2024-11-13T11:28:37-06:00 2023-12-31 221478099 COHNREZNICK LLP 500 EAST PRATT STREET 4TH FLOOR BALTIMORE MD 21202 990 2023-01-01 463459055 BALTIMORE FOOD HUB INC BALT 4109891607 PO BOX 50160 BALTIMORE MD 21211 MRS CHINA BOAK TERRELL CEO 4109891607 2024-10-30 1 1 LORI ROTHE YOKOBOSKY CPA P01273422 4107834900 2024-10-30 2023 2024-10-15 13:58:12Z CHINA BOAK TERRELL PO BOX 50160 BALTIMORE MD 21211 117604 0 X BALTIMOREFOODHUB.COM X 2013 MD PROJECT AIMED AT CREATING JOBS AND ECONOMIC OPPORTUNITY FOCUSED ON THE FOOD INDUSTRY. 3 2 0 2 0 0 217274 96335 38505 21269 0 0 0 0 255779 117604 0 0 0 0 0 0 0 0 0 5011 17636 5011 17636 250768 99968 4741260 4934200 1116068 1209040 3625192 3725160 X TO OPERATE A CAMPUS HOUSING SITE THAT CREATES A SYNERGISTIC GROUP OF FOOD-RELATED BUSINESSES, SERVICES, AND PROGRAMS FOR A SOCIAL WORK ENTERPRISE TRAINING FACILITY. 0 0 21269 THE BALTIMORE PUMPHOUSE IS A MULTI-PHASED, $27M INITIATIVE TO ESTABLISH A SMALL BUSINESS TOWN CENTER IN THE HEART OF A SEVERELY DISTRESSED COMMUNITY THAT WAS ONCE AN EPICENTER OF BUSINESS AND RETAIL. THE BALTIMORE PUMPHOUSE HAS EXPANDED TO EIGHT BUILDINGS (SIX OF WHICH ARE HISTORIC) (THE "PROJECT") LOCATED AT THE CORNER OF N. WOLFE AND N. GAY STREETS, IN BALTIMORE'S BROADWAY EAST COMMUNITY (THE "PROPERTY").THE PROJECT SPONSOR, AMERICAN COMMUNITIES TRUST ("ACT"), IS A NON-PROFIT COMMUNITY DEVELOPMENT PARTNER SPECIALIZING IN CREATING INCLUSIVE ECONOMIC DEVELOPMENT PROJECTS THAT BRING GROWTH AND PROSPERITY TO LOWINCOME RESIDENTS. THE FIVE BUILDINGS THAT CONSTITUTE THE BALTIMORE PUMPHOUSE WERE BUILT 125 YEARS AGO AS THE WATER PUMPING STATION FOR EAST BALTIMORE.VACANT SINCE THE 1990'S, THE CONDITION OF THE BUILDINGS WAS SO DERELICT THAT THEY BECAME THE PERFECT FILMING LOCATION FOR THE WIRE. KEY OBJECTIVES OF THE PROJECT INCLUDE: ELIMINATING FOUR ACRES OF BLIGHT FROM A SEVERELY DISTRESSED COMMUNITY, SUPPORTING MINORITY AND LOCALLY OWNED SMALL BUSINESSES; LOCAL JOB CREATION; INCREASING OPPORTUNITIES FOR COMMERCE AND THE CIRCULATION OF THE DOLLAR WITHIN THE COMMUNITY; RELIEVING PRESSURE ON AND UTILIZATION OF SOCIAL SERVICES; INCREASING DIRECT ACCESS TO HEALTHY FOOD; AND RESTORING HISTORICAL TREASURES. THIS MULTI-PHASE STRATEGY IS CURRENTLY IN ITS FINAL PHASE FOR COMPLETION.THE WORK DONE TO DATE INCLUDES:CONSTRUCTION COMPLETED IN AUGUST 2017: COMPLETED ENVIRONMENTAL REMEDIATION, SITE WORK AND REPAIR OF ESSENTIAL INFRASTRUCTURE, WHILE BUILDING NEW 8,000 SF COMMERCIAL PRODUCTION AND TEACHING KITCHENS (BUILDING 7-NEW CONSTRUCTION).CONSTRUCTION COMPLETED IN OCTOBER 2019: REHABILITATED THE HISTORIC STOREHOUSE (BUILDING 3). TODAY, THE 9,890 SF STOREHOUSE SERVES CREATIVES, HOUSING A PHOTOGRAPHY AND MOTION STUDIO AND FASHION ATELIERS.CONSTRUCTION COMPLETED IN NOVEMBER 2022: REHABILITATED 6,830 SF HISTORIC STABLES (BUILDINGS 5 AND 6) AND CONSTRUCTING A NEW CONNECTOR BETWEEN BUILDINGS 5 AND 6 TO FORM ONE SINGLE BUILDING. THE HISTORIC STABLES WILL HOST WEDDINGS AND SMALL CONFERENCES. COMMENCEMENT OF CONSTRUCTION ON BUILDING 1 (AS OFFICES AND FLEX SPACE UNDER PRE-LEASE) IN JUNE 2024. 