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Nonprofiteer
← PEOPLE INCORPORATED NMTC SUPPORT CORPORATION

Form 990 for tax year 2024

Filed by PEOPLE INCORPORATED NMTC SUPPORT CORPORATION.

Totals

Total revenue
$2,404,494
Total expenses
$0
Contributions and grants received
$2,403,308
Grants paid
$0
Program service revenue
$0
Investment income
$1,186
Other revenue
$0
Total assets, end of year
$9,654,494
Total liabilities, end of year
$7,250,000
Net assets or fund balances, end of year
$2,404,494
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

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

    $2,403,308

  • 3 · Investment income

    total $1,186 · excluded $1,186

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    end of year $849,845

  • 9 · Prepaid expenses and deferred charges

    end of year $99

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

    $8,804,550

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

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $8,804,550

  • 17 · Accounts payable and accrued expenses

    end of year $12,500

  • 23 · Secured mortgages and notes payable

    end of year $7,237,500

  • 27 · Net assets without donor restrictions

    end of year $2,404,494

Mission and programs · 2024

Mission

PEOPLE INCORPORATED NMTC SUPPORT CORPORATION (SUPPORT CORP) WAS FORMED UNDER THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS AS A NOT-FOR-PROFIT ORGANIZATION ON JANUARY 8, 2025. THE SPECIFIC OBJECTIVES OF SUPPORT CORP ARE TO OWN, LEASE, AND MAINTAIN APPROXIMATELY 19,800 SQUARE FEET OF COMMERCIAL SPACE FOR THE EARLY EDUCATION CENTER LOCATED AT 145 WEAVER STREET IN FALL RIVER, MASSACHUSETTS (THE PROJECT). THE NEW MARKET TAX CREDIT (NMTC) STRUCTURE REQUIRES SUPPORT CORP TO RENT 100% OF THE COMMERCIAL SPACE TO PEOPLE, INCORPORATED (PEOPLE) TO PROMOTE ITS MISSION OF PROVIDING SERVICES TO THE CITIZENS OF FALL RIVER, MASSACHUSETTS. SUPPORT CORP WAS ORGANIZED TO ENGAGE IN CHARITABLE ACTIVITIES THAT COMPLEMENT AND SUPPORT THE CHARITABLE ACTIVITIES OF PEOPLE.

  • PEOPLE INCORPORATED NMTC SUPPORT CORPORATION (SUPPORT CORP) WAS FORMED UNDER THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS AS A NOT-FOR-PROFIT ORGANIZATION ON JANUARY 8, 2025. THE SPECIFIC OBJECTIVES OF SUPPORT CORP ARE TO OWN, LEASE, AND MAINTAIN APPROXIMATELY 19,800 SQUARE FEET OF COMMERCIAL SPACE FOR THE EARLY EDUCATION CENTER LOCATED AT 145 WEAVER STREET IN FALL RIVER, MASSACHUSETTS (THE PROJECT). THE NEW MARKET TAX CREDIT (NMTC) STRUCTURE REQUIRES SUPPORT CORP TO RENT 100% OF THE COMMERCIAL SPACE TO PEOPLE, INCORPORATED (PEOPLE) TO PROMOTE ITS MISSION OF PROVIDING SERVICES TO THE CITIZENS OF FALL RIVER, MASSACHUSETTS. SUPPORT CORP WAS ORGANIZED TO ENGAGE IN CHARITABLE ACTIVITIES THAT COMPLEMENT AND SUPPORT THE CHARITABLE ACTIVITIES OF PEOPLE.

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

Listed in Part VII

  • Jason Rua

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Sheelagh Beaulieu

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Renee St John

    CLERK

    Total calculated
    $0
    Hours/week
    1

  • Megan Stirk

    PRESIDENT/CEO

    Total calculated
    $348,982
    From this org
    $0
    From related orgs
    $308,865
    Other
    $40,117
    Hours/week
    1 + 47 related

    Schedule J breakdown matched by us

    Base
    $0 + $308,865 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $23,500 related
    Nontaxable benefits
    $0 + $16,617 related
    Filer's total
    $0 + $348,982 related

  • Elizabeth Machado

    COO

    Total calculated
    $289,247
    From this org
    $0
    From related orgs
    $247,714
    Other
    $41,533
    Hours/week
    1 + 47 related

    Schedule J breakdown matched by us

    Base
    $0 + $247,714 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $23,500 related
    Nontaxable benefits
    $0 + $18,033 related
    Filer's total
    $0 + $289,247 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

  • 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 4B
PARTICIPANTS IN A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN FUNDED BY A RELATED ORGANIZATION: MEGAN STIRK- PRESIDENT & CEO FOR PEOPLE, INCORPORATED: $23,500 ELIZABETH MACHADO- CFO FOR PEOPLE, INCORPORATED: $23,500

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.

  • PEOPLE INCORPORATED

    501(C)(3) · PROVIDE SERVICES FOR CHILDREN AND ADULTS · MA

    Directly controlled by PEOPLE INCORPORATED

  • PROPERTY INNOVATIONS INC

    501(C)(3) · OPERATES UNITS OF LOW INCOME HOUSING · MA · controlled entity

    Directly controlled by PEOPLE INCORPORATED

  • SOUTHCOAST MENTORING INITIATIVE FOR LEARNING EDUCATION AND SERVICES INC

    501(C)(3) · REDUCE SCHOOL DROP-OUT RATES · MA · controlled entity

    Directly controlled by PEOPLE INCORPORATED

  • PEOPLE IMPROVING COMMUNITIES AND NEIGHBORHOODS

    501(C)(3) · PROVIDES AFFORDABLE HOUSING TO LOW AND MODERATE-INCOME PEOPLE. · MA · controlled entity

    Directly controlled by PEOPLE INCORPORATED

  • DIABETES ASSOCIATION INC

    501(C)(3) · DIABETES SUPPORT, EDUCATION AND PREVENTION · MA · controlled entity

    Directly controlled by PEOPLE INCORPORATED

Provenance

Return type
form_990
Tax year
2024
Filed
21 April 2026
IRS schema version
2024v5.5
Source object
202631119349300523

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