Civic Intelligence

Palmer Park Seniors Housing Inc

EIN 30-0017331 • 501(c)3 • Rockville, MD

Profile

Affordable housing and services

6001 Executive Blvd STE 300Rockville, MD 20852

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

56th percentile

0.10x

Higher debt load relative to assets than 56% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

80th percentile

0.47x

Higher debt load relative to revenue than 80% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Net Margin

19th percentile

-14%

Higher net margin than 19% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

97th percentile

$479,592

Higher top officer pay than 97% of similar nonprofits.

Top officer pay equals 67.4% of source-year revenue.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Asset Growth

31st percentile

-2.3%

Faster asset growth than 31% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

50th percentile

7.0%

Faster revenue growth than 50% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Assets

Down

$3,404,492

Down $251,011 (-6.9%) from 2022

Liabilities

Up

$336,906

Up $105,459 (+46%) from 2022

Net Assets

Down

$3,067,586

Down $356,470 (-10%) from 2022

Revenue

Up

$711,074

Up $44,914 (+6.7%) from 2022

Expenses

Down

$807,661

Down $10,917 (-1.3%) from 2022

Net Income

Up

-$96,587

Up $55,831 (+37%) from 2022

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$6.0M$4.0M$2.0M$0Assets 2010: $5,859,579Liabilities 2010: $218,624Net Assets 2010: $5,640,9552010Assets 2015: $5,244,896Liabilities 2015: $608,074Net Assets 2015: $4,636,8222015Assets 2016: $5,066,078Liabilities 2016: $611,720Net Assets 2016: $4,454,3582016Assets 2018: $4,288,739Liabilities 2018: $208,989Net Assets 2018: $4,079,7502018Assets 2019: $4,134,459Liabilities 2019: $209,249Net Assets 2019: $3,925,2102019Assets 2020: $3,884,477Liabilities 2020: $191,826Net Assets 2020: $3,692,6512020Assets 2021: $3,809,733Liabilities 2021: $233,259Net Assets 2021: $3,576,4742021Assets 2022: $3,655,503Liabilities 2022: $231,447Net Assets 2022: $3,424,0562022Assets 2024: $3,404,492Liabilities 2024: $336,906Net Assets 2024: $3,067,5862024

Highlighted filing

2024

Assets$3,404,492
Liabilities$336,906
Net Assets$3,067,586

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$1.5M$1.0M$500K$0-$500K-$1.0MExpenses 2010: $725,9922010Revenue 2015: $557,091Expenses 2015: $1,099,883Net Income 2015: -$542,7922015Revenue 2016: $552,601Expenses 2016: $735,065Net Income 2016: -$182,4642016Revenue 2018: $615,731Expenses 2018: $824,511Net Income 2018: -$208,7802018Revenue 2019: $621,266Expenses 2019: $775,806Net Income 2019: -$154,5402019Revenue 2020: $608,722Expenses 2020: $841,281Net Income 2020: -$232,5592020Revenue 2021: $692,251Expenses 2021: $808,428Net Income 2021: -$116,1772021Revenue 2022: $666,160Expenses 2022: $818,578Net Income 2022: -$152,4182022Revenue 2024: $711,074Expenses 2024: $807,661Net Income 2024: -$96,5872024

Highlighted filing

2024

Revenue$711,074
Expenses$807,661
Net Income-$96,587

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 16, 2025
Return Version
2024v5.2
Gross Receipts
$711,074
Mission and Program Overview

Mission

Affordable housing and services

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$3,216,408$3,063,005▼ $153,403
Accounts Receivable$983$235,168▲ $234,185
Cash and Non-Interest-Bearing Accounts$2,589$52,939▲ $50,350
Prepaid Expenses and Deferred Charges$19,319$17,139▼ $2,180
Total Assets$3,410,910$3,404,492▼ $6,418
Other Assets Total$171,611$36,241▼ $135,370
Liabilities
Mortgage Notes Payable Secured by Investment Property$137,644$137,644→ $0
Accounts Payable and Accrued Expenses$74,414$119,908▲ $45,494
Deferred Revenue$217$48,299▲ $48,082
Other Liabilities$34,462$31,055▼ $3,407
Total Liabilities$246,737$336,906▲ $90,169
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,164,173$3,067,586▼ $96,587
Total Net Assets Fund Balance$3,164,173$3,067,586▼ $96,587
Total Liabilities and Net Assets / Fund Balance$3,410,910$3,404,492▼ $6,418

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,584,154$2,421,250$5,005,404
Leasehold Improvements$36,624$970,627$1,007,251
Other Land Buildings$12,023$395,818$407,841
Land$384,721-$384,721
Equipment$45,483$131,149$176,632
Compensation and Service Providers

Board Members and Trustees

NameTitle
Leila A FinucanePresident & CEO
Jacqueline R SmedleyVice President
Donald TomassoDirector
Maurice PerryDirector
Michael GillDirector
Jeffrey BlackwellAsst Secretary
Sarah ORiellySecretary
Michelle M LimeresTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$708,835
Investment Income
$2,239
Other Revenue
$0
Change in Net Assets
$-96,587

Audited Revenue Reconciliation

Revenue per Audited Statements
$711,074
Total Revenue per Audited Statements
$711,074
Total Revenue per Form 990
$711,074
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$577,675
Salaries, Compensation, and Employee Benefits$229,986
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$176,879--$176,879
Depreciation Depletion$166,526--$166,526
Occupancy$136,128--$136,128
Fees for Services Management-$38,825-$38,825
Other Employee Benefits$32,582--$32,582
Fees for Services Accounting-$22,799-$22,799
Payroll Taxes$20,525--$20,525
Other Expenses$13,728--$13,728
Office Expenses$9,597--$9,597
Information Technology$8,449--$8,449
Fees for Services Legal$4,819--$4,819
Advertising$2,072--$2,072
Fees for Services Other$434--$434
Travel$256--$256
Total Functional Expenses$746,037$61,624$0$807,661

