2024-10-24T10:03:09-04:00 2024-06-30 814987490 DOUCETTE & DOUCETTE CPAS LLC 31 HAYWARD ST STE 2F FRANKLIN MA 02038 990 2023-07-01 042775961 LYNNFIELD INITIATIVES FOR ELDERS INC LYNN 7813346066 101 ESSEX VILLAGE LYNNFIELD MA 01940 GEORGE PARIS EFF 7124 PRESIDENT 7813346066 2024-10-24 true false DENISE M SMITH CPA P01476230 5083393078 2024-10-24 2023 2024-10-15 13:58:12Z GEORGE PARIS EFF 7124 1304 ESSEX VILLAGE LYNNFIELD MA 01940 2263258 false X HTTP://WWW.LIFE-INC.US X THE ORGANIZATION WAS INCORPORATED ON 12/17/1982 AS A NOT-FOR-PROFIT ORGANIZATION UNDER MASSACHUSETTS LAW TO PROVIDE HOUSING WITHIN THE TOWN OF LYNNFIELD FOR ELDERLY, AGED OR HANDICAPPED PERSONS. THE ORGANIZATION PROVIDES ADEQUATE HOUSING FACILITIES ON A NOT-FOR-PROFIT BASIS FOR THE USE AND OCCUPANCY OF ELDERLY, AGED OR HANDICAPPED PERSONS AND OTHER SERVICES SPECIALLY DESIGNED TO MEET THE PHYSICAL, SOCIAL AND PSYCHOLOGICAL NEEDS OF THE ELDERLY, AGED AND HANDICAPPED AND TO PROMOTE THEIR HEALTH, SECURITY, AND HAPPINESS IN LONGER LIVING. 5 5 5 0 0 1463779 1559579 112141 110320 0 1575920 1669899 0 0 195160 216858 0 0 2747323 2886964 2942483 3103822 -1366563 -1433923 19944980 19686249 164666 73365 19780314 19612884 X THE ORGANIZATION WAS INCORPORATED ON 12/17/1982 AS A NOT-FOR-PROFIT ORGANIZATION UNDER MASSACHUSETTS LAW TO PROVIDE HOUSING WITHIN THE TOWN OF LYNNFIELD FOR ELDERLY, AGED OR HANDICAPPED PERSONS. THE ORGANIZATION IS LOCATED IN LYNNFIELD, MASSACHUSETTS, AND PRESENTLY OPERATES THREE HOUSING COMPLEXES, CENTER VILLAGE, ESSEX VILLAGE, AND COLONIAL VILLAGE; CONSISING OF 60, 66, AND 48 RESIDENTIAL UNITS, RESPECTIVELY. THE ORGANIZATION PROVIDES ADEQUATE HOUSING FACILITIES ON A NOT-FOR-PROFIT BASIS FOR THE USE AND OCCUPANCY OF ELDERLY, AGED OR HANDICAPPED PERSONS AND OTHER SERVICES SPECIALLY DESIGNED TO MEET THE PHYSICAL, SOCIAL AND PSYCHOLOGICAL NEEDS OF THE ELDERLY, AGED AND HANDICAPPED AND TO PROMOTE THEIR HEALTH. SECURITY,AND HAPPINESS IN LONGER LIVING. false false 2998583 1559579 AFFORDABLE ACCESS TO HOUSING OF 174 RESIDENTIAL UNITS LOCATED IN LYNNFIELD, MASSACHUSETTS TO ELDERLY, AGED OR HANDICAPPED RESIDENTS OR FORMER RESIDENTS (AS WELL AS PARENTS AND SIBLINGS) OF LYNNFIELD. 2998583 true false false false false false false false false false true true false false false true true false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false true 14 0 true 5 true false false false false false false false false X 5 5 false false false false true true true true true false false true true true true true true true true false MA X X DAVE MAYERSON 7813346066 101 ESSEX VILLAGE LYNNFIELD MA 01940 DAVE MAYERSON EXECUTIVE DI 30.00 X 67530 0 0 JAMES WILKIE THRU 63024 FMR TREASURE 3.00 X X 0 0 0 SALVATORE YERARDI THRU 63024 FMR PRESIDEN 3.00 X X 0 0 0 GEORGE PARIS EFF 7124 PRESIDENT 3.00 X X 0 0 0 BRUCE GLINSKI DIRECTOR 3.00 X 0 0 0 DANIEL MACINTYRE CLERK 3.00 X 0 0 0 BEVERLY MERRITT DIRECTOR 3.00 