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Nonprofiteer
← MASSDEVELOPMENT HEFA TRUST

Form 990 for tax year 2023

Filed by MASSDEVELOPMENT HEFA TRUST.

Totals

Total revenue
$510,141
Total expenses
$446,405
Contributions and grants received
$0
Grants paid
$349,214
Program service revenue
$0
Investment income
$509,394
Other revenue
$747
Total assets, end of year
$10,059,179
Total liabilities, end of year
$9,912
Net assets or fund balances, end of year
$10,049,267
Program services expenses (Part IX)
$349,214
Management and general expenses
$97,191
Fundraising expenses
$0
Program service expenses (Part III)
$349,214

Program services were 78.2% 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.

  • 3 · Investment income

    total $273,132 · related or exempt $273,132

  • 7a · Gross sales of assets other than inventory

    securities $694,665

  • 7b · Less cost or other basis and sales expenses

    securities $458,403

  • 7c · Gain or loss

    securities $236,262

  • 7d · Net gain or loss

    total $236,262 · related or exempt $236,262

  • 11a · Other revenue: REIMBURSEMENT REVENUE

    total $747 · related or exempt $747 · excluded $0

  • 11e · Other revenue, total

    $747

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $349,214 · program services $349,214

  • 11a · Fees: management

    total $53,578 · management and general $53,578

  • 11c · Fees: accounting

    total $4,989 · management and general $4,989

  • 11f · Fees: investment management

    total $38,624 · management and general $38,624

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $449,464 · end of year $100,250

  • 2 · Savings and temporary cash investments

    beginning of year $10,985 · end of year $11,586

  • 11 · Investments: publicly traded securities

    beginning of year $8,856,730 · end of year $9,947,343

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,032 · end of year $4,335

  • 25 · Other liabilities

    beginning of year $18,562 · end of year $5,577

  • 27 · Net assets without donor restrictions

    beginning of year $9,294,585 · end of year $10,049,267

Mission and programs · 2023

Mission

THE TRUST MAY PROVIDE FUNDS (I) FOR THE BENEFIT OF MASSACHUSETTS DEVELOPMENT FINANCE AGENCY (MASSDEVELOPMENT), A QUASIPUBLIC ENTITY, TO REDUCE CHARGES THAT IT OTHERWISE WOULD IMPOSE ON CERTAIN INSTITUTIONS USING ITS SERVICES AND (II) FOR THE (SEE SCHEDULE O) BENEFIT OF CERTAIN CHARITABLE ORGANIZATIONS AND GOVERNMENTAL ENTITIES THAT THE FORMER MASSACHUSETTS HEALTH AND EDUCATIONAL FACILITIES AUTHORITY, PRIOR TO ITS MERGER BY LAW INTO MASSDEVELOPMENT, WAS AUTHORIZED BY STATUTE TO ASSIST.

Activities or mission (Part I)

THE TRUST MAY PROVIDE FUNDS FOR THE BENEFIT OF MASSDEVELOPMENT FINANCE AGENCY

  • FUNDED HEALTHCARE INITIATIVES FOR VARIOUS HEALTHCARE ENTITIES TO HELP THEM BETTER SERVE THEIR COMMUNITIES.

    Expenses $349,214 · Grants $349,214 · Revenue $510,141

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

Listed in Part VII

  • Brian Kavoogian

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 36.5 related

  • Sean Calnan

    DIRECTOR/CLERK

    Total calculated
    $250,165
    From this org
    $0
    From related orgs
    $190,618
    Other
    $59,547
    Hours/week
    1 + 36.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $190,618 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $48,714 related
    Nontaxable benefits
    $0 + $10,833 related
    Filer's total
    $0 + $250,165 related

  • Simon Gerlin

    EVP FINANCE/CFO

    Total calculated
    $298,310
    From this org
    $0
    From related orgs
    $232,837
    Other
    $65,473
    Hours/week
    1 + 36.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $232,837 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $52,628 related
    Nontaxable benefits
    $0 + $12,845 related
    Filer's total
    $0 + $298,310 related

