Civic Intelligence

Promesa Administrative Services Organization Inc. Paso

990 • Fiscal year 2016 • EIN 13-3653276

Jan 01, 2016 to Dec 31, 2016 • Filed on May 15, 2017

Organization ProfileWWW.ACACIANETWORK.ORG
311 East 175th StreetBronx, NY 10457

(718) 299-1100

Siviq Scores

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

Liabilities / Assets

94th percentile

1.10x

Higher debt load relative to assets than 94% of similar nonprofits.

2016 filings • NTEE P • $5M-$10M nonprofits • Source year 2016

Liabilities / Revenue

62nd percentile

0.30x

Higher debt load relative to revenue than 62% of similar nonprofits.

2016 filings • NTEE P • $5M-$10M nonprofits • Source year 2016

Net Margin

43rd percentile

0.2%

Higher net margin than 43% of similar nonprofits.

2016 filings • NTEE P • $5M-$10M nonprofits • Source year 2016

Top Officer Pay

97th percentile

$616,980

Higher top officer pay than 97% of similar nonprofits.

Top officer pay equals 7.0% of source-year revenue.

2016 filings • NTEE P • $5M-$10M nonprofits • Source year 2016

Asset Growth

86th percentile

25%

Faster asset growth than 86% of similar nonprofits.

2016 filings • NTEE P • $5M-$10M nonprofits • Annualized from 2015 to 2016

Revenue Growth

85th percentile

18%

Faster revenue growth than 85% of similar nonprofits.

2016 filings • NTEE P • $5M-$10M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets94th percentile

Assets

Up

$2,357,266

Up $475,618 (+25%) from 2015

Net Assets

Up

-$243,477

Up $13,395 (+5.2%) from 2015

Liabilities

Up

$2,600,743

Up $462,223 (+22%) from 2015

Revenue And Expenses
Liabilities / Revenue62nd percentileNet Margin43rd percentile

Revenue

Up

$8,762,465

Up $1,329,039 (+18%) from 2015

Expenses

Up

$8,749,070

Up $1,567,750 (+22%) from 2015

Net Income

Down

$13,395

Down $238,711 (-95%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth86th percentile

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

$20M$15M$10M$5.0M$0-$5.0MAssets 2010: $1,367,176Liabilities 2010: $2,384,585Net Assets 2010: -$1,017,4092010Assets 2011: $1,336,588Liabilities 2011: $2,353,997Net Assets 2011: -$1,017,4092011Assets 2012: $1,988,513Liabilities 2012: $2,340,929Net Assets 2012: -$352,4162012Assets 2013: $2,061,068Liabilities 2013: $2,613,544Net Assets 2013: -$552,4762013Assets 2014: $2,749,652Liabilities 2014: $3,258,630Net Assets 2014: -$508,9782014Assets 2015: $1,881,648Liabilities 2015: $2,138,520Net Assets 2015: -$256,8722015Assets 2016: $2,357,266Liabilities 2016: $2,600,743Net Assets 2016: -$243,4772016Assets 2017: $3,652,157Liabilities 2017: $3,891,607Net Assets 2017: -$239,4502017Assets 2018: $4,809,484Liabilities 2018: $5,037,301Net Assets 2018: -$227,8172018Assets 2019: $5,856,454Liabilities 2019: $6,082,691Net Assets 2019: -$226,2372019Assets 2020: $7,075,188Liabilities 2020: $7,433,487Net Assets 2020: -$358,2992020Assets 2021: $9,132,615Liabilities 2021: $9,535,298Net Assets 2021: -$402,6832021Assets 2022: $10,973,447Liabilities 2022: $11,147,710Net Assets 2022: -$174,2632022Assets 2023: $12,498,962Liabilities 2023: $12,672,965Net Assets 2023: -$174,0032023Assets 2024: $15,206,512Liabilities 2024: $15,599,950Net Assets 2024: -$393,4382024

