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Nonprofiteer
← ASIAN COMMUNITY DEVELOPMENT CORP

Form 990 for tax year 2024

Filed by ASIAN COMMUNITY DEVELOPMENT CORP.

Totals

Total revenue
$4,785,869
Total expenses
$3,733,823
Contributions and grants received
$1,594,514
Grants paid
$0
Program service revenue
$2,683,412
Investment income
$296,979
Other revenue
$210,964
Total assets, end of year
$43,595,108
Total liabilities, end of year
$18,889,348
Net assets or fund balances, end of year
$24,705,760
Program services expenses (Part IX)
$2,744,693
Management and general expenses
$758,287
Fundraising expenses
$230,843
Program service expenses (Part III)
$2,744,693

Program services were 73.5% 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.

  • 1e · Government grants (contributions)

    $850,657

  • 1f · All other contributions, gifts and grants

    $743,857

  • 2a · Program service revenue: LOAN INTEREST

    total $1,338,318 · related or exempt $1,338,318

  • 2b · Program service revenue: MANAGEMENT FEES

    total $887,425 · related or exempt $887,425

  • 2c · Program service revenue: RENTAL INCOME

    total $415,976 · related or exempt $415,976

  • 2d · Program service revenue: SERVICE REVENUE

    total $41,693 · related or exempt $41,693

  • 3 · Investment income

    total $217,572 · excluded $217,572

  • 6a · Gross rents

    real property $194,992

  • 6b · Less rental expenses

    real property $77,799

  • 6c · Rental income or loss

    real property $117,193

  • 6d · Net rental income or loss

    total $117,193 · excluded $117,193

  • 7a · Gross sales of assets other than inventory

    securities $2,279,097

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

    securities $2,199,690

  • 7c · Gain or loss

    securities $79,407

  • 7d · Net gain or loss

    total $79,407 · excluded $79,407

  • 11d · All other revenue

    total $93,771 · related or exempt $93,771

  • 11e · Other revenue, total

    $93,771

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $176,205 · program services $174,443 · management and general $1,762

  • 7 · Other salaries and wages

    total $896,996 · program services $576,513 · management and general $153,482 · fundraising $167,001

  • 8 · Pension plan contributions

    total $18,067 · program services $11,155 · management and general $4,455 · fundraising $2,457

  • 9 · Other employee benefits

    total $115,600 · program services $58,673 · management and general $36,567 · fundraising $20,360

  • 10 · Payroll taxes

    total $78,738 · program services $52,906 · management and general $13,237 · fundraising $12,595

  • 11a · Fees: management

    total $47,695 · program services $47,695

  • 11b · Fees: legal

    total $9,462 · program services $9,462

  • 11c · Fees: accounting

    total $170,494 · program services $3,941 · management and general $166,553

  • 11f · Fees: investment management

    total $154,729 · management and general $154,729

  • 11g · Fees: other

    total $88,897 · program services $46,018 · management and general $42,879

  • 13 · Office expenses

    total $84,580 · program services $37,102 · management and general $33,139 · fundraising $14,339

  • 14 · Information technology

    total $17,569 · program services $11,514 · management and general $3,003 · fundraising $3,052

  • 16 · Occupancy

    total $651,066 · program services $638,623 · management and general $10,242 · fundraising $2,201

  • 17 · Travel

    total $10,010 · program services $8,353 · management and general $946 · fundraising $711

  • 19 · Conferences, conventions and meetings

    total $12,249 · program services $7,244 · management and general $3,294 · fundraising $1,711

  • 22 · Depreciation, depletion and amortization

    total $271,178 · program services $263,313 · management and general $3,901 · fundraising $3,964

  • 23 · Insurance

    total $10,794 · program services $8,076 · management and general $2,718

  • 24a · Other expenses: BAD DEBT

    total $644,407 · program services $531,980 · management and general $112,427

  • 24b · Other expenses: PROGRAM EXPENSES

    total $253,470 · program services $251,218 · fundraising $2,252

  • 24c · Other expenses: MEMBERSHIP AND SUBSCRIP

    total $10,022 · program services $21 · management and general $9,801 · fundraising $200

