2018-11-06T13:29:34-06:00 2017-12-31 221478099 COHNREZNICK LLP ONE BOSTON PLACE SUITE 500 BOSTON MA 02108 990 2017-01-01 042988263 ASIAN COMMUNITY DEVELOPMENT CORPORATION ASIA 6174822380 38 OAK STREET BOSTON MA 02111 PAUL W LEE PRESIDENT/DIRECTOR 6174822380 2018-11-05 1 EDWARD MCNEIL P00090108 6176481400 2018-11-05 209.3.217.20 2018-11-05 16:00:17 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 238159564A7F207AC3E2D33505B4833284B8AC6F 2017 2018-06-14 16:35:46Z PAUL W LEE 38 OAK STREET BOSTON MA 02111 6517556 0 X WWW.ASIANCDC.ORG X 1987 MA TO BE A COMMUNITY-BASED ORGANIZATION SERVING THE ASIAN AMERICAN COMMUNITY OF GREATER BOSTON BY PROVIDING PHYSICAL, ECONOMIC AND LEADERSHIP DEVELOPMENT. 15 15 12 0 0 0 283333 2606511 344915 3222975 6412825 595720 310119 -34223 7351192 6390983 0 0 0 0 698964 797230 38400 31200 283886 14092238 8131874 14829602 8960304 -7478410 -2569321 14468595 7399914 4583029 83669 9885566 7316245 X TO BE A COMMUNITY-BASED ORGANIZATION SERVING THE ASIAN AMERICAN COMMUNITY OF GREATER BOSTON BY PROVIDING PHYSICAL, ECONOMIC AND LEADERSHIP DEVELOPMENT. 0 0 8407560 3227329 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 AFFFORDABLE. THREE DEVELOPMENTS IN CHINATOWN ACCOUNT FOR 702 NEWLY BUILT HOMES. COMPREHENSIVE HOUSING OPPORTUNITIES PROGRAM (CHOP) PROVIDES THE COMMUNITY WITH FINANCIAL EMPOWERMENT THROUGH HOME BUYING WORKSHOPS, FINANCIAL MANAGEMENT TRAINING 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. 336 PEOPLE COMPLETED OUR FIRST-TIME HOMEBUYER WOKSHOP IN 2017, OVER A HALF OF WHOM WERE CHINESE SPEAKING CLIENTS. MOREOVER, 45 HOUSEHOLDS PURCHASED A HOME AFTER ATTENDING THE WORKSHOP. ACDC'S HOUSING COUNSELORS ALSO PROVIDE 1-ON-1 HOMEBUYER COUNSELING. CHOP 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 PARTIPANTS SAVE IN THEIR QUALIFIED MATCHED SAVINGS ACCOUNT. 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 100 YOUTH WERE INVOLVED IN 2017. YOUTH LEARN ENTREPRENEURSHIP SKILLS AND APPLY THESE SKILLS THROUGH RUNNING THEIR OWN YOUTH-LED BUSINESS PROVIDING WALKING TOURS OF CHINATOWN. 8407560 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 1 22 0 1 12 1 0 0 0 0 0 1 1 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 HAMILTON HO 6174822380 38 OAK STREET BOSTON MA 02111 AMANDA LINEHAN DIRECTOR 1.00 X 0 0 0 AMY CHEUNG DIRECTOR 1.00 X 0 0 0 EUGENE HHO DIRECTOR 1.00 X 0 0 0 GEOFFREY WHY VICE TREASURER/DIRECTOR 1.00 X X 0 0 0 JEFFREY WONG TREASURER/DIRECTOR 1.00 X X 0 0 0 JUSTIN KANG DIRECTOR 1.00 X 0 0 0 KAREN SOOHOO DIRECTOR 1.00 X 0 0 0 KENNETH FAN DIRECTOR 1.00 X 0 0 0 MICHAEL S GRECO CLERK/DIRECTOR 1.00 X X 0 0 0 MICHAEL TOW OUTGOING DIRECTOR 1.00 X 0 0 0 NICK CHAU DIRECTOR 1.00 X 0 0 0 PAUL W LEE PRESIDENT/DIRECTOR 1.00 X X 0 0 0 PETER MADSEN DIRECTOR 1.00 X 0 0 0 REBECCA A LEE DIRECTOR 1.00 X 0 0 0 STEVEN CHEN DIRECTOR 1.00 X 0 0 0 TERRY KWAN OUTGOING VP/DIRECTOR 1.00 X X 0 0 0 YONGMEI CHEN DIRECTOR 1.00 X 0 0 0 ANGIE LIOU EXECUTIVE DIRECTOR 40.00 X 100000 0 21399 HAMILTON HO CHIEF OPER. OFFICER 40.00 X 86615 0 25405 186615 0 46804 0 0 0 0 CLIFTON LARSON ALLEN LLP 220 S 6TH ST SUITE 300 MINNEAPOLIS MN 55402 ACCOUNTING SERVICES 124133 1 153569 1811159 641783 36643 2606511 REAL ESTATE DEVELOPMEN 531110 3144003 3144003 MANAGEMENT FEES INCOME 531110 52571 52571 SERVICE REVENUE 531110 26401 26401 3222975 595720 595720 58470 57336 1134 1134 1134 30660 153569 