2017-11-14T09:14:50-06:00 2016-12-31 221478099 COHNREZNICK LLP ONE BOSTON PLACE SUITE 500 BOSTON MA 02108 990 2016-01-01 237164223 MADISON PARK DEVELOPMENT CORPORATION MADI 6175413900 184 DUDLEY STREET ROXBURY MA 02119 Gayle Harrold ASSISTANT TREASURER 6175413900 2017-11-13 1 LEONARD J BERKOWITZ P00872822 6176481400 209.3.217.20 2017-11-13 12:28:31 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 4FA2AEB2F2920BD945A96D8753017EDDD99C4CBB 2016 2018-03-14 21:41:22Z JEANNE PINADO 184 Dudley Street Roxbury MA 02119 7450882 0 X www.madison-park.org X 1970 MA SELF-SUFFICIENCY AND SOCIAL WELL-BEING OF LOW-INCOME AND MODERATE-INCOME RESIDENTS AND ADVOCATING FOR HOMEOWNERSHIP, BUSINESS DEVELOPMENT OR EDUCATION. 11 10 0 0 0 0 1922057 1723247 4012112 5068470 36756 56106 84000 603059 6054925 7450882 534394 221526 0 0 3103800 3404313 0 0 391930 2745310 2568074 6383504 6193913 -328579 1256969 52806918 58233562 42747900 45931816 10059018 12301746 X madison park development corporation's overall mission is to foster the social, physical, economic and cultural renaissance of the roxbury community by promoting the economic self-sufficiency and social well-being of low-income and moderate income residents for home ownership, business development or education. 0 0 1943220 221526 4896063 real estate - mpdc, through its real estate program, acts aseither the developer or co-developer on properties benefittinglow-income residents in the roxbury, massachusetts community. inaddition, mpdc operates rental properties benefitting thelow-income residents in the roxbury, massachusetts community. thereal estate program also includes the company's asset managementbusiness which oversees the operations of all residential andcommercial rental properties, as well as its early stagedevelopment activities. 837211 77352 hibernian hall- the hibernian hall program promotes, produces andpresents performing arts programs that celebrate themulti-cultural heritage of roxbury. in addition, the hall isrented for various celebratory and cultural functions. 1422472 92597 community action- mpdc, through its community organizingactivities, seeks to promote an active and healthy environment for local residents through programming focused on healthy equity and wellness, civic engagement, youth leadership and workforce development, residential leadership and public safety initiatives. 1292314 2458 Other Program Results. 1292314 2458 5495217 1 1 0 0 0 0 0 0 1 0 1 0 0 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 1 187 0 0 0 0 0 0 0 0 0 0 0 0 X 11 10 0 0 0 0 0 0 0 1 1 0 1 0 1 1 1 1 1 1 1 1 1 1 MA X Jeanne Pinado 6178496220 184 DUDLEY STREET ROXBURY MA 02119 ayanna hines director 1.00 3.00 X 0 0 0 dion irish director 1.00 3.00 X 0 0 0 Elmer Freeman director 1.00 3.00 X 0 0 0 Ivelise Rivera President 1.00 3.00 X X 0 0 0 JEANNE M PINADO CEO/Asst Treasurer 3.00 40.00 X X 211323 0 26431 Lisa Morishanti Vice President 1.00 3.00 X X 0 0 0 Malik aziz director 1.00 3.00 X 0 0 0 matthew camp Treasurer 1.00 3.00 X X 0 0 0 Milton Irving Director 1.00 3.00 X 0 0 0 nina ruff Secretary/Clerk 1.00 3.00 X X 0 0 0 Sonrisa Haynes director 1.00 3.00 X 0 0 0 Brooke E Woodson assistant secretary 3.00 40.00 X 123215 0 20391 gayle harrold cfo/assistant