Civic Intelligence

Palatine Manor Housing Development Fund Corporation

990 • Fiscal year 2023 • EIN 31-1573533

Jan 01, 2023 to Dec 31, 2023 • Filed on Oct 02, 2024

Organization ProfileN/A
32 Church AvenueGermantown, NY 12526-0115

(413) 525-4321

Siviq Scores

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

Liabilities / Assets

98th percentile

4.49x

Higher debt load relative to assets than 98% of similar nonprofits.

2023 filings • NTEE L • $500k-$1M nonprofits • Source year 2023

Liabilities / Revenue

77th percentile

6.77x

Higher debt load relative to revenue than 77% of similar nonprofits.

2023 filings • NTEE L • $500k-$1M nonprofits • Source year 2023

Net Margin

35th percentile

-17%

Higher net margin than 35% of similar nonprofits.

2023 filings • NTEE L • $500k-$1M nonprofits • Source year 2023

Top Officer Pay

54th percentile

$0

Higher top officer pay than 54% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2023 filings • NTEE L • $500k-$1M nonprofits • Source year 2023

Asset Growth

7th percentile

-14%

Faster asset growth than 7% of similar nonprofits.

2023 filings • NTEE L • $500k-$1M nonprofits • Annualized from 2022 to 2023

Revenue Growth

81st percentile

22%

Faster revenue growth than 81% of similar nonprofits.

2023 filings • NTEE L • $500k-$1M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets98th percentile

Assets

Down

$803,044

Down $134,969 (-14%) from 2022

Net Assets

Down

-$2,805,611

Down $90,523 (-3.3%) from 2022

Liabilities

Down

$3,608,655

Down $44,446 (-1.2%) from 2022

Revenue And Expenses
Liabilities / Revenue77th percentileNet Margin35th percentile

Revenue

Up

$533,397

Up $97,472 (+22%) from 2022

Expenses

Down

$623,920

Down $37,976 (-5.7%) from 2022

Net Income

Up

-$90,523

Up $135,448 (+60%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth7th percentile

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

$4.0M$2.0M$0-$2.0M-$4.0MAssets 2010: $2,258,428Liabilities 2010: $3,356,133Net Assets 2010: -$1,097,7052010Assets 2011: $2,129,825Liabilities 2011: $3,369,508Net Assets 2011: -$1,239,6832011Assets 2012: $2,019,778Liabilities 2012: $3,361,021Net Assets 2012: -$1,341,2432012Assets 2013: $1,928,749Liabilities 2013: $3,375,627Net Assets 2013: -$1,446,8782013Assets 2014: $1,821,076Liabilities 2014: $3,385,183Net Assets 2014: -$1,564,1072014Assets 2015: $1,707,102Liabilities 2015: $3,406,810Net Assets 2015: -$1,699,7082015Assets 2016: $1,606,807Liabilities 2016: $3,430,154Net Assets 2016: -$1,823,3472016Assets 2017: $1,512,296Liabilities 2017: $3,445,051Net Assets 2017: -$1,932,7552017Assets 2018: $1,428,342Liabilities 2018: $3,470,649Net Assets 2018: -$2,042,3072018Assets 2019: $1,309,860Liabilities 2019: $3,479,209Net Assets 2019: -$2,169,3492019Assets 2020: $1,219,742Liabilities 2020: $3,535,969Net Assets 2020: -$2,316,2272020Assets 2021: $1,045,303Liabilities 2021: $3,534,420Net Assets 2021: -$2,489,1172021Assets 2022: $938,013Liabilities 2022: $3,653,101Net Assets 2022: -$2,715,0882022Assets 2023: $803,044Liabilities 2023: $3,608,655Net Assets 2023: -$2,805,6112023Assets 2024: $765,395Liabilities 2024: $3,594,821Net Assets 2024: -$2,829,4262024

