Form990-PF
Click to see attachment

Department of the Treasury
Internal Revenue Service
Return of Private Foundation
or Section 4947(a)(1) Nonexempt Charitable Trust
Treated as a Private Foundation
Note. The foundation may be able to use a copy of this return to satisfy state reporting requirements.
OMB No. 1545-0052
2011
For calendar year 2011, or tax year beginning 01-01-2011 , and ending 12-31-2011
G
Check all that apply:
Name of foundation
WELLS MANOR HOUSING DEVELOPMENT
FUND CORP C/O CARR PROPERTY MGTMNT

Number and street (or P.O. box number if mail is not delivered to street address)56 ASTOR DRIVE   Room/suite
City or town, state, and ZIP code
RHINEBECK, NY125721949
A Employer identification number

11-2611902
B Telephone number (see page 10 of the instructions)

(413) 525-4321
C bullet
D 1. bullet
H Check type of organization:
2. bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$1,791,070J Accounting method:
 
(Part I, column (d) must be on cash basis.)
E bullet
F bullet
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see page 11 of the instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet
3 Interest on savings and temporary cash investments 2,369 2,369 2,369
4 Dividends and interest from securities......      
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10  
b Gross sales price for all assets on line 6a  
7 Capital gain net income (from Part IV, line 2)...  
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment 899,959   899,959
12 Total. Add lines 1 through 11........ 902,328 2,369 902,328
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc.        
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 19,870   19,870  
c Other professional fees (attach schedule).... Click to see attachment 80,223   80,223  
17 Interest............... 218,466   218,466  
18 Taxes (attach schedule) (see page 14 of the instructions)        
19 Depreciation (attach schedule) and depletion... Click to see attachment 93,718   93,718
20 Occupancy.............. 129,560   129,560  
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 304,727   304,727  
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 846,564 0 846,564 0
25 Contributions, gifts, grants paid........ 0 0
26 Total expenses and disbursements. Add lines 24 and 25 846,564 0 846,564 0
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 55,764
b Net investment income (if negative, enter -0-) 2,369
c Adjusted net income (if negative, enter -0-)... 55,764
For Privacy Act and Paperwork Reduction Act Notice, see page 30 of the instructions.
Cat. No. 11289X Form 990-PF (2011)
Form 990-PF (2011)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............... 11,630 7,489 7,489
2 Savings and temporary cash investments.......... 245,444 313,147 313,147
3 Accounts receivable bullet33,928
Less: allowance for doubtful accounts bullet     33,928 33,928
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see page 15 of the
instructions)....................      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use...............      
9 Prepaid expenses and deferred charges........... 23,580    
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)........      
c Investments—corporate bonds (attach schedule)........      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)...........      
14 Land, buildings, and equipment: basis bullet3,511,772
Less: accumulated depreciation (attach schedule) bullet2,102,989 1,481,053 Click to see attachment1,408,783 1,408,783
15 Other assets (describe bullet) Click to see attachment28,147 Click to see attachment27,723 Click to see attachment27,723
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 1,789,854 1,791,070 1,791,070
Liabilities 17 Accounts payable and accrued expenses.......... 113,218 134,421
18 Grants payable...................    
19 Deferred revenue..................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)...... 2,402,891 Click to see attachment2,325,946
22 Other liabilities (describe bullet) Click to see attachment22,491 Click to see attachment23,685
23 Total liabilities (add lines 17 through 22).......... 2,538,600 2,484,052
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted.................... -748,746 -692,982
25 Temporarily restricted................    
26 Permanently restricted................    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds.........    
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds    
30 Total net assets or fund balances (see page 17 of the
instructions).................... -748,746 -692,982
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 1,789,854 1,791,070
Part III Analysis of Changes in Net Assets or Fund Balances
1 Total net assets or fund balances at beginning of year—Part II, column (a), line 30 (must agree
with end-of-year figure reported on prior year’s return)............... 1 -748,746
2 Enter amount from Part I, line 27a..................... 2 55,764
3 Other increases not included in line 2 (itemize) bullet 3  
4 Add lines 1, 2, and 3.......................... 4 -692,982
5 Decreases not included in line 2 (itemize) bullet 5  
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30. 6 -692,982
Form 990-PF (2011)
Form 990-PF (2011)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.) 		(b) How acquired
P—Purchase
D—Donation 		(c) Date acquired
(mo., day, yr.) 		(d) Date sold
(mo., day, yr.)
1a
b
c
d
e
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a
b
c
d
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l) Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i) F.M.V. as of 12/31/69 (j) Adjusted basis
as of 12/31/69 		(k) Excess of col. (i)
over col. (j), if any
a
b
c
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2  
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see pages 13 and 17 of the instructions).
If (loss), enter -0- in Part I, line 8 . . . . . . . . . . . . . 		Bracket 3  
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)

