TY 2011 Form 990

Do not include amounts reported on lines 6b, 7b, 8b, 9b, and 10b of Part VIII.	(A) Total expenses	(B) Program service expenses	(C) Management and general expenses	(D) Fundraising expenses
1	Grants and other assistance to governments and organizations in the United States. See Part IV, line 21	0
2	Grants and other assistance to individuals in the United States. See Part IV, line 22	0
3	Grants and other assistance to governments, organizations, and individuals outside the United States. See Part IV, lines 15 and 16	0
4	Benefits paid to or for members	0
5	Compensation of current officers, directors, trustees, and key employees ....	0
6	Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) ....	0
7	Other salaries and wages	0
8	Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) ....	0
9	Other employee benefits .......	0
10	Payroll taxes ...........	0
11	Fees for services (non-employees):
a	Management ......	0
b	Legal .........	204		204
c	Accounting ...........	2,800		2,800
d	Lobbying ...........	0
e	Professional fundraising. See Part IV, line 17..	0
f	Investment management fees ......	0
g	Other ..........	0
12	Advertising and promotion ....	0
13	Office expenses .......	0
14	Information technology ......	0
15	Royalties ..	0
16	Occupancy ...........	0
17	Travel ............	0
18	Payments of travel or entertainment expenses for any federal, state, or local public officials ......	0
19	Conferences, conventions, and meetings ....	0
20	Interest ...........	0
21	Payments to affiliates .......	0
22	Depreciation, depletion, and amortization .....	0
23	Insurance ..............	0
24	Other expenses. Itemize expenses not covered above (List miscellaneous expenses in line 24f. If line 24f amount exceeds 10% of line 25, column (A) amount, list line 24f expenses on Schedule O.)
a	SERVICE CHARGES PAID TO	0	0
b	AFFILIATES	40,042	40,042
c	ADMINISTRATIVE EXPENSES	9,646	9,646
d	FILING FEES	328	328
e
f	All other expenses
25	Total functional expenses. Add lines 1 through 24f	53,020	50,016	3,004	0
26	Joint costs. Complete this line only if the organization reported in column (B) joint costs from a combined educational campaign and fundraising solicitation. Check here if following SOP 98-2 (ASC 958-720).

Part X Balance Sheet
	1	Cashnon-interest-bearing ..........	14,730	1	5,855
2	Savings and temporary cash investments .......	9,415	2	9,420
3	Pledges and grants receivable, net .........	0	3	0
4	Accounts receivable, net .........	0	4	0
5	Receivables from current and former officers, directors, trustees, key employees, and highest compensated employees. Complete Part II of
	Schedule L ..........	0	5	0
6	Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B). Complete Part II of
	Schedule L ..........	0	6	0
7	Notes and loans receivable, net .............	598,000	7	598,000
8	Inventories for sale or use ..............	0	8	0
9	Prepaid expenses and deferred charges ............	0	9	0
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a
b	Less: accumulated depreciation. .....	10b		0	10c
11	Investments—publicly traded securities ..........	0	11	0
12	Investments—other securities. See Part IV, line 11 ......	0	12	0
13	Investments—program-related. See Part IV, line 11 ..	872,346	13	887,184
14	Intangible assets .........	0	14	0
15	Other assets. See Part IV, line 11 ...........	0	15	0
16	Total assets. Add lines 1 through 15 (must equal line 34)...	1,494,491	16	1,500,459
	17	Accounts payable and accrued expenses .	10,068	17	12,616
18	Grants payable ..........	0	18	0
19	Deferred revenue ..........	0	19	0
20	Tax-exempt bond liabilities ..........	0	20	0
21	Escrow or custodial account liability. Complete Part IV of Schedule D..	0	21	0
22	Payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified
	persons. Complete Part II of Schedule L..........	0	22	0
23	Secured mortgages and notes payable to unrelated third parties ..	0	23	0
24	Unsecured notes and loans payable to unrelated third parties ....	0	24	0
25	Other liabilities (including federal income tax, payables to related third parties, and other liabilities not included on lines 17-24). Complete Part X of Schedule D.....	0	25	0
26	Total liabilities. Add lines 17 through 25.....	10,068	26	12,616
		Organizations that follow SFAS 117, check here and complete lines 27 through 29, and lines 33 and 34.
27	Unrestricted net assets .....		27
28	Temporarily restricted net assets .....		28
29	Permanently restricted net assets .....		29
	Organizations that do not follow SFAS 117, check here and complete lines 30 through 34.
30	Capital stock or trust principal, or current funds .....	1,000	30	1,000
31	Paid-in or capital surplus, or land, building or equipment fund .....	1,500,501	31	1,500,501
32	Retained earnings, endowment, accumulated income, or other funds	-17,078	32	-13,658
33	Total net assets or fund balances .....	1,484,423	33	1,487,843
34	Total liabilities and net assets/fund balances .....	1,494,491	34	1,500,459

- TIN:

SCHEDULE D
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Financial Statements

Complete if the organization answered "Yes," to Form 990,
Part IV, line 6, 7, 8, 9, 10, 11a, 11b, 11c, 11d, 11e, 11f, 12a, or 12b
SchDMd Bullet

Attach to Form 990. SchDMd Bullet

See separate instructions.

OMB No. 1545-0047

2011

Open to Public Inspection

Name of the organization

BELLWEST MANAGEMENT CORPORATION

Employer identification number

13-2736357

Part I

Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts. Complete if the organization answered "Yes" to Form 990, Part IV, line 6.

		(a) Donor advised funds	(b) Funds and other accounts
1	Total number at end of year .......
2	Aggregate contributions to (during year) ...
3	Aggregate grants from (during year) ...
4	Aggregate value at end of year .......

Did the organization inform all donors and donor advisors in writing that the assets held in donor advised
funds are the organization's property, subject to the organization's exclusive legal control? ............

Yes No

Did the organization inform all grantees, donors, and donor advisors in writing that grant funds can be
used only for charitable purposes and not for the benefit of the donor or donor advisor, or for any other purpose conferring impermissible private benefit? ...................................