Highlighted filing

2023

Assets$803,044
Liabilities$3,608,655
Net Assets-$2,805,611
Open 2023 Filing

Operations Trend

Revenue Growth81st percentile

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

$1.0M$500K$0-$500KExpenses 2010: $450,7012010Expenses 2011: $480,5892011Expenses 2012: $456,6032012Revenue 2013: $359,873Expenses 2013: $465,508Net Income 2013: -$105,6352013Revenue 2014: $370,396Expenses 2014: $487,625Net Income 2014: -$117,2292014Revenue 2015: $387,208Expenses 2015: $522,809Net Income 2015: -$135,6012015Revenue 2016: $388,483Expenses 2016: $512,122Net Income 2016: -$123,6392016Revenue 2017: $402,755Expenses 2017: $512,163Net Income 2017: -$109,4082017Revenue 2018: $411,510Expenses 2018: $521,062Net Income 2018: -$109,5522018Revenue 2019: $422,686Expenses 2019: $549,728Net Income 2019: -$127,0422019Revenue 2020: $449,796Expenses 2020: $566,869Net Income 2020: -$117,0732020Revenue 2021: $422,849Expenses 2021: $595,739Net Income 2021: -$172,8902021Revenue 2022: $435,925Expenses 2022: $661,896Net Income 2022: -$225,9712022Revenue 2023: $533,397Expenses 2023: $623,920Net Income 2023: -$90,5232023Revenue 2024: $645,366Expenses 2024: $669,181Net Income 2024: -$23,8152024

Highlighted filing

2023

Revenue$533,397
Expenses$623,920
Net Income-$90,523
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Oct 2, 2024
Return Version
2023v5.0
Gross Receipts
$533,397
Mission and Program Overview

Mission

To provide affordable low-income housing for the elderly.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$570,187$431,335▼ $138,852
Accounts Receivable$28,284$37,326▲ $9,042
Prepaid Expenses and Deferred Charges$26,265$25,181▼ $1,084
Cash and Non-Interest-Bearing Accounts$8,063$6,368▼ $1,695
Total Assets$938,013$803,044▼ $134,969
Other Assets Total$305,214$302,834▼ $2,380
Liabilities
Mortgage Notes Payable Secured by Investment Property$3,048,478$3,048,478→ $0
Other Liabilities$456,865$474,124▲ $17,259
Accounts Payable and Accrued Expenses$141,780$83,133▼ $58,647
Unsecured Notes Loans Payable$4,109$2,353▼ $1,756
Deferred Revenue$1,869$567▼ $1,302
Total Liabilities$3,653,101$3,608,655▼ $44,446
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-2,715,088$-2,805,611▼ $90,523
Total Net Assets Fund Balance$-2,715,088$-2,805,611▼ $90,523
Total Liabilities and Net Assets / Fund Balance$938,013$803,044▼ $134,969

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$405,317$3,337,965$3,743,282
Equipment$4,518$55,568$60,086
Land$21,500-$21,500
Other Assets Org$24,416--
Compensation and Service Providers
Top Officer Pay54th percentile

Board Members and Trustees

NameTitle
Andrea DipacePresident
Bonnie McalisterTreasurer
Luanne KlineVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$266,430
Program Service Revenue
$261,832
Investment Income
$340
Other Revenue
$4,795
Change in Net Assets
$-90,523

Audited Revenue Reconciliation

Revenue per Audited Statements
$533,397
Total Revenue per Audited Statements
$533,397
Total Revenue per Form 990
$533,397
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$623,920
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$138,851--$138,851
Occupancy$97,965--$97,965
Fees for Services Management-$57,539-$57,539
Insurance$37,973--$37,973
Office Expenses-$21,815-$21,815
Interest$17,217--$17,217
Fees for Services Accounting-$14,000-$14,000
All Other Expenses$7,976$600-$8,576
Other Expenses$7,212$23,014-$7,212
Fees for Services Other-$7,200-$7,200
Advertising-$970-$970
Conferences and Meetings-$262-$262
Total Functional Expenses$433,667$190,253$0$623,920

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$623,920
Total Expenses per Audited Statements$623,920
Total Expenses per Form 990$623,920
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
Accrued Interest Payable$425,102
Advance Payable Reformed Church$27,000
Tenant Security Deposits$22,022
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
No
Management duties delegated
Yes

Governance Explanations

Form 990, Page 6, Part VI, Line 3

“Management services are provided by: carr property management, inc. 24 deer park drive east longmeadow, ma 01028”

Form 990, Page 6, Part VI, Line 11B

“The board president receives a copy of the return for review and approval. Upon approval, the board president will provide authorization to file the return.”