If section 4940(d)(2) applies, leave this part blank.
Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period?
If “Yes,” the foundation does not qualify under section 4940(e). Do not complete this part.
1 Enter the appropriate amount in each column for each year; see page 18 of the instructions before making any entries.
(a)
Base period years Calendar
year (or tax year beginning in) 		(b)
Adjusted qualifying distributions 		(c)
Net value of noncharitable-use assets 		(d)
Distribution ratio
(col. (b) divided by col. (c))
2010 14,240    
2009 7,642    
2008 8,000    
2007 7,284    
2006 62,034    
2 Total of line 1, column (d) ...................... 2  
3 Average distribution ratio for the 5-year base period—divide the total on line 2 by 5, or by
the number of years the foundation has been in existence if less than 5 years. . . 		3  
4 Enter the net value of noncharitable-use assets for 2011 from Part X, line 5..... 4 316,508
5 Multiply line 4 by line 3....................... 5  
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 24
7 Add lines 5 and 6......................... 7 24
8 Enter qualifying distributions from Part XII, line 4.............. 8 21,446
If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See
the Part VI instructions on page 18.
Form 990-PF (2011)
Form 990-PF (2011)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see page 18 of the instructions)
1a Bulletand enter “N/A” on line 1. Bracket
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b 1 24
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2  
3 Add lines 1 and 2............................ 3 24
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-). 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 24
6 Credits/Payments:
a 2011 estimated tax payments and 2010 overpayment credited to 2011 6a  
b Exempt foreign organizations—tax withheld at source....... 6b
c Tax paid with application for extension of time to file (Form 8868) 6c  
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7  
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 8  
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9 24
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10  
11 Enter the amount of line 10 to be: Credited to 2012 estimated taxBullet0 Refunded Bullet 11  
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see page 19 of
the instructions for definition)?............................
1b
 
No
If the answer is “Yes” to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If “Yes,” attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If “Yes,” attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If “Yes,” has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If “Yes,” attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If “Yes,” complete Part II, col. (c), and Part XV.
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see page 19 of the
    instructions)bulletNY
    b
    If the answer is “Yes” to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If “No,” attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2011 or the taxable year beginning in 2011 (see instructions for Part XIV on
    page 27)? If “Yes,” complete Part XIV..........................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If “Yes,” attach a schedule listing their names and addresses.
    10
     
    No
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. (see page 20 of the instructions) .......
    11
     
    No
    12
    Did the foundation acquire a direct or indirect interest in any applicable insurance contract before August 17, 2008?
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletN/A
    14
    The books are in care ofbulletCARR PROPERTY MANAGEMENT INC Telephone no.bullet (413) 525-4321
    Located atbullet24 DEER PARK DRIVEEAST LONGMEADOWMA ZIP+4bullet01028
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16
    At any time during calendar year 2011, did the foundation have an interest in or a signature or other authority over
    a bank, securities, or other financial account in a foreign country? .................
    16
     
     
    See page 20 of the instructions for exceptions and filing requirements for Form TD F 90-22.1. If "Yes", enter the name of the foreign country bullet  
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 5
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the “Yes” column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?.........................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?.................
    (6) Agree to pay money or property to a government official? (Exception. Check “No”
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).........
    b
    If any answer is “Yes” to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance (see page 20 of the instructions)?...
    1b
     
