2024-04-26T09:07:32-05:00 2023-06-30 221478099 COHNREZNICK LLP 350 GRANITE STREET SUITE 1200 BRAINTREE MA 02184 990 2022-07-01 050503924 PRESIDENTIAL PLACE INC PRES 8572218600 CO TCB INC 185 DARTMOUTH STREET BOSTON MA 02116 D MORGAN WILSON ASSISTANT TREASURER 8572218600 2024-04-25 1 D MORGAN WILSON 999009999 1 JOLANTA TUCK CPA P01340068 7813803520 2024-04-24 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z PHILLIP L CLAY C/O TCB INC 185 DARTMOUTH STREET BOSTON MA 02116 687657 0 X N/A X 1999 RI PROVIDE HOUSING FOR PERSONS OF LOW INCOME STATUS. 1 1 0 2 0 0 456494 478605 187006 203217 85 1463 33121 4372 676706 687657 0 0 0 0 0 0 0 0 0 753162 771783 753162 771783 -76456 -84126 3003732 2928989 105612 114995 2898120 2813994 TO CONSTRUCT OWN AND OPERATE 51 UNITS OF AFFORDABLE HOUSING FOR PERSONS OF LOW INCOME IN CRANSTON, RI. 0 0 702411 207589 TO CONSTRUCT OWN AND OPERATE 51 UNITS OF AFFORDABLE HOUSING FOR PERSONS OF LOW INCOME IN CRANSTON, RI. 702411 1 1 0 0 0 0 0 0 1 0 1 0 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 9 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 1 1 0 1 0 0 0 0 0 1 1 0 0 1 1 0 0 0 0 0 0 0 X D MORGAN WILSON 8572218600 185 DARTMOUTH STREET BOSTON MA 02116 X PHILLIP L CLAY PRESIDENT 0.10 X X 0 0 0 SUSAN MCCANN UNTIL 7822 VICE PRESIDENT 0.10 X X 0 0 0 0 0 0 0 0 0 0 0 478605 478605 TENANT RENTAL INCOME 531110 203217 203217 203217 1463 1463 LAUNDRY & VENDING REVE 531110 4372 4372 4372 687657 207589 0 1463 X 50702 50702 300 300 18670 18670 171390 171390 480 480 27770 27770 317641 317641 1641 1641 136717 136717 RESIDENT SERVICES 46472 46472 771783 702411 69372 0 9759 1481 42878 13376 5045655 2628257 2530580 2417398 407139 510110 3003732 2928989 90164 97893 1940 2980 13508 14122 105612 114995 X 2898120 2813994 2898120 2813994 3003732 2928989 -84126 0 X 0 1 X 1 1 1 X 459861 454485 452697 456494 478605 2302142 160203 170179 175988 187006 203217 896593 620064 624664 628685 643500 681822 3198735 0 0 0 3198735 1143 323 242 85 1463 3256 1143 323 242 85 1463 3256 4151 5438 3715 33121 4372 50797 625358 630425 632642 676706 687657 3252788 0.98340 0.98490 0.00100 0.00060 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 304550 304550 4523957 2415489 2108468 131420 130018 1402 85728 82750 2978 2417398 DEPOSITS ON UTILITIES 3600 TENANT DEPOSITS 14722 ESCROW DEPOSITS 79062 REPLACEMENT RESERVE 411817 RESIDUAL RECEIPTS RESERVE 909 510110 X 701221 13564 13564 687657 0 687657 785347 13564 13564 771783 0 771783 PART IV, LINE 2B: THE CORPORATION HAS A POLICY TO COLLECT SECURITY DEPOSITS OF UP TO ONE MONTH'S RENT FROM TENANTS. THE SECURITY DEPOSITS CAN BE USED TO PAY FOR DAMAGES CAUSED BY THE TENANT OR USED AGAINST UNPAID RECEIVABLES. PART X, LINE 2: THE CORPORATION HAS APPLIED FOR AND RECEIVED A DETERMINATION LETTER FROM THE INTERNAL REVENUE SERVICE ("IRS") TO BE TREATED AS A TAX-EXEMPT ENTITY PURSUANT TO SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND DID NOT HAVE ANY UNRELATED BUSINESS INCOME FOR THE YEAR ENDED JUNE 30, 2023. DUE TO ITS TAX-EXEMPT STATUS, THE CORPORATION IS NOT SUBJECT TO INCOME TAXES. THE CORPORATION IS REQUIRED TO FILE AND DOES FILE TAX RETURNS WITH THE IRS AND OTHER TAXING AUTHORITIES. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE CORPORATION AND HAS CONCLUDED THAT, AS OF JUNE 30, 2023, THERE ARE NO UNCERTAIN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS. ACCORDINGLY, THESE FINANCIAL STATEMENTS DO NOT REFLECT A PROVISION FOR INCOME TAXES AND THE CORPORATION HAS NO OTHER TAX POSITIONS WHICH MUST BE CONSIDERED FOR DISCLOSURE. INCOME TAX RETURNS FILED BY THE CORPORATION ARE SUBJECT TO EXAMINATION BY THE IRS FOR A PERIOD OF THREE YEARS. WHILE NO INCOME TAX RETURNS ARE CURRENTLY BEING EXAMINED BY THE IRS, TAX YEARS SINCE 2019 REMAIN OPEN. FORM 990, PART VI, SECTION A, LINE 3 TCB SERVES AS THE MANAGEMENT AGENT FOR THE PROJECT. THE MANAGEMENT FEE WAS CALCULATED AS 6.75% OF EFFECTIVE GROSS INCOME THROUGH FEBRUARY 28,2021. EFFECTIVE MARCH 1, 2021 THE MANAGEMENT FEE IS CALCULATED AS 7.31% OF EFFECTIVE GROSS INCOME. THE MANAGEMENT AGREEMENT IS IN EFFECT UNTIL THROUGH FEBRUARY 28, 2026 OR IF CANCELED BY HUD, THE CORPORATION OR THE MANAGEMENT AGENT. DURING THE YEAR ENDED JUNE 30, 2023, MANAGEMENT FEES OF $50,702 WERE INCURRED. FORM 990, PART VI, SECTION B, LINE 11B AN OFFICER OF MANAGEMENT COMPANY - THE COMMUNITY BUILDERS, INC REVIEWS THE 990 PRIOR TO FILING. A COPY IS PROVIDED TO THE BOARD OF DIRECTORS PRIOR TO FILING. FORM 990, PART VI, SECTION C, LINE 19 THE CORPORATION MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 11G MANAGEMENT SERVICES: PROGRAM SERVICE EXPENSES 171,390. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 171,390.