2025-11-14T13:19:56-06:00 2024-12-31 881478669 CBIZ ADVISORS LLC 53 STATE STREET BOSTON MA 02109 990 2024-09-04 042888689 LEXINGTON HOUSING ASSISTANCE BOARD INC LEXI 7818635362 1620 MASSACHUSETTS AVE 4 LEXINGTON MA 02420 SARAH MORRISON EXECUTIVE DIRECTOR 7818635362 2025-11-13 1 1 KRISTEN CUMMINGS P01510495 6178075000 2025-11-13 2024 2025-03-06 01:10:19Z X SARAH MORRISON 1620 MASSACHUSETTS AVE 4 LEXINGTON MA 02420 812726 0 X WWW.LEXHAB.ORG X 1983 MA LEXHAB'S MISSION IS TO PROVIDE AFFORDABLE HOUSING TO LOW AND MODERATE INCOME INDIVIDUALS IN LEXINGTON, MA. 8 8 4 10 0 0 405774 380836 23282 0 809892 0 0 111900 0 0 534609 646509 163383 22882005 942237 21939768 X LEXHAB WAS ESTABLISHED BY AN ACT OF THE COMMONWEALTH OF MASSACHUSETTS TO INVESTIGATE AND IMPLEMENT ALTERNATIVES FOR PROVIDING AFFORDABLE HOUSING IN LEXINGTON, MA FOR PERSONS OF LOW, MODERATE, AND MIDDLE INCOME. LEXHAB'S MISSION IS TO PROVIDE AFFORDABLE HOUSING TO LOW AND MODERATE INCOME INDIVIDUALS IN LEXINGTON, MA. 0 0 583115 380836 PROVIDE AFFORDABLE HOUSING UNITS - ESTABLISHED IN 1983, LEXHAB'S MISSION IS TO PROVIDE AND IMPLEMENT ALTERNATIVES FOR THE PROVISION OF AFFORDABLE, SAFE AND COMFORTABLE HOUSING FOR LOW AND MODERATE INCOME HOUSEHOLDS. OVER THE YEARS, LEXHAB HAS ACQUIRED OR DEVELOPED 85 HOUSING UNITS RANGING FROM SINGLE FAMILY HOMES TO APARTMENTS AND DUPLEXES- AS SMALL AS ONE BEDROOM AND AS LARGE AS FOUR BEDROOMS. LEXHAB IS ACTIVELY WORKING TO GROW THIS PORTFOLIO THROUGH PURCHASE, CONSTRUCTION AND DONATION. 583115 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 26 0 1 4 1 0 0 0 0 0 0 0 0 0 0 0 0 X 8 8 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 1 1 0 MA X REGINA BROWN 7818635362 1620 MASSACHUSETTS AVE SUITE 4 LEXINGTON MA 02420 ROBERT BURBRIDGE PRES., CHAIR, & DIR. 2.00 X X 0 0 0 HENRY LIU TREASURER & DIR. 3.00 X X 0 0 0 TARA MIZRAHI CLERK & DIR. 2.00 X X 0 0 0 LESTER SAVAGE VICE CHAIR & DIR. 5.00 X X 0 0 0 JONATHAN SILVERSTEIN ASS'T CLERK & DIR. 1.00 X X 0 0 0 ERIC BROWN DIRECTOR 2.00 X 0 0 0 THOMAS DONAHUE DIRECTOR 2.00 X 0 0 0 RUSSELL TANNER DIRECTOR 2.00 X 0 0 0 SARAH MORRISON EXECUTIVE DIRECTOR 28.00 X 31223 0 4800 31223 0 4800 0 0 0 0 JOHN BIGGINS - DBA JOHN BIGGINS REM 138 WASHINGTON ST 4 READING MA 01867 REPAIRS AND MAINTENANCE CONTRACTOR 135994 1 37003 310822 57949 43497 405774 AFFORDABLE HOUSING UNI 900099 380836 380836 380836 23282 23282 2834 37003 2834 0 809892 380836 0 23282 36023 36023 58816 40808 18008 9600 6720 2880 7461 5969 1492 6334 6109 225 13685 13685 32502 11270 21232 1211 1211 6882 2996 3886 265642 265642 13307 13307 127088 127088 49640 47654 1986 BAD DEBT 18318 18318 646509 583115 63394 0 276886 1437592 33440 