2024-09-14T03:18:42-05:00 2023-10-31 221478099 COHNREZNICK LLP 10 FORBES ROAD SUITE 200 BRAINTREE MA 02184 990 2022-11-01 412277836 ATWOOD ELDER HOUSING INC ATWO 9786306600 191 MAY STREET WORCESTER MA 01602 BRIAN SCALES PRESIDENT/TREASURER 9786306600 2024-09-13 1 1 JOLANTA TUCK CPA P01340068 7813803520 2024-09-12 2022 2024-08-08 14:25:15Z BRIAN SCALES 191 MAY STREET WORCESTER MA 01602 392339 0 X N/A X 2008 MA TO PROVIDE AFFORDABLE RESIDENTIAL HOUSING FOR ELDERLY PERSONS IN TOWNSEND, MA. 1 1 0 0 0 0 214253 210276 166417 178215 80 304 3369 3544 384119 392339 0 0 0 0 0 0 0 0 0 554686 572030 554686 572030 -170567 -179691 4876852 4699031 1065523 1067393 3811329 3631638 TO PROVIDE AFFORDABLE RESIDENTIAL HOUSING FOR ELDERLY PERSONS IN TOWNSEND, MASSACHUSETTS. 0 0 524092 181759 TO ACQUIRE, CONSTRUCT, AND OPERATE 36 UNITS OF LOW-INCOME HOUSING FOR ELDERLY PERSONS LOCATED IN TOWNSEND, MASSACHUSETTS. 524092 1 1 0 0 0 0 0 0 1 0 1 0 0 0 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 0 1 0 0 0 1 15 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 1 1 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 0 0 0 MA X BRIAN SCALES 9786306600 191 MAY STREET WORCESTER MA 01602 ANNE STEVENS DIRECTOR 1.00 0.10 X 0 0 0 BRIAN SCALES PRESIDENT/TREASURER 1.00 47.50 X 0 199051 12907 DEBORAH A FOLEY CLERK/RESIDENT AGENT 1.00 41.50 X 0 75374 5188 0 274425 18095 0 0 1 0 0 210276 210276 RENTAL INCOME 531110 178215 178215 178215 304 304 LAUNDRY INCOME 531390 3210 3210 334 334 3544 392339 181759 0 304 X 35664 176 35488 12450 12450 104143 104143 589 589 18497 18497 173416 173416 1409 1409 198210 198210 SERVICE EXPENSE 25907 25907 MISC. TAXES, LICENSES, 1744 1744 RESIDUAL RECEIPTS EXPEN 1 1 572030 524092 47938 0 50902 25180 1700 2835 5801 6380 6955394 2510487 4625767 4444907 192682 219729 4876852 4699031 31780 47305 942 252 13819 16244 1000000 1000000 18982 3592 1065523 1067393 X 3811329 3631638 3811329 3631638 4876852 4699031 -179691 0 X 0 1 X 1 1 1 X 203316 203753 193343 214253 210276 1024941 203316 203753 193343 214253 210276 1024941 1024941 787 410 88 80 304 1669 2858 2925 3210 3369 3544 15906 1042516 786335 0.98310 0.98250 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: LAUNDRY INCOME - 2018 AMOUNT: $ 2,858. 2019 AMOUNT: $ 2,690. 2020 AMOUNT: $ 3,210. 2021 AMOUNT: $ 3,369. 2022 AMOUNT: $ 3,210. OTHER INCOME - 2019 AMOUNT: $ 235. 2022 AMOUNT: $ 334. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 15246 15246 6653333 2224104 4429229 15030 14598 432 271785 271785 0 4444907 AMOUNT DUE TO RELATED ORGANIZATION 3592 3592 X 392339 0 392339 0 392339 572030 0 572030 0 572030 PART IV, LINE 2B: THE ESCROW LIABILITY AMOUNTS ON FORM 990, PART X, LINE 21 CONSIST OF TENANT SECURITY DEPOSITS. THE CORPORATION HAS A POLICY TO COLLECT SECURITY DEPOSITS OF UP TO ONE MONTH'S RENT FROM TENANTS. THE SECURITY DEPOSITS CAN BE USED TO PAY FOR DAMAGES CAUSED BY THE TENANT OR USED AGAINST UNPAID RECEIVABLES. PART X, LINE 2: MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE CORPORATION AND HAS CONCLUDED THAT, AS OF OCTOBER 31, 2023, 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 FINANCIAL STATEMENTS. 