treasurer 3.00 40.00 X 159300 0 29019 russell tanner Vice President of Real Estate 1.00 40.00 X 208600 0 25504 Brian Pilcher Senior asset Manager 1.00 40.00 X 122270 0 4637 824708 0 105982 5 1 1 0 Kaplan Construction 116 Harvard Street Brookline MA 02446 Construction 4234654 Massachusetts Housing Finance Agency 1 Beacon Street 27 Boston MA 02108 Development 702304 Stull and Lee Incorporated 103 Terrace Street Boston MA 02120 Development 388326 Klein Hornig LLP 101 arch street 1101 Boston MA 02110 Legal Services 356544 DHK Architects Inc 54 canal street 200 boston MA 02114 Architectural/Engineering 326337 5 1723247 1723247 DEVELOPMENT FEES 531390 3996500 3996500 MANAGEMENT FEES 531310 440202 440202 RENTAL INCOME 531390 426231 426231 INTEREST INCOME ON OPE 900099 153875 153875 PROGRAM FEES 531390 51409 51409 253 253 5068470 56106 56106 Partnership Distributi 900099 603059 603059 603059 7450882 5671529 0 56106 201026 201026 20500 20500 237754 199509 15583 22662 2453009 2058411 160780 233818 713550 586631 56635 70284 7500 7500 19998 18717 511 770 36197 29806 2843 3548 245399 201036 24684 19679 729809 693641 17457 18711 63193 43129 16175 3889 100845 100845 10615 9479 453 683 real estate development 624627 624627 PROGRAM SUPPLIES 524336 509570 6625 8141 CONSULTANTS 153970 140284 3941 9745 Miscellaneous Expense 32300 31916 384 19285 18590 695 6193913 5495217 306766 391930 3568242 4641468 1222744 3224415 36298012 34707166 8469 0 929126 265129 697377 663997 2192238 2613676 17380 0 8802456 12382840 52806918 58233562 222788 698977 33513469 36784014 9011643 8448825 42747900 45931816 X 8256613 10638594 205727 185475 1596677 1477677 10059018 12301746 52806918 58233562 X 1256969 5500 980259 X 0 1 X 1 1 1 X 1571881 2986816 2325046 1922057 1723247 10529047 4841546 1728765 2849674 3930548 5517654 18868187 6413427 4715581 5174720 5852605 7240901 29397234 0 0 0 29397234 5023 133332 154070 165564 153875 611864 5023 133332 154070 165564 153875 611864 1830059 1830059 8248509 4848913 5328790 6018169 7394776 31839157 0.92330 0.91000 0.01920 0.01630 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 22219 22219 208165 148505 59660 698742 116624 582118 663997 CONSTRUCTION IN PROGRESS 11353225 DUE FROM AFFILIATES 1019014 Other Assets 10601 12382840 DUE TO AFFILIATES 4856465 construction payable 2418617 Other liabilities 100655 Lease Payable 1073088 8448825 X Part IV, Line 2b: MPDC entered an agreement with Orchard Garden Residents Association (OGRA) whereby MPDC will act as a custodial agent and administer the funds of OGRA. Affiliates of MPDC jointly own the Orchard Gardens Affordable Housing Complex. The liability is reduced as cash is used for its expressed purpose or increased if new deposits are received on behalf of the Orchard Garden Residents Association. Part X, Line 2: MPDC AND CERTAIN SUBSIDIARIES, NAMELY; MADISON PARK ECONOMIC DEVELOPMENT CORPORATION, MADISON PARK HOUSING CORPORATION AND LOWER ROXBURY COMMUNITY CORPORATION ("LRCC") QUALIFY AS ORGANIZATIONS FORMED FOR CHARITABLE PURPOSES UNDER SECTION 501(C)(3) OF THE IRC AND THEREFORE ARE NOT SUBJECT TO INCOME TAX AND ARE NOT PRIVATE FOUNDATIONS UNDER SECTION 509(A)(1). CERTAIN UNRELATED BUSINESS INCOME, AS DEFINED IN THE IRC, IS SUBJECT