← MADISON PARK ECONOMIC DEVELOPMENT CORPORATION

Form 990 for tax year 2023

Filed by MADISON PARK ECONOMIC DEVELOPMENT CORPORATION.

Totals

Total revenue: $1,264,621
Total expenses: $1,554,955
Contributions and grants received: $138,794
Grants paid: $2,208
Program service revenue: $1,125,346
Investment income: $481
Other revenue: $0
Total assets, end of year: $3,915,880
Total liabilities, end of year: $4,225,064
Net assets or fund balances, end of year: -$309,184
Program services expenses (Part IX): $1,544,548
Management and general expenses: $10,407
Fundraising expenses: $0
Program service expenses (Part III): $1,544,548

Program services were 99.3% 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

$101,964
1f · All other contributions, gifts and grants

$36,830
2a · Program service revenue: RENTAL INCOME

total $704,575 · related or exempt $704,575
2b · Program service revenue: PROGRAM FEES

total $420,771 · related or exempt $420,771
3 · Investment income

total $481 · excluded $481

Functional expenses

Part IX, the statement of functional expenses.

2 · Grants to domestic individuals

total $2,208 · program services $2,208
11a · Fees: management

total $408,289 · program services $408,289
11b · Fees: legal

total $220 · program services $220
11c · Fees: accounting

total $10,407 · management and general $10,407
11g · Fees: other

total $48,180 · program services $48,180
13 · Office expenses

total $37,153 · program services $37,153
14 · Information technology

total $14,830 · program services $14,830
16 · Occupancy

total $419,508 · program services $419,508
20 · Interest

total $94,166 · program services $94,166
22 · Depreciation, depletion and amortization

total $188,409 · program services $188,409
23 · Insurance

total $75,112 · program services $75,112
24a · Other expenses: OPERATING EXPENSES

total $219,400 · program services $219,400
24b · Other expenses: MAINTENANCE EXPENSE

total $25,350 · program services $25,350
24c · Other expenses: PROGRAM SUPPLIES

total $8,214 · program services $8,214
24d · Other expenses: CITC

total $1,695 · program services $1,695
24e · All other expenses

total $1,814 · program services $1,814

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $439,535 · end of year $147,028
4 · Accounts receivable

beginning of year $3,964 · end of year $79,394
10a · Land, buildings and equipment: cost or other basis

$5,187,071
10b · Land, buildings and equipment: accumulated depreciation

$1,512,990
10c · Land, buildings and equipment, net

beginning of year $4,342,183 · end of year $3,674,081
15 · Other assets

beginning of year $10,541 · end of year $15,377
17 · Accounts payable and accrued expenses

beginning of year $593,178 · end of year $679,375
21 · Escrow or custodial account liability

beginning of year $19,800 · end of year $75
23 · Secured mortgages and notes payable

beginning of year $2,542,887 · end of year $2,527,603
25 · Other liabilities

beginning of year $1,927,629 · end of year $1,018,011
27 · Net assets without donor restrictions

beginning of year -$287,271 · end of year -$309,184

Mission and programs · 2023

Mission

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

OWNS AND OPERATES DEWITT CENTER.

Expenses $1,544,548 · Grants $2,208 · Revenue $1,125,346

As filed on the 2023 return.

