Skip to content
Nonprofiteer
← SQB SUPPORT CORPORATION

Form 990 for tax year 2023

Filed by SQB SUPPORT CORPORATION.

Totals

Total revenue
$2,553,753
Total expenses
$929
Contributions and grants received
$2,518,712
Grants paid
$0
Program service revenue
$0
Investment income
$35,041
Other revenue
$0
Total assets, end of year
$16,066,877
Total liabilities, end of year
$13,514,053
Net assets or fund balances, end of year
$2,552,824
Program services expenses (Part IX)
$0
Management and general expenses
$929
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.

Revenue

Part VIII, the statement of revenue.

  • 1d · Related organizations

    $2,518,712

  • 3 · Investment income

    total $35,041 · excluded $35,041

Functional expenses

Part IX, the statement of functional expenses.

  • 24a · Other expenses: MISCELLANEOUS

    total $929 · management and general $929

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    end of year $400,700

  • 2 · Savings and temporary cash investments

    end of year $751,642

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

    $450,000

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $450,000

  • 15 · Other assets

    beginning of year $0 · end of year $14,464,535

  • 17 · Accounts payable and accrued expenses

    end of year $1,844,053

  • 23 · Secured mortgages and notes payable

    end of year $11,670,000

  • 27 · Net assets without donor restrictions

    end of year $2,552,824

Mission and programs · 2023

Mission

SQBSC WAS FORMED FOR THE PURPOSE OF FACILITATING FINANCING UNDER THE NEW MARKETS TAX CREDIT (NMTC) PROGRAM IN CONNECTION WITH THE DEVELOPMENT OF A NEW COMMUNITY FACILITY IN LAWRENCE, MASSACHUSETTS.

Activities or mission (Part I)

FINANCE A NEW COMMUNITY FACILITY IN LAWRENCE, MA UNDER THE NMTC PROGRAM.

  • SQBSC WAS FORMED FOR THE PURPOSE OF FACILITATING FINANCING UNDER THE NEW MARKETS TAX CREDIT (NMTC) PROGRAM IN CONNECTION WITH THE DEVELOPMENT OF A NEW COMMUNITY FACILITY IN LAWRENCE, MASSACHUSETTS.

As filed on the 2023 return.

Listed in Part VII

  • GREG ZAFF

    PRESIDENT AND SR ADVISOR

    Total calculated
    $212,567
    From this org
    $0
    From related orgs
    $190,608
    Other
    $21,959
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $190,608 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $9,558 related
    Nontaxable benefits
    $0 + $12,401 related
    Filer's total
    $0 + $212,567 related

  • ROSEMARY MCELROY

    SECRETARY, CLERK, CFO & INTERIM CEO

    Total calculated
    $115,727
    From this org
    $0
    From related orgs
    $111,054
    Other
    $4,673
    Hours/week
    1 + 40 related

  • HENRY MANICE

    TREASURER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • JOHN BLASBERG

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • WILLIAM PAINE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • ALBERT TIERNEY

    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

  • 1a · Health or social club dues or initiation fees
  • 3 · Approval by the board or compensation committee

Answered no

  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 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 1A
THE BOARD OF DIRECTORS DETERMINED THAT PARTICIPATION BY THE CEO IN A HEALTH CLUB BENEFITED THE FUNDRAISING EFFORTS OF THE ORGANIZATION AND APPROVED THE ORGANIZATION PARTIALLY PAY THE HEALTH CLUB DUES.
PART I, LINE 1B
THE ORGANIZATION DID NOT HAVE A FORMAL WRITTEN POLICY, HOWEVER, THE BOARD OF DIRECTORS DID APPROVE THE PARTIAL PAYMENT OF THE HEALTH CLUB DUES. SUCH APPROVAL WAS DOCUMENTED. THE BOARD WILL ADOPT A WRITTEN POLICY FOR FUTURE USE.

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
15 May 2025
IRS schema version
2023v6.0
Source object
202511359349308926

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.