2011-06-29T13:30:09-05:00 2010-12-31 ALEXANDER ARONSON FINNING & CO PC 21 EAST MAIN STREET WESTBORO MA 01581 990 2010-01-01 042660283 CHELSEA NEIGHBORHOOD DEVELOPERS INC CHEL 6178891375 4 GERRISH AVENUE CHELSEA MA 02150 ANN HOUSTON 6178891375 2011-06-27 1 MATTHEW TROIANO CPA 5083669100 2010 2016-02-24 21:20:13Z ANN HOUSTON 4 GERRISH AVENUE CHELSEA MA 02150 3281639 0 X WWW.CHELSEAND.ORG X 1978 MA GREAT NEIGHBORHOODS EMPOWER PEOPLE TO GROW AND PROSPER; THIS IS THE VISION OF CHELSEA NEIGHBORHOOD DEVELOPERS, INC.(CND). CND IS A COMMUNITY DEVELOPMENT CORPORATION THAT SEEKS TO REVITALIZE DISTRESSED NEIGHBORHOODS AND TO FOSTER EQUITABLE COMMUNITY DEVELOPMENT IN CHELSEA, MASSACHUSETTS AND NEIGHBORING NORTH SHORE COMMUNITIES. WE WERE FOUNDED IN 1979 AND FOR OUR FIRST 25 YEARS, AFFORDABLE HOUSING DEVELOPMENT WAS OUR PRIMARY AREA OF ACTIVITY. OVER TIME, WE LEARNED THAT WE NEEDED TO BROADEN OUR COMMUNITY DEVELOPMENT STRATEGIES TO ACHIEVE MEANINGFUL REVITALIZATION OF NEIGHBORHOODS. IN 2006, WE SHIFTED OUR EMPHASIS FROM BUILDING AFFORDABLE HOMES TO BUILDING VITAL NEIGHBORHOODS BY DEVELOPING A VISION AND MISSION THAT SUPPORTS AN INTEGRATED APPROACH TO OUR NEIGHBORHOOD REVITALIZATION EFFORTS. 11 11 17 145 0 0 1347142 1252229 1649624 1468872 -509326 -170416 501939 114347 2989379 2665032 0 0 0 0 1017245 884163 0 58263 94919 896561 1110541 1913806 2052967 1075573 612065 12625086 16780342 6401648 9944839 6223438 6835503 X TO BUILD VIBRANT AND DIVERSE NEIGHBORHOODS WITH HOMES THAT ARE AFFORDABLE TO FAMILIES WITH A MIX OF INCOMES, AND WHERE PEOPLE CHOOSE TO INVEST IN THE NEIGHBORHOOD'S SOCIAL FABRIC, ECONOMIC OPPORTUNITIES, AND BUILT ENVIRONMENTS. TO THIS END, CND EMPLOYS THREE INVESTMENT STRATEGIES TO BUILD VIBRANT AND SUSTAINABLE NEIGHBORHOODS: REAL ESTATE DEVELOPMENT TO STRENGTHEN HOUSING MARKETS AND TO EXPAND AFFORDABLE HOUSING INVENTORY;COMMUNITY ENGAGEMENT TO FOSTER A RESILIENT SOCIAL FABRIC AND CIVIC INFRASTRUCTURE; AND RESIDENT ASSET DEVELOPMENT TO INCREASE FAMILY PROSPERITY. 0 0 835217 947018 REAL ESTATE DEVELOPMENT -THROUGH TARGETED REAL ESTATE ACTIVITY AND VIA SMART NEIGHBORHOOD REVITALIZATION, WE SEEK TO BE A CATALYST FOR THE TRANSFORMATION OF DISTRESSED AREAS INTO HEALTHY NEIGHBORHOODS. IN 2010, CND COMPLETED 32 MULTI-FAMILY RENTAL UNITS AT SPENCER ROW. THROUGH OUR NEIGHBORHOOD STABILIZATION INITIATIVE (OUR RESPONSE TO THE HOME FORECLOSURE CRISIS AND ITS DESTABILIZING IMPACTS), CND HAS ACQUIRED 11 FORECLOSED PROPERTIES WITH 28 UNITS FOR REDEVELOPMENT OF AFFORDABLE HOUSING. AT THE END OF 2010, OUR TOTAL PORTFOLIO OF AFFORDABLE RENTAL APARTMENTS HAD INCREASED TO 253 UNITS. THE SCALE OF OUR CURRENT DEVELOPMENT WORK HAS REQUIRED SIGNIFICANT PARTNERSHIPS BETWEEN CND, THE CITY OF CHELSEA, A FOR-PROFIT DEVELOPER AND THE STATE'S DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT. DURING 2009, OUR BOARD APPROVED GEOGRAPHIC EXPANSION OF OUR REAL ESTATE ACTIVITY INTO REVERE; OUR FIRST REVERE PROJECT WAS COMPLETED IN 2010. 