2024-11-15T09:18:37-06:00 2023-12-31 221478099 COHNREZNICK LLP 350 GRANITE STREET SUITE 1200 BRAINTREE MA 02184 990 2023-01-01 271619580 1060 BELMONT INC 1060 6179233505 79-B CHAPEL STREET NEWTON MA 02458 CAITLIN MADDEN EXECUTIVE DIRECTOR 6179233505 2024-11-14 1 1 JOLANTA TUCK CPA P01340068 7813803520 2024-11-12 2023 2024-10-15 13:58:12Z CAITLIN MADDEN 79-B CHAPEL STREET NEWTON MA 02458 579338 0 X WWW.METROWESTCD.ORG X 2009 MA TO PROVIDE FAMILIES AND PERSONS OF LOW-INCOME WITH HOUSING FACILITIES AND SERVICES. 12 12 0 12 0 0 0 399028 271963 180052 193 161 187257 97 459413 579338 0 0 0 0 0 0 0 0 0 417471 481510 417471 481510 41942 97828 3849866 3721151 2893306 2666763 956560 1054388 TO PROVIDE FAMILIES AND PERSONS OF LOW-INCOME WITH HOUSING FACILITIES AND SERVICES SPECIALLY DESIGNED TO PROMOTE THEIR HEALTH, PHYSICAL AND SOCIAL WELL BEING. 0 0 444300 180149 1060 BELMONT, INC. OWNS 18 RENTAL UNITS, WHICH ARE LEASED TO 18 LOW-INCOME FAMILIES. IT IS THE ONLY ACTIVITY OF THE CORPORATION. 444300 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 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 1 4 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 12 12 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 MA X CAITLIN MADDEN 6179233505 79-B CHAPEL STREET NEWTON MA 02458 PAUL BOUTON PRESIDENT 0.30 1.00 X X 0 0 0 CRISTINA AYALA VICE PRESIDENT 0.30 1.00 X X 0 0 0 MICHAEL SHERMAN TREASURER 0.30 1.00 X X 0 0 0 ROBERT FLACK SECRETARY 0.30 1.00 X X 0 0 0 MARIA EUGENIA CHAPARRO DIRECTOR 0.30 1.00 X 0 0 0 MARY CORTHELL DIRECTOR 0.30 1.00 X 0 0 0 DORENA WONG-DELEON DIRECTOR 0.30 1.00 X 0 0 0 KALYANI DEVAJYOTI DIRECTOR 0.30 1.00 X 0 0 0 PAULA DICKERMAN DIRECTOR 0.30 1.00 X 0 0 0 THELMA TITUS DIRECTOR 0.30 1.00 X 0 0 0 MELINDA WALKER DIRECTOR 0.30 1.00 X 0 0 0 OLGA YASINNIK DIRECTOR 0.30 1.00 X 0 0 0 CAITLIN MADDEN EXECUTIVE DIRECTOR 1.00 39.00 X 0 143383 6298 0 143383 6298 0 0 0 0 0 399028 399028 RENTAL INCOME 532000 180052 180052 180052 161 161 LAUNDRY INCOME 532000 97 97 97 579338 180149 0 161 X 26142 26142 6399 6399 860 860 62663 62663 3809 3809 214402 214402 123589 123589 BAD DEBTS 11363 11363 32283 32283 481510 444300 37210 0 10422 25434 12389 15199 15236 15271 3776 4347 5246554 1735193 3631617 3511361 9447 6114 166979 143425 3849866 3721151 69586 50721 15195 2752087 2532616 71633 68231 2893306 2666763 X 956560 1054388 956560 1054388 3849866 3721151 97828 0 X 0 1 X 1 1 1 X 399028 399028 254225 267064 279397 271963 180052 1252701 254225 267064 279397 271963 579080 1651729 0 0 0 1651729 356 295 229 193 161 1234 356 295 229 193 161 1234 187257 187257 187257 187257 97 749125 441838 454616 466883 459413 579338 2402088 0.68760 0.58560 0.00050 0.00060 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: DEBT FORGIVENESS - 2019 AMOUNT: $ 187,257. 2020 AMOUNT: $ 187,257. 2021 AMOUNT: $ 187,257. 2022 AMOUNT: $ 187,257. LAUNDRY INCOME - 2023 AMOUNT: $ 97. SCHEDULE A, PART III, LINE 12, EXPLANATION FOR OTHER INCOME: DEBT FORGIVESNESS 2019 AMOUNT: $ 187,257. 2020 AMOUNT: $ 187,257. 2021 AMOUNT: $ 187,257. 2022 AMOUNT: $ 187,257. 2023 AMOUNT: $ 187,257. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 420000 420000 4683879 1605823 3078056 142675 129370 13305 3511361 DUE TO RELATED PARTY 68231 68231 X PART IV, LINE 2B: THE ESCROW LIABILITY AMOUNTS ON FORM 990, PART X, LINE 21 CONSIST OF TENANT SECURITY DEPOSITS. PART X, LINE 2: THE ORGANIZATION ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES IN ACCORDANCE WITH ASC TOPIC, INCOME TAXES. THIS STANDARD CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS AND PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE CONSOLIDATED FINANCIAL STATEMENTS REGARDING A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE ORGANIZATION HAS DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS WHICH QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023. FORM 990, PART VI, SECTION A, LINE 3 1060 BELMONT HAS AN AGREEMENT WITH A MANAGEMENT COMPANY TO CARRY ON THE DAY-TODAY OPERATIONS OF THE PROPERTY. THE MANAGEMENT COMPANY RECEIVES A MANAGEMENT FEE OF 5.33% OF GROSS REVENUES, AS DEFINED IN THE AGREEMENT. THIS AGREEMENT IS IN EFFECT UNTIL 1060 BELMONT OR THE MANAGEMENT COMPANY TERMINATE THE AGREEMENT. THE AGREEMENT CAN BE TERMINATED BY EITHER PARTY WITH SIXTY DAYS' WRITTEN NOTICE. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE BOARD OF DIRECTORS. ONCE APPROVED, THE FORM 990 IS SUBMITTED. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS MONITORS COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY THROUGH DISCUSSIONS HELD DURING BOARD MEETINGS. ALL BOARD OF DIRECTORS ARE REQUIRED TO SIGN AN ANNUAL STATEMENT OF CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION C, LINE 18 THE ORGANIZATION MAKES FORM 990 AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST FORM 990, PART IX, LINE 11G MANAGEMENT SERVICES: PROGRAM SERVICE EXPENSES 62,663. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 62,663. 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