EDGEWOOD RETIREMENT COMMUNITY INC: Form 990, tax year 2010
View the entire original 990 at ProPublica ↗
- Organization
- EDGEWOOD RETIREMENT COMMUNITY INC (EIN 04-3195775)
- Tax period
- 2010-01-01 to 2010-12-31
- Filed
- 2011-05-13
- IRS object ID
- 201121339349301767
- Schema version
- 2010v3.2
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Timestamp | 2011-05-13T09:11:48-05:00 | Timestamp |
| Tax Period End Date | 2010-12-31 | TaxPeriodEndDate |
Preparer Firm PreparerFirm
Preparer Firm Business Name PreparerFirmBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RSM MCGLADREY INC | BusinessNameLine1 |
Preparer Firm US Address PreparerFirmUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 80 CITY SQUARE | AddressLine1 |
| City | BOSTON | City |
| State | MA | State |
| ZIP Code | 021293742 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnType |
| Tax Period Begin Date | 2010-01-01 | TaxPeriodBeginDate |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 043195775 | EIN |
Name Name
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | EDGEWOOD RETIREMENT COMMUNITY INC | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Control | EDGE | NameControl |
| Phone | 9787253300 | Phone |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 575 OSGOOD STREET | AddressLine1 |
| City | NORTH ANDOVER | City |
| State | MA | State |
| ZIP Code | 01845 | ZIPCode |
Officer Officer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | MARLENE ROTERING | Name |
| Title | EXECUTIVE DIRECTOR | Title |
| Phone | 9787253300 | Phone |
| Date Signed | 2011-05-12 | DateSigned |
| Authorize Third Party | 1 | AuthorizeThirdParty |
Preparer Preparer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 6179129000 | Phone |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax Year | 2010 | TaxYear |
| Build TS | 2016-03-07 17:11:31Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Of Principal Officer Person | MARLENE ROTERING | NameOfPrincipalOfficerPerson |
Address Principal Officer US AddressPrincipalOfficerUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 575 OSGOOD STREET | AddressLine1 |
| City | NORTH ANDOVER | City |
| State | MA | State |
| ZIP Code | 01845 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | 38171298 | GrossReceipts |
| Group Return For Affiliates | 0 | GroupReturnForAffiliates |
| Organization501c3 | X | Organization501c3 |
| Web Site | WWW.EDGEWOODRC.COM | WebSite |
| Type Of Organization Corporation | X | TypeOfOrganizationCorporation |
| Year Formation | 1993 | YearFormation |
| State Legal Domicile | MA | StateLegalDomicile |
| Activity Or Mission Description | CONTINUING CARE RETIREMENT COMMUNITY | ActivityOrMissionDescription |
| Nbr Voting Members Governing Body | 17 | NbrVotingMembersGoverningBody |
| Nbr Independent Voting Members | 17 | NbrIndependentVotingMembers |
| Total Nbr Employees | 349 | TotalNbrEmployees |
| Total Nbr Volunteers | 20 | TotalNbrVolunteers |
| Total Gross UBI | 0 | TotalGrossUBI |
| Net Unrelated Business Txbl Income | 0 | NetUnrelatedBusinessTxblIncome |
| Contributions Grants Prior Year | 142094 | ContributionsGrantsPriorYear |
| Contributions Grants Current Year | 157715 | ContributionsGrantsCurrentYear |
| Program Service Revenue Prior Year | 15433339 | ProgramServiceRevenuePriorYear |
| Program Service Revenue CY | 17919380 | ProgramServiceRevenueCY |
| Investment Income Prior Year | 53186 | InvestmentIncomePriorYear |
| Investment Income Current Year | 189255 | InvestmentIncomeCurrentYear |
| Other Revenue Prior Year | 17809 | OtherRevenuePriorYear |
| Other Revenue Current Year | 500 | OtherRevenueCurrentYear |
| Total Revenue Prior Year | 15646428 | TotalRevenuePriorYear |
| Total Revenue Current Year | 18266850 | TotalRevenueCurrentYear |
| Grants And Similar Amnts Prior Year | 0 | GrantsAndSimilarAmntsPriorYear |
| Grants And Similar Amnts CY | 0 | GrantsAndSimilarAmntsCY |
| Benefits Paid To Members Prior Year | 0 | BenefitsPaidToMembersPriorYear |
| Benefits Paid To Members CY | 0 | BenefitsPaidToMembersCY |
| Salaries Etc Prior Year | 6989449 | SalariesEtcPriorYear |
| Salaries Etc Current Year | 8208117 | SalariesEtcCurrentYear |
| Total Prof Fundrsng Exp Prior Year | 0 | TotalProfFundrsngExpPriorYear |
| Total Prof Fundrsng Exp CY | 0 | TotalProfFundrsngExpCY |
| Total Fundrsng Exp Current Year | 0 | TotalFundrsngExpCurrentYear |
| Other Expense Prior Year | 8396850 | OtherExpensePriorYear |
| Other Expenses Current Year | 10309091 | OtherExpensesCurrentYear |
| Total Expenses Prior Year | 15386299 | TotalExpensesPriorYear |
| Total Expenses Current Year | 18517208 | TotalExpensesCurrentYear |
| Revenues Less Expenses Prior Year | 260129 | RevenuesLessExpensesPriorYear |
| Revenues Less Expenses CY | -250358 | RevenuesLessExpensesCY |
| Total Assets BOY | 114341484 | TotalAssetsBOY |
| Total Assets EOY | 101687952 | TotalAssetsEOY |
