2024-10-29T11:01:36-05:00 2024-03-31 521186096 RUBINO AND COMPANY CHARTERED 1960 GALLOWS ROAD SUITE 340 VIENNA VA 22182 990 2023-04-01 113819953 MASON HOUSING INC MASO 7035814588 4350 STAFFORDSHIRE LANE FAIRFAX VA 22030 PAUL KYLE CHAIRMAN/PRESIDENT 7035814588 2024-10-29 1 0 ROBERT A KOZAK CPA P01060177 7035069700 2023 2024-10-15 13:58:12Z PAUL KYLE 4350 STAFFORDSHIRE LANE FAIRFAX VA 22030 41993467 0 X N/A X 2007 VA MASON HOUSING PROVIDES AFFORDABLE MULTI-FAMILY HOUSING FOR GEORGE MASON UNIVERSITY'S FACULTY, STAFF, GRADUATE STUDENTS AND AFFILIATES, FAIRFAX COUNTY AND CITY EMPLOYEES, AND ACTIVE MEMBERS OF US MILITARY. X 7 7 0 0 0 0 0 0 4387847 1134997 91920 23349900 0 0 4479767 24484897 0 0 0 0 0 56184 0 0 0 4599560 1739716 4599560 1795900 -119793 22688997 24275293 1352448 41373258 22953 -17097965 1329495 IN AN EFFORT TO ADVANCE THE MISSION OF THE UNIVERSITY, MASON HOUSING PROVIDES AFFORDABLE MULTI-FAMILY HOUSING FOR GEORGE MASON UNIVERSITY'S FACULTY, STAFF, GRADUATE STUDENTS AND AFFILIATES, FAIRFAX COUNTY AND CITY EMPLOYEES, AND ACTIVE MEMBERS OF US MILITARY. 0 0 1693458 1134997 LEASING OF RENTAL UNITS TO GMU FACULTY, STAFF, GRADUATE STUDENTS AND AFFILIATES, FAIRFAX COUNTY AND CITY EMPLOYEES AND ACTIVE MEMBERS OF US MILITARY. 1693458 1 0 0 0 0 0 0 0 0 0 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 0 0 0 0 1 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 X 7 7 1 1 0 0 0 1 0 1 1 0 0 1 1 1 1 0 0 0 0 0 X JODY WINTER 7035814588 4350 STAFFORDSHIRE LANE FAIRFAX VA 22030 X PAUL KYLE CHAIRMAN/PRESIDENT 1.00 X X 0 0 0 JON PETERSON VICE-CHAIRMAN/SECRETARY 1.00 X X 0 0 0 KATHLEEN MCKAY TREASURER 1.00 X X 0 0 0 KENNETH BALL DIRECTOR 1.00 X 0 0 0 LAURENCE BRAY DIRECTOR (END 7/31/23) 1.00 X 0 0 0 THOMAS CALHOUN DIRECTOR 1.00 X 0 0 0 GENE CROUCH DIRECTOR 1.00 X 0 0 0 JUSTINE FITZGERALD DIRECTOR (END 7/31/23) 1.00 X 0 0 0 MONICA MICHAUD DIRECTOR (END 6/14/23) 1.00 X 0 0 0 SCOTT PLEIN DIRECTOR 1.00 X 0 0 0 0 0 0 0 0 0 0 0 RENTAL INCOME 532000 1091295 1091295 TENANT REVENUE 532000 43702 43702 1134997 111481 111481 40746989 17508570 23238419 23238419 23238419 24484897 1134997 0 23349900 56184 56184 27860 27860 93327 93327 4454 4454 9115 9115 9781 9781 1277321 1277321 266832 266832 16332 16332 MAINTENANCE 34694 34694 1795900 1693458 102442 0 124722 6486620 1227726 343 12947 0 17775383 24275293 1352448 514252 22953 43349 35484972 5330685 0 41373258 22953 X -17097965 1329495 -17097965 1329495 24275293 1352448 X 22688997 -4261537 X X 0 0 1 0 X 3933618 3500518 3876073 4387847 1134997 16833053 3933618 3500518 3876073 4387847 1134997 16833053 0 0 0 16833053 63193 29175 29589 91920 111481 325358 63193 29175 29589 91920 111481 325358 3996811 3529693 3905662 4479767 1246478 17158411 0.98100 0.98790 0.01900 0.01210 X 0 X 25276085 791188 791188 24484897 0 24484897 1795900 0 1795900 0 1795900 PART X, LINE 2: THE ORGANIZATION RECEIVED A DETERMINATION LETTER FROM THE INTERNAL REVENUE SERVICE ("IRS") AND AS SUCH IS TREATED AS A TAX-EXEMPT ENTITY PURSUANT TO SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE ORGANIZATION DID NOT HAVE ANY UNRELATED BUSINESS INCOME TAX FOR THE YEARS ENDED MARCH 31, 2024 AND 2023, RESPECTIVELY. DUE TO ITS TAX-EXEMPT STATUS, THE ORGANIZATION IS NOT SUBJECT TO INCOME TAXES. THE ORGANIZATION 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 THERE ARE NO OTHER TAX POSITIONS WHICH MUST BE CONSIDERED FOR DISCLOSURE. INCOME TAX RETURNS FILED BY THE ORGANIZATION ARE SUBJECT TO EXAMINATION BY THE IRS FOR A PERIOD OF THREE YEARS AFTER THEY ARE FILED. WHILE NO TAX RETURNS ARE CURRENTLY BEING EXAMINED BY THE IRS, TAX YEARS SINCE 2022 REMAIN OPEN TO EXAMINATION. PART XI, LINE 2D - OTHER ADJUSTMENTS: REALIZED GAIN ON INTEREST RATE SWAPS 791,188. 