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Nonprofiteer
← KENNEDY MANAGEMENT INC

Form 990 for tax year 2024

Filed by KENNEDY MANAGEMENT INC.

Totals

Total revenue
$2,770,598
Total expenses
$8,051,052
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$2,764,127
Investment income
$6,471
Other revenue
$0
Total assets, end of year
$144,781,091
Total liabilities, end of year
$151,118,446
Net assets or fund balances, end of year
-$6,337,355
Program services expenses (Part IX)
$7,276,008
Management and general expenses
$775,044
Fundraising expenses
$0
Program service expenses (Part III)
$7,276,008

Program services were 90.4% 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.

  • 2a · Program service revenue: RENTAL INCOME

    total $2,361,526 · related or exempt $2,361,526

  • 2b · Program service revenue: TENTANT REVENUE - OTHE

    total $402,601 · related or exempt $402,601

  • 3 · Investment income

    total $6,471 · excluded $6,471

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $416,832 · program services $261,868 · management and general $154,964

  • 9 · Other employee benefits

    total $86,779 · program services $54,517 · management and general $32,262

  • 11a · Fees: management

    total $204,916 · management and general $204,916

  • 11b · Fees: legal

    total $12,510 · management and general $12,510

  • 11c · Fees: accounting

    total $102,366 · management and general $102,366

  • 11g · Fees: other

    total $52,780 · management and general $52,780

  • 12 · Advertising and promotion

    total $2,667 · management and general $2,667

  • 13 · Office expenses

    total $91,315 · management and general $91,315

  • 14 · Information technology

    total $24,870 · management and general $24,870

  • 16 · Occupancy

    total $978,810 · program services $978,810

  • 20 · Interest

    total $532,397 · program services $532,397

  • 22 · Depreciation, depletion and amortization

    total $1,176,700 · program services $1,176,700

  • 23 · Insurance

    total $199,804 · program services $199,804

  • 24a · Other expenses: DEVELOPER FEES

    total $3,959,013 · program services $3,959,013

  • 24b · Other expenses: TENANT SERVICES

    total $112,899 · program services $112,899

  • 24c · Other expenses: TAXES & PAYMENTS IN LIE

    total $52,043 · management and general $52,043

  • 24d · Other expenses: MISCELLANEOUS EXPENSES

    total $44,351 · management and general $44,351

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,655,278 · end of year $1,079,187

  • 2 · Savings and temporary cash investments

    end of year $2,521,396

  • 4 · Accounts receivable

    beginning of year $79,226 · end of year $99,349

  • 9 · Prepaid expenses and deferred charges

    beginning of year $144,175 · end of year $199,889

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

    $44,336,923

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

    $14,157,385

  • 10c · Land, buildings and equipment, net

    beginning of year $22,944,174 · end of year $30,179,538

  • 15 · Other assets

    beginning of year $23,516,061 · end of year $110,701,732

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,250,123 · end of year $15,631,889

  • 19 · Deferred revenue

    beginning of year $24,071 · end of year $10,887

  • 23 · Secured mortgages and notes payable

    beginning of year $33,927,280 · end of year $82,831,713

  • 25 · Other liabilities

    beginning of year $12,144,341 · end of year $52,643,957

  • 27 · Net assets without donor restrictions

    beginning of year -$1,006,901 · end of year -$6,337,355

Mission and programs · 2024

Mission

THE ORGANIZATION'S MISSION IS TO PROVIDE MANAGEMENT AND SUPPORTING SERVICES FOR RELATED ORGANIZATIONS WHICH OWN AND OPERATE LOW-INCOME HOUSING UNITS FOR QUALIFYING INDIVIDUALS IN THE CITY OF CAMBRIDGE AND TO PROVIDE LONG-TERM DEVELOPMENT SERVICES FOR SUCH HOUSING UNITS.

Activities or mission (Part I)

TO PROVIDE MANAGEMENT AND SUPPORTING SERVICES FOR RELATED LOW-INCOME HOUSING ORGANIZATIONS

  • AFFORDABLE HOUSING - MANAGEMENT AND SUPPORTING SERVICES FOR RELATED ORGANIZATIONS WHICH OWN AND OPERATE HOUSING FOR LOW AND MODERATE INCOME PERSONS.

