2023-09-21T16:49:27-05:00 2022-12-31 271490692 TIDWELL GROUP LLC 3595 GRANDVIEW PARKWAY STE 500 BIRMINGHAM AL 35243 990 2022-01-01 262352365 BRIGHT COMMUNITY TRUST INC BRIG 7274748441 11923 OAK TRAIL WAY PORT RICHEY FL 34668 FRANCIS WELLS AUTHORIZED SIGNOR 7274751366 2023-09-15 1 FRANCIS WELLS XXX-XX-XXXX 0 RYDER MATHIAS P01394169 2058221010 2023-09-15 0 AAL1 IAL1 2022 2023-04-26 12:10:37Z FRANCIS WELLS 11923 OAK TRAIL WAY PORT RICHEY FL 34668 1640669 0 X HTTPS://WWW.THEBRIGHTWAY.ORG/ X 2008 FL UTILIZE LAND TRUSTS AS A VEHICLE TO FACILITATE THE OWNERSHIP AND DEVELOPMENT OF AFFORDABLE HOUSING. 6 6 4 4 0 0 1155154 417608 1152975 871812 308 17070 -67319 930 2241118 1307420 0 0 0 0 483586 455691 0 0 139834 709030 1244459 1192616 1700150 1048502 -392730 17021807 16706810 3401863 3479596 13619944 13227214 TO UTILIZE LAND TRUSTS AS A VEHICLE TO FACILITATE THE OWNERSHIP AND DEVELOPMENT OF AFFORDABLE HOUSING PROJECTS WITHIN THE STATE OF FLORIDA. 0 0 518276 681277 BRIGHT COMMUNITY TRUST FOCUS IS THE DEVELOPMENT AND REHABILITATION OF DISTRESSED AND FORECLOSED HOMES FOR RENT OR RESALE TO WORK FORCE AND LOWER INCOME FAMILIES. UTILIZING A COMMUNITY LAND TRUST THE PROPERTIES STAY ATTAINABLE FOR GENERATIONS. AS A CERTIFIED HUD COUNSELING AGENCY, EDUCATION AND ONGOING MENTORSHIP IS PROVIDED PREPARING RESIDENTS FOR HOMEOWNERSHIP. 382099 190535 BRIGHT SERVES AS THE MANAGEMENT AGENT FOR A COMMUNITY LAND TRUST WITH CENTRAL FLORIDA REGIONAL HOUSING TRUST, INC. (CFRHT). UNDER THE TERMS OF THE AGREEMENT, BRIGHT IS GOVERNED BY THE CFRHT BOARD PERTAING TO THE OPERATION, DIRECTION, MANAGEMENT, AND SUPERVISION OF CFRHT AND THE HOUSING TRUST PROPERTY. BRIGHT WILL MANAGE THE CURRENT AND FUTURE PROPERTY OF CFRHT IN ACCORDANCE WITH THE MISSION OF BOTH ORGANIZATIONS AND THE OBLIGATIONS UNDER THE MANAGEMENT AGREEMENT WHICH IS TO PROVIDE HOUSING THAT IS SAFE, SECURE, AND AFFORDABLE IN PERPETUITY. CFRHT IS NOW DOING BUSINESS AS HOUSD. AS OF NOVEMBER OF 2022, THIS AGEEMENT IS NO LONGER IN EFFECT AND BRIGHT COMMUNITY TRUST NO LONGER HAS ANY ASSOCIATION WITH CFRHT. 900375 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 1 4 0 1 4 1 0 0 0 0 0 0 0 0 0 0 0 0 X 6 6 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 1 1 1 1 0 FL X RENEE WELCH CFO 7274748441 11923 OAK TRAIL WAY PORT RICHEY FL 34668 THOMAS SHELLY CHAIRMAN 3.00 X 0 0 0 JILLIAN BANDES TREASURER 2.00 X 0 0 0 DR ROBERT ARNOLD SECRETARY 2.00 X 0 0 0 CLIVE KOFI HUNT DIRECTOR 1.00 X 0 0 0 FRANCIS WELLS CEO/PRESIDENT 40.00 X 132462 0 14639 RENEE WELCH CFO 40.00 X 115088 0 16711 247550 0 31350 2 0 0 0 0 353750 63858 49000 417608 RENT REVENUE 531110 552921 552921 MANAGEMENT AGREEMENT 531390 190535 190535 LAND LEASE INCOME 531390 52601 52601 PROGRAM SERVICE FEES 531390 35833 35833 FEES FOR SERVICES 531390 20482 20482 19440 19440 871812 319 319 350000 333249 16751 16751 16751 MISCELLANEOUS REVENUE 531390 930 930 930 1307420 889493 0 319 398819 186292 90145 122382 56872 26565 12855 17452 13244 13244 37245 37245 24750 24750 34025 34025 13885 13885 12924 12924 110104 110104 158276 158276 20019 20019 BAD DEBT 447710 447710 REHABILITATION OF PROPE 301914 301914 CONSULTING FEES 66735 66735 BANK FEES 3628 3628 1700150 900375 659941 139834 117620 284663 111859 42308 460297 20550 10099 0 17570638 1214149 16318756 16356489 3176 2800 17021807 16706810 416542 419354 2985321 3060242 3401863 3479596 X 13619944 13227214 13619944 13227214 17021807 16706810 -392730 0 X X 0 1 X 0 0 X 180368 338969 161243 1155154 417608 2253342 180368 338969 161243 1155154 417608 2253342 2253342 4986 2831 1383 308 319 9827 2263169 0.99570 0.93430 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 13372389 13372389 4198249 1214149 2984100 