Yes No

Part II

Conservation Easements. Complete if the organization answered "Yes" to Form 990, Part IV, line 7.

Purpose(s) of conservation easements held by the organization (check all that apply).

Preservation of land for public use (e.g., recreation or education) Preservation of an historically important land area

Protection of natural habitat Preservation of a certified historic structure

Preservation of open space

Complete lines 2a through 2d if the organization held a qualified conservation contribution in the form of a conservation easement on the last day of the tax year.


a	Total number of conservation easements .......................	2a
b	Total acreage restricted by conservation easements ..................	2b
c	Number of conservation easements on a certified historic structure included in (a) .....	2c
d	Number of conservation easements included in (c) acquired after 8/17/06, and not on a historic structure listed in the National Register ....................	2d

Number of conservation easements modified, transferred, released, extinguished, or terminated by the organization during
the tax year SchDMd Bullet

Number of states where property subject to conservation easement is located SchDMd Bullet

Does the organization have a written policy regarding the periodic monitoring, inspection, handling of violations, and
enforcement of the conservation easements it holds? .............................

Yes No

Staff and volunteer hours devoted to monitoring, inspecting and enforcing conservation easements during the year SchDMd Bullet

Amount of expenses incurred in monitoring, inspecting, and enforcing conservation easements during the year
SchDMd Bullet

Does each conservation easement reported on line 2(d) above satisfy the requirements of section
170(h)(4)(B)(i) and 170(h)(4)(B)(ii)? ....................................

Yes No

In Part XIV, describe how the organization reports conservation easements in its revenue and expense statement, and
balance sheet, and include, if applicable, the text of the footnote to the organization’s financial statements that describes
the organization’s accounting for conservation easements.

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets.
Complete if the organization answered "Yes" to Form 990, Part IV, line 8.

If the organization elected, as permitted under SFAS 116 (ASC 958), not to report in its revenue statement and balance sheet works of
art, historical treasures, or other similar assets held for public exhibition, education or research in furtherance of public service,
provide, in Part XIV, the text of the footnote to its financial statements that describes these items.

If the organization elected, as permitted under SFAS 116 (ASC 958), to report in its revenue statement and balance sheet works of art,
historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service,
provide the following amounts relating to these items:

(i)

Revenues included in Form 990, Part VIII, line 1 ........................ SchDMd Bullet

(ii)

Assets included in Form 990, Part X .............................. SchDMd Bullet

If the organization received or held works of art, historical treasures, or other similar assets for financial gain, provide the
following amounts required to be reported under SFAS 116 (ASC 958), relating to these items:

Revenues included in Form 990, Part VIII, line 1 .......................... SchDMd Bullet

Assets included in Form 990, Part X ............................... SchDMd Bullet

For Privacy Act and Paperwork Reduction Act Notice, see the Intructions for Form 990

Cat. No. 52283D

Schedule D (Form 990) 2011

Page 2

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued)

Using the organization’s accession and other records, check any of the following that are a significant use of its collection
items (check all that apply):

Public exhibition

Loan or exchange programs

Scholarly research

Other

Preservation for future generations

Provide a description of the organization’s collections and explain how they further the organization’s exempt purpose in
Part XIV.

During the year, did the organization solicit or receive donations of art, historical treasures or other similar
assets to be sold to raise funds rather than to be maintained as part of the organization’s collection?........

Yes No

Part IV

Escrow and Custodial Arrangements. Complete if the organization answered "Yes" to Form 990,
Part IV, line 9, or reported an amount on Form 990, Part X, line 21.

Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets not
included on Form 990, Part X? ....................................

Yes No

If "Yes," explain the arrangement in Part XIV and complete the following table:


c	Beginning balance .................................	1c
d	Additions during the year ..............................	1d
e	Distributions during the year .............................	1e
f	Ending balance ...................................	1f

Did the organization include an amount on Form 990, Part X, line 21? .....................

Yes No

If “Yes,” explain the arrangement in Part XIV.

Part V

Endowment Funds. Complete if the organization answered "Yes" to Form 990, Part IV, line 10.

		(a)Current Year	(b)Prior Year	(c)Two Years Back	(d)Three Years Back	(e)Four Years Back
1a	Beginning of year balance ....
b	Contributions ........
c	Net investment earnings, gains, and losses ...
d	Grants or scholarships .....
e	Other expenditures for facilities and programs ........
f	Administrative expenses ....
g	End of year balance ......

Provide the estimated percentage of the year end balance (line 1g) held as:

Board designated or quasi-endowment SchDMd Bullet

Permanent endowment SchDMd Bullet

Temporarily restricted endowment SchDMd Bullet

The percentages in lines 2a, 2b, and 2c should equal 100%.

Are there endowment funds not in the possession of the organization that are held and administered for the
organization by:

Yes

(i) unrelated organizations ........................

3a(i)

(ii) related organizations ........................

3a(ii)

If "Yes" to 3a(ii), are the related organizations listed as required on Schedule R? .........

Describe in Part XIV the intended uses of the organization's endowment funds.

Part VI

Land, Buildings, and Equipment. See Form 990, Part X, line 10.

Description of property		(a) Cost or other basis (investment)	(b)Cost or other basis (other)	(c) Accumulated depreciation	(d) Book value
1a	Land .................
b	Buildings ................
c	Leasehold improvements ............
d	Equipment ................
e	Other .................
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).).......

Schedule D (Form 990) 2011

Page 3

Part VII

InvestmentsOther Securities. See Form 990, Part X, line 12.

(a) Description of security or category (including name of security)		(b)Book value	(c) Method of valuation: Cost or end-of-year market value
(1)Financial derivatives
(2)Closely-held equity interests
Other








Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)

Part VIII

InvestmentsProgram Related. See Form 990, Part X, line 13.