    Expenses $7,276,008 · Revenue $2,764,127

As filed on the 2024 return.

Listed in Part VII

  • MICHAEL J JOHNSTON

    CLERK

    Total calculated
    $354,675
    From this org
    $0
    From related orgs
    $269,931
    Other
    $84,744
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $269,931 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $63,893 related
    Nontaxable benefits
    $0 + $20,851 related
    Filer's total
    $0 + $354,675 related

  • ELAINE DEROSA

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • SUSAN T CONNELLY

    VICE-PRESIDENT

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • GERALD J CLARK

    TREASURER

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • LOUIS BACCI III

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • VICTORIA BERGLAND

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • MARGARET DONNELLY-MORAN

    DEPUTY EXECUTIVE DIRECTOR

    Total calculated
    $391,886
    From this org
    $0
    From related orgs
    $316,112
    Other
    $75,774
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $269,112 related
    Bonus
    $0 + $47,000 related
    Other
    $0
    Deferred
    $0 + $74,824 related
    Nontaxable benefits
    $0 + $950 related
    Filer's total
    $0 + $391,886 related

  • JOHN FILIP

    CHIEF FINANCIAL OFFICER

    Total calculated
    $339,323
    From this org
    $0
    From related orgs
    $266,709
    Other
    $72,614
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $242,709 related
    Bonus
    $0 + $24,000 related
    Other
    $0
    Deferred
    $0 + $63,130 related
    Nontaxable benefits
    $0 + $9,484 related
    Filer's total
    $0 + $339,323 related

  • BRENDA SNOWDEN DOWNING

    DEPUTY EXECUTIVE DIRECTOR

    Total calculated
    $345,817
    From this org
    $0
    From related orgs
    $262,769
    Other
    $83,048
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $243,769 related
    Bonus
    $0 + $19,000 related
    Other
    $0
    Deferred
    $0 + $62,197 related
    Nontaxable benefits
    $0 + $20,851 related
    Filer's total
    $0 + $345,817 related

  • JOE DIMAMBRO

    DEPUTY FISCAL DIRECTOR

    Total calculated
    $235,229
    From this org
    $0
    From related orgs
    $173,347
    Other
    $61,882
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $163,347 related
    Bonus
    $0 + $10,000 related
    Other
    $0
    Deferred
    $0 + $41,031 related
    Nontaxable benefits
    $0 + $20,851 related
    Filer's total
    $0 + $235,229 related

  • KEVIN J BRAGA

    DIRECTOR OF OPERATIONS

    Total calculated
    $282,879
    From this org
    $0
    From related orgs
    $207,853
    Other
    $75,026
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $199,853 related
    Bonus
    $0 + $8,000 related
    Other
    $0
    Deferred
    $0 + $49,199 related
    Nontaxable benefits
    $0 + $25,827 related
    Filer's total
    $0 + $282,879 related

  • JOHN LINDAMOOD

    DIRECTOR OF RESIDENT SERVI

    Total calculated
    $252,555
    From this org
    $0
    From related orgs
    $191,249
    Other
    $61,306
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $179,249 related
    Bonus
    $0 + $12,000 related
    Other
    $0
    Deferred
    $0 + $45,269 related
    Nontaxable benefits
    $0 + $16,037 related
    Filer's total
    $0 + $252,555 related

  • CLARA FRADEN

    DIRECTOR OF PLANNING

    Total calculated
    $283,190
    From this org
    $0
    From related orgs
    $228,752
    Other
    $54,438
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $193,752 related
    Bonus
    $0 + $35,000 related
    Other
    $0
    Deferred
    $0 + $54,146 related
    Nontaxable benefits
    $0 + $292 related
    Filer's total
    $0 + $283,190 related

  • GORAN SMILJIC

    DIRECTOR OF CONSTRUCTION

    Total calculated
    $285,172
    From this org
    $0
    From related orgs
    $230,591
    Other
    $54,581
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $195,591 related
    Bonus
    $0 + $35,000 related
    Other
    $0
    Deferred
    $0 + $54,581 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $285,172 related

