2024-11-15T19:30:58-06:00 2023-12-31 941250261 LINDQUIST VON HUSEN & JOYCE LLP 301 HOWARD STREET SUITE 850 SAN FRANCISCO CA 94105 990 2023-01-01 943365110 GLIDE ECONOMIC DEVELOPMENT CORPORATION GLID 4159247707 149 YOLO STREET CORTE MADERA CA 94925 MELVIN CARRIERE PRESIDENT/COO 4159247707 2024-11-15 1 0 JOE HUIE P00422192 4159579999 2023 2024-10-15 13:58:12Z MELVIN CARRIERE 149 YOLO STREET CORTE MADERA CA 94925 826799 0 X N/A X 2000 CA GEDC'S PRIMARY ACTIVITIES ARE THE OVERSIGHT AND MANAGEMENT OF AFFORDABLE HOUSING PROJECTS. 6 5 0 7 0 0 750 1615 180001 825002 218 182 0 0 180969 826799 0 0 0 0 0 0 0 0 0 2471637 33063746 2471637 33063746 -2290668 -32236947 9436707 1951009 1902543 1392728 7534164 558281 X GEDC WAS FORMED TO IMPROVE SOCIAL AND ECONOMIC CONDITIONS IN THE TENDERLOIN NEIGHBORHOOD OF SAN FRANCISCO. IN 2007, GEDC PURSUED AN OPPORTUNITY TO CREATE BOTH AFFORDABLE AND ASSISTIVE CHRONIC NEEDS HOUSING IN THE COMMUNITY. THE OPERATION OF THE TWO PROJECTS GEDC DEVELOPED AND THE PROVISION OF THE AFFORDABLE AND ASSISTIVE, CHRONIC NEEDS HOUSING ARE THE FOCUS OF ITS CURRENT ACTIVITIES. 0 0 33024796 825002 THE ORGANIZATION DEVELOPED AND OPENED MASON STREET FAMILY HOUSING, WHICH PROVIDES 81 AFFORDABLE RENTAL UNITS IN THE TENDERLOIN AREA OF SAN FRANCISCO IN 2008. IT OWNED AND OPERATED THE UNITS AS THE GENERAL PARTNER OF MASON STREET AFFORDABLE HOUSING L.P. THE MASON STREET AFFORDABLE HOUSING L.P. WAS DISSOLVED IN 2023. THE ORGANIZATION ALSO COMPLETED THE CONSTRUCTION OF 149 MASON STREET HOUSING PROJECT, WHICH PROVIDES 56 HOUSING UNITS FOR THE CHRONICALLY HOMELESS IN DECEMBER 2009. IT CONTINUES TO OWN AND OPERATE THE UNITS AS THE GENERAL PARTNER OF MASON STREET HOUSING ASSOCIATES, L.P. 33024796 1 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 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 1 4 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 6 5 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 0 0 1 1 1 0 CA X THE ORGANIZATION 4159247707 149 YOLO STREET CORTE MADERA CA 94102 X BRAD PAUL SECRETARY & TREASURER 0.25 X X 0 0 0 MELVIN CARRIERE PRESIDENT & COO 22.00 X X 0 0 0 THOMAS S BECHARD CHAIRMAN 0.25 X X 0 0 0 DION L GRIFFIN DIRECTOR 3.00 X 0 0 0 SEAN JEFFRIES DIRECTOR 0.25 X 0 0 0 ANDREW C WOODARD DIRECTOR 0.25 X 0 0 0 JERRY VALLERY DIRECTOR 0.25 X 0 0 0 ROD HENMI DIRECTOR 0.25 X 0 0 0 0 0 0 0 0 0 0 DOWNS PHAM & KUEI LLP 235 MONTGOMERY ST 30TH FL SAN FRANCISCO CA 94104 LEGAL 163442 MTA CONSULTING INC 149 YOLO STREET CORTE MADERA CA 94925 MANAGEMENT 118500 2 1615 1615 MANAGEMENT FEE 531390 660000 660000 DEVELOPER FEE 531390 165000 165000 GROUND LEASE INCOME 531390 2 2 825002 182 182 826799 825002 0 182 118500 88875 29625 182974 182974 9325 9325 92793 92793 10542 10542 LOSS FROM PARTNERSHIPS 24861053 24861053 LOSS ON SALE OF LAND 7787684 7787684 TAXES AND FEES 800 800 FILING FEE 75 75 33063746 33024796 38950 0 160704 215123 473316 525882 15002 210003 1000001 1000001 7787684 9436707 1951009 135966 26162 1766577 1366566 1902543 1392728 X 7534164 558281 7534164 558281 9436707 1951009 X -32236947 25261064 X X 0 0 0 X 15585 3069 60472 750 1615 81491 90168 88056 268056 180001 825002 1451283 105753 91125 328528 180751 826617 1532774 0 0 0 1532774 293 177 190 218 182 1060 293 177 190 218 182 1060 106046 91302 328718 180969 826799 1533834 0.99930 0.99870 0.00070 0.00130 X 0 PARTNERSHIPS INVESTMENT (IN DEFICIT) 1366566 1366566 X 0 0 0 0 0 0 0 0 0 PART 1, LINE 3 AS DESCRIBED IN SCHEDULE L, GEDC PAID MTA CONSULTING INC. $118,500 FOR THE SERVICES OF MEL CARRIERE WHO SERVES AS PRESIDENT AND COO OF GEDC AND ALSO SERVES AS THE ASSET MANAGER FOR BOTH 125 MASON STREET PROJECT AND 149 MASON STREET PROJECT. MEL CARRIERE ALSO PERFORMS THE DUTIES OF THE MANAGING GENERAL PARTNER FOR BOTH 125 MASON STREET PROJECT AND 149 MASON STREET PROJECT AS DESCRIBED IN THE LIMITED PARTNERSHIP AGREEMENTS. GEDC PAID ACME INDUSTRIES INC. $92,765 FOR THE SERVICES OF DION GRIFFIN WHO SERVES AS DIRECTOR OF GEDC. MEL CARRIERE PRESIDENT AND COO 118500 MEL CARRIERE IS THE OWNER AND PRESIDENT OF MTA CONSULTING INC. GEDC PAID MTA CONSULTING INC. $118,500 FOR THE SERVICES OF MEL CARRIERE WHO SERVES AS PRESIDENT AND COO OF GEDC AND ALSO SERVES AS THE ASSET MANAGER FOR BOTH 125 MASON STREET PROJECT AND 149 MASON STREET PROJECT. 