← MADISON PARK ECONOMIC DEVELOPMENT CORPORATION

Form 990 for tax year 2024

Filed by MADISON PARK ECONOMIC DEVELOPMENT CORPORATION.

Totals

Total revenue: $1,764,557
Total expenses: $1,641,061
Contributions and grants received: $109,026
Grants paid: $2,054
Program service revenue: $1,040,836
Investment income: $118
Other revenue: $614,577
Total assets, end of year: $3,769,585
Total liabilities, end of year: $3,955,273
Net assets or fund balances, end of year: -$185,688
Program services expenses (Part IX): $1,629,485
Management and general expenses: $11,576
Fundraising expenses: $0
Program service expenses (Part III): $1,629,485

Program services were 99.3% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

1f · All other contributions, gifts and grants

$109,026
2a · Program service revenue: RENTAL INCOME

total $615,483 · related or exempt $615,483
2b · Program service revenue: PROGRAM FEES

total $425,353 · related or exempt $425,353
3 · Investment income

total $118 · excluded $118
11a · Other revenue: DEBT FORGIVENESS

total $611,794 · related or exempt $611,794
11d · All other revenue

total $2,783 · related or exempt $2,783
11e · Other revenue, total

$614,577

Functional expenses

Part IX, the statement of functional expenses.

2 · Grants to domestic individuals

total $2,054 · program services $2,054
11a · Fees: management

total $400,544 · program services $400,544
11b · Fees: legal

total $3,779 · program services $3,779
11c · Fees: accounting

total $11,576 · management and general $11,576
11g · Fees: other

total $48,731 · program services $48,731
13 · Office expenses

total $50,044 · program services $50,044
14 · Information technology

total $21,087 · program services $21,087
16 · Occupancy

total $466,307 · program services $466,307
20 · Interest

total $92,791 · program services $92,791
22 · Depreciation, depletion and amortization

total $164,948 · program services $164,948
23 · Insurance

total $92,399 · program services $92,399
24a · Other expenses: OPERATING EXPENSES

total $196,757 · program services $196,757
24b · Other expenses: MAINTENANCE EXPENSE

total $62,364 · program services $62,364
24c · Other expenses: PROGRAM SUPPLIES

total $24,373 · program services $24,373
24d · Other expenses: FILING FEES

total $1,268 · program services $1,268
24e · All other expenses

total $2,039 · program services $2,039

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $147,028 · end of year $204,521
4 · Accounts receivable

beginning of year $79,394 · end of year $18,773
10a · Land, buildings and equipment: cost or other basis

$5,035,504
10b · Land, buildings and equipment: accumulated depreciation

$1,501,417
10c · Land, buildings and equipment, net

beginning of year $3,674,081 · end of year $3,534,087
15 · Other assets

beginning of year $15,377 · end of year $12,204
17 · Accounts payable and accrued expenses

beginning of year $679,375 · end of year $321,790
21 · Escrow or custodial account liability

beginning of year $75
23 · Secured mortgages and notes payable

beginning of year $2,527,603 · end of year $2,271,569
25 · Other liabilities

beginning of year $1,018,011 · end of year $1,361,914
27 · Net assets without donor restrictions

beginning of year -$309,184 · end of year -$185,688

Mission and programs · 2024

Mission

TO PROVIDE SUPPORT FOR ECONOMIC REVITALIZATION IN THE ROXBURY, MASSACHUSETTS AREA.

TO DEVELOP AND PRESERVE SAFE, AFFORDABLE, AND LOW-INCOME HOUSING TO COMBAT COMMUNITY DETERIORATION BY PROVIDING OR FINANCING BUSINESSES AND NONPROFIT ORGANIZATIONS THAT WOULD BE UNABLE TO OTHERWISE OBTAIN FINANCING. THIS PROMOTES A GENERAL WELCOME OF UNDERSERVED COMMUNITIES, AND ASSISTS IN THE ELIMINATION OF STRUCTURAL RACISM AND DISCRIMINATION AND SUPPORTS MADISON PARK DEVELOPMENT CORPORATION AND ITS AFFILIATES IN THE DEVELOPMENT OF PHYSICAL, ECONOMIC, SOCIAL AND STRUCTURAL REVITALIZATION OF THE ROXBURY NEIGHBORHOOD OF BOSTON, MASSACHUSETTS.

