2024-07-15T10:53:21-05:00 2023-12-31 593040705 RIVERO GORDIMER & COMPANY PA 201 N FRANKLIN ST SUITE 2200 TAMPA FL 33602 990 2023-01-01 262352365 BRIGHT COMMUNITY TRUST INC BRIG 7274748441 11923 OAK TRIAL WAY PORT RICHEY FL 34668 FRANCIS WELLS PRESIDENT 7274748441 2024-07-12 1 FRANCIS WELLS 999009999 1 SAM A LAZZARA P01342929 8138757774 3 AAL1 IAL1 2023 2023-04-26 12:10:37Z FRANCIS WELLS 11923 OAK TRAIL WAY PORT RICHEY FL 34668 9820432 0 X HTTPS://WWW.THEBRIGHTWAY.ORG/ X 2008 FL UTILIZE LAND TRUSTS AS A VEHICLE TO FACILITATE THE OWNERSHIP AND DEVELOPMENT OF AFFORDABLE HOUSING. 7 7 6 7 0 0 417608 885111 871812 703987 17070 602312 930 -112655 1307420 2078755 0 0 0 0 455691 540450 0 0 71752 1244459 629269 1700150 1169719 -392730 909036 16706810 14886531 3479596 750281 13227214 14136250 TO UTILIZE LAND TRUSTS AS A VEHICLE TO FACILITATE THE OWNERSHIP AND DEVELOPMENT OF AFFORDABLE HOUSING PROJECTS WITHIN THE STATE OF FLORIDA. 0 0 982958 1182784 BRIGHT COMMUNITY TRUST'S FOCUS IS THE DEVELOPMENT OF NEW CONSTRUCTION HOMES FOR RENT OR SALE TO WORK FORCE AND LOWER INCOME FAMILIES. UTILIZING A COMMUNITY LAND TRUST THE PROPERTIES STAY AFFORDABLY ATTAINABLE FOR GENERATIONS. AS A CERTIFIED HUD COUNSELING AGENCY, EDUCATION AND ONGOING MENTORSHIP IS PROVIDED TO THE HOMEBUYER/HOMEOWNER. 982958 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 1 0 1 6 1 0 0 0 0 0 0 0 0 0 0 0 0 X 7 7 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 DR ROBERT ARNOLD SECRETARY 2.00 X 0 0 0 CLIVE KOFI HUNT DIRECTOR 1.00 X 0 0 0 JULIE LAWRENCE DIRECTOR 1.00 X 0 0 0 EDDIE PELHAMN DIRECTOR 1.00 X 0 0 0 FRANCIS WELLS CEO/PRESIDENT 40.00 X 185822 0 17920 RENEE WELCH CFO 40.00 X 105339 0 14176 291161 0 32096 2 0 1 0 0 885111 800464 885111 RENT REVENUE 531110 462712 462712 MANAGEMENT AGREEMENT 531390 170056 170056 LAND LEASE INCOME 531390 50907 50907 FEES FOR SERVICES 531390 20312 20312 703987 10860 10860 7728167 7136715 591452 591452 591452 491017 604962 -113945 -113945 MISCELLANEOUS REVENUE 531390 1290 1290 1290 2078755 1182784 0 10860 291161 230467 22038 38656 139749 110617 10578 18554 69819 55265 5285 9269 39721 31441 3007 5273 2359 2359 22000 22000 11841 11841 5100 5100 42105 42105 65636 55569 10067 249709 249709 20784 20784 REHABILITATION OF PROPE 200755 200755 MISCELLANEOUS REVENUE 4671 4671 BANK FEES 4309 4309 1169719 982958 115009 71752 284663 907908 42308 1897 20550 120 14082573 108767 16356489 13973806 2800 2800 16706810 14886531 419354 65533 3060242 684748 3479596 750281 X 13227214 14136250 13227214 14136250 16706810 14886531 909036 0 X X 0 1 X 0 0 X 338969 161243 1155154 417608 885111 2958085 338969 161243 1155154 417608 885111 2958085 2958085 2831 1383 308 319 10860 15701 2973786 0.99470 0.99570 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 13364031 13364031 718542 108767 609775 13973806 X 2078755 0 2078755 0 2078755 1169719 0 1169719 0 1169719 PART X, LINE 2: BRIGHT COMMUNITY TRUST, INC. (BCT) IS A NON-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 CONFORMITY WITH THE INTERNAL REVENUE CODE TO MAINTAIN ITS 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 FINANCIAL STATEMENTS. THE ORGANIZATION'S FEDERAL INFORMATION RETURNS ARE GENERALLY OPEN FOR EXAMINATION FOR THREE YEARS FOLLOWING THE DATE FILED. 0 0 0 0 0 0 0 0 0 FRANCIS WELLS CEO/PRESIDENT 185822 0 0 0 0 0 17920 0 0 0 203742 0 0 0 X 11 800464 FAIR MARKET VALUE 0 0 0 FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION DID NOT HAVE ANY STANDING COMMITTEES DURING 2023. 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 1: DURING THE YEAR ENDED DECEMBER 31, 2023 BRIGHT CENTRAL FLORIDA, LLC AND BRIGHT SOUTHWEST FLORIDA, LLC, BOTH WHOLLY OWNED SUBSIDIARIES, WERE DISSOLVED. 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 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.