2025-09-25T07:57:14-05:00 2024-12-31 333709623 COHNREZNICK ADVISORY LLC 350 GRANITE STREET SUITE 1200 BRAINTREE MA 02184 990 2024-01-01 042707590 HANOVER LEGION ELDERLY HOUSING CORPORATION HANO 7818490011 CO CORCORAN MGMT 100 GRANDVIEW RD BRAINTREE MA 02184 THOMAS BAILEY PRESIDENT 7818490011 2025-09-24 1 1 JOLANTA TUCK P01340068 7813803520 2025-08-26 2024 2025-03-06 01:10:19Z THOMAS BAILEY C/O CORCORAN MGMT 100 GRANDVIEW RD BRAINTREE MA 02184 1295838 0 X WWW.HANOVERLEGION.COM X 1979 MA TO PROVIDE SIXTY RENTAL UNITS OF HOUSING FOR ELDERLY WITH LOW INCOME. 6 6 0 6 0 0 828499 836568 382123 398563 46532 56404 4339 4303 1261493 1295838 0 0 0 0 0 0 0 0 0 1052944 1124187 1052944 1124187 208549 171651 2858030 3048978 2980397 2999694 -122367 49284 THE ORGANIZATION'S MISSION IS TO PROVIDE SIXTY RENTAL UNITS OF HOUSING ON A NON-PROFIT BASIS FOR ELDERLY PERSONS TO MEET THEIR PHYSICAL, SOCIAL, AND PSYCHOLOGICAL NEEDS. 0 0 1050523 402866 THE ORGANIZATION PROVIDES HOUSING FOR ELDERLY PERSONS WITH LOW INCOME TO MEET THEIR PHYSICAL, SOCIAL, AND PSYCHOLOGICAL NEEDS. 1050523 1 1 0 0 0 0 0 0 1 0 1 0 0 1 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 6 6 0 1 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 MA X THOMAS BAILEY 7818490011 C/O CORCORAN MGMT 100 GRANDVIEW RD BRAINTREE MA 02184 X THOMAS BAILEY PRESIDENT/CLERK 1.00 X X 0 0 0 JOE SALVUCCI TREASURER 1.00 X X 0 0 0 CHRISTINE ASHBURN DIRECTOR 1.00 X 0 0 0 DONALD BUCKLEY DIRECTOR 1.00 X 0 0 0 DONNA HANNIGAN DIRECTOR 1.00 X 0 0 0 CHUCK MERRITT 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 SERVICES 304714 1 836568 836568 TENANT RENTAL INCOME 531110 398563 398563 398563 56404 56404 LAUNDRY INCOME 531110 4153 4153 MISCELLANEOUS REVENUE 900099 150 150 4303 1295838 402866 0 56404 X 49577 49577 15505 15505 255137 255137 543 543 49862 41280 8582 675223 675223 77740 77740 LOSS FROM RESID. RECEIP 600 600 1124187 1050523 73664 0 142404 94885 2524 0 34156 47703 4617879 2788275 1651436 1829604 1027510 1076786 2858030 3048978 217197 296856 701 5164 28881 29385 2733618 2668289 2980397 2999694 X -122367 49284 -122367 49284 2858030 3048978 171651 0 X 0 1 X 1 1 1 X 771211 790465 826065 828499 836568 4052808 771211 790465 826065 828499 836568 4052808 4052808 5036 880 10440 46532 56404 119292 13250 17111 12700 4339 4303 51703 4223803 1781164 0.95950 0.96810 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: LAUNDRY VENDING - 2020 AMOUNT: $ 3,936. 2021 AMOUNT: $ 4,045. 2022 AMOUNT: $ 3,983. 2023 AMOUNT: $ 4,239. 2024 AMOUNT: $ 4,153. TENANT CHARGES - 2020 AMOUNT: $ 410. 2021 AMOUNT: $ 50. COMCAST REVENUE - 2020 AMOUNT: $ 4,699. 2021 AMOUNT: $ 13,016. 2022 AMOUNT: $ 8,717. MISCELLANEOUS - 2020 AMOUNT: $ 4,205. 2023 AMOUNT: $ 100. 2024 AMOUNT: $ 150. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 445971 445971 4116387 2738884 1377503 55521 49391 6130 1829604 TAX AND INSURANCE ESCROW 248874 RESERVE FOR REPLACEMENT 777882 TENANT SECURITY DEPOSITS 32694 RESIDUAL RECEIPTS RESERVE 17336 1076786 X 1295838 0 1295838 0 1295838 1124187 0 1124187 0 1124187 PART IV, LINE 2B: THE ESCROW LIABILITY AMOUNTS OF 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, 2024, 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. WHILE NO INCOME TAX RETURNS ARE CURRENTLY BEING EXAMINED BY THE IRS, TAX YEARS SINCE 2021 REMAIN OPEN. FORM 990, PART VI, SECTION A, LINE 3 THE CORPORATION INCURRED A MANAGEMENT FEE OF $49,577 FOR THE YEAR ENDED DECEMBER 31, 2024, DUE TO CORCORAN MANAGEMENT COMPANY, INC. THE MANAGEMENT FEE IS EQUAL TO 4% OF EFFECTIVE RENTAL REVENUE. THE AGREEMENT IS IN EFFECT UNTIL CANCELED BY MASSHOUSING, THE CORPORATION OR CORCORAN MANAGEMENT COMPANY, INC. 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 18 UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, FINANCIAL STATEMENTS AND THE FORM 990 ARE MADE AVAILABLE UPON REQUEST. THE ORGANIZATION DOES NOT CURRENTLY HAVE WRITTEN POLICIES RELATED TO CONFLICTS OF INTEREST, WHISTLEBLOWER PROTECTION OR DOCUMENT RETENTION AND DESTRUCTION. FORM 990, PART IX, LINE 11G MANAGEMENT SERVICES: PROGRAM SERVICE EXPENSES 255,137. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 255,137.