538997 377000 RENTAL -CND OPERATES RESIDENTIAL PROPERTIES IN CHELSEA AND REVERE, MA. THE PROPERTIES CONTAIN 44 UNITS WHICH ARE RENTED TO LOW TO MODERATE INCOME FAMILIES OR INDIVIDUALS. DURING 2010, CND COMPLETED A NEW RESIDENTIAL PROPERTY IN REVERE, MA. THE NEW PROPERTY CONTAINS 6 UNITS WHICH ARE RENTED TO LOW TO MODERATE INCOME FAMILIES OR INDIVIDUALS. 222164 17665 RESIDENT ASSET DEVELOPMENT -IN HEALTHY NEIGHBORHOODS, RESIDENTS HAVE ASSETS THAT INCLUDE FINANCIAL ASSETS (A HOME, SAVINGS ACCOUNTS), EDUCATION AND SKILLS. CND INCREASES FINANCIAL KNOWLEDGE AND BUILDS RESIDENT ASSETS BY SUPPORTING RESIDENT EFFORTS TO ACCESS ECONOMIC OPPORTUNITY VIA FINANCIAL LITERACY TRAINING (196 TRAINED IN 2010), INDIVIDUAL DEVELOPMENT ACCOUNTS (55 ACCOUNTS ARE FILLED), AND AS A VITA SITE CND HELPED 505 LOW-INCOME HOUSEHOLDS TO PREPARE TAX RETURNS AND TAKE ADVANTAGE OF TAX CREDITS FOR LOW-INCOME HOUSEHOLDS. AS A CITY OF IMMIGRANTS, PART OF OUR CHALLENGE IS TO HELP NEW AMERICANS UNDERSTAND AND LINK INTO ECONOMIC OPPORTUNITIES THAT OFFER CAREER LADDERS AND FINANCIAL STABILITY. 141391 12285 COMMUNITY ENGAGEMENT - HEALTHY NEIGHBORHOODS ALSO HAVE ACTIVE NETWORKING AND AN ENGAGED CITIZENRY. THROUGH COMMUNITY BUILDING AND ORGANIZING ACTIVITIES, RESIDENT LEADERS ARE WORKING TOGETHER TO IMPROVE THEIR COMMUNITY. IN 2010, 436 RESIDENTS WERE ENGAGED IN SOCIAL ACTIVITIES, SAFETY PROGRAMS, TRASH AND RECYCLING INITIATIVES AND PLANNING FOR A NEW PUBLIC PARK. 141391 12285 1737769 1 1 0 0 0 0 0 0 0 1 0 0 1 0 0 0 1 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 1 1 1 1 0 0 1 16 0 17 1 0 0 0 0 0 0 0 0 0 0 0 0 X 11 11 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 MA X X DAVID KEENE 6178891375 4 GERRISH AVENUE CHELSEA MA 02150 CHRISTIAN CALVO 1.00 X 0 0 0 WILLIAM H WILLIS 1.00 X X 0 0 0 SILVIA GUZMAN 1.00 X X 0 0 0 CAROL MARTINEZ 1.00 X 0 0 0 JASMINE PEREZ-PIMENTEL 1.00 X 0 0 0 MICHAEL MARTIN 1.00 X 0 0 0 CHARLENE BAUER 1.00 X X 0 0 0 CHRISTOPHER T NORRIS 1.00 X 0 0 0 MARY M BOURQUE 1.00 X 0 0 0 BERNADETTE C ROUSSEAU 1.00 X X 0 0 0 IRIS RODRIGUEZ-DELGADO 1.00 X 0 0 0 ANN HOUSTON 40.00 X 114860 0 12979 DAVID KEENE 40.00 X 112210 0 12680 JANET STEARNS 40.00 X 101664 0 11488 328734 0 37147 3 0 0 0 NORTHEAST