| Total Liabilities BOY | 119038403 | TotalLiabilitiesBOY |
| Total Liabilities EOY | 107363587 | TotalLiabilitiesEOY |
| Net Assets Or Fund Balances BOY | -4696919 | NetAssetsOrFundBalancesBOY |
| Net Assets Or Fund Balances EOY | -5675635 | NetAssetsOrFundBalancesEOY |
| Info In Schedule O Part III | X | InfoInScheduleOPartIII |
| Mission Description | PROVIDE HOUSING, HEALTH CARE AND OTHER RELATED SERVICES TO THE ELDERLY THROUGH THE CONSTRUCTION AND OPERATION OF THE RETIREMENT COMMUNITY. THIS COMMUNITY OPERATES UNDER THE "LIFE CARE" CONCEPT IN WHICH RESIDENTS ENTER INTO A RESIDENCY AGREEMENT THAT REQUIRES PAYMENT OF A ONE-TIME ENTRANCE AND MONTHLY SERVICE FEES. GENERALLY, THESE PAYMENTS ENTITLE RESIDENTS TO THE USE AND PRIVILEGES OF THE COMMUNITY FOR LIFE. | MissionDescription |
| Significant New Program Services | 0 | SignificantNewProgramServices |
| Significant Change | 0 | SignificantChange |
| Expense | 15030722 | Expense |
| Revenue | 17919880 | Revenue |
| Description | THE COMMUNITY CONSISTS OF 219 RESIDENTIAL UNITS AND 24 COTTAGES, COMMON SPACE AND 60 NURSING CARE BEDS. THE COMMUNITY OPERATES UNDER THE "LIFE CARE" CONCEPT IN WHICH RESIDENTS ENTER INTO A RESIDENCY AGREEMENT WHICH REQUIRES PAYMENT OF A ONE-TIME ENTRANCE FEE AND MONTHLY SERVICE FEES. THESE PAYMENTS ENTITLE RESIDENTS TO THE USE AND PRIVILEGES OF THE COMMUNITY FOR LIFE. | Description |
| Total Program Service Expense | 15030722 | TotalProgramServiceExpense |
| Described In501 C3 | 1 | DescribedIn501C3 |
| Schedule B Required | 0 | ScheduleBRequired |
| Political Activities | 0 | PoliticalActivities |
| Lobbying Activities | 0 | LobbyingActivities |
| Donor Advised Funds | 0 | DonorAdvisedFunds |
| Conservation Easements | 0 | ConservationEasements |
| Collections Of Art | 0 | CollectionsOfArt |
| Credit Counseling | 0 | CreditCounseling |
| Term Or Permanent Endowments | 1 | TermOrPermanentEndowments |
| Report Land Bldg Equip | 1 | ReportLandBldgEquip |
| Report Invest Oth Securities | 0 | ReportInvestOthSecurities |
| Report Prog Rel Invest | 0 | ReportProgRelInvest |
| Report Other Assets | 0 | ReportOtherAssets |
| Report Other Liabilities | 1 | ReportOtherLiabilities |
| Report Fin48 Footnote | 1 | ReportFin48Footnote |
| Independent Audit Financial Stmt | 1 | IndependentAuditFinancialStmt |
| Consolidated Audit Financial Stmt | 0 | ConsolidatedAuditFinancialStmt |
| School | 0 | School |
| Foreign Office | 0 | ForeignOffice |
| Foreign Activities | 0 | ForeignActivities |
| More Than5000 K To Organizations | 0 | MoreThan5000KToOrganizations |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividuals |
| Professional Fundraising | 0 | ProfessionalFundraising |
| Fundraising Activities | 0 | FundraisingActivities |
| Gaming | 0 | Gaming |
| Hospital | 0 | Hospital |
| Grants To Organizations | 0 | GrantsToOrganizations |
| Grants To Individuals | 0 | GrantsToIndividuals |
| Schedule J Required | 0 | ScheduleJRequired |
| Tax Exempt Bonds | 1 | TaxExemptBonds |
| Invest Tax Exempt Bonds | 0 | InvestTaxExemptBonds |
| Escrow Account | 0 | EscrowAccount |
| On Behalf Of Issuer | 0 | OnBehalfOfIssuer |
| Excess Benefit Transaction | 0 | ExcessBenefitTransaction |
| Prior Excess Benefit Transaction | 0 | PriorExcessBenefitTransaction |
| Loan To Officer Or DQP | 0 | LoanToOfficerOrDQP |
| Grant To Related Person | 0 | GrantToRelatedPerson |
| Bsnss Rltnshp With Organization | 0 | BsnssRltnshpWithOrganization |
| Bsnss Rltnshp Thru Family Member | 0 | BsnssRltnshpThruFamilyMember |
| Officer Entity With Bsnss Rltnshp | 0 | OfficerEntityWithBsnssRltnshp |
| Deductible Non Cash Contributions | 0 | DeductibleNonCashContributions |
| Deductible Contributions Of Art | 0 | DeductibleContributionsOfArt |
| Terminated | 0 | Terminated |
| Partial Liquidation | 0 | PartialLiquidation |
| Disregarded Entity | 0 | DisregardedEntity |
| Related Entity | 0 | RelatedEntity |
| Related Org Controlled Entity | 0 | RelatedOrgControlledEntity |
| Transaction Related Entity | 0 | TransactionRelatedEntity |
| Transfers To Exempt Non Chrtbl Org | 0 | TransfersToExemptNonChrtblOrg |
| Activities Conducted Partnership | 0 | ActivitiesConductedPartnership |
| Schedule O Required | 1 | ScheduleORequired |
| Number Forms Transmitted With1096 | 50 | NumberFormsTransmittedWith1096 |
| Number W2 G Included | 0 | NumberW2GIncluded |
| Number Of Employees | 349 | NumberOfEmployees |
| Employment Tax Returns Filed | 1 | EmploymentTaxReturnsFiled |
| Unrelated Business Income | 0 | UnrelatedBusinessIncome |
| Foreign Financial Account | 0 | ForeignFinancialAccount |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTrans |
| Taxable Party Notification | 0 | TaxablePartyNotification |
| Non Deductible Contributions | 0 | NonDeductibleContributions |
| Quid Pro Quo Contributions | 0 | QuidProQuoContributions |