X 0 0 0 BRUCE SIEGEL VP AND TREAS 3.00 X X 0 0 0 67530 false false false MEMBERS' MAINTENANCE FEES 531110 1559579 1559579 1559579 89270 89270 614409 593359 21050 21050 21050 1669899 1580629 89270 70128 70128 127232 127232 19498 19498 72922 72922 24027 24027 8290 8290 84002 84002 727131 727131 121159 121159 REPAIRS & MAINTENANCE 1083412 1083412 PAYMENT IN LIEU OF RE TAX 528803 528803 LANDSCAPING 147813 147813 SNOW REMOVAL 89405 89405 3103822 2998583 105239 0 320073 429310 20686 11711 30115325 14169192 16673264 15946133 1553868 1656955 1377089 1642140 19944980 19686249 74606 73365 90060 164666 73365 X 19780314 19612884 19780314 19612884 19944980 19686249 X -1433923 238693 1027800 X X false true X true X 1303405 1323332 1387892 1463779 1559579 7037987 1303405 1323332 1387892 1463779 1559579 7037987 7037987 60754 65020 71082 81305 89270 367431 60754 65020 71082 81305 89270 367431 1364159 1388352 1458974 1545084 1648849 7405418 0.95040 0.95060 0.05000 0.05000 X 2631296 2631296 27092702 13852689 13240013 374150 299326 74824 17177 17177 15946133 ALL OTHER INVESTMENTS 1642140 F 1642140 X 1559579 1559579 24027 86293 110320 1669899 3079795 3079795 24027 24027 3103822 SCHEDULE D, PAGE 3, PART X THE ORGANIZATION IS ORGANIZED AND OPERATED EXCLUSIVELY TO PROVIDE HOUSING FOR ELDERLY, AGED, OR HANDICAPPED PERSONS. INCOME RELATED TO THESE PURPOSES IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER THE PROVISIONS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. UNRELATED BUSINESS INCOME WOULD BE TAXABLE ACCORDING TO THE APPLICABLE INTERNAL REVENUE CODE SECTIONS. THE ORGANIZATION REGULARLY REVIEWS AND EVALUATES ITS TAX POSITIONS TAKEN IN ITS FILED RETURNS AND RECOGNIZES THE BENEFIT FROM A TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE POSITION WOULD BE SUSTAINED UPON AUDIT BASED SOLELY ON THE TECHNICAL MERITS OF THE TAX POSITION. IF APPLICABLE, THE ORGANIZATION ACCRUES INTEREST AND PENALTIES ON UNCERTAIN TAX POSITIONS AS A COMPONENT OF THE PROVISION FOR INCOME TAXES. THE ORGANZIATION FILES FEDERAL AND MASSACHUSETTS TAX RETURNS. THE STATUTE OF LIMITATIONS FOR THESE JURISDICTIONS IS GENERALLY THREE YEARS. THE ORGANIZATION HAS NO RETURNS UNDER EXAMINATION AS OF JUNE 30, 2024. SCHEDULE D, PAGE 4, PART XI, LINE 4B INVESTMENT INCOME 86,293 FORM 990 - ORGANIZATION'S MISSION THE ORGANIZATION WAS INCORPORATED ON 12/17/1982 AS A NOT-FOR-PROFIT ORGANIZATION UNDER MASSACHUSETTS LAW TO PROVIDE HOUSING WITHIN THE TOWN OF LYNNFIELD FOR ELDERLY, AGED OR HANDICAPPED PERSONS. THE ORGANIZATION IS LOCATED IN LYNNFIELD, MASSACHUSETTS, AND PRESENTLY OPERATES THREE HOUSING COMPLEXES, CENTER VILLAGE, ESSEX VILLAGE, AND COLONIAL VILLAGE; CONSISING OF 60, 66, AND 48 RESIDENTIAL UNITS, RESPECTIVELY. THE ORGANIZATION PROVIDES ADEQUATE HOUSING FACILITIES ON A NOT-FOR-PROFIT BASIS FOR THE USE AND OCCUPANCY OF ELDERLY, AGED OR HANDICAPPED PERSONS AND OTHER SERVICES SPECIALLY