INTERIORS INC 41 BROOKS DRIVE SUITE 1005 BRAINTREE MA 02184 CONSTRUCTION 740849 ICON ARCHITECTURE INC 38 CHAUNCY STREET BOSTON MA 02111 ARCHITECTURE 230443 BARTLETT HACKETT FEINBERG PC 155 FEDERAL ST 9TH FLOOR BOSTON MA 02110 LEGAL 100128 3 60000 1170 837000 354059 1252229 FEES & PROJECT REIMBUR 561700 1081785 1081785 RENTAL INCOME 531110 387087 387087 1468872 61763 61763 351000 583179 -232179 -232179 -232179 30500 1170 33428 -2928 -2928 FORGIVENESS OF DEBT 900099 109697 109697 OTHER INCOME 900099 7578 7578 117275 2665032 1353968 0 58835 252729 145540 94404 12785 492707 441011 43784 7912 17843 15538 1989 316 48071 36351 9610 2110 72813 57225 13646 1942 24226 24226 410 336 64 10 55652 46797 7694 1161 58263 58263 326624 309279 11812 5533 110032 96964 11669 1399 352118 332634 17224 2260 6454 6454 125798 120838 4427 533 LOSS ON NON-RECOVERABLE 66281 66281 MISCELLANEOUS 33137 28486 3956 695 BAD DEBTS 9809 9809 2052967 1737769 220279 94919 756026 1646779 1177093 672632 482565 182014 37953 36774 2172863 2792615 5289007 633017 3566276 4655990 4432310 6793538 12625086 16780342 398411 1277198 5955734 8667641 47503 0 6401648 9944839 X 2485746 3220647 2184430 2051920 1553262 1562936 6223438 6835503 12625086 16780342 612065 X X 0 1 1 X 1 1 X 612400 616643 1203577 1347142 1252229 5031991 612400 616643 1203577 1347142 1252229 5031991 5031991 40209 70099 75052 67275 61763 314398 17353 14741 2011701 501939 117275 2663009 8009398 6363659 0.62830 0.46440 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1015783 1015783 4165040 559414 3605626 108184 73603 34581 4655990 PROJECTS UNDER DEVELOPMENT 3689522 OTHER CURRENT ASSETS 19185 DEPOSITS AND ESCROW ACCOUNTS 84211 DUE FROM RELATED PARTIES 1453920 INVESTMENTS IN AFFILIATES 728409 PROPERTY HELD FOR SALE, NET OF RESERVE 789256 CAPITALIZED COSTS, NET OF RESERVE 29035 6793538 CND, INC. AND AFFILIATES FOLLOW THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES STANDARD UNDER U.S. GAAP, WHICH REQUIRES CND, INC. AND AFFILIATES TO REPORT UNCERTAIN TAX POSITIONS, RELATED INTEREST AND PENALTIES, AND TO ADJUST ITS ASSETS AND LIABILITIES RELATED TO UNRECOGNIZED TAX BENEFITS AND ACCRUED INTEREST AND PENALTIES ACCORDINGLY. AS OF DECEMBER 31, 2010, CND, INC. AND AFFILIATES DETERMINED THAT THERE ARE NO MATERIAL UNRECOGNIZED TAX BENEFITS TO REPORT. CND, INC. AND AFFILIATES DO NOT EXPECT A SIGNIFICANT INCREASE OR DECREASE TO THE TOTAL AMOUNTS OF UNRECOGNIZED TAX BENEFITS DURING 2011. HOWEVER, CND, INC. AND AFFILIATES ARE SUBJECT TO AUDIT BY TAX AUTHORITIES. CND, INC. AND AFFILIATES BELIEVE THAT THEY HAVE APPROPRIATE SUPPORT