(a) Description of investment type	(b) Book value	(c) Method of valuation: Cost or end-of-year market value
(1) BELLEVUE SOUTH ASSOCIATES, LP	887,184	C








Total. (Column (b) must equal Form 990, Part X, col.(B) line 13.)	887,184

Part IX

Other Assets. See Form 990, Part X, line 15.

(a) Description				(b) Book value









Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)...........

Part X

Other Liabilities. See Form 990, Part X, line 25.

1.(a) Description of Liability		(b) Book value
Federal Income Taxes		0









Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)		0
2. Fin 48 (ASC 740) Footnote. In Part XIV, provide the text of the footnote to the organization's financial statements that reports the organization's liability for uncertain tax positions under FIN 48 (ASC740).

Schedule D (Form 990) 2011

Page 4

Part XI Reconciliation of Change in Net Assets from Form 990 to Financial Statements
1	Total revenue (Form 990, Part VIII, column (A), line 12) ....................	1
2	Total expenses (Form 990, Part IX, column (A), line 25) .....................	2
3	Excess or (deficit) for the year. Subtract line 2 from line 1 .............	3
4	Net unrealized gains (losses) on investments ..........................	4
5	Donated services and use of facilities .............................	5
6	Investment expenses ...................................	6
7	Prior period adjustments ..................................	7
8	Other (Describe in Part XIV.) .................................	8
9	Total adjustments (net). Add lines 4 through 8 .........................	9
10	Excess or (deficit) for the year per financial statements. Combine lines 3 and 9 .........	10

Part XII Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
1	Total revenue, gains, and other support per audited financial statements .......		1
2	Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a	Net unrealized gains on investments ..........	2a
b	Donated services and use of facilities .........	2b
c	Recoveries of prior year grants ...........	2c
d	Other (Describe in Part XIV.) ............	2d
e	Add lines 2a through 2d .....................		2e
3	Subtract line 2e from line 1.....................		3
4	Amounts included on Form 990, Part VIII, line 12, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b .	4a
b	Other (Describe in Part XIV.) ...........	4b
c	Add lines 4a and 4b.......................		4c
5	Total Revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ......		5

Part XIII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
1	Total expenses and losses per audited financial statements .............		1
2	Amounts included on line 1 but not on Form 990, Part IX, line 25:
a	Donated services and use of facilities ..........	2a
b	Prior year adjustments ..............	2b
c	Other losses ................	2c
d	Other (Describe in Part XIV.) ............	2d
e	Add lines 2a through 2d......................		2e
3	Subtract line 2e from line 1.....................		3
4	Amounts included on Form 990, Part IX, line 25, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b ..	4a
b	Other (Describe in Part XIV.) ............	4b
c	Add lines 4a and 4b.......................		4c
5	Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ......		5

Part XIV

Supplemental Information

Complete this part to provide the descriptions required for Part II, lines 3, 5, and 9; Part III, lines 1a and 4; Part lV, lines 1b and 2b;
Part V, line 4; Part X; Part XI, line 8; Part XII, lines 2d and 4b; and Part XIII, lines 2d and 4b. Also complete this part to provide any additional information.

Identifier	Return Reference	Explanation
PART X, LINE 2:		Bellwest Management Corporation has not taken an unsubstantiated tax position that would require provision of a liability under Accounting Standards Codification No. 740, "Income Taxes", and Accounting Standards Update 2009-06, "Implementation Guidance on Accounting for Uncertainty in Income Taxes and Disclosure Amendments for Nonpublic Entities." As of December 31, 2011, the years still subject to audit are 2008 through 2011.

Schedule D (Form 990) 2011

Additional Data

Software ID:
Software Version:

- TIN:

Schedule J
(Form 990)

Department of the Treasury
Internal Revenue Service

Compensation Information

For certain Officers, Directors, Trustees, Key Employees, and Highest
Compensated Employees
SchJMediumBullet

Complete if the organization answered "Yes" to Form 990,
Part IV, question 23.
SchJMediumBullet

Attach to Form 990. SchJMediumBullet

See separate instructions.

OMB No. 1545-0047

2011

Open to Public Inspection

Name of the organization

BELLWEST MANAGEMENT CORPORATION

Employer identification number

13-2736357

Part I

Questions Regarding Compensation

Yes

Check the appropiate box(es) if the organization provided any of the following to or for a person listed in Form
990, Part VII, Section A, line 1a. Complete Part III to provide any relevant information regarding these items.

First-class or charter travel Housing allowance or residence for personal use

Travel for companions Payments for business use of personal residence

Tax idemnification and gross-up payments Health or social club dues or initiation fees

Discretionary spending account Personal services (e.g., maid, chauffeur, chef)

If any of the boxes in line 1a are checked, did the organization follow a written policy regarding payment or reimbursement or provision of all the expenses described above? If "No," complete Part III to explain....

Did the organization require substantiation prior to reimbursing or allowing expenses incurred by all
officers, directors, trustees, and the CEO/Executive Director, regarding the items checked in line 1a? ....

Indicate which, if any, of the following the organization uses to establish the compensation of the
organization's CEO/Executive Director. Check all that apply. Do not check any boxes for methods
used by a related organization to establish compensation of the CEO/Executive Director, but explain in Part III.

Compensation committee Written employment contract

Independent compensation consultant Compensation survey or study

Form 990 of other organizations Approval by the board or compensation committee

During the year, did any person listed in Form 990, Part VII, Section A, line 1a with respect to the filing organization or a related organization:

Receive a severance payment or change-of-control payment? ...............

Participate in, or receive payment from, a supplemental nonqualified retirement plan? ........

Participate in, or receive payment from, an equity-based compensation arrangement? ........

If "Yes" to any of lines 4a-c, list the persons and provide the applicable amounts for each item in Part III.

Only 501(c)(3) and 501(c)(4) organizations only must complete lines 5-9.

For persons listed in form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the revenues of:

The organization? ...........................

Any related organization? .........................

If "Yes," to line 5a or 5b, describe in Part III.

For persons listed in form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the net earnings of:

The organization? ...........................

