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Nonprofiteer
← FIRST CHURCH IN MALDEN HOMES INC

Form 990 for tax year 2022

Filed by FIRST CHURCH IN MALDEN HOMES INC.

Totals

Total revenue
$1,401,823
Total expenses
$80,176
Contributions and grants received
$5,799
Grants paid
$17,140
Program service revenue
$1,355,384
Investment income
$40,605
Other revenue
$35
Total assets, end of year
$15,071,972
Total liabilities, end of year
$20,869
Net assets or fund balances, end of year
$15,051,103
Program services expenses (Part IX)
$33,398
Management and general expenses
$46,778
Fundraising expenses
$0
Program service expenses (Part III)
$33,398

Program services were 41.7% 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.

  • 1f · All other contributions, gifts and grants

    $5,799

  • 2a · Program service revenue: PSP DISTRIBUTION INCOM

    total $494,186 · related or exempt $494,186

  • 2b · Program service revenue: TAX CREDIT COMPLIANCE

    total $430,599 · related or exempt $430,599

  • 2c · Program service revenue: INCENTIVE MANAGEMENT F

    total $430,599 · related or exempt $430,599

  • 3 · Investment income

    total $40,605 · excluded $40,605

  • 11d · All other revenue

    total $35 · related or exempt $35

  • 11e · Other revenue, total

    $35

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $17,140 · program services $17,140

  • 5 · Compensation of officers, directors and key employees

    total $40,000 · program services $14,000 · management and general $26,000

  • 11c · Fees: accounting

    total $16,475 · management and general $16,475

  • 13 · Office expenses

    total $4,303 · management and general $4,303

  • 24a · Other expenses: EQUITY IN LOSS OF INV

    total $2,258 · program services $2,258

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $18,411 · end of year $20,583

  • 2 · Savings and temporary cash investments

    beginning of year $13,598,917 · end of year $14,921,948

  • 13 · Investments: program-related

    beginning of year $160,611 · end of year $129,241

  • 15 · Other assets

    beginning of year $200 · end of year $200

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,400 · end of year $14,300

  • 25 · Other liabilities

    beginning of year $0 · end of year $6,569

  • 27 · Net assets without donor restrictions

    beginning of year $13,770,739 · end of year $15,051,103

Mission and programs · 2022

Mission

THE ORGANIZATION'S MISSION IS TO PROVIDE FINANCING FOR LOW TO MODERN INCOME HOUSING PROJECTS, AS WELL AS TO OWN, OPERATE, AND DEVELOP A LOW TO MODERATE INCOME HOUSING PROJECT.

Activities or mission (Part I)

TO ACQUIRE, CONSTRUCT AND OPERATE AN INTEREST IN AFFORDABLE HOUSING IN MALDEN, MASSACHUSETTS.

  • OWN, OPERATE AND DEVELOP A LOW TO MODERATE INCOME HOUSING PROJECT.

    Expenses $33,398 · Grants $17,140 · Revenue $1,355,419

As filed on the 2022 return.

Listed in Part VII

  • Paul Frazier

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Peter Demirdjian

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • William Conley

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Jeffrey Parks

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Patricia Demirdjian

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • James C Long

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • John Oteri

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Stephen Frazier

    EXECUTIVE DIRECTOR

    Total calculated
    $245,158
    From this org
    $199,050
    From related orgs
    $0
    Other
    $46,108
    Hours/week
    10 + 40 related

    Schedule J breakdown matched by us

    Base
    $199,050
    Bonus
    $0
    Other
    $0
    Deferred
    $19,905
    Nontaxable benefits
    $26,203
    Filer's total
    $245,158

  • Maria Frazier

    SERVICE COORDINATOR

    Total calculated
    $118,574
    From this org
    $107,795
    From related orgs
    $0
    Other
    $10,779
    Hours/week
    1 + 40 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

  • 3 · Approval by the board or compensation committee

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

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

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.

  • FIRST CHURCH MALDEN HOMES II LLC

    ACQUIRE, OWN, RENOVATE, CONSTRUCT, DEVELOP, OPERATE, LEASE, SELL REAL ESTATE · MA · income $79 · assets $488,731

    Directly controlled by FIRST CHURCH IN MALDEN HOMES INC

  • FIRST CHURCH PETER SANBORN LLC

    ACQUIRE, OWN, RENOVATE, CONSTRUCT, DEVELOP, OPERATE, LEASE, SELL REAL ESTATE · MA · income -$689,142 · assets $3,460,663

    Directly controlled by FIRST CHURCH IN MALDEN HOMES INC

Related partnerships

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

  • HERITAGE 195 PLEASANT STREET LLC

    RELATED · INVESTMENT, OWNERSHIP, DEVELOPMENT OF ELDERLY MIXED INCOME HOUSING · MA · 0.01% owned · share of income $79 · share of assets $488,731 · general or managing partner

    Directly controlled by FIRST CHURCH MALDEN HOMES II LLC

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202323199349327177

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