Civic Intelligence

Msc Langhorne LLC

990 • Fiscal year 2018 • EIN 04-3503906

Jan 01, 2018 to Dec 31, 2018 • Filed on Nov 14, 2019

260 Franklin St Suite 1900Boston, MA 02110

(617) 526-8800

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

59th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2018 filings • <$500k nonprofits • Source year 2018

Liabilities / Revenue

59th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2018 filings • <$500k nonprofits • Source year 2018

Net Margin

99th percentile

100%

Higher net margin than 99% of similar nonprofits.

2018 filings • <$500k nonprofits • Source year 2018

Top Officer Pay

77th percentile

$0

Higher top officer pay than 77% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2018 filings • <$500k nonprofits • Source year 2018

Asset Growth

46th percentile

-0.5%

Faster asset growth than 46% of similar nonprofits.

2018 filings • <$500k nonprofits • Annualized from 2017 to 2018

Revenue Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2017 to 2018

Assets

Down

$124,635

Down $600 (-0.5%) from 2017

Net Assets

Up

$124,635

Up $22,594 (+22%) from 2017

Liabilities

Down

$0

Down $23,194 (-100%) from 2017

Revenue

Up

$22,594

Up $150,509 (+118%) from 2017

Expenses

Flat

$0

Flat from 2017

Net Income

Up

$22,594

Up $150,509 (+118%) from 2017

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$15M$10M$5.0M$0Assets 2010: $8,599,517Liabilities 2010: $161,825Net Assets 2010: $8,437,6922010Assets 2011: $8,792,389Liabilities 2011: $134,671Net Assets 2011: $8,657,7182011Assets 2012: $8,555,187Liabilities 2012: $143,215Net Assets 2012: $8,411,9722012Assets 2013: $9,196,588Liabilities 2013: $6,357,861Net Assets 2013: $2,838,7272013Assets 2014: $12,305,021Liabilities 2014: $5,585,910Net Assets 2014: $6,719,1112014Assets 2015: $12,433,432Liabilities 2015: $59,665Net Assets 2015: $12,373,7672015Assets 2016: $11,796,663Liabilities 2016: $54,699Net Assets 2016: $11,741,9642016Assets 2017: $125,235Liabilities 2017: $23,194Net Assets 2017: $102,0412017Assets 2018: $124,635Liabilities 2018: $0Net Assets 2018: $124,6352018Assets 2019: $116,630Liabilities 2019: $7,400Net Assets 2019: $109,2302019Assets 2020: $0Liabilities 2020: $0Net Assets 2020: $02020

Highlighted filing

2018

Assets$124,635
Liabilities$0
Net Assets$124,635

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.0M$500K$0-$500K-$1.0MRevenue 2010: -$49,391Expenses 2010: $0Net Income 2010: -$49,3912010Revenue 2011: -$20,683Expenses 2011: $0Net Income 2011: -$20,6832011Revenue 2012: $641,417Expenses 2012: $0Net Income 2012: $641,4172012Revenue 2013: $683,124Expenses 2013: $0Net Income 2013: $683,1242013Revenue 2014: $506,686Expenses 2014: $0Net Income 2014: $506,6862014Revenue 2015: -$696,662Expenses 2015: $0Net Income 2015: -$696,6622015Revenue 2016: -$494,083Expenses 2016: $0Net Income 2016: -$494,0832016Revenue 2017: -$127,915Expenses 2017: $0Net Income 2017: -$127,9152017Revenue 2018: $22,594Expenses 2018: $0Net Income 2018: $22,5942018Revenue 2019: -$15,405Expenses 2019: $0Net Income 2019: -$15,4052019Revenue 2020: $22,713Expenses 2020: $0Net Income 2020: $22,7132020

Highlighted filing

2018

Revenue$22,594
Expenses$0
Net Income$22,594
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Nov 14, 2019
Return Version
2018v3.1
Gross Receipts
$27,500
Mission and Program Overview

Mission

Holding of title to property with net income turned over to the new england carpenters pension fund and new england carpenters annuity fund, both related 501(a) organizations.