16356489 1307420 0 1307420 0 1307420 1431770 0 1431770 268380 268380 1700150 PART XII, LINE 4B - OTHER ADJUSTMENTS: DEPRECIATION INTEREST EXPENSE PART X, LINE 2 BRIGHT COMMUNITY TRUST, INC. (BCT) IS A NOT-FOR-PROFIT ORGANIZATION THAT IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND CLASSIFIED BY THE INTERNAL REVENUE SERVICE AS OTHER THAN A PRIVATE FOUNDATION. BCT IS REQUIRED TO OPERATE IN COMFORMITY WITH THE INTERNAL REVENUE CODE TO MAINTAIN ITS TAX TAX EXEMPTION. MANAGEMENT BELIEVES THAT BCT IS CURRENTLY IN COMPLIANCE WITH THE APPLICABLE REQUIREMENTS OF THE INTERNAL REVENUE CODE. THEREFORE, NO LIABILITY FOR UNCERTAIN TAX POSITIONS HAS BEEN INCLUDED IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS. BRIGHT CENTRAL FLORIDA, LLC (BCF) AND BRIGHT SOUTHWEST FLORIDA, LLC (BSW) ARE SINGLE MEMBER LLCS THAT ARE CONSIDERED TO BE DISREGARDED ENTITIES FOR FEDERAL TAX PURPOSES. ALL ITEMS OF INCOME AND EXPENSE RELATING TO BCF AND BSW ARE REPORTED IN THE TAX RETURNS OF BCT. THE ORGANIZATION'S FEDERAL INFORMATION RETURNS ARE GENERALLY OPEN FOR EXAMINATION FOR THREE YEARS FOLLOWING THE DATE FILED. PART XII, LINE 4B DEPRECIATION 158,276. INTEREST EXPENSE 110,104. X 1 49000 FAIR MARKET VALUE 0 0 0 FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION DID NOT HAVE ANY STANDING COMMITTEES DURING 2022. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS PRESENTED AND REVIEWED WITH ALL BOARD MEMBERS PRIOR TO SIGNING AND FILING THE RETURN. FORM 990, PART VI, SECTION B, LINE 12C ESTABLISHED POLICY IS THAT CONFLICT FORM WILL BE READ, COMPLETED AND SIGNED BY OFFICERS, DIRECTORS AND BOARD MEMBERS TO ACKNOWLEDGE ADHERENCE TO THE CONFLICT OF INTEREST POLICY AND TO DISCLOSE ANY RELATED PARTY ISSUES. BOARD MEETING PACKETS ARE PROVIDED TO EACH BOARD MEMBER PRIOR TO THE SCHEDULE MEETING FOR REVIEW. WHEN THE MEETING IS CALLED TO ORDER, EACH MEMBER MUST VERBALLY ACKNOWLEDGE "NO CONFLICT" TO THE MEETING AGENDA OR DECLARE THE CONFLICT(S), IF KNOWN. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR OFFICERS AND KEY EMPLOYEES IS INDUSTRY RESEARCHED FOR SIMILAR ORGANIZATIONS, IN THE SAME DEMOGRAPHIC AREA WITH COMPARABLE TITLES AND RESPONSIBILITIES. FINANCIAL REPORTS ALONG WITH BUDGETS AND FORECASTS ARE REVIEWED. THE PROPOSED SALARY COMPENSATION IS PRESENTED TO VOTING MEMBERS OF THE BOARD TO APPROVE, DENY OR ADJUST. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XII, LINE 2C THE CHIEF EXECUTIVE OFFICER IS RESPONSIBLE FOR THE SELECTION OF THE INDEPENDENT CPA FIRM. THE CHIEF FINANCIAL OFFICER MEETS WITH THE SELECTED INDEPENDENT CPA FIRM PRIOR TO THE START OF THE AUDIT TO DISCUSS THE PLANNED APPROACH AND THE SERVICES THAT THE SELECTED FIRM WILL PROVIDE THE CHIEF FINANCIAL OFFICER HAS THE RESPONSIBILITY FOR THE CONDUCT OF THE ANNUAL FINANCIAL STATEMENT AND COMPLIANCE AUDITS. AT THE CONCLUSION OF THE AUDIT, THE CPA FIRM MEETS WITH THE EXECUTIVE BOARD TO DISCUSS THE RESULTS OF THE AUDIT. THE BOARD WILL VOTE TO APPROVE AND ACCEPT THE AUDITED FINANCIALS. IN ADDITION, THE BOARD OF DIRECTORS ALONG WITH THE CHIEF EXECUTIVE OFFICER IS RESPONSIBLE FOR: ENSURING THAT ADEQUATE INTERNAL CONTROLS ARE IN PLACE TO SAFEGUARD THE ASSETS OF THE ORGANIZATION, REVIEWING THE MONTHLY FINANCIAL STATEMENTS; AND FOR MONITORING RISK MANAGEMENT AND COMPLIANCE PRACTICES OF THE ORGANIZATION. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. BRIGHT CENTRAL FLORIDA LLC 11923 OAK TRAIL WAY PORT RICHEY FL 34668 843666611 MANAGEMENT OF THIRD-PARTY HOUSING TRUST FL 35650 9729 BRIGHT COMMUNITY TRUST INC BRIGHT SOUTHWEST FLORIDA LLC 11923 OAK TRAIL WAY PORT RICHEY FL 34668 851215153 EXPAND SERVICES TO SOUTHWEST FLORIDA REGION FL -291200 34338 BRIGHT COMMUNITY TRUST INC