2023-11-13T23:24:46-06:00 2022-12-31 221478099 COHNREZNICK LLP 621 CAPITOL MALL SUITE 2150 SACRAMENTO CA 95814 990 2022-01-01 942940404 SPARKS WAY COMMONS INC SPAR 5105821460 22645 GRAND STREET HAYWARD CA 94541 MARILYN MARTIN VICE PRESIDENT 5105821460 2023-10-05 1 MARILYN MARTIN 999009999 1 LISA M CUMMINGS CPA P00043433 9164429100 2023-10-04 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z MARILYN MARTIN 22645 GRAND STREET HAYWARD CA 94541 4063596 0 X WWW.EDENHOUSING.ORG X 1983 CA TO CREATE AND MAINTAIN A LIMITED EQUITY HOUSING COOPERATIVE FOR LOW- AND MODERATE-INCOME PERSONS. X 5 5 0 5 0 0 55925 1434 353526 325811 34 2492340 0 207501 409485 3027086 0 0 0 0 93319 0 0 0 0 599618 801241 692937 801241 -283452 2225845 1244617 31351 3498187 59076 -2253570 -27725 THE ORGANIZATION WAS FORMED TO CREATE AND MAINTAIN A LIMITED EQUITY HOUSING COOPERATIVE FOR LOW- AND MODERATE-INCOME PERSONS. 0 0 752581 328635 THE CORPORATION OPERATES A 45-UNIT COOPERATIVE HOUSING COMPLEX CONSISTING OF TOWNHOUSES AND APARTMENTS FOR LOW AND MODERATE INCOME PERSONS IN HAYWARD, CALIFORNIA UNDER THE TERMS OF A RENTAL HOUSING CONSTRUCTION PROGRAM (RHCP) REGULATORY AGREEMENT. THIS PROJECT ISREGULATED BY THE CALIFORNIA DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT AS TO RENT CHARGES AND OPERATING METHODS.THE UNDERLYING PROPERTY WAS SOLD ON DECEMBER 1, 2022 TO EDEN SPARKS WAY COMMONS, LLC, A DISREGARDED ENTITY, WHOSE SOLE MEMBER IS EDEN INVESTMENTS, INC., A 501(C)(3) ORGANIZATION. 752581 1 0 0 0 0 0 0 0 0 0 0 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 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 5 5 0 1 0 0 1 1 0 1 0 0 0 1 1 0 0 0 0 0 0 0 CA X DEEPIKA SHARMA 5105821460 22645 GRAND STREET HAYWARD CA 94541 X CANDACE WADE DIRECTOR 1.00 X 0 0 0 DARNELL WILLIAMS DIRECTOR 1.00 X 0 0 0 MARILYN MARTIN VICE PRESIDENT 1.00 X X 0 0 0 TAQUILA PRATT DIRECTOR 1.00 X 0 0 0 THERESA POWELL PRESIDENT 1.00 X X 0 0 0 0 0 0 0 0 0 0 0 1434 1434 RENTAL INCOME 531110 325811 325811 325811 25 25 3528825 1036510 2492315 2492315 2492315 GAIN ON DEBT FORGIVENESS 900099 204677 204677 ANCILLARY SERVICES 531110 2198 2198 626 626 207501 3027086 328635 0 2697017 136283 102776 33507 9583 9583 15153 15153 249 249 13427 13427 5312 5312 343698 343698 695 695 1516 1516 62518 62518 OPERATING & MAINTENANCE 197819 197819 STAFF RENT-FREE UNIT 7403 7403 BAD DEBTS 7039 7039 MISC ADMIN 411 411 135 135 801241 752581 48660 0 9404 8544 56387 11365 2284 0 1050654 125888 11442 1244617 31351 94561 59076 3164 3308792 91670 0 3498187 59076 X -2253570 -27725 -2253570 -27725 1244617 31351 2225845 0 X X 0 1 X 1 0 X 361746 121109 427966 55925 1434 968180 312445 320348 363955 353526 325811 1676085 674191 441457 791921 409451 327245 2644265 0 0 0 2644265 76 101 37 34 25 273 76 101 37 34 25 273 207501 207501 674267 441558 791958 409485 534771 2852039 0.92710 0.99990 0.00010 0.00010 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: GAIN ON DEBT FORGIVENESS - 2022 AMOUNT: $ 204,677. ANCILLARY SERVICES - 2022 AMOUNT: $ 2,198. OTHER REVENUE - 2022 AMOUNT: $ 626. 