Financial Transparency

Financing for the construction of the Mason-Wright assisted living facility was made possible in large part through a Federal program—low-income housing tax credits. The IRS regulations around the tax credit program are complex. In order to use the program successfully, we formed a limited partnership —Mason-Wright Retirement Community, LP. The limited partners are the organizations/people who purchased the low-income tax credits. To control the general partner interest in the limited partnership, the Foundation formed an entity named Mason-Wright Retirement Community, Inc. It also is a creation born of the IRS regulations and exists for the life of the tax-credits. The directors of MWRC, Inc. are elected by the Trustees of the Foundation. During FY 2008, those directors were the four officers of the Foundation.

The existence of two separate entities—the Foundation and the Limited Partnership—requires the preparation of two separate sets of financial statements. Only by reviewing both sets of financials can one gather a complete understanding of the finances involved with the delivery of our mission.

You will see that our investments are held and managed by the Foundation, while the real estate is held and managed under the limited partnership. Upon expiration of the tax-credits a few years hence, the Foundation intends to terminate the limited partnership and MWRC, Inc, at which time all assets will be held and all financial information reported by the Foundation. Meanwhile, to view the 2008 audited financial statements for the Foundation, click here and to view the 2008 audited financial statements for MWRC, LP, click here.

For more information, please contact Alan T. Popp, CEO at 413.733.1517 x2011 or alan@masonwrightfoundation.org.