Any related organization? .........................

If "Yes," to line 6a or 6b, describe in Part III.

For persons listed in Form 990, Part VII, Section A, line 1a, did the organization provide any non-fixed
payments not described in lines 5 and 6? If "Yes," describe in Part III ............

Were any amounts reported in Form 990, Part VII, paid or accured pursuant to a contract that was
subject to the initial contract exception described in Regulations section 53.4958-4(a)(3)? If "Yes," describe
in Part III .............................

If "Yes" to line 8, did the organization also follow the rebuttable presumption procedure described in Regulations section 53.4958-6(c)? .........................

For Privacy Act and Paperwork Reduction Act Notice, see the Intructions for Form 990

Cat. No. 50053T

Schedule J (Form 990) 2011

Page 2

Part II

Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees. Use duplicate copies if additional space is needed.

For each individual whose compensation must be reported in Schedule J, report compensation from the organization on row (i) and from related organizations, described in the
instructions on row (ii). Do not list any individuals that are not listed on Form 990, Part VII.

Note. The sum of columns (B)(i)-(iii) for each listed individual must equal the total amount of Form 990, Part VII, Section A, line 1a, applicable column (D) and column (E) for that individual.

(A) Name		(B) Breakdown of W-2 and/or 1099-MISC compensation			(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)	(F) Compensation reported as deferred in prior Form 990
(A) Name		(i) Base compensation	(ii) Bonus & incentive compensation	(iii) Other reportable compensation	(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)	(F) Compensation reported as deferred in prior Form 990
(1) ADAM WEINSTEIN	(i) (ii)	0 469,115	0 120,000	0 16,500	0 29,278	0 31,747	0 666,640
(2) JAMES ROBERT PIGOTT JR	(i) (ii)	0 193,932	0 23,000	0 0	23,175	0 21,263	0 261,370
(3) BRIAN BRICKER	(i) (ii)	0 165,016	0 28,000	0 5,000	0 19,719	0 22,094	0 239,829

Schedule J (Form 990) 2011

Page 3

Part III

Supplemental Information

Complete this part to provide the information, explanation, or descriptions required for Part I, lines 1a, 1b, 3, 4c, 5a, 5b, 6a, 6b, 7, and 8. Also complete this part for any additional information.

Identifier	Return Reference	Explanation
PART I, LINE 3:		Phipps Houses, an affiliate of the reporting organization paid compensation to the reporting organization's top management official. Phipps Houses has established the compensation of the top management official using compensation committee, independent compensation consultant, Form 990 of other organizations, compensation survey or study, and approval by the board or compensation committee.

Schedule J (Form 990) 2011

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE O
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service

Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or to provide any additional information.
MediumBullet

Attach to Form 990 or 990-EZ.

OMB No. 1545-0047

2011

Open to Public
Inspection

Name of the organization

BELLWEST MANAGEMENT CORPORATION

Employer identification number

13-2736357

Identifier	Return Reference	Explanation
FORM 990, PART VI, SECTION A, LINE 6:		PHIPPS HOUSES, A RELATED 501(C)(4) ORGANIZATION, IS THE SOLE STOCKHOLDER OF BELLWEST MANAGEMENT CORPORATION.
FORM 990, PART VI, SECTION A, LINE 7A:		AS THE SOLE STOCKHOLDER OF THE ORGANIZATION, PHIPPS HOUSES HAS THE RIGHT TO ELECT THE MEMBERS OF THE ORGANIZATION'S BOARD OF DIRECTORS.
FORM 990, PART VI, SECTION A, LINE 7B:		UNDER NEW YORK STATE LAW, CERTAIN GOVERNANCE DECISIONS REQUIRE STOCKHOLDER APPROVAL.
FORM 990, PART VI, SECTION B, LINE 11B:		MEMBERS OF THE ORGANIZATION'S GOVERNING BODY REVIEW THE FORM 990 FOR ACCURACY OF CONTENT AND DISCUSS AS NECESSARY.
FORM 990, PART VI, SECTION B, LINE 12C:		OFFICERS AND DIRECTORS MUST COMPLETE AND CERTIFY ANNUALLY A LIST OF CONFLICTS OF INTEREST.
FORM 990, PART VI, SECTION B, LINES 15A AND 15B:		THE ORGANIZATION DOES NOT COMPENSATE ANY OFFICER OR KEY EMPLOYEE.
FORM 990, PART VI, SECTION C, LINE 19:		THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
FORM 990, PART XI, LINE 5:		Distributions paid to Phipps Houses, 501(c)(4) parent...... $(1,930,000) Current year Equity in Affiliates Gain...........................$4,338 Other Adjustments to Net Assets......................................$1 Total.......................................................$(1,925,661)
HOURS DEVOTED FOR RELATED ORGANIZATION	FORM 990 PART VII	NAME:ADAM WEINSTEIN TITLE:PRESIDENT/CEO HOURS:40
HOURS DEVOTED FOR RELATED ORGANIZATION	FORM 990 PART VII	NAME:JAMES ROBERT PIGOTT JR. TITLE:VICE PRESIDENT AND SECRETARY HOURS:40
HOURS DEVOTED FOR RELATED ORGANIZATION	FORM 990 PART VII	NAME:BRIAN BRICKER TITLE:TREASURER HOURS:40

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 51056K

Schedule O (Form 990 or 990-EZ) 2011

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE R
(Form 990)

Department of the Treasury
Internal Revenue Service

Related Organizations and Unrelated Partnerships

Complete if the organization answered "Yes" to Form 990, Part IV, line 33, 34, 35, 36, or 37.
MediumBullet

Attach to Form 990. MediumBullet

See separate instructions.

OMB No. 1545-0047

2011

Open to Public Inspection

Name of the organization

BELLWEST MANAGEMENT CORPORATION

Employer identification number

13-2736357

Part I

Identification of Disregarded Entities (Complete if the organization answered "Yes" on Form 990, Part IV, line 33.)

