2021-09-23T09:20:41-05:00 2020-12-31 043097400 KEVIN P MARTIN & ASSOCIATES PC 10 FORBES ROAD BRAINTREE MA 02184 990 2020-01-01 042988263 ASIAN COMMUNITY DEVELOPMENT CORPORATION ASIA 6174822380 38 OAK STREET BOSTON MA 02111 PAUL W LEE PRESIDENT 6174822380 2021-09-17 1 PAUL LEE 999009999 JOLANTA TUCK CPA P01340068 7813803520 2021-09-17 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z PAUL W LEE 38 OAK STREET BOSTON MA 02111 3519764 0 X WWW.ASIANCDC.ORG X 1987 MA THE ASIAN COMMUNITY DEVELOPMENT CORPORATION (ACDC) WORKS IN UNDERSERVED AND IMMIGRANT ASIAN AMERICAN COMMUNITIES IN THE GREATER BOSTON REGION TO CREATE AND PRESERVE AFFORDABLE, SUSTAINABLE, AND HEALTHY NEIGHBORHOODS. WE ACHIEVE THIS BY BUILDING AFFORDABLE HOMES AND VIBRANT SPACES, EMPOWERING FAMILIES WITH ASSET-BUILDING TOOLS, AND STRENGTHENING COMMUNITIES THROUGH RESIDENT AND YOUTH LEADERSHIP. 17 17 10 0 0 0 770280 1549211 1380198 1467783 153671 52015 212284 99248 2516433 3168257 0 0 0 0 944828 849694 0 0 186929 974671 1449512 1919499 2299206 596934 869051 23290472 24662934 3279210 3679007 20011262 20983927 X THE ASIAN COMMUNITY DEVELOPMENT CORPORATION (ACDC) WORKS IN UNDERSERVED AND IMMIGRANT ASIAN AMERICAN COMMUNITIES IN THE GREATER BOSTON REGION TO CREATE AND PRESERVE AFFORDABLE, SUSTAINABLE, AND HEALTHY NEIGHBORHOODS. WE ACHIEVE THIS BY BUILDING AFFORDABLE HOMES AND VIBRANT SPACES, EMPOWERING FAMILIES WITH ASSET-BUILDING TOOLS, AND STRENGTHENING COMMUNITIES THROUGH RESIDENT AND YOUTH LEADERSHIP. 0 0 841964 144493 BUILDING BLOCKS - PROVIDES THE COMMUNITY WITH FINANCIAL EMPOWERMENT THROUGH HOME BUYING WORKSHOPS, FINANCIAL LITERACY TRAINING, MATCHED SAVINGS PROGRAM AND 1 ON 1 HOMEBUYING COUNSELING. ITS MONTHLY WORKSHOPS FOR FIRST-TIME HOMEBUYERS IS THE ONLY HUD-APPROVED WORKSHOP IN NEW ENGLAND THAT PROVIDES CHINESE LANGUAGE SERVICE ON A REGULAR BASIS. 417 PEOPLE COMPLETED OUR FIRST-TIME HOME BUYER WORKSHOP IN 2019, OVER A HALF OF WHOM WERE CHINESE SPEAKING CLIENTS MOREOVER 43 HOUSEHOLDS PURCHASED A HOME AFTER ATTENDING THE WORKSHOP. ACDC'S HOUSING COUNSELORS ALSO PROVIDE 1 ON 1 HOMEBUYER COUNSELING. BUILDING BLOCKS ALSO PROVIDES POST-PURCHASE WORKSHOPS TO ASSIST HOMEOWNERS IN AREAS OF ENERGY EFFICIENCY, TAX REPORTING AND IDENTITY THEFT PROTECTION. ACDC ALSO LAUNCHED A MATCHED SAVINGS PROGRAM WHERE ELIGIBLE PARTICIPANTS WHERE ACDC PROVIDED A DOLLAR FOR DOLLAR MATCH FOR EVERY DOLLAR THAT PARTICIPANTS SAVE IN THEIR QUALIFIED MATCHED SAVINGS ACCOUNT. 808615 1458095 REAL ESTATE ACDC- WORKS TO ENSURE ADEQUATE, HIGH QUALITY AFFORDABLE HOUSING TO MEET THE NEEDS OF COMMUNITIES OF HIGH ASIAN AMERICAN POPULATIONS. ACDC NOW HAS FIVE PROPERTIES IN ITS PORTFOLIO THAT INCLUDES 756 HOMES OF WHICH 375 ARE AFFORDABLE THREE DEVELOPMENTS IN CHINATOWN ACCOUNT FOR 702 NEWLY BUILT HOMES. 