  • ROBERT KELSEY

    DIRECTOR OF HUMAN RESOURCES

    Total calculated
    $253,501
    From this org
    $0
    From related orgs
    $196,627
    Other
    $56,874
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $188,627 related
    Bonus
    $0 + $8,000 related
    Other
    $0
    Deferred
    $0 + $46,542 related
    Nontaxable benefits
    $0 + $10,332 related
    Filer's total
    $0 + $253,501 related

  • SHAYLA SIMMONS

    GENERAL COUNSEL

    Total calculated
    $258,275
    From this org
    $0
    From related orgs
    $187,958
    Other
    $70,317
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $187,958 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $44,490 related
    Nontaxable benefits
    $0 + $25,827 related
    Filer's total
    $0 + $258,275 related

  • SUSAN MARIE NOHL

    DIRECTOR OF LEASED HOUSING

    Total calculated
    $232,727
    From this org
    $0
    From related orgs
    $187,416
    Other
    $45,311
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $179,416 related
    Bonus
    $0 + $8,000 related
    Other
    $0
    Deferred
    $0 + $44,361 related
    Nontaxable benefits
    $0 + $950 related
    Filer's total
    $0 + $232,727 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
THE BOARD OF CAMBRIDGE HOUSING AUTHORITY (CHA), A RELATED ORGANIZATION, APPOINTS A CLERK WHO USES A DILIGENT REVIEW PROCESS TO DETERMINE COMPENSATION OF OFFICERS AND TOP MANAGEMENT. THE COMPENSATION PROCESS INCLUDES A REVIEW OF MARKET RATES AND PASSED AFTER A REVIEW BY THE BOARD. THE COMPENSATION CONTRACT IS KEPT CURRENT BY THE ORGANIZATION'S HUMAN RESOURCES DEPARTMENT. COMPENSATION IS ONLY RECEIVED BY CHA ACTIVITIES. NO COMPENSATION IS PAID DIRECTLY FROM KENNEDY MANAGEMENT, INC.

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.

  • 116 NORFOLK APARTMENTS MANAGER LLC

    PROPERTY MANAGEMENT · MA · income $0 · assets $0

    Directly controlled by KENNEDY MANAGEMENT INC

  • LANCASTER STREET APARTMENTS LLC

    PROPERTY MANAGEMENT · MA · income $0 · assets $0

    Directly controlled by KENNEDY MANAGEMENT INC

  • FUND 2009 JFK HOLDINGS LLC

    AFFORDABLE HOUSING · MA · income $0 · assets $0

    Directly controlled by KENNEDY MANAGEMENT INC

  • 116 NORFOLK APARTMENTS LLC

    AFFORDABLE HOUSING · MA · income $0 · assets $0

    Directly controlled by KENNEDY MANAGEMENT INC

  • CLIFTON PLACE LLC

    PROPERTY MANAGEMENT · MA · income $0 · assets $0

    Directly controlled by KENNEDY MANAGEMENT INC

  • JACKSON PLACE MANAGER LLC

    PROPERTY MANAGEMENT · MA · income $0 · assets $0

    Directly controlled by KENNEDY MANAGEMENT INC

  • JACKSON PLACE LLC

    PROPERTY MANAGEMENT · MA · income $0 · assets $0

    Directly controlled by KENNEDY MANAGEMENT INC

  • JACKSON PLACE APARTMENTS

    AFFORDABLE HOUSING · MA · income $0 · assets $0

    Directly controlled by KENNEDY MANAGEMENT INC

  • CLIFTON PLACE MANAGER LLC

    PROPERTY MANAGEMENT · MA · income $0 · assets $0

    Directly controlled by KENNEDY MANAGEMENT INC

  • CLIFTON PLACE APARTMENTS LLC

    AFFORDABLE HOUSING · MA · income $0 · assets $0

    Directly controlled by KENNEDY MANAGEMENT INC

Related partnerships

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

Provenance

Return type
form_990
Tax year
2024
Filed
6 November 2025
IRS schema version
2024v5.2
Source object
202513119349302566

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