69237 -38577 -38577 OTHER INCOME 531110 3220 3220 3220 6390983 3227329 0 557143 233419 164463 23939 45017 426553 301329 43516 81708 5602 3906 586 1110 79940 55736 8372 15832 51716 36935 3986 10795 6396 6396 153800 33399 120398 3 31200 31200 212 42 170 40185 25289 10352 4544 29242 18403 3243 7596 1679 348 1177 154 11033 4855 5625 553 26160 18665 3331 4164 5011 3575 638 798 BAD DEBT EXPENSE 6004827 6004827 0 LOSS ON TRANSFER OF ASS 1693754 1693754 FUNDRAISING 78786 10738 0 68048 CONSULTANTS 39296 6275 25321 7700 41493 18667 18332 4494 8960304 8407560 268858 283886 1195009 2711468 1207902 1063038 379229 2803232 10574101 34542 33833 813110 244351 914812 568759 163000 0 0 219584 14468595 7399914 1015361 77405 1500 3567668 4764 4583029 83669 X -4607113 7266995 14492679 49250 9885566 7316245 14468595 7399914 -2569321 0 X X 0 1 X 1 0 X 185794 154364 205031 279083 2606511 3430783 185794 154364 205031 279083 2606511 3430783 3430783 480111 49754 53394 2813489 654190 4050938 38130 362004 366073 3990235 33880 4790322 12272043 5115599 0.27960 0.12390 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2013 AMOUNT: $ 13,712. 2014 AMOUNT: $ 11,704. 2015 AMOUNT: $ 11,870. 2016 AMOUNT: $ 2,618. 2017 AMOUNT: $ 3,220. SALE OF TAX CREDITS - 2016 AMOUNT: $ 3,657,500. 2017 AMOUNT: $ 0. FUNDRAISING INCOME - 2014 AMOUNT: $ 324,015. 2015 AMOUNT: $ 328,763. 2016 AMOUNT: $ 330,117. 2017 AMOUNT: $ 30,660. SERVICE FEES - 2013 AMOUNT: $ 24,418. 2014 AMOUNT: $ 26,285. 2015 AMOUNT: $ 25,440. 767030 213505 553525 46080 30846 15234 568759 TENANT SECURITY DEPOSITS 4764 4764 X PART X, LINE 2: ACDC IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, AS AMENDED, EXCEPT FOR INCOME TAXES ON "UNRELATED BUSINESS INCOME," IF ANY. FOR THE YEAR ENDED DECEMBER 31, 2017, ACDC DID NOT HAVE ANY "UNRELATED BUSINESS INCOME" SUBJECT TO INCOME TAXES; ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS. ACDC AND ITS SUBSIDIARIES 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 CORPORATION DID NOT IDENTIFY ANY UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. INCOME TAX RETURNS FILED BY ACDC AND ITS SUBSIDIARIES ARE SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE FOR A PERIOD OF THREE YEARS. WHILE NO INCOME TAX RETURNS ARE CURRENTLY BEING EXAMINED BY THE INTERNAL REVENUE SERVICE, TAX YEARS SINCE 2014 REMAIN OPEN. X X 0 MICHELLE MILLER 52 KENT STREET BROOKLINE MA 02445 PROFESSIONAL FUNDRAISER 0 257258 38900 218358 257258 38900 218358 MA DIM SUM/SPRING GALA 97490 88580 8910 15839 GOLF EVENT 86739 64989 21750 53398 184229 153569 30660 69237 69237 -38577 X IN KIND CONTRIBUTIONS FOR GOLF OUTING 0 36643 FMV 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 CLASSES OF MEMBERS OR STOCKHOLDERS ORGANIZATION HAS DOMESTIC MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A ELECTION OF MEMBERS AND THEIR RIGHTS ORGANIZATION MEMBERS DO ELECT MEMBERS FOR GOVERNING BOARD. FORM 990, PART VI, SECTION A, LINE 7B DECISIONS SUBJECT TO APPROVAL OF MEMBERS MAJOR DECISIONS ARE DECIDED BY GOVERNING BOARD. FORM 990, PART VI, SECTION B, LINE 11B ORGANIZATIONS PROCESS TO REVIEW FORM 990 - 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. FORM 990 PART XII, LINE 2C THE ORGANIZATION HAS A COMMITTEE RESPONSIBLE FOR THE OVERSIGHT OF THE AUDIT AS WELL AS THE SELECTION OF THE INDEPENDENT ACCOUNTANT. 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