0 RESERVE FOR REPLACEMENTS 11433 TENANT DEPOSITS 9 11442 X 3027086 0 3027086 0 3027086 801241 0 801241 0 801241 PART X, LINE 2: THE CORPORATION HAS APPLIED FOR AND RECEIVED A DETERMINATION LETTER FROM THE INTERNAL REVENUE SERVICE ("IRS") TO BE TREATED AS A TAX EXEMPT ENTITY PURSUANT TO SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND DID NOT HAVE ANY UNRELATED BUSINESS INCOME FOR THE YEARS ENDED JUNE 30, 2022 AND 2021. DUE TO ITS TAX-EXEMPT STATUS, THE CORPORATION IS NOT SUBJECT TO INCOME TAXES. THE CORPORATION IS REQUIRED TO FILE AND DOES FILE TAX RETURNS WITH THE IRS AND OTHER TAXING AUTHORITIES. ACCORDINGLY, THESE FINANCIAL STATEMENTS DO NOT REFLECT A PROVISION FOR INCOME TAXES AND THE CORPORATION HAS NO OTHER TAX POSITIONS WHICH MUST BE CONSIDERED FOR DISCLOSURE. TAX RETURNS FILED BY THE CORPORATION ARE SUBJECT TO EXAMINATION BY THE IRS FOR A PERIOD OF THREE YEARS. WHILE NO TAX RETURNS ARE CURRENTLY BEING EXAMINED BY THE IRS, TAX YEARS SINCE 2019 REMAIN OPEN. LAND 2022-12-01 546400 BOOK VALUE 883469651 EDEN SPARKS WAY COMMONS LLC 22645 GRAND STSREET HAYWARD CA 94541 DISREGARDED ENTITY BUILDING 2022-12-01 482834 NET BOOK VALUE 883469651 EDEN SPARKS WAY COMMONS LLC 22645 GRAND STSREET HAYWARD CA 94541 DISREGARDED ENTITY 0 0 0 0 FORM 990, PART VI, SECTION A, LINE 3 THE LOW-INCOME HOUSING PROJECT IS MANAGED BY EDEN HOUSING MANAGEMENT, INC. (EHMI), AN UNRELATED CALIFORNIA NONPROFIT PUBLIC BENEFIT CORPORATION. EMHI IS RESPONSIBLE FOR THE OPERATIONS OF THE LOW-INCOME HOUSING PROJECT, INCLUDING COMPLIANCE WITH RHCP REQUIREMENTS AND THE OPERATION AND MAINTENANCE OF THE PROJECT. FORM 990, PART VI, SECTION A, LINE 6 THERE IS ONE CLASS OF MEMBERS IN THE COOPERATIVE WITH EQUAL RIGHTS, POWERS, AND PRIVILEGES. ANY NATURAL PERSON WHO HAS BEEN APPROVED BY THE BOARD OF DIRECTORS SHALL BE ELIGIBLE TO BE A MEMBER OF THE COOPERATIVE ON PAYMENT OF THE MEMBERSHIP FEE IN THE APPROPRIATE AMOUNT SET BY THE BOARD AND UPON EXECUTION OF AN OCCUPANCY AGREEMENT IN THE USUAL FORM EMPLOYED BY THE COOPERATIVE, COVERING A SPECIFIC DWELLING UNIT. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS IS COMPOSED OF SEVEN PERSONS, SIX OF WHOM SHALL BE ELECTED BY MEMBERS OF THE COOPERATIVE AND ONE OF WHOM SHALL BE APPOINTED BY EDEN HOUSING, INC. FOR THE YEAR ENDED DECEMBER 31, 2022, THERE WERE TWO OPEN POSITIONS ON THE BOARD. FORM 990, PART VI, SECTION A, LINE 8B THERE ARE NO SUBCOMMITTEES OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE MANAGEMENT AGENT REVIEWS THE FORM 990 PRIOR TO PRESENTATION TO THE BOARD MEMBERS FOR THEIR REVIEW AND AN OFFICER'S SIGNATURE. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS ARE AVAILABLE UPON REQUEST.