2025-11-06T11:14:46-06:00 2024-12-31 333709623 COHNREZNICK ADVISORY LLC ONE POST OFFICE SQUARE SUITE 2950 BOSTON MA 02109 990 2024-01-01 043126706 MADISON PARK ECONOMIC DEVELOPMENT CORP MADI 6175413900 184 DUDLEY STREET ROXBURY MA 02119 AMANDA PURICELLI CHIEF FINANCIAL OFFICER 6175413900 2025-11-05 1 1 LORI ROTHE YOKOBOSKY P01273422 6176481400 2025-10-29 2024 2025-03-06 01:10:19Z AMANDA PURICELLI 184 DUDLEY STREET ROXBURY MA 02119 1764557 0 X N/A X 1991 MA TO PROVIDE SUPPORT FOR ECONOMIC REVITALIZATION IN THE ROXBURY, MASSACHUSETTS AREA. 9 9 0 11 0 0 138794 109026 1125346 1040836 481 118 0 614577 1264621 1764557 2208 2054 0 0 0 0 0 0 0 1552747 1639007 1554955 1641061 -290334 123496 3915880 3769585 4225064 3955273 -309184 -185688 TO PROVIDE SUPPORT FOR ECONOMIC REVITALIZATION IN THE ROXBURY, MASSACHUSETTS AREA. 0 0 1629485 2054 1655413 TO DEVELOP AND PRESERVE SAFE, AFFORDABLE, AND LOW-INCOME HOUSING TO COMBAT COMMUNITY DETERIORATION BY PROVIDING OR FINANCING BUSINESSES AND NONPROFIT ORGANIZATIONS THAT WOULD BE UNABLE TO OTHERWISE OBTAIN FINANCING. THIS PROMOTES A GENERAL WELCOME OF UNDERSERVED COMMUNITIES, AND ASSISTS IN THE ELIMINATION OF STRUCTURAL RACISM AND DISCRIMINATION AND SUPPORTS MADISON PARK DEVELOPMENT CORPORATION AND ITS AFFILIATES IN THE DEVELOPMENT OF PHYSICAL, ECONOMIC, SOCIAL AND STRUCTURAL REVITALIZATION OF THE ROXBURY NEIGHBORHOOD OF BOSTON, MASSACHUSETTS. 1629485 1 0 0 0 0 0 0 0 0 0 1 0 0 0 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 0 0 0 1 11 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 9 9 0 1 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 0 0 0 MA X AMANDA PELCHER 6175413900 184 DUDLEY STREET ROXBURY MA 02119 AYANNA HINES PRESIDENT 1.00 3.00 X X 0 0 0 GLORIA BROOKS VICE PRESIDENT 1.00 3.00 X X 0 0 0 IVELISE RIVERA TREASURER 1.00 3.00 X X 0 0 0 NINA RUFF SECRETARY 1.00 3.00 X X 0 0 0 MALIK AZIZ DIRECTOR 1.00 3.00 X 0 0 0 SONRISA HAYES DIRECTOR 1.00 3.00 X 0 0 0 DWAYNE WATTS DIRECTOR 1.00 3.00 X 0 0 0 CHANDA K SMART DIRECTOR 1.00 3.00 X 0 0 0 ROBERT L TERRELL DIRECTOR 1.00 3.00 X 0 0 0 LISA MORISHANTI DIRECTOR (UNTIL 7/24) 1.00 3.00 X 0 0 0 VICTORIA LYNN AWKWARD DIRECTOR (UNTIL 7/24) 1.00 3.00 X 0 0 0 LESLIE REID CHIEF EXECUTIVE OFFICER 1.00 42.00 X 0 167234 21523 INGRID TUCKER INTERIM CHIEF EXECUTIVE OFFICER 1.00 42.00 X 0 246330 42601 INITYA AMBROGI-ISAZA VICE PRESIDENT OF REAL ESTATE 1.00 42.00 X 0 197203 29387 EVELYN BARNES CFO (UNTIL 06/24) 1.00 42.00 X 0 56619 6035 0 667386 99546 0 0 1 0 0 109026 109026 RENTAL INCOME 531110 615483 615483 PROGRAM FEES 531390 425353 425353 1040836 118 118 DEBT FORGIVENESS 900099 611794 611794 2783 2783 614577 1764557 1655413 0 118 2054 2054 400544 400544 3779 3779 11576 11576 48731 48731 50044 50044 21087 21087 466307 466307 92791 92791 164948 164948 92399 92399 OPERATING EXPENSES 196757 196757 MAINTENANCE EXPENSE 62364 62364 PROGRAM SUPPLIES 24373 24373 FILING FEES 1268 1268 2039 