27466 29058055 7956805 0 21101250 0 5371 0 22882005 111802 43060 787375 0 942237 X 21939768 0 21939768 0 22882005 X 163383 21776385 X 0 1 X 0 0 X 405774 405774 405774 405774 11419 394355 23282 23282 429056 380836 X PART II, SHORT YEAR EXPLANATION: INITIAL YEAR RETURN RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 8936114 8936114 20090553 7925417 12165136 31388 31388 0 21101250 809892 0 809892 0 809892 646509 0 646509 0 646509 RAISE THE ROOF EVENT 39837 37003 2834 275 478 2081 39837 37003 2834 275 478 2081 2834 0 X X 0 0 0 0 0 0 0 1 0 PART I, LINE 7 NON-DISCRETIONARY BONUS PAID TO SARAH MORRISON ON 12/24/2024 $3,469 X HVAC EQUIPMENT/WEATHERIZATION IMPROVEMENTS 5 43497 VALUATION BY ABCD GR 0 0 0 FORM 990, PART VI, SECTION A, LINE 8B NO COMMITTEES HAVE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B FINANCE DIRECTOR REVIEWS WITH INPUT/REVIEW FROM EXECUTIVE DIRECTOR, CPA, PAUL RYAN FROM O'BRIEN, RILEY, AND RYAN, AND AUDITING FIRM, CBIZ. A REVIEW WILL TAKE PLACE WITH THE BOARD AFTER FILING. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD HIRED AN INDEPENDENT CONSULTANT TO CONDUCT A SALARY REVIEW AND COMPARE TO INDUSTRY NORMS AND SALARY ANALYSIS. THIS WAS CONDUCTED IN MAY 2023. FORM 990, PART VI, SECTION C, LINE 19 UPON REQUEST FORM 990, PART XI, LINE 9: TRANSFER FROM THE TOWN OF LEXINGTON - SEPARATION AGREEMENTS 21,776,385. FORM 990 PART XI LINE 9 APPROVED ON SEPTEMBER 4, 2024 THE COMMONWEALTH OF MASSACHUSETTS APPROVED THE REORGANIZATION OF THE LEXINGTON HOUSING ASSISTANCE BOARD, INC. THE ORGANIZATION PRIOR TO THAT WAS UNDER THE UMBRELLA OF THE TOWN OF LEXINGTON. THE ORGANIZATION KEPT SEPARATE BOOKS AND AT THE TIME OF THE REORGANIZATION THE AMOUNTS RECORDED ON THOSE BOOKS WERE TRANSFERRED TO THIS INDEPENDENT NON-PROFIT ENTITY WHEN IT RECEIVED TAX EXEMPT PUBLIC CHARITY STATUS FROM THE IRS. THIS TRANSFER IS A ONE TIME TRANSFER TO REPORT THE ACCURATE BALANCE SHEET OF THE ORGANIZATION AS A RESULT OF ITS NEW INDEPENDENT STATUS. LEXINGTON HOUSING ASSISTANCE BOARD, INC. (THE ORGANIZATION") IS A CHARITABLE NONPROFIT CORPORATION ORGANIZED UNDER THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS FOR CHARITABLE PURPOSES INCLUDING RELIEVING THE POOR AND DISTRESSED AND LESSENING THE BURDENS OF GOVERNMENT THROUGH DEVELOPING AND MANAGING AFFORDABLE HOUSING IN THE TOWN OF LEXINGTON IN CLOSE COORDINATION WITH THE TOWN. THE ORGANIZATION WAS FORMED AS AN INSTRUMENTALITY OF THE TOWN OF LEXINGTON, MASSACHUSETTS BY CHAPTER 521 OF THE COMMONWEALTH OF MASSACHUSETTS SPECIAL ACTS OF 1983. IT WAS ESTABLISHED AS A NONPROFIT HOUSING CORPORATION, SUBJECT TO THE SUPERVISION OF THE BOARD OF SELECTMEN OF THE TOWN OF