     
    .........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2011?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2011, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2011?...............
    If “Yes,” list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer “No” and attach statement—see page 20 of the instructions.) .........
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business
    enterprise at any time during the year?.....................
    b
    If “Yes,” did it have excess business holdings in 2011 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2011.)....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2011?
    4b
     
    No
    5a
    During the year did the foundation pay or incur any amount to:
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?...............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 509(a)(1), (2), or (3), or section 4940(d)(2)? (see page 22 of the instructions)...
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?........
    b
    If any answer is “Yes” to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance (see page 22 of the instructions)?
    5b
     
     
    .........bullet
    c
    If the answer is “Yes” to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?............
    If “Yes,” attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay
    premiums on a personal benefit contract?....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If “Yes” to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 6
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation (see page 22 of the instructions).
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to
    employee benefit plans
    and deferred compensation     		(e) Expense account,
    other allowances
    SUE T CRANEClick to see attachment PRESIDENT
    1.00     		0 0 0
    62 WEST MARKET STREET
    RED HOOK,NY12572
    MARK O'SULLIVANClick to see attachment TREASURER
    1.00     		0 0 0
    2678 SOUTH ROAD
    POUGHKEEPSIE,NY12601
    LEWIS RUGEClick to see attachment SECRETARY
    1.00     		0 0 0
    3461 ROUTE 9G
    RHINEBECK,NY12572
    JAMES WINGClick to see attachment VICE PRESIDE
    1.00     		0 0 0
    91 MONTGOMERY STREET
    RHINEBECK,NY12572
    MARYANN KEPPLEClick to see attachment ASST TREASUR
    1.00     		0 0 0
    6511 SPRINGBROOK AVENUE
    RHINEBECK,NY125725002
    GEORGE E VERILLI MDClick to see attachment DIRECTOR
    1.00     		0 0 0
    12 STATION HILL ROAD
    BARRYTOWN,NY12507
    M NADER KAYAL MDClick to see attachment DIRECTOR
    1.00     		0 0 0
    6511 SPRINGBROOK AVENUE
    RHINEBECK,NY12572
    DENISE GEORGEClick to see attachment DIRECTOR
    1.00     		0 0 0
    6511 SPRINGBROOK AVENUE
    RHINEBECK,NY12572
    2 Compensation of five highest-paid employees (other than those included on line 1—see page 23 of the instructions).
    If none, enter “NONE.”
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet  
    3 Five highest-paid independent contractors for professional services (see page 23 of the instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet  
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1 THE ORGANIZATION'S DIRECT CHARITABLE ACTIVITY IS THE CREATION OF LOW INCOME HOUSING FOR THE HANDICAPPED AND ELDERLY. WELLS MANOR IS A 75 UNIT APARTMENT PROJECT AND ITS TENANTS ARE ASSISTED BY THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. 846,564
    2  
    3  
    4  
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 7
    Part IX-B
    Summary of Program-Related Investments (see page 23 of the instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1 N/A  
    2  
    All other program-related investments. See page 24 of the instructions.
    3  
    Total. Add lines 1 through 3..........................bullet  
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
    see page 24 of the instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    0
    b
    Average of monthly cash balances.......................
    1b
    8,181
    c
    Fair market value of all other assets (see page 24 of the instructions)............
    1c
    313,147
    d
    Total (add lines 1a, b, and c).........................
    1d
    321,328
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
     
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
     
    3
    Subtract line 2 from line 1d.........................
    3
    321,328
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25
    of the instructions) ...........................
    4
    4,820
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    316,508
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    15,825
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    15,825
    2a
    Tax on investment income for 2011 from Part VI, line 5......
    2a
    24
    b
    Income tax for 2011. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    24
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    15,801
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
    15,801
    6
    Deduction from distributable amount (see page 25 of the instructions)...........
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII,
    line 1................................
    7
    15,801
    Part XII
    Qualifying Distributions (see page 25 of the instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    0
    b
    Program-related investments—total from Part IX-B..................
    1b
     
