 157150 4452 8222 24015 24180 20224097 19816484 77 0 20415293 20006036 X 423267 2863149 423267 2863149 20838560 22869185 999198 1440684 0 X 0 1 X 1 1 1 X 1692226 1721598 2184476 2038715 2131374 9768389 296194 298284 306303 352467 382665 1635913 1988420 2019882 2490779 2391182 2514039 11404302 0 0 0 11404302 2431 2544 26340 352160 601657 985132 2431 2544 26340 352160 601657 985132 7696 5390 7766 6484 4739 32075 1998547 2027816 2524885 2749826 3120435 12421509 0.91810 0.96260 0.07930 0.03430 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: LAUNDRY INCOME - 2019 AMOUNT: $ 5,832. 2020 AMOUNT: $ 5,032. 2021 AMOUNT: $ 4,482. 2022 AMOUNT: $ 4,606. 2023 AMOUNT: $ 3,893. OTHER INCOME - 2019 AMOUNT: $ 1,864. 2020 AMOUNT: $ 358. 2021 AMOUNT: $ 3,284. 2022 AMOUNT: $ 1,878. 2023 AMOUNT: $ 846. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 256321 256321 4812990 3781471 1031519 508817 500052 8765 64763 61728 3035 1299640 X 4603863 1440684 42744 1483428 3120435 0 3120435 2163981 42744 42744 2121237 0 2121237 PART IV, LINE 2B: THE ESCROW LIABILITY AMOUNTS ON 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. PART X, LINE 2: THE CORPORATION QUALIFIES AS AN ORGANIZATION FORMED FOR CHARITABLE PURPOSES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ("IRC") AND IS GENERALLY NOT SUBJECT TO INCOME TAX. HOWEVER, INCOME FROM CERTAIN ACTIVITIES NOT DIRECTLY RELATED TO THE CORPORATION'S TAX-EXEMPT PURPOSE IS SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. IN ADDITION, THE CORPORATION IS NOT A PRIVATE FOUNDATION UNDER SECTION 509(A)(1) OF THE IRC. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE CORPORATION AND HAS CONCLUDED THAT, AS OF DECEMBER 31, 2023, THERE ARE NO UNCERTAIN TAX POSITION TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS. WHILE NO INCOME TAX RETURNS ARE CURRENTLY BEING EXAMINED BY THE IRS, TAX YEARS SINCE 2020 REMAIN OPEN. FORM 990, PART VI, SECTION A, LINE 3 THE CORPORATION INCURRED A MANAGEMENT FEE OF $138,973, FOR THE YEAR ENDED DECEMBER 31, 2023, DUE TO CORCORAN MANAGEMENT COMPANY, INC. THE MANAGEMENT FEE IS EQUAL TO 5.5% OF TOTAL GROSS COLLECTIONS. THE AGREEMENT IS IN EFFECT UNTIL CANCELED BY HUD, THE CORPORATION OR CORCORAN MANAGEMENT COMPANY, INC. AS APPROVED BY HUD, ADDITIONAL MANAGEMENT FEES WERE INCURRED PER THE BETTER BUILDING CHALLENGE PROGRAM, EFFECTIVE JUNE 2014. THE ADDITIONAL FEES ARE EQUAL TO $4 PER UNIT PER MONTH. DURING THE YEAR ENDED DECEMBER 31, 2023, ADDITIONAL MANAGEMENT FEES OF $3,840 WERE INCURRED AND PAID. FORM 990, PART VI, SECTION B, LINE 11B A FULL COPY OF THE FORM 990 IS PROVIDED TO THE BOARD BEFORE FILING. THE FORM 990 IS REVIEWED BY THE BOARD PRESIDENT BEFORE IT IS SIGNED. FORM 990, PART VI, SECTION C, LINE 19 UPON REQUEST FORM 990, PART IX, LINE 11G MANAGEMENT SERVICES: PROGRAM SERVICE EXPENSES 358,366. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 358,366.