Expenses $1,629,485 · Grants $2,054 · Revenue $1,655,413

As filed on the 2024 return.

Listed in Part VII

Ayanna HinesAYANNA HINES

PRESIDENT

Total calculated

$0

Hours/week

1 + 3 related
Gloria BrooksGLORIA BROOKS

VICE PRESIDENT

Total calculated

$0

Hours/week

1 + 3 related
Ivelise RiveraIVELISE RIVERA

TREASURER

Total calculated

$0

Hours/week

1 + 3 related
Nina RuffNINA RUFF

SECRETARY

Total calculated

$0

Hours/week

1 + 3 related
Malik AzizMALIK AZIZ

DIRECTOR

Total calculated

$0

Hours/week

1 + 3 related
Sonrisa HayesSONRISA HAYES

DIRECTOR

Total calculated

$0

Hours/week

1 + 3 related
Dwayne WattsDWAYNE WATTS

DIRECTOR

Total calculated

$0

Hours/week

1 + 3 related
Chanda K SmartCHANDA K SMART

DIRECTOR

Total calculated

$0

Hours/week

1 + 3 related
Robert L TerrellROBERT L TERRELL

DIRECTOR

Total calculated

$0

Hours/week

1 + 3 related
Lisa MorishantiLISA MORISHANTI

DIRECTOR (UNTIL 7/24)

Total calculated

$0

Hours/week

1 + 3 related
Victoria Lynn AwkwardVICTORIA LYNN AWKWARD

DIRECTOR (UNTIL 7/24)

Total calculated

$0

Hours/week

1 + 3 related
Leslie ReidLESLIE REID

CHIEF EXECUTIVE OFFICER

Total calculated

$188,757

From this org

$0

From related orgs

$167,234

Other

$21,523

Hours/week

1 + 42 related

Schedule J breakdown matched by us

Base

$0 + $137,234 related

Bonus

$0

Other

$0 + $30,000 related

Deferred

$0 + $5,659 related

Nontaxable benefits

$0 + $15,864 related

Filer's total

$0 + $188,757 related
Ingrid TuckerINGRID TUCKER

INTERIM CHIEF EXECUTIVE OFFICER

Total calculated

$288,931

From this org

$0

From related orgs

$246,330

Other

$42,601

Hours/week

1 + 42 related

Schedule J breakdown matched by us

Base

$0 + $226,720 related

Bonus

$0 + $19,610 related

Other

$0

Deferred

$0 + $10,263 related

Nontaxable benefits

$0 + $32,338 related

Filer's total

$0 + $288,931 related
Initya Ambrogi-IsazaINITYA AMBROGI-ISAZA

VICE PRESIDENT OF REAL ESTATE

Total calculated

$226,590

From this org

$0

From related orgs

$197,203

Other

$29,387

Hours/week

1 + 42 related

Schedule J breakdown matched by us

Base

$0 + $191,203 related

Bonus

$0 + $6,000 related

Other

$0

Deferred

$0 + $8,207 related

Nontaxable benefits

$0 + $21,180 related

Filer's total

$0 + $226,590 related
Evelyn BarnesEVELYN BARNES

CFO (UNTIL 06/24)

Total calculated

$62,654

From this org

$0

From related orgs

$56,619

Other

$6,035

Hours/week

1 + 42 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

4a · Severance or change-of-control payment

Answered no

4b · Supplemental nonqualified retirement plan
4c · Equity-based compensation arrangement
5a · Pay contingent on this organization's revenues
5b · Pay contingent on a related organization's revenues
6a · Pay contingent on this organization's net earnings
6b · Pay contingent on a related organization's net earnings
7 · Other non-fixed payments
8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 3: THE ORGANIZATION'S CEO IS COMPENSATED BY MADISON PARK DEVELOPMENT CORPORATION, A RELATED ENTITY. THIS ENTITY USES THE FOLLOWING METHODS TO ESTABLISH COMPENSATION: - INDEPENDENT COMPENSATION CONSULTANT - FORM 990 OF OTHER ORGANIZATIONS - APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE
PART I, LINE 4A: LESLIE REED RECEIVED SEVERANCE COMPENSATION FOR $30,000 DURING CALENDAR YEAR 2024.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