TO FEDERAL INCOME TAX. FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015, THERE WAS NO UNRELATED BUSINESS INCOME. ADDITIONAL SUBSIDIARIES OR AFFILIATES OF MPDC, NAMELY, BERYL GARDENS, INC., BERYL GARDENS COOPERATIVE CORPORATION, DUDLEY GREENVILLE MM LLC, MPIII TOWNHOMES MM LLC., MADISON PARK IV GP LLC, MADISON RUGGLES SHAWMUT, INC., MADISON WILLIAMS MM LLC, SMITH II INC., AND SMITH SENIOR RESIDENCES MM LLC, ARE C CORPORATIONS OR LLCS THAT HAVE ELECTED TO BE TAXED AS A CORPORATION THAT ARE SUBJECT TO TAXATION AT THE FEDERAL AND STATE LEVELS. DEFERRED TAXES ARE COMPUTED BASED ON THE DIFFERENCE BETWEEN THE FINANCIAL STATEMENTS AND INCOME TAX BASIS OF ASSETS AND LIABILITIES USING ENACTED MARGINAL TAX RATES. AS OF DECEMBER 31, 2016 AND 2015, THE TAX EXPENSE, DEFERRED TAXES, AND VALUATION ALLOWANCES ARE IMMATERIAL. Beryl Gardens Limited Partnership, Haynes House Associates II Limited Partnership, Madison Park III Associates Limited Partnership, MPIV 2011 Limited Partnership, MBII LP, and Smith House II Limited Partnership are partnerships and all taxable income and losses are allocated to the partners. Dudley Greenville LLC, Madison Williams LLC, MPIII Townhomes LLC, Smith Senior Residences LLC and Ruggles Shawmut Housing LLC are limited liability companies and all taxable income and losses are allocated to the members. Madison Bard LLC, Madison School House LLC, Madison Tropical LLC, Madison Tropical Market LLC, Madison Williams LLC (in 2015), Madison Gateway LLC, P10 Development Services LLC, Madison Property Development LLC and 2451 Washington LLC are limited liability companies and all taxable income and losses are allocated to MPDC as the sole member. Madison Washington II LLC and LRCC Maintenance LLC are limited liability companies and all taxable income and losses are allocated to Lower Roxbury Community Corporation as the sole member. Madison Hibernian Hall LLC, LRCC Leasing LLC, LRCC Holdings LLC and Dewitt Community Center LLC are limited liability companies and all taxable income and losses are allocated to Madison Park Economic Development Corporation as the sole member. No provision or benefit for income taxes has been included in these financial statements for any of these entities since the limited liability companies' net taxable profit or loss is passed through to the individual members and the partnerships' income or the loss is passed through to its partners. The provisions of GAAP require that a tax position be recognized or derecognized based upon a more likely than not threshold. This applies to tax positions taken or expected to be taken in the tax returns of all entities included in the Company's consolidated group. The Company regularly assesses the potential settlement outcomes resulting from income tax examinations. The implementation of these provisions has no impact on the Company's consolidated financial statements as the Company believes that its consolidated financial statements do not include any uncertain tax positions. Generally, the above information or tax returns remain open for federal income tax examination for three years from the filing date. No notices have been received from either the Internal Revenue Service or Commonwealth of Massachusetts