Civic Intelligence

Las Palmas Foundation

EIN 33-0497515 • 501(c)3 • Encinitas, CA

Profile

Las palmas foundation, a ca nonprofit charitable corporation, is dedicated to acquire, develop, rehabilitate, and support affordable housing. The organization was created to increase and improve housing for low and moderate income families and individuals.

531 Encinitas Blvd Ste 206Encinitas, CA 92024

www.laspalmasfoundation.com

Siviq Scores

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

Liabilities / Assets

4th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Liabilities / Revenue

5th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Net Margin

96th percentile

79%

Higher net margin than 96% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

97th percentile

94%

Faster asset growth than 97% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2024

Revenue Growth

93rd percentile

89%

Faster revenue growth than 93% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2024

Assets

Up

$25,900,318

Up $5,527,618 (+27%) from 2023

Liabilities

Down

$0

Down $917 (-100%) from 2023

Net Assets

Up

$25,900,318

Up $5,528,535 (+27%) from 2023

Revenue

Down

$7,002,561

Down $5,407,840 (-44%) from 2023

Expenses

Up

$1,474,026

Up $107,308 (+7.9%) from 2023

Net Income

Down

$5,528,535

Down $5,515,148 (-50%) from 2023

Trend Graphs

Balance Sheet Trend

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

$30M$20M$10M$0Assets 2010: $2,478,535Liabilities 2010: $1,119Net Assets 2010: $2,477,4162010Assets 2013: $5,421,999Liabilities 2013: $1,744Net Assets 2013: $5,420,2552013Assets 2014: $5,523,800Liabilities 2014: $4,163Net Assets 2014: $5,519,6372014Assets 2015: $5,453,378Liabilities 2015: $0Net Assets 2015: $5,453,3782015Assets 2016: $4,974,213Liabilities 2016: $1,251Net Assets 2016: $4,972,9622016Assets 2017: $4,911,206Liabilities 2017: $1,135Net Assets 2017: $4,910,0712017Assets 2018: $4,862,756Liabilities 2018: $1,135Net Assets 2018: $4,861,6212018Assets 2019: $4,909,342Liabilities 2019: $1,135Net Assets 2019: $4,908,2072019Assets 2020: $5,167,900Liabilities 2020: $0Net Assets 2020: $5,167,9002020Assets 2021: $6,084,705Liabilities 2021: $0Net Assets 2021: $6,084,7052021Assets 2022: $6,856,312Liabilities 2022: $15,000Net Assets 2022: $6,841,3122022Assets 2023: $20,372,700Liabilities 2023: $917Net Assets 2023: $20,371,7832023Assets 2024: $25,900,318Liabilities 2024: $0Net Assets 2024: $25,900,3182024

Highlighted filing

2024

Assets$25,900,318
Liabilities$0
Net Assets$25,900,318

Operations Trend

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

$15M$10M$5.0M$0-$5.0MExpenses 2010: $943,6032010Revenue 2013: $3,241,581Expenses 2013: $1,106,508Net Income 2013: $2,135,0732013Revenue 2014: $1,100,336Expenses 2014: $1,000,954Net Income 2014: $99,3822014Revenue 2015: $1,224,633Expenses 2015: $1,290,892Net Income 2015: -$66,2592015Revenue 2016: $818,871Expenses 2016: $868,541Net Income 2016: -$49,6702016Revenue 2017: $826,159Expenses 2017: $889,050Net Income 2017: -$62,8912017Revenue 2018: $914,698Expenses 2018: $963,148Net Income 2018: -$48,4502018Revenue 2019: $1,123,583Expenses 2019: $1,076,997Net Income 2019: $46,5862019Revenue 2020: $1,363,662Expenses 2020: $1,103,969Net Income 2020: $259,6932020Revenue 2021: $2,028,214Expenses 2021: $1,111,409Net Income 2021: $916,8052021Revenue 2022: $1,967,411Expenses 2022: $1,210,804Net Income 2022: $756,6072022Revenue 2023: $12,410,401Expenses 2023: $1,366,718Net Income 2023: $11,043,6832023Revenue 2024: $7,002,561Expenses 2024: $1,474,026Net Income 2024: $5,528,5352024