MADISON PARK DEVELOPMENT CORPORATION

501(C)(3) · AFFORDABLE HOUSING · MA
MADISON PARK HOUSING CORPORATION

501(C)(3) · AFFORDABLE HOUSING · MA

Directly controlled by MPDC
LOWER ROXBURY COMMUNITY CORPORATION

501(C)(3) · AFFORDABLE HOUSING · MA

Directly controlled by MPDC

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

DEWITT COMMUNITY CENTER LLC

RENTAL REAL ESTATE · MA · income $640,290 · assets $533,911

Directly controlled by MPEDC
MADISON HIBERIAN HALL LLC

RENTAL REAL ESTATE · MA · income $1,227,277 · assets $3,076,647

Directly controlled by MPEDC

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

ADAMS ORCHARD LIMITED PARTNERSHIP

RENTAL REAL ESTATE · MA
BERYL GARDENS LIMITED PARTNERSHIP

RENTAL REAL ESTATE · MA
DUDLEY GREENVILLE LLC

RENTAL REAL ESTATE · MA
MADISON BOTOLPH II LP

RENTAL REAL ESTATE · MA
MADISON HAYNES LLC

RENTAL REAL ESTATE · MA
MADISON MELNEA CASS LLC

RENTAL REAL ESTATE · MA
MADISON PARK IV 2011 LIMITED PARTNERSHIP

RENTAL REAL ESTATE · MA
MADISON TRINITY LIMITED PARTNERSHIP

RENTAL REAL ESTATE · MA
MPIII TOWNHOMES LLC

RENTAL REAL ESTATE · MA
RUGGLES SHAWMUT HOUSING LLC

RENTAL REAL ESTATE · MA
SCHOOL HOUSE BROOKLEDGE CUMMINS LIMITED PARTNERSHIP

RENTAL REAL ESTATE · MA
SCHOOL HOUSE KENILWORTH WILLIAMS LIMITED PARTNERSHIP

RENTAL REAL ESTATE · MA
SMITH SENIOR RESIDENCES LLC

RENTAL REAL ESTATE · MA
MADISON TRINITY 2085 DEVELOPMENT LIMITED PARTNERSHIP

RENTAL REAL ESTATE · MA
MADISON WILLIAMS LIMITED PARTNERSHIP

RENTAL REAL ESTATE · MA

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

ADAMS ORCHARD INC

C · RENTAL REAL ESTATE · MA
BERYL GARDENS COOPERATIVE CORPORATION

C · RENTAL REAL ESTATE · MA
BERYL GARDENS INC

C · RENTAL REAL ESTATE · MA
DUDLEY GREENVILLE MM LLC

C · RENTAL REAL ESTATE · MA
MADISON BOTOLPH GP INC

C · RENTAL REAL ESTATE · MA
MADISON HAYNES MM LLC

C · RENTAL REAL ESTATE · MA
MADISON MELNEA CASS MM LLC

C · RENTAL REAL ESTATE · MA
MADISON PARK IV GP LLC

C · RENTAL REAL ESTATE · MA
MPIII TOWNHOMES MM LLC

C · RENTAL REAL ESTATE · MA
MTV INC

C · RENTAL REAL ESTATE · MA
SCHOOLHOUSE B C MADISON PARK AND EAF LLC

C · RENTAL REAL ESTATE · MA
SCHOOLHOUSE K W MADISON PARK AND EAF LLC

C · RENTAL REAL ESTATE · MA
SMITH SENIOR RESIDENCES MM LLC

C · RENTAL REAL ESTATE · MA
MADISON WILLIAMS MM LLC

C · RENTAL REAL ESTATE · MA

Provenance

Return type: form_990
Tax year: 2024
Filed: 5 November 2025
IRS schema version: 2024v5.2
Source object: 202543109349302124

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