138170 130 YOUTH ACDC PROVIDES A HIGH SCHOOL LEADERSHIP PROGRAM, ASIAN VOICES OF ORGANIZED YOUTH FOR COMMUNITY EMPOWERMENT (A-VOYCE), TRAINING YOUTH IN COMMUNITY LEADERSHIP AND ORGANIZING IN CHINATOWN AND THE GREATER BOSTON AREA, THEY LEARN ABOUT CULTURAL IDENTITY, COMMUNITY DEVELOPMENT, AND PERFORM PLACEMAKING ACTIVITIES. OVER 70 ASIAN-AMERICAN IDENTIFYING HIGH SCHOOL YOUTH WERE INVOLVED FOR A TOTAL OF OVER 4,800 HOURS IN 2019. YOUTH LEARN ENTREPRENEURSHIP SKILLS AND APPLY THESE SKILLS THROUGH RUNNING THEIR OWN YOUTH-LED BUSINESS PROVIDING WALKING TOURS OF CHINATOWN. 1788749 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 1 0 1 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 33 0 1 10 1 0 0 0 0 0 0 0 0 0 0 0 0 X 17 17 0 1 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X ANGIE LIOU 6174822380 38 OAK STREET BOSTON MA 02111 ANGIE LIOU EXECUTIVE DIRECTOR 35.00 X 128354 0 27371 PATRICK SULLIVAN DIRECTOR OF REAL ESTATE 35.00 X 106962 0 13555 PAUL W LEE PRESIDENT 1.00 X X 0 0 0 JEFFREY WONG TREASURER 1.00 X X 0 0 0 MICHAEL S GRECO CLERK 1.00 X X 0 0 0 GEOFFREY WHY ASSISTANT TREASURER 1.00 X X 0 0 0 NICK CHAU DIRECTOR 1.00 X 0 0 0 STEVEN CHEN DIRECTOR 1.00 X 0 0 0 YONGMEI CHEN DIRECTOR 1.00 X 0 0 0 AMY CHEUNG DIRECTOR 1.00 X 0 0 0 KENNETH FAN DIRECTOR 1.00 X 0 0 0 EUGENE H HO DIRECTOR 1.00 X 0 0 0 JEFFREY HSI DIRECTOR 1.00 X 0 0 0 JUSTIN KANG DIRECTOR 1.00 X 0 0 0 VINCENT LAU DIRECTOR 1.00 X 0 0 0 REBECCA A LEE DIRECTOR 1.00 X 0 0 0 PETER MADSEN DIRECTOR 1.00 X 0 0 0 KAREN SOOHOO DIRECTOR 1.00 X 0 0 0 EMILY YU DIRECTOR 1.00 X 0 0 0 235316 0 40926 2 0 1 0 CLIFTONLARSONALLEN LLP PO BOX 829709 PHILADELPHIA PA 191829709 OUTSOURCED ACCOUNTING SERVICES 109880 1 304460 99385 168547 976819 1549211 LOAN INTEREST 531110 1178396 1178396 MANAGEMENT FEES 531110 185601 185601 RENTAL INCOME 531110 94098 94098 SERVICE REVENUE 531110 9688 9688 1467783 47477 47477 61738 87578 -25840 -25840 -25840 258620 254082 4538 4538 4538 0 99385 9847 -9847 -9847 OTHER INCOME 531110 134935 134935 134935 3168257 1602718 0 16328 155725 116524 23581 15620 537801 402101 82164 53536 12602 9465 1828 1309 11411 8570 1656 1185 132155 90531 34708 6916 13583 13583 19547 18353 1194 165245 22983 142262 95639 57383 38256 41000 15000 2500 23500 106595 86818 13180 6597 16577 8712 1780 6085 159351 158790 330 231 228 86 131 11 3633 2933 700 20777 19657 1120 88839 81970 4042 2827 6666 6666 PROGRAM EXPENSES 396138 385836 10302 BAD DEBT 285224 280474 4750 MEMBERSHIP AND SUBSCRIP 9557 1740 6417 1400 WORKSHOP EXPENSES 1050 1050 19863 6190 463 13210 2299206 1788749 323528 186929 675656 654466 3089501 2493869 80135 134943 11250413 12024016 43741 41682 5203545 435039 4850081 4768506 1100686 1224302 2200259 3321150 23290472 24662934 261192 140482 656 749 20326 23008 2997036 3358551 0 156217 3279210 3679007 X 19936087 20952855 75175 31072 20011262 20983927 23290472 24662934 869051 103614 0 X 0 1 X 1 0 X 279083 2606511 682636 770280 1549211 5887721 279083 2606511 682636 770280 1549211 5887721 5887721 2813489 654190 446600 153662 47477 4115418 3990235 33880 10544 239775 134935 4409369 14412508 6653923 0.40850 0.34150 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2016 AMOUNT: $ 2,618. 