Skip to content
Nonprofiteer
← FIRST CHURCH IN MALDEN HOMES INC

Form 990 for tax year 2023

Filed by FIRST CHURCH IN MALDEN HOMES INC.

Totals

Total revenue
$1,093,463
Total expenses
$98,622
Contributions and grants received
$29,550
Grants paid
$0
Program service revenue
$977,924
Investment income
$85,955
Other revenue
$34
Total assets, end of year
$16,073,160
Total liabilities, end of year
$19,455
Net assets or fund balances, end of year
$16,053,705
Program services expenses (Part IX)
$40,804
Management and general expenses
$57,818
Fundraising expenses
$0
Program service expenses (Part III)
$40,804

Program services were 41.4% 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.

  • 1f · All other contributions, gifts and grants

    $29,550

  • 2a · Program service revenue: TAX CREDIT COMPLIANCE

    total $419,555 · related or exempt $419,555

  • 2b · Program service revenue: INCENTIVE MANAGEMENT F

    total $419,555 · related or exempt $419,555

  • 2c · Program service revenue: PSP DISTRIBUTION INCOM

    total $134,647 · related or exempt $134,647

  • 2d · Program service revenue: INTEREST INCOME ON NOT

    total $4,167 · related or exempt $4,167

  • 3 · Investment income

    total $73,851 · excluded $73,851

  • 7a · Gross sales of assets other than inventory

    securities $100,000

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

    securities $87,896

  • 7c · Gain or loss

    securities $12,104

  • 7d · Net gain or loss

    total $12,104 · excluded $12,104

  • 11d · All other revenue

    total $34 · related or exempt $34

  • 11e · Other revenue, total

    $34

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $48,322 · program services $15,750 · management and general $32,572

  • 11c · Fees: accounting

    total $18,100 · management and general $18,100

  • 13 · Office expenses

    total $7,146 · management and general $7,146

  • 24a · Other expenses: EQUITY IN LOSS OF INVES

    total $25,054 · program services $25,054

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $20,583 · end of year $11,593

  • 2 · Savings and temporary cash investments

    beginning of year $14,921,948 · end of year $15,486,458

  • 7 · Other notes and loans receivable

    end of year $504,167

  • 13 · Investments: program-related

    beginning of year $129,241 · end of year $70,742

  • 15 · Other assets

    beginning of year $200 · end of year $200

  • 17 · Accounts payable and accrued expenses

    beginning of year $14,300 · end of year $13,200

  • 25 · Other liabilities

    beginning of year $6,569 · end of year $6,255

  • 27 · Net assets without donor restrictions

    beginning of year $15,051,103 · end of year $16,053,705

Mission and programs · 2023

Mission

THE ORGANIZATION'S MISSION IS TO PROVIDE FINANCING FOR LOW TO MODERN INCOME HOUSING PROJECTS, AS WELL AS TO OWN, OPERATE, AND DEVELOP A LOW TO MODERATE INCOME HOUSING PROJECT.

Activities or mission (Part I)

TO ACQUIRE, CONSTRUCT AND OPERATE AN INTEREST IN AFFORDABLE HOUSING IN MALDEN, MASSACHUSETTS.

  • OWN, OPERATE AND DEVELOP A LOW TO MODERATE INCOME HOUSING PROJECT.

    Expenses $40,804 · Revenue $977,958

As filed on the 2023 return.

Listed in Part VII

  • PAUL FRAZIER

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • PETER DEMIRDJIAN

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • WILLIAM CONLEY

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • JEFFREY PARKS

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • PATRICIA DEMIRDJIAN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JAMES C LONG

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JOHN OTERI

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • STEPHEN FRAZIER

    EXECUTIVE DIRECTOR

    Total calculated
    $259,494
    From this org
    $212,890
    From related orgs
    $0
    Other
    $46,604
    Hours/week
    10 + 40 related

    Schedule J breakdown matched by us

    Base
    $212,890
    Bonus
    $0
    Other
    $0
    Deferred
    $21,289
    Nontaxable benefits
    $25,315
    Filer's total
    $259,494

  • MARIA FRAZIER

    SERVICE COORDINATOR

    Total calculated
    $120,113
    From this org
    $109,194
    From related orgs
    $0
    Other
    $10,919
    Hours/week
    1 + 40 related

  • PAUL FRAZIER

    SERVICE MANAGER

    Total calculated
    $137,546
    From this org
    $105,783
    From related orgs
    $0
    Other
    $31,763
    Hours/week
    1 + 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

  • 3 · Approval by the board or compensation committee

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.

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.

  • FIRST CHURCH MALDEN HOMES II LLC

    ACQUIRE, OWN, RENOVATE, CONSTRUCT, DEVELOP, OPERATE, LEASE, SELL REAL ESTATE · MA · income $0 · assets $0

    Directly controlled by FIRST CHURCH IN MALDEN HOMES INC

  • FIRST CHURCH PETER SANBORN LLC

    ACQUIRE, OWN, RENOVATE, CONSTRUCT, DEVELOP, OPERATE, LEASE, SELL REAL ESTATE · MA · income $86,330 · assets $3,327,469

    Directly controlled by FIRST CHURCH IN MALDEN HOMES INC

Related partnerships

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

  • HERITAGE 195 PLEASANT STREET LLC

    RELATED · INVESTMENT, OWNERSHIP, DEVELOPMENT OF ELDERLY MIXED INCOME HOUSING · MA · 0.01% owned · share of income $103 · share of assets $488,777 · general or managing partner

    Directly controlled by FIRST CHURCH MALDEN HOMES II LLC

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202443209349305789

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.