2039 1641061 1629485 11576 0 147028 204521 79394 18773 5035504 1501417 3674081 3534087 15377 12204 3915880 3769585 679375 321790 75 2527603 2271569 1018011 1361914 4225064 3955273 X -309184 -185688 -309184 -185688 3915880 3769585 123496 0 X 0 1 X 1 0 X 184152 148140 138794 109026 580112 770112 1169714 1183206 1125346 1040836 5289214 770112 1353866 1331346 1264140 1149862 5869326 0 0 0 5869326 34 7 422 481 118 1062 34 7 422 481 118 1062 24184 132387 614577 771148 770146 1378057 1464155 1264621 1764557 6641536 0.88370 0.97300 0.00020 0.00020 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: MISCELLANEOUS INCOME - 2021 AMOUNT: $ 24,184. 2022 AMOUNT: $ 132,387. 2024 AMOUNT: $ 2,783. DEBT FORGIVENESS - 2024 AMOUNT: $ 611,794. 0 0 275177 275177 4506218 1346811 3159407 250791 152672 98119 3318 1934 1384 3534087 OTHER LIABILITIES 26414 DUE TO AFFILATES 1335500 1361914 X PART X, LINE 2: MPDC AND CERTAIN SUBSIDIARIES 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, 2024 AND 2023, THERE WAS NO UNRELATED BUSINESS INCOME. 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. CERTAIN SUBSIDIARIES ARE SINGLE-MEMBER LIMITED LIABILITY COMPANIES WHICH ARE NOT RECOGNIZED FOR FEDERAL INCOME TAX PURPOSES. 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 ("IRS") OR COMMONWEALTH OF MASSACHUSETTS ADDRESSING ANY SUBSEQUENT YEAR. 1 0 0 0 0 0 0 0 0 INGRID TUCKER INTERIM CHIEF EXECUTIVE OFFICER 0 226720 0 19610 0 0 0 10263 0 32338 0 288931 0 0 INITYA AMBROGI-ISAZA VICE PRESIDENT OF REAL ESTATE 0 191203 0 6000 0 0 0 8207 0 21180 0 226590 0 0 LESLIE REID CHIEF EXECUTIVE OFFICER 0 137234 0 0 0 30000 0 5659 0 15864 0 188757 0 0 PART I, LINE 3 THE ORGANIZATION'S CEO IS COMPENSATED BY MADISON PARK DEVELOPMENT CORPORATION, A RELATED ENTITY. THIS ENTITY USES THE FOLLOWING METHODS TO ESTABLISH COMPENSATION: - INDEPENDENT COMPENSATION CONSULTANT - FORM 990 OF OTHER ORGANIZATIONS - APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE PART I, LINE 4A LESLIE REED RECEIVED SEVERANCE COMPENSATION FOR $30,000 DURING CALENDAR YEAR 2024. FORM 990, PART VI, SECTION A, LINE 3 THE ORGANIZATION DELEGATED CONTROL OVER MANAGEMENT DUTIES TO ITS MANAGEMENT AGENT MADISON PARK DEVELOPMENT CORPORATION. FORM 990, PART VI, SECTION A, LINE 6 MADISON PARK DEVELOPMENT CORPORATION IS THE SOLE MEMBER OF MADISON PARK ECONOMIC DEVELOPMENT CORPORATION. FORM 990, PART VI, SECTION A, LINE 7A MADISON PARK DEVELOPMENT CORPORATION, AS SOLE MEMBER OF MADISON PARK ECONOMIC DEVELOPMENT CORPORATION, HAS POWER TO ELECT THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED PRIOR TO ISSUANCE BY THE FINANCE COMMITTEE AND THE FULL BOARD IS PROVIDED A COMPLETE COPY OF THE FORM 990 PRIOR TO 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 THE ORGANIZATION 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 C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. 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