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Nonprofiteer
← MADISON PARK ECONOMIC DEVELOPMENT CORPORATION

Form 990 for tax year 2025

Filed by MADISON PARK ECONOMIC DEVELOPMENT CORPORATION.

Totals

Total revenue
$2,898,213
Total expenses
$1,428,927
Contributions and grants received
$46,140
Grants paid
$4,965
Program service revenue
$1,218,482
Investment income
$135
Other revenue
$1,633,456
Total assets, end of year
$3,819,267
Total liabilities, end of year
$2,583,665
Net assets or fund balances, end of year
$1,235,602
Program services expenses (Part IX)
$1,424,816
Management and general expenses
$4,111
Fundraising expenses
$0
Program service expenses (Part III)
$1,424,816

Program services were 99.7% 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)

    $11,805

  • 1f · All other contributions, gifts and grants

    $34,335

  • 2a · Program service revenue: RENTAL INCOME

    total $648,374 · related or exempt $648,374

  • 2b · Program service revenue: PROGRAM FEES

    total $570,108 · related or exempt $570,108

  • 3 · Investment income

    total $135 · excluded $135

  • 11a · Other revenue: RECOVERY OF BAD DEBTS

    total $1,627,807 · related or exempt $1,627,807

  • 11d · All other revenue

    total $5,649 · related or exempt $5,649

  • 11e · Other revenue, total

    $1,633,456

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $4,965 · program services $4,965

  • 11a · Fees: management

    total $323,971 · program services $323,971

  • 11b · Fees: legal

    total $3,226 · program services $3,226

  • 11c · Fees: accounting

    total $4,111 · management and general $4,111

  • 11g · Fees: other

    total $90,018 · program services $90,018

  • 13 · Office expenses

    total $45,856 · program services $45,856

  • 16 · Occupancy

    total $379,943 · program services $379,943

  • 20 · Interest

    total $91,176 · program services $91,176

  • 22 · Depreciation, depletion and amortization

    total $159,052 · program services $159,052

  • 23 · Insurance

    total $96,191 · program services $96,191

  • 24a · Other expenses: MAINTENANCE EXPENSE

    total $208,596 · program services $208,596

  • 24b · Other expenses: PROGRAM SUPPLIES

    total $20,700 · program services $20,700

  • 24e · All other expenses

    total $1,122 · program services $1,122

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $204,521 · end of year $329,861

  • 2 · Savings and temporary cash investments

    end of year $43,117

  • 4 · Accounts receivable

    beginning of year $18,773 · end of year $53,166

  • 9 · Prepaid expenses and deferred charges

    end of year $13,229

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

    $5,006,951

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

    $1,629,257

  • 10c · Land, buildings and equipment, net

    beginning of year $3,534,087 · end of year $3,377,694

  • 15 · Other assets

    beginning of year $12,204 · end of year $2,200

  • 17 · Accounts payable and accrued expenses

    beginning of year $321,790 · end of year $322,705

  • 19 · Deferred revenue

    end of year $2,575

  • 23 · Secured mortgages and notes payable

    beginning of year $2,271,569 · end of year $1,317,134

  • 25 · Other liabilities

    beginning of year $1,361,914 · end of year $941,251

  • 27 · Net assets without donor restrictions

    beginning of year -$185,688 · end of year $1,235,602

Mission and programs · 2025

Mission

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

  • TO DEVELOP AND PRESERVE SAFE, AFFORDABLE, AND LOW-INCOME HOUSING TO COMBAT COMMUNITY DETERIORATION BY PROVIDING OR FINANCING BUSINESSES AND NONPROFIT ORGANIZATIONS THAT WOULD BE UNABLE TO OTHERWISE OBTAIN FINANCING. THIS PROMOTES A GENERAL WELCOME OF UNDERSERVED COMMUNITIES, AND ASSISTS IN THE ELIMINATION OF STRUCTURAL RACISM AND DISCRIMINATION AND SUPPORTS MADISON PARK DEVELOPMENT CORPORATION AND ITS AFFILIATES IN THE DEVELOPMENT OF PHYSICAL, ECONOMIC, SOCIAL AND STRUCTURAL REVITALIZATION OF THE ROXBURY NEIGHBORHOOD OF BOSTON, MASSACHUSETTS.

    Expenses $1,424,816 · Grants $4,965 · Revenue $2,851,938

As filed on the 2025 return.

