2024-04-30T16:06:34-05:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 4150 2ND STREET SOUTH SUITE 400 ST CLOUD MN 56301 990 2023-01-01 411819382 BRAINERD SOUTH HOUSING GROUP INC C/O KAREN YOUNG BRAI 2188243423 324 EAST RIVER ROAD BRAINERD MN 56401 RICK FARGO PRESIDENT 2188243423 2024-04-09 1 RICK FARGO 999009999 0 KRISTIN L SCHMIDT CPA P01487323 3202035500 2024-04-09 2 AAL1 IAL1 2023 2023-04-26 12:10:37Z RICK FARGO 7102 OJIBWA ROAD BRAINERD MN 56401 372696 0 X N/A X 1995 MN TO PROVIDE LOW INCOME HOUSING UNDER SECTION 236 OF THE NATIONAL HOUSING ACT. 5 5 0 6 0 0 0 0 313863 333947 1859 14575 33099 24174 348821 372696 0 0 0 0 2277 0 0 0 0 347137 356617 349414 356617 -593 16079 1745455 1757154 248618 244238 1496837 1512916 TO PROVIDE LOW INCOME HOUSING UNDER SECTION 236 OF THE NATIONAL HOUSING ACT, REGULATED BY THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. 0 0 317963 0 333947 BRAINERD SOUTH HOUSING GROUP, INC. WAS ORGANIZED TO ACQUIRE BRAINERD SOUTH APARTMENTS, BRAINERD, MINNESOTA, A 60-UNIT APARTMENT COMPLEX OPERATED UNDER SECTION 236 OF THE NATIONAL HOUSING ACT AND REGULATED BY THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) WITH RESPECT TO RENTAL CHARGES AND OPERATING METHODS. 317963 1 0 0 0 0 0 0 0 1 0 1 0 0 1 0 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 0 1 X 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 5 5 0 1 0 0 1 1 1 1 0 0 0 1 0 0 0 0 0 0 MN X KAREN YOUNG 2188243423 324 EAST RIVER ROAD BRAINERD MN 56401 X RICK FARGO PRESIDENT 0.50 X X 0 0 0 MICHAEL DUVAL VICE PRESIDENT 0.50 X X 0 0 0 SHAUN STANICH SECRETARY/TREASURER 0.50 X X 0 0 0 MELISSA WILLIS DIRECTOR 0.50 X 0 0 0 PATRICK WUSSOW DIRECTOR 0.50 X 0 0 0 0 0 0 0 0 0 0 0 RENTAL INCOME 531110 333947 333947 333947 14575 14575 LAUNDRY/OTHER REVENUE 812300 24174 24174 24174 372696 333947 0 38749 42906 21453 21453 1361 1361 6142 6142 17 17 1516 1516 123843 123843 95052 95052 6156 6156 GENERAL CONTRACT COSTS 36371 36371 MAINTENANCE AND REPAIRS 31968 31968 SUPPLIES 9025 9025 MISCELLANEOUS 2026 2026 234 234 356617 317963 38654 0 31244 24159 3528 9383 22097 25809 2852359 1743395 975032 1108964 713554 588839 1745455 1757154 22758 16699 25860 27539 200000 200000 248618 244238 X 1496837 1512916 1496837 1512916 1745455 1757154 16079 0 X X 1 X 0 1 0 X 280056 296869 303377 313863 333947 1528112 280056 296869 303377 313863 333947 1528112 0 3360 13860 33960 51180 3360 13860 33960 51180 1476932 2188 2192 1859 14575 20814 2188 2192 1859 14575 20814 39097 32934 32352 33099 24174 161656 321341 331995 335729 348821 372696 1710582 0.86340 0.87830 0.01220 0.00380 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: LAUNDRY/OTHER REVENUE - 2019 AMOUNT: $ 39,097. 2020 AMOUNT: $ 32,934. 2021 AMOUNT: $ 32,352. 2022 AMOUNT: $ 33,099. 2023 AMOUNT: $ 24,174. 