(a) Name, address, and EIN of disregarded entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Total income	(e) End-of-year assets	(f) Direct controlling entity

Part II

Identification of Related Tax-Exempt Organizations (Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related tax-exempt organizations during the tax year.)

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Exempt Code section	(e) Public charity status (if section 501(c)(3))	(f) Direct controlling entity	(g) Section 512(b)(13) controlled organization
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Exempt Code section	(e) Public charity status (if section 501(c)(3))	(f) Direct controlling entity	Yes	No
(1) 760-770 EAST TREMONT AVENUE HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 13-3351137	REAL ESTATE	NY	501(c)(3)	9			No
(2) 1691 FULTON AVENUE HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 20-1830119	REAL ESTATE	NY	501(c)(4)				No
(3) 2136 CROTONA PARKWAY HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 13-3510007	REAL ESTATE	NY	501(c)(3)	9			No
(4) CROTONA PARK WEST HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 13-3514343	REAL ESTATE	NY	501(c)(3)	9			No
(5) ECUMENICAL COMM HOUSING OPPORTUN HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 13-3204664	REAL ESTATE	NY	501(c)(3)	9			No
(6) FABRIA HOUSES HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 20-4209558	REAL ESTATE	NY	501(c)(4)				No
(7) HANCOCK PLACE APARTMENTS HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 20-3610425	REAL ESTATE	NY	501(c)(4)				No
(8) HENRY PHIPPS PLAZA NORTH INC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 13-6266561	REAL ESTATE	NY	501(c)(4)				No
(9) HENRY PHIPPS PLAZA SOUTH HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 23-7389743	REAL ESTATE	NY	501(c)(3)	9			No
(10) HOMES FOR NEW YORKERS INC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 13-2875896	REAL ESTATE	NY	501(c)(3)	7			No
(11) HONEYWELL II HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 26-0535084	REAL ESTATE	NY	501(c)(4)				No
(12) LA CASA DE FELICIDAD HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 13-4132203	REAL ESTATE	NY	501(c)(3)	9			No
(13) MAPES BOULEVARD HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 13-3520270	REAL ESTATE	NY	501(c)(3)	11			No
(14) MONTERREY APARTMENTS HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 20-2851500	REAL ESTATE	NY	501(c)(4)				No
(15) PHIPPS AFFORDABLE HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 27-0018002	REAL ESTATE	NY	501(c)(4)				No
(16) PHIPPS COMMUNITY DEVELOPMENT CORP 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 13-2707665	REAL ESTATE	NY	501(c)(3)	7			No
(17) PHIPPS HOUSES 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 11-1187480	REAL ESTATE	NY	501(c)(4)				No
(18) SALEM HOUSE HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 20-4569324	REAL ESTATE	NY	501(c)(3)				No
(19) WEST 128TH STREET HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 26-0422614	REAL ESTATE	NY	501(c)(4)				No
(20) COURTLANDT CORNERS I HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 26-2883270	REAL ESTATE	NY	501(c)(4)				No
(21) COURTLANDT CORNERS II HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 26-2883163	REAL ESTATE	NY	501(c)(4)				No
(22) HOBBS CIENA HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 26-2667525	REAL ESTATE	NY	501(c)(4)				No
(23) HENRY PHIPPS PLAZA EAST INC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 13-2670905	REAL ESTATE	NY	501(c)(4)				No
(24) RCB APARTMENTS HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 26-2669287	REAL ESTATE	NY	501(c)(4)				No
(25) HENRY PHIPPS PLAZA EAST HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 26-3324242	REAL ESTATE	NY	501(c)(4)				No
(26) HENRY PHIPPS PLAZA NORTH HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 26-3324332	REAL ESTATE	NY	501(c)(4)				No
(27) PHIPPS CG II LLC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 26-2819472	REAL ESTATE	NY	501(c)(4)				No
(28) COURTLANDT CORNERS I LEASING LLC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 26-2883399	REAL ESTATE	NY	501(c)(4)				No
(29) COURTLANDT CORNERS II LEASING LLC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 26-2883458	REAL ESTATE	NY	501(c)(4)				No
(30) PHIPPS EAST TREMONT NG LLC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 26-3068203	REAL ESTATE	NY	501(c)(4)				No
(31) COURTLANDT CORNER LLC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 20-1746629	REAL ESTATE	NY	501(c)(4)				No
(32) VIA VERDE HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 27-1028651	REAL ESTATE	NY	501(c)(4)				No
(33) 63 THOMPSON STREET LLC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 20-4231944	REAL ESTATE	NY	501(c)(4)				No
(34) EXTRA PLACE LEASING LLC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 26-0893840	REAL ESTATE	NY	501(c)(4)				No
(35) PHIPPS CG LLC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 20-4126719	REAL ESTATE	NY	501(c)(4)				No
(36) SUNNYSIDE GARDEN APARTMENTS LLC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 20-3876946	REAL ESTATE	NY	501(c)(4)				No
(37) 382 163RD STREET LLC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 20-4074630	REAL ESTATE	NY	501(c)(4)				No
(38) PHIPPS CG III LLC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 27-0664672	REAL ESTATE	NY	501(c)(4)				No
(39) COURTLANDT COMMUNITY HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 27-0339889	REAL ESTATE	NY	501(c)(4)				No
(40) PHIPPS AFFORDABLE II HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 27-0942992	REAL ESTATE	NY	501(c)(4)				No
(41) ECHO APARTMENTS HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 27-0942950	REAL ESTATE	NY	501(c)(4)				No
(42) DEMPSEY APARTMENTS HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 27-1313121	REAL ESTATE	NY	501(c)(4)				No
(43) 63 THOMPSON STREET HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 27-0646479	REAL ESTATE	NY	501(c)(4)				No
(44) EXTRA PLACE HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 20-1295462	REAL ESTATE	NY	501(c)(4)				No
(45) VIA VERDE HOME HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 27-1340159	REAL ESTATE	NY	501(c)(4)				No
(46) COURTLANDT CRESCENT HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 27-5018460	REAL ESTATE	NY	501(c)(4)				No
(47) 710 EAST 9TH STREET HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 27-4735657	REAL ESTATE	NY	501(c)(4)				No
(48) LEBANON WEST FARMS HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 90-0732893	REAL ESTATE	NY	501(c)(4)				No
(49) PHIPPS AFFORDABLE HOUSING SUPPORT CORP 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 45-2159735	REAL ESTATE	NY	501(c)(4)				No
(50) PHIPPS AFFORDABLE HOUSING ADMINIST CORP 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 45-3182675	REAL ESTATE	NY	501(C)(4)				No
(51) BROOK 156 HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 45-3204354	REAL ESTATE	NY	501(C)(4)				No

For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50135Y

Schedule R (Form 990) 2011

Page 2

Part III

Identification of Related Organizations Taxable as a Partnership (Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a partnership during the tax year.)