| Form8282 Property Disposed Of | 0 | Form8282PropertyDisposedOf |
| Funds To Pay Premiums | 0 | FundsToPayPremiums |
| Premiums Paid | 0 | PremiumsPaid |
| Indoor Tanning Services | 0 | IndoorTanningServices |
| Info In Schedule O Part VI | X | InfoInScheduleOPartVI |
| Nbr Voting Governing Body Members | 17 | NbrVotingGoverningBodyMembers |
| Number Independent Voting Members | 17 | NumberIndependentVotingMembers |
| Family Or Business Relationship | 0 | FamilyOrBusinessRelationship |
| Delegation Of Management Duties | 1 | DelegationOfManagementDuties |
| Changes To Organizing Docs | 0 | ChangesToOrganizingDocs |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuse |
| Members Or Stockholders | 0 | MembersOrStockholders |
| Election Of Board Members | 0 | ElectionOfBoardMembers |
| Decisions Subject To Approval | 0 | DecisionsSubjectToApproval |
| Minutes Of Governing Body | 1 | MinutesOfGoverningBody |
| Minutes Of Committees | 1 | MinutesOfCommittees |
| Officer Mailing Address | 0 | OfficerMailingAddress |
| Local Chapters | 0 | LocalChapters |
| Form990 Provided To Governing Body | 1 | Form990ProvidedToGoverningBody |
| Conflict Of Interest Policy | 1 | ConflictOfInterestPolicy |
| Annual Disclosure Covered Persons | 1 | AnnualDisclosureCoveredPersons |
| Regular Monitoring Enforcement | 1 | RegularMonitoringEnforcement |
| Whistleblower Policy | 1 | WhistleblowerPolicy |
| Document Retention Policy | 1 | DocumentRetentionPolicy |
| Compensation Process CEO | 1 | CompensationProcessCEO |
| Compensation Process Other | 1 | CompensationProcessOther |
| Investment In Joint Venture | 0 | InvestmentInJointVenture |
| States Where Copy Of Return Is Filed | MA | StatesWhereCopyOfReturnIsFiled |
| Upon Request | X | UponRequest |
The Books Are In Care Of TheBooksAreInCareOf
Name Business NameBusiness
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | JANE SULLIVAN | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Telephone Number | 9787253300 | TelephoneNumber |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 575 OSGOOD STREET | AddressLine1 |
| City | NORTH ANDOVER | City |
| State | MA | State |
| ZIP Code | 01845 | ZIPCode |
Form990 Part VII Section A Form990PartVIISectionA (19 entries)
| TitleTitle | Average Hours Per WeekAverageHoursPerWeek | Individual Trustee Or DirectorIndividualTrusteeOrDirector | OfficerOfficer | Reportable Comp From OrganizationReportableCompFromOrganization | Reportable Comp From Related OrgsReportableCompFromRelatedOrgs | Other CompensationOtherCompensation | Highest Compensated EmployeeHighestCompensatedEmployee |
|---|---|---|---|---|---|---|---|
| DAVID K BREEN | |||||||
| SECRETARY | 5.00 | X | X | 0 | 0 | 0 | |
| MICHAEL HAWKINS | |||||||
| TREASURER | 5.00 | X | X | 0 | 0 | 0 | |
| CHARLES R KENDRICK JR | |||||||
| VICE PRESIDENT | 5.00 | X | X | 0 | 0 | 0 | |
| NEVILLE ROSEN MD | |||||||
| TRUSTEE | 5.00 | X | 0 | 0 | 0 | ||
| STANLEY A MARTIN | |||||||
| PRESIDENT | 5.00 | X | X | 0 | 0 | 0 | |
| GERARD J FOLEY | |||||||
| TRUSTEE | 5.00 | X | 0 | 0 | 0 | ||
| SUSAN GARTH STOTT | |||||||
| TRUSTEE | 5.00 | X | 0 | 0 | 0 | ||
| CAMILLE MIRAGLIOTTA-DALY ESQ | |||||||
| TRUSTEE | 5.00 | X | 0 | 0 | 0 | ||
| DAVID BRYAN | |||||||
| TRUSTEE | 5.00 | X | 0 | 0 | 0 | ||
| HOOKS K JOHNSTON | |||||||
| TRUSTEE | 5.00 | X | 0 | 0 | 0 | ||
| LEONARD WILSON | |||||||
| TRUSTEE | 5.00 | X | 0 | 0 | 0 | ||
| DENNIS C GILLESPIE | |||||||
| TRUSTEE | 5.00 | X | 0 | 0 | 0 | ||
| TIMOTHY VAILL | |||||||
| TRUSTEE | 5.00 | X | 0 | 0 | 0 | ||
| DON HUGHES | |||||||
| RESIDENT VOTING MEMBER | 5.00 | X | 0 | 0 | 0 | ||
| DICK COOK | |||||||
| RESIDENT VOTING MEMBER | 5.00 | X | 0 | 0 | 0 | ||
| PETE BELLIS | |||||||
| RESIDENT VOTING MEMBER | 5.00 | X | 0 | 0 | 0 | ||
| MARY WIGGIN-LOUX RN MS | |||||||
| TRUSTEE | 5.00 | X | 0 | 0 | 0 | ||
| MARLENE ROTERING | |||||||
| EXECUTIVE DIRECTOR | 40.00 | X | 128000 | 0 | 0 | ||
| DIANN SESPICO | |||||||
| DIRECTOR OF NURSING | 40.00 | 100564 | 0 | 577 | X | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | 228564 | TotalReportableCompFromOrg |
| Total Reportable Comp Frm Rltd Orgs | 0 | TotalReportableCompFrmRltdOrgs |
| Total Other Compensation | 577 | TotalOtherCompensation |
| Number Individuals GT100 K | 2 | NumberIndividualsGT100K |
| Formers Listed | 0 | FormersListed |
| Total Comp GT150 K | 0 | TotalCompGT150K |
| Compensation From Other Sources | 0 | CompensationFromOtherSources |
Contractor Compensation ContractorCompensation (5 entries)
| Address Line1AddressOfContractor/AddressUS/AddressLine1 | CityAddressOfContractor/AddressUS/City | StateAddressOfContractor/AddressUS/State | ZIP CodeAddressOfContractor/AddressUS/ZIPCode | Description Of ServicesDescriptionOfServices | CompensationCompensation |
|---|---|---|---|---|---|
| LIFE CARE SERVICES LLC | |||||
| 400 LOCUST STREET SUITE 820 | DESMOINES | IA | 50309 | MANAGEMENT CONSULTANTS | 620225 |
