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Nonprofiteer
← TAUNTON DEVELOPMENT MASSDEVELOPMENT CORPORATION

Form 990 for tax year 2022

Filed by TAUNTON DEVELOPMENT MASSDEVELOPMENT CORPORATION.

Totals

Total revenue
-$91,547
Total expenses
$155,712
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$0
Investment income
-$630,840
Other revenue
$539,293
Total assets, end of year
$9,624,072
Total liabilities, end of year
$90,526
Net assets or fund balances, end of year
$9,533,546
Program services expenses (Part IX)
$110,000
Management and general expenses
$45,712
Fundraising expenses
$0
Program service expenses (Part III)
$110,000

Program services were 70.6% 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.

  • 7a · Gross sales of assets other than inventory

    other assets $7,125,000

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

    other assets $7,755,840

  • 7c · Gain or loss

    other assets -$630,840

  • 7d · Net gain or loss

    total -$630,840 · excluded -$630,840

  • 11a · Other revenue: DIF DEMOLITION REIMBURSEMENT

    total $500,000 · excluded $500,000

  • 11b · Other revenue: DIF ADMIN EXPENSE REIMBURSEMENT

    total $39,293 · excluded $39,293

  • 11e · Other revenue, total

    $539,293

Functional expenses

Part IX, the statement of functional expenses.

  • 11c · Fees: accounting

    total $5,776 · management and general $5,776

  • 23 · Insurance

    total $39,740 · management and general $39,740

  • 24a · Other expenses: PROJECT EXPENSE

    total $80,000 · program services $80,000

  • 24b · Other expenses: PROPERTY MAINTENANCE

    total $30,000 · program services $30,000

  • 24c · Other expenses: ADMINISTRATIVE

    total $196 · management and general $196

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $654,583 · end of year $7,738,530

  • 9 · Prepaid expenses and deferred charges

    beginning of year $11,716 · end of year $12,799

  • 10a · Land, buildings and equipment: cost or other basis

    $1,872,743

  • 10b · Land, buildings and equipment: accumulated depreciation

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $9,363,719 · end of year $1,872,743

  • 17 · Accounts payable and accrued expenses

    beginning of year $249,213 · end of year $90,526

  • 28 · Net assets with donor restrictions

    beginning of year $9,780,805 · end of year $9,533,546

Mission and programs · 2022

Mission

THE PRINCIPLE CHARITABLE PURPOSE OF TAUNTON DEVELOPMENT/MASSDEVELOPMENT CORPORATION ("THE CORPORATION") IS TO PROMOTE ECONOMIC DEVELOPMENT AND TO LESSEN THE BURDENS OF GOVERNMENT BY REDEVELOPING LAND THAT WAS PART OF THE FORMER PAUL A. DEVER SCHOOL IN TAUNTON, MASSACHUSETTS.

  • TAUNTON DEVELOPMENT/MASSDEVELOPMENT CORPORATION WAS FORMED TO OWN AND REDEVELOP THE FORMER DEVER STATE SCHOOL CORE CAMPUS IN TAUNTON, MA. THE PROPERTY CONSISTS OF APPROXIMATELY 220 ACRES WITH APPROXIMATELY 40 DILAPIDATED BUILDINGS AND UNDERGROUND TUNNELS. REDEVELOPMENT WORK ON THE PROPERTY BEGAN IN FISCAL YEAR 2012. REDEVELOPMENT CONSISTS OF BUILDING ROADS AND UTILITIES INFRASTRUCTURE, OBTAINING PERMITS, AND SELLING DEVELOPMENT-READY PARCELS OF LAND TO COMPANIES AND OTHERS TO GENERATE JOB CREATION AND JOB TRAINING/SKILLS DEVELOPMENT.

    Expenses $110,000

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Tania Hartford

    DIRECTOR/PRESIDENT

    Total calculated
    $254,151
    From this org
    $0
    From related orgs
    $221,890
    Other
    $32,261
    Hours/week
    2.5 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $221,048 related
    Bonus
    $0
    Other
    $0 + $842 related
    Deferred
    $0 + $27,666 related
    Nontaxable benefits
    $0 + $4,595 related
    Filer's total
    $0 + $254,151 related

  • Simon R Gerlin

    DIRECTOR/TREASURER

    Total calculated
    $291,299
    From this org
    $0
    From related orgs
    $231,643
    Other
    $59,656
    Hours/week
    2.5 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $227,942 related
    Bonus
    $0
    Other
    $0 + $3,701 related
    Deferred
    $0 + $29,509 related
    Nontaxable benefits
    $0 + $30,147 related
    Filer's total
    $0 + $291,299 related

  • Jay Pateakos

    DIRECTOR (TRHU 06/2023)

    Total calculated
    $124,301
    From this org
    $0
    From related orgs
    $86,812
    Other
    $37,489
    Hours/week
    2.5 + 40 related

  • Daniel Darosa

    DIRECTOR/VP

    Total calculated
    $0
    Hours/week
    2.5 + 40 related

  • Michael Miller

    DIRECTOR/VP

    Total calculated
    $0
    Hours/week
    2.5 + 40 related

  • Louis Ricciardi

    DIRECTOR/VP

    Total calculated
    $0
    Hours/week
    2.5 + 40 related

  • Victor Santos

    DIRECTOR/VP

    Total calculated
    $0
    Hours/week
    2.5 + 40 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

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 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

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.

  • MASSACHUSETTS DEVELOPMENT FINANCE AGENCY

    115 · ECONOMY GROWTH · MA

  • CIVIC INVESTMENTS INC

    501(C)(3) · CONDUIT FUND · MA

    Directly controlled by MDFA

  • MASSCARE CAPITAL INC

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

    Directly controlled by MDFA

  • MASSDEVELOPMENTHEFA TRUST

    501(C)(3) · CONDUIT TRUST · MA

    Directly controlled by MDFA

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

    REDEVELOPMENT STATE HOSPITAL · MA

Provenance

Return type
form_990
Tax year
2022
Filed
5 March 2024
IRS schema version
2022v5.0
Source object
202400789349301305

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