  • 24e · All other expenses

    total $11,595 · program services $6,443 · management and general $5,152

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,090,033 · end of year $478,680

  • 2 · Savings and temporary cash investments

    beginning of year $2,025,384 · end of year $2,601,495

  • 4 · Accounts receivable

    beginning of year $238,231 · end of year $394,347

  • 7 · Other notes and loans receivable

    beginning of year $13,033,811 · end of year $13,366,638

  • 9 · Prepaid expenses and deferred charges

    beginning of year $28,396 · end of year $35,805

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

    $15,978,362

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

    $1,155,760

  • 10c · Land, buildings and equipment, net

    beginning of year $12,987,521 · end of year $14,822,602

  • 11 · Investments: publicly traded securities

    beginning of year $3,582,908 · end of year $3,893,359

  • 14 · Intangible assets

    beginning of year $569,708 · end of year $510,404

  • 15 · Other assets

    beginning of year $4,128,642 · end of year $7,491,778

  • 17 · Accounts payable and accrued expenses

    beginning of year $320,377 · end of year $1,959,839

  • 19 · Deferred revenue

    beginning of year $3,303 · end of year $4,115

  • 21 · Escrow or custodial account liability

    beginning of year $52,335 · end of year $62,094

  • 23 · Secured mortgages and notes payable

    beginning of year $12,595,634 · end of year $16,308,984

  • 25 · Other liabilities

    beginning of year $612,351 · end of year $554,316

  • 27 · Net assets without donor restrictions

    beginning of year $23,871,184 · end of year $24,404,164

  • 28 · Net assets with donor restrictions

    beginning of year $229,450 · end of year $301,596

Mission and programs · 2024

Mission

THE ASIAN COMMUNITY DEVELOPMENT CORPORATION (ACDC) WORKS IN UNDERSERVED AND IMMIGRANT ASIAN AMERICAN COMMUNITIES IN THE GREATER BOSTON REGION TO CREATE AND PRESERVE AFFORDABLE, SUSTAINABLE, AND HEALTHY NEIGHBORHOODS. WE ACHIEVE THIS BY BUILDING AFFORDABLE HOMES AND VIBRANT SPACES, EMPOWERING FAMILIES WITH ASSET-BUILDING TOOLS, AND STRENGTHENING COMMUNITIES THROUGH RESIDENT AND YOUTH LEADERSHIP.

  • THE ASIAN COMMUNITY DEVELOPMENT CORPORATION (ACDC) WORKS IN UNDERSERVED AND IMMIGRANT ASIAN AMERICAN COMMUNITIES IN THE GREATER BOSTON REGION TO CREATE AND PRESERVE AFFORDABLE, SUSTAINABLE, AND HEALTHY NEIGHBORHOODS. WE ACHIEVE THIS BY BUILDING AFFORDABLE HOMES AND VIBRANT SPACES, EMPOWERING FAMILIES WITH ASSET-BUILDING TOOLS, AND STRENGTHENING COMMUNITIES THROUGH RESIDENT AND YOUTH LEADERSHIP. ASIAN CDC'S WEBSITE PROVIDES A WEALTH OF INFORMATION AND VIDEOS ABOUT ITS PROGRAMS SEE THE 2024 ANNUAL REPORT AT HTTPS://ASIANCDC.ORG/OUR-WORK. THE BUILDING BLOCKS PROGRAM PROVIDES FINANCIAL EMPOWERMENT THROUGH HOME BUYING WORKSHOPS, FINANCIAL LITERACY TRAINING, MATCHED SAVINGS PROGRAM, AND 1 ON 1 HOUSING COUNSELING.

    Expenses $1,316,371 · Revenue $2,155,409

  • THE HOUSING DEVELOPMENT PROGRAM WORKS TO CREATE AND PRESERVE HIGH QUALITY AFFORDABLE HOUSING TO MEET THE NEEDS OF COMMUNITIES OF LOW-INCOME ASIAN AMERICAN POPULATIONS. ACDC NOW HAS 7 PROPERTIES IN ITS PORTFOLIO THAT INCLUDES 344 AFFORDABLE RENTALS.