| REHABCARE GROUP INC | |||||
| CONTRACT THERAPY DIVISION | ST LOUIS | MO | 631503534 | REHAB SERVICES | 498273 |
| TRIDENT BUILDING | |||||
| 155 N BORADWAY 2 | SALEM | NH | 03079 | PROJECT MGMT SERVICES | 405268 |
| LOVE & COMPANY | |||||
| 1209 N EAST STREET | FREDERICK | MD | 21701 | MARKETING SERVICES | 328799 |
| GENERAL PLACEMENT INC | |||||
| 851 MIDDLESEX STREET | LOWELL | MA | 01851 | DISHWASHING SERVICES | 167374 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Number Of Contractors GT100 K | 5 | NumberOfContractorsGT100K |
| All Other Contributions | 157715 | AllOtherContributions |
| Total Contributions | 157715 | TotalContributions |
Program Service Revenue ProgramServiceRevenue (3 entries)
| DescriptionDescription | Business CodeBusinessCode | Total Revenue ColumnTotalRevenueColumn | Related Or Exempt Function IncomeRelatedOrExemptFunctionIncome |
|---|---|---|---|
| IND. LIVING UNIT RESID | 532000 | 10663954 | 10663954 |
| HEALTH CENTER RESIDENT | 900099 | 3892496 | 3892496 |
| ENTRANCE FEES | 900099 | 3362930 | 3362930 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | 17919380 | TotalProgramServiceRevenue |
Investment Income InvestmentIncome
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 133116 | TotalRevenueColumn |
| Exclusion | $133,116 | ExclusionAmount |
Gross Amount Sales Assets GrossAmountSalesAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | 19960587 | Securities |
Less Cost Oth Basis Sales Expenses LessCostOthBasisSalesExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | 19904448 | Securities |
Gain Or Loss GainOrLoss
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | 56139 | Securities |
Net Gain Or Loss Investments NetGainOrLossInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 56139 | TotalRevenueColumn |
| Exclusion | $56,139 | ExclusionAmount |
Other Revenue Misc OtherRevenueMisc
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | MISCELLANEOUS INCOME | Description |
| Business Code | 900099 | BusinessCode |
| Total Revenue Column | 500 | TotalRevenueColumn |
| Related Or Exempt Function Income | 500 | RelatedOrExemptFunctionIncome |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Other Revenue | 500 | TotalOtherRevenue |
Total Revenue TotalRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 18266850 | TotalRevenueColumn |
| Related Or Exempt Function Income | 17919880 | RelatedOrExemptFunctionIncome |
| Unrelated Business Revenue | 0 | UnrelatedBusinessRevenue |
| Exclusion | $189,255 | ExclusionAmount |
Other Salaries And Wages OtherSalariesAndWages
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 6722569 | Total |
| Program Services | 5824348 | ProgramServices |
| Management And General | 898221 | ManagementAndGeneral |
Pension Plan Contributions PensionPlanContributions
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 41454 | Total |
| Program Services | 30472 | ProgramServices |
| Management And General | 10982 | ManagementAndGeneral |
Other Employee Benefits OtherEmployeeBenefits
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 972715 | Total |
| Program Services | 818633 | ProgramServices |
| Management And General | 154082 | ManagementAndGeneral |
Payroll Taxes PayrollTaxes
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 471379 | Total |
| Program Services | 429089 | ProgramServices |
| Management And General | 42290 | ManagementAndGeneral |
Fees For Services Management FeesForServicesManagement
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 542110 | Total |
| Management And General | 542110 | ManagementAndGeneral |
Fees For Services Legal FeesForServicesLegal
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 45564 | Total |
| Management And General | 45564 | ManagementAndGeneral |
Fees For Services Accounting FeesForServicesAccounting
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 64294 | Total |
| Management And General | 64294 | ManagementAndGeneral |
Fees For Services Other FeesForServicesOther
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 643310 | Total |
| Program Services | 40385 | ProgramServices |
| Management And General | 602925 | ManagementAndGeneral |
Advertising Advertising
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 203492 | Total |
| Management And General | 203492 | ManagementAndGeneral |
Office Expenses OfficeExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 449062 | Total |
| Program Services | 375039 | ProgramServices |
| Management And General | 74023 | ManagementAndGeneral |
Information Technology InformationTechnology
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 35980 | Total |
| Management And General | 35980 | ManagementAndGeneral |
Occupancy Occupancy
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1144633 | Total |
| Program Services | 1144633 | ProgramServices |
Travel Travel
