2024-11-14T23:09:17-06:00 2023-12-31 221478099 COHNREZNICK LLP 621 CAPITOL MALL SUITE 2150 SACRAMENTO CA 95814 990 2023-01-01 770267648 WASHINGTON STREET RESIDENTS ASSOCIATION WASH 3038303300 1600 BROADWAY SUITE 2000 DENVER CO 802025704 CHAD PAYNE TREASURER 3038303300 2024-11-14 1 1 JOLANTA TUCK CPA P01340068 9164429100 2024-11-13 2023 2024-10-15 13:58:12Z JUAN REYNA JR 1600 BROADWAY SUITE 2000 DENVER CO 802025704 79199 0 X WWW.MERCYHOUSING.ORG X 1990 CA THE ASSOCIATION'S EXEMPT FUNCTION AND PURPOSE IS TO PROVIDE AFFORDABLE HOUSING AS A LIMITED EQUITY COOPERATIVE TO LOW-INCOME FAMILIES. 1 1 0 0 0 0 0 0 71238 78720 35 29 0 450 71273 79199 0 0 0 0 13260 0 0 0 0 144410 127867 157670 127867 -86397 -48668 372419 319278 1271634 1267161 -899215 -947883 THE ASSOCIATION'S EXEMPT FUNCTION AND PURPOSE IS TO PROVIDE AFFORDABLE HOUSING AS A LIMITED EQUITY COOPERATIVE TO LOW-INCOME FAMILIES. 0 0 119041 79170 THE ASSOCIATION'S EXEMPT FUNCTION AND PURPOSE IS TO PROVIDE AFFORDABLE HOUSING AS A LIMITED EQUITY HOUSING COOPERATIVE TO LOW- OR VERY LOW-INCOME FAMILIES AS DEFINED BY CALIFORNIA DEPARTMENT OF HOUSING. 119041 1 0 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 3 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 1 1 0 1 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 0 0 0 CA X CHAD PAYNE 3038303300 1600 BROADWAY SUITE 2000 DENVER CO 802025704 X JUAN REYNA JR PRESIDENT 1.00 X X 0 0 0 0 0 0 0 0 0 0 0 NET RENTAL REVENUE 531110 78720 78720 78720 29 29 450 450 450 79199 79170 0 29 4224 4224 8826 8826 5381 5381 3158 3158 86639 86639 17 17 19552 19552 TAXES/LICENSES/PERMITS 70 70 127867 119041 8826 0 1352 16235 5663 6288 725273 565892 178933 159381 186471 137374 372419 319278 72375 548324 838 0 9800 1187401 709037 11020 0 1271634 1267161 X -899215 -947883 -899215 -947883 372419 319278 -48668 0 X 0 1 X 0 0 X 77034 80847 80605 71238 78720 388444 77034 80847 80605 71238 78720 388444 0 0 0 388444 96 87 61 35 29 308 96 87 61 35 29 308 450 450 77130 80934 80666 71273 79199 389202 0.99810 0.99910 0.00080 0.00090 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2023 AMOUNT: $ 450. 0 1 X 722648 565892 156756 2625 2625 159381 MISC CURRENT ASSETS 97745 TENANT DEPOSITS 10322 RESERVE FOR REPLACEMENTS 21976 RESIDUAL RECEIPTS RESERVE 30 OTHER RESERVES 7301 137374 X 79199 0 79199 0 79199 127867 0 127867 0 127867 PART IV, LINE 2B: THE ESCROW LIABILITY AMOUNTS ON FORM 990, PART X, LINE 21 CONSIST OF TENANT SECURITY DEPOSITS. PART X, LINE 2: THE CORPORATION IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND DID NOT HAVE ANY UNRELATED BUSINESS INCOME FOR THE YEAR ENDED DECEMBER 31, 2023. THE CORPORATION IS REQUIRED TO FILE AND DOES FILE TAX RETURNS WITH THE INTERNAL REVENUE SERVICE AND OTHER TAXING AUTHORITIES. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE CORPORATION AND HAS CONCLUDED THAT, AS OF DECEMBER 31, 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, NO PROVISION FOR INCOME TAXES HAS BEEN INCLUDED IN THE ACCOMPANYING FINANCIAL STATEMENTS. INCOME TAX RETURNS FILED BY THE CORPORATION ARE SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE FOR A PERIOD OF THREE YEARS. WHILE NO INCOME TAX RETURNS ARE CURRENTLY BEING EXAMINED BY THE INTERNAL REVENUE SERVICE, TAX YEARS SINCE 2020 REMAIN OPEN. FORM 990, PART VI, SECTION A, LINE 3 THE PROPERTY IS MANAGED BY MERCY HOUSING MANAGEMENT GROUP ("MHM"), AN AFFILIATE OF THE CORPORATION, PURSUANT TO A MANAGEMENT AGREEMENT APPROVED BY HUD. THE CURRENT MANAGEMENT AGREEMENT PROVIDES FOR A MANAGEMENT FEE OF $44 PER UNIT PER MONTH FOR MANAGING THE OPERATIONS OF THE PROPERTY. SUCH FEES CHARGED TO ACTIVITIES FOR THE YEAR ENDED DECEMBER 31, 2023 IS $4,224. FORM 990, PART VI, SECTION A, LINE 6 THE MEMBERS ARE TENANTS OF THE DEVELOPMENT AND SHALL CONSIST OF SUCH PERSONS WHO HAVE BEEN APPROVED FOR MEMBERSHIP BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS HAS AUTHORITY OVER WASHINGTON STREET RESIDENTS ASSOCIATION IN VARIOUS ASPECTS OF OPERATIONS AND MANAGEMENT. THE RESERVED RIGHTS HELD BY THE BOARD OF DIRECTORS, WHICH MAY BE FURTHER DELEGATED TO THE PRESIDENT AND CEO, INCLUDE APPROVAL OF THE FOLLOWING ACTIVITIES: REVISIONS TO ARTICLES AND BYLAWS; MERGERS AND ACQUISITIONS; ESTABLISHMENT OF NEW ENTITIES; PLEDGING, MORTGAGING OR DISPOSING OF ALL OR SUBSTANTIALLY ALL ASSETS; OBLIGATIONS OF NEW OPERATING AND MORTGAGE DEBT; AND, APPOINTMENT OR REMOVAL OF GOVERNING BOARD MEMBERS AND OFFICERS. FORM 990, PART VI, SECTION A, LINE 7B SAME AS LINE 7A FORM 990, PART VI, SECTION B, LINE 11B EACH MEMBER IS GIVEN THE OPPORTUNITY TO REVIEW THE RETURN BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS REVIEWS PERIODICALLY THE CONFLICT OF INTEREST DISCLOSURES AND DETERMINES WHETHER ANY ACTION IS REQUIRED. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.