Holding of title to property with net income turned over to new eng. Carpenters pension fund and new eng. Carpenters annuity fund, both related 501(a) organizations.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$125,235$124,635▼ $600
Rtn Earn Endowment Incm Other Fnds$102,041$124,635▲ $22,594
Cash and Non-Interest-Bearing Accounts$0$0→ $0
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Land, Buildings, and Equipment, Net$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$125,235$124,635▼ $600
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$23,194$0▼ $23,194
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$23,194$0▼ $23,194
Net Assets / Fund Balance
Total Net Assets Fund Balance$102,041$124,635▲ $22,594
Total Liabilities and Net Assets / Fund Balance$125,235$124,635▼ $600
Compensation and Service Providers

Board Members and Trustees

NameTitle
Gary R SchwandtTill 080118President & Director
Rich Leeret Starting 080118Vice President
Joseph A VersaggiVice President & Secretary
Jenny Macheras Until 080118Treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
None---
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$22,594
Change in Net Assets
$22,594
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$0
Other Expenses$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
Yes
Key decisions subject to board approval
Yes
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Line 2

Relationships Between Officers and Directors JOE VERSAGGI AND GARY SCHWANDT - BUSINESS RELATIONSHIP JOE VERSAGGI AND JENNY MACHERAS - BUSINESS RELATIONSHIP GARY SCHWANDT AND JENNY MACHERAS - BUSINESS RELATIONSHIP

Form 990, Part VI, Lines 6, 7A and 7B

Members and governing body new england carpenters guaranteed annuity fund and new england carpenters pension fund are the members and each own 50% of the organization. Form 990, part vi, line 7a directors shall be elected by the members. Form 990, part vi, line 7b there are several matters that require approval by the members, including acquisition, disposition and refinancing of property. Form 990, part vi, question 11b process used by management &/or governing body to review 990. The form 990 is reviewed by jenny macheras, treasurer, prior to filing. Form 990, part vi, line 19 availability of governing documents the organization does not make this information available to the public.

Form 990, Part VI, Line 3 and Part VII, Section A

Compensation from related organizations msc langhorne, inc (the "corporation") is owned 100% by the new england guaranteed annuity fund and the new england carpenters pension fund (collectively "nec"). Nec engaged great point investors to manage the properties that are owned by the corporation. As part of this engagement, some of the officers of great point investors were appointed by nec to serve as officers of the corporation, to allow them to conduct day to day business and seek out investment opportunities in an efficient manner on behalf of nec. Though there are many decisions made by these officers, nec must approve all major transactions. These transactions include, but are not limited to, acquisitions, dispositions and refinancing of the assets. Nec chooses the management firm and negotiates the contracts with such firm. The corporation is simply informed of the choice and billed according to this pre-negotiated contract. The officers of the corporation did not receive any compensation directly from the corporation. Their compensation from great point investors is determined entirely within the great point investors structure and not based directly upon the contract with nec. Great point investors has many other clients in addition to nec.

Filing and Contact Details

Filer

Filer Name
Msc Langhorne LLC
EIN
04-3503906
In Care Of
% ROBERT KOVECS
Phone
6175268800
Address
260 FRANKLIN ST SUITE 1900, Boston, MA 02110

Signing Officer

Name
Joseph a Versaggi
Title
Vice President
Phone
6175268800
Signed
2019-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Gary R Schwandt
Formed
1999
Legal Domicile
De
Voting Board Members
2
Independent Board Members
2
Employees
0
Volunteers
0

Preparer

Firm
Ernst & Young US Llp
Address
200 CLARENDON STREET, BOSTON, MA 02116-5072
Preparer
Mike a Cincotta
Phone
6172662000
Supplemental Narrative

Financial Statement Notes

Schedule D, Part X, Line 2

FIN 48/ASC 740 FOOTNOTE The Income Taxes Topic of the FASB Accounting Standards Codification prescribed how an entity should recognize, measure, and present in its financial statements uncertain tax positions that have been taken or are expected to be taken in a tax return. The Program can recognize a tax benefit only if it is "more likely than not" that a particular tax position will be sustained upon examination or audit. To the extent the "more-likely-than-not" standard has been satisfied, the benefit associated with a tax position is measured as the largest amount that has a greater than 50% likelihood of being realized. The Program has not taken any tax positions which would be classified as uncertain. Accordingly, no reserves have been recorded. The tax years 2016 to 2018 are open tax years for federal, and for the majority of the Program's state jurisdictions.