0 DION GRIFFIN DIRECTOR 92765 DION GRIFFIN IS THE OWNER OF ACME INDUSTRIES INC. GEDC PAID ACME INDUSTRIES INC. $92,765 FOR THE SERVICES OF DION GRIFFIN WHO SERVES AS DIRECTOR OF GEDC. 0 FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION DOES NOT HAVE COMMITTEES.THE BOARD FUNCTIONS AS A WHOLE. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED BY PRESIDENT AND FINANCIAL MANAGER BEFORE FILING. ALL BOARD MEMBERS SUBSEQUENTLY RECEIVE A COPY OF THE FINAL FORM 990. FORM 990, PART VI, SECTION B, LINE 12C CORPORATE BYLAWS ADDRESS BOARD'S DUTY OF CARE AND PROHIBITION OF SELF-DEALING. BOARD MEMBERS SELF IDENTIFY POTENTIAL CONFLICT OF INTEREST SITUATIONS AND RECUSE THEMSELVES WHEN SUCH CIRCUMSTANCES EXIST. FORM 990, PART VI, SECTION B, LINE 15 EACH YEAR, AS PART OF THE BUDGETING PROCESS, THE PRESIDENT AND FINANCIAL MANAGER, WHO ARE UNRELATED INDEPENDENT CONTRACTORS, PROVIDE THE BOARD WITH INFORMATION ABOUT THE DUTIES, THE HOURLY FEES THEY CHARGE AND TOTAL AMOUNT THEY EXPECT TO CHARGE FOR THEIR SERVICES DURING THE COMING YEAR. THE BOARD CONSIDERS THE ESTIMATED FEES FOR THEIR SERVICES, DETERMINES WHETHER THE FEES ARE REASONABLE AND, IF SO, CONTINUES TO UTILIZE THEIR SERVICES. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: GAAP BASIS ADJUSTMENT ON DISSOLUTION OF PARTNERSHIP INTEREST 25,261,064. FORM 990, PART XII, LINE 2C THE BOARD'S OVERSIGHT PROCESS OF THE AUDIT AND THE PROCESS FOR SELECTION OF AN INDEPENDENT ACCOUNTANT HAVE NOT CHANGED. FORM 990, PART XI, LINE 9, CHANGES IN NET ASSETS (CONTINUED): THE ORGANIZATION ("GEDC") PURCHASED A 99.99% LIMITED PARTNER INTEREST IN MASON STREET AFFORDABLE HOUSING LIMITED PARTNERSHIP ("MASH LP") ON 3/1/2023. ON 4/14/2023, MASH LP SOLD THE PROJECT KNOWN AS 125 MASON STREET APARTMENTS TO TENDERLOIN NEIGHBORHOOD DEVELOPMENT CORPORATION, A CALIFORNIA NONPROFIT PUBLIC BENEFIT CORPORATION. THE PURCHASE AGREEMENT INCLUDED THE LAND AT 125 MASON STREET, WHERE THE PROJECT IS LOCATED, WITH A CARRYING VALUE OF $7,787,684. GEDC IS THE OWNER OF THE LAND. AS A RESULT OF THIS TRANSACTION, GEDC RECOGNIZED A SIGNFICANT LOSS FROM BOTH THE PARTNERSHIP INVESTMENT AND SALE OF THE LAND. FORM 990, PART V, LINE 1C: DURING THE TAX YEAR, THE ORGANIZATION DID NOT ENCOUNTER ANY SITUATIONS THAT WOULD REQUIRE BACKUP WITHHOLDING. GEDC MASON STREET LLC 333 TAYLOR STREET SAN FRANCISCO CA 94102 392061171 MANAGING PARTNER OF MASON STREET AFFORDABLE HOUSING, LP CA 0 0 GLIDE ECONOMIC DEVELOPMENT CORPORATION MASON STREET HOUSING LLC 333 TAYLOR STREET SAN FRANCISCO CA 94102 680634114 MANAGING PARTNER OF MASON STREET HOUSING ASSOCIATES, LP CA 15000 -1194066 GLIDE ECONOMIC DEVELOPMENT CORPORATION GLIDE COMMUNITY HOUSING INC 333 TAYLOR STREET SAN FRANCISCO CA 94102 943237618 SUPPORTIVE HOUSING SERVICES AND OVERSIGHT OF CW GLIDE COMMUNITY HOUSE CA 501(C)(3) LINE 7 GLIDE COMMUNITY HOUSING INC 0 MASON STREET AFFORDABLE HOUSING LP 333 TAYLOR STREET SAN FRANCISCO CA 94102 651317049 AFFORDABLE HOUSING CA GEDC MASON STREET LLC RELATED -2131429 0 1 0.00010 MASON STREET HOUSING ASSOCIATES LP 333 TAYLOR STREET SAN FRANCISCO CA 94102 680634117 AFFORDABLE HOUSING CA MASON STREET HOUSING LLC RELATED -333653 1391079 0 1 0.00010 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1