DESIGNED TO MEET THE PHYSICAL, SOCIAL AND PSYCHOLOGICAL NEEDS OF THE ELDERLY, AGED AND HANDICAPPED AND TO PROMOTE THEIR HEALTH. SECURITY,AND HAPPINESS IN LONGER LIVING. FORM 990, PAGE 6, PART VI, LINE 6 THE ORGANIZATION HAS 3 CLASSES OF STOCK. CLASS A MEMBER IS THE TOWN OF LYNNFIELD. THE CLASS A MEMBER'S VOTE SHALL BE EXERCIZED BY A MAJORITY OF THE SELECTMEN OF THE TOWN OF LYNNFIELD. CLASS B MEMBERS SHALL BE THOSE PERSONS WHO ACTUALLY BECOME RESIDENTS OF THE RESIDENTAL HOUSING CONSTRUCTED, CONTROLLED OR PURCHASED BY THE ORGANIZATION. CLASS B MEMBERS SHALL FIRT BE CLASS C MEMBERS AND SHALL BECOME CLASS B MEMBERS ON THE DATE THEY ARE ASSIGNED A UNIT IN SUCH HOUSING AND ACTUALLY TAKE UP RESIDENCE THEREIN. CLASS C MEMBERS ARE PEOPLE ON THE WAITING LIST. THE WAITING LIST OF CLASS C MEMBERS IS COMPRISED OF PEOPLE OF ANY AGE WHOM ARE CURRENT OR FORMER LYNNFIELD RESIDENTS WITH TWO YEARS OF RESIDENCY, OR THE MOTHER, FATHER, BROTHER OR SISTER OF A CURRENT OR FORMER LYNNFIELD RESIDENT WITH TWO YEARS OF RESIDENCY. FORM 990, PAGE 6, PART VI, LINE 7A THE ORGANIZATION HAS A FIVE MEMBER BOARD OF DIRECTORS APPOINTED BY THE SELECTMEN OF THE TOWN OF LYNNFIELD. CLASS A MEMBER SHALL ALSO HAVE THE RIGHT TO ELECT ALL THE DIRECTORS OF THE CORPORATION AND TO FILL VACANCIES IN THE EVENT OF THE DEATH, DISABILITY OR RESIGNATION OF THE DIRECTORS OF THE BOARD OF THE CORPORATION. FORM 990, PAGE 6, PART VI, LINE 7B THE CLASS A MEMBER SHALL BE THE ONLY MEMBER ENTITLED TO VOTE ON ALL MATTERS RELATIVE TO AMENDING THE ARTICLES OF ORGANZATION AND AMENDING THE BY-LAWS OF THE CORPORATION. THE CLASS A MEMBER APPROVES THE FOLLOWING DECISIONS OF THE GOVERNING BOARD: 1. ESTABLISH A SELECTION METHOD FOR CLASS B AND CLASS C MEMBERS WHICH MAY BE AMENDED FROM TIME TO TIME WITH CONSENT OF CLASS A MEMBER. 2. DETERMINE UNIT SALES AND REACQUISITION PAYMENTS. ADD OR AMEND ALL PROCEDURES RELATIVE TO THE OWNERSHIP CONTROL, USE AND TRANSFER OF ASSETS. 3. ESTABLISH AND AMEND FROM TIME TO TIME AND ENFORCE REASONABLE RULES AND REGULATIONS RELATIVE TO THE USE, OCCUPANCY AND OPERATION OF THE ORGANIZATION. 4. THE CORPORATION SHALL ADOPT A CLEAR AND CONSISE PLAN FOR THE FINANCING OF THE PURCHASE, THE CONSTRUCTION OF THE IMPROVEMENTS ON, AND THE MANAGEMENT OF THE DEVELOPMENT WHICH WILL BE SUBMITTED TO THE BOARD OF SELECTMEN PRIOR TO ITS ADOPTION. FORM 990, PAGE 6, PART VI, LINE 11B THE FORM 990 OF THE ORGANIZATION IS PREPARED BY AN OUTSIDE ACCOUNTING FIRM AND HAS ESTABLISHED THE FOLLOWING REVIEW PROCESS TO ENSURE THAT THE INFORMATION REPORTED IS COMPLETE AND ACCURATE. WHEN THE FORM 990 HAS BEEN PREPARED, REVIEWED BY MANAGEMENT AND IS READY TO BE FILED WITH THE IRS, IT IS SUBMITTED ELECTRONICALLY TO MEMBERS OF THE ORGANIZATION'S GOVERNING BODY FOR ANY COMMENTS PRIOR TO ITS SUBMISSION TO THE IRS. THE GOVERNING BODY IS PROVIDED WITH ADEQUATE TIME TO REVIEW THE PREPARED FORM 990 AND TO PROVIDE COMMENTS. COMMENTS ARE