2024-01-29T15:27:19-06:00 2022-09-30 251031405 MCGILL POWER BELL & ASSOCIATES LLP 2402 WEST 8TH STREET ERIE PA 16505 990 2021-10-01 237213451 METHODIST TOWERS INC METH 8144561783 707 SASSAFRAS STREET ERIE PA 165011009 JAMES REIM BOARD TREASURER 8144561783 2024-01-29 1 JAMES REIM 999009999 SHAWN P EMERSON P00745346 8144536594 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z X JAMES REIM 707 SASSAFRAS STREET ERIE PA 16501 7329715 0 X N/A X 1968 PA TO PROVIDE AFFORDABLE RENTAL HOUSING AND RELATED FACILITIES AND SERVICES SPECIALLY DESIGNED TO MEET THE PHYSICAL, SOCIAL, AND PSYCHOLOGICAL NEEDS OF THE ELDERLY. X 11 11 7 11 0 0 203897 127025 607462 399661 223 6341957 -493 0 811089 6868643 0 0 0 0 217535 107942 0 0 0 585205 6868339 802740 6976281 8349 -107638 825455 655560 62257 0 763198 655560 TO PROVIDE AFFORDABLE RENTAL HOUSING AND RELATED FACILITIES AND SERVICES SPECIALLY DESIGNED TO MEET THE PHYSICAL, SOCIAL, AND PSYCHOLOGICAL NEEDS OF THE ELDERLY. 0 0 382128 399661 APARTMENT BUILDING OPERATES TO PROVIDE HOUSNG FOR THE ELDERLY AND OPERATED UNDER THE TERMS OF THE US DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT REGULATORY AGREEMENT UNTIL THE MORTGAGE BALANCE WAS ZERO. METHODIST TOWERS HOUSES APPROXIMATLEY 130 RESIDENCES YEAR ROUND. 8972 0 A RESIDENT SERVICE COORDINATOR LINKS RESIDENTS TO EXISTING SERVICES AND RESOURCES IN THE COMMUNITY, ASSISTS RESIDENTS TO BUILD AN INFORMAL SUPPORT NETWORK AMOUNG THEMSELVES, ENCOURAGES RESIDENTS TO BE PROACTIVE IN MEETING THEIR SOCIAL, PSYCHOLOGICAL AND PHYSICAL NEEDS. THE RESIDENT SERVICE COORDINATOR AIDES IN THE ABILITY OF TENANTS TO UPHOLD THEIR LEASE OBLIGATIONS SUCH AS PAYING THEIR RENT ON TIME, TAKING PROPER CARE OF THEIR UNIT AND ENSURING QUIET ENJOYMENT OF THE PROPERTY FOR ALL RESIDENTS AND SURROUNDING NEIGHBORS. 391100 1 0 0 0 0 0 0 0 1 0 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 1 0 0 0 0 0 1 0 0 0 0 0 1 0 0 7 1 0 0 0 0 0 0 0 0 0 0 X 11 11 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 1 0 0 X JAMES REIM 8144561783 707 SASSAFRAS STREET ERIE PA 16501 BRUCE BERNARD DIRECTOR 1.00 X 0 0 0 CORRINE THOMAS DIRECTOR 1.00 X 0 0 0 LINDA DONATI DIRECTOR 1.00 X 0 0 0 RONALD NORMAN DIRECTOR 1.00 X 0 0 0 ROBERT RODGERS DIRECTOR 1.00 X 0 0 0 TRUDY SMITH DIRECTOR 1.00 X 0 0 0 MARGUERITE JONES DIRECTOR 1.00 X 0 0 0 REV JAMES PARKINSON DIRECTOR 1.00 X 0 0 0 MARY CAPMBELL DIRECTOR 1.00 X 0 0 0 JAMES REIM TREASURER 1.00 X 0 0 0 JOHN BARTLETT PRESIDENT 1.00 X 0 0 0 DARLENE WINICKI EXECUTIVE DIRECTOR 37.50 X 60504 0 8358 60504 0 8358 0 0 0 0 0 127025 127025 RENT INCOME 532000 399661 399661 399661 3029 3029 6800000 461072 6338928 6338928 6338928 6868643 399661 0 6341957 25033 12016 13017 71894 70456 1438 2899 2549 350 8116 7137 979 30258 30258 1094 1094 2188 2188 19632 19632 166576 156576 10000 21368 21368 13955 13955 RESERVE AGAINST NOTE RE 6528000 6528000 CONTRACTS 80261 80261 MISCELLANEOUS EXPENSES 4871 4826 45 KITCHEN SUPPLIES 136 136 6976281 391100 6585181 0 7463 126828 44304 0 15102 0 34177 0 0 0 223267 0 502928 501142 25804 825455 655560 9984 0 3424 0 48849 0 62257 0 X 763198 655560 763198 655560 825455 655560 -107638 0 X 0 0 0 X 194729 138020 214053 203897 127025 877724 194729 138020 214053 203897 127025 877724 877724 323 395 185 223 3029 4155 6165 -493 5672 887551 2167505 0.98890 0.99230 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS INCOME - 2019 AMOUNT: $ 6,165. 2020 AMOUNT: $ -493. 2021 AMOUNT: $ 0. 1 1 X 0 FIXED ANNUITIES 502928 F 502928 X PART IV, LINE 2B: SECURITY DEPOSITS HELD ON BEHALF OF RESIDENTS. PART X, LINE 2: THE PROJECT IS EXEMPT FROM INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. INTEREST AND PENALTIES RELATED TO TAX REPORTING ARE RECOGNIZED WHEN INCURRED AND ARE INCLUDED AS ADMINISTRATIVE EXPENSES IN THE STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS. THERE WERE NO INTEREST OR PENALTIES INCURRED RELATED TO TAX REPORTING FOR THE YEAR ENDED SEPTEMBER 30, 2021. THE PROJECT'S TAX RETURNS ARE SUBJECT TO AUDIT BY VARIOUS TAXING AUTHORITIES. THE PROJECT FOLLOWS THE TOPIC OF INCOME TAXES FROM THE FINANCIAL ACCOUNTING STANDARDS BOARD, ACCOUNTING STANDARDS CODIFICATION ("FASB ASC") WITH REGARD TO THE ACCOUNTING AND RECOGNITION OF INCOME TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN THE PROJECT'S TAX RETURNS. JIM REIM BOARD TREASURER 6750 COMMISSIONS ON SALE OF ANNUITIES 0 BUILDING AND FURNISHINGS 2022-03-23 461072 NET BOOK VALUE ROCHESTER'S CORNERSTONE GROUP LTD 460 WHITE SPRUCE BLVD ROCHESTER NY 14623 LIMITED PARTNERSHIP 0 0 0 0 FORM 990, SCHEDULE N, PART II, LINE 1 METHODIST TOWERS SOLD ITS BUILDING ON MARCH 23, 2022, TO ROCHESTER CORNERSTONE GROUP VIA A LIMITED PARTNERSHIP. THE TOTAL CONSIDERATION FOR THE BUILDING AND ITS CONTENTS WAS $6,800,000. THE BUILDING NEEDED SIGNIFICANT REPAIRS SINCE THE ELEVATOR, WASTEWATER PIPES, HYDRONIC PIPES AND OTHER SEGMENTS OF THE BUILDING WERE ROUGHLY 48 YEARS OLD. METHODIST RECEIVED A SELLERS CARRYBACK NOTE FOR 6,528,000 AND FIRST RIGHT OF REFUSAL TO PURCHASE THE BUILDING AFTER 15 YEARS. METHODIST TOWERS INTENDS TO REMAIN A 501C3 NONPROFIT ORGANIZATION WITH THE INTENTION OF EXERCISING THE FIRST RIGHT OF REFUSAL. BASED ON THE UNCERTAINTY OF THE SELLER NOTE AFTER 15 YEARS, THE ORGANIZATION HAS RECORDED A RESERVE AGAINST THE SELLER NOTE FOR 6,528,000 AS SEPTEMBER 30, 2022. FORM 990, PART VI, SECTION A, LINE 8B THE BOARD OF DIRECTORS IS THE GOVERNING BODY. THERE ARE NO UNDERLYING COMMITTEES. FORM 990, PART VI, SECTION B, LINE 11B 990 IS REVIEWED BY THE EXECUTIVE DIRECTOR ALONG WITH THE CPA WHO PREPARED THE RETURN. FORM 990, PART VI, SECTION B, LINE 15A THE ORGANIZATION'S BUDGET IS PREPARED BY THE EXECUTIVE DIRECTOR. INCLUDED WITHIN THE BUDGET IS THE EXECUTIVE DIRECTOR'S PROPOSED SALARY. THE BUDGET RUNS IN DIRECT CORRELATION WITH THE NUMBER OF APARTMENT RENTALS AND VACANCIES. IN ORDER TO FACILITATE INDEPENDENT DISCUSSION REGARDING THE EXECUTIVE DIRECTOR'S SALARY, THE BOARD ASKS HER TO LEAVE THE MEETING ROOM. FINAL BOARD APPROVAL IS MADE WITHOUT HER PRESENCE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES IT'S GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE UPON VERBAL REQUEST.