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
    21,446
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    21,446
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b (see page 26 of the instructions)............
    5
    24
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    21,422
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 8
    Part XIII
    Undistributed Income (see page 26 of the instructions)
    (a)
    Corpus     		(b)
    Years prior to 2010     		(c)
    2010     		(d)
    2011
    1 Distributable amount for 2011 from Part XI, line 7 15,801
    2 Undistributed income, if any, as of the end of 2011:
    a Enter amount for 2010 only.......  
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2011:
    a From 2006....... 62,097
    b From 2007....... 7,343
    c From 2008....... 8,055
    d From 2009....... 7,684
    e From 2010....... 13,999
    fTotal of lines 3a through e......... 99,178
    4Qualifying distributions for 2011 from Part
    XII, line 4: bullet$ 21,446
    a Applied to 2010, but not more than line 2a  
    b Applied to undistributed income of prior years
    (Election required—see page 26 of the instructions)    		  
    c Treated as distributions out of corpus (Election
    required—see page 26 of the instructions)...     		 
    d Applied to 2011 distributable amount..... 15,801
    e Remaining amount distributed out of corpus 5,645
    5 Excess distributions carryover applied to 2011.    
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 104,823
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ...........     		 
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		 
    d Subtract line 6c from line 6b. Taxable
    amount—see page 27 of the instructions ...     		 
    e Undistributed income for 2010. Subtract line
    4a from line 2a. Taxable amount—see page 27
    of the instructions ...........     		 
    f Undistributed income for 2011. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2011 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (see page 27
    of the instructions) ...........     		 
    8Excess distributions carryover from 2006 not
    applied on line 5 or line 7 (see page 27 of the
    instructions) .............     		62,097
    9Excess distributions carryover to 2012.
    Subtract lines 7 and 8 from line 6a ......     		42,726
    10 Analysis of line 9:
    a Excess from 2007.... 7,343
    b Excess from 2008.... 8,055
    c Excess from 2009.... 7,684
    d Excess from 2010.... 13,999
    e Excess from 2011.... 5,645
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 9
    Part XIV
    Private Operating Foundations (see page 27 of the instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2011, enter the date of the ruling.......bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2011 (b) 2010 (c) 2009 (d) 2008
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ....     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets” alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment” alternative test— enter 2⁄3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support” alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the organization had $5,000 or more in
    assets at any time during the year—see page 27 of the instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number of the person to whom applications should be addressed:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 10
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    Total .................................bullet 3a  
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 11
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See page 28 of
    the instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    aTENANT RENTS         254,444
    bSERVICE COORDINATOR INCOME         39,090
    cCABLE TV INCOME         12,065
    dLAUNDRY AND VENDING         4,846
    e
    f
    gFees and contracts from government agencies         589,514
    2 Membership dues and assessments....          
    3Interest on savings and temporary cash investments     14 2,369  
    4 Dividends and interest from securities....          
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6Net rental income or (loss) from personal property          
    7 Other investment income.....          
    8Gain or (loss) from sales of assets other than inventory          
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e)..   2,369 899,959
    13Total. Add line 12, columns (b), (d), and (e)..................
    13902,328
    (See worksheet in line 13 instructions on page 28 to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the organization’s exempt purposes (other than by providing funds for such purposes). (See
    page 28 of the instructions.)
    1A THE PURPOSE OF THE ORGANIZATION IS TO PROVIDE LOW INCOME
    1B HOUSING TO THE ELDERLY AND HANDICAPPED. HOUSING
    1C ASSISTANCE PAYMENTS FROM HUD TENANTS PAY THE RENT.
    1D LAUNDRY, CABLE, SERVICE COORDINATOR AND MISCELLANEOUS
    1E INCOME ARE INCIDENTALS AND FOR THE CONVENIENCE OF THE
    1F TENANTS.
    3 THE U.S. DEPARTMENT OF HOUSING AND URBAN
    3 DEVELOPMENT REQUIRES FUNDS TO BE SET ASIDE IN INTEREST
    3 BEARING ACCOUNTS FOR FUTURE FIXED ASSETS AND
    3 IMPROVEMENTS.
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 12
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section
    Yes
    No
    501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is “Yes,” complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........
    b
    If “Yes,” complete the following schedule.
    (a) Name of organization (b) Type of organization (c) Description of relationship
    SignHere
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer or fiduciary) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    Signature of officer or trustee Date Title
    PaidPreparersUseOnly Preparer's SignatureBullet Date PTIN
    Firm's namebullet



