2024-11-04T06:40:21-06:00 2023-12-31 232108173 RKL LLP 102 PICKERING WAY STE 300 EXTON PA 19341 990 2023-01-01 233080065 OUR CITY READING INC OURC 6103703726 4500 PERKIOMEN AVENUE READING PA 19606 MICHELLE DUPELL CONTROLLER 6103703726 2024-10-30 1 0 STEPHANIE E KANE CPA P01275157 4848742200 2024-10-30 2023 2024-10-15 13:58:12Z JIM BOSCOV 4500 PERKIOMEN AVENUE READING PA 19606 2730713 0 X WWW.OURCITYREADING.ORG X 2001 PA TO RESTORE RESIDENCES AND TO CONSTRUCT NEW BUILDINGS FOR NEW INDUSTRIES WITHIN THE CITY OF READING. TO REDEVELOP THE BUSINESS DISTRICTS OF THE CITY OF READING THROUGH RESTORATION OR CREATION OF NEW BUILDINGS. TO MANAGE AND BUILD APARTMENTS IN THE CITY OF READING. 14 14 0 0 446797 460324 209269 421898 0 0 499274 514507 981138 1077042 1689681 2013447 0 0 0 0 0 0 0 0 0 457021 587562 457021 587562 1232660 1425885 67946619 68584660 15640599 14934628 52306020 53650032 TO RESTORE RESIDENCES AND TO CONSTRUCT NEW BUILDINGS FOR NEW INDUSTRIES WITHIN THE CITY OF READING. TO REDEVELOP THE BUSINESS DISTRICTS OF THE CITY OF READING THROUGH RESTORATION OR CREATION OF NEW BUILDINGS. TO MANAGE AND BUILD APARTMENTS IN THE CITY OF READING. 0 0 533538 78553 OUR CITY READING, INC - THE ORGANIZATION OPERATES A PROGRAM TO REHABILITATE AND THEN SELL RESIDENTIAL REAL ESTATE IN THE CITY OF READING, PENNSYLVANIA, FOR MODERATE-INCOME INDIVIDUALS AND FAMILIES. IN 2018, ONE PROPERTY WAS SOLD, AND AS OF DECEMBER 31, 2018 NO FURTHER PROPERTIES ARE IN REHABILITATION. 533538 1 1 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 X 14 14 1 1 0 0 0 0 0 1 0 0 0 1 1 1 1 0 0 0 0 0 PA X CORPORATION 6103703762 4500 PERKIOMEN AVENUE READING PA 19606 X JAMES BOSCOV CHAIRMAN 3.00 X X 0 0 0 MICHAEL EHLERMAN PRESIDENT 5.00 X X 0 0 0 JOHN CONNELLY VICE PRESIDENT 5.00 X X 0 0 0 CRAIG POOLE DIRECTOR 3.00 X 0 0 0 KEN CHRISTIAN DIRECTOR 3.00 X 0 0 0 TIMOTHY J DALEY DIRECTOR 3.00 X 0 0 0 JACK GULATI DIRECTOR 3.00 X 0 0 0 THOMAS MCMAHON DIRECTOR 3.00 X 0 0 0 DR JEROME MARCUS DIRECTOR 3.00 X 0 0 0 KEN PICK DIRECTOR 3.00 X 0 0 0 TODD TAYLOR DIRECTOR 3.00 X 0 0 0 AL WEBER DIRECTOR 3.00 X 0 0 0 SCOTT W ZUIDEMA ESQ DIRECTOR 3.00 X 0 0 0 MICHELLE DUPELL CONTROLLER 10.00 X 0 0 0 0 0 0 0 0 0 0 0 421898 421898 514507 514507 1730284 717266 1013018 1013018 461326 551692 MISCELLANEOUS 900099 78553 78553 INVESTMENT IN PENN SQUARE MT LP 900099 3366 3366 INVESTMENT IN READING HOSPITALITY 900099 -39 -39 -17856 -17856 64024 2013447 78553 446797 1066199 149257 149257 55204 55204 4717 4717 7000 7000 3115 3115 288247 288247 9472 9472 38932 38932 OTHER PROPERTY RELATED 22532 22532 MISCELLANEOUS 8436 8176 260 TAXES, FEES & LICENSES 650 650 587562 533538 54024 0 750265 988296 2270075 2332632 5814933 5825302 32484255 32995133 190156 181620 12555781 6076609 6739393 6479172 17313601 17231624 2382379 2549319 1562 1562 67946619 68584660 1123679 1333810 193025 220738 1500000 1500000 10170131 9363307 1110230 987711 1543534 1529062 15640599 14934628 X 52306020 53650032 52306020 53650032 67946619 68584660 X 1425885 -81873 X X 0 1 X 1 1 1 X 319522 3542506 741945 209269 421898 5235140 319522 3542506 741945 209269 421898 5235140 869929 4365211 580637 578301 488607 499274 514507 2661326 571712 578828 600979 794964 446797 2993280 35500 34682 