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Predominant income(related, unrelated, excluded from tax under sections 512-514)	(f) Share of total income	(g) Share of end-of-year assets	(h) Disproprtionate allocations?		(i) Code VUBI amount in box 20 of Schedule K-1 (Form 1065)	(j) General or managing partner?		(k) Percentage ownership
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity		(f) Share of total income	(g) Share of end-of-year assets	Yes	No	(i) Code VUBI amount in box 20 of Schedule K-1 (Form 1065)	Yes	No
(1) BELLEVUE SOUTH ASSOCIATES LLC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 13-2766739	REAL ESTATE MGMT	NY		RELATED	105,607	608,615		No	0		No	1.748 %
(2) BELLEVUE SOUTH PRESERVATION LLC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 13-4197870	REAL ESTATE MGMT	NY		RELATED	1,880,849	2,420		No	0		No	36.095 %

Part IV

Identification of Related Organizations Taxable as a Corporation or Trust (Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a corporation or trust during the tax year.)

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(e) Type of entity (C corp, S corp, or trust)
(1) PHIPPS HOUSES SERVICES INC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 13-2643137	REAL ESTATE MGMT.	NY	C
(2) LAMBERT MANAGEMENT CORP 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 13-2697152	REAL ESTATE MGMT.	NY	C
(3) PLAZA SOUTH MANAGEMENT CORP INC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 13-3475784	REAL ESTATE MGMT.	NY	C
(4) DALY AVENUE MANAGEMENT CORP 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 13-3864422	REAL ESTATE MGMT.	NY	C
(5) LPV MANAGEMENT CORP 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 13-4010193	REAL ESTATE MGMT.	NY	C
(6) 912 EAST 178TH STREET MANAGEMENT CORP 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 81-0589904	REAL ESTATE MGMT.	NY	C
(7) 1039 BOSTON ROAD MANAGEMENT CORP 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 81-0589883	REAL ESTATE MGMT.	NY	C
(8) EXTRA PLACE MANAGEMENT CORP 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 20-1412264	REAL ESTATE MGMT.	NY	C
(9) 1691 FULTON AVENUE MANAGEMENT CORP 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 20-2522066	REAL ESTATE MGMT.	NY	C
(10) MONTEREY APARTMENTS MANAGEMENT CORP 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 20-2521495	REAL ESTATE MGMT.	NY	C
(11) HANCOCK PLACE APARTMENTS MANAGEMENT CORP 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 20-3610633	REAL ESTATE MGMT.	NY	C
(12) FABRIA HOUSES MANAGEMENT CORP 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 20-3676393	REAL ESTATE MGMT.	NY	C
(13) SALEM HOUSE MANAGEMENT CORP 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 20-3676527	REAL ESTATE MGMT.	NY	C
(14) HONEYWELL II MANAGEMENT CORP 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 20-8540547	REAL ESTATE MGMT.	NY	C
(15) WEST 128TH STREET MANAGEMENT CORP 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 20-8540503	REAL ESTATE MGMT.	NY	C
(16) FAJP MANAGEMENT CORP 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 13-4103624	REAL ESTATE MGMT.	NY	C
(17) FULTON AVENUE - JEFFERSON PLACE HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 13-4122332	REAL ESTATE MGMT.	NY	C
(18) LA PUERTA DE VITALIDAD HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 13-4121630	REAL ESTATE MGMT.	NY	C
(19) MAPES COURT PROPERTIES INC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 13-3499950	REAL ESTATE MGMT.	NY	C
(20) 912 EAST 178TH STREET HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 74-3110588	REAL ESTATE MGMT.	NY	C
(21) 1039 BOSTON ROAD HDFC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 47-0904138	REAL ESTATE MGMT.	NY	C
(22) COURTLANDT CORNERS I MANAGEMENT CORP 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 71-1047245	REAL ESTATE MGMT.	NY	C
(23) COURTLANDT CORNERS II MANAGEMENT CORP 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 71-1047247	REAL ESTATE MGMT.	NY	C
(24) COURTLANDT CORNERS I INC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 26-2883604	REAL ESTATE MGMT.	NY	C
(25) COURTLANDT CORNERS II INC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 26-2883651	REAL ESTATE MGMT.	NY	C
(26) RCB APARTMENTS MANAGEMENT CORP 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 26-2454054	REAL ESTATE MGMT.	NY	C
(27) HOBBS CIENA MANAGEMENT CORP 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 26-3860922	REAL ESTATE MGMT.	NY	C
(28) VIA VERDE RENTAL MANAGEMENT CORP 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 26-4010204	REAL ESTATE MGMT.	NY	C
(29) VIA VERDE RENTAL INC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 27-1311862	REAL ESTATE MGMT.	NY	C
(30) PHIPPS VIA VERDE HOMES INC 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 27-1311897	REAL ESTATE MGMT.	NY	C
(31) COURTLANDT COMMUNITY MANAGEMENT 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 27-1027421	REAL ESTATE MGMT.	NY	C
(32) ECHO APARTMENTS MANAGEMENT CORP 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 27-1028597	REAL ESTATE MGMT.	NY	C
(33) DEMPSEY APARTMENTS MANAGEMENT 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 27-0997935	REAL ESTATE MGMT.	NY	C
(34) COURTLANDT CRESCENT MANAGEMENT CORP 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 27-2489763	REAL ESTATE MGMT.	NY	C
(35) 710 EAST 9TH STREET MANAGEMENT CORP 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 27-2902339	REAL ESTATE MGMT.	NY	C
(36) LEBANON WEST FARMS MANAGEMENT CORP 902 BROADWAY 13TH FLOOR NEW YORK,NY10010 27-4159356	REAL ESTATE MGMT.	NY	C

Schedule R (Form 990) 2011

Page 3

Part V

Transactions With Related Organizations (Complete if the organization answered "Yes" on Form 990, Part IV, line 34, 35, 35A, or 36.)

