2024-11-12T13:14:14-06:00 2023-12-31 042571780 AAFCPAS INC 50 WASHINGTON STREET WESTBOROUGH MA 01581 990 2023-01-01 237293380 THE SOMERVILLE COMMUNITY CORPORATION INC SOME 6177765931 337 SOMERVILLE AVENUE 2ND FLOOR SOMERVILLE MA 02143 GONZALO PUIGBO CHIEF EXECUTIVE OFFICER 6177765931 2024-11-12 1 1 MATTHEW TROIANO CPA P01263939 5083669100 2024-11-12 2023 2024-10-15 13:58:12Z GONZALO PUIGBO 337 SOMERVILLE AVENUE 2ND FLOOR SOMERVILLE MA 02143 4659958 0 X WWW.SOMERVILLECDC.ORG X 1969 MA THE SOMERVILLE COMMUNITY CORPORATION (SCC) IS A MEMBERSHIP ORGANIZATION THAT PROVIDES LEADERSHIP FOR SUSTAINING THE CITY OF SOMERVILLE AS A VIBRANT, DIVERSE AND TOLERANT COMMUNITY. WE OFFER SERVICES AND LEAD COMMUNITY ORGANIZING THAT SUPPORTS LOW- AND MODERATE-INCOME SOMERVILLE RESIDENTS IN THEIR EFFORTS TO ACHIEVE ECONOMIC SUSTAINABILITY AND INCREASE CIVIC PARTICIPATION.BUILDING ON OUR FIFTY YEARS OF HISTORY, TODAY WE ENVISION A SOMERVILLE WHERE FAMILIES AND INDIVIDUALS FROM MANY DIVERSE BACKGROUNDS AND CULTURES ENJOY EQUITABLE ACCESS TO SECURE HOUSING, JOBS, ECONOMIC STABILITY, AND OPPORTUNITIES FOR LEADERSHIP AND ACTIVE ENGAGEMENT. 15 15 21 42 0 0 719844 979089 3705167 3578865 -211830 19617 280963 82387 4494144 4659958 0 0 0 0 1240114 1143927 0 0 171885 4312220 4377224 5552334 5521151 -1058190 -861193 52165073 53175984 55355580 57227684 -3190507 -4051700 X THE SOMERVILLE COMMUNITY CORPORATION (SCC) IS A MEMBERSHIP ORGANIZATION THAT PROVIDES LEADERSHIP FOR SUSTAINING THE CITY OF SOMERVILLE AS A VIBRANT, DIVERSE AND TOLERANT COMMUNITY. WE OFFER SERVICES AND LEAD COMMUNITY ORGANIZING THAT SUPPORTS LOW- AND MODERATE-INCOME SOMERVILLE RESIDENTS IN THEIR EFFORTS TO ACHIEVE ECONOMIC SUSTAINABILITY AND INCREASE CIVIC PARTICIPATION.BUILDING ON OUR FIFTY YEARS OF HISTORY, TODAY WE ENVISION A SOMERVILLE WHERE FAMILIES AND INDIVIDUALS FROM MANY DIVERSE BACKGROUNDS AND CULTURES ENJOY EQUITABLE ACCESS TO SECURE HOUSING, JOBS, ECONOMIC STABILITY, AND OPPORTUNITIES FOR LEADERSHIP AND ACTIVE ENGAGEMENT. 0 0 3775972 3166723 RENTAL PROGRAMS - SIX OF SCC'S RENTAL HOUSING DEVELOPMENTS ARE OWNED DIRECTLY BY SCC: THE 12 ONE AND TWO-BEDROOM UNITS AT 110 WALNUT STREET; THE 6 THREE-BEDROOOM UNITS AT 190 GILMAN STREET; THE 18 TWO, THREE AND FOUR BEDROOM UNITS AT 33 BOW STREET; THE 14 SINGLE ROOM OCCUPANCY UNITS ON SEWALL STREET; THE 42 UNITS AT LINDEN STREET APARTMENTS; AND THE 8 ONE AND TWO-BEDROOM UNITS AT 75 CROSS STREET. ALL OF SCC'S RENTAL PROPERTIES, INCLUDING 165 UNITS OWNED THROUGH LLC'S, ARE MANAGED BY WINGATE MANAGEMENT COMPANY, UNDER CONTRACT WITH SCC. 416353 494529 AFFORDABLE HOUSING REAL ESTATE DEVELOPMENTSCC OWNS AND OPERATES OVER 340 UNITS OF RENTAL HOUSING AND MORE THAN 9,000 SQUARE FEET OF COMMERCIAL SPACE COMPRISING FOUR COMMERCIAL UNITS, WHICH ARE LEASED TO A HEALTHCARE CLINIC, DENTIST, DAYCARE CENTER AND VARIETY STORE.THE 340 UNITS WERE DEVELOPED WITH LOW INCOME HOUSING TAX CREDIT EQUITY AND VARIOUS COMBINATIONS OF AFFORDABLE HOUSING FINANCING FROM THE COMMONWEALTH OF MASSACHUSETTS, THE CITY OF SOMERVILLE'S AFFORDABLE HOUSING TRUST AND COMMUNITY PRESERVATION ACT FUNDS AND FEDERAL RESOURCES SUCH AS MCKINNEY-VENTO HOMELESS ACT, AND HOME INVESTMENT PARTNERSHIP PROGRAM FUNDS.IN MAY 2023 SOMERVILLE COMMUNITY CORPORATION WITH ITS PARTNER POAH HAD A GROUNDBREAKING TO PRESERVE 80 UNITS AND BUILDING 80 NEW AFFORDABLE HOUSING UNITS. WE ALSO STARTED THE PRE-DEVELOPMENT PROCESS TO PRESERVE 61 UNITS AT BOW STREET AND LINDEN STREET APARTMENTS. 