Madison Park Development Corporation
- Assets
- $40.1m
- Revenue
- $5.0m
- Investments
- $0.0
- Employees
- 46
- Location
- Roxbury, MA
- Founding
- 01/1972
- Data as of
- 12/2022
- EIN
- 23-7164223
Organization Overview
Madison Park Development Corporation is located in Roxbury, MA. The organization was established in 1972. According to its NTEE Classification (L11) the organization is classified as: Single Organization Support, under the broad grouping of Housing & Shelter and related organizations. As of 12/2022, Madison Park Development Corporation employed 46 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Madison Park Development Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Madison Park Development Corporation generated $5.0m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (2.4%) each year. All expenses for the organization totaled $7.5m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
SELF-SUFFICIENCY AND SOCIAL WELL-BEING OF LOW-INCOME AND MODERATE-INCOME RESIDENTS AND ADVOCATING FOR HOMEOWNERSHIP, BUSINESS DEVELOPMENT OR EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
REAL ESTATE - MPDC, THROUGH ITS REAL ESTATE PROGRAM, ACTS AS EITHER THE DEVELOPER OR CO-DEVELOPER ON PROPERTIES BENEFITTING LOW-INCOME RESIDENTS IN THE ROXBURY, MASSACHUSETTS COMMUNITY. IN ADDITION, MPDC OPERATES RENTAL PROPERTIES BENEFITTING THE LOW-INCOME RESIDENTS IN THE ROXBURY, MASSACHUSETTS COMMUNITY. THE REAL ESTATE PROGRAM ALSO INCLUDES THE COMPANY'S ASSET MANAGEMENT BUSINESS WHICH OVERSEES THE OPERATIONS OF ALL RESIDENTIAL AND COMMERCIAL RENTAL PROPERTIES, AS WELL AS ITS EARLY STAGE DEVELOPMENT ACTIVITIES.
HIBERNIAN HALL- THE HIBERNIAN HALL PROGRAM PROMOTES, PRODUCES AND PRESENTS PERFORMING ARTS PROGRAMS THAT CELEBRATE THE MULTI-CULTURAL HERITAGE OF ROXBURY. IN ADDITION, THE HALL IS RENTED FOR VARIOUS CELEBRATORY AND CULTURAL FUNCTIONS.
COMMUNITY ACTION- MPDC, THROUGH ITS COMMUNITY ORGANIZING ACTIVITIES, SEEKS TO PROMOTE AN ACTIVE AND HEALTHY ENVIRONMENT FOR LOCAL RESIDENTS THROUGH PROGRAMMING FOCUSED ON HEALTHY EQUITY AND WELLNESS, CIVIC ENGAGEMENT, YOUTH LEADERSHIP AND WORKFORCE DEVELOPMENT, RESIDENTIAL LEADERSHIP AND PUBLIC SAFETY INITIATIVES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ayanna Hines Director | Trustee | 1 | $0 |
Eric Hall Outgoing Director | Trustee | 1 | $0 |
Gloria E Brooks Vice President | OfficerTrustee | 1 | $0 |
Ivelise Rivera Treasurer | OfficerTrustee | 1 | $0 |
Karleen P Porcena Outgoing Director | Trustee | 1 | $0 |
Lisa Morishanti Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Marsh Moriarty Ontell & Golder Pc Legal Services | 12/30/22 | $320,000 |
Cliftonlarsonallen Llp Accounting And Human Resource Consulting | 12/30/22 | $128,668 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $58,141 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $342,570 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,084,138 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,484,849 |
| Total Program Service Revenue | $574,493 |
| Investment income | $1,474,831 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,984,841 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $767,588 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $468,552 |
| Compensation of current officers, directors, key employees. | $30,054 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,474,680 |
| Pension plan accruals and contributions | $81,867 |
| Other employee benefits | $701,706 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $16,286 |
| Fees for services: Accounting | $83,361 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $9,444 |
| Fees for services: Other | $190,885 |
| Advertising and promotion | $38,208 |
| Office expenses | $364,766 |
| Information technology | $114,518 |
| Royalties | $0 |
| Occupancy | $416,996 |
| Travel | $66,859 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $97,001 |
| Interest | $979,319 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $129,238 |
| Insurance | $30,551 |
| All other expenses | -$2,644 |
| Total functional expenses | $7,547,553 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,537,902 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,682,000 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $25,063,153 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $440,402 |
| Investments—publicly traded securities | $4,929,555 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,404,410 |
| Total assets | $40,057,422 |
| Accounts payable and accrued expenses | $246,307 |
| Grants payable | $0 |
| Deferred revenue | $3,800 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $37,600 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $17,657,136 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $6,419,176 |
| Total liabilities | $24,364,019 |
| Net assets without donor restrictions | $15,436,322 |
| Net assets with donor restrictions | $257,081 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $40,057,422 |