Form 990, Page 6, Part VI, Line 12C

“All members of the board of directors are required to annually execute a conflict of interest document stating that they have received, read and understand, and agree to comply with the conflict of interest document. The conflict of interest document requires the board members to disclose any potential conflicts of interest immediately. The board president will, upon notification of such an event, appoint a disinterested person or committee to investigate alternatives to the proposed transaction. Violations of the conflict of interest policy can result in appropriate disciplinary and corrective action. Also, all board members, by executing the conflict of interest document, acknowledge that they share the responsibility of the entity to remain faithful to the organization's charitable purpose.”

Form 990, Page 6, Part VI, Line 19

“Governing documents of the organization are made available to the public upon reasonable request.”

Filing and Contact Details

Filer

Filer Name
Palatine Manor Housing Development
EIN
31-1573533
Phone
4135254321
Address
32 CHURCH AVENUE, GERMANTOWN, NY 12526-0115

Signing Officer

Name
Andrea Dipace
Title
President
Phone
4135254321
Signed
2024-10-02

Organization Details

Principal Officer
Andrea Dipace
Formed
1997
Legal Domicile
Ny
Voting Board Members
3
Independent Board Members
3
Employees
0

Preparer

Firm
Burkhart Pizzanelli Pc
Address
201 PARK AVE SUITE 2, WEST SPRINGFIELD, MA 01089-1597
Preparer
Julie Quink
Phone
4137349040
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 3, Part X

“The project is a not-for-profit corporation incorporated as a 501(c)(3) organization and is currently exempt from federal income taxes under section 501(a) of the internal revenue code. Management has evaluated significant tax positions against the criteria established by professional standards, including the project's tax exempt status, and believes there are no such tax positions requiring accounting recognition. The project's informational returns are subject to examination by taxing authorities for all years ending on or after december 31, 2020.”