157 UNIT APARTMENT COMPLEX 2023-06-15 40746989 FAIR MARKET VALUE 540836354 GEORGE MASON UNIVERSITY 4400 UNIVERSITY DR FAIRFAX VA 22030 501(C)(3) 0 0 0 0 SCHEDULE N, PART II: ON JUNE 1, 2023, THE BOARD OF DIRECTORS APPROVED THE ORGANIZATION TO NEGOTIATE, EXECUTE AND DELIVER THE GROUND LEASE TERMINATION AGREEMENT WITH GEORGE MASON UNIVERSITY, THE LESSOR. ON JUNE 15, 2023, A 157 UNIT APARTMENT COMPLEX WAS TRANSFERRED TO THE UNIVERSITY. SETTLEMENT AND DELIVERY OF THE PREMISES TOOK PLACE ON JUNE 15, 2023, AT WHICH TIME THE PREMISES AND ALL OPERATING AND RESERVE ACCOUNTS HELD AT BANK OF AMERICA AND US BANK WERE TRANSFERRED TO LESSOR. RENTAL AGREEMENTS WERE ALSO ASSIGNED TO LESSOR. THE ORGANIZATION RECEIVED $40,746,989 BECAUSE OF THE EARLY GROUND LEASE TERMINATION. FORM 990, PART VI, SECTION A, LINE 2 FOUR OF THE NINE DIRECTORS OF MHI ARE APPOINTED BY THE PRESIDENT OF GEORGE MASON UNIVERSITY. THE APPOINTED DIRECTORS ARE CLASSIFIED AS CLASS A DIRECTORS. CURRENTLY THREE OF THE FOUR CLASS A DIRECTORS ARE EMPLOYEES OF GEORGE MASON UNIVERSITY. FORM 990, PART VI, SECTION A, LINE 3 MHI USES A MANAGEMENT COMPANY, LINCOLN APARTMENT MANAGEMENT LIMITED PARTNERSHIP, TO OVERSEE THE MANAGEMENT OF THE PROPERTY. FORM 990, PART VI, SECTION A, LINE 7A FOUR OF THE NINE DIRECTORS OF MHI ARE APPOINTED BY THE PRESIDENT OF GEORGE MASON UNIVERSITY. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS CIRCULATED TO THE BOARD FOR REVIEW AND COMMENT. THE EXECUTIVE DIRECTOR REVIEWS IT AND COMPILES ANY QUESTIONS OR ITEMS WHICH REQUIRE CLARIFICATION, AND REISSUES A FINAL DRAFT TO THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C EACH DIRECTOR, OFFICER, AND MEMBER OF A COMMITTEE WITH GOVERNING BOARD DELEGATED POWERS SHALL ANNUALLY SIGN A STATEMENT WHICH AFFIRMS SUCH PERSON: (A) HAS RECEIVED A COPY OF THE CONFLICT OF INTEREST POLICY, (B) HAS READ AND UNDERSTANDS THE POLICY, (C) HAS AGREED TO COMPLY WITH THE POLICY AND (D) UNDERSTANDS THE ORGANIZATION IS A CHARITABLE ORGANIZATION AND, IN ORDER TO MAINTAIN ITS FERDERAL TAX EXEMPTION, IT MUST ENGAGE PRIMARILY IN ACTIVITIES WHICH ACCOMPLISH ONE OR MORE OF ITS TAX-EXEMPT PURPOSES. FORM 990, PART VI, SECTION B, LINE 15 MASON HOUSING, INC DOES NOT HAVE ANY PAID EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND OTHER FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: REALIZED GAIN ON INTEREST RATE SWAPS 791,188. DISTRIBUTIONS -5,052,725. FORM 990, PART XII, LINE 2C: THE AUDIT PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. FORM 990, PART XI, LINE 9: THE ORGANIZATION OWNED A 157-UNIT APARTMENT BUILDING. THE BUILDING WAS PLACED IN SERVICE IN FEBRUARY 2010. ON JUNE 15, 2023, THE ORGANIZATION'S RENTAL OPERATIONS ENDED AS A RESULT OF THE GROUND LEASE TERMINATION. THE ORGANIZATION RECEIVED $40,746,989 AS A RESULT OF THE EARLY GROUND LEASE TERMINATION AND THE BOND AND RELATED SWAP OBLIGATIONS WERE PAID OFF WITH SUCH PROCEEDS.