2024-11-15T10:53:04-06:00 2023-12-31 943108053 NOVOGRADAC & COMPANY LLP 2033 N MAIN STREET SUITE 400 WALNUT CREEK CA 94596 990 2023-01-01 954648166 CENTURY AFFORDABLE DEVELOPMENT INC CENT 3102580700 1000 CORPORATE POINTE SUITE 200 CULVER CITY CA 90230 HOWARD CHAN VICE PRESIDENT & CFO 3102580700 2024-11-15 1 0 ERIC M BARNETT P01433887 9259494300 2023 2024-10-15 13:58:12Z BRIAN DANDREA 1000 CORPORATE POINTE SUITE 200 CULVER CITY CA 90230 15866369 0 X N/A X 1996 CA TO ACQUIRE AND DEVELOP REAL PROPERTY AS AFFORDABLE HOUSING. 3 0 0 0 0 0 0 7803750 3963510 7265322 300284 797297 0 0 4263794 15866369 0 0 0 0 3066251 3361879 0 0 0 271995 679843 3338246 4041722 925548 11824647 55057977 70393648 8977610 12488634 46080367 57905014 TO ACQUIRE AND DEVELOP REAL PROPERTY AS AFFORDABLE HOUSING. 0 0 3757499 7265322 THE ORGANIZATION ACQUIRED AND SOLD PROPERTIES TO MAINTAIN AFFORDABLE HOUSING 3757499 1 1 0 0 0 0 0 0 0 0 1 0 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 76 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 3 0 0 0 0 1 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X CENTURY AFFORDABLE DEVELOPMENT INC 3102580700 1000 CORPORATE POINTE SUITE 200 CULVER CITY CA 90230 RONALD GRIFFITH VICE PRESIDENT 2.50 37.50 X X 0 521853 69119 ALAN HOFFMAN DIRECTOR 2.00 38.00 X 0 449974 62280 BRIAN NICHOLAS DANDREA PRESIDENT 19.50 20.50 X X 0 397219 63561 OSCAR ALVARADO VICE PRESIDENT 1.00 39.00 X 0 328156 55427 KAREN BENNETT-GREEN VICE PRESIDENT 1.00 39.00 X 0 217195 44234 HOWARD CHAN VICE PRESIDENT & CFO 20.00 20.00 X 0 253399 50671 STEVEN COLMAN VICE PRESIDENT 20.00 20.00 X 0 257099 44548 BEULAH KU CORPORATE SECRETARY 1.00 39.00 X 0 200970 22811 SERYBREM BASS VICE PRESIDENT 40.00 0.00 X 0 140329 32177 CHRISTOPHER POPE SENIOR DEVELOPMENT MANAGER 20.00 20.00 X 0 235232 25758 JORDAN JOHNSON SENIOR DEVELOPMENT MANAGER 20.00 20.00 X 0 191696 27278 GILBERT GONZALES SENIOR DEVELOPMENT MANAGER 20.00 20.00 X 0 165750 25130 HEATHER SHARP VICE PRESIDENT, PROPERTY OPERATIONS 20.00 20.00 X 0 191301 21735 MARIA RUIZ ASSISTANT CONTROLLER 20.00 20.00 X 0 137948 43593 0 3688121 588322 0 0 1 0 0 7803750 7803750 DEVELOPER FEE INCOME 531390 6950807 6950807 MANAGEMENT FEE 531390 137853 137853 GROSS POTENTIAL RENT - COMMERCIAL 531390 115665 115665 OTHER INCOME 531390 60997 60997 7265322 797297 797297 15866369 7265322 0 797297 2531257 2531257 830622 830622 36700 36700 41350 41350 11231 11231 247523 247523 15147 15147 186865 186865 16441 16441 24703 24703 REPAIRS AND MAINTENANCE 38542 38542 TAXES 25080 25080 TELECOMMUNICATIONS 18705 18705 UTILITIES 4418 4418 13138 13138 4041722 3757499 284223 0 67699 30040 1784094 7554413 295561 3087521 32599942 34234086 147589 147469 2084621 59187 1977900 2025434 5260443 5636000 12924749 17678685 55057977 70393648 1151517 1406998 7826093 11081636 8977610 12488634 X 46080367 48301264 9603750 46080367 57905014 55057977 70393648 11824647 0 X X 0 1 X 1 1 1 X 7803750 7803750 3282087 16980327 6940396 3963510 7265322 38431642 3282087 16980327 6940396 3963510 15069072 46235392 0 0 0 46235392 446464 249211 300284 797297 