2023-11-13T09:15:11-06:00 2022-12-31 221478099 COHNREZNICK LLP 350 GRANITE STREET SUITE 1200 BRAINTREE MA 02184 990 2022-01-01 042988263 ASIAN COMMUNITY DEVELOPMENT CORPORATION ASIA 6174822380 38 OAK STREET BOSTON MA 02111 ANGIE LIOU EXECUTIVE DIRECTOR 6174822380 2023-11-10 1 ANGIE LIOU 999009999 1 JOLANTA TUCK CPA P01340068 7813803520 2023-11-09 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z PAUL W LEE 38 OAK STREET BOSTON MA 02111 3671059 0 X WWW.ASIANCDC.ORG X 1987 MA THE ASIAN COMMUNITY DEVELOPMENT CORPORATION (ACDC) WORKS IN UNDERSERVED AND IMMIGRANT ASIAN AMERICAN COMMUNITIES IN THE GREATER BOSTON REGION TO CREATE AND PRESERVE AFFORDABLE, SUSTAINABLE, AND HEALTHY NEIGHBORHOODS. WE ACHIEVE THIS BY BUILDING AFFORDABLE HOMES AND VIBRANT SPACES, EMPOWERING FAMILIES WITH ASSET-BUILDING TOOLS, AND STRENGTHENING COMMUNITIES THROUGH RESIDENT AND YOUTH LEADERSHIP. 17 17 15 100 0 0 2137829 1665230 1576105 1845029 38939 25029 153641 1077 3906514 3536365 0 0 0 0 927528 1099903 0 0 219830 1354432 1983254 2281960 3083157 1624554 453208 26261903 35500054 3549841 12634747 22712062 22865307 X THE ASIAN COMMUNITY DEVELOPMENT CORPORATION (ACDC) WORKS IN UNDERSERVED AND IMMIGRANT ASIAN AMERICAN COMMUNITIES IN THE GREATER BOSTON REGION TO CREATE AND PRESERVE AFFORDABLE, SUSTAINABLE, AND HEALTHY NEIGHBORHOODS. WE ACHIEVE THIS BY BUILDING AFFORDABLE HOMES AND VIBRANT SPACES, EMPOWERING FAMILIES WITH ASSET-BUILDING TOOLS, AND STRENGTHENING COMMUNITIES THROUGH RESIDENT AND YOUTH LEADERSHIP. 0 0 1421718 1651051 THE ASIAN COMMUNITY DEVELOPMENT CORPORATION (ACDC) WORKS IN UNDERSERVED AND IMMIGRANT ASIAN AMERICAN COMMUNITIES IN THE GREATER BOSTON REGION TO CREATE AND PRESERVE AFFORDABLE, SUSTAINABLE, AND HEALTHY NEIGHBORHOODS. WE ACHIEVE THIS BY BUILDING AFFORDABLE HOMES AND VIBRANT SPACES, EMPOWERING FAMILIES WITH ASSET-BUILDING TOOLS, AND STRENGTHENING COMMUNITIES THROUGH RESIDENT AND YOUTH LEADERSHIP. ASIAN CDC'S WEBSITE PROVIDES A WEALTH OF INFORMATION AND VIDEOS ABOUT ITS PROGRAMS SEE THE 2022 ANNUAL REPORT AT HTTPS://ASIANCDC.ORG/2022IMPACTS. THE BUILDING BLOCKS PROGRAM PROVIDES FINANCIAL EMPOWERMENT THROUGH HOME BUYING WORKSHOPS, FINANCIAL LITEREACY TRAINING, MATCHED SAVINGS PROGRAM, AND 1 ON 1 HOUSING COUNSELING. ITS MONTHLY WORKSHOPS PROGRAM FOR FIRST-TIME HOMEBUYERS IS THE ONLY HUD-APPROVED WORKSHOP IN NEW ENGLAND THAT PROVIDES CHINESE LANGUAGE SERVICE ON A REGULAR BASIS. 789556 202980 THE HOUSING DEVELOPMENT PROGRAM WORKS TO CREATE AND PRESERVE HIGH QUALITY AFFORDABLE HOUSING TO MEET THE NEEDS OF COMMUNITIES OF LOW-INCOME ASIAN AMERICAN POPULATIONS. ACDC NOW HAS 7 PROPERTIES IN ITS PORTFOLIO THAT INCLUDES 344 AFFORDABLE RENTALS. 143808 2500 YOUTH PROGRAMS INCLUDE A HIGH SCHOOL LEADERSHIP PROGRAM, ASIAN VOICES OF ORGANIZED YOUTH FOR COMMUNITY EMPOWERMENT (A-VOYCE), TRAINING YOUTH IN COMMUNITY LEADERSHIP AND ORGANIZING IN CHINATOWN AND THE GREATER BOSTON AREA. YOUTH ALSO HAVE OPPORTUNITIES TO LEARN ABOUT CULTURAL IDENTITY, COMMUNITY DEVELOPMENT, AND UNDERTAKE PLACEKEEPING ACTIVITIES, WHICH INCLUDE RESIDENT-LED PUBLIC ART PROJECTS AND CULTURAL EVENTS ADDRESSING COMMUNITY POWER AND IMPACTS OF GENTRIFICATION. ASIAN-AMERICAN IDENTIFYING HIGH SCHOOL YOUTH LEARN ENTREPRENEURSHIP SKILLS AND APPLY THESE SKILLS THROUGH RUNNING THEIR OWN YOUTH-LED BUSINESS PROVIDING WALKING TOURS OF CHINATOWN AND OTHER PROJECTS. 