Highlighted filing

2024

Revenue$7,002,561
Expenses$1,474,026
Net Income$5,528,535

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$25.9$0.00$25.9$7.00$1.47$5.53
2023Detailed filing. Detailed filing data is available for this year.$20.4$0.00$20.4$12.4$1.37$11.0
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.86$0.02$6.84$1.97$1.21$0.76
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6.08$0.00$6.08$2.03$1.11$0.92
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.17$0.00$5.17$1.36$1.10$0.26
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.91$0.00$4.91$1.12$1.08$0.05
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.86$0.00$4.86$0.91$0.96$0.05
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.91$0.00$4.91$0.83$0.89$0.06
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.97$0.00$4.97$0.82$0.87$0.05
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.45$0.00$5.45$1.22$1.29$0.07
2014Detailed filing. Detailed filing data is available for this year.$5.52$0.00$5.52$1.10$1.00$0.10
2013Detailed filing. Detailed filing data is available for this year.$5.42$0.00$5.42$3.24$1.11$2.14
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.48$0.00$2.48$0.94
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 22, 2024
Return Version
2024v5.2
Gross Receipts
$7,371,753
Mission and Program Overview

Mission

Las palmas foundation, a california non-profit corporation, is dedicated to acquire, develop, rehabilitate, and support affordable housing. The organization was created to increase and improve housing for low and moderate income families and individuals.

Las palmas foundation, a california non-profit corporation is dedicated to acquire, develop, rehabilitate and support affordable housing. The organization was created to increase and improve housing for low and moderate income families and dividuals.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Program Related$15,330,663$20,542,683▲ $5,212,020
Savings and Temporary Cash Investments$2,548,536$2,757,324▲ $208,788
Investments in Publicly Traded Securities$1,758,660$1,936,658▲ $177,998
Cash and Non-Interest-Bearing Accounts$478,721$396,383▼ $82,338
Accounts Receivable$112,140$120,012▲ $7,872
Land, Buildings, and Equipment, Net-$3,278-
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$20,372,700$25,900,318▲ $5,527,618
Other Assets Total$143,980$143,980→ $0
Liabilities
Accounts Payable and Accrued Expenses$917--
Total Liabilities$917$0▼ $917
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$20,371,783$25,900,318▲ $5,528,535
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$20,371,783$25,900,318▲ $5,528,535
Total Liabilities and Net Assets / Fund Balance$20,372,700$25,900,318▲ $5,527,618

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$4,098$28,355$32,453
Other Land Buildings-$18,308$18,308
Investment Program Related Org$5,995,600--
Other Assets Org$142,426--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
-President-$312,232$219,000$531,232
Joseph MichaelsPresidentPT$526,418-$526,418
Leslie MichaelsVice PresidentPT$126,560$72,153$198,713
Noami PinesVice PresidentPT$139,974-$139,974
Ryan MonteVice PresidentPT$138,320-$138,320
Mary WhiteVice PresidentFT$120,432-$120,432

Board Members and Trustees

NameTitle
Randy StevensonDirector
Shery AveryDirector
Victor BaroneDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$6,967,112
Investment Income
$404,641
Other Revenue
$-369,192
Change in Net Assets
$5,528,535
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,305,651
Other Expenses$168,375
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$846,126$94,014-$940,140
Other Salaries and Wages$155,110$17,235-$172,345
Other Employee Benefits$96,008$10,667-$106,675
Payroll Taxes$56,245$6,249-$62,494
Occupancy$52,537$5,837-$58,374
Pension Plan Contributions$21,657$2,340-$23,997
Conferences and Meetings$1,622$19,573-$21,195
Fees for Services Other$15,487$1,721-$17,208
Fees for Services Accounting-$12,641-$12,641
Insurance$3,451$2,356-$5,807
All Other Expenses$4,205$658-$4,863
Travel$3,881$431-$4,312
Office Expenses$2,839$357-$3,196
Other Expenses$6,833$1,000-$1,000
Depreciation Depletion$738$82-$820
Total Functional Expenses$1,294,147$179,879$0$1,474,026
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
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
Yes
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
No

Governance Explanations

Part VI, Section A, Line 2

Mrs leslie michaels, vice president is married to joseph michaels, president.