    Expenses $692,060 · Revenue $621,774

  • YOUTH PROGRAMS INCLUDE A HIGH SCHOOL LEADERSHIP PROGRAM, ASIAN VOICES OF ORGANIZED YOUTH FOR COMMUNITY EMPOWERMENT (A-VOYCE), TRAINING YOUTH IN COMMUNITY LEADERSHIP AND ORGANIZING IN CHINATOWN AND THE GREATER BOSTON AREA. YOUTH ALSO HAVE OPPORTUNITIES TO LEARN ABOUT CULTURAL IDENTITY, COMMUNITY DEVELOPMENT, AND UNDERTAKE PLACEKEEPING ACTIVITIES, WHICH INCLUDE RESIDENT-LED PUBLIC ART PROJECTS AND CULTURAL EVENTS ADDRESSING COMMUNITY POWER AND IMPACTS OF GENTRIFICATION. ASIAN-AMERICAN IDENTIFYING HIGH SCHOOL YOUTH LEARN ENTREPRENEURSHIP SKILLS AND APPLY THESE SKILLS THROUGH RUNNING THEIR OWN YOUTH-LED BUSINESS PROVIDING WALKING TOURS OF CHINATOWN AND OTHER PROJECTS.

    Expenses $736,262

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • DANIEL PARK

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DANIELLE KIM

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • EMILY YU

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • EUGENE HO

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • GEOFFREY WHY

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • HELEN HAN

    DIRECTOR (UNTIL 09/2024)

    Total calculated
    $0
    Hours/week
    1

  • JARONE LEE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JEFFREY HSI

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • KAREN SOOHOO

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MAI DU

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MICHAEL S GRECO

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • NICK CHAU

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • PAUL W LEE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • VINCENT LAU

    ASST. CLERK

    Total calculated
    $0
    Hours/week
    1

  • YONGMEI CHEN

    ASST. TREASURER

    Total calculated
    $0
    Hours/week
    1

  • ANGIE LIOU

    EXECUTIVE DIRECTOR

    Total calculated
    $173,077
    From this org
    $134,149
    From related orgs
    $0
    Other
    $38,928
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $134,149
    Bonus
    $0
    Other
    $0
    Deferred
    $3,821
    Nontaxable benefits
    $35,107
    Filer's total
    $173,077

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.

  • HUDSON STREET REVIVAL LLC

    HOUSING SUPPORT · MA · income $0 · assets $0

    Directly controlled by ACDC

  • ACDC OAK TERRACE LAND LLC

    HOUSING SUPPORT · MA · income $3,425,539 · assets $15,895,805

    Directly controlled by ACDC

  • ACDC MARTENSEN VILLAGE HOLDING LLC

    HOUSING SUPPORT · MA · income $327,082 · assets $2,935,247

    Directly controlled by ACDC

  • ACDC METROPOLITAN MM LLC

    HOUSING SUPPORT · MA · income $0 · assets $0

    Directly controlled by ACDC

  • ACDC METROPOLITAN IM LLC

    HOUSING SUPPORT · MA · income $10,926 · assets $302,239

    Directly controlled by ACDC

  • ACDC 64 BEACH LLC

    HOUSING SUPPORT · MA · income $500,455 · assets $8,120,906

    Directly controlled by ACDC

  • ACDC 213 MAIN STREET LLC

    HOUSING SUPPORT · MA · income $1,320 · assets $1,333,645

    Directly controlled by ACDC

  • ACDC 245 BRYANT LLC

    HOUSING SUPPORT · MA · income $0 · assets $2,044,079

    Directly controlled by ACDC

  • ACDC 55 HUDSON DEVELOPMENT LLC

    HOUSING SUPPORT · MA · income $0 · assets $0

    Directly controlled by ACDC

Related partnerships

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

Related corporations and trusts

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

Provenance

Return type
form_990
Tax year
2024
Filed
17 October 2025
IRS schema version
2024v5.2
Source object
202532939349300018

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