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 8294 | Total |
| Program Services | 1084 | ProgramServices |
| Management And General | 7210 | ManagementAndGeneral |
Interest Interest
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 645431 | Total |
| Program Services | 645431 | ProgramServices |
Depreciation Depletion DepreciationDepletion
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 2772068 | Total |
| Program Services | 2772068 | ProgramServices |
Insurance Insurance
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 195366 | Total |
| Management And General | 195366 | ManagementAndGeneral |
Other Expenses OtherExpenses (5 entries)
| DescriptionDescription | TotalTotal | Program ServicesProgramServices | Management And GeneralManagementAndGeneral |
|---|---|---|---|
| FOOD | 856847 | 856847 | |
| AMORTIZATION | 768380 | 768380 | |
| EQUIPMENT RENTAL & MAIN | 527780 | 508484 | 19296 |
| THERAPIES | 526554 | 526554 | |
| TAXES | 476352 | 476352 |
All Other Expenses AllOtherExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 403574 | Total |
| Program Services | 289275 | ProgramServices |
| Management And General | 114299 | ManagementAndGeneral |
Total Functional Expenses TotalFunctionalExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 18517208 | Total |
| Program Services | 15030722 | ProgramServices |
| Management And General | 3486486 | ManagementAndGeneral |
| Fundraising | 0 | Fundraising |
Cash Non Interest Bearing CashNonInterestBearing
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 10813375 | BOY |
| EOY | 2374188 | EOY |
Savings And Temp Cash Investments SavingsAndTempCashInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 679921 | BOY |
| EOY | 811407 | EOY |
Accounts Receivable AccountsReceivable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 648434 | BOY |
| EOY | 816931 | EOY |
Inventories For Sale Or Use InventoriesForSaleOrUse
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 45526 | BOY |
| EOY | 51918 | EOY |
Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 349988 | BOY |
| EOY | 265191 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Buildings Equipment Basis | 104768091 | LandBuildingsEquipmentBasis |
| Land Bldg Equipment Accum Deprec | 21827308 | LandBldgEquipmentAccumDeprec |
Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 76718080 | BOY |
| EOY | 82940783 | EOY |
Investments Pub Traded Securities InvestmentsPubTradedSecurities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 21604183 | BOY |
| EOY | 11361080 | EOY |
Other Assets Total OtherAssetsTotal
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 3481977 | BOY |
| EOY | 3066454 | EOY |
Total Assets TotalAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 114341484 | BOY |
| EOY | 101687952 | EOY |
Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 2173394 | BOY |
| EOY | 1173713 | EOY |
Deferred Revenue DeferredRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 59552126 | BOY |
| EOY | 63606908 | EOY |
Tax Exempt Bond Liabilities TaxExemptBondLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 55790000 | BOY |
| EOY | 41005000 | EOY |
Other Liabilities OtherLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1522883 | BOY |
| EOY | 1577966 | EOY |
Total Liabilities TotalLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 119038403 | BOY |
| EOY | 107363587 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Follow SFAS117 | X | FollowSFAS117 |
Unrestricted Net Assets UnrestrictedNetAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | -4734941 | BOY |
| EOY | -5718542 | EOY |
Temporarily Restricted Net Assets TemporarilyRestrictedNetAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 38022 | BOY |
| EOY | 40257 | EOY |
Permanently Restricted Net Assets PermanentlyRestrictedNetAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | 2650 | EOY |
Total Net Assets Fund Balances TotalNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | -4696919 | BOY |
| EOY | -5675635 | EOY |
Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 114341484 | BOY |
| EOY | 101687952 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | X | InfoInScheduleOPartXI |
| Reconcilation Revenue Expenses | -250358 | ReconcilationRevenueExpenses |
| Reconcilation Other Changes | -728358 | ReconcilationOtherChanges |
| Method Of Accounting Accrual | X | MethodOfAccountingAccrual |
| Accountant Compile Or Review | 0 | AccountantCompileOrReview |
| FS Audited | 1 | FSAudited |
| Audit Committee | 1 | AuditCommittee |
| Financial Statement Separate | X | FinancialStatementSeparate |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequired |
Schedule A IRS990ScheduleA
| Field | Value | IRS element (for citing) |
|---|---|---|
| Publicly Supported Org509a2 | X | PubliclySupportedOrg509a2 |
Gifts Grants Contrib Received509 GiftsGrantsContribReceived509