Listed in Part VII

  • Ayanna Hines

    PRESIDENT (UNTIL 7/25)

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Chanda K Smart

    DIRECTOR (UNTIL 7/25)

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Dwayne Watts

    DIRECTOR (UNTIL 7/25)

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Gloria Brooks

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Ivelise Rivera

    TREASURER

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Jeanne Pinado

    DIRECTOR (AS OF 9/25)

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Malik Aziz

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Nina Ruff

    SECRETARY

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Robert L Terrell

    DIRECTOR (UNTIL 2/25)

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Sonrisa Hayes

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Amanda Puricelli

    CFO

    Total calculated
    $0
    Hours/week
    1 + 42 related

  • Ingrid Tucker

    CHIEF EXECUTIVE OFFICER (UNTIL 7/25)

    Total calculated
    $332,141
    From this org
    $0
    From related orgs
    $307,946
    Other
    $24,195
    Hours/week
    1 + 42 related

    Schedule J breakdown matched by us

    Base
    $0 + $177,946 related
    Bonus
    $0
    Other
    $0 + $130,000 related
    Deferred
    $0 + $7,118 related
    Nontaxable benefits
    $0 + $17,077 related
    Filer's total
    $0 + $332,141 related

  • Initya Ambrogi-Isaza

    VICE PRESIDENT OF REAL ESTATE

    Total calculated
    $244,980
    From this org
    $0
    From related orgs
    $216,285
    Other
    $28,695
    Hours/week
    1 + 42 related

    Schedule J breakdown matched by us

    Base
    $0 + $210,285 related
    Bonus
    $0 + $6,000 related
    Other
    $0
    Deferred
    $0 + $8,651 related
    Nontaxable benefits
    $0 + $20,044 related
    Filer's total
    $0 + $244,980 related

  • Kate Bennet

    INTERIM CHIEF EXECUTIVE OFFICER (AS OF 8/25)

    Total calculated
    $0
    Hours/week
    1 + 42 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

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

Answered no

  • 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
THE ORGANIZATION'S CEO IS COMPENSATED BY MADISON PARK DEVELOPMENT CORPORATION, A RELATED ENTITY. THIS ENTITY USES THE FOLLOWING METHODS TO ESTABLISH COMPENSATION: - INDEPENDENT COMPENSATION CONSULTANT - FORM 990 OF OTHER ORGANIZATIONS - APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE
PART I, LINE 4A
INGRID TUCKER RECEIVED SEVERANCE COMPENSATION FOR $130,000 DURING CALENDAR YEAR 2025.

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.

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.

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 HAYNES LLC

    RENTAL REAL ESTATE · MA

  • MADISON MELNEA CASS LLC

    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

  • SCHOOL HOUSE BROOKLEDGE CUMMINS LIMITED PARTNERSHIP

    RENTAL REAL ESTATE · MA

  • SCHOOL HOUSE KENILWORTH WILLIAMS LIMITED PARTNERSHIP

    RENTAL REAL ESTATE · MA

  • SMITH SENIOR RESIDENCES LLC

    RENTAL REAL ESTATE · MA

  • MADISON TRINITY 2085 DEVELOPMENT LIMITED PARTNERSHIP

    RENTAL REAL ESTATE · MA

  • MADISON WILLIAMS LIMITED PARTNERSHIP

    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 HAYNES MM LLC

    C · RENTAL REAL ESTATE · MA

  • MADISON MELNEA CASS MM LLC

    C · RENTAL REAL ESTATE · MA

  • MADISON PARK IV GP LLC

    C · RENTAL REAL ESTATE · MA

  • MPIII TOWNHOMES MM LLC

    C · RENTAL REAL ESTATE · MA

  • MTV INC

    C · RENTAL REAL ESTATE · MA

  • SCHOOLHOUSE B C MADISON PARK AND EAF LLC

    C · RENTAL REAL ESTATE · MA

  • SCHOOLHOUSE K W MADISON PARK AND EAF LLC

    C · RENTAL REAL ESTATE · MA

  • SMITH SENIOR RESIDENCES MM LLC

    C · RENTAL REAL ESTATE · MA

  • MADISON WILLIAMS MM LLC

    C · RENTAL REAL ESTATE · MA

Provenance

Return type
form_990
Tax year
2025
Filed
4 August 2026
IRS schema version
2025v4.2
Source object
202622169349301007

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