2024-11-11T13:47:18-06:00 2023-12-31 221478099 COHNREZNICK LLP 621 CAPITOL MALL SUITE 2150 SACRAMENTO CA 95814 990 2023-01-01 954468960 UPWARD BOUND SENIOR VILLA INC UPWA 3104587779 1104 WASHINGTON AVENUE SANTA MONICA CA 90403 ERIC SARKISYAN CURRENT CFO 3104587779 2024-11-10 1 1 JOLANTA TUCK CPA P01340068 9164429100 2024-11-07 2023 2024-10-15 13:58:12Z CHRISTINE MIRASY-GLASCO 1104 WASHINGTON AVENUE SANTA MONICA CA 90403 575703 0 X WWW.UPWARDBOUNDHOUSE.ORG X 1994 CA OWNS AND OPERATES A 69-UNIT APARTMENT COMPLEX FOR LOW-INCOME SENIOR CITIZENS 15 15 3 20 0 0 296937 298707 256692 270826 259 5199 10866 971 564754 575703 0 0 0 0 143997 162403 0 0 0 545573 569748 689570 732151 -124816 -156448 5836177 5555984 9322839 9199094 -3486662 -3643110 PROVIDE AFFORDABLE RENTAL HOUSING WITH LINKS TO SERVICES FOR LOW-INCOME SENIOR CITIZENS BY PROVIDING SAFE AND COMFORTABLE FACILITIES, A PRODUCTIVE INTERGENERATIONAL COMMUNITY, AND THE RESOURCES ESSENTIAL TO LEAD ENRICHED, EMPOWERED, AND INDEPENDENT LIVES 0 0 640093 271797 PROVIDE HOUSING AT AFFORDABLE COST TO 70 LOW-INCOME SENIOR CITIZENS. 640093 1 1 0 0 0 0 0 0 1 0 1 0 0 1 0 1 1 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 1 0 0 0 1 7 0 1 3 1 0 0 0 0 0 0 0 0 0 0 0 0 X 15 15 0 1 0 0 0 0 0 1 0 0 0 1 1 1 1 1 1 0 0 0 CA X CHRISTINE MIRASY-GLASCO 3104587779 1104 WASHINGTON AVENUE SANTA MONICA CA 90403 CHRISTINE MIRASY-GLASCO CEO & PRESIDENT 40.00 5.00 X 0 228431 10767 CINDY MAROUN PRESIDENT 5.00 3.00 X X 0 0 0 GLENDA MARTINEZ VICE PRESIDENT 5.00 3.00 X X 0 0 0 TRACY EDWARDS TREASURER 5.00 3.00 X X 0 0 0 RYAN LEGGIO SECRETARY 5.00 3.00 X X 0 0 0 ALBERT P VERA DIRECTOR 1.00 1.00 X 0 0 0 BOOKER PEARSON DIRECTOR 1.00 1.00 X 0 0 0 CINDY MCQUADE DIRECTOR 1.00 1.00 X 0 0 0 JAMIE TIERNEY DIRECTOR 1.00 1.00 X 0 0 0 JANE SPIEGEL DIRECTOR 1.00 1.00 X 0 0 0 KIM DEFENDERFER DIRECTOR 1.00 1.00 X 0 0 0 KITTY WALLACE DIRECTOR 1.00 1.00 X 0 0 0 REVEREND PATRICIA FARRIS DIRECTOR 1.00 1.00 X 0 0 0 RUSSELL WHITTENBURG DIRECTOR 1.00 1.00 X 0 0 0 TOM WILSON DIRECTOR 1.00 1.00 X 0 0 0 YSETTE WITTEVEEN DIRECTOR 1.00 1.00 X 0 0 0 0 228431 10767 0 0 1 0 0 298707 298707 NET RENTAL REVENUE 531110 270826 270826 270826 5199 5199 LAUNDRY AND VENDING 531110 971 971 971 575703 271797 0 5199 133400 133400 18678 18678 10325 10325 69507 24 69483 22575 22575 14538 14538 247073 247073 188770 188770 NURSING & ELDERLY CARE 27285 27285 732151 640093 92058 0 263525 8471 9688836 4588642 5288964 5100194 283688 447319 5836177 5555984 207587 83253 23856 9091985 9091985 23267 0 9322839 9199094 X -3486662 -3643110 -3486662 -3643110 5836177 5555984 -156448 0 X 0 1 X 1 1 1 X 254647 272758 283144 296937 298707 1406193 254647 272758 283144 296937 298707 1406193 1406193 2061 1067 523 259 5199 9109 24 63193 10866 971 75054 1490356 1214112 0.94350 0.94510 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISC REVENUE - 2020 AMOUNT: $ 24. 