0 1 X 108000 108000 2428981 1595351 833630 93817 64876 28941 221561 83168 138393 1108964 REPLACEMENT RESERVES 249211 TENANT SECURITY DEPOSIT 27128 RESIDUAL RECEIPTS 293896 ESCROW DEPOSIT 18604 588839 X PART IV, LINE 2B: BRAINERD SOUTH HOUSING GROUP, INC. HOLDS TENANT SECURITY AND PET DEPOSITS AND ALSO SECURITY DEPOSIT INTEREST. PART X, LINE 2: BRAINERD SOUTH HOUSING GROUP, INC. IS EXEMPT FROM STATE AND FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE PROJECT'S INCOME TAX RETURNS ARE SUBJECT TO EXAMINATION BY FEDERAL AND STATE AUTHORITIES IN ACCORDANCE WITH PRESCRIBED STATUTES. THE PROJECT HAS NOT BEEN EXAMINED FOR ANY OPEN YEARS. FORM 990, PART V, LINE 1C AND 2B BRAINERD SOUTH HOUSING GROUP, INC. HAS A CONTRACTUAL RELATIONSHIP WITH BRAINERD HOUSING AND REDEVELOPMENT AUTHORITY. ALL REQUIRED YEAR END PAYROLL AND INFORMATION REPORTING RETURNS HAVE BEEN FILED BY THE BRAINERD HOUSING AND REDEVELOPMENT AUTHORITY. THE ORGANIZATION DID COMPLY WITH ALL NECESSARY BACKUP WITHHOLDING RULES FOR REPORTABLE PAYMENTS. FORM 990, PART VI, SECTION A, LINE 3 BRAINERD SOUTH HOUSING GROUP, INC. HAS A CONTRACTUAL RELATIONSHIP WITH BRAINERD HOUSING AND REDEVELOPMENT AUTHORITY TO PROVIDE MANAGEMENT SERVICES. THESE SERVICES INCLUDE PROPERTY MAINTENANCE, MANAGING APARTMENT LEASES, COLLECTING RENTS, PAYING EXPENSES, CONDUCTING, AS APPLICABLE, OVERSIGHT OF COMPILATIONS, REVIEWS, AND AUDITS, AND COMPLYING WITH HUD REGULATIONS. DURING THE CALENDAR YEAR, BRAINERD SOUTH HOUSING GROUP, INC. PAID FEES OF $59,405 TO BRAINERD HOUSING AND REDEVELOPMENT AUTHORITY FOR THESE SERVICES. FORM 990, PART VI, SECTION A, LINE 6 EACH OCCUPIED APARTMENT IN THE BRAINERD SOUTH HOUSING DEVELOPMENT DESIGNATES ONE ADULT RESIDING IN SUCH APARTMENT UNIT TO BE A MEMBER OF THE CORPORATION. THIS MEMBERSHIP CONTINUES FOR THE DURATION THAT SUCH PERSON RESIDES WITHIN THE BRAINERD SOUTH HOUSING DEVELOPMENT. FORM 990, PART VI, SECTION A, LINE 7A DIRECTORS SHALL BE ELECTED IN THE FOLLOWING MANNER: A. ALL MEMBER DIRECTORS SHALL BE ELECTED FOR STAGGERED TWO (2) YEAR TERMS. ALL MEMBERS DULY REGISTERED SHALL HAVE ONE (1) VOTE FOR EACH MEMBER DIRECTOR. TIE VOTES SHALL BE BROKEN BY THE PRESIDENT OF THE BOARD OF DIRECTORS. B. ALL NON- MEMBER DIRECTORS SHALL BE ELECTED FOR STAGGERED THREE (3) YEAR TERMS. EACH MEMBER DIRECTOR AND NON-MEMBER DIRECTOR SHALL BE ENTITLED TO ONE (1) VOTE FOR PURPOSES OF ELECTING NON-MEMBER DIRECTORS. MEMBERS WHO ARE NOT MEMBER DIRECTORS SHALL NOT BE ENTITLED TO VOTE FOR NON-MEMBER DIRECTORS. TIE VOTES SHALL BE BROKEN BY THE PRESIDENT OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B GOVERNANCE DECISIONS ARE MADE BY THE BOARD OF DIRECTORS. OTHER DECISIONS THAT WOULD ALSO REQUIRE THE BOARD APPROVAL TO BE OBTAINED WOULD BE FOR LARGE CAPITAL EXPENDITURES TO BE AUTHORIZED OR FOR THE USE OF RESERVE FUNDS, OR FOR RENT INCREASES OR TO APPROVE A CHANGE TO ANY SERVICES PROVIDED TO RESIDENTS. FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION DOES NOT HAVE ANY COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B BEFORE THE FORM 990 RETURN IS FILED WITH THE TAXING AUTHORITY, IT IS REVIEWED BY THE BOARD OF DIRECTORS AT A REGULAR BOARD MEETING AND IT IS APPROVED BY A MAJORITY VOTE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION DOES NOT MAKE ITS GOVERNING DOCUMENTS OR FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. FORM 990, PART XII, LINE 2C THROUGH AN APPROVED CONTRACT WITH AN ACTING MANAGEMENT AGENCY, THE BRAINERD HOUSING AND REDEVELOPMENT AUTHORITY, THE BRAINERD SOUTH HOUSING GROUP, INC. ORGANIZATION ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE FINANCIAL STATEMENT COMPILATION AND SELECTION OF AN INDEPENDENT ACCOUNTANT.