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← THE MEADOWS COMMUNITY FOUNDATION INC C/O KOSENE & KOSENE

Form 990 for tax year 2023

Filed by THE MEADOWS COMMUNITY FOUNDATION INC C/O KOSENE & KOSENE.

Totals

Total revenue
$49,365
Total expenses
$947,228
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$471
Investment income
$38,894
Other revenue
$10,000
Total assets, end of year
$179,736
Total liabilities, end of year
$11,500
Net assets or fund balances, end of year
$168,236
Program services expenses (Part IX)
$903,620
Management and general expenses
$43,608
Fundraising expenses
$0
Program service expenses (Part III)
$903,620

Program services were 95.4% 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.

  • 2f · All other program service revenue

    total $471 · related or exempt $471

  • 3 · Investment income

    total $38,894 · excluded $38,894

  • 6a · Gross rents

    real property $10,000

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $10,000

  • 6d · Net rental income or loss

    total $10,000 · excluded $10,000

Functional expenses

Part IX, the statement of functional expenses.

  • 11b · Fees: legal

    total $5,078 · management and general $5,078

  • 11c · Fees: accounting

    total $8,625 · management and general $8,625

  • 13 · Office expenses

    total $1,698 · management and general $1,698

  • 16 · Occupancy

    total $12,929 · management and general $12,929

  • 20 · Interest

    total $45,959 · program services $45,959

  • 24a · Other expenses: NET LOAN FORGIVENESS- A

    total $668,836 · program services $668,836

  • 24b · Other expenses: INVESTMENT IN SUBSIDIAR

    total $188,825 · program services $188,825

  • 24c · Other expenses: ABANDONMENT RELATED EXP

    total $15,278 · management and general $15,278

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $229,845 · end of year $30,870

  • 4 · Accounts receivable

    beginning of year $0 · end of year $1,667

  • 7 · Other notes and loans receivable

    beginning of year $5,064,500 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $72,929 · end of year $0

  • 13 · Investments: program-related

    end of year $147,199

  • 15 · Other assets

    beginning of year $23,673 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $23,371 · end of year $11,500

  • 23 · Secured mortgages and notes payable

    beginning of year $3,883,926 · end of year $0

  • 25 · Other liabilities

    beginning of year $2,218,371 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year -$734,721 · end of year $168,236

Mission and programs · 2023

Mission

THE MISSION OF THE MEADOWS COMMUNITY FOUNDATION, INC. IS TO SUPPORT QUALITY EDUCATION, RENEW PRIDE AND CONFIDENCE, PROMOTE REINVESTMENT, AND REVITALIZE THE DISTRESSED INDIANAPOLIS MEADOWS NEIGHBORHOOD AFFECTIONATELY KNOWN AS THE MEADOWS, BY CREATING COLLABORATIONS AMONG RESIDENTS, BUSINESSES, COMMUNITY LEADERS, FOUNDATIONS AND GOVERNMENTS.

  • THE ORGANIZATION PROVIDED SUPPORT FOR THE MEADOWS NEIGHBORHOOD THROUGH INVOLVEMENT IN HOUSING, EDUCATION, AND COMMUNITY LEADERSHIP. THE MEADOWS COMMUNITY FOUNDATION AND OTHER LOCAL COMMUNITY PARTNERS WANT TO IMPROVE THE LIVES OF THOSE LIVING IN THE NORTHEAST NEIGHBORHOOD KNOWN AS THE "MEADOWS." SINCE 2008 TWO CHARTER SCHOOLS, A MULTIFAMILY APARTMENT COMPLEX, AND A WELLNESS/PHYSICAL FITNESS CENTER HAVE BEEN ESTABLISHED. IMPROVEMENTS TO FACILITIES HAVE ALSO BEEN MADE. PROJECTS INCLUDE A RETAIL CENTER FEATURING SAVE-A-LOT AND GOODWILL STORES. SOME PARTNERS IN OUR EFFORTS INCLUDE: PURPOSE BUILT COMMUNITIES (THE ENTITY ALSO PROVIDING THE MODEL FOR SUCH NEIGHBORHOOD CHANGES), STRATEGIC CAPITAL PARTNERS, CITY OF INDIANAPOLIS, HEALTHNET, YMCA, UNEC, CICF, LILLY ENDOWMENT, AND UNITED WAY OF CENTRAL INDIANA. 2023 WAS A YEAR MCF CONTINUED TO REVITALIZE THE MEADOWS COMMUNITY BY TRANSITIONING THE RETAIL CENTER OWNERSHIP AND OPERATIONS TO AN ENTITY THAT WAS COMMITTED TO THE NEIGHBORHOOD AND WOULD SUSTAIN NEIGHBORHOOD STABILITY OVER THE LONG TERM. ALSO, IN 2023 CONSTRUCTION FOR QUALITY HOUSING STARTED ON LAND SOLD BY MCF AND AFFILIATES FOR SUCH A DEVELOPMENT. THIS DEVELOPMENT ALSO CAUSED NEIGHBORING HOUSING UNITS TO REVITALIZE, IMPROVING THE QUALITY OF THAT HOUSING AND THEIR RESIDENCE. CRIME IN THE AREA CONTINUES TO DECLINE DUE TO SUCH DEVELOPMENT EFFORTS. THE LAST PIECE OF LAND OWNED BY MCF, INC. AND AFFILIATES WAS SOLD TO A LOCAL BUSINESS FOR FUTURE EXPANSION FOR INCREASED EMPLOYMENT OPPORTUNITIES FOR NEIGHBORHOOD RESIDENTS. IN 2023 THE LAND WAS BEING WELL MAINTAINED ENHANCING THE BEAUTY/QUALITY OF THE NEIGHBORHOOD. NO DATE HAS BEEN SET FOR THE EXPANSION AT THIS TIME.

    Expenses $903,620 · Revenue $471

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Dale F Depoy

    ASSISTANT TREASURER

    Total calculated
    $10,000
    From this org
    $10,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • John T Neighbours

    BOARD PRESIDENT

    Total calculated
    $0
    Hours/week
    3

  • Albert Smith

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Moira Carlsted

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Ellen Annala

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Mark Webster

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

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.

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.

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.

  • MCF RETAIL FINANCE SPE LLC

    OPERATION OF SHOPPING CENTER · IN · income $32,075 · assets $0

    Directly controlled by THE MEADOWS COMMUNITY FOUNDATION INC

Related partnerships

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

  • MCF RETAIL LLC

    RELATED · OPERATION OF SHOPPING CENTER · IN · 90% owned · share of income -$188,821 · share of assets $123,205

    Directly controlled by THE MEADOWS COMMUNITY FOUNDATION INC

Assets distributed on this return

Schedule N, as filed: what the organization did with its assets when it liquidated or dissolved, or disposed of more than a quarter of them, and who received them. A recipient with an EIN is usually a successor organization; filers also list expenses such as legal fees here.

  • MCF RETAIL LLC CO KOSENE & KOSENE

    $5,064,500

    Disposition · INTERCO. RECEIVABLE FOR NEW MARKET TAX CREDIT LOAN FORGIVEN WITH SALE OF UNDERLYING PROPERTY AT A LOSS. · Dec 31, 2023 · PARTNERSHIP

Provenance

Return type
form_990
Tax year
2023
Filed
18 March 2024
IRS schema version
2023v5.0
Source object
202430799349301118

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