GROUPED AND SUMMARIZED FOR RESOLUTION. ALL ISSUES ARE DOCUMENTED AND ADDRESSED BEFORE THE RETURN IS FINALIZED AND APPROVED FOR FILING. FORM 990, PAGE 6, PART VI, LINE 12C IF THERE IS AN 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. EACH DIRECTOR, PRINCIPAL OFICER AND MEMBER OF A COMMITTEE WITH GOVERNING BOARD DELEGATED POWERS SHALL ANNUALLY SIGN A STATEMENT WHICH AFFIRMS THE FOLLOWING: 1. HAS RECEIVED A COPY OF THE CONFLICT OF INTEREST POLICY 2. HAS READ AND UNDERSTANDS THE POLICY 3. HAS AGREED TO COMPLY WITH THE POLICY 4. UNDERSTANDS THAT THE ORGANIZATION IS CHARITABLE AND IN ORDER TO MAINTAIN ITS FEDERAL TAX EXEMPTION IT MUST ENGAGE PRIMARILY IN ACTIVITIES WHICH ACCOMPLISH ONE OR MORE OF ITS TAX-EXEMPT PURPOSES. TO ENSURE THE ORGANIZATION OPERATES IN A MANNER CONSISTENT WITH CHARITABLE PURPOSES AND DOES NOT ENGAGE IN ACTIVITIES THAT COULD JEOPARDIZE ITS TAX- EXEMPT STATUS, PERIODIC REVIEWS SHALL BE CONDUCTED. THE PERIODIC REVIEWS SHALL, AT A MINIMUM, INCLUDE THE FOLLOWING: 1. WHETHER COMPENSATION AGREEMENTS AND BENEFITS ARE REASONABLE, BASED ON COMPETENT SURVEY INFORMATION, AND THE RESULT OF ARM'S LENGTH BARGAINING. 2. WHETHER PARTNERSHIPS, JOINT VENTURES, AND ARRANGEMENTS WITH MANAGEMENT CONFORM WITH THE ORGANIZATION'S WRITTEN POLICIES, ARE PROPERLY RECORDED, REFLECT REASONABLE INVESTMENT OR PAYMENTS FOR GOODS AND SERVICES, FURTHER CHARITABLE PURPOSES AND DO NOT RESULT IN INUREMENT, IMPERMISSIBLE PRIVATE BENEFIT OR IN AN EXCESS BENEFIT TRANSACTION. FORM 990, PAGE 6, PART VI, LINE 15A THE BOARD REVIEWS THE COMPENSATION INCREASES GIVEN BY THE TOWN OF LYNNFIELD TO TOP MANAGEMENT. THE BOARD THEN DISCUSSES THE APPROPRIATE INCREASES BASED ON INTERNAL EVALUATIONS AND THEIR CONSISTENCY WITH THE TOWN OF LYNNFIELD. FORM 990, PAGE 6, PART VI, LINE 15B THE BOARD REVIEWS THE COMPENSATION INCREASES GIVEN BY THE TOWN OF LYNNFIELD TO OTHER OFFICERS AND KEY EMPLOYEES. THE BOARD THEN DISCUSSES THE APPROPRIATE INCREASES BASED ON INTERNAL EVALUATIONS AND THEIR CONSISTENCY WITH THE TOWN OF LYNNFIELD. FORM 990, PAGE 6, PART VI, LINE 18 THE ORGANIZATION MAKES ITS FORM 990 AVAILABLE UPON REQUEST FOR PUBLIC INSPECTION AS REQUIRED UNDER THE INTERNAL REVENUE CODE. THE FILING IS AVAILABLE ON GUIDESTAR.ORG AND ON THE MA ATTORNEY GENERAL WEBSITE. FORM 990, PAGE 6, PART VI, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC . ANY REQUEST FOR A GOVERNING DOCUMENT IS HANDLED BY THE ORGANIZATION'S OFFICE AND IS FURNISHED WITHIN THE TIME LIMITS MANDATED BY THE IRS. FORM 990, PART XI, LINE 9 TRANSFER OF OCCUPANCY CAPITAL 980,800 NET TRANSFER OF CLASS MEMBERSHIPS 47,000 TOTAL 1,027,800 FORM 990, PAGE 12, PART XII, LINE 2C THE ORGANIZATION DID NOT CHANGE ITS OVERSIGHT PROCESS DURING THE TAX YEAR. THE ORGANIZATION IS USING THE SAME INDEPENDENT ACCOUNTANT THAT WAS USED IN THE PRIOR YEAR TO PREPARE THE AUDITED FINANCIAL STATEMENTS AND TAX FILINGS FOR THE YEAR ENDED JUNE 30, 2024.