522072 ECONOMIC OPPORTUNITYSCC'S FINANCIAL LITERACY, ASSET BUILDING, AND FIRST SOURCE CAREER COUNSELING HELP PEOPLE FIND GOOD JOBS, BUILD WEALTH, AND FIND FINANCIAL STABILITY. WE ALSO OFFER TRAINING IN DIGITAL LITERACY AND COMPUTER BASICS.THE FIRST SOURCE JOBS PROGRAM HELPS LOCAL JOB SEEKERS GAIN THE SKILLS THEY NEED TO ESTABLISH A CAREER PATHWAY RESULTING IN GOOD JOBS, CAREER GROWTH, AND ECONOMIC RESILIENCY. WE OFFER 1:1 CAREER COACHING, JOB READINESS TRAINING, ESL, AND COMPUTER LITERACY SUPPORT.OUR FINANCIAL LITERACY CLASSES HELP PEOPLE BETTER UNDERSTAND DEBT, BANKING, CREDIT, AND HOW TO SAVE. OUR POPULAR FIRST-TIME BUYER CLASSES HELP PEOPLE BETTER UNDERSTAND THE OFTEN-INTIMIDATING PROCESS OF SAVING FOR AND PURCHASING A HOME, AS WELL AS HOW TO ACCESS PROGRAMS THAT CAN MAKE DOING SO MORE ACCESSIBLE.IN 2023, WE SERVED:WORKFORCE DEVELOPMENT: 293JOB PLACEMENTS: 63FINANCIAL COACHING: 29HOMEBUYER GRADUATES: 237 94580 COMMUNITY ORGANIZING - SCC HELPS TO MAKE SOMERVILLE MORE LIVABLE, SUSTAINABLE, AND INCLUSIVE BY INCREASING AND DIVERSIFYING HOUSING OPTIONS, AS WELL AS ORGANIZING IN THE COMMUNITY AROUND AFFORDABLE HOUSING POLICIES. IN 2022, WE ORGANIZED AROUND THE FOLLOWING INITIATIVES:-WE CONTINUE TO SUPPORT THE REAL ESTATE TRANSFER FEE IN HOPES OF PASSING THIS LOCAL RULE PETITION THAT CAN PROVIDE AFFORDABLE HOUSING FUNDS TO THE CITY OF SOMERVILLE-WE HAVE SUPPORTED EFFORTS WITH THE CITY'S OFFICE OF HOUSING STABILITY TO PROVIDE AFFORDABLE HOUSING UNITS FOR THE NEWLY CREATED MUNICIPAL RENTAL VOUCHER PROGRAM.-WE CONTINUE TO ADD OUR NAME TO SUPPORT TOPA (TENANT'S OPPORTUNITY AND PROTECTION ACT)-WE CREATED A RESIDENT ADVISORY COMMITTEE THAT SUPPORTS THE VOICES OF OUR RESIDENTS BY MEETING BI-MONTHLY WITH STAFF AND BOARD MEMBERS TO DISCUSS ISSUES AROUND THEIR RESIDENCY WITH SCC.-ASSISTED 20+ RESIDENTS WITH OBTAINING RENTAL ASSISTANCE 94580 4808977 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 1 45 0 1 21 1 0 0 0 0 0 0 0 0 0 0 0 0 X 15 15 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X X GONZALO PUIGBO 6174109912 337 SOMERVILLE AVE SOMERVILLE MA 02143 IGNACIO CARDONA PRESIDENT 2.00 X X 0 0 0 JHENNY SAINT-SURIN VICE PRESIDENT 2.00 X X 0 0 0 JAVIER BELLINI TREASURER 2.00 X X 0 0 0 SILVANA DINKA CLERK 2.00 X X 0 0 0 CASSANDRA ARNAUD DIRECTOR 2.00 X 0 0 0 EZRA HABER GLEN DIRECTOR 2.00 X 0 0 0 MICHELLE APIGIAN DIRECTOR 2.00 X 0 0 0 NATACHA THEODORE DIRECTOR 2.00 X 0 0 0 MARJORIE JACQUES THERMIDOR DIRECTOR 2.00 X 0 0 0 MULUGETA ZEGEYE DIRECTOR 2.00 X 0 0 0 NANCY HOGAN DIRECTOR 2.00 X 0 0 0 JARELIS FONSECA DIRECTOR 2.00 X 0 0 0 MARCUS MELLO DIRECTOR 2.00 X 0 0 0 ERIKA C JOHNSON ESQ DIRECTOR 2.00 X 0 0 0 KATE FICHTER DIRECTOR 2.00 X 0 0 0 GONZALO PUIGBO CEO 36.00 X 164800 0 3880 FRANNIE CHAN CONTROLLER (UNTIL 7/31/24) 36.00 X 85148 0 2784 LAUREL RENEE TAYLOR DIRECTOR OF COMMUNITY PROGRAMS 36.00 X 110210 0 8776 360158 0 15440 2 0 1 0 LANDMARK STRUCTURES 282 MONTVALE AVENUE WOBURN MA 01801 GENERAL CONTRACTOR 617503 JOY STREET DESIGN 121 E BERKELEY STREET FLOOR 3 BOSTON MA 02118 ARCHITECT 123288 DAVIS SQUARE ARCHITECT 240 ELM STREET SOMERVILLE MA 02144 ARCHITECT 110206 3 46500 480971 451618 979089 RENTAL INCOME 532000 3166723 