2025-11-13T15:52:06-06:00 2024-12-31 560571159 BERNARD ROBINSON & COMPANY LLP PO BOX 19608 GREENSBORO NC 274199608 990 2024-01-01 560883684 MOSAIC DEVELOPMENT GROUP MOSA 7043423316 445 S MAIN STREET SUITE 400 DAVIDSON NC 28036 WILLIAM BOLSTAD EXECUTIVE DIRECTOR 7043423316 2025-11-13 1 0 IRISH THURSTON P01662190 3362944494 2025-11-13 2024 2025-03-06 01:10:19Z WILLIAM BOLSTAD 445 S MAIN STREET SUITE 400 DAVIDSON NC 28036 11023883 0 X MOSAICDEVELOPMENTGROUP.ORG X 1966 NC TO ENHANCE COMMUNITIES AND IMPROVE LIVES THROUGH DIVERSE HOUSING AND ECONOMIC DEVELOPMENT SOLUTIONS. MOSAIC BELIEVES THAT HIGH QUALITY HOUSING FOR A VARIETY OF INCOMES IS A CATALYST FOR VIBRANT, HEALTHY COMMUNITIES. THEIR VISION IS THAT EVERYONE HAS ACCESS TO HIGH QUALITY HOUSING, IN THRIVING COMMUNITIES THAT OFFER A VARIETY OF JOBS AND SERVICES. 11 11 8 11 0 0 31001 26350 2436020 1953623 105213 1361013 39594 49109 2611828 3390095 0 0 0 0 799196 857919 0 0 29906 1886280 1603717 2685476 2461636 -73648 928459 17585293 13825405 8057274 3556503 9528019 10268902 X TO ENHANCE COMMUNITIES AND IMPROVE LIVES THROUGH DIVERSE HOUSING AND ECONOMIC DEVELOPMENT SOLUTIONS. MOSAIC BELIEVES THAT HIGH QUALITY HOUSING FOR A VARIETY OF INCOMES IS A CATALYST FOR VIBRANT, HEALTHY COMMUNITIES. THEIR VISION IS THAT EVERYONE HAS ACCESS TO HIGH QUALITY HOUSING, IN THRIVING COMMUNITIES THAT OFFER A VARIETY OF JOBS AND SERVICES. 0 0 1036681 971260 FERNHILL APARTMENTS (CONOVER, NC - 72 FAMILY UNITS) WAS COMPLETED, PLACED IN SERVICE, AND STABILIZED DURING THE YEAR. THE PROPERTY TRANSITIONED TO NORMAL OPERATIONS, PROVIDING HIGH-QUALITY, AFFORDABLE HOUSING FOR WORKING FAMILIES IN THE REGION. MOSAIC HOLDS BOTH DIRECT AND INDIRECT GENERAL PARTNER INTERESTS AND CONTINUES TO EXERCISE SIGNIFICANT INFLUENCE OVER THE PROJECT'S OPERATIONS. ORCHARD POINT APARTMENTS (SANFORD, NC - 40 FAMILY UNITS), A COMPREHENSIVE REHABILITATION OF THE FORMER APPLE TREE APARTMENTS, COMMENCED CONSTRUCTION IN 2024 FOLLOWING THE PRIOR YEAR'S AWARD OF LOW-INCOME HOUSING TAX CREDITS (LIHTC). COMPLETION IS ANTICIPATED IN MID-2025. 902 S. BRIGGS AVENUE APARTMENTS (DURHAM, NC - 124 FAMILY UNITS) ADVANCED THROUGH THE LIHTC APPLICATION PROCESS. AT THE REQUEST OF THE NORTH CAROLINA HOUSING FINANCE AGENCY (NCHFA), MOSAIC RESUBMITTED ITS 4% TAX-EXEMPT BOND APPLICATION IN THE FALL 2024 ROUND, WITH AN AWARD EXPECTED IN 2025. RENAISSANCE COMMONS (ELIZABETH CITY, NC - 48 SENIOR UNITS) RECEIVED AN AWARD OF 9% LOW-INCOME HOUSING TAX CREDITS IN 2024 FOR A COMPREHENSIVE REHABILITATION OF THE EXISTING PROPERTY. CONSTRUCTION IS ANTICIPATED TO COMMENCE IN 2025, PRESERVING AFFORDABLE HOUSING FOR SENIORS IN THE REGION. 1263418 1031472 IN RECOGNITION OF THE GROWING NEED FOR AFFORDABLE HOUSING THROUGHOUT NORTH CAROLINA, MOSAIC INITIATED A STRATEGIC RECAPITALIZATION TO STRENGTHEN ITS ABILITY TO EXPAND ITS DEVELOPMENT PIPELINE. AS PART OF THIS EFFORT, MOSAIC SOLD FIVE SITES FROM ITS 23-PROPERTY PORTFOLIO TO AN INVESTOR COMMITTED TO PRESERVING THEIR LONG-TERM AFFORDABILITY. FOUR OF THE FIVE TRANSACTIONS SUCCESSFULLY CLOSED IN 2024, WITH THE FIFTH EXPECTED TO CLOSE IN 2025. THESE ACTIONS REFLECT MOSAIC'S ONGOING COMMITMENT TO EXPANDING AND PRESERVING AFFORDABLE HOUSING OPPORTUNITIES FOR NORTH CAROLINA HOUSEHOLDS WHILE MAINTAINING PRUDENT FINANCIAL STEWARDSHIP AND STRONG PARTNERSHIPS WITH PUBLIC AND PRIVATE STAKEHOLDERS. 