36500 37871 78553 223106 11112852 0.39280 0.40150 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 218194 218194 10555029 4301766 6253263 1782558 1774843 7715 6479172 INVESTMENT IN READING HOSPITALITY 175000 F PREFERRED CAPITAL INVESTMENT 17056624 F 17231624 DUE TO RELATED PARTY 1529062 1529062 X 22411567 327500 29222351 29549851 -7138284 9151731 9151731 2013447 22213648 327500 30543214 30870714 -8657066 9244628 9244628 587562 PART X, LINE 2: AS A NOT-FOR-PROFIT ORGANIZATION, THE ORGANIZATION IS GENERALLY EXEMPT FROM FEDERAL AND STATE INCOME TAXES. THE ORGANIZATION IS SUBJECT TO FEDERAL AND STATE INCOME TAXES ON UNRELATED BUSINESS INCOME. THE ORGANIZATION RECOGNIZES PENALTIES AND INTEREST ACCRUED RELATED TO INCOME TAX LIABILITIES IN THE PROVISION (BENEFIT) FOR INCOME TAXES IN ITS CONSOLIDATED STATEMENTS OF ACTIVITIES. FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022, THERE WERE NO ACCRUALS FOR THE PAYMENT OF PENALTIES AND INTEREST. WHEN TAX RETURNS ARE FILED, IT IS HIGHLY CERTAIN THAT SOME POSITIONS TAKEN WOULD BE SUSTAINED UPON EXAMINATION BY THE TAXING AUTHORITIES, WHILE OTHERS ARE SUBJECT TO UNCERTAINTY ABOUT THE MERITS OF THE POSITION TAKEN OR THE AMOUNT OF THE POSITION THAT WOULD BE ULTIMATELY SUSTAINED. THE BENEFIT OF A TAX POSITION IS RECOGNIZED IN THE FINANCIAL STATEMENTS IN THE PERIOD DURING WHICH, BASED ON ALL AVAILABLE EVIDENCE MANAGEMENT BELIEVES IT IS MORE LIKELY THAN NOT THAT THE POSITION WILL BE SUSTAINED UPON EXAMINATION, INCLUDING THE RESOLUTION OF APPEALS OR LITIGATION PROCESSES, IF ANY. TAX POSITIONS TAKEN ARE NOT OFFSET OR AGGREGATED WITH OTHER POSITIONS. TAX POSITIONS THAT MEET THE MORE-LIKELY-THAN-NOT RECOGNITION THRESHOLD ARE MEASURED AS THE LARGEST AMOUNT OF TAX BENEFIT THAT IS MORE THAN 50% LIKELY OF BEING REALIZED UPON SETTLEMENT WITH THE APPLICABLE TAXING AUTHORITY. THE PORTION OF THE BENEFITS ASSOCIATED WITH TAX POSITIONS TAKEN THAT EXCEEDS THE AMOUNT MEASURED AS DESCRIBED ABOVE IS REFLECTED AS A LIABILITY FOR UNRECOGNIZED TAX BENEFITS IN THE ACCOMPANYING CONSOLIDATED STATEMENTS OF FINANCIAL POSITION ALONG WITH ANY ASSOCIATED INTEREST AND PENALTIES THAT WOULD BE PAYABLE TO THE TAXING AUTHORITIES UPON EXAMINATION. THE ORGANIZATION FILES TAX RETURNS IN THE U. S. FEDERAL JURISDICTION. THE ORGANIZATION'S INCOME TAX RETURNS ARE NOT SUBJECT TO EXAMINATION THROUGH THE YEAR ENDED DECEMBER 31, 2021. PART XI, LINE 2D - OTHER ADJUSTMENTS: GOGGLEWORKS APARTMENTS LLC 885,520. OUR CITY READING - SOVEREIGN BANK BUILDING RENTAL EXPENSES 915,247. GOGGLEWORKS SHOPS LLC RENTAL EXPENSES 288,683. READING HOSPITALITY INCOME 18,607,199. READING HOSPITALITY MANAGEMENT COMPANY INCOME 8,619,727. TAXES PAID -99,010. DEPRECIATION BOOK/TAX 4,985. PART XI, LINE 4B - OTHER ADJUSTMENTS: 1% INVESTMENT IN GOGGLEWORKS APARTMENTS LLC -112. 