    Firm's addressbullet







         		Firm's EINbullet
    Phone no.
    Form 990-PF (2011)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2011 AccountingFeesSchedule
    Name:
    WELLS MANOR HOUSING DEVELOPMENT
    FUND CORP C/O CARR PROPERTY MGTMNT
    EIN: 11-2611902
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEES 19,870   19,870  

    TY 2011 CompensationExplanation
    Name:
    WELLS MANOR HOUSING DEVELOPMENT
    FUND CORP C/O CARR PROPERTY MGTMNT
    EIN: 11-2611902
    Person Name Explanation
    SUE T CRANE  
    MARK O'SULLIVAN  
    LEWIS RUGE  
    JAMES WING  
    MARYANN KEPPLE  
    GEORGE E VERILLI MD  
    M NADER KAYAL MD  
    DENISE GEORGE  

    Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

    TY 2011 DepreciationSchedule
    Name:
    WELLS MANOR HOUSING DEVELOPMENT
    FUND CORP C/O CARR PROPERTY MGTMNT
    EIN: 11-2611902
    Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
    Life (# of years)    		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
    LAND 1986-01-01 70,465              
    LAND 1986-01-01 26,600              
    BUILDING 1987-07-01 3,115,438 1,830,320 S/L 40.0000 77,886   77,886  
    BUILDING IMPROVEMENT 1989-04-30 25,065 13,577 S/L 40.0000 627   627  
    EQUIPMENT 1987-07-01 1,829 1,829 S/L 10.0000        
    FURNITURE 1987-07-01 20,301 20,301 S/L 10.0000        
    MAINT EQUIP 1991-01-01 6,509 6,509 S/L 10.0000        
    COMPUTER 1987-09-01 7,749 7,749 S/L 8.0000        
    FURNISHINGS 1993-06-01 3,488 3,488 S/L 10.0000        
    FURNITURE 1994-06-01 7,036 7,036 S/L 10.0000        
    COMPUTER 1993-06-01 490 490 S/L 8.0000        
    SNOWBLOWER 1994-11-01 1,106 1,106 S/L 10.0000        
    PORTABLE 1993-06-01 917 917 S/L 10.0000        
    CARPETING 1995-06-01 8,523 8,523 S/L 10.0000        
    RAMPS 1995-10-01 2,300 2,300 S/L 10.0000        
    SOFTWARE 1995-09-29 1,173 1,173 S/L 8.0000        
    FURNISHINGS 1996-03-12 766 766 S/L 10.0000        
    TRACTOR 1996-07-17 7,965 7,965 S/L 10.0000        
    TANK 1997-07-29 1,722 1,722 S/L 10.0000        
    WATER 1997-08-05 2,406 2,406 S/L 10.0000        
    APPLIANCES 1997-08-18 1,212 1,212 S/L 10.0000        
    COPIER 1997-02-18 1,430 1,430 S/L 5.0000        
    LAWN MOWER 1997-06-05 581 581 S/L 10.0000        
    SNOW BLOWER 1997-12-20 1,280 1,280 S/L 10.0000        
    BUILDING 1999-08-01 6,250 1,784 S/L 40.0000 156   156  
    MAINT EQUIP 1999-02-18 2,475 2,475 S/L 10.0000        
    REFRIGERATOR 2000-11-17 390 390 200DB 7.0000        
    REFRIGERATOR 2000-11-17 390 390 200DB 7.0000        
    WASHER 2000-06-03 755 755 200DB 7.0000        
    HOT WATER HEATER 2001-04-04 2,775 2,636 S/L 10.0000 139   139  
    REFRIGERATOR 2001-08-06 430 405 S/L 10.0000 25   25  
    DIGITAL COPIER 2001-10-01 2,885 2,885 S/L 8.0000        
    DIG OUT 2001-11-01 3,870              
    2 GE 2002-01-02 826 743 S/L 10.0000 83   83  
    GE 2002-02-04 428 382 S/L 10.0000 42   42  
    AUTOMATIC 2002-07-01 2,370 504 S/L 40.0000 59   59  
    GE 2002-10-01 428 353 S/L 10.0000 43   43  
    SIDEWALKS 2002-11-01 6,000 4,900 S/L 10.0000 600   600  
    GE 2003-02-14 412 326 S/L 10.0000 41   41  
    GE 2003-07-11 794 596 S/L 10.0000 79   79  
    DELL 2550 2003-03-27 1,975 1,975 S/L 5.0000        
    BOCK 73E HOT 2003-06-26 2,150 1,613 S/L 10.0000 215   215  
    COMMERCIAL 2003-10-08 799 579 S/L 10.0000 80   80  
    CARPETING 2003-12-01 14,012 14,012 S/L 7.0000        
    REFRIGERATOR 2004-09-28 466 466 200DB 5.0000        
    REFRIGERATOR 2004-12-17 423 423 200DB 5.0000        
    LIGHTING 2004-12-17 1,596 1,596 200DB 5.0000        
    CARPETING 2005-12-08 9,273 6,734 S/L 7.0000 1,325   1,325  
    HOT WATER 2005-02-16 3,195 1,864 S/L 10.0000 319   319  
    FURNITURE 2005-03-16 9,743 5,683 S/L 10.0000 975   975  
    REFRIGERATOR 2005-03-16 442 442 S/L 5.0000        
    REFRIGERATOR 2005-04-28 421 421 S/L 5.0000        
    REFRIGERATOR 2005-06-29 421 421 S/L 5.0000        
    REFRIGERATORS 2005-07-15 806 806 S/L 5.0000        
    REFRIGERATORS 2005-08-30 988 988 S/L 5.0000        
    REFRIGERATOR 2005-09-30 444 444 S/L 5.0000        
    TANKS 2005-12-15 2,000 1,017 S/L 10.0000 200   200  
    REFRIGERATOR 2005-12-16 467 467 S/L 5.0000        
    WATER 2005-12-12 2,085 1,060 S/L 10.0000 208   208  
    REFRIGERATORS 2006-03-01 882 853 S/L 5.0000 29   29  
    HOT WATER 2006-03-01 2,630 1,271 S/L 10.0000 263   263  
    REFRIGERATOR 2006-01-01 467 467 S/L 5.0000        
    REFRIGERATOR 2006-04-25 467 436 S/L 5.0000 31   31  
    REFRIGERATOR 2006-05-15 444 414 S/L 5.0000 30   30  