2300099 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 8 0 1 8 1 0 0 0 0 0 0 0 0 0 0 0 0 X 11 11 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X JILL WEAVER 7043423316 445 S MAIN STREET SUITE 400 DAVIDSON NC 28036 CARI JONES BOARD CHAIR 2.00 X X 0 0 0 KIM GRAHAM BOARD VICE CHAIR 1.00 X X 0 0 0 TAMMIE RHODES BOARD TREASURER 1.00 X X 0 0 0 MARY RECA TODD BOARD SECRETARY 1.00 X X 0 0 0 VERONICA CLEMMONS BOARD MEMBER 1.00 X 0 0 0 DAVID GITLIN BOARD MEMBER 1.00 X 0 0 0 KORY JETER BOARD MEMBER 1.00 X 0 0 0 SHERYL FORTUNE BOARD MEMBER 1.00 X 0 0 0 SHAUN GOLDEN BOARD MEMBER 1.00 X 0 0 0 LATONYA SHOAF BOARD MEMBER 1.00 X 0 0 0 JEFF STAUDINGER BOARD MEMBER 1.00 X 0 0 0 WILLIAM BOLSTAD EXECUTIVE DIRECTOR 50.00 X 196707 0 17705 JILL V WEAVER ACCOUNTING MANAGER 40.00 X 141557 0 22692 JIMMY ROYSTER SENIOR PROJECT MANAGER 40.00 X 148436 0 14336 LISA LEMOS ASSET MANAGER 40.00 X 118855 0 21034 605555 0 75767 4 0 1 0 0 26350 26350 RENTAL INCOME 531110 1023105 1023105 CONSULTING 541610 578809 578809 DEVELOPMENT FEES 531390 351709 351709 1953623 194801 194801 8800000 7633788 1166212 1166212 1166212 MISCELLANEOUS INCOME 900099 49109 49109 49109 3390095 2002732 0 1361013 X 196707 175069 15737 5901 512281 454790 40279 17212 19332 13919 5027 386 76986 55430 20016 1540 52613 46879 4138 1596 21211 12313 8153 745 26400 22176 3960 264 31717 31717 12099 6260 5681 158 87722 69470 16920 1332 9067 8648 389 30 390 390 7544 5433 1960 151 5033 3623 1309 101 HOLLY HAVEN LLC OPERATI 378392 378392 GRANDVIEW RIDGE LLC OPE 354258 354258 KINGS MILL LLC OPERATIN 349247 349247 APPLE TREE OF SANFORD L 152872 152872 167765 159603 7672 490 2461636 2300099 131631 29906 338796 272673 2455395 6966191 157641 90771 4535590 3810265 64439 41362 1380855 36231 8301631 1344624 345 7724 1731456 1291795 17585293 13825405 243775 74137 691305 677273 7122194 2805093 8057274 3556503 X 9528019 10268902 9528019 10268902 17585293 13825405 X 928459 -187576 X 0 1 X 1 0 X 93150 530849 516251 31001 26350 1197601 93150 530849 516251 31001 26350 1197601 1197601 64979 65402 66101 105213 194801 496496 1694097 11680638 0.70690 0.79440 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 47000 47000 1268375 13095 1255280 65480 23136 42344 1344624 INTEREST RECEIVABLE 286098 INVESTMENTS - AT EQUITY 33237 MISCELLANEOUS RECEIVABLES 232 LAND HELD FOR DEVELOPMENT 657826 DEVELOPMENT ADVANCES 314402 1291795 NOTES PAYABLE 2805093 2805093 X 3390095 0 3390095 0 3390095 2461636 0 2461636 0 2461636 PART X, LINE 2: IT IS THE ORGANIZATION'S POLICY TO EVALUATE ALL TAX POSITIONS TO IDENTIFY ANY THAT MAY BE CONSIDERED UNCERTAIN. ALL IDENTIFIED MATERIAL TAX POSITIONS ARE ASSESSED AND MEASURED BY A "MORE-LIKELY-THAN-NOT" THRESHOLD TO DETERMINE IF THE