← MADISON PARK ECONOMIC DEVELOPMENT CORPORATION

Form 990 for tax year 2022

Filed by MADISON PARK ECONOMIC DEVELOPMENT CORPORATION.

Totals

Total revenue: $1,464,155
Total expenses: $1,598,956
Contributions and grants received: $148,140
Grants paid: $1,896
Program service revenue: $1,183,206
Investment income: $422
Other revenue: $132,387
Total assets, end of year: $4,796,223
Total liabilities, end of year: $5,083,494
Net assets or fund balances, end of year: -$287,271
Program services expenses (Part IX): $1,589,047
Management and general expenses: $9,909
Fundraising expenses: $0
Program service expenses (Part III): $1,589,047

Program services were 99.4% 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.

1d · Related organizations

$96,873
1f · All other contributions, gifts and grants

$51,267
2a · Program service revenue: RENTAL INCOME

total $775,153 · related or exempt $775,153
2b · Program service revenue: PROGRAM FEES

total $408,053 · related or exempt $408,053
3 · Investment income

total $422 · excluded $422
11d · All other revenue

total $132,387 · related or exempt $132,387
11e · Other revenue, total

$132,387

Functional expenses

Part IX, the statement of functional expenses.

2 · Grants to domestic individuals

total $1,896 · program services $1,896
11a · Fees: management

total $354,509 · program services $354,509
11b · Fees: legal

total $1,241 · program services $1,241
11c · Fees: accounting

total $9,909 · management and general $9,909
11g · Fees: other

total $42,810 · program services $42,810
13 · Office expenses

total $38,246 · program services $38,246
14 · Information technology

total $14,974 · program services $14,974
16 · Occupancy

total $530,674 · program services $530,674
20 · Interest

total $96,181 · program services $96,181
22 · Depreciation, depletion and amortization

total $195,844 · program services $195,844
23 · Insurance

total $63,848 · program services $63,848
24a · Other expenses: OPERATING EXPENSES

total $188,154 · program services $188,154
24b · Other expenses: MAINTENANCE EXPENSE

total $21,531 · program services $21,531
24c · Other expenses: FILING FEES

total $1,071 · program services $1,071
24d · Other expenses: CORPORATE TAXES

total $500 · program services $500
24e · All other expenses

total $37,568 · program services $37,568

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $600,705 · end of year $439,535
4 · Accounts receivable

beginning of year $29,004 · end of year $3,964
10a · Land, buildings and equipment: cost or other basis

$5,870,197
10b · Land, buildings and equipment: accumulated depreciation

$1,528,014
10c · Land, buildings and equipment, net

beginning of year $4,491,862 · end of year $4,342,183
15 · Other assets

beginning of year $10,125 · end of year $10,541
17 · Accounts payable and accrued expenses

beginning of year $44,651 · end of year $593,178
21 · Escrow or custodial account liability

beginning of year $28,988 · end of year $19,800
23 · Secured mortgages and notes payable

beginning of year $3,084,090 · end of year $2,542,887
25 · Other liabilities

beginning of year $2,126,437 · end of year $1,927,629
27 · Net assets without donor restrictions

beginning of year -$152,470 · end of year -$287,271

Mission and programs · 2022

Mission

TO PROVIDE SUPPORT FOR ECONOMIC REVITALIZATION IN THE ROXBURY, MASSACHUSETTS AREA.

OWNS AND OPERATES DEWITT CENTER.

Expenses $1,589,047 · Grants $1,896 · Revenue $1,315,593

As filed on the 2022 return.