Raw XML Appendix391 raw XML fields

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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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0LAUNDRY & VENDING REVENUE 23,406 TENANT CHARGES 1,683 MISCELLANEOUS REVENUE 900
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IRS990ScheduleD/OtherAssetsOrgGrp/Desc0RESIDUAL REPLACEMENTS
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IRS990ScheduleD/OtherAssetsOrgGrp/Desc2TENANT SECURITY DEPOSITS
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt127000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt222022
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE PROJECT IS A NOT-FOR-PROFIT CORPORATION INCORPORATED AS A 501(C)(3) ORGANIZATION AND IS CURRENTLY EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(A) OF THE INTERNAL REVENUE CODE. MANAGEMENT HAS EVALUATED SIGNIFICANT TAX POSITIONS AGAINST THE CRITERIA ESTABLISHED BY PROFESSIONAL STANDARDS, INCLUDING THE PROJECT'S TAX EXEMPT STATUS, AND BELIEVES THERE ARE NO SUCH TAX POSITIONS REQUIRING ACCOUNTING RECOGNITION. THE PROJECT'S INFORMATIONAL RETURNS ARE SUBJECT TO EXAMINATION BY TAXING AUTHORITIES FOR ALL YEARS ENDING ON OR AFTER DECEMBER 31, 2020.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0MANAGEMENT SERVICES ARE PROVIDED BY: CARR PROPERTY MANAGEMENT, INC. 24 DEER PARK DRIVE EAST LONGMEADOW, MA 01028
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BOARD PRESIDENT RECEIVES A COPY OF THE RETURN FOR REVIEW AND APPROVAL. UPON APPROVAL, THE BOARD PRESIDENT WILL PROVIDE AUTHORIZATION TO FILE THE RETURN.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ALL MEMBERS OF THE BOARD OF DIRECTORS ARE REQUIRED TO ANNUALLY EXECUTE A CONFLICT OF INTEREST DOCUMENT STATING THAT THEY HAVE RECEIVED, READ AND UNDERSTAND, AND AGREE TO COMPLY WITH THE CONFLICT OF INTEREST DOCUMENT. THE CONFLICT OF INTEREST DOCUMENT REQUIRES THE BOARD MEMBERS TO DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST IMMEDIATELY. THE BOARD PRESIDENT WILL, UPON NOTIFICATION OF SUCH AN EVENT, APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION. VIOLATIONS OF THE CONFLICT OF INTEREST POLICY CAN RESULT IN APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. ALSO, ALL BOARD MEMBERS, BY EXECUTING THE CONFLICT OF INTEREST DOCUMENT, ACKNOWLEDGE THAT THEY SHARE THE RESPONSIBILITY OF THE ENTITY TO REMAIN FAITHFUL TO THE ORGANIZATION'S CHARITABLE PURPOSE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3GOVERNING DOCUMENTS OF THE ORGANIZATION ARE MADE AVAILABLE TO THE PUBLIC UPON REASONABLE REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
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ReturnHeader/BuildTS02024-10-15 13:58:12Z
ReturnHeader/BusinessOfficerGrp/PersonNm0ANDREA DIPACE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
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ReturnHeader/BusinessOfficerGrp/SignatureDt02024-10-02
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0PALATINE MANOR HOUSING DEVELOPMENT
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0FUND CORPORATION
ReturnHeader/Filer/BusinessNameControlTxt0PALA
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ReturnHeader/Filer/PhoneNum04135254321
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ReturnHeader/Filer/USAddress/CityNm0GERMANTOWN
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ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0BURKHART PIZZANELLI PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0201 PARK AVE SUITE 2
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0WEST SPRINGFIELD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0010891597
ReturnHeader/PreparerPersonGrp/PhoneNum04137349040
ReturnHeader/PreparerPersonGrp/PreparationDt02024-10-02
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JULIE QUINK
ReturnHeader/ReturnTs02024-10-11T14:33:30-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-01-01
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$803,044
Liabilities
$3,608,655
Net assets
-$2,805,611
Revenue
$533,397
Expenses
$623,920
Net income
-$90,523
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.77$3.59$2.83$0.65$0.67$0.02
2023Detailed filing. Detailed filing data is available for this year.$0.80$3.61$2.81$0.53$0.62$0.09
2022Detailed filing. Detailed filing data is available for this year.$0.94$3.65$2.72$0.44$0.66$0.23
2021Detailed filing. Detailed filing data is available for this year.$1.05$3.53$2.49$0.42$0.60$0.17
2020Detailed filing. Detailed filing data is available for this year.$1.22$3.54$2.32$0.45$0.57$0.12
2019Detailed filing. Detailed filing data is available for this year.$1.31$3.48$2.17$0.42$0.55$0.13
2018Detailed filing. Detailed filing data is available for this year.$1.43$3.47$2.04$0.41$0.52$0.11
2017Detailed filing. Detailed filing data is available for this year.$1.51$3.45$1.93$0.40$0.51$0.11
2016Detailed filing. Detailed filing data is available for this year.$1.61$3.43$1.82$0.39$0.51$0.12
2015Detailed filing. Detailed filing data is available for this year.$1.71$3.41$1.70$0.39$0.52$0.14
2014Detailed filing. Detailed filing data is available for this year.$1.82$3.39$1.56$0.37$0.49$0.12
2013Detailed filing. Detailed filing data is available for this year.$1.93$3.38$1.45$0.36$0.47$0.11
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.02$3.36$1.34$0.46
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.13$3.37$1.24$0.48
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.26$3.36$1.10$0.45