    REFRIGERATOR 2006-05-25 467 428 S/L 5.0000 39   39  
    REFRIGERATOR 2006-07-07 467 420 S/L 5.0000 47   47  
    REFRIGERATOR 2006-08-14 444 392 S/L 5.0000 52   52  
    REMODEL 2006-11-10 3,143 327 S/L 40.0000 79   79  
    REFRIGERATOR 2006-11-20 444 363 S/L 5.0000 81   81  
    REFRIGERATOR 2006-12-18 444 355 S/L 5.0000 89   89  
    FENCE AROUND 2006-06-15 2,520 1,155 S/L 10.0000 252   252  
    CIRCULATOR 2006-12-28 2,884 1,154 S/L 10.0000 288   288  
    WINDOWS 2006-12-28 1,684 674 S/L 10.0000 168   168  
    REFRIGERATOR 2007-02-13 519 407 S/L 5.0000 103   103  
    COUNTERTOPS 2007-02-13 985 551 S/L 7.0000 141   141  
    REFRIGERATOR/RANGE 2007-03-27 822 617 S/L 5.0000 164   164  
    REFRIGERATOR 2007-06-05 496 355 S/L 5.0000 100   100  
    REFRIGERATOR/RANGE 2007-08-15 817 558 S/L 5.0000 164   164  
    FURNITURE 2007-09-25 3,165 1,029 S/L 10.0000 316   316  
    WATER HEATER 2007-09-30 3,750 1,219 S/L 10.0000 375   375  
    SIDEWALKS 2007-10-10 2,980 969 S/L 10.0000 298   298  
    CARPETING 2008-01-31 1,590 928 S/L 5.0000 318   318  
    FENCE 2007-10-04 2,900 943 S/L 10.0000 290   290  
    BATHROOM 2007-02-07 1,535 601 S/L 10.0000 154   154  
    BATHROOM 2007-07-12 1,535 537 S/L 10.0000 154   154  
    BATHROOM 2007-10-03 1,635 531 S/L 10.0000 164   164  
    WATER HEATER 2008-11-04 2,775 601 S/L 10.0000 278   278  
    WATER HEATER 2008-03-17 2,950 811 S/L 10.0000 295   295  
    WHIRLPOOL 2008-08-11 870 421 S/L 5.0000 174   174  
    COMPUTER 2008-03-20 900 825 S/L 3.0000 75   75  
    TRACTOR 2008-09-29 12,101 2,723 S/L 10.0000 1,210   1,210  
    SNOWBLOWER 2008-10-02 2,595 584 S/L 10.0000 259   259  
    BOILERS 2009-12-14 12,500 1,354 S/L 10.0000 1,250   1,250  
    PAVING 2010-09-11 8,940 199 S/L 15.0000 596   596  
    17 INSULATED WINDOWS 2010-09-15 4,310 205 S/L 7.0000 616   616  
    GE HOTPOINT 2010-06-24 1,084 108 S/L 5.0000 217   217  
    RICOH COPIER 2010-03-01 1,650 275 S/L 5.0000 330   330  
    BOCK WATER HEATER - MODEL 73E 2011-06-13 5,600   S/L 10.0000 327   327  
    AO SMITH HOT WATER STORAGE TANK MODEL 2011-06-21 3,450   S/L 10.0000 173   173  
    KITCHEN REMODEL 36 CABIN 2011-08-04 3,495   S/L 10.0000 146   146  
    MAILBOX RELOCATION 2011-06-20 7,817   S/L 10.0000 391   391  
    2 REFRIGERATORS 2 HTH 2011-08-11 1,084   S/L 5.0000 90   90  