Note. Complete line 1 if any entity is listed in Parts II, III or IV.

Yes

1 During the tax year, did the orgranization engage in any of the following transactions with one or more related organizations listed in Parts II-IV?

a Receipt of (i) interest (ii) annuities (iii) royalties (iv) rent from a controlled entity . . . . . . . . . . . . . . . . . . . . . . .

b Gift, grant, or capital contribution to related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

c Gift, grant, or capital contribution from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

d Loans or loan guarantees to or for related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

e Loans or loan guarantees by related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

f Sale of assets to related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

g Purchase of assets from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

h Exchange of assets with related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

i Lease of facilities, equipment, or other assets to related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . .

j Lease of facilities, equipment, or other assets from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . .

k Performance of services or membership or fundraising solicitations for related organization(s) . . . . . . . . . . . . . . . . . . . .

l Performance of services or membership or fundraising solicitations by related organization(s) . . . . . . . . . . . . . . . . . . . .

Yes

m Sharing of facilities, equipment, mailing lists, or other assets with related organization(s) . . . . . . . . . . . . . . . . . . . . .

Yes

n Sharing of paid employees with related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

o Reimbursement paid to related organization(s) for expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

p Reimbursement paid by related organization(s) for expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

q Other transfer of cash or property to related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

r Other transfer of cash or property from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

If the answer to any of the above is "Yes," see the instructions for information on who must complete this line, including covered relationships and transaction thresholds.

(a) Name of other organization	(b) Transaction type(a-r)	(c) Amount involved	(d) Method of determining amount involved
(1) PHIPPS HOUSES	L	40,042	CASH
(2) PHIPPS HOUSES	Q	1,930,000	DIVIDEND
(3)
(4)
(5)
(6)

Schedule R (Form 990) 2011

Page 4

Part VI

Unrelated Organizations Taxable as a Partnership (Complete if the organization answered "Yes" on Form 990, Part IV, line 37.)

Provide the following information for each entity taxed as a partnership through which the organization conducted more than five percent of its activities (measured by total assets or gross revenue) that was not a related organization. See instructions regarding exclusion for certain investment partnerships.

(a) Name, address, and EIN of entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	(e) Are all partners section 501(c)(3) organizations?		(f) Share of total income	(g) Share of end-of-year assets	(h) Disproprtionate allocations?		(i) Code VUBI amount in box 20 of Schedule K-1 (Form 1065)	(j) General or managing partner?
(a) Name, address, and EIN of entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	Yes	No	(f) Share of total income	(g) Share of end-of-year assets	Yes	No	(i) Code VUBI amount in box 20 of Schedule K-1 (Form 1065)	Yes	No

Schedule R (Form 990) 2011

Page 5

Part VII

Supplemental Information

Complete this part to provide additional information for responses to questions on Schedule R (see instructions).

Identifier	Return Reference	Explanation

Additional Data

Software ID:
Software Version:

1	Briefly describe the organization’s mission or most significant activities: PROVIDES LOW AND MODERATE INCOME HOUSING.
2	Check this box
3	Number of voting members of the governing body (Part VI, line 1a).....	3	3
4	Number of independent voting members of the governing body (Part VI, line 1b) ....	4	0
5	Total number of individuals employed in calendar year 2011 (Part V, line 2a) ...	5	0
6	Total number of volunteers (estimate if necessary) ....	6	0
7a	Total unrelated business revenue from Part VIII, column (C), line 12 ..	7a	0
b	Net unrelated business taxable income from Form 990-T, line 34 ..	7b

		Prior Year	Current Year
8	Contributions and grants (Part VIII, line 1h) .........	0	0
9	Program service revenue (Part VIII, line 2g) .........	0	0
10	Investment income (Part VIII, column (A), lines 3, 4, and 7d ) ....	1,800,919	1,982,101
11	Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e)	0	0
12	Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12)...................	1,800,919	1,982,101
13	Grants and similar amounts paid (Part IX, column (A), lines 1–3 )...	0	0
14	Benefits paid to or for members (Part IX, column (A), line 4).....	0	0
15	Salaries, other compensation, employee benefits (Part IX, column (A), lines 5–10)	0	0
16a	Professional fundraising fees (Part IX, column (A), line 11e).....	0	0
b	Total fundraising expenses (Part IX, column (D), line 25) 0
17	Other expenses (Part IX, column (A), lines 11a–11d, 11f–24f)....	54,057	53,020
18	Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25)	54,057	53,020
19	Revenue less expenses. Subtract line 18 from line 12.......	1,746,862	1,929,081
		Beginning of Current Year	End of Year
20	Total assets (Part X, line 16).............	1,494,491	1,500,459
21	Total liabilities (Part X, line 26).............	10,068	12,616
22	Net assets or fund balances. Subtract line 21 from line 20.....	1,484,423	1,487,843

Sign Here

	Signature of officer	Date

	Type or print name and title.


4a	(Code: ) (Expenses $ 50,016 including grants of $ ) (Revenue $ 1,982,096 )
	PROVIDES AND SUPPORTS LOW AND MODERATE INCOME HOUSING.

