2025-11-16T23:49:07-06:00 2024-12-31 232108173 RKL LLP 102 PICKERING WAY STE 300 EXTON PA 19341 990 2024-01-01 233080065 OUR CITY READING INC OURC 6103703726 4500 PERKIOMEN AVENUE READING PA 19606 MICHELLE DUPELL CONTROLLER 6103703726 2025-11-13 1 0 STEPHANIE E KANE CPA P01275157 4848742200 2025-11-13 2024 2025-03-06 01:10:19Z JIM BOSCOV 4500 PERKIOMEN AVENUE READING PA 19606 8021254 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 333522 328542 421898 2871900 0 2811530 514507 560910 1077042 1102655 2013447 7346995 0 0 0 0 0 0 0 0 0 587562 613289 587562 613289 1425885 6733706 68584660 74174003 14934628 13873323 53650032 60300680 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 534271 2852819 REHABILITIATION OF BUSINESS DISTRICT OF CITY OF READING, PA. 534271 1 1 0 0 0 0 0 0 0 0 1 1 1 0 1 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 500000 2371900 2871900 REHABILITATION PROJECTS 900099 2811530 2811530 2811530 560910 560910 1731648 674259 1057389 1057389 329545 727844 MISCELLANEOUS 900099 41289 41289 INVESTMENT IN PENN SQUARE MT LP 900099 4105 4105 INVESTMENT IN READING HOSPITALITY 900099 -18 -18 -110 -110 45266 7346995 2852819 333522 1288754 X 143831 143831 73394 73394 924 924 7000 7000 5363 5363 289980 289980 8644 8644 65471 65471 OTHER PROPERTY RELATED 13110 13110 TAXES, FEES & LICENSES 4922 4922 MISCELLANEOUS 650 390 260 613289 534271 79018 0 988296 1347812 2332632 2395873 5825302 5234589 32995133 33505908 181620 195026 12556612 6341115 6479172 6215497 17231624 17179123 2549319 8100175 1562 0 68584660 74174003 1333810 1854378 220738 219976 1500000 1500000 9363307 8506347 987711 895333 1529062 897289 14934628 13873323 X 53650032 60300680 53650032 60300680 68584660 74174003 X 6733706 -83058 X X 0 1 X 1 1 1 X 3542506 741945 209269 421898 2871900 7787518 3542506 741945 209269 421898 2871900 7787518 1932613 5854905 578301 488607 499274 514507 560910 2641599 578828 600979 794964 446797 333529 2755097 34682 36500 37871 78553 41289 228895 13413109 2811530 0.43650 0.39280 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 218194 218194 10555029 4567058 5987971 1783389 1774057 9332 6215497 INVESTMENT IN READING HOSPITALITY 175000 F PREFERRED CAPITAL INVESTMENT 17004123 F 17179123 PROPERTIES UNDER DEVELOPMENT 8100175 C 8100175 DUE TO RELATED PARTY 897289 897289 X 26070078 327500 26194574 26522074 -451996 7798991 7798991 7346995 20548012 327500 27481341 27808841 -7260829 7874118 7874118 613289 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 STATEMENT OF ACTIVITIES AND CHANGES IN NET ASSETS. FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023, THERE WERE NO ACCRUALS FOR THE PAYMENTS 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 ULTIMATELY BE SUSTAINED. THE BENEFIT OF A TAX POSITION IS RECOGNIZED IN THE CONSOLIDATED 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 STATEMENT 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 897,403. OUR CITY READING - SOVEREIGN BANK BUILDING RENTAL EXPENSES 854,568. GOGGLEWORKS SHOPS LLC RENTAL EXPENSES 296,340. READING HOSPITALITY INCOME 16,851,252. READING HOSPITALITY MANAGEMENT COMPANY INCOME 7,373,750. TAXES PAID -75,170. DEPRECIATION BOOK/TAX -3,569. PART XI, LINE 4B - OTHER ADJUSTMENTS: 1% INVESTMENT IN GOGGLEWORKS APARTMENTS LLC -110. 99.9% INVESTMENT IN READINGS FUTURE LLC .01% INVESTMENT IN READING HOSPITALITY LLC -18. INTERCOMPANY ELIMINATIONS 7,799,119. PART XII, LINE 2D - OTHER ADJUSTMENTS: GOGGLEWORKS APARTMENTS LLC 1,920,723. OUR CITY READING - SOVEREIGN BANK BUILDING RENTAL EXPENSES 854,568. GOGGLEWORKS SHOPS LLC RENTAL EXPENSES 296,340. READING HOSPITALITY EXPENSES 17,031,474. BOOK TAX DIFFERENCES - PENN SQUARE MT, EXPENSED FOR BOOK 4,486. READING FUTURES BOOK LOSS READING HOSPITALITY MANAGEMENT COMPANY EXPENSES 7,373,750. PART XII, LINE 4B - OTHER ADJUSTMENTS: ELIMINATIONS FROM GWA 7,874,118. 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 IX, LINE 11G OTHER PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 73,394. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 73,394. FORM 990, PART XI, LINE 9: FEDERAL TAXES PAID -75,170. PENN SQUARE MT BOOK TAX ADJUSTMENT -4,486. DEPRECIATION (BOOK > TAX) -3,569. GOGGLEWORKS APARTMENTS -110. READING HOSPITALITY CY INCOME -18. INTERCOMPANY ELIMINATIONS 295. READING FUTURES BOOK TO TAX ADJUSTMENT 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. 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