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0FIN 48/ASC 740 FOOTNOTE The Income Taxes Topic of the FASB Accounting Standards Codification prescribed how an entity should recognize, measure, and present in its financial statements uncertain tax positions that have been taken or are expected to be taken in a tax return. The Program can recognize a tax benefit only if it is "more likely than not" that a particular tax position will be sustained upon examination or audit. To the extent the "more-likely-than-not" standard has been satisfied, the benefit associated with a tax position is measured as the largest amount that has a greater than 50% likelihood of being realized. The Program has not taken any tax positions which would be classified as uncertain. Accordingly, no reserves have been recorded. The tax years 2016 to 2018 are open tax years for federal, and for the majority of the Program's state jurisdictions.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Relationships Between Officers and Directors JOE VERSAGGI AND GARY SCHWANDT - BUSINESS RELATIONSHIP JOE VERSAGGI AND JENNY MACHERAS - BUSINESS RELATIONSHIP GARY SCHWANDT AND JENNY MACHERAS - BUSINESS RELATIONSHIP
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1MEMBERS AND GOVERNING BODY NEW ENGLAND CARPENTERS GUARANTEED ANNUITY FUND AND NEW ENGLAND CARPENTERS PENSION FUND ARE THE MEMBERS AND EACH OWN 50% OF THE ORGANIZATION. FORM 990, PART VI, LINE 7A DIRECTORS SHALL BE ELECTED BY THE MEMBERS. FORM 990, PART VI, LINE 7B THERE ARE SEVERAL MATTERS THAT REQUIRE APPROVAL BY THE MEMBERS, INCLUDING ACQUISITION, DISPOSITION AND REFINANCING OF PROPERTY. FORM 990, PART VI, QUESTION 11B PROCESS USED BY MANAGEMENT &/OR GOVERNING BODY TO REVIEW 990. THE FORM 990 IS REVIEWED BY JENNY MACHERAS, TREASURER, PRIOR TO FILING. FORM 990, PART VI, LINE 19 AVAILABILITY OF GOVERNING DOCUMENTS THE ORGANIZATION DOES NOT MAKE THIS INFORMATION AVAILABLE TO THE PUBLIC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2COMPENSATION FROM RELATED ORGANIZATIONS MSC LANGHORNE, INC (THE "CORPORATION") IS OWNED 100% BY THE NEW ENGLAND GUARANTEED ANNUITY FUND AND THE NEW ENGLAND CARPENTERS PENSION FUND (COLLECTIVELY "NEC"). NEC ENGAGED GREAT POINT INVESTORS TO MANAGE THE PROPERTIES THAT ARE OWNED BY THE CORPORATION. AS PART OF THIS ENGAGEMENT, SOME OF THE OFFICERS OF GREAT POINT INVESTORS WERE APPOINTED BY NEC TO SERVE AS OFFICERS OF THE CORPORATION, TO ALLOW THEM TO CONDUCT DAY TO DAY BUSINESS AND SEEK OUT INVESTMENT OPPORTUNITIES IN AN EFFICIENT MANNER ON BEHALF OF NEC. THOUGH THERE ARE MANY DECISIONS MADE BY THESE OFFICERS, NEC MUST APPROVE ALL MAJOR TRANSACTIONS. THESE TRANSACTIONS INCLUDE, BUT ARE NOT LIMITED TO, ACQUISITIONS, DISPOSITIONS AND REFINANCING OF THE ASSETS. NEC CHOOSES THE MANAGEMENT FIRM AND NEGOTIATES THE CONTRACTS WITH SUCH FIRM. THE CORPORATION IS SIMPLY INFORMED OF THE CHOICE AND BILLED ACCORDING TO THIS PRE-NEGOTIATED CONTRACT. THE OFFICERS OF THE CORPORATION DID NOT RECEIVE ANY COMPENSATION DIRECTLY FROM THE CORPORATION. THEIR COMPENSATION FROM GREAT POINT INVESTORS IS DETERMINED ENTIRELY WITHIN THE GREAT POINT INVESTORS STRUCTURE AND NOT BASED DIRECTLY UPON THE CONTRACT WITH NEC. GREAT POINT INVESTORS HAS MANY OTHER CLIENTS IN ADDITION TO NEC.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Lines 6, 7A and 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, LINE 3 AND PART VII, SECTION A
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0MSC Sand Lake IV Inc
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt1NEW ENGLAND CARPENTER GUARANTEED ANNUITY
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IRS990/USAddress/AddressLine1Txt0260 FRANKLIN ST SUITE 1900
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ReturnHeader/BuildTS02020-03-31 21:24:44Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0JOSEPH A VERSAGGI
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0VICE PRESIDENT
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ReturnHeader/BusinessOfficerGrp/SignatureDt02019-11-14
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ReturnHeader/Filer/InCareOfNm0% ROBERT KOVECS
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ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt0164.57.159.254
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0ERNST & YOUNG US LLP
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