4b	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )
	$1,930,000 - Provides financial support to the low income housing activities of sole stockholder Phipps Houses, exempt under Internal Revenue Code Section 501(c)(4). See Part XI, Line 5 and accompanying Schedule O.

4c	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )












4d	Other program services (Describe in Schedule O.)
	(Expenses $ including grants of $ ) (Revenue $ )
4e	Total program service expenses$ 50,016

(A) Name and Title	(B) Average hours per week (describe hours for related organizations in Schedule O)	(C) Position (do not check more than one box, unless person is both an officer and a director/trustee)		(D) Reportable compensation from the organization (W- 2/1099-MISC)	(E) Reportable compensation from related organizations (W- 2/1099-MISC)	(F) Estimated amount of other compensation from the organization and related organizations
(A) Name and Title
(1) ADAM WEINSTEIN PRESIDENT/CEO	1.0	X	X	0	605,615	61,025
(2) JAMES ROBERT PIGOTT JR VICE PRESIDENT AND SECRETARY	1.0	X	X	0	216,932	44,438
(3) BRIAN BRICKER TREASURER	1.0	X	X	0	198,016	41,813

1b	Sub-Total................
c	Total from continuation sheets to Part VII, Section A....
d	Total (add lines 1b and 1c)............	0	1,020,563	147,276

(A) Name and business address	(B) Description of services	(C) Compensation





2 Total number of independent contractors (including but not limited to those listed above) who received more than $100,000 of compensation from the organization 0

				(A) Total revenue	(B) Related or exempt function revenue	(C) Unrelated business revenue	(D) Revenue excluded from tax under sections 512, 513, or 514
1a	Federated campaigns..1a
b	Membership dues....1b
c	Fundraising events....1c
d	Related organizations...1d
e	Government grants (contributions)1e

f	All other contributions, gifts, grants, and similar amounts not included above1f
g	Noncash contributions included in lines 1a-1f:$
h	Total. Add lines 1a-1f.......			0
			Business Code
2a
b
c
d
e
f	All other program service revenue .
g	Total. Add lines 2a–2f........			0
3	Investment income (including dividends, interest
	and other similar amounts).....			1,982,101	1,982,096		5
4	Income from investment of tax-exempt bond proceeds..			0
5	Royalties............			0
		(i) Real	(ii) Personal
6a	Gross rents
b	Less: rental expenses
c	Rental income or (loss)
d	Net rental income or (loss).......
		(i) Securities	(ii) Other
7a	Gross amount from sales of assets other than inventory
b	Less: cost or other basis and sales expenses
c	Gain or (loss)
d	Net gain or (loss)..........			0
8a	Gross income from fundraising events (not including $ of contributions reported on line 1c). See Part IV, line 18 ...
	a
b	Less: direct expenses ...b
c	Net income or (loss) from fundraising events..			0
9a	Gross income from gaming activities. See Part IV, line 19 ...
	a
b	Less: direct expenses ...b
c	Net income or (loss) from gaming activities...			0
10a	Gross sales of inventory, less returns and allowances .
	a
b	Less: cost of goods sold ..b
c	Net income or (loss) from sales of inventory..			0
Miscellaneous Revenue			Business Code
11a
b
c
d	All other revenue ....
e	Total. Add lines 11a–11d ......			0
12	Total revenue. See Instructions....			1,982,101	1,982,096		5


			(A) Beginning of year		(B) End of year
1	Cashnon-interest-bearing ..........		14,730	1	5,855
2	Savings and temporary cash investments .......		9,415	2	9,420
3	Pledges and grants receivable, net .........		0	3	0
4	Accounts receivable, net .........		0	4	0
5	Receivables from current and former officers, directors, trustees, key employees, and highest compensated employees. Complete Part II of
	Schedule L ..........		0	5	0
6	Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B). Complete Part II of
	Schedule L ..........		0	6	0
7	Notes and loans receivable, net .............		598,000	7	598,000
8	Inventories for sale or use ..............		0	8	0
9	Prepaid expenses and deferred charges ............		0	9	0
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a
b	Less: accumulated depreciation. .....	10b	0	10c
11	Investments—publicly traded securities ..........		0	11	0
12	Investments—other securities. See Part IV, line 11 ......		0	12	0
13	Investments—program-related. See Part IV, line 11 ..		872,346	13	887,184
14	Intangible assets .........		0	14	0
15	Other assets. See Part IV, line 11 ...........		0	15	0
16	Total assets. Add lines 1 through 15 (must equal line 34)...		1,494,491	16	1,500,459
17	Accounts payable and accrued expenses .		10,068	17	12,616
18	Grants payable ..........		0	18	0
19	Deferred revenue ..........		0	19	0
20	Tax-exempt bond liabilities ..........		0	20	0
21	Escrow or custodial account liability. Complete Part IV of Schedule D..		0	21	0
22	Payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified
	persons. Complete Part II of Schedule L..........		0	22	0
23	Secured mortgages and notes payable to unrelated third parties ..		0	23	0
24	Unsecured notes and loans payable to unrelated third parties ....		0	24	0
25	Other liabilities (including federal income tax, payables to related third parties, and other liabilities not included on lines 17-24). Complete Part X of Schedule D.....		0	25	0
26	Total liabilities. Add lines 17 through 25.....		10,068	26	12,616
	Organizations that follow SFAS 117, check here and complete lines 27 through 29, and lines 33 and 34.
27	Unrestricted net assets .....			27
28	Temporarily restricted net assets .....			28
29	Permanently restricted net assets .....			29
	Organizations that do not follow SFAS 117, check here and complete lines 30 through 34.
30	Capital stock or trust principal, or current funds .....		1,000	30	1,000
31	Paid-in or capital surplus, or land, building or equipment fund .....		1,500,501	31	1,500,501
32	Retained earnings, endowment, accumulated income, or other funds		-17,078	32	-13,658
33	Total net assets or fund balances .....		1,484,423	33	1,487,843
34	Total liabilities and net assets/fund balances .....		1,494,491	34	1,500,459