Highlighted filing

2016

Assets$2,357,266
Liabilities$2,600,743
Net Assets-$243,477
Open 2016 Filing

Operations Trend

Revenue Growth85th percentile

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

$15M$10M$5.0M$0-$5.0MExpenses 2010: $4,632,6082010Expenses 2011: $5,490,8782011Expenses 2012: $6,007,2942012Revenue 2013: $6,491,937Expenses 2013: $6,691,997Net Income 2013: -$200,0602013Revenue 2014: $7,153,084Expenses 2014: $7,109,586Net Income 2014: $43,4982014Revenue 2015: $7,433,426Expenses 2015: $7,181,320Net Income 2015: $252,1062015Revenue 2016: $8,762,465Expenses 2016: $8,749,070Net Income 2016: $13,3952016Revenue 2017: $10,365,635Expenses 2017: $10,361,608Net Income 2017: $4,0272017Revenue 2018: $10,428,587Expenses 2018: $10,416,954Net Income 2018: $11,6332018Revenue 2019: $10,874,848Expenses 2019: $10,873,268Net Income 2019: $1,5802019Revenue 2020: $10,598,327Expenses 2020: $10,730,389Net Income 2020: -$132,0622020Revenue 2021: $12,122,937Expenses 2021: $12,167,321Net Income 2021: -$44,3842021Revenue 2022: $11,742,010Expenses 2022: $11,513,590Net Income 2022: $228,4202022Revenue 2023: $12,308,054Expenses 2023: $12,307,794Net Income 2023: $2602023Revenue 2024: $12,397,190Expenses 2024: $12,616,625Net Income 2024: -$219,4352024

Highlighted filing

2016

Revenue$8,762,465
Expenses$8,749,070
Net Income$13,395
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
May 15, 2017
Return Version
2016v3.1
Gross Receipts
$8,762,465
Mission and Program Overview

Mission

Promesa administrative services organization, inc., established as a not-for-profit, provides all supervisory/admin services for each of the promesa entities.

To provide all supervisory and admin services for each of the promesa entities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$763,774$1,052,702▲ $288,928
Prepaid Expenses and Deferred Charges$12,600$53,172▲ $40,572
Savings and Temporary Cash Investments$0$0→ $0
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Land, Buildings, and Equipment, Net$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$1,881,648$2,357,266▲ $475,618
Other Assets Total$1,105,274$1,251,392▲ $146,118
Liabilities
Accounts Payable and Accrued Expenses$2,138,520$2,600,743▲ $462,223
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$2,138,520$2,600,743▲ $462,223
Net Assets / Fund Balance
Permanently Rstr Net Assets$0$0→ $0
Temporarily Rstr Net Assets$0$0→ $0
Unrestricted Net Assets$-256,872$-243,477▲ $13,395
Total Net Assets Fund Balance$-256,872$-243,477▲ $13,395
Total Liabilities and Net Assets / Fund Balance$1,881,648$2,357,266▲ $475,618

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$58,492--
Compensation and Service Providers
Top Officer Pay97th percentile

Employees

NameTitleOtherTotal
Milton DerienzoCFO$132,868$132,868

Board Members and Trustees

NameTitle
Iris W RamirezChair
Hon Hector DiazPresident
Henry ComasVice Chair
Ralph DecletVice President
David GlaselVice President, Compliance
Dr Saroj BakshiMedical Director
Adrienne RosellAdministrator
Raul RussiCEO
Tomas Del RioCFO
David CollymoreChief Medical Officer
Pamela MattelCOO
Edel BorreroMember
Erica Y MartinezMember
Jose EncarnacionMember
Maria RiveraMember
Gloria DelgadoSecretary
Edna QuinonesTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
AdpPayroll Processing504 CLITNON CENTER, Clinton, MS 39056$567,710
Ebaitz And AssociatesMarketing504 CLINTON CENTER, Clinton, NJ 39056$332,372
Rodriguez Fuentes PCLEGAL Services644 SOUNDVIEW AVE, Bronx, NY 10473$257,232
Cmp Consultant ServicesConsulting227 EAST 11TH STREET, New York, NY 10029$250,000
Mirram Group LLCLEGAL Services215 PARK AVE, New York, NY 10003$211,000
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$8,749,075
Investment Income
$0
Other Revenue
$13,390
Change in Net Assets
$13,395

Audited Revenue Reconciliation

Revenue per Audited Statements
$8,762,465
Total Revenue per Audited Statements
$8,762,465
Total Revenue per Form 990
$8,762,465
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$8,494,958
Other Expenses$254,112
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$8,494,958--$8,494,958
Occupancy$179,112--$179,112
Other Expenses$75,000$0$0$75,000
Total Functional Expenses$8,749,070$0$0$8,749,070

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$8,749,070
Total Expenses per Audited Statements$8,749,070
Total Expenses per Form 990$8,749,070
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

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

Loans and Receivables

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

Governance Checklist

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

Governance Explanations

Form 990, Part VI, Section B, Line 15A & 15B

“The organization periodically engages an independent and qualified compensation consultant to compile and analyze detailed data about the types and levels of compensation packages provided by organizations in promesa's peer group to individuals in positions similar to the officers of promesa.”