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 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 3 2 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 X CHINA BOAK TERRELL 4109891607 PO BOX 50160 BALTIMORE MD 21211 CAROLINE MCMANUS BOARD MEMBER 0.50 X 0 0 0 CHINA BOAK TERRELL PRESIDENT AND TREASURER 4.00 40.00 X X 0 127000 0 JANICE WOODCOCK SECRETARY 0.50 X X 0 0 0 0 127000 0 0 0 0 0 0 69775 26560 96335 INTEREST INCOME 531310 21269 21269 21269 117604 21269 0 0 2960 2960 4973 4973 1190 1190 BAD DEBTS 6513 6513 LICENSES AND FEES 2000 2000 17636 0 17636 0 40701 701 95666 110422 1632292 1632292 457 50457 814991 0 751415 814991 100500 100500 2120229 2224837 4741260 4934200 25000 35472 225000 225000 866068 948568 1116068 1209040 X 3625192 3725160 3625192 3725160 4741260 4934200 99968 0 X 0 1 X 1 0 X 142 217274 96335 313751 142 217274 96335 313751 100857 212894 1564 1564 315315 1169267 0.67520 0.48250 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: LOAN FORGIVENESS - MISCELLANEOUS - 2020 AMOUNT: $ 1,564. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 814991 814991 814991 DUE FROM HEALTHY EAST BALTIMORE 1116079 DUE FROM RELATED PARTY 1108758 2224837 DUE TO BFH LL, LLC 948568 948568 X PART X, LINE 2: THE ORGANIZATION AND BFH ARE EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE IRC AND DID NOT HAVE ANY UNRELATED BUSINESS INCOME FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022. HEB AND BFH LL HAVE ELECTED TO BE TREATED AS PASS-THROUGH ENTITIES FOR INCOME TAX PURPOSES, AND AS SUCH ARE NOT SUBJECT TO INCOME TAXES. RATHER, ALL ITEMS OF TAXABLE INCOME, DEDUCTIONS AND TAX CREDITS ARE PASSED THROUGH TO AND REPORTED BY THEIR OWNERS ON THEIR RESPECTIVE TAX RETURNS. HEB AND BFH LL'S FEDERAL TAX STATUS AS PASS-THROUGH ENTITIES IS BASED ON THEIR LEGAL STATUS AS LIMITED LIABILITY COMPANIES. ACCORDINGLY, THESE CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS DO NOT REFLECT A PROVISION FOR INCOME TAXES FOR HEB AND BFH LL AND THESE ENTITIES HAVE NO OTHER TAX POSITIONS WHICH MUST BE CONSIDERED FOR DISCLOSURE. FAWB IS WHOLLY-OWNED BY THE ORGANIZATION AND IS DISREGARDED FOR INCOME TAX PURPOSES. BFH MEMBER ELECTED TO BE TREATED AS A C-CORPORATION FOR INCOME TAX PURPOSES AND THUS ACCOUNTS FOR INCOME TAXES IN ACCORDANCE WITH THE LIABILITY METHOD AS REQUIRED UNDER GUIDANCE FROM THE FASB ON