Part VI, Section B, Line 12C

Las palmas foundation has a written conflict of interest policy and this is reviewed by the president and board of directors at least annually to ensure compliance.

Part VI, Section B, Line 15A

Las palmas foundation uses information from compensation studies and form 990 of similar entities to determine compensation for the president and top managment. The board of directors reviews this information and then votes to approve the presidents compensation and a written one year agreement is signed.

Part VII, Line 1A(B)

Mr. Joseph michaels manages and directs all of the employees of the organization. He provides the vision for the company.

Part VII, Line 1A(B)

Mrs. Michaels is in charge of all accounting and administrative funtions including the procurement of insurance, computer technologies and human resources for las palmas foundation, las palmas housing and development and communities advocating for resident empowerment.

Part VII, Line 1A(B)

Mr. Monte is in charge of all asset and property management duties for las palmas foundation and las palmas housing and development.

Part VII, Line 1A(B)

Mrs. Pines is responsible for all property development for both las palmas foundation and las palmas housing and development.

Part VII, Line 1A(B)

Ms. White is responsible for all social services co-ordination for residents at las palmas foundation, las palmas housing and development and communities advocating for resident empowerment.

Filing and Contact Details

Filer

Filer Name
Las Palmas Foundation
EIN
33-0497515
Phone
7609449050
Address
531 ENCINITAS BLVD STE 206, ENCINITAS, CA 92024

Signing Officer

Name
Joseph Michaels
Title
President
Phone
7609449050
Signed
2024-11-22
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Joseph M Michaels
Formed
1991
Legal Domicile
CA
Voting Board Members
4
Independent Board Members
3
Employees
7

Preparer

Firm
Victor J Barone CPA
Address
500 S LYNN RIGGS BLVD STE 215, CLAREMORE, OK 74017
Preparer
Victor J Barone
Phone
8183958933
Supplemental Narrative

Additional Explanations

Part III, Line 4D

Co-managing general in s. Broadway sh lp which owns and operates a 56 unit afordable family apartment complex in los angeles.

Part III, Line 4D

Co-managing partner of auburn park ii lp which owns and operates a 69 unit affordable family project in san diego california.

Part III, Line 4D

Co managing general partner in macarthur psh lp which owns and operates a 44 unit homeless supportive housing apartment complex in oakland california. It is a tax-exempt bond and tax credit development.

Part III, Line 4D

Co-managing general partner in vallejo family housing partners lp which owns and opertes an 87 unit affordable family apartment complex located in vallejo california. It is a tax exempt bond and tax credit development.

Part III, Line 4D

Co-managing general partner in windsor metropolitan lp which owns and operates a 57 unit affordable family housing complex in emeryville california. It is a tax exempt bond and tax credit development.

Part III, Line 4D

Co-managing general partner in newport housing partners lp which owns and operates a 120 unit affordable senior citizen complex in newport beach california. It is a tax-exempt bond and tax credit development.

Part III, Line 4D

Co-manging general partner in solano vista ii housing investors lp which owns and operates a 194 unit affordable senior apartment complex in vallejo california. It is a tax-exempt bond and tax credit development.

Part III, Line 4D

Co-managing general partner in montebello senior housing lp which owns and operates a 189 unit section 8 hud senior citizen complex in montebello california.

Part III, Line 4D

Co-managing general partner in cerritos family housing partners lp which owns and operates a 70 unit affordable family housing complex in anaheim california.

Part III, Line 4D

Co-managing general partner in anaheim family housing partners lp which owns and operates a 49 unit affordable family apartment complex in anaheim califonria. It is a tax credit development.

Part III, Line 4D

Co-managing general partner in el paseo housing investors lp which owns and operates a 144 unt affordable family apartment complex in san pablo california.

Part III, Line 4D

Co-managing general partner in syep associates lp which owns and operates a 45 unit affordable family apartment complex in san ysidro california.

Part III, Line 4D

Co-managing general partner in melrose psh lp which owns and opertes a 39 unit homeless-supportive housing apartment complex in los angeles california. It is a tax-exempt bond and tax credit development.

Part III, Line 4D

Co-managing partner in amcal 1440 santa ana fund lp which owns and operates a 69 unit family apartment complex in snta ana california. It is a tax-exempt bond tax credit development.