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 109335 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 123880 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 107610 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 142094 | CurrentTaxYearMinus1Year |
| Current Tax Year | 157715 | CurrentTaxYear |
| Total | 640634 | Total |
Gross Receipts From Admissions GrossReceiptsFromAdmissions
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 13592312 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 14026438 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 14758899 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 15433339 | CurrentTaxYearMinus1Year |
| Current Tax Year | 17919380 | CurrentTaxYear |
| Total | 75730368 | Total |
Total509 Total509
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 13701647 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 14150318 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 14866509 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 15575433 | CurrentTaxYearMinus1Year |
| Current Tax Year | 18077095 | CurrentTaxYear |
| Total | 76371002 | Total |
Amts Recd From Disqual Persons AmtsRecdFromDisqualPersons
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Amts From Subst Contributors AmtsFromSubstContributors
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Support From DQ Ps Etc SupportFromDQPsEtc
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Public Support Total509 | 76371002 | PublicSupportTotal509 |
Gross Investment Income509 GrossInvestmentIncome509
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 538190 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 617583 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 383962 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 79076 | CurrentTaxYearMinus1Year |
| Current Tax Year | 133116 | CurrentTaxYear |
| Total | 1751927 | Total |
Investment Income And UBTI InvestmentIncomeAndUBTI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 538190 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 617583 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 383962 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 79076 | CurrentTaxYearMinus1Year |
| Current Tax Year | 133116 | CurrentTaxYear |
| Total | 1751927 | Total |
Other Income509 OtherIncome509
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 22475 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 14720 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 5200 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 350 | CurrentTaxYearMinus1Year |
| Current Tax Year | 500 | CurrentTaxYear |
| Total | 43245 | Total |
Total Support Total TotalSupportTotal
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 14262312 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 14782621 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 15255671 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 15654859 | CurrentTaxYearMinus1Year |
| Current Tax Year | 18210711 | CurrentTaxYear |
| Total | 78166174 | Total |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Public Support Percentage509 | 0.97700 | PublicSupportPercentage509 |
| Prior Year Support Percentage | 0.97290 | PriorYearSupportPercentage |
| Investment Income Percentage | 0.02240 | InvestmentIncomePercentage |
| Prior Yr Invest Income Percentage | 0.02650 | PriorYrInvestIncomePercentage |
| Thirty Three Percnt Tests CY509 | X | ThirtyThreePercntTestsCY509 |
Schedule D IRS990ScheduleD
Current Year CurrentYear
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contributions | 2650 | Contributions |
| End Of Year Balance | 2650 | EndOfYearBalance |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Permanent Endowment EOY Balance | 1.00000 | PermanentEndowmentEOYBalance |
| Endowments Held By Unrelated Orgs | 0 | EndowmentsHeldByUnrelatedOrgs |
| Endowments Held By Related Orgs | 0 | EndowmentsHeldByRelatedOrgs |
Land Land
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 4679755 | OtherCostOrOtherBasis |
| Book Value | 4679755 | BookValue |
Buildings Buildings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 93050699 | OtherCostOrOtherBasis |
| Depreciation | 17725027 | Depreciation |
| Book Value | 75325672 | BookValue |
Equipment Equipment
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 4808659 | OtherCostOrOtherBasis |
| Depreciation | 2974384 | Depreciation |
| Book Value | 1834275 | BookValue |
Other Land Buildings OtherLandBuildings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 2228978 | OtherCostOrOtherBasis |
| Depreciation | 1127897 | Depreciation |
| Book Value | 1101081 | BookValue |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Book Value Land Buildings | 82940783 | TotalOfBookValueLandBuildings |
Other Liabilities OtherLiabilities (2 entries)
| DescriptionDescription | AmountAmount |
|---|---|