2355082 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 1 0 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 1 1 0 0 0 1 50 0 1 15 1 0 0 0 0 0 0 0 0 0 0 0 0 X 17 17 0 1 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X ANGIE LIOU 6174822380 38 OAK STREET BOSTON MA 02111 DANIELLE KIM DIRECTOR 1.00 X 0 0 0 EMILY YU DIRECTOR 1.00 X 0 0 0 EUGENE HO VICE TREASURER 1.00 X X 0 0 0 GEOFFREY WHY VICE PRESIDENT 1.00 X X 0 0 0 JEFFREY HSI DIRECTOR 1.00 X 0 0 0 JEFFREY WONG TREASURER 1.00 X X 0 0 0 JUSTIN KANG DIRECTOR 1.00 X 0 0 0 KAREN SOOHOO DIRECTOR 1.00 X 0 0 0 KENNETH FAN DIRECTOR 1.00 X 0 0 0 MAI DU DIRECTOR 1.00 X 0 0 0 MICHAEL S GRECO CLERK 1.00 X X 0 0 0 NICK CHAU DIRECTOR 1.00 X 0 0 0 PAUL W LEE PRESIDENT 1.00 X X 0 0 0 PETER MADSEN DIRECTOR 1.00 X 0 0 0 REBECCA A LEE DIRECTOR 1.00 X 0 0 0 VINCENT LAU DIRECTOR 1.00 X 0 0 0 YONGMEI CHEN VICE CLERK 1.00 X X 0 0 0 ANGIE LIOU EXECUTIVE DIRECTOR 35.00 X 103033 0 26705 KYLE SULLIVAN DIRECTOR OF REAL ESTATE 35.00 X 113098 0 14617 216131 0 41322 2 0 0 0 STANTEC ARCHITECTURE INC 40 WATER STREET THIRD FLOOR BOSTON MA 02109 ARCHITECTURE 249937 1 219050 1446180 1665230 LOAN INTEREST 531110 1004568 1004568 RENTAL INCOME 531110 535867 535867 MANAGEMENT FEES 531110 267902 267902 SERVICE REVENUE 531110 36692 36692 1845029 54397 54397 63827 74252 -10425 -10425 -10425 31074 60442 -29368 -29368 -29368 11502 11502 11502 3536365 1856531 0 14604 129738 85731 23280 20727 748958 507121 104489 137348 12568 7514 4192 862 141803 84782 47293 9728 66836 45667 8829 12340 17219 17219 13823 13823 162242 15637 146605 8283 8283 35594 15594 20000 872 872 278636 240924 21871 15841 10863 143 8654 2066 431820 369097 62723 1755 1346 293 116 9885 6382 3323 180 191572 165162 26410 10845 6288 4557 BAD DEBT 402328 375118 27210 PROGRAM EXPENSES 363478 363478 MEMBERSHIP AND SUBSCRIP 8664 749 7588 327 35375 32435 2645 295 3083157 2355082 508245 219830 2870033 1068687 2511064 3441144 62432 74185 11484185 12113635 76243 40028 13404850 712340 4687180 12692510 1357116 2067676 3213650 4002189 26261903 35500054 158307 615408 1011 495 22358 54602 3368165 11296541 0 667701 3549841 12634747 X 22694242 22743586 17820 121721 22712062 22865307 26261903 35500054 453208 -299963 0 X 0 1 X 1 0 X 682636 770280 1549211 2137829 1665230 6805186 682636 770280 1549211 2137829 1665230 6805186 6805186 446600 153662 47477 92017 118224 857980 10544 239775 134935 170970 11502 567726 8230892 6507167 0.82680 0.79610 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2018 AMOUNT: $ 2,360. 2019 AMOUNT: $ 163,935. 2020 AMOUNT: $ 134,935. 2021 AMOUNT: $ 170,970. 2022 AMOUNT: $ 11,502. FUNDRAISING INCOME - 2018 AMOUNT: $ 8,184. 2019 AMOUNT: $ 75,840. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 4851889 4851889 8446330 655243 7791087 38231 37754 477 68400 19343 49057 12692510 DUE FROM AFFILIATES 1202497 CONSTRUCTION IN PROGRESS 1214527 FUNDED RESERVES 145930 TENANT SECURITY DEPOSITS 61314 INVESTMENT IN LIMITED LIABILITY COMPANIES (LLCS) 750000 RIGHT OF USE LEASE ASSET 627921 4002189 RIGHT OF USE LIABILITY 667701 667701 X 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: INCOME TAX RETURNS FILED BY ACDC AND ITS SUBSIDIARIES 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 2019 REMAIN OPEN. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE ORGANIZATION AND HAS CONCLUDED THAT, AS OF DECEMBER 31, 2022, 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 CONSOLIDATED FINANCIAL STATEMENTS. FORM 990, PART VI, SECTION A, LINE 3 ACDC MARTENSEN VILLAGE HOLDING LLC (MVLLC) HAS ENTERED INTO AN AGREEMENT FOR THE MANAGEMENT OF THE PROJECT WITH AN UNRELATED THIRD PARTY. THE AGREEMENT IS FOR AN INITIAL TERM OF ONE YEAR AND CONTINUES THEREAFTER UNLESS TERMINATED BY EITHER PARTY. ADDITIONALLY, THE AGREEMENT IS TERMINABLE BY THE COMPANY FOR CAUSE WITH 30 DAYS NOTICE. THE AGREEMENT PROVIDES FOR A MANAGEMENT FEE EQUAL TO A PERCENTAGE OF GROSS REVENUES, AS DEFINED, PAYABLE MONTHLY. DURING 2022, MANAGEMENT FEES OF $14,969 WERE INCURRED. FORM 990, PART VI, SECTION A, LINE 6 ORGANIZATION HAS DOMESTIC MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A ORGANIZATION MEMBERS DO ELECT MEMBERS FOR GOVERNING BOARD. FORM 990, PART VI, SECTION A, LINE 7B MAJOR DECISIONS ARE DECIDED BY GOVERNING BOARD. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 WAS REVIEWED BY ADMIN PERSONNEL AND BOARD FINANCE COMMITTEE. A COPY WAS PROVIDED TO THE FULL BOARD PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ACDC REQUIRES ALL BOARD MEMBERS TO COMPLETE A CONFLICT OF INTEREST DISCLOSURE ON AN ANNUAL BASIS, ANY DISCLOSURE OF POTENTIAL CONFLICT IS DISCUSSED BY THE BOARD. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION PROCESS FOR TOP OFFICIAL COMPENSATION IS DETERMINED BY THE GOVERNING BOARD. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS DISCLOSURE EXPLANATION GOVERNING DOCS AND RETURNS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. HUDSON STREET REVIVAL LLC 38 OAK STREET BOSTON MA 02111 000955891 HOUSING SUPPORT MA 0 0 ACDC ACDC OAK TERRACE LAND LLC 38 OAK STREET BOSTON MA 02111 HOUSING SUPPORT MA 759450 14382801 ACDC ACDC MARTENSEN VILLAGE HOLDING LLC 38 OAK STREET BOSTON MA 02111 824631831 HOUSING SUPPORT MA 299412 3023788 ACDC ACDC METROPOLITAN MM LLC 38 OAK STREET BOSTON MA 02111 HOUSING SUPPORT MA 0 0 ACDC ACDC METROPOLITAN IM LLC 38 OAK STREET BOSTON MA 02111 HOUSING SUPPORT MA 0 750000 ACDC ACDC 64 BEACH LLC 38 OAK STREET BOSTON MA 02111 HOUSING SUPPORT MA 325969 7505304 ACDC ACDC 213 MAIN STREET LLC 38 OAK STREET BOSTON MA 02111 HOUSING SUPPORT MA 0 1028456 ACDC ACDC FORT STREET LLC 38 OAK STREET BOSTON MA 02111 263319550 REAL ESTATE MA N/A 0 0 ACDC TREMONT VILLAGE LLC 38 OAK STREET BOSTON MA 02111 364783399 REAL ESTATE MA N/A 0 0 HUDSON STREET GATEWAY LLC 38 OAK STREET BOSTON MA 02111 800930689 REAL ESTATE MA N/A 0 0 ACDC OAK TERRACE APARTMENTS LLC 38 OAK STREET BOSTON MA 02111 384010691 REAL ESTATE MA N/A 0 0 METRO COMMUNITY LLC 536 GRANITE STREET BRAINTREE MA 02184 043649835 REAL ESTATE MA ACDC METROPOLITAN MM LLC 0 1 1.00000 ACDC FORT ST MM LLC 38 OAK STREET BOSTON MA 02111 272746012 REAL ESTATE MA ACDC C 1 71 0.79000 1 ACDC TREMONT VILLAGE MM LLC 38 OAK STREET BOSTON MA 02111 465346551 REAL ESTATE MA ACDC C 0.79000 1 HUDSON STREET GATEWAY MM LLC 38 OAK STREET BOSTON MA 02111 811152554 REAL ESTATE MA ACDC C 1 1.00000 1 ACDC OAK TERRACE APARTMENTS MM LLC 38 OAK STREET BOSTON MA 02111 813476746 REAL ESTATE MA ACDC C 2 0.55000 1 0 0 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0