2025-08-14T09:22:24-04:00 2024-09-30 455317527 ARLINE & WIGGINS CPAS LLC 1606 REYNOLDS ST BRUNSWICK GA 315206731 990 2023-10-01 581357005 ST MARK'S TOWERS INC STMA 9122677125 ONE TOWERS PLAZA BRUNSWICK GA 31520 PETER SCHMIDT PRESIDENT 9122677125 2025-08-12 true JOEL K ARLINE CPA P00639233 9122651020 2025-08-12 2023 2025-03-06 01:10:19Z MELINDA MASSEY 9438417 false X WWW.STMARKSTOWERS.COM X 1977 GA HOUSING FOR THE ELDERLY AND ELDERLY HANDICAPPED. 10 10 18 0 56240 12327 1925866 1348201 -2128 5357449 0 1979978 6717977 0 0 581379 330064 0 0 1059063 918915 1640442 1248979 339536 5468998 2421847 4453154 3457282 19591 -1035435 4433563 HOUSING FOR THE ELDERLY AND ELDERLY HANDICAPPED. false false 1248979 1348201 TO PROVIDE HOUSING TO THE ELDERLY AND ELDERLY HANDICAPPED IN THE LOW INCOME TO EXTREMELY LOW INCOME BRACKETS. ONE HUNDRED FIFTY UNITS ARE AVAILABLE FOR RENT. 1248979 true false false false false false false false false false false false false false false false 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 true false false false true 4 0 18 true false false false false false false false false false false false false false false X 10 10 false false false false false false false true true false false true true true true true true true true false GA X MELINDA MASSEY 9122677125 ONE TOWERS PLAZA BRUNSWICK GA 31520 MELINDA MASSEY EXECUTIVE DI 40.00 X 52898 0 0 ALAN AKRIDGE BOARD MEMBER 1.00 X 0 0 0 DAN BURR BOARD MEMBER 1.00 X 0 0 0 RALPH DEMBOWCZYK BOARD MEMBER 1.00 X 0 0 0 LESLIE FAULKENBERRY BOARD MEMBER 1.00 X 0 0 0 KATHY FRIEDMAN BOARD MEMBER 1.00 X 0 0 0 AL MCKINNON BOARD MEMBER 1.00 X 0 0 0 WHITNEY MCONNELL SECRETARY 2.00 X 0 0 0 PETER SCHMIDT PRESIDENT 2.00 X 0 0 0 KEN TROWBRIDGE TREASURER 2.00 X 0 0 0 BILL TURNER VICE PRESIDE 2.00 X 0 0 0 52898 false false false 12327 12327 HUD TENANT ASSISTANCE PAYMENT 531110 801189 801189 TENANT RENTS 531110 535203 535203 LAUNDRY & VENDING 531110 10203 10203 DAMAGES & CLEANING FEES 531110 956 956 FORFEITED SECURITY DEPOSITS 531110 650 650 1348201 27889 27889 8050000 2720440 5329560 5329560 5329560 6717977 6677761 27889 52898 52898 201908 201908 12435 12435 42219 42219 20604 20604 50380 50380 80519 80519 773 773 32916 32916 528541 528541 515 515 2471 2471 59161 59161 124495 124495 19570 19570 MORTGAGE INSURANCE PREMIU 10336 10336 BANQUET SUPPLIES 6971 6971 DUES & SUBSCRIPTIONS 2267 2267 1248979 1248979 0 0 X 300 2721 4373864 2765 10932 2973 1638927 99805 666397 76317 2421847 4453154 55172 19591 68887 3333223 3457282 19591 X -1035435 4433563 -1035435 4433563 2421847 4453154 5468998 X false true true true true X 5000 177175 56240 12327 250742 1752433 1786407 1796926 1925866 1348201 8609833 1752433 1791407 1974101 1982106 1360528 8860575 8860575 280 158 113 551 280 158 113 551 26889 26889 1752713 1791565 1974214 1982106 1387417 8888015 0.99690 0.99990 0.00000 0.00000 X 6717977 6717977 6717977 1248979 1248979 1248979 FORM 990, PAGE 6, PART VI, LINE 11B THE 990 IS MADE AVAILABLE TO ALL BOARD MEMBERS BEFORE IT IS FILED. THE TREASURER OF THE BOARD OF DIRECTORS PROVIDES THE AUDITOR WITH ANY CHANGES THAT NEED TO BE MADE. FORM 990, PAGE 6, PART VI, LINE 12C THREE OFFICERS PERIODICALLY CO-SIGN CHECKS. MONTHLY FINANCIAL STATEMENTS ARE REVIEWED BY OFFICERS AND FULL BOARD. CONTRACT PAYMENTS ARE AUTHORIZED BY AN OFFICER OTHER THAN THE OFFICER SIGNING THE CONTRACT(S). FORM 990, PAGE 6, PART VI, LINE 15A EACH YEAR THE BOARD'S COMPENSATION COMMITTEE REVIEWS SALARIES OF ALL EMPLOYEES. COMPARABLES ARE OBTAINED FROM THE LEADING AGE OF GEORGIA INSTITUTE AND THE GEORGIA DEPARTMENT OF LABOR. THE COMMITTEE'S RECOMMENDATIONS ARE APPROVED OR MODIFIED BY THE FULL BOARD. FORM 990, PAGE 6, PART VI, LINE 15B EACH YEAR THE BOARD'S COMPENSATION COMMITTEE REVIEWS SALARIES OF ALL EMPLOYEES. COMPARABLES ARE OBTAINED FROM LEADING AGE OF GEORGIA INSTITUTE AND THE GEORGIA DEPARTMENT OF LABOR. THE COMMITTEE'S RECOMMENDATIONS ARE APPROVED OR MODIFIED BY THE FULL BOARD. FORM 990, PAGE 6, PART VI, LINE 19 UPON REQUEST TO THE EXECUTIVE DIRECTOR, CHAIRPERSON OF THE BOARD OF DIRECTORS, OR TREASURER. FORM 990, PART X IN AUGUST 2023, THE PROJECT ENTERED INTO A PURCHASE SALE AGREEMENT WITH AN UNRELATED NONPROFIT ENTITY TO PURCHASE THE REAL PROPERTY, HARD ASSETS, AND VARIOUS HUD ACCOUNTS OF THE PROJECT. THE SALE OF THE PROJECT TO THE UNRELATED NONPROFIT ENTITY CLOSED ON MAY 31, 2024. THE TOTAL PURCHASE PRICE WAS 8,050,000 WITH A MORTGAGE PAYOFF TOTALING 3,150,992. A SEPARATE BANK ACCOUNT WAS ESTABLISHED TO HOLD THE NET PROCEEDS UNTIL THE BOARD OR DIRECTORS DETERMINES THE BEST UTILIZATION OF THE FUNDS. ACCORDING TO SECTION 25 OF THE PURCHASE AND SALE AGREEMENT ENTERED INTO BY BOTH INVOLVED PARTIES, ANY POST-CLOSING ADJUSTMENTS AND CLAIMS MUST BE MADE WITHIN NINETY (90) DAYS OF THE CLOSING DATE. 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