1793256 446464 249211 300284 797297 1793256 3282087 17426791 7189607 4263794 15866369 48028648 0.96270 0.97490 0.03730 0.02510 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1689233 1689233 350135 41141 308994 0 45253 18046 27207 0 2025434 INVESTMENT IN ACADEMY HALL, LP 2985497 C INVESTMENT IN BEACHWOOD APARTMENTS, LP 100 C INVESTMENT IN CASA RITA, LP 476600 C INVESTMENT IN EMERALD TERRACE 32 C INVESTMENT IN WOODBRIDGE 50000 C INVESTMENT IN FLORENCE MOREHOUSE 15027 C INVESTMENT IN BANNING 100 C INVESTMENT IN COSTA MESA 1733087 C INVESTMENT IN BUDLONG 174875 C INVESTMENT IN PARKSIDE 174447 C INVESTMENT IN AXIOM 25835 C INVESTMENT IN B404 100 C INVESTMENT IN B156 100 C INVESTMENT IN VANOWEN 100 C INVESTMENT IN B158 100 C 5636000 CONSTRUCTION IN PROGRESS 4714173 DEVELOPER FEE RECEIVABLE FROM AFFILIATES 12583512 OTHER RECEIVABLES FROM AFFILIATES 381000 17678685 NOTES PAYABLE TO RELATED PARTIES 11081636 11081636 X 15866369 0 15866369 0 15866369 4041722 0 4041722 0 4041722 PART X, LINE 2: THE PREPARATION OF FINANCIAL STATEMENTS IN ACCORDANCE WITH ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRES THE CORPORATION TO REPORT INFORMATION REGARDING ITS EXPOSURE TO VARIOUS TAX POSITIONS TAKEN BY THE CORPORATION. THE CORPORATION HAS DETERMINED WHETHER ANY TAX POSITIONS HAVE MET THE RECOGNITION THRESHOLD AND HAS MEASURED THE CORPORATION'S EXPOSURE TO THOSE TAX POSITIONS. MANAGEMENT BELIEVES THAT THE CORPORATION HAS ADEQUATELY ADDRESSED ALL RELEVANT TAX POSITIONS AND THAT THERE ARE NO UNRECORDED TAX LIABILITIES. FEDERAL AND STATE TAX AUTHORITIES GENERALLY HAVE THE RIGHT TO EXAMINE AND AUDIT THE PREVIOUS THREE YEARS OF TAX RETURNS FILED. ANY INTEREST OR PENALTIES ASSESSED TO THE CORPORATION ARE RECORDED IN OPERATING EXPENSES. NO INTEREST OR PENALTIES FROM FEDERAL OR STATE TAX AUTHORITIES WERE RECORDED IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS. X X 0 0 0 0 0 0 0 0 0 RONALD GRIFFITH VICE PRESIDENT 0 387985 0 94997 0 38871 0 32082 0 37037 0 590972 0 0 ALAN HOFFMAN DIRECTOR 0 346481 0 80607 0 22886 0 25258 0 37022 0 512254 0 0 BRIAN NICHOLAS DANDREA PRESIDENT 0 318440 0 77969 0 810 0 28392 0 35169 0 460780 0 0 OSCAR ALVARADO VICE PRESIDENT 0 265110 0 50116 0 12930 0 26231 0 29196 0 383583 0 0 HOWARD CHAN VICE PRESIDENT & CFO 0 205960 0 38883 0 8556 0 20285 0 30386 0 304070 0 0 STEVEN COLMAN VICE PRESIDENT 0 162472 0 48000 0 46627 0 20489 0 24059 0 301647 0 0 KAREN BENNETT-GREEN VICE PRESIDENT 0 177859 0 31920 0 7416 0 16782 0 27452 0 261429 0 0 CHRISTOPHER POPE SENIOR DEVELOPMENT MANAGER 0 198558 0 27119 0 9555 0 13818 0 11940 0 260990 0 0 BEULAH KU CORPORATE SECRETARY 0 158016 0 30952 0 12002 0 15694 0 7117 0 223781 0 0 JORDAN JOHNSON SENIOR DEVELOPMENT MANAGER 0 168150 0 23492 0 54 0 15347 0 11931 0 218974 0 0 HEATHER SHARP VICE PRESIDENT, PROPERTY OPERATIONS 0 166731 0 24300 0 270 0 15283 0 6452 0 213036 0 0 GILBERT GONZALES SENIOR DEVELOPMENT MANAGER 0 142547 0 19492 0 3711 0 12792 0 12338 0 190880 0 0 MARIA RUIZ ASSISTANT CONTROLLER 0 119889 0 17663 0 396 0 11993 0 31600 0 181541 0 0 SERYBREM BASS VICE PRESIDENT 0 121941 0 17964 0 424 0 11190 0 20987 0 172506 0 0 FORM 990, PART VI, SECTION A, LINE 5 ON APRIL 28, 2023, THE ORGANIZATION BECAME A VICTIM OF WIRE FRAUD IN THE AMOUNT OF $293,047.20 AND SUCCESSFULLY RECOVERED $289,083.02. THE ORGANIZATION FILED AN IC3 COMPLAINT REFERRAL FORM WITH THE FBI ONLINE ON THE DATE OF LOSS. THE ORGANIZATION HAS IMPLEMENTED NEW POLICIES AND PROCEDURES TO SAFEGUARD ITS ASSETS. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 REVIEW PROCESS. AN EXTERNAL TAX PREPARER AND CENTURY AFFORDABLE DEVELOPMENT, INC. STAFF WORK TOGETHER TO GATHER THE INFORMATION NECESSARY TO COMPLETE THE TAX RETURN. STAFF REVIEWS AN INITIAL DRAFT TAX RETURN FROM THE TAX PREPARER AND DISCUSSES ANY ISSUES OR CHANGES. ONCE STAFF IS SATISFIED WITH THE DRAFT TAX RETURN A COPY IS EMAILED TO EACH MEMBER OF THE CENTURY AFFORDABLE DEVELOPMENT, INC. BOARD OF DIRECTORS FOR THEIR REVIEW. ANY QUESTIONS OR REQUESTS FOR COMMENT OR CLARIFICATION FROM THE MEMBERS OF THE BOARD ARE HANDLED BY STAFF OR THE EXTERNAL TAX PREPARER, AND IF NEEDED A FURTHER DRAFT IS PREPARED FOR REVIEW BY STAFF. THE PRESIDENT AND VICE PRESIDENT & CFO MAKE A FINAL REVIEW OF THE TAX RETURN PRIOR TO EXECUTION AND FILING. FORM 990, PART VI, SECTION B, LINE 12C DISCUSSION AND DISCLOSURE AS A PART OF REGULAR BOARD MEETINGS. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS OF DETERMINING COMPENSATION INCLUDES THE FOLLOWING ELEMENTS: 1. REVIEW AND APPROVAL - THE COMPENSATION OF THE PERSON IS REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS PROVIDED THAT PERSONS WITH CONFLICTS OF INTEREST WITH RESPECT TO THE COMPENSATION ARRANGEMENT AT ISSUE ARE NOT INVOLVED IN THIS REVIEW AND APPROVAL. 2. USE OF DATA AS TO COMPARABLE COMPENSATION - THE COMPENSATION OF THE PERSON IS REVIEWED AND APPROVED USING DATA AS TO COMPARABLE COMPENSATION FOR SIMILARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILARLY SITUATED ORGANIZATIONS. 3. CONTEMPORANEOUS DOCUMENTATION AND RECORDKEEPING - THERE IS CONTEMPORANEOUS DOCUMENTATION AND RECORDKEEPING WITH RESPECT TO THE DELIBERATIONS AND DECISIONS REGARDING THE COMPENSATION ARRANGEMENT. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICTS OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XII, LINE 2C: YES, THE ORGANIZATION HAS AN AUDIT COMMITTEE WITH THESE RESPONSIBILITIES. PROCESS IS UNCHANGED FROM PRIOR YEAR. CADI VI LLC 1000 CORPORATE POINTE SUITE 200 CULVER CITY CA 90230 463171490 TO ACT AS THE GENERAL PARTNER OF CENTURY ARROWHEAD VISTA, LP CA -8 59928 CENTURY AFFORDABLE DEVELOPMENT INC CADI VII LLC 1000 CORPORATE POINTE SUITE 200 CULVER CITY CA 90230 475034602 TO ACT AS THE GENERAL PARTNER OF FLORENCE MOREHOUSE, L.P. CA -104 9286336 CENTURY AFFORDABLE DEVELOPMENT INC CADI VIII LLC 1000 CORPORATE POINTE SUITE 200 CULVER CITY CA 90230 811793086 TO ACT AS THE GENERAL PARTNER OF BEACON PLACE, L.P. CA -70 777973 CENTURY AFFORDABLE DEVELOPMENT INC CADI IX LLC 1000 CORPORATE POINTE SUITE 200 CULVER CITY CA 90230 811906065 TO ACT AS THE GENERAL PARTNER OF BEACON POINTE, L.P. 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