Listed in Part VII

Ayanna HinesAYANNA HINES

DIRECTOR

Total calculated

$0

Hours/week

1 + 3 related
Eric HallERIC HALL

OUTGOING DIRECTOR

Total calculated

$0

Hours/week

1 + 3 related
Gloria E BrooksGLORIA E BROOKS

VICE PRESIDENT

Total calculated

$0

Hours/week

1 + 3 related
Ivelise RiveraIVELISE RIVERA

TREASURER

Total calculated

$0

Hours/week

1 + 3 related
Karleen P PorcenaKARLEEN P PORCENA

OUTGOING DIRECTOR

Total calculated

$0

Hours/week

1 + 3 related
Lisa MorishantiLISA MORISHANTI

DIRECTOR

Total calculated

$0

Hours/week

1 + 3 related
Malik AzizMALIK AZIZ

PRESIDENT

Total calculated

$0

Hours/week

1 + 3 related
Nina RuffNINA RUFF

SECRETARY

Total calculated

$0

Hours/week

1 + 3 related
Robert L TerrellROBERT L TERRELL

DIRECTOR

Total calculated

$0

Hours/week

1 + 3 related
Sonrisa HaynesSONRISA HAYNES

DIRECTOR

Total calculated

$0

Hours/week

1 + 3 related
Evelyn BarnesEVELYN BARNES

CHIEF FINANCIAL OFFICER

Total calculated

$70,350

From this org

$0

From related orgs

$69,032

Other

$1,318

Hours/week

1 + 42 related
Intiya Ambrogi-IsazaINTIYA AMBROGI-ISAZA

VICE PRESIDENT REAL ESTATE

Total calculated

$161,145

From this org

$0

From related orgs

$140,230

Other

$20,915

Hours/week

1 + 42 related

Schedule J breakdown matched by us

Base

$0 + $131,430 related

Bonus

$0 + $8,800 related

Other

$0

Deferred

$0 + $635 related

Nontaxable benefits

$0 + $20,280 related

Filer's total

$0 + $161,145 related
Leslie A ReidLESLIE A REID

CHIEF EXECUTIVE OFFICER/AS

Total calculated

$253,281

From this org

$0

From related orgs

$222,999

Other

$30,282

Hours/week

1 + 42 related

Schedule J breakdown matched by us

Base

$0 + $222,999 related

Bonus

$0

Other

$0

Deferred

$0 + $2,477 related

Nontaxable benefits

$0 + $27,805 related

Filer's total

$0 + $253,281 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

The filer's explanations (Part III)

PART I, LINE 3: MADISON PARK ECONOMIC DEVELOPMENT CORPORATION HAS NO EMPLOYEES. ALL COMPENSATION IS PROVIDED TO EMPLOYEES OF ITS SOLE MEMBER, MADISON PARK DEVELOPMENT CORPORATION. PLEASE REFER TO MPDC'S FORM 990 FOR COMPENSATION INFORMATION AND DECISION MAKING.

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.

MADISON PARK DEVELOPMENT CORPORATION

501(C)(3) · AFFORDABLE HOUSING · MA
MADISON PARK HOUSING CORPORATION

501(C)(3) · AFFORDABLE HOUSING · MA

Directly controlled by MPDC
LOWER ROXBURY COMMUNITY CORPORATION

501(C)(3) · AFFORDABLE HOUSING · MA

Directly controlled by MPDC
ORCHARD GARDENS RESIDENT ASSOCIATION INC

501(C)(3) · AFFORDABLE HOUSING · MA

Directly controlled by MPDC

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.

MADISON HIBERIAN HALL LLC

RENTAL REAL ESTATE · MA · income $133,750 · assets $354,790

Directly controlled by MPEDC
LRCC LEASING LLC

RENTAL REAL ESTATE · MA · income $50,117 · assets -$194,656

Directly controlled by MPEDC
LRCC HOLDINGS LLC

RENTAL REAL ESTATE · MA · income $0 · assets $0

Directly controlled by MPEDC
DEWITT COMMUNITY CENTER LLC

RENTAL REAL ESTATE · MA · income $23,377 · assets -$127,352

Directly controlled by MPEDC

Related partnerships

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

ADAMS ORCHARD LIMITED PARTNERSHIP

RENTAL REAL ESTATE · MA
BERYL GARDENS LIMITED PARTNERSHIP

RENTAL REAL ESTATE · MA
DUDLEY GREENVILLE LLC

RENTAL REAL ESTATE · MA
MADISON BOTOLPH II LP

RENTAL REAL ESTATE · MA
MADISON PARK IV 2011 LIMITED PARTNERSHIP

RENTAL REAL ESTATE · MA
MADISON TRINITY LIMITED PARTNERSHIP

RENTAL REAL ESTATE · MA
MPIII TOWNHOMES LLC

RENTAL REAL ESTATE · MA
RUGGLES SHAWMUT HOUSING LLC

RENTAL REAL ESTATE · MA
SMITH SENIOR RESIDENCES LLC

RENTAL REAL ESTATE · MA

Related corporations and trusts

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

ADAMS ORCHARD INC

C · RENTAL REAL ESTATE · MA
BERYL GARDENS COOPERATIVE CORPORATION

C · RENTAL REAL ESTATE · MA
BERYL GARDENS INC

C · RENTAL REAL ESTATE · MA
DUDLEY GREENVILLE MM LLC

C · RENTAL REAL ESTATE · MA
MADISON BOTOLPH GP INC

C · RENTAL REAL ESTATE · MA
MADISON DAVENPORT INC

C · RENTAL REAL ESTATE · MA
MADISON PARK IV GP LLC

C · RENTAL REAL ESTATE · MA
MADISON RUGGLES SHAWMUT INC

C · RENTAL REAL ESTATE · MA
MPIII TOWNHOMES MM LLC

C · RENTAL REAL ESTATE · MA
MTV INC

C · RENTAL REAL ESTATE · MA
SMITH SENIOR RESIDENCES MM LLC

C · RENTAL REAL ESTATE · MA

Provenance

Return type: form_990
Tax year: 2022
Filed: 8 November 2023
IRS schema version: 2022v5.0
Source object: 202313139349302426

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