3166723 PROGRAM SERVICE AND MA 532000 282603 282603 DEVELOPER FEES 532000 129539 129539 3578865 19617 19617 MISCELLANEOUS 900099 82387 82387 82387 4659958 3661252 0 19617 256612 145173 77703 33736 731236 556711 96878 77647 5524 3707 1032 785 91669 67683 5102 18884 58886 35887 15827 7172 82428 82428 57989 49950 8039 146571 61271 85300 501432 365276 125598 10558 148460 115040 30065 3355 2199970 2147876 41155 10939 24565 11638 7924 5003 913926 891287 21224 1415 BAD DEBTS 334192 334192 MISCELLANEOUS 67691 40858 24442 2391 LESS: CAPITALIZED COSTS -100000 -100000 5521151 4808977 540289 171885 472718 557928 25667 25667 135364 133933 300456 597604 112064 72757 52698903 6237182 46584710 46461721 4534094 5326374 52165073 53175984 1048880 2160507 43320009 44001590 10986691 11065587 55355580 57227684 X -3207675 -4069206 17168 17506 -3190507 -4051700 52165073 53175984 -861193 0 X X 0 1 X 1 0 X 1302497 1043454 1463185 719844 979089 5508069 1302497 1043454 1463185 719844 979089 5508069 126592 5381477 5972 6706 2757 4574 19617 39626 5547695 15542307 0.97000 0.98010 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 16572071 16572071 35980775 6237182 29743593 146057 146057 46461721 PROJECTS UNDER DEVELOPMENT 2916988 DUE FROM RELATED PARTIES 102632 RESTRICTED CASH 1139665 RIGHT-OF-USE OPERATING LEASE ASSETS 645486 PROPERTY HELD FOR SALE 521603 5326374 CONDITIONAL GRANT ADVANCE 10349413 LEASE LIABILITY 658493 DUE TO RELATED PARTIES 57681 11065587 X PART X, LINE 2: THE CORPORATION ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES IN ACCORDANCE WITH ASC TOPIC, INCOME TAXES. THIS STANDARD CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS AND PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE CONSOLIDATING FINANCIAL STATEMENTS REGARDING A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE CORPORATION HAS DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS WHICH QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE CONSOLIDATING FINANCIAL STATEMENTS AT DECEMBER 31, 2023. X 0 0 0 0 0 0 0 0 0 GONZALO PUIGBO CEO 164800 0 0 0 0 0 2535 0 1345 0 168680 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 SCC'S MEMBERS HAVE THE RIGHT TO ELECT BOARD MEMBERS AND VOTE FOR THE OFFICERS OF THE CORPORATION. FORM 990, PART VI, SECTION A, LINE 7A SCC HAS MEMBERS WHO MAY ELECT MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7B CHANGES TO SCC'S BYLAWS ARE MADE BY THE BOARD OF DIRECTORS AND SUBJECT TO THE APPROVAL OF THE MEMBERS. FORM 990, PART VI, SECTION B, LINE 11B EACH BOARD MEMBER RECEIVES ELECTRONIC AND HARD COPIES OF THE FORM 990, AND IS GIVEN THE OPPORTUNITY TO RAISE QUESTIONS AND SEEK CLARIFICATION IN ADVANCE OF THE FINAL BOARD MEETING. FORM 990, PART VI, SECTION B, LINE 12C ALL SENIOR MANAGERS AND BOARD MEMBERS ARE REQUIRED TO SIGN AND DISCLOSE ANY CONFICT OF INTEREST ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 THE SCC EXECUTIVE COMMITTEE, LED BY THE BOARD VICE PRESIDENT, CONDUCTS AN ANNUAL REVIEW OF THE CEO'S PERFORMANCE, INCLUDING AN ASSESSMENT OF SALARY AND CONSIDERATION FOR ADDITIONAL COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 AVAILABLE UPON REQUEST FORM 990, PART XII, LINE 2C: THERE HAVE BEEN NO PROCEDURAL CHANGES IN HOW THE FINANCE COMMITTEE SELECTS ITS INDEPENDENT ACCOUNTANT. 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