  • Daniel Rivera

    PRESIDENT/CEO

    Total calculated
    $275,665
    From this org
    $0
    From related orgs
    $227,407
    Other
    $48,258
    Hours/week
    1 + 36.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $227,407 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $41,718 related
    Nontaxable benefits
    $0 + $6,540 related
    Filer's total
    $0 + $275,665 related

  • Cynthia Tonucci

    INTERIM EVP FINANCE PROGRAMS

    Total calculated
    $275,704
    From this org
    $0
    From related orgs
    $226,929
    Other
    $48,775
    Hours/week
    1 + 36.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $226,929 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $39,183 related
    Nontaxable benefits
    $0 + $9,592 related
    Filer's total
    $0 + $275,704 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 4A
RICKS FRAZIER DEPARTED THE BOD AND MDFA, HE WAS PAID OUT FOR HIS VACATION UPON EXIT, IN THE AMOUNT OF $32,133.11.

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

  • DUFFY HEALTH CENTER INC

    $50,000

    INSTALLATION OF A PATIENT BATHROOM MONITORING SYSTEM (LINKED TO AN ALARM SYSTEM) THAT ALERTS STAFF IF BATHROOM OCCUPANTS ARE MOTIONLESS.

  • COMMUNITY HEALTHLINK INC

    $50,000

    RENOVATION INCLUDES NEW FLOORS, FRYER, ELECTRICAL UPGRADE, DELIVERY DOOR, FOOD STORAGE RACKS, AND OTHER FOOD PREP ITEMS.

  • HOLYOKE HEALTH CENTER INC

    $50,000

    FUNDS ARE REQUESTED FOR A FACILITY UPGRADE TO THE MAIN BUILDING OF THE HOLYOKE HEALTH CENTER (HHC) CAMPUS.

  • GREATER LAWRENCE FAMILY HEALTH CTR

    $50,000

    PURCHASE OF A NEW, 2-EXAM ROOM, MOBILE HEALTH UNIT (MHU).

  • LOWELL COMMUNITY HEALTH CTR

    $50,000

    PURCHASE OF FURNITURE FOR NEW SCHOOL-BASED HEALTH CENTER FACILITIES AT LOWELL HIGH SCHOOL AS PART OF THE COMPLETE RENOVATION OF THE HIGH SCHOOL CAMPUS SITE.

  • BROCKTON NEIGHBORHOOD HEALTH CTR

    $49,878

    EQUIPMENT AND FURNITURE FOR 17 NEW EXAM ROOMS, INCLUDING 16 EXAMINATION TABLES, 1 EXAM TABLE WITH A POWER BASE, DOCTOR STOOLS, 12 INTEGRATED WALL DIAGNOSTIC SYSTEMS, AND EXAM TABLE COVERINGS.

  • LYNN COMMUNITY HEALTH CENTER

    $49,336

    AV TECHNOLOGY PROJECT.

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.

  • MASSDEVELOPMENT FINANCE AGENCY

    115 · ECONOMIC GROWTH AND DEVELOPMENT · MA

  • CIVIC INVESTMENTS INC

    501(C)(3) · CONDUIT FUND · MA

    Directly controlled by MASSDEVELOPMENT FINANCE AGENCY

  • MASSCARE CAPITAL INC

    501(C)(3) · FOUNDATION SUPPORT MASSDEVELOPMENT AND OTHER 501.C.3.S · MA

    Directly controlled by MASSDEVELOPMENT FINANCE AGENCY

  • TAUNTON DEVELOPMENTMASSDEVELOPMENT CORP

    501(C)(3) · PROMOTE ECONOMIC DEVELOPMENT · MA

    Directly controlled by MASSDEVELOPMENT FINANCE AGENCY

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.

Related partnerships

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

  • HOSPITAL HILL DEVELOPMENT LLC

    INVESTMENT · REDEVLOPMENT STATE HOSPITAL · MA

Provenance

Return type
form_990
Tax year
2023
Filed
12 May 2025
IRS schema version
2023v6.0
Source object
202521349349303982

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