    TY 2011 GeneralExplanationAttachment
    Name:
    WELLS MANOR HOUSING DEVELOPMENT
    FUND CORP C/O CARR PROPERTY MGTMNT
    EIN: 11-2611902
    Identifier Return Reference Explanation
    GENERAL ELECTIONS   YEAR ENDED: DECEMBER 31, 2011 11-2611902 WELLS MANOR HOUSING DEVELOPMENT FUND CORP C/O CARR PROPERTY MGTMNT 56 ASTOR DRIVE RHINEBECK, NY 12572-1949 ELECTING OUT OF BONUS DEPRECIATION ALLOWANCE FOR ALL ELIGIBLE DEPRECIABLE PROPERTY THE TAXPAYER ELECTS OUT OF FIRST-YEAR BONUS DEPRECIATION ALLOWANCE UNDER IRC SECTION 168(K) FOR ALL ELIGIBLE ASSET CLASSES OF DEPRECIABLE PROPERTY ACQUIRED AFTER DECEMBER 31, 2007. THIS ELECTION APPLIES TO ALL ELIGIBLE DEPRECIABLE PROPERTY PLACED IN SERVICE DURING THE TAX YEAR.

    TY 2011 LandEtcSchedule2
    Name:
    WELLS MANOR HOUSING DEVELOPMENT
    FUND CORP C/O CARR PROPERTY MGTMNT
    EIN: 11-2611902
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    LAND IMPROVEMENTS 35,540 795 34,745 34,745
    BUILDINGS 3,115,438 1,908,206 1,207,232 1,207,232
    BUILDING IMPROVEMENTS 80,972 48,292 32,680 32,680
    BUILDING EQUIPMENT - FIXED 91,286 48,227 43,059 43,059
    BUILDING EQUIPMENT - PORTABLE 7,064 5,036 2,028 2,028
    FURNITURE 30,044 26,959 3,085 3,085
    OFFICE EQUIPMENT 43,546 39,577 3,969 3,969
    MAINTENANCE EQUIPMENT 37,417 25,897 11,520 11,520
    LAND 70,465   70,465 70,465


    TY 2011 MortgagesAndNotesPayableSch 
    Name:
    WELLS MANOR HOUSING DEVELOPMENT
    FUND CORP C/O CARR PROPERTY MGTMNT
    EIN: 11-2611902
    Total Mortgage Amount:  

    Item No. 1
    Lender's Name US DEPT HOUSING URBAN DEVELOPMENT
    Lender's Title  
    Relationship to Insider  
    Original Amount of Loan 3119800
    Balance Due 2325946
    Date of Note 1987-01
    Maturity Date 2027-01
    Repayment Terms 480 MONTHLY PMTS 24,667
    Interest Rate 0.0925
    Security Provided by Borrower ALL ASSETS OF BORROWER
    Purpose of Loan TO CONSTRUCT LOW INCOME HOUSING
    Description of Lender Consideration  
    Consideration FMV  


    TY 2011 OtherAssetsSchedule
    Name:
    WELLS MANOR HOUSING DEVELOPMENT
    FUND CORP C/O CARR PROPERTY MGTMNT
    EIN: 11-2611902
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    TENANT SECURITY DEPOSITS 28,147 27,723 27,723


    TY 2011 OtherExpensesSchedule
    Name:
    WELLS MANOR HOUSING DEVELOPMENT
    FUND CORP C/O CARR PROPERTY MGTMNT
    EIN: 11-2611902
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EXPENSES        
    ADMINISTRATIVE EXPENSES 13,358   13,358  
    ADVERTISING 1,206   1,206  
    INSURANCE 33,035   33,035  
    OFFICE EXPENSE 9,127   9,127  
    OUTSIDE LABOR 167,698   167,698  
    REPAIRS AND MAINTENANCE 65,138   65,138  
    SECURITY 2,622   2,622  
    SUPPLIES 12,543   12,543  


    TY 2011 OtherIncomeSchedule2
    Name:
    WELLS MANOR HOUSING DEVELOPMENT
    FUND CORP C/O CARR PROPERTY MGTMNT
    EIN: 11-2611902
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    TENANT RENTS 254,444   254,444
    SERVICE COORDINATOR INCOME 39,090   39,090
    CABLE TV INCOME 12,065   12,065
    LAUNDRY AND VENDING 4,846   4,846
    HUD ASSISTANCE 589,514   589,514


    TY 2011 OtherLiabilitiesSchedule
    Name:
    WELLS MANOR HOUSING DEVELOPMENT
    FUND CORP C/O CARR PROPERTY MGTMNT
    EIN: 11-2611902
    Description Beginning of Year - Book Value End of Year - Book Value
    TENANT DEPOSITS HELD IN TRUST 22,491 23,685


    TY 2011 OtherProfessionalFeesSchedule
    Name:
    WELLS MANOR HOUSING DEVELOPMENT
    FUND CORP C/O CARR PROPERTY MGTMNT
    EIN: 11-2611902
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    MANAGEMENT FEES 52,124   52,124  
    INVESTMENT FEES 99   99  
    SERVICE COORDINATOR FEES 28,000   28,000