| REFUNDABLE WAIT LIST DEPOSITS | $365,162 |
| INTEREST RATE SWAP AGREEMENT LIABILITY | $1,212,804 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Amounts | 1577966 | TotalOfAmounts |
| Total Revenue | 18266850 | TotalRevenue |
| Total Expenses | 18517208 | TotalExpenses |
| Excess Or Deficit For Year | -250358 | ExcessOrDeficitForYear |
| Net Unrealized GL On Investments | 265977 | NetUnrealizedGLOnInvestments |
| Other | -$994,335 | OtherAmount |
| Total Adjustments | -728358 | TotalAdjustments |
| Excess Or Deficit Per FS | -978716 | ExcessOrDeficitPerFS |
| Tot Revenue Etc Audited Fincl Stmt | 17538492 | TotRevenueEtcAuditedFinclStmt |
| Net Unrealized Gains Investments | 265977 | NetUnrealizedGainsInvestments |
| Other Revenues | -994335 | OtherRevenues |
| Revenue Not Rptd F990 | -728358 | RevenueNotRptdF990 |
| Revenue Subtotal | 18266850 | RevenueSubtotal |
| Revenue Not Rptd On Fin Stmt | 0 | RevenueNotRptdOnFinStmt |
| Total Revenue Per Form990 | 18266850 | TotalRevenuePerForm990 |
| Tot Expenses Etc Audited Fincl Stmt | 18517208 | TotExpensesEtcAuditedFinclStmt |
| Expenses Not Rptd F990 | 0 | ExpensesNotRptdF990 |
| Expenses Subtotal | 18517208 | ExpensesSubtotal |
| Expenses Not Rptd On Fin Stmt | 0 | ExpensesNotRptdOnFinStmt |
| Total Expenses Per Form990 | 18517208 | TotalExpensesPerForm990 |
Form990 Schedule D Part XIV Form990ScheduleDPartXIV (3 entries)
| IdentifierIdentifier | Return ReferenceReturnReference | ExplanationExplanation |
|---|---|---|
| DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: | PART X: | THE COMMUNITY FOLLOWS THE ACCOUNTING STANDARD, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. THIS STANDARD CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES BY PRESCRIBING THE RECOGNITION THRESHOLD A TAX POSITION IS REQUIRED TO MEET BEFORE BEING RECOGNIZED IN THE FINANCIAL STATEMENTS. IT ALSO PROVIDES GUIDANCE ON DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE, AND TRANSITION. MANAGEMENT BELIEVES THE COMMUNITY HAS NO MATERIAL UNCERTAINTIES IN INCOME TAXES. THE COMMUNITY IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE, OR LOCAL TAX AUTHORITIES FOR YEARS BEFORE 2007. |
| PART XI, LINE 8 - OTHER ADJUSTMENTS: | LOSS ON INTERST RATE SWAP AGREEMENT -994,335. | |
| PART XII, LINE 2D - OTHER ADJUSTMENTS: | LOSS ON INTEREST RATE SWAP AGREEMENT -994,335. |
Schedule K IRS990ScheduleK
Form990 Schedule K Part I Form990ScheduleKPartI
Issuer Name IssuerName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Issuer EIN | 043431814 | IssuerEIN |
| CUSIP Number | 57583RB61 | CUSIPNumber |
| Date Issued | 2008-01-01 | DateIssued |
| Issue Price | 41080000 | IssuePrice |
| Description Of Purpose | FUNDS ARE FOR FINANCING THE CONSTRUCTION AND RENOVATIONS OF THE FACILITIES | DescriptionOfPurpose |
| Defeased | 0 | Defeased |
| On Behalf Of Issuer | 0 | OnBehalfOfIssuer |
| Pool Financing | 0 | PoolFinancing |
Form990 Schedule K Part II Form990ScheduleKPartII
| Field | Value | IRS element (for citing) |
|---|---|---|
| Amount Retired | 14400000 | AmountRetired |
| Total Proceeds | 41080000 | TotalProceeds |
| Issuance Costs From Proceeds | 886070 | IssuanceCostsFromProceeds |
| Credit Enhancement | 299480 | CreditEnhancement |
| Capital Expenditures | 39894450 | CapitalExpenditures |
| Year Of Subst Completion | 2010 | YearOfSubstCompletion |
| Current Refunding | 0 | CurrentRefunding |
| Advance Refunding | 0 | AdvanceRefunding |
| Final Allocation Made | 1 | FinalAllocationMade |
| Adequate Books And Recds Maintaind | 1 | AdequateBooksAndRecdsMaintaind |
Form990 Schedule K Part III Form990ScheduleKPartIII
| Field | Value | IRS element (for citing) |
|---|---|---|
| Owning Bond Financed Property | 0 | OwningBondFinancedProperty |
| Any Lease Arrangements | 0 | AnyLeaseArrangements |
| Mngment Cntrct Bond Financd Prprty | 0 | MngmentCntrctBondFinancdPrprty |
| Any Research Agreements | 0 | AnyResearchAgreements |
| Bond Counsel Routinely Engaged | 1 | BondCounselRoutinelyEngaged |
| Prcntge Prvt Business Use By Others | 0.00000 | PrcntgePrvtBusinessUseByOthers |
| Percentage Of Prvt Business Re UBI | 0.00000 | PercentageOfPrvtBusinessReUBI |
| Total Private Business Use | 0.00000 | TotalPrivateBusinessUse |
| Post Issuance Compliance Procdrs | 1 | PostIssuanceComplianceProcdrs |
Form990 Schedule K Part IV Form990ScheduleKPartIV
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form8038 T Filed | 0 | Form8038TFiled |
| Variable Rate Issue | 1 | VariableRateIssue |
| Hedge Identified In Books And Recds | 1 | HedgeIdentifiedInBooksAndRecds |
Name Of Hedge Provider NameOfHedgeProvider
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | BANK OF AMERICA | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Term Of Hedge | 5.000000000000 | TermOfHedge |
| Superintegrated Hedge | 0 | SuperintegratedHedge |
| Hedge Terminated | 0 | HedgeTerminated |