TAX POSITION IS UNCERTAIN AND WHAT, IF ANY, THE EFFECT OF THE UNCERTAIN TAX POSITION MAY HAVE ON THE FINANCIAL STATEMENTS. NO MATERIAL UNCERTAIN TAX POSITIONS WERE IDENTIFIED FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023. IF APPLICABLE, THE ORGANIZATION REPORTS INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX POSITIONS AS MISCELLANEOUS EXPENSE. X X 0 0 0 0 0 0 0 0 0 WILLIAM BOLSTAD EXECUTIVE DIRECTOR 196707 0 0 0 0 0 0 0 17705 0 214412 0 0 0 JILL V WEAVER ACCOUNTING MANAGER 141557 0 0 0 0 0 0 0 22692 0 164249 0 0 0 JIMMY ROYSTER SENIOR PROJECT MANAGER 148436 0 0 0 0 0 0 0 14336 0 162772 0 0 0 PART I, LINE 3 THE EXECUTIVE COMMITTEE COMPLETES THE EXECUTIVE DIRECTOR PERFORMANCE APPRAISAL AND DETERMINES THE SALARY OF THE EXECUTIVE DIRECTOR BY THE POLLING OF OTHER NOT-FOR-PROFIT ORGANIZATIONS. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED BY ALL BOARD MEMBERS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C AT EACH BOARD MEETING, THE BOARD MEMBERS CONFIRM THAT THERE ARE NO CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE COMPLETES THE EXECUTIVE DIRECTOR PERFORMANCE APPRAISAL AND DETERMINES THE SALARY OF THE EXECUTIVE DIRECTOR BY THE POLLING OF OTHER NOT FOR PROFIT ORGANIZATIONS. FORM 990, PART VI, SECTION C, LINE 19 AVAILABLE UPON WRITTEN REQUEST. FORM 990, PART IX, LINE 24E PROJECT EXPENSE: PROGRAM SERVICE EXPENSES 90,480. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 90,480. MOSAIC DAVIDSON LLC OPERATING EXPENSES: PROGRAM SERVICE EXPENSES 28,649. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 28,649. BANK FEES: PROGRAM SERVICE EXPENSES 9,437. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 2. TOTAL EXPENSES 9,439. TELEPHONE & INTERNET: PROGRAM SERVICE EXPENSES 5,780. MANAGEMENT AND GENERAL EXPENSES 2,087. FUNDRAISING EXPENSES 161. TOTAL EXPENSES 8,028. CREDIT LOSS EXPENSE: PROGRAM SERVICE EXPENSES 6,987. MANAGEMENT AND GENERAL EXPENSES 1,000. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 7,987. CONTRACTUAL EXPENSE: PROGRAM SERVICE EXPENSES 4,111. MANAGEMENT AND GENERAL EXPENSES 1,485. FUNDRAISING EXPENSES 114. TOTAL EXPENSES 5,710. DUES AND SUBSCRIPTIONS: PROGRAM SERVICE EXPENSES 4,852. MANAGEMENT AND GENERAL EXPENSES 479. FUNDRAISING EXPENSES 37. TOTAL EXPENSES 5,368. CONTRIBUTION EXPENSE: PROGRAM SERVICE EXPENSES 3,600. MANAGEMENT AND GENERAL EXPENSES 1,300. FUNDRAISING EXPENSES 100. TOTAL EXPENSES 5,000. EQUIPMENT RENTAL: PROGRAM SERVICE EXPENSES 1,809. MANAGEMENT AND GENERAL EXPENSES 654. FUNDRAISING EXPENSES 50. TOTAL EXPENSES 2,513. TAXES & LICENSES: PROGRAM SERVICE EXPENSES 1,438. MANAGEMENT AND GENERAL EXPENSES 325. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,763. STAFF DEVELOPMENT: PROGRAM SERVICE EXPENSES 1,514. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,514. JANITORIAL EXPENSE: PROGRAM SERVICE EXPENSES 946. MANAGEMENT AND GENERAL EXPENSES 342. FUNDRAISING EXPENSES 26. TOTAL EXPENSES 1,314. FORM 990, PART XI, LINE 9: DISTRIBUTIONS -187,576. 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