LEXINGTON, FOR THE PURPOSES OF "INVESTIGATING AND IMPLEMENTING ALTERNATIVES FOR THE PROVISION OF AND PROVIDING AFFORDABLE HOUSING FOR PERSONS OF LOW, MODERATE AND MIDDLE INCOME, AND OTHERS WHOSE NEEDS MAY BE IDENTIFIED FROM TIME TO TIME, IN THE TOWN OF LEXINGTON." THE POWERS AND DUTIES OF THE NONPROFIT CORPORATION WERE INTENDED TO BE AS SUPPLEMENTAL TO THE POWERS AND DUTIES OF THE LEXINGTON HOUSING AUTHORITY. IN 2024, IT WAS DETERMINED THAT AMENDING THE ORGANIZATION'S ARTICLES OF ORGANIZATION SUCH THAT IT WOULD NO LONGER OPERATE AS AN OFFICIAL INSTRUMENTALITY OF THE TOWN OF LEXINGTON WOULD BETTER FURTHER THE PURPOSES OF THE ORGANIZATION, FACILITATE THE MOST EFFICIENT OPERATION OF THE ORGANIZATION'S ACTIVITIES, AND BEST SERVE THE COMMUNITY. THE TOWN OF LEXINGTON AND THE COMMONWEALTH OF MASSACHUSETTS ARE IN AGREEMENT WITH THIS CHANGE TO THE ORGANIZATION'S ARTICLES OF ORGANIZATION. IN FACT, THE CHANGE WAS APPROVED BY THE MASSACHUSETTS LEGISLATURE. HOWEVER, THE PURPOSES OF THE ORGANIZATION CONTINUE TO BE CLOSELY LINKED TO THE TOWN'S INTENT AND OBLIGATION TO PROVIDE AFFORDABLE HOUSING TO ITS LOW INCOME RESIDENTS, AND THE CLOSE WORKING RELATIONSHIP BETWEEN THE TOWN AND THE ORGANIZATION REMAINS UNCHANGED. THE ORIGINAL CHARTER, CHAPTER 521 OF THE SPECIAL ACTS OF 1983, IS INCLUDED WITH THIS APPLICATION, AS WELL AS CHAPTER 192 OF THE SPECIAL ACTS OF 2024, WHICH REPRESENTS AN AMENDMENT AND RESTATEMENT OF THE ORIGINAL CHARTER. THE ORGANIZATION WAS RE-ORGANIZED AS AN INDEPENDENT, NONPROFIT HOUSING CORPORATION BY CHAPTER 192 OF THE COMMONWEALTH OF MASSACHUSETTS SPECIAL ACTS OF 2024. PURSUANT TO CHAPTER 192, THE ORGANIZATION'S CORPORATE PURPOSES WERE RE-STATED AS "THE CREATION AND PRESERVATION OF AFFORDABLE HOUSING IN THE TOWN OF LEXINGTON, INCLUDING FOR THE BENEFIT OF LOW AND MODERATE INCOME HOUSEHOLDS AND FOR THE FUNDING OF COMMUNITY HOUSING, AS DEFINED IN CHAPTER 44B OF THE GENERAL LAWS AND AFFORDABLE HOUSING OR COMMUNITY HOUSING AS DEFINED IN THE GENERAL LAWS OR IN APPLICABLE REGULATIONS OF THE COMMONWEALTH." THE POWERS AND DUTIES OF THE NONPROFIT CORPORATION CONTINUE TO BE SUPPLEMENTAL TO THE POWERS AND DUTIES OF THE LEXINGTON HOUSING AUTHORITY. EACH MEMBER OF THE RE-ORGANIZED ORGANIZATION'S BOARD OF DIRECTORS MUST BE A RESIDENT OF THE TOWN OF LEXINGTON, AND WHILE NEW BOARD MEMBERS ARE ELECTED BY THE CURRENT BOARD, THEY ARE SUBJECT TO CONFIRMATION BY THE TOWN OF LEXINGTON SELECT BOARD. TOWN OF LEXINGTON 1625 MASSACHUSETTS AVE LEXINGTON MA 02420 466001200 MUNICIPALITY MA GOVT LINE 6 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 TOWN OF LEXINGTON C 310822 FAIR MARKET VALUE TOWN OF LEXINGTON S 21776385 SEPERATION AGREEMENT