FOR THE POSITIONS TAKEN ON THEIR TAX RETURNS. X X X 1 NANCY TURNER 715 EAST ROAD WAITSFIELD VT 05673 GRANTWRITING 0 726785 58263 668522 726785 58263 668522 30TH ANNIVERSARY EVENT 31670 1170 30500 1056 13450 2335 16587 31670 1170 30500 1056 13450 2335 16587 33428 -2928 JUDITH DYER MORTGAGE FOR HOUSING X 43980 36774 0 1 1 36774 ANN HOUSTON COMMON BOARD MEMBERSHIP THE EXECUTIVE DIRECTOR AND OTHER MEMBERS OF THE BOARD SERVICE AS OFFICERS OF OTHER ORGANIZATIONS THAT CHELSEA NEIGHBORHOOD DEVELOPERS GIVES LOANS TO. ALSO, A CND BOARD MEMBER'S AGENCY PROVIDES LOW INCOME RENTAL SUBSIDY TO CND'S RENTAL TENANTS. 0 FORM 990, PART VI, SECTION B, LINE 11 MANAGEMENT PROVIDES A DRAFT OF THE TAX RETURN TO THE BOARD OF DIRECTORS OF THE ORGANIZATION FOR REVIEW. ALL DESIRED CHANGES ARE COMMUNICATED TO THE AUDITOR AND CONSIDERED FOR COMPLIANCE WITH RELEVANT TAX LAWS PRIOR TO BEING APPLIED AND THE TAX RETURN BEING FILED. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS REVIEWED WITH THE BOARD EACH YEAR AND THE BOARD SIGNS OFF. ANY NEW CONTRACTS ARE REVIEWED WITH THE CONFLICT OF INTEREST IN MIND. IF ANY POTENTIAL CONFLICT ARISES IT IS REPORTED TO THE BOARD FOR DISCUSSION AND REVIEW. IN ORDER TO AVOID THE REVIEW PROCESS, ANY POTENTIAL CONTRACTS THAT MAY PRESENT THIS PROBLEM ARE TYPICALLY NOT SERIOUSLY CONSIDERED. FORM 990, PART VI, SECTION B, LINE 15 A WRITTEN EVALUATION/REVIEW OF THE EXECUTIVE DIRECTOR IS PREPARED BY EACH OF THE BOARD MEMBERS AND PRESENTED TO THE EXECUTIVE COMMITTEE. THE EXECUTIVE COMMITTEE PROCESSES AND ASSESSES THE EVALUATIONS AND PROVIDES A RECOMMENDATION ON COMPENSATION TO THE BOARD. THE BOARD MAKES THE ULTIMATE DECISION AS TO COMPENSATION BY A FULL VOTE. THE RECOMMENDATION IS BASED UPON PERFORMANCE AS WELL AS SALARY AND COMPENSATION DATA THAT IS COLLECTED FROM OTHER ORGANIZATIONS INVOLVED IN SIMILAR WORK AND ON A SIMILAR SCALE. THE DIRECTOR OF FINANCE HAS AN ANNUAL PERFORMANCE REVIEW AS DO ALL EMPLOYEES. THE PERFORMANCE REVIEW IS PERFORMED BY THE EXECUTIVE DIRECTOR. SEVERAL FACTORS ARE TAKEN INTO CONSIDERATION, FEEDBACK AND OBSERVATIONS FROM THE BOARD AND THE FINANCE COMMITTEE. AN INCREASE IN SALARY IS GIVEN IF WARRANTED BY JOB PERFORMANCE AND IF THE ECONOMICS OF THE ORGANIZATION AND BUDGET ALLOW FOR IT. THE SALARY IS COMPARED WITH OTHERS IN THE INDUSTRY AND GEOGRAPHIC AREA. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XII, SECTION C, LINE 2 THE FINANCE COMMITTEE REVIEWS THE 990 WITH THE AUDITORS. THE BOARD HAS VOTED UNANIMOUSLY TO ALLOW THE FINANCE COMMITTEE TO APPROVE THE 990. 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