2025-11-11T08:17:37-06:00 2024-12-31 331498605 PLANTE & MORAN PLLC 8181 E TUFTS AVE SUITE 600 DENVER CO 80237 990 2024-01-01 920351744 OCEANA COUNTY DEVELOPMENT CORPORATION OCEA 6163366587 2999 S TIMBER DUNES ROAD SHELBY MI 49455 EARL PETERSON PRESIDENT 6163366587 2025-11-07 1 1 DORI J EGGETT P00645252 3037409400 2025-11-07 2024 2025-03-06 01:10:19Z EARL PETERSON 2999 S TIMBER DUNES ROAD SHELBY MI 49455 1833178 0 X N/A X 2022 MI TO CONSTRUCT SINGLE FAMILY HOMES FOR LOW AND MODERATE INCOME INDIVIDUALS IN OCEANA COUNTY. 7 7 0 7 0 0 1820000 149975 0 1683000 199 203 0 0 1820199 1833178 0 42800 0 0 0 0 0 0 0 121430 4402314 121430 4445114 1698769 -2611936 4445317 10432522 2554779 11153920 1890538 -721398 TO CONSTRUCT SINGLE FAMILY HOMES FOR LOW AND MODERATE INCOME INDIVIDUALS IN OCEANA COUNTY. 0 0 4365873 42800 1683000 LOW INCOME HOUSING 4365873 1 1 0 0 0 0 0 0 0 0 1 0 0 1 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 0 0 0 1 9 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 7 7 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 MI X EARL PETERSON 2315787778 2999 S TIMBER DUNES ROAD SHELBY MI 49455 X EARL L PETERSON PRESIDENT/TREASURER 10.00 X X 0 0 0 LINDA A PETERSON VICE PRESIDENT/SECRETARY 10.00 X X 0 0 0 JON BUMSTEAD DIRECTOR 0.50 X 0 0 0 CURT VANDERWALL DIRECTOR 0.50 X 0 0 0 RICHARD RAFFAELLI DIRECTOR 10.00 X 0 0 0 GABRIELA PETERSON DIRECTOR 5.00 X 0 0 0 MISHELLE COMSTOCK DIRECTOR 0.50 X 0 0 0 0 0 0 0 0 0 0 FULL THROTTLE EXCAVATING 3590 SOUTH 88TH AVENUE NEW ERA MI 49446 CONSTRUCTION 1379093 1 149975 149975 SALE OF HOMES 531390 1683000 1683000 1683000 203 203 1833178 1683000 0 203 42800 42800 19235 19235 55849 55849 2848 2848 91 91 29956 29956 355212 355212 23961 23961 COMMON AREA COSTS 2049162 2049162 HOME CONSTRUCTION COSTS 1858665 1858665 PROPERTY TAX 3767 3767 REPAIRS & MAINTENANCE 2250 2250 1318 100 1218 4445114 4365873 79241 0 560370 1403354 10000 1020000 1020000 1020000 2864947 7999168 4445317 10432522 9571 3500 2545208 11150420 2554779 11153920 X 1890538 -721398 1890538 -721398 4445317 10432522 -2611936 0 X 1 X 0 0 0 X 200000 1820000 149975 2169975 1683000 1683000 200000 1820000 1832975 3852975 0 0 0 3852975 7 199 203 409 7 199 203 409 200007 1820199 1833178 3853384 X PART II, LINE 13 OCEANA COUNTY DEVELOPMENT CORPORATION WAS FOUNDED SEPTEMBER 16TH, 2022. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1020000 1020000 1020000 CONSTRUCTION IN PROGRESS 7988728 REFUNDABLE HOA DUES 10440 7999168 1 DOWNPAYMENT ASSISTANCE 1 42800 PART I, LINE 2: POTENTIAL RECIPIENTS NEED TO BE PRE-QUALIFIED FROM A MORTGAGE LENDER AND APPLY FOR DOWN PAYMENT ASSISTANCE. APPROVALS ARE MADE BY A 3-MEMBER COMMITTEE CONSISTING OF REPRESENTATIVES FROM THE OCEANA COUNTY DEVELOPMENT CORPORATION (OCDC), THE COMMUNITY FOUNDATION FOR OCEANA COUNTY, AND SHELBY STATE BANK. APPROVAL WILL BE BASED UPON A REVIEW OF THE APPLICANT'S INCOME SOURCES, HISTORY AND STABILITY OF INCOME EARNINGS, WITH THE REWARD CONTINGENT UPON THE APPLICANT CLOSING ON THE PURCHASE OF A HOME FROM OCDC. ACCEPTANCE OF THE DPA REQUIRES A 5-YEAR COMMITMENT TO LIVE IN THE SELECTED HOME. THE HOMEOWNER WILL BE REQUIRED TO SIGN A "REPURCHASE OPTION AGREEMENT" AT THE TIME OF CLOSING. DOWN PAYMENT ASSISTANCE IS A CREDIT ON THE BUYER'S STATEMENT AT TIME OF CLOSING. FORM 990, PART VI, SECTION A, LINE 2 EARL PETERSON, LINDA PETERSON, AND GABRIELA PETERSON HAVE A FAMILY RELATIONSHIP. RICHARD RAFFAELLI HAS A BUSINESS RELATIONSHIP WITH THE PETERSONS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990, INCLUDING ALL REQUIRED SCHEDULES, IS PROVIDED TO THE BOARD OF TRUSTEES PRIOR TO BEING FILED WITH THE IRS. MEMBERS ARE ASKED TO SUBMIT ANY QUESTIONS OR COMMENTS REGARDING THE FORM 990 WITHIN A SPECIFIED TIME PERIOD PRIOR TO THE DATE THE RETURN IS TO BE FILED. FORM 990, PART VI, SECTION B, LINE 12C AT ANY MEETING OF THE BOARD OF DIRECTORS, ANY DIRECTOR WHO HAS A PERSONAL FINANCIAL INTEREST IN THE ACTION BEING DISCUSSED OR TAKEN BY THE BOARD OF DIRECTORS (INCLUDING WITHOUT LIMITATION MATTERS OF COMPENSATION) SHALL, UPON REQUEST OF THE BOARD, RECUSE HIMSELF OR HERSELF FROM AT LEAST A PORTION OF THE BOARD DISCUSSION OF THAT MATTER, AND FROM THE VOTE ON THE PROPOSED ACTION. THIS RECUSAL SHALL BE REFLECTED IN THE MINUTES OF THE MEETING. IN SITUATIONS WHERE A DIRECTOR HAS SO RECUSED HIMSELF OR HERSELF, THE RECUSED DIRECTOR SHALL BE COUNTED FOR PURPOSES OF DETERMINING WHETHER A QUORUM IS PRESENT, BUT SHALL NOT BE COUNTED FOR PURPOSES OF DETERMINING THE MAJORITY NECESSARY TO APPROVE THE ACTION. FORM 990, PART VI, SECTION B, LINE 15A NO COMPENSATION SHALL BE PAID TO THE OFFICERS FOR SERVICES RENDERED TO THE CORPORATION AS OFFICERS. NOTHING CONTAINED IN THIS SECTION, HOWEVER, SHALL BE CONSTRUED TO PRECLUDE ANY OFFICER FROM SERVING THE CORPORATION IN ANY OTHER CAPACITY AND RECEIVING COMPENSATION THEREFORE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S CONFLICT OF INTEREST POLICY, 990, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST.