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← HOLLYWOOD ARTS BUILDING QALICB

Form 990 for tax year 2023

Filed by HOLLYWOOD ARTS BUILDING QALICB.

Totals

Total revenue
$0
Total expenses
$35,714
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$0
Investment income
$0
Other revenue
$0
Total assets, end of year
$24,192,921
Total liabilities, end of year
$24,261,137
Net assets or fund balances, end of year
-$68,216
Program services expenses (Part IX)
$0
Management and general expenses
$35,714
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 0.0% 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.

Functional expenses

Part IX, the statement of functional expenses.

  • 24a · Other expenses: PROJECT DEV. FEES

    total $35,714 · management and general $35,714

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $0 · end of year $0

  • 2 · Savings and temporary cash investments

    beginning of year $20,685,135 · end of year $18,843,600

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $0 · end of year $0

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $217,498 · end of year $181,784

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

    $5,167,537

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

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $2,622,865 · end of year $5,167,537

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $0 · end of year $531,990

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $23,558,000 · end of year $23,558,000

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $0 · end of year $171,147

  • 27 · Net assets without donor restrictions

    beginning of year -$32,502 · end of year -$68,216

Mission and programs · 2023

Mission

THE HOLLYWOOD ARTS BUILDING QALICB ("QALICB") WAS ESTABLISHED TO HELP FACILITATE A NEW MARKETS TAX CREDIT TRANSACTION FOR THE HOLLYWOOD ARTS COLLECTIVE. (SEE SCHEDULE O)THE NEW MARKETS TAX CREDIT PROGRAM INCENTIVIZES COMMUNITY DEVELOPMENT AND ECONOMIC GROWTH THROUGH THE USE OF TAX CREDITS THAT ATTRACT PRIVATE INVESTMENT TO DISTRESSED COMMUNITIES.

Activities or mission (Part I)

WE PROVIDE FINANCIAL SUPPORT FOR THE REHABILITATION OF THE HOLLYWOOD ARTS COLLECTIVE.

  • THE HOLLYWOOD ARTS BUILDING QALICB ("QALICB") DID NOT UNDERTAKE ANY ACTIVE PROGRAMMATIC ACTIVITIES IN CALENDAR YEAR 2023. THE QALICB WAS CREATED FOR THE EXPRESS PURPOSE OF FACILITATING A NEW MARKETS TAX CREDIT AND LIKELY WILL ONLY INCUR EXPENDITURES RELATED TO THE FACILITATION OF FINANCING FOR THE HOLLYWOOD ARTS COLLECTIVE BUILDING.

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

Listed in Part VII

  • JOSEPH BENINCASA

    PRESIDENT

    Total calculated
    $823,702
    From this org
    $0
    From related orgs
    $697,808
    Other
    $125,894
    Hours/week
    1 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $474,894 related
    Bonus
    $0 + $125,000 related
    Other
    $0 + $97,914 related
    Deferred
    $0 + $86,579 related
    Nontaxable benefits
    $0 + $39,315 related
    Filer's total
    $0 + $823,702 related

  • BARBARA DAVIS

    SECRETARY

    Total calculated
    $499,761
    From this org
    $0
    From related orgs
    $393,563
    Other
    $106,198
    Hours/week
    1 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $369,949 related
    Bonus
    $0 + $15,214 related
    Other
    $0 + $8,400 related
    Deferred
    $0 + $65,393 related
    Nontaxable benefits
    $0 + $40,805 related
    Filer's total
    $0 + $499,761 related

  • CONNIE YOO

    TREASURER

    Total calculated
    $417,016
    From this org
    $0
    From related orgs
    $320,491
    Other
    $96,525
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $299,522 related
    Bonus
    $0 + $12,569 related
    Other
    $0 + $8,400 related
    Deferred
    $0 + $52,731 related
    Nontaxable benefits
    $0 + $43,794 related
    Filer's total
    $0 + $417,016 related

  • MARK HOSTETTER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • COURTNEY DEBEIKES

    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. 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

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 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 3
HOLLYWOOD ARTS BUILDING QALICB ("QALICB") DOES NOT COMPENSATE ANY OF THE INDIVIDUALS REPORTED IN SCHEDULE J OF THE FORM 990; COMPENSATION REPORTED IN THAT SCHEDULE IS PAID BY ITS PARENT ORGANIZATION, THE ACTORS' FUND OF AMERICA ("AFA"). SINCE QALICB DOES NOT PROVIDE ANY COMPENSATION, SCHEDULE J, PART I, QUESTION 3 IS LEFT BLANK. FOR MORE INFORMATION ABOUT THE PROCEDURES EMPLOYED TO DETERMINE THE COMPENSATION OF THE INDIVIDUALS REPORTED ON THE QALICB FORM 990, PLEASE REFER TO SCHEDULE J OF THE AFA FORM 990.
PART I, LINE 4B
FOR THE YEAR ENDING DECEMBER 31, 2023, JOSEPH BENINCASA - PRESIDENT & CEO, BARBARA DAVIS - CHIEF OPERATING OFFICER, AND CONNIE YOO - CHIEF FINANCIAL OFFICER PARTICIPATED IN THE RELATED ORGANIZATION'S SUPPLEMENTAL 457(F) NONQUALIFIED RETIREMENT PLAN. SECTION 457(F) DEFERRALS FOR THESE INDIVIDUALS WERE $38,492, $17,323, AND $5,417 RESPECTIVELY AND ARE REPORTED IN SCHEDULE J, PART II, COLUMN (C).

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.

Provenance

Return type
form_990
Tax year
2023
Filed
10 October 2024
IRS schema version
2023v5.1
Source object
202432849349301903

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