Part III, Line 4D

Co-managing general partner in gateway i housing investors lp which owns and opertes a 42 unit affordable family housing complex in san diego california.

Part III, Line 4D

Co-managing general partner in lindsay family housing partners lp which owns and operates an 81 unit affordable family apartment complex in lindsay california.

Part III, Line 4D

Co-managing general partner in san jose family housing partners lp which owns and operates an 86 unit affordable family apartment complex in san jose california.

Part III, Line 4D

Co-managing general partner in hemet vistas 1 and 2r partners lp which owns and operates a 144 unit affordable family complex in hemet california. It is a tax-exempt bond and tax credit development.

Part III, Line 4D

Co-managing general partner in la entrada housing investors lp which owns and operates an 85 unit affordable senior apartment complex in san diego california. It is a tax credit development.

Part III, Line 4D

Co-managing general partner in amcal las brisas fund lp which owns and operates a 66 unit affordable family complex in los angeles california. It is a tax credit development.

Part III, Line 4D

Co-managing general partner in las ventanas fund lp which owns and operates a 102 unit affordable family apartment complex in long beach california. It is a tax-exempt bond and tax credit development.

Part III, Line 4D

Co-managing general partner in lindsay ii family housing partners lp which owns and operates a 40 unit affordable family housing apartment complex in lindsay california.

Part III, Line 4D

Co-managing general partner in los arboles family apartments lp which owns and operates an 81 unit family affordable housing apartment complex in orange grove located in fresno county california.

Part III, Line 4D

Co-managing general partner in amcal los vientos fund lp which owns and operates an 89 unit affordable family apartment complex in san diego california. It is a tax credit development.

Part III, Line 4D

Co-managing general partner in luna family housing lp shich owns and operates a 77 unit affordable family apartment complex in carmel valley/san diego california.

Part III, Line 4D

Co-managing general partner in amcal macarthur fund lp fund lp which owns and opertes a 32 unit affordable family apartment complex in oakland california. It is a tax credit devlopment.

Part III, Line 4D

Co-managing general partner in brawley housing investors lp which owns and operates a 69 unit affordable family apartment complex in brawley california. It is a tax credit development.

Part III, Line 4D

Co-managing general partner in amcal mercado fund lp which owns and operates a 60 unit affordable family apartment complex in perris california. It is a tax credit development.

Part III, Line 4D

Co-managing general partner in san diego commons lp which owns and operates a 78 unit affordable family apartment complex in san diego.

Part III, Line 4D

Co-managing general partner in amcal mirandela fund lp 34 unit affordable senior apartment complex in rancho palos verdes california. It is a tax credit development.

Part III, Line 4D

Co-managing partner in temecula gardens ii lp which owns and operates a 76 unit family affordable apartment complex in temecula california. It is a tax-exempt bond and tax credit development.

Part III, Line 4D

Co-managing general partner in amcal mission fund lp which owns and operates an 85 unit affordable family apartment complex in san diego california. It is a tax credit development.

Part III, Line 4D

Co-managing general partner in amcal montecito fund lp which owns and operates a 98 unit senior affordable housing complex in los angeles california. It is a tax credit development.

Part III, Line 4D

Co-managing general partner in montevista san pablo ar lp which owns and operates an 82 unit affordable senior apartment complex in san pablo california.

Part III, Line 4D

Co-managing general partner in oceana fund lp which owns and operates a 91 unit affordable family apartment complex in huntington beach california.

Part III, Line 4D

Co-managing general partner in orchard view apartments lp which owns and operates an 81 unit family affordable housing apartment complex in holtville california in imperial county.

Part III, Line 4D

Co-managing general partner in seventh at c associates lp which owns and operates a 22 unit affordable family apartment complex in oxnard california.

Part III, Line 4D

Co-managing general partner in amcal pujol fund lp which owns and operates a 44 unit affordable family apartment complex in temecula california. It is a tax credit development.

Part III, Line 4D

Co-managing general partner in amcal santa fe fund lp which owns and operates a 60 unit affordable family apartment complex in bakersfield california. It is a tax credit development.

Part III, Line 4D

Co-managing genearl partner in solano vista i senior apartments which owns and operates a 96 unit affordable senior apartment complex in vallejo california. It is a tax credit development.