addressing any subsequent year. X 0 Sparks for the Arts 184 Dudley Street Roxbury MA 02119 Annual Fundraising Event 1 112400 0 23637 112400 23637 0 scholarship 10 20500 SCHEDULE I, PART I, LINE 2 A SCHOLARSHIP COMMITTEE DECIDES WHO WILL BE AWARDED THE SCHOLARSHIP AND A CHECK IS CUT DIRECTLY TO THE UNIVERSITY. ABOUT $2,000 OF THIS AMOUNT IS AWARDED TO THE STUDENTS FOR BOOKS, THE REST IS TUITION. X X X X 0 0 0 0 0 0 0 0 0 JEANNE M PINADO CEO/Asst Treasurer 184123 0 27200 0 0 0 0 0 26431 0 237754 0 0 0 gayle harrold cfo/assistant treasurer 145500 0 13800 0 0 0 0 0 29019 0 188319 0 0 0 russell tanner Vice President of Real Estate 183600 0 25000 0 0 0 0 0 25504 0 234104 0 0 0 Form 990, Part VI, Section B, line 10b ALL OF THE ENTITIES THAT MPDC DOES BUSINESS WITH HAVE NO STAFF OF THEIR OWN AND ARE FULLY MANAGED BY MPDC WHO ENSURE THAT LOCAL UNITS' ACTIVITIES ARE CONSISTENT WITH ITS OWN AND THEIR TAX EXEMPT PURPOSES. Form 990, Part VI, Section B, line 11b The form 990 is reviewed prior to issuance by the finance committee who then makes a recommendation to the board of directors to approve for filing. Form 990, Part VI, Section B, line 12c Each director, principal officer and member of a committee with governing board delegated powers shall annually sign a statement which affirms that such person: 1. Has received a copy of the conflict of interest policy; 2. Has read and understood this policy; 3. Has agreed to comply with the policy, and 4. Understands that MPDC is a non-profit and that in order to maintain its federal tax exemption it must engage primarily in activities which accomplish one or more of its tax-exempted purposes. Form 990, Part VI, Section B, line 15 The board of directors employed a consultant to perform a compensation study in 2009 to determine the appropriateness of the CEO's overall compensation. The CEO uses the services of a human resources consultant who periodically checks the appropriateness of compensation levels company wide. Form 990, Part VI, Section C, line 19 The organization's governing documents, conflict of interest policy, and financial statements are available to the public upon request. Form 990, Part XI, line 9: Noncontrolling Interest 949,615. intercompany write-offs 30,644. 2451 Washington LLC 184 Dudley Street Suite 102 Roxbury MA 02119 203909215 Rental Real Estate MA -7793 347795 MPDC Madison Schoolhouse LLC 184 Dudley Street Suite 102 Roxbury MA 02119 261591413 Rental Real Estate MA 0 0 MPDC Madison Property Development LLC 184 Dudley Street Suite 102 Roxbury MA 02119 270366179 Rental Real Estate MA 218945 0 MPDC P10 Development Services LLC 184 Dudley Street Suite 102 Roxbury MA 02119 364748875 Rental Real Estate MA -204884 75195 MPDC Madison Tropical LLC 184 Dudley Street Suite 102 Roxbury MA 02119 452804996 Rental Real Estate MA 0 0 MPDC Madison Bard LLC 184 Dudley Street Suite 102 Roxbury MA 02119 273060171 rental Real Estate MA 0 0 MPDC Madison Gateway LLC 184 Dudley Street Suite 102 Roxbury MA 02119 463359675 Rental Real Estate MA 0 0 MPDC Madison Hibernian Hall LLC 184 Dudley Street Suite 102 Roxbury MA 02119 461172886 Community center MA 72995 482605 MPDC Haynes House MM LLC 184 Dudley Street SUite 102 Roxbury MA 02119 454287355 Real