2017 AMOUNT: $ 3,220. 2018 AMOUNT: $ 2,360. 2019 AMOUNT: $ 163,935. 2020 AMOUNT: $ 134,935. SALE OF TAX CREDITS - 2016 AMOUNT: $ 3,657,500. FUNDRAISING INCOME - 2016 AMOUNT: $ 330,117. 2017 AMOUNT: $ 30,660. 2018 AMOUNT: $ 8,184. 2019 AMOUNT: $ 75,840. 2020 AMOUNT: $ 0. SERVICE FEES - RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 1945601 1945601 3181394 386547 2794847 54771 37617 17154 21779 10875 10904 4768506 DUE FROM AFFILIATES 1992153 CONSTRUCTION IN PROGRESS 366772 FUNDED RESERVES 135107 TENANT SECURITY DEPOSITS 24718 INVESTMENT IN LIMITED LIABILITY COMPANIES (LLCS) 802400 3321150 PAYCHECK PROTECTION PROGRAM LOAN 156217 156217 X PART IV, LINE 2B: THE ESCROW LIABILITY AMOUNTS OF FORM 990, PART X, LINE 21 CONSIST OF TENANT SECURITY DEPOSITS, WHICH ARE HELD IN A SEPARATE BANK ACCOUNT. THE DEPOSITS ARE REFUNDED TO THE TENANT UPON TERMINATION OF THE LEASE. PART X, LINE 2: ACDC ADOPTED PROVISIONS RELATED TO THE SUBSEQUENT RECOGNITION AND MEASUREMENT OF TAX POSITIONS. THIS GUIDANCE REQUIRES RECOGNITION OF THE FINANCIAL STATEMENT IMPACT OF A TAX POSITION WHEN IT IS MORE-LIKELY-THAN-NOT THAT THE POSITION WILL BE SUSTAINED UPON EXAMINATION. THE ORGANIZATION DID NOT IDENTIFY ANY UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. SPRING GALA DIM SUM 99385 99385 9847 99385 99385 9847 9847 -9847 X 0 0 0 0 0 0 0 0 0 ANGIE LIOU EXECUTIVE DIRECTOR 128354 0 0 0 0 0 3851 0 23520 0 155725 0 0 0 FORM 990, PART VI, SECTION A, LINE 3 ACDC MARTENSEN VILLAGE HOLDING LLC (MVLLC) HAS ENTERED INTO AN AGREEMENT FOR THE MANAGEMENT OF THE PROJECT WITH AN UNRELATED THIRD PARTY. THE AGREEMENT IS FOR AN INITIAL TERM OF ONE YEAR AND CONTINUES THEREAFTER UNLESS TERMINATED BY EITHER PARTY. ADDITIONALLY, THE AGREEMENT IS TERMINABLE BY THE COMPANY FOR CAUSE WITH 30 DAYS NOTICE. THE AGREEMENT PROVIDES FOR A MANAGEMENT FEE EQUAL TO A PERCENTAGE OF GROSS REVENUES, AS DEFINED, PAYABLE MONTHLY. DURING 2020, MANAGEMENT FEES OF $13,583 WERE INCURRED. FORM 990, PART VI, SECTION A, LINE 6 ORGANIZATION HAS DOMESTIC MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A ORGANIZATION MEMBERS DO ELECT MEMBERS FOR GOVERNING BOARD. FORM 990, PART VI, SECTION A, LINE 7B MAJOR DECISIONS ARE DECIDED BY GOVERNING BOARD. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 WAS REVIEWED BY ADMIN PERSONNEL AND BOARD FINANCE COMMITTEE BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C ACDC REQUIRES ALL BOARD MEMBERS TO COMPLETE A CONFLICT OF INTEREST DISCLOSURE ON AN ANNUAL BASIS, ANY DISCLOSURE OF POTENTIAL CONFLICT IS DISCUSSED BY THE BOARD. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION PROCESS FOR TOP OFFICIAL COMPENSATION IS DETERMINED BY THE GOVERNING BOARD. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS DISCLOSURE EXPLANATION GOVERNING DOCS AND RETURNS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. 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