Part III, Line 4D

General partner of brandon affordable housing which is the co-general partner in amcal somas ranch fund lp which owns and operates a 200 unit affordable family apartment complex in somis california.

Part III, Line 4D

Co-managing general partner in sommerset place lp which and operates a 96 unit affordable family apartment complex in sacramento california.

Part III, Line 4D

Co-managing general partner in sonterra housing investors lp which owns and operates a 54 unit family affordable complex in brawley california in imperial county.

Part III, Line 4D

Co-managing general partner in katella housing partners lp which owns and operates a 38 unit affordable family apartment complex in anaheim california.

Part III, Line 4D

Co-managing general partner in katella ii family housing partners lp which owns and operates a 26 unit affordable family apartment complex in anaheim california.

Part III, Line 4D

Co-managing general partner in fresno family housing partners lp which owns and operates a 72 unit affordable family apartment complex in sacramento california.

Part III, Line 4D

Co-managing general partner in almaden senior housing partners lp which owns and operates a 66 unit senior affordable apartment complex in san jose california.

Part III, Line 4D

Co-managing general partner in amcal sunrise fund lp which owns and operates a 46 unit affordable senior apartment complex in south los angeles california. It is a tax credit development.

Part III, Line 4D

Co-managing general partner in sutter gough lp which owns and operates a 680 unit project based section 8 hud senior citizen apartment complex in san francisco california.

Part III, Line 4D

Co-managing general partner in tulare ii family housing partners lp which owns and operates a 72 unit affordable family apartment complex in tulare california.

Part III, Line 4D

Co-managing general partner in tulare family housing partners lp which owns and operates an 81 unit affordable family apartment complex in tulare california.

Part III, Line 4D

Co-managing general partner in verano fund lp which owns and operates a 40 unit affordable family apartment complex in perris california.

Part III, Line 4D

Co-managing general partner in amcal villa encantada fund lp which owns and operates a 67 unit affordable family apartment complex in san diego california.

Part III, Line 4D

Co-managing general partner in amcal villa esperanza fund lp. Which owns and operates an 81 unit affordable housing apartment complex in avenal california.

Part III, Line 4D

Co-managing general partner in delano villas santa fe apartments lp which owns and operates an 81 unit affordable family apartment complex in delano california.

Part III, Line 4D

Co-managing general partner in carlsbad veteran housing lp which owns and operates a 50 unit homeless-supportive housing apartment complex in carlsbad california.

Part III, Line 4D

Managing general partner in brandon affordable housing llc which owns an interest in las terrazas fund lp which owns and operates a 72 unit affordable family apartment complex in colton california.

Part III, Line 4D

Managing general partner in brandon affordable housing llc which owns and operates an interest in amcal linden fund lp which owns and operates a 100 unit affordable family apartment complex in long beach california.

Part III, Line 4D

Managing general partner in brandon affordable housing llc which owns an interest in amcal terra campagna lp which owns and operates a 200 unit family affordable housing complex in somis california.

Part IX, Line 11G

Financial services 2,000 computer maintenace 7,665 project management 3,571 payroll services 3,972

Part IX, Line 24E

Postage amp shipping 4,539 other 324

Part XI, Line 9

The 2023 amounts for investment in partnerships did not reflect capital contributions and offseting income as follows investment in somis ranch fund and tax credit income 8,919,770 investment in amcal terra campagna tax credit income 1,623,054 subtotal 10,542,824 additionally, income from previous years was not recorded for the following hemit vistas i 1,194,926 hemit vistas ii 1,272,729 subtotal 2,467,655 amounts to record losses on the sale of marketable securities were not previously recorded -178,248 total prior period adjustment 12,832,231

Raw XML AppendixShowing 400 of 952 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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IRS990/ActivityOrMissionDesc0LAS PALMAS FOUNDATION, A CALIFORNIA NON-PROFIT CORPORATION IS DEDICATED TO ACQUIRE, DEVELOP, REHABILITATE AND SUPPORT AFFORDABLE HOUSING. THE ORGANIZATION WAS CREATED TO INCREASE AND IMPROVE HOUSING FOR LOW AND MODERATE INCOME FAMILIES AND DIVIDUALS.
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