| Gross Proceeds Invested In GIC | 0 | GrossProceedsInvestedInGIC |
| Gross Proceeds Invested | 0 | GrossProceedsInvested |
| Exception To Rebate | 0 | ExceptionToRebate |
Schedule O IRS990ScheduleO
General Explanation GeneralExplanation (6 entries)
| IdentifierIdentifier | ExplanationExplanation | Return ReferenceReturnReference |
|---|---|---|
| FORM 990, PART VI, SECTION A, LINE 3 | THE ORGANIZATION'S EXECUTIVE DIRECTOR AND ADMINISTRATOR ARE EMPLOYED BY A MANAGEMENT COMPANY. ALL OTHER EMPLOYEES ARE EMPLOYED BY THE ORGANIZATION. | |
| FORM 990, PART VI, SECTION B, LINE 11 | THE FORM 990 IS PREPARED BY THE ORGANIZATION'S ACCOUNTING FIRM BASED ON INFORMATION PROVIDED BY THE ORGANIZATION'S MANAGEMENT. THE AUDIT COMMITTEE WILL REVIEW THE DRAFT FORM 990 AND APPROVE THE FORM AS IT IS TO BE FILED. A FULL COPY OF THE FINAL FORM 990 WILL BE PROVIDED TO EACH VOTING MEMBER OF THE BOARD, EITHER ELECTRONICALLY OR IN PAPER FORM, PRIOR TO ITS FILING WITH THE IRS. | |
| EACH DIRECTOR, OFFICER AND MEMBER OF A COMMITTEE WITH GOVERNING BOARD DELEGATED POWERS SHALL ANNUALLY SIGN A STATEMENT WHICH AFFIRMS SUCH PERSON: A. HAS RECEIVED A COPY OF THE CONFLICT OF INTEREST POLICY, B. HAS READ AND UNDERSTANDS THE POLICY, C. HAS AGREED TO COMPLY WITH THE POLICY, AND D . HAS DISCLOSED ANY ACTIVITY, RELATIONSHIP, POSITION OR CIRCUMSTANCE THAT COULD CONTRIBUTE TO A CONFLICT OF INTEREST AS DEFINED IN THE CONFLICT OF INTEREST POLICY. IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICT OF INTEREST, AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF THE FINANCIAL INTEREST AND BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE DIRECTORS AND MEMBERS OF COMMITTEES WITH GOVERNING BOARD DELEGATED POWERS CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER DISCLOSURE OF THE FINANCIAL INTEREST AND ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, HE/SHE SHALL LEAVE THE BOARD OR GOVERNING COMMITTEE MEETING WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD OR COMMITTEE MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. PROCEDURES FOR ADDRESSING THE CONFLICT OF INTEREST A. AN INTERESTED PERSON MAY MAKE A PRESENTATION AT THE BOARD OR GOVERNING COMMITTEE MEETING BUT, AFTER THE PRESENTATION, HE/SHE SHALL LEAVE THE MEETING DURING THE DISCUSSION OF AND THE VOTE ON THE TRANSACTION OR ARRANGEMENT INVOLVING THE POSSIBLE CONFLICT OF INTEREST. B. THE CHAIRPERSON OF THE BOARD OR GOVERNING COMMITTEE SHALL, IF APPROPRIATE, APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT. C. AFTER EXERCISING DUE DILIGENCE, THE BOARD OR GOVERNING COMMITTEE SHALL DETERMINE WHETHER EDGEWOOD CAN OBTAIN WITH REASONABLE EFFORTS A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT FROM A PERSON OR ENTITY THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST. D. IF A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT IS NOT REASONABLY POSSIBLE UNDER CIRCUMSTANCES NOT PRODUCING A CONFLICT OF INTEREST, THE GOVERNING BOARD OR COMMITTEE SHALL DETERMINE BY A MAJORITY VOTE OF THE DISINTERESTED DIRECTORS WHETHER THE TRANSACTION OR ARRANGEMENT IS IN EDGEWOOD'S BEST INTERESTS, FOR ITS OWN BENEFIT AND WHETHER IT IS FAIR AND REASONABLE. IN CONFORMITY WITH THE ABOVE DETERMINATION, IT SHALL MAKE ITS DECISION AS TO WHETHER TO ENTER INTO THE TRANSACTION OR ARRANGEMENT. VIOLATIONS OF THE CONFLICTS OF INTEREST POLICY A. IF THE BOARD OR GOVERNING COMMITTEE HAS REASONABLE CAUSE TO BELIEVE A DIRECTOR OR OFFICER HAS FAILED TO DISCLOSE ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, IT SHALL INFORM THE DIRECTOR OR OFFICER OF THE BASIS FOR SUCH BELIEF AND AFFORD THE DIRECTOR OR OFFICER AN OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. B. IF, AFTER HEARING THE DIRECTOR OR OFFICER'S RESPONSE AND AFTER MAKING FURTHER INVESTIGATION AS WARRANTED BY THE CIRCUMSTANCES, THE BOARD OR GOVERNING COMMITTEE DETERMINES THE DIRECTOR OR OFFICER HAS FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, IT SHALL TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. | FORM 990, PART VI, SECTION B, LINE 12C | |
| THE EXECUTIVE DIRECTOR IS COMPENSATED BY A MANAGEMENT COMPANY AND AS SUCH THE EXECUTIVE DIRECTOR'S COMPENSATION IS DETERMINED BY THAT MANAGEMENT COMPANY. COMPENSATION FOR ALL OTHER EMPLOYEES IS DETERMINED BY MANAGEMENT WITH INPUT FROM AN OUTSIDE MANAGEMENT COMPANY AS WELL AS INFORMATION COLLECTED FROM A SURVEY. | FORM 990, PART VI, SECTION B, LINE 15 | |
| THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, FORM 990 AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. IN ADDITION, THE ORGANIZATION'S FORM 990 IS AVAILABLE VIA GUIDESTAR AND THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE. | FORM 990, PART VI, SECTION C, LINE 19 | |
| CHANGES IN NET ASSETS OR FUND BALANCES: | NET UNREALIZED GAINS ON INVESTMENTS: 265,977. LOSS ON INTERST RATE SWAP AGREEMENT -994,335. TOTAL TO FORM 990, PART XI, LINE 5: -728,358. | FORM 990, PART XI, LINE 5: |