ACCOUNTING FOR INCOME TAXES AS INTERPRETED BY CLARIFYING GUIDANCE ISSUED BY THE FASB. UNDER THE LIABILITY METHOD, TAX RATES ARE APPLIED TO CUMULATIVE TEMPORARY DIFFERENCES BASED ON HOW THEY ARE EXPECTED TO AFFECT THE TAX RETURN. DEFERRED TAX ASSETS AND LIABILITIES ARE ADJUSTED FOR TAX RATE CHANGES. UNDER THE GUIDANCE, INCOME TAX BENEFITS ARE RECOGNIZED AND MEASURED BASED UPON A TWO-STEP MODEL: 1) A TAX POSITION MUST BE MORE LIKELY THAN NOT TO BE SUSTAINED BASED SOLELY ON ITS TECHNICAL MERITS IN ORDER TO BE RECOGNIZED, AND 2) THE BENEFIT IS MEASURED AS THE LARGEST DOLLAR AMOUNT OF THAT POSITION THAT IS MORE LIKELY THAN NOT TO BE SUSTAINED UPON SETTLEMENT. THE DIFFERENCE BETWEEN THE BENEFIT RECOGNIZED FOR A POSITION IN ACCORDANCE WITH THIS MODEL FOR FINANCIAL STATEMENTS AND THE TAX BENEFIT CLAIMED ON A TAX RETURN IS REFERRED TO AS AN UNRECOGNIZED TAX BENEFIT. BFH MEMBER ACCRUES INCOME TAX-RELATED INTEREST AND PENALTIES, IF APPLICABLE, WITHIN PROVISION FOR INCOME TAXES. NO DEFERRED TAX ASSETS, INCLUDING NET OPERATING LOSS CARRYFORWARDS, OR LIABILITIES HAVE BEEN RECOGNIZED AS BFH MEMBER DOES NOT HAVE FUTURE TAX CONSEQUENCES ATTRIBUTABLE TO DIFFERENCES BETWEEN THE FINANCIAL STATEMENT CARRYING AMOUNT OF EXISTING ASSETS AND LIABILITIES AND THEIR RESPECTIVE TAX BASES. NO PROVISION FOR INCOME TAXES HAS BEEN RECOGNIZED FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022. BFH MEMBER HAS NOT TAKEN ANY TAX POSITIONS THAT WOULD CREATE UNRECOGNIZED TAX BENEFITS. FOR INCOME TAX PURPOSES, THE ORGANIZATION AND AFFILIATES REPORT ON A CALENDAR YEAR-END BASIS. INCOME TAX RETURNS FILED BY THE ORGANIZATION AND AFFILIATES 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 2020 REMAIN OPEN FOR THE ORGANIZATION AND AFFILIATES. FORM 990, PART VI, SECTION B, LINE 11B THE CEO AND TREASURER REVIEW FORM 990 PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C IT IS SHARED WITH THE BOARD ONCE THEY BECOME MEMBERS. CONFLICTS ARE REVIEWED AS THEY ARISE. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD REVIEWS THE COMPENSATION OF THE CEO. FORM 990, PART VI, SECTION C, LINE 19 AVAILABLE UPON REQUEST DURING NORMAL BUSINESS HOURS AMERICAN COMMUNITIES TRUST INC PO BOX 50160 BALTIMORE MD 21211 262998289 TO DEVELOP THE BALTIMORE FOOD HUB MD 501(C)(3) 509(A)(2) N/A 0 HEALTHY EAST BALTIMORE LLC PO BOX 50160 BALTIMORE MD 21211 820793193 TO FACILITATE INVESTMENT IN THE BALTIMORE FOOD HUB MD N/A 0 0 BFH LL LLC PO BOX 50160 BALTIMORE MD 21211 352637866 LENDING MD AMERICAN COMMUNITIES TRUST RELATED -3162 274062 0 0 0.05000 BFH MEMBER LLC PO BOX 50160 BALTIMORE MD 21211 611900290 INVESTMENT MD BALTIMORE FOOD HUB INC C -3470 500 1.00000 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 1 0 0 1 1