Form 990, Part VI, Section B, Line 11B

“The organization distributes the 990 at the board of directors meeting. The board votes to approve the 990.”

Form 990, Part VI, Section B, Line 12C

“Each director, principal officer and member of a committee with governing board delegated powers shall annually sign a statement which affirms such person: a. Has received a copy of the conflicts of interest policy; b. Has read and understands the policy; c. Has agreed to comply with the policy; and d. Understands the Organization is charitable, and in order to maintain its federal tax exemption, it must engage primarily in activities which accomplish one or more of its tax-exempt purposes.”

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.”

Filing and Contact Details

Filer

Filer Name
Promesa Administrative Services
EIN
13-3653276
In Care Of
% MILTON DERIENZO
Phone
7182991100
Address
311 EAST 175TH STREET, BRONX, NY 10457

Signing Officer

Name
Milton Derienzo
Title
CFO
Phone
7182991100
Signed
2017-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Raul Russi
Formed
1990
Legal Domicile
Ny
Voting Board Members
8
Independent Board Members
8
Employees
86
Volunteers
11

Preparer

Firm
WithumSmithBrown PC
Address
ONE TOWER CENTER BLVD 14TH FL, EAST BRUNSWICK, NJ 08816
Preparer
Joseph Perez
Phone
7328281614
Supplemental Narrative

Financial Statement Notes

Part X, Line 2

“PASO is exempt from Federal, New York State, and New York City income taxes under Section 501(c)(3) of the Internal Revenue Code and New York Estates, Powers and Trust Law and Article 7-A of the Executive Law. Accordingly, no provision for income taxes has been reflected in the accompanying financial statements. PASO follows generally accepted accounting principles related to uncertain tax positions which require tax effects from an uncertain tax position to be recognized in the financial statements only if the position is more likely than not to be sustained if the position were to be challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax position may be challenged. If an uncertain tax position meets the more-likely-than-not threshold, the largest amount of tax benefit that is greater than 50 percent likely to be recognized upon ultimate settlement with the taxing authority is recorded. PASO's primary tax positions relate to its status as a not-for-profit entity exempt from income taxes and classification of activities related to its exempt purpose. Management has evaluated the tax positions reflected in PASO's tax filings and does not believe that any material uncertain tax positions exist. PASO did not record any tax related interest or penalties during the years in question. PASO files Form 990 information returns in the U.S. federal jurisdiction and CHAR 500 in the State of New York jurisdiction.”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt14VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt15ADMINISTRATOR
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,357,266
Liabilities
$2,600,743
Net assets
-$243,477
Revenue
$8,762,465
Expenses
$8,749,070
Net income
$13,395
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$15.2$15.6$0.39$12.4$12.6$0.22
2023Detailed filing. Detailed filing data is available for this year.$12.5$12.7$0.17$12.3$12.3$0.00
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$11.0$11.1$0.17$11.7$11.5$0.23
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$9.13$9.54$0.40$12.1$12.2$0.04
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.08$7.43$0.36$10.6$10.7$0.13
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.86$6.08$0.23$10.9$10.9$0.00
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.81$5.04$0.23$10.4$10.4$0.01
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.65$3.89$0.24$10.4$10.4$0.00
2016Detailed filing. Detailed filing data is available for this year.$2.36$2.60$0.24$8.76$8.75$0.01
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.88$2.14$0.26$7.43$7.18$0.25
2014Detailed filing. Detailed filing data is available for this year.$2.75$3.26$0.51$7.15$7.11$0.04
2013Detailed filing. Detailed filing data is available for this year.$2.06$2.61$0.55$6.49$6.69$0.20
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.99$2.34$0.35$6.01
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.34$2.35$1.02$5.49
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.37$2.38$1.02$4.63