2021 AMOUNT: $ 63,193. 2022 AMOUNT: $ 10,866. LAUNDRY AND VENDING - 2023 AMOUNT: $ 971. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 2000000 2000000 7610650 4510456 3100194 78186 78186 0 5100194 TENANT DEPOSITS 25036 RESERVE FOR REPLACEMENTS 276922 RESIDUAL RECEIPTS RESERVE 23447 OTHER RESERVES 121914 447319 X 583995 8292 8292 575703 0 575703 740443 8292 8292 732151 0 732151 PART IV, LINE 2B: THE ESCROW LIABILITY AMOUNTS ON FORM 990, PART X, LINE 21 CONSIST OF TENANT SECURITY DEPOSITS. 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 YEAR ENDED DECEMBER 31, 2023. 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. INCOME TAX RETURNS FILED BY THE CORPORATION ARE SUBJECT TO EXAMINATION BY THE IRS FOR A PERIOD OF THREE YEARS. WHILE NO INCOME TAX RETURNS ARE CURRENTLY BEING EXAMINED BY THE IRS, TAX YEARS SINCE 2020 REMAIN OPEN. 0 0 0 0 0 0 0 0 0 CHRISTINE MIRASY-GLASCO CEO & PRESIDENT 0 204749 0 23682 0 0 0 0 0 10767 0 239198 0 0 PART I, LINE 3 THE ORGANIZATION'S CEO WAS COMPENSATED BY A RELATED ORGANIZATION DURING CALENDAR YEAR 2023. THE RELATED ORGANIZATION USED THE FOLLOWING METHODS TO ESTABLISH COMPENSATION: -APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE FORM 990, PART VI, SECTION A, LINE 3 THE PROJECT PAYS THE SPONSOR MANAGEMENT FEES PURSUANT TO THE MANAGEMENT AGREEMENT APPROVED BY HUD. THE CURRENT MANAGEMENT AGREEMENT PROVIDES FOR A MANAGEMENT FEE OF 12.20% OF RENTAL INCOME COLLECTED. FORM 990, PART VI, SECTION A, LINE 8B THERE IS NO COMMITTEE WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS PREPARED BY OUR OUTSIDE ACCOUNTANTS USING INFORMATION SUPPLIED BY THE TAXPAYER. FOLLOWING COMPLETION OF THE DRAFT FORM 990, THE OUTSIDE ACCOUNTANTS PROVIDE MANAGEMENT AND THE FINANCE COMMITTEE WITH THE DRAFT FOR REVIEW. AFTER INCORPORATING MANAGEMENT'S AND THE COMMITTEE'S COMMENTS, THE ACCOUNTANTS PROVIDE A REVISED FORM 990 WHICH IS DISTRIBUTED TO THE FULL BOARD OF DIRECTORS FOR THEIR REVIEW AND COMMENTS BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C EACH DIRECTOR IS REQUIRED TO COMPLETE AN ANNUAL CERTIFICATE OF COMPLIANCE WITH THE ORGANIZATION'S CONFLICT OF INTEREST POLICY. THIS CERTIFICATE AFFIRMS THE READING AND UNDERSTANDING OF THE CONFLICT OF INTEREST POLICY, LISTS THE AFFILIATIONS OF THE INDIVIDUAL AND CERTIFIES THAT THE INDIVIDUAL IS IN COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY. CHANGES OCCURRING DURING THE YEAR IN BOARD MEMBER ASSOCIATIONS ARE COMMUNICATED TO THE BOARD LIAISON FOR UPDATING OF THE ORGANIZATION'S CONFLICT OF INTEREST RECORDS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND AUDITED FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. UPWARD BOUND HOUSE 1004 WASHINGTON AVENUE SANTA MONICA CA 90403 954288926 PROPERTY MANAGER CA 501 (C) (3) LINE 7 N/A 0 0 0 0 0 1 0 0 0 0 0 0 0 1 0 1 1 0 0 0