99.9% INVESTMENT IN READINGS FUTURE LLC -17,744. .01% INVESTMENT IN READING HOSPITALITY LLC -39. INTERCOMPANY ELIMINATIONS 9,169,626. PART XII, LINE 2D - OTHER ADJUSTMENTS: GOGGLEWORKS APARTMENTS LLC 1,887,363. OUR CITY READING - SOVEREIGN BANK BUILDING RENTAL EXPENSES 915,247. GOGGLEWORKS SHOPS LLC RENTAL EXPENSES 288,683. READING HOSPITALITY EXPENSES 18,809,963. BOOK TAX DIFFERENCES - PENN SQUARE MT, EXPENSED FOR BOOK 4,487. READING FUTURES BOOK LOSS 17,744. READING HOSPITALITY MANAGEMENT COMPANY EXPENSES 8,619,727. PART XII, LINE 4B - OTHER ADJUSTMENTS: ELIMINATIONS FROM GWA 9,244,628. EUNICE BOSCOV WIFE OF FORMER CHAIRMAN OF THE BOARD FUNDS TO SUPPORT ORGANIZATION'S PROGRAMS AND MORTGAGES X 1500000 1500000 0 0 1 1500000 FORM 990, PART VI, SECTION A, LINE 2 MICHELLE DUPELL AND JAMES BOSCOV HAVE A BUSINESS RELATIONSHIP THROUGH THEIR POSITIONS WITHIN THE BOSCOVS ORGANIZATION. FORM 990, PART VI, SECTION A, LINE 3 MANAGEMENT OF ORGANIZATION IS CARRIED OUT BY MICHELLE DUPELL, AN EMPLOYEE OF BOSCOV'S. SHE RECEIVES NO ADDITIONAL COMPENSATION FOR THIS DUTY APART FROM HER SALARY. FORM 990, PART VI, SECTION A, LINE 8B THE COMMITTEES ONLY MAKE RECOMMENDATIONS TO THE BOARD. THEY DO NOT HAVE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B FINANCE COMMITTEE BOARD MEMBERS REVIEW AND APPROVE THE FORM 990 WITH THE ACCOUNTANTS. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS AND THEIR RELATIONSHIPS, BUSINESS AND PERSONAL, ARE REVIEWED AND DISCLOSED ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 ALL DOCUMENTS ARE AVAILABLE FOR REVIEW UPON REQUEST. FORM 990, PART XI, LINE 9: INTERCOMPANY ELIMINATIONS DEPRECIATION (BOOK > TAX) 4,985. FEDERAL TAXES PAID -99,010. GOGGLEWORKS APARTMENTS -112. READING HOSPITALITY CY INCOME -39. PENN SQUARE MT BOOK TAX ADJUSTMENT -4,487. READING FUTURES BOOK TO TAX ADJUSTMENT 16,790. FORM 990, PART XII, LINE 2C THE OVERSIGHT AND SELECTION PROCESSES HAVE NOT CHANGED FROM PRIOR YEARS. FORM 990, PART V, LINE 1C THE ORGANIZATION DID NOT HAVE ANY INSTANCES WHERE BACKUP WITHHOLDING WAS REQUIRED; HOWEVER, IF THE SITUATION WOULD ARISE, THE ORGANIZATION IS AWARE OF THE REPORTING REQUIREMENTS AND WOULD HANDLE THAT ACCORDINGLY. READING BUTTONWOOD GATEWAY GROUP LLC 4500 PERKIOMEN AVENUE READING PA 19606 020649004 REAL ESTATE PA 0 0 OUR CITY READING INC GOGGLE WORKS SHOPS LLC 4500 PERKIOMEN AVENUE READING PA 19606 371543727 REAL ESTATE PA 53464 -1490634 OUR CITY READING INC READING REVIVAL LLC 4500 PERKIOMEN AVENUE READING PA 19606 REAL ESTATE (INACTIVE) PA 0 0 OUR CITY READING INC GOGGLEWORKS ARTISTS HOUSING LLC 4500 PERKIOMEN AVENUE READING PA 19606 455021951 REAL ESTATE PA 176545 -13330 OUR CITY READING INC GOGGLE WORKS APARTMENTS LLC 4500 PERKIOMEN AVENUE READING PA 19606 331163317 REAL ESTATE PA OUR CITY READING UNRELATED -112 -1590 0 1 0.00010 READING HOSPITALITY LLC 4500 PERKIOMEN AVENUE READING PA 19606 453275719 REAL ESTATE - HOTEL PA OUR CITY READING UNRELATED -39 18279252 0 1 0.00010 READINGS FUTURE LLC 15375 BLUE FISH CIRCLE LAKEWOOD RANCH FL 34202 412048130 REAL ESTATE MANAGEMENT FL OUR CITY READING UNRELATED -17744 40571 0 1 0.99990 PENN SQUARE MT LP 4500 PERKIOMEN AVENUE READING PA 19606 474149545 REAL ESTATE PA OUR CITY READING UNRELATED 3366 3366 0 1 0.99000 PENN SQUARE MT MANAGER INC 4500 PERKIOMEN AVENUE READING PA 19606 474015712 REAL ESTATE PA OUR CITY READING INC C 1.00000 0 READING HOSPITALITY MANAGEMENT COMPANY 4500 PERKIOMEN AVENUE READING PA 19606 813995683 MANAGEMENT COMPANY PA OUR CITY READING INC C 2544 1304839 1.00000 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 READING HOSPITALITY LLC D 14094530 FMV READING HOSPITALITY LLC Q 1304839 FMV