2024-05-09T02:10:12-05:00 2023-06-30 221478099 COHNREZNICK LLP 350 GRANITE STREET SUITE 1200 BRAINTREE MA 02184 990 2022-07-01 311727629 BOLTON SENIOR HOUSING CORPORATION C/O RCAP SOLUTIONS INC BOLT 9786306600 191 MAY STREET WORCESTER MA 01602 BRIAN SCALES VICE PRESIDENT AND TREASURER 9786306600 2024-05-08 1 BRIAN SCALES 999009999 1 JOLANTA TUCK CPA P01340068 7813803520 2024-04-26 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z EILEEN GRIFFIN WRIGHT 191 MAY STREET WORCESTER MA 01602 441941 0 X N/A X 2000 MA OPERATE 28 UNITS OF AFFORDABLE RESIDENTIAL ELDERLY HOUSING IN BOLTON, MASSACHUSETTS. 1 1 0 0 0 0 286343 292241 136592 147598 119 229 2174 1873 425228 441941 0 0 0 0 0 0 0 0 0 500332 508963 500332 508963 -75104 -67022 2546086 2474869 4001929 3997734 -1455843 -1522865 OPERATE 28 UNITS OF AFFORDABLE RESIDENTIAL ELDERLY HOUSING IN BOLTON, MASSACHUSETTS. 0 0 466265 149471 OPERATE 28 UNITS OF AFFORDABLE RESIDENTIAL ELDERLY HOUSING IN BOLTON, MASSACHUSETTS. 466265 1 1 0 0 0 0 0 0 1 0 1 0 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 1 19 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 1 1 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 0 0 0 MA X BRIAN SCALES 9786306600 191 MAY STREET WORCESTER MA 01602 X EILEEN GRIFFIN WRIGHT PRESIDENT/DIRECTOR 0.10 X X 0 0 0 BRIAN SCALES VP/TREASURER 0.10 X 0 0 0 DEBORAH FOLEY CLERK/RESIDENT AGENT 0.10 X 0 0 0 0 0 0 0 0 0 0 RCAP SOLUTIONS INC 191 MAY STREET WORCESTER MA 01602 MANAGEMENT SERVICES 186975 1 292241 292241 TENANT RENTAL INCOME 531110 147598 147598 147598 229 229 LAUNDRY & VENDING 531110 1873 1873 1873 441941 149471 0 229 X 30999 701 30298 12400 12400 94430 94430 226 226 18127 18127 213205 213205 520 520 112867 112867 SERVICE EXPENSE 24173 24173 TAXES/LICENSES/PERMITS 2016 2016 508963 466265 42698 0 29753 37839 6874 2 6565 6727 4095018 1974620 2223134 2120398 279760 309903 2546086 2474869 53076 48047 572 22 10996 12380 3937285 3937285 4001929 3997734 X -1455843 -1522865 -1455843 -1522865 2546086 2474869 -67022 0 X 0 1 X 1 1 1 X 292460 280561 289440 286343 292241 1441045 118951 132806 130251 136592 147598 666198 411411 413367 419691 422935 439839 2107243 0 0 0 2107243 418 371 114 119 229 1251 418 371 114 119 229 1251 2095 2404 2132 2174 1873 10678 413924 416142 421937 425228 441941 2119172 0.99440 0.99430 0.00060 0.00060 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: LAUNDRY INCOME - 2018 AMOUNT: $ 2,095. 2019 AMOUNT: $ 2,404. 2020 AMOUNT: $ 2,132. 2021 AMOUNT: $ 2,174. 2022 AMOUNT: $ 1,873. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 15001 15001 3928583 1843679 2084904 16854 13110 3744 134580 117831 16749 2120398 TENANT SECURITY DEPOSITS 12380 REPLACEMENT RESERVES 290522 RESIDUAL RECEIPTS RESERVE 7001 309903 X 441941 0 441941 0 441941 508963 0 508963 0 508963 PART IV, LINE 2B: THE ESCROW LIABILITY AMOUNTS OF FORM 990, PART X, LINE 21 CONSIST OF TENANT SECURITY DEPOSITS. THE CORPORATION HAS A POLICY TO COLLECT SECURITY DEPOSITS OF UP TO ONE MONTH'S RENT FROM TENANTS. THE SECURITY DEPOSITS CAN BE USED TO PAY FOR DAMAGES CAUSED BY THE TENANT OR USED AGAINST UNPAID RECEIVABLES. PART X, LINE 2: MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE CORPORATION AND HAS CONCLUDED THAT, AS OF JUNE 30, 2023, THERE ARE NO UNCERTAIN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS. ACCORDINGLY, THESE FINANCIAL STATEMENTS DO NOT REFLECT A PROVISION FOR INCOME TAXES AND THE CORPORATION HAS NO OTHER TAX POSITIONS WHICH MUST BE CONSIDERED FOR DISCLOSURE. INCOME TAX RETURNS FILED BY THE CORPORATION ARE SUBJECT TO EXAMINATION BY THE IRS FOR A PERIOD OF THREE YEARS. WHILE NO INCOME TAX RETURNS ARE CURRENTLY BEING EXAMINED BY THE IRS, TAX YEARS SINCE 2019 REMAIN OPEN. FORM 990, PART VI, SECTION A, LINE 3 THE CORPORATION IS AFFILIATED WITH RCAP SOLUTIONS, INC.(RCAP), A NONPROFIT CORPORATION WHO IS THE SPONSOR AGENCY OF THE PROJECT. RCAP PROVIDES PROPERTY MANAGEMENT SERVICES AND IS REIMBURSED BY THE CORPORATION. THE CORPORATION INCURRED AND PAID A MANAGEMENT FEE OF $30,298 FOR THE YEAR ENDED JUNE 30, 2023 TO RCAP SOLUTIONS, INC. THE MANAGEMENT FEE IS EQUAL TO 6.94% OF TOTAL RENTAL INCOME COLLECTIONS. THE AGREEMENT IS IN EFFECT UNTIL CANCELED BY HUD, THE CORPORATION OR RCAP. FORM 990, PART VI, SECTION B, LINE 11B THE MANAGEMENT COMPANY CEO AND BOARD PRESIDENT WORK CLOSELY WITH THE CPA FIRM AND PROVIDE INFORMATION NECESSARY TO COMPLETE THE 990. THE 990 IS DISCUSSED WITH THE BOLTON BOARD, HIGHLIGHTING THE IMPORTANCE OF COMPLIANCE WITH IRS REGULATIONS AS IT IS PRESENTED ON THE 990. THE FORM IS ELECTRONICALLY SENT TO THE BOARD OF DIRECTORS ONCE COMPLETED BY THE CPA FIRM. FORM 990, PART VI, SECTION B, LINE 12C THE ENTITY PROVIDES A PACKET OF INFORMATION TO THE BOARD 3-4 WEEKS IN ADVANCE OF THE BOARD MEETING. INCLUDED IN THE PACKET IS THE CONFLICT OF INTEREST POLICY AND DISCLOSURE FORM. THE BOARD MEMBERS, IN ADDITION TO DEBORAH FOLEY, COMPLETE AND RETURN THE CONFLICT OF INTEREST DISCLOSURE FORM TO DEB, WHO LOGS THEM IN. IF SHE DOES NOT RECEIVE THESE DISCLOSURE FORMS PRIOR TO THE ANNUAL MEETING, SHE WILL FOLLOW UP AND OBTAIN THEM AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION C, LINE 19 A COPY OF THE FINANCIAL STATEMENTS AND GOVERNING DOCUMENTS ARE AVAILABLE TO THE PUBLIC WHEN REQUESTED IN WRITING. REQUESTS SHOULD BE DIRECTED TO THE PRESIDENT OF THE BOARD OF DIRECTORS. IN ADDITION, FORM 990 IS AVAILABLE VIA GUIDESTAR AND THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE. FORM 990, PART IX, LINE 11G MANAGEMENT SERVICES: PROGRAM SERVICE EXPENSES 94,430. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 94,430.