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$807,661
Total Expenses per Audited Statements$807,661
Total Expenses per Form 990$807,661
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Resident Security Deposits$26,700
Security Interest$4,355
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 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Members or stockholder classes and rights Part VI line 6

There shall be one class of membership with voting rights consisting of the Archbishop of the Archdiocese of Washington, the Moderator of the Curia of the Archdiocese of Washington, the Chancellor of the Archdiocese of Washington, and their successors in office, each as selected or appointed according to the discipline of the Roman Catholic Church.The persons holding these offices will be known as the Corporate Members of the Corporation.

Member election for additional members Part VI line 7A

Each Corporate Member shall have the right to one vote to elect and remove members to the board of directors and fill vacancies that may occur.

Governing body decisions Part VI line 7B

The Corporate Members reserve to themselves authority to authorize the followingactions:(a)The oversight & authentication of the Corporations mission;(b)The adoption or amendment of a mission statement;(c)The amendment of the Articles of Incoporation and the amendment of the Bylaws;(d)The election & removal of members to the Board of Directors & the filling of vacancies that may occur; (e)The appointment & termination of the President/Chief Executive Officer (CEO);(f)The acquisition, purchase, sale, lease, disposition or hypothecation of real propertyby Corporation;(g)The approval of the borrowing of money or the guarantee of any obligations;(h)The approval of any budget which reflects an operating deficit; (i)The approval of fiscal auditors; (j)The merger, liquidation, dissolution, winding up, or abandonment of the Corporation.

Form 990 governing body review Part VI line 11

Draft of form 990 is provided to board members for review prior to filing.

Conflict of interest policy compliance Part VI line 12C

The Organizations related entity, Victory Housing has a written Conflict of Interest Policy. The board members and officers of the Organization acknowledge and adhere to this policy, and they annually disclose any conflicts of interest.

Governing documents etc available to public Part VI line 19

Other Organization documents publicly available, upon request.

Filing and Contact Details

Filer

Filer Name
Palmer Park Seniors Housing Inc
EIN
30-0017331
In Care Of
% Leila A Finucane
Phone
3014936000
Address
6001 Executive Blvd STE 300, Rockville, MD 20852

Signing Officer

Name
Leila a Finucane
Title
President & CEO
Phone
3014936000
Signed
2025-11-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Leila A Finucane
Formed
2001
Legal Domicile
Md
Voting Board Members
7
Independent Board Members
3
Employees
0
Volunteers
3

Preparer

Firm
Mullins PC
Address
7625 Wisconsin Avenue, Bethesda, MD 20814
Preparer
John Mullins
Phone
2027706371
Supplemental Narrative

Financial Statement Notes

Part X, Line 2-Text in footnote regarding FIN 48 (ASC 740)

Due to its tax-exempt status, The Organization is not subject to income taxes. The Organization is required to file and does file tax returns with the IRS and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and The Organization has no other tax positions which must be considered for disclosure. The Organizations Form 990, Return of Organization Exempt from Income Tax, for the previous three years are subject to examination by the IRS, generally for three years after they were filed.

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IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus4YearsAmt018
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IRS990ScheduleA/InvestmentIncomePYPct00.00000
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IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus3YearsAmt09658
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus4YearsAmt016749
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IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/CurrentTaxYearMinus4YearsAmt00
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IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt03068713
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IRS990ScheduleD/BuildingsGrp/DepreciationAmt02421250
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt05005404
IRS990ScheduleD/EquipmentGrp/BookValueAmt045483
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0131149
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0176632
IRS990ScheduleD/ExpensesSubtotalAmt0807661
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt0384721
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0384721
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt036624
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0970627
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt01007251
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt012023
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0395818
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0407841
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt04355
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt126700
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Security Interest
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Resident Security Deposits
IRS990ScheduleD/RevenueSubtotalAmt0711074
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Due to its tax-exempt status, The Organization is not subject to income taxes. The Organization is required to file and does file tax returns with the IRS and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and The Organization has no other tax positions which must be considered for disclosure. The Organizations Form 990, Return of Organization Exempt from Income Tax, for the previous three years are subject to examination by the IRS, generally for three years after they were filed.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X, Line 2-Text in footnote regarding FIN 48 (ASC 740)
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IRS990ScheduleD/TotalExpensesPerForm990Amt0807661
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IRS990/ScheduleJRequiredInd0true
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Leila A Finucane
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1Jacqueline R Smedley
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm2Michelle M Limeres
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm3Jeffrey Blackwell
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm4Sarah ORielly
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0President & CEO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1Vice President
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt2Treasurer
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt3Asst Secretary
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt4Secretary
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt0479592
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt1331543
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt3294364
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt4269953
IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt0The President and Chief Executive Officer receives compensation from a related entity, Victory Housing, Inc. Victory Housing Inc. uses an independent compensation consultant, Form 990 of other organizations, compensation survey or study, and approval by the Victory Housing board to establish compensation.
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc0General Explanation Attachment
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0There shall be one class of membership with voting rights consisting of the Archbishop of the Archdiocese of Washington, the Moderator of the Curia of the Archdiocese of Washington, the Chancellor of the Archdiocese of Washington, and their successors in office, each as selected or appointed according to the discipline of the Roman Catholic Church.The persons holding these offices will be known as the Corporate Members of the Corporation.

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