Estate MA 0 0 MPDC LRCC Holdings LLC 184 Dudley Street Suite 102 Roxbury MA 02119 474344198 Rental REal Estate MA 0 0 MPDC Madison Tropical Markets LLC 184 Dudley Street Suite 102 Roxbury MA 02119 463342679 Real Estate MA 48892 140037 MPDC Madison Washington II LLC 184 Dudley Street Suite 102 Roxbury MA 02119 208135439 Real Estate MA 1269771 -113192 MPDC LRCC Leasing LLC 184 Dudley Street Suite 102 roxbury MA 02119 812037456 real Estate MA -21153 -21153 mpdc lrcc maintenance 184 Dudley Street Suite 102 roxbury MA 02119 814093166 real Estate MA 0 0 mPDC Madison Park Economic Development Corporation 184 Dudley Street Suite 102 Roxbury MA 02119 043126706 Rental Real Estate MA 501(c)(3) Line 10 MPDC 1 Madison Park Housing Corporation 184 Dudley Street Suite 102 Roxbury MA 02119 042743779 Rental Real Estate MA 501(c)(3) Line 7 MPDC 1 Lower Roxbury Community Corporation 184 Dudley Street Suite 102 roxbury MA 02119 237011408 REntal Real Estate MA 501(c)(3) Line 10 MPDC 1 Orchard Gardens Resident Association Inc 184 Dudley Street Suite 102 roxbury MA 02119 042867846 rental Real Estate MA 501(c)(3) Line 10 mPDC 1 Adams Orchard Limited Partnership 184 Dudley Street Suite 102 Roxbury MA 02119 043428515 Rental Real Estate MA MPDC Related -1264608 -4162790 0 0 0.51000 Beryl Gardens Limited Partnership 184 Dudley Street Suite 102 Roxbury MA 02119 043293229 Rental Real Estate MA MPDC Related -126802 -1237902 0 0 0.01000 Dudley Greenville LLC 184 Dudley Street Suite 102 Roxbury MA 02119 272754424 Rental Real Estate MA MPDC Related -367384 6042838 0 0 1.00000 Haynes House II LP 184 Dudley Street Suite 102 Roxbury MA 02119 043231123 Rental Real Estate MA MPDC Related -213828 -1550718 0 0 1.00000 Interfaith Housing Developers LLC 184 Dudley Street Suite 102 Roxbury MA 02119 161644819 Rental Real Estate MA MpDC Related 238488 5256044 0 0 0.00010 Madison Botolph II LP 184 Dudley Street Suite 102 Roxbury MA 02119 364796660 Rental Real Estate MA MPDC Related -272880 4773307 0 0 1.00000 Madison Park III Associates LP 184 Dudley Street Suite 102 Roxbury MA 02119 042626724 Rental Real Estate MA MPDC Related -505489 0 0 0.00050 Madison Park IV 2011 Limited Partnership 184 Dudley Street Suite 102 Roxbury MA 02119 453459053 REntal Real Estate MA MPDC Related -56765 13594327 0 0 0.00010 Madison Trinity Limited Partnership 184 Dudley Street Suite 102 Roxbury MA 02119 043339768 Rental Real Estate MA MPDC Related -2319394 0 0 1.00000 Madison Williams LLC 184 Dudley Street Suite 102 roxbury MA 02119 463342757 rental Real Estate MA MPDC related 24560 0 0 0.00010 MPIII Townhomes LLC 184 Dudley Street Suite 102 Roxbury MA 02119 473681685 Rental Real Estate MA mpDC Related 21447 -4856126 0 0 0.00010 Ruggles Shawmut Housing LLC 184 Dudley Street Suite 102 Roxbury MA 02119 202182768 Rental Real Estate MA MPDC Related 230509 7465559 0 0 0.00010 School House Brookledge Cummins LP 536 Granite Street Braintree MA 02184 261599765 Rental Real Estate MA MPDC Related 33712 4675112 0 0 0.00010 School House Kenilworth Williams 536 Granite Street Braintree MA 02184 261599834 Rental Real Estate MA MPDC Related -151061 4539378 0 0 0.00010 Smith House II Limited Partnership 184 Dudley Street Suite 102 Roxbury MA 02119 043293225 REntal