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 BRIAN SCALES PRESIDENT/TREASURER 0 192032 0 0 0 7019 0 11756 0 1151 0 211958 0 0 PART I, LINE 3 ANY INDIVIDUALS THAT RECEIVED COMPENSATION ON SCHEDULE J, PART II WERE COMPENSATED BY A RELATED ORGANIZATION DURING CALENDAR YEAR 2022. THE RELATED ORGANIZATION USED THE FOLLOWING METHODS TO ESTABLISH COMPENSATION: -COMPENSATION COMMITTEE -INDEPENDENT COMPENSATION CONSULTANT -FORM 990 OF OTHER ORGANIZATIONS -COMPENSATION SURVEY OR STUDY -APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE FORM 990, PART VI, SECTION A, LINE 3 THE CORPORATION IS AFFILIATED WITH RCAP SOLUTIONS, INC. (RCAP), A NONPROFIT CORPORATION WHO IS THE SPONSOR AGENCY OF THE PROJECT. RCAP PROVIDES PROPERTY MANAGEMENT SERVICES TO THE RESIDENTS OF THE DWELLING AND IS REIMBURSED BY THE CORPORATION FOR CERTAIN SHARED PAYROLL AND OPERATING EXPENSES. THE CORPORATION INCURRED AND PAID A MANAGEMENT FEE OF $35,488 FOR THE YEAR ENDED OCTOBER 31, 2023 TO RCAP. THE MANAGEMENT FEE IS EQUAL TO 9.06% OF TOTAL RESIDENTIAL INCOME AND NON-RESTRICTED MISCELLANEOUS INCOME COLLECTED. THE AGREEMENT IS IN EFFECT UNTIL CANCELED BY HUD, THE CORPORATION OR RCAP. FORM 990, PART VI, SECTION B, LINE 11B THE CEO OF THE MANAGEMENT COMPANY AND PRESIDENT WORK CLOSELY WITH THE CPA FIRM AND PROVIDE INFORMATION NECESSARY TO COMPLETE THE 990. THE 990 IS DISCUSSED WITH THE CORPORATION BOARD, HIGHLIGHTING THE IMPORTANCE OF COMPLIANCE WITH IRS REGULATIONS AS IT IS PRESENTED ON THE 990. THE FORM IS ELECTRONICALLY SENT TO THE BOARD OF DIRECTORS ONCE COMPLETED BY THE CPA FIRM. FORM 990, PART VI, SECTION B, LINE 12C THE ENTITY PROVIDES A PACKET OF INFORMATION TO THE BOARD 3-4 WEEKS IN ADVANCE OF THE BOARD MEETING. INCLUDED IN THE PACKET IS THE CONFLICT OF INTEREST POLICY AND DISCLOSURE FORM. THE BOARD MEMBERS, IN ADDITION TO DEBORAH FOLEY, COMPLETE AND RETURN THE CONFLICT OF INTEREST DISCLOSURE FORM TO DEB, WHO LOGS THEM IN. IF SHE DOES NOT RECEIVE THESE DISCLOSURE FORMS PRIOR TO THE ANNUAL MEETING, SHE WILL FOLLOW UP AND OBTAIN THEM AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION C, LINE 19 A COPY OF THE GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC WHEN REQUESTED IN WRITING. REQUESTS SHOULD BE DIRECTED TO THE PRESIDENT OF THE BOARD OF THE DIRECTORS. FORM 990, PART IX, LINE 11G MANAGEMENT SERVICES: PROGRAM SERVICE EXPENSES 104,143. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 104,143. RCAP SOLUTIONS INC 191 MAY STREET WORCESTER MA 01602 042454675 RENTAL ASSISTANCE MA 501(C)(3) LINE 7 N/A 0 RCAP SOLUTIONS FINANCIAL SERVICES INC 191 MAY STREET WORCESTER MA 01602 205660521 HOME MODIFICATION LOANS MA 501(C)(3) LINE 12A, I RCAP SOLUTIONS INC 0 HOUSING FOR ROCKDALE ELDERS INC 191 MAY STREET WORCESTER MA 01602 042799671 AFFORDABLE HOUSING MA 501(C)(3) LINE 10 RCAP SOLUTIONS INC 0 HUBBARDSTON ELDERLY HOUSING INC 191 MAY STREET WORCESTER MA 01602 042799669 AFFORDABLE HOUSING MA 501(C)(3) LINE 10 RCAP SOLUTIONS INC 0 TOWNSEND ELDERLY RESIDENCES INC 191 MAY STREET WORCESTER MA 01602 222619885 AFFORDABLE HOUSING MA 501(C)(3) LINE 10 RCAP SOLUTIONS INC 0 WEBSTER HOUSING FOR THE ELDERLY INC 191 MAY STREET WORCESTER MA 01602 222827292 AFFORDABLE HOUSING MA 501(C)(3) LINE 10 RCAP SOLUTIONS INC 0 GROTON AFFORDABLE HOUSING INC 191 MAY STREET WORCESTER MA 01602 222831170 AFFORDABLE HOUSING MA 501(C)(3) LINE 10 RCAP SOLUTIONS INC 0 WORCESTER NEW HORIZONS INC 191 MAY STREET WORCESTER MA 01602 043291646 AFFORDABLE HOUSING MA 501(C)(3) LINE 10 RCAP SOLUTIONS INC 0 HAPCO LLC 191 MAY STREET WORCESTER MA 01602 010688838 LOW INCOME HOUSING RENTAL MA N/A 0 0 ATHOL HOUSING ASSOCIATES 191 MAY STREET WORCESTER MA 01602 010688835 LOW INCOME HOUSING RENTAL MA N/A C 0 0 0 0 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0