2024-11-14T15:53:58-06:00 2023-12-31 221478099 COHNREZNICK LLP 621 CAPITOL MALL SUITE 2150 SACRAMENTO CA 95814 990 2023-01-01 770284592 LAGOON BEACH RESIDENTS ASSOCIATION INC LAGO 3038303300 1600 BROADWAY SUITE 2000 DENVER CO 802025704 SABRINA CASTRO PRESIDENT 3038303300 2024-11-14 1 1 JOLANTA TUCK CPA P01340068 9164429100 2024-11-13 2023 2024-10-15 13:58:12Z SABRINA CASTRO 1600 BROADWAY SUITE 2000 DENVER CO 802025704 330058 0 X WWW.MERCYHOUSING.ORG X 1991 CA THE ASSOCIATION'S EXEMPT FUNCTION/PURPOSE IS TO PROVIDE AFFORDABLE HOUSING AS A LIMITED EQUITY HOUSING COOPERATIVE TO LOW- OR VERY LOW-INCOME FAMILIES. 6 6 0 6 0 0 29652 38985 274619 274721 443 3146 0 13206 304714 330058 0 0 0 0 95600 0 0 0 0 361997 484603 457597 484603 -152883 -154545 2506565 2369546 4978344 4995870 -2471779 -2626324 THE ASSOCIATION'S EXEMPT FUNCTION / PURPOSE IS TO PROVIDE AFFORDABLE HOUSING AS A LIMITED EQUITY HOUSING COOPERATIVE TO LOW- OR VERY LOW-INCOME FAMILIES. 0 0 472660 287927 THE ASSOCIATION'S EXEMPT FUNCTION AND PURPOSE IS TO PROVIDE AFFORDABLE HOUSING AS A LIMITED EQUITY HOUSING COOPERATIVE TO LOW- OR VERY LOW-INCOME FAMILIES AS DEFINED BY CALIFORNIA DEPARTMENT OF HOUSING. 472660 1 1 0 0 0 0 0 0 1 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 1 4 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 6 6 0 1 0 0 0 1 1 1 1 0 0 1 1 1 1 1 1 0 0 0 CA X CHAD PAYNE 3038303300 1600 BROADWAY SUITE 2000 DENVER CO 802025704 X GUADALUPE PRESA DIRECTOR 1.00 X 0 0 0 JANETTE HERNANDEZ DIRECTOR 1.00 X 0 0 0 KITZIA OROZCO DIRECTOR 1.00 X 0 0 0 MARTHA CHAVEZ DIRECTOR 1.00 X 0 0 0 NANCY FRAGOZO DIRECTOR 1.00 X 0 0 0 SABRINA CASTRO DIRECTOR 1.00 X 0 0 0 0 0 0 0 0 0 0 0 38985 38985 NET RENTAL REVENUE 531110 274721 274721 274721 3146 3146 LAUNDRY AND VENDING 531110 5184 5184 GARAGE AND PARKING 531110 570 570 7452 7452 13206 330058 287927 0 3146 X 18583 18583 2380 2380 11943 11943 78525 78525 8793 8793 285099 285099 67 67 78938 78938 TAXES/LICENSES/PERMITS 275 275 484603 472660 11943 0 6292 19124 52131 9213 14126 2129291 978987 1229329 1150304 1209600 1185992 2506565 2369546 64341 46659 1140 1188 102852 4107665 4150455 805198 694716 4978344 4995870 X -2471779 -2626324 -2471779 -2626324 2506565 2369546 -154545 0 X 0 1 X 0 0 X 31748 32304 29652 38985 132689 293324 248731 269784 274619 274721 1361179 293324 280479 302088 304271 313706 1493868 0 0 0 1493868 50 737 812 443 3146 5188 50 737 812 443 3146 5188 13206 13206 293374 281216 302900 304714 330058 1512262 0.98780 0.99860 0.00340 0.00140 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: LAUNDRY AND VENDING - 2023 AMOUNT: $ 5,184. OTHER INCOME - 2023 AMOUNT: $ 7,452. GARAGE AND PARKING - 2023 AMOUNT: $ 570. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 2087490 937186 1150304 3060 3060 0 38741 38741 0 1150304 TENANT DEPOSITS 105060 RESERVE FOR REPLACEMENTS 165961 OPERATING RESERVE 40890 MISC CURRENT ASSETS 38822 OPERATING LEASE 835259 1185992 DUE TO AFFILIATES 694716 694716 X 334138 4080 4080 330058 0 330058 488683 4080 4080 484603 0 484603 PART IV, LINE 2B: THE CORPORATION OBTAINS SECURITY DEPOSITS FROM EACH TENANT, PURSUANT TO SPECIFIC LEASE AGREEMENTS. THESE DEPOSITS ARE HELD IN A SEPARATE, FEDERALLY INSURED ACCOUNT, AND ARE EITHER REFUNDED TO THE TENANTS UPON TERMINATION OF TENANCY OR USED TO OFFSET RENTS OR REPAIR COSTS. THE BALANCE OF TENANT SECURITY DEPOSITS AS OF DECEMBER 31, 2023 IS $105,060. PART X, LINE 2: THE CORPORATION IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND DID NOT HAVE ANY UNRELATED BUSINESS INCOME FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022. THE CORPORATION IS REQUIRED TO FILE AND DOES FILE TAX RETURNS WITH THE INTERNAL REVENUE SERVICE AND OTHER TAXING AUTHORITIES. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE CORPORATION AND HAS CONCLUDED THAT, AS OF DECEMBER 31, 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 INTERNAL REVENUE SERVICE FOR A PERIOD OF THREE YEARS. WHILE NO INCOME TAX RETURNS ARE CURRENTLY BEING EXAMINED BY THE INTERNAL REVENUE SERVICE, TAX YEARS SINCE 2020 REMAIN OPEN. FORM 990, PART VI, SECTION A, LINE 3 THE PROPERTY IS MANAGED BY MERCY HOUSING MANAGEMENT ("MHM") ACCORDING TO THE MANAGEMENT AGREEMENT. THE MANAGEMENT FEE IS EQUAL TO $44 PER UNIT PER MONTH. FOR THE YEAR ENDED DECEMBER 31, 2023, $16,368 OF MANAGEMENT FEES HAVE BEEN CHARGED TO OPERATIONS. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF TRUSTEES HAS AUTHORITY OVER LAGOON BEACH RESIDENTS ASSOCIATION, INC. IN VARIOUS ASPECTS OF OPERATIONS AND MANAGEMENT. THE RESERVED RIGHTS HELD BY THE BOARD OF TRUSTEES, WHICH MAY BE FURTHER DELEGATED TO THE PRESIDENT AND CEO, INCLUDE APPROVAL OF THE FOLLOWING ACTIVITIES: REVISIONS TO ARTICLES AND BYLAWS; MERGERS AND ACQUISITIONS; ESTABLISHMENT OF NEW ENTITIES; PLEDGING, MORTGAGING OR DISPOSING OF ALL OR SUBSTANTIALLY ALL ASSETS; OBLIGATIONS OF NEW OPERATING AND MORTGAGE DEBT; AND APPOINTMENT OR REMOVAL OF GOVERNING BOARD MEMBERS AND OFFICERS. FORM 990, PART VI, SECTION A, LINE 7B SAME AS LINE 7A FORM 990, PART VI, SECTION B, LINE 11B EACH MEMBER IS GIVEN THE OPPORTUNITY TO REVIEW THE RETURN BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C THE AUDIT COMMITTEE REVIEWS PERIODICALLY THE CONFLICT OF INTEREST DISCLOSURES AND DETERMINES WHETHER ANY ACTION IS REQUIRED. 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 78,525. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 78,525.