Real Estate MA MPDC Related 36324 3383289 0 0 1.00000 Smith Senior Residences LLC 184 Dudley Street Suite 102 roxbury MA 02119 320494148 rental Real Estate MA MPDC related -93129 -6270973 0 0 0.00010 Adams Orchard Inc 184 Dudley Street Suite 102 Roxbury MA 02119 043428514 Rental Real Estate MA MPDC C -53 -8919 0.51000 1 Beryl Gardens Cooperative Corporation 184 Dudley Street Suite 102 Roxbury MA 02119 043296338 Rental Real Estate MA LRCC C -14728 1.00000 1 Beryl Gardens Inc 184 Dudley Street Suite 102 Roxbury MA 02119 043293227 Rental Real Estate MA LRCC C -15720 1.00000 0 Dudley Greenville MM LLC 184 Dudley Street Suite 102 Roxbury MA 02119 272754424 Rental Real Estate MA Madison Park C 14 1.00000 0 Haynes II Inc 184 Dudley Street Suite 102 Roxbury MA 02119 043220498 Rental Real Estate MA LRCC C -17000 13682 1.00000 1 Interfaith Housing Developers INc 184 Dudley Street Suite 102 Roxbury MA 02119 161644815 Rental Real Estate MA MPDC C 219953 280277 0.50000 1 Lower Roxbury Management Corporation 184 Dudley Street Suite 102 Roxbury MA 02119 042628306 Rental Real Estate MA MPDC C 49558 1.00000 1 Madison Botolph GP Inc 184 Dudley Street Suite 102 Roxbury MA 02119 462310065 Rental Real Estate MA LRCC C -89 -24 1.00000 1 Madison Davenport Inc 184 Dudley Street Suite 102 Roxbury MA 02119 043428521 Rental Real Estate MA MPDC C 6666 -146853 1.00000 1 MADISON PARK IV GP LLC 184 Dudley Street Suite 102 Roxbury MA 02119 453261293 Rental Real Estate MA LRCC C -619 -4347 0.79000 1 Madison Ruggles Shawmut Inc 184 Dudley Street Suite 102 Roxbury MA 02119 651251191 Rental Real Estate MA MPDC C 14 -321 0.79000 1 MPIII Townhomes MM LLC 184 Dudley Street Suite 102 roxbury MA 02119 473661174 rental Real Estate MA madison Park C -118 -16 1.00000 0 MTV Inc 184 Dudley Street Suite 102 Roxbury MA 02119 043339765 REntal Real Estate MA MPDC C -22060 -436879 0.50000 1 School House B C Madison & EAF LLC 536 Granite Street Braintree MA 02184 261599595 Rental Real Estate MA MPDC C -6917 0.00010 0 School House K W Madison Park & EAF LLC 536 Granite Street Braintree MA 02184 261599663 Rental Real Estate MA MPDC C -1310 0.00010 0 Smith II Inc 184 Dudley Street Suite 102 Roxbury MA 02119 043293223 Rental Real Estate MA LRCC C -4831 -17000 1.00000 1 Madison Williams MM LLC 184 Dudley Street Suite 102 roxbury MA 02119 811642613 rental Real Estate MA LRCC C 0.50000 0 Smith Senior residences MM LLC 184 Dudley Street Suite 102 roxbury MA 02119 812393714 rental Real Estate MA lrcc C 0.55000 0 1 0 1 1 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 Madison Washington II A 60000 Cost Dudley Greenville LLC L 121257 Cost Madison Hibernian Hall LLC A 24716 cost smith house ii lp M 90000 cost interfaith housing developers llc M 121517 cost school house brookledge cummins lp M 47664 cost madison tropical market llc A 10258 cost madison tropical market llc M 7500 cost mpiii associates llc C 1047902 cost smith house ii lp C 8671761 cost smith ii inc C 8185 cost madison Hibernian Hall LLC D 25284 cost madison botolph lp L 564795 cost madison williams llc L 337500 cost smith senior residences llc L 850000 cost school house kenilworth williams lp M 21092 cost madison park iv 2011 lp M 21854 cost ruggles shawmut llc M 8004 cost