Listed in Part VII

Ayanna HinesAYANNA HINES

DIRECTOR

Total calculated

$0

Hours/week

1 + 3 related
Chanda K SmartCHANDA K SMART

DIRECTOR

Total calculated

$0

Hours/week

1 + 3 related
Deayne WattsDEAYNE WATTS

DIRECTOR

Total calculated

$0

Hours/week

1 + 3 related
Gloria E BrooksGLORIA E BROOKS

VICE PRESIDENT

Total calculated

$0

Hours/week

1 + 3 related
Ivelise RiveraIVELISE RIVERA

TREASURER

Total calculated

$0

Hours/week

1 + 3 related
Lisa MorishantiLISA MORISHANTI

DIRECTOR

Total calculated

$0

Hours/week

1 + 3 related
Malik AzizMALIK AZIZ

PRESIDENT

Total calculated

$0

Hours/week

1 + 3 related
Nina RuffNINA RUFF

SECRETARY

Total calculated

$0

Hours/week

1 + 3 related
Robert L TerrellROBERT L TERRELL

DIRECTOR

Total calculated

$0

Hours/week

1 + 3 related
Sonrisa HaynesSONRISA HAYNES

DIRECTOR

Total calculated

$0

Hours/week

1 + 3 related
Victoria Lynn AwkwardVICTORIA LYNN AWKWARD

DIRECTOR

Total calculated

$0

Hours/week

1 + 3 related
Evelyn BarnesEVELYN BARNES

CHIEF FINANCIAL OFFICER

Total calculated

$169,869

From this org

$0

From related orgs

$153,531

Other

$16,338

Hours/week

40 + 3 related

Schedule J breakdown matched by us

Base

$0 + $143,531 related

Bonus

$0 + $10,000 related

Other

$0

Deferred

$0 + $6,054 related

Nontaxable benefits

$0 + $10,284 related

Filer's total

$0 + $169,869 related
Intiya Ambrogi-IsazaINTIYA AMBROGI-ISAZA

VICE PRESIDENT REAL ESTATE

Total calculated

$189,248

From this org

$0

From related orgs

$161,916

Other

$27,332

Hours/week

40 + 3 related

Schedule J breakdown matched by us

Base

$0 + $151,916 related

Bonus

$0 + $10,000 related

Other

$0

Deferred

$0 + $6,458 related

Nontaxable benefits

$0 + $20,874 related

Filer's total

$0 + $189,248 related
Leslie A ReidLESLIE A REID

CHIEF EXECUTIVE OFFICER

Total calculated

$219,293

From this org

$0

From related orgs

$191,975

Other

$27,318

Hours/week

40 + 3 related

Schedule J breakdown matched by us

Base

$0 + $188,675 related

Bonus

$0 + $3,300 related

Other

$0

Deferred

$0 + $1,587 related

Nontaxable benefits

$0 + $25,731 related

Filer's total

$0 + $219,293 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: MADISON PARK ECONOMIC DEVELOPMENT CORPORATION HAS NO EMPLOYEES. ALL COMPENSATION IS PROVIDED TO EMPLOYEES OF ITS SOLE MEMBER, MADISON PARK DEVELOPMENT CORPORATION. PLEASE REFER TO MPDC'S FORM 990 FOR COMPENSATION INFORMATION AND DECISION MAKING.

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.

MADISON PARK DEVELOPMENT CORPORATION

501(C)(3) · AFFORDABLE HOUSING · MA
MADISON PARK HOUSING CORPORATION

501(C)(3) · AFFORDABLE HOUSING · MA

Directly controlled by MPDC
LOWER ROXBURY COMMUNITY CORPORATION

501(C)(3) · AFFORDABLE HOUSING · MA

Directly controlled by MPDC

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.

DEWITT COMMUNITY CENTER LLC

RENTAL REAL ESTATE · MA · income $205,096 · assets $379,202

Directly controlled by MPEDC
MADISON HIBERIAN HALL LLC

RENTAL REAL ESTATE · MA · income $75,356 · assets $162,646

Directly controlled by MPEDC

Related partnerships

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

ADAMS ORCHARD LIMITED PARTNERSHIP

RENTAL REAL ESTATE · MA · general or managing partner
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 · general or managing partner
MADISON MELNEA CASS LLC

RENTAL REAL ESTATE · MA · general or managing partner
MADISON PARK IV 2011 LIMITED PARTNERSHIP

RENTAL REAL ESTATE · MA
MADISON TRINITY LIMITED PARTNERSHIP

RENTAL REAL ESTATE · MA · general or managing partner
MPIII TOWNHOMES LLC

RENTAL REAL ESTATE · MA
RUGGLES SHAWMUT HOUSING LLC

RENTAL REAL ESTATE · MA · general or managing partner
SCHOOL HOUSE BROOKLEDGE CUMMINS LIMITED PARTNERSHIP

RELATED · RENTAL REAL ESTATE · MA · 0.01% owned · general or managing partner

Directly controlled by SCHOOLHOUSE B C MADISON PARK AND EAF LLC
SCHOOL HOUSE KENILWORTH WILLIAMS LIMITED PARTNERSHIP

RENTAL REAL ESTATE · MA · general or managing partner
SMITH SENIOR RESIDENCES LLC

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

Provenance

Return type: form_990
Tax year: 2023
Filed: 13 November 2024
IRS schema version: 2023v5.1
Source object: 202443199349300534

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