Civic Intelligence

Las Palmas Foundation

990 • Fiscal year 2013 • EIN 33-0497515

Jan 01, 2013 to Dec 31, 2013 • Filed on Nov 17, 2014

531 Encinitas Blvd92024

(760) 944-9050

Siviq Scores

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

Liabilities / Assets

7th percentile

0.00x

Higher debt load relative to assets than 7% of similar nonprofits.

2013 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2013

Liabilities / Revenue

8th percentile

0.00x

Higher debt load relative to revenue than 8% of similar nonprofits.

2013 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2013

Net Margin

94th percentile

66%

Higher net margin than 94% of similar nonprofits.

2013 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2013

Top Officer Pay

87th percentile

$301,500

Higher top officer pay than 87% of similar nonprofits.

Top officer pay equals 9.3% of source-year revenue.

2013 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2013

Asset Growth

89th percentile

30%

Faster asset growth than 89% of similar nonprofits.

2013 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2010 to 2013

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2013

Assets

Up

$5,421,999

Up $2,943,464 (+119%) from 2010

Net Assets

Up

$5,420,255

Up $2,942,839 (+119%) from 2010

Liabilities

Up

$1,744

Up $625 (+56%) from 2010

Revenue

$3,241,581

No earlier filing loaded for comparison.

Expenses

Up

$1,106,508

Up $162,905 (+17%) from 2010

Net Income

$2,135,073

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

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

$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

2013

Assets$5,421,999
Liabilities$1,744
Net Assets$5,420,255

Operations Trend

Revenue, expenses, and net income across loaded years, with this 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

2013

Revenue$3,241,581
Expenses$1,106,508
Net Income$2,135,073
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
Nov 17, 2014
Return Version
2013v3.1
Gross Receipts
$3,241,581
Mission and Program Overview

Mission

Las nbsp;palmas nbsp;foundation nbsp;a nbsp;california nbsp;non-profit nbsp;corporation nbsp;is nbsp;dedicated nbsp;to nbsp;acquire nbsp;develop nbsp;rehabilitate nbsp;and nbsp;support nbsp;affordable nbsp;housing nbsp;the nbsp;organization nbsp;was nbsp;created nbsp;to nbsp;increase nbsp;and nbsp;improve nbsp;housing nbsp;for nbsp;the nbsp;low- nbsp;and nbsp;moderate-income nbsp;families nbsp;and nbsp;indivduals

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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$2,323,467$2,837,901▲ $514,434
Cash and Non-Interest-Bearing Accounts$855,565$2,561,895▲ $1,706,330
Investments Program Related$94,868$13,718▼ $81,150
Land, Buildings, and Equipment, Net$7,751$4,954▼ $2,797
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$3,285,182$5,421,999▲ $2,136,817
Other Assets Total$3,531$3,531→ $0
Liabilities
Other Liabilities-$1,744-
Total Liabilities$0$1,744▲ $1,744
Net Assets / Fund Balance
Unrestricted Net Assets$3,285,182$5,420,255▲ $2,135,073
Total Net Assets Fund Balance$3,285,182$5,420,255▲ $2,135,073
Total Liabilities and Net Assets / Fund Balance$3,285,182$5,421,999▲ $2,136,817

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$3,145$22,109$25,254
Other Land Buildings$1,809$16,499$18,308
Investment Program Related Org$2--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Joseph MichaelsPresidentFT$200,000$101,500$301,500

Board Members and Trustees

NameTitle
Randy StevensonDirector
Susan NewcomerDirector
Sherry AverySecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$357,902
Program Service Revenue
$2,873,496
Investment Income
$10,183
Other Revenue
$0
Change in Net Assets
$2,135,073
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$629,573
Other Expenses$474,435
Grants and Similar Amounts Paid$2,500
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$271,350$30,150-$301,500
Other Salaries and Wages$211,407$42,800-$254,207
Occupancy$35,933$3,992-$39,925
Insurance$33,736$3,748-$37,484
Payroll Taxes$28,703$4,397-$33,100
Other Employee Benefits$22,842$2,538-$25,380
All Other Expenses$21,083$2,296-$23,379
Pension Plan Contributions$13,109$2,277-$15,386
Conferences and Meetings$7,978$886-$8,864
Fees for Services Accounting$6,039$671-$6,710
Other Expenses$4,872$541-$5,413
Travel$3,904$434-$4,338
Office Expenses$3,738$415-$4,153
Depreciation Depletion$2,517$280-$2,797
Grants to Domestic Orgs$2,500--$2,500
Fees for Services Legal$630$70-$700
Total Functional Expenses$1,001,762$104,746$0$1,106,508
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Credit Cards Payable$1,744
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
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

Form 990, Part VI, Line 2: Description of Business or Family Relationship of Officers, Directors, Et

Joseph michaels, president is the husband of leslie michaels, office manager. Joseph michaels is also the brother of susan newcomer who is a member of the board of directors.

Form 990, Part VI, Line 11B: Form 990 Review Process

The board members are provided a draft copy of the form 990 tax return for review. The president or tax preparer answers any questions they might have. The president signs the final 990 and then the return is filed on a timely basis.

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

All matters are reviewed by the board of directors at least twice a year.

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

The organization uses information from compensation studies/surveys and Form 990's to determine compensation for the CEO, President and top management. The Board of Directors vote and approve the compensation for the President, who is then presented with a written employment contract on an annual basis.

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

Las palmas foundation makes form 1123, form 990, governing documents, conflict of interest policy and financial statements available to the public upon request.

Filing and Contact Details

Filer

EIN
33-0497515
Phone
7609449050

Signing Officer

Name
Joseph Michaels
Title
President
Signed
2014-11-17
Discuss with paid preparer
Yes

Organization Details

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

Preparer

Preparer
Steven W Northcote
Phone
6192947200
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 4D: Other Program Services Description

Other program services 4: managing general partner in almaden senior housing partners limited partnership which operates a 66 unit affordable senior citizen apartment complex in san jose, ca. Other program services 5: managing general partner in gateway i housing investors limited partnership which operates a 42 unit affordable family apartment complex in san diego, ca. Other program services 6: managing general partner in almaden family housing partners limited partnership which operates a 220 unit affordable family apartment complex in san jose, ca. Other program services 7: managing general partner in la entrada housing investors limited partnership which operates a 85 unit affordable family apartment complex in san diego, ca. Other program services 8: managing general partner in syep associates limited partnership which operates a 45 unit affordable family apartment complex in san ysidro, ca. Other program services 9: managing general partner in amcal los vientos fund limited partnership which operates a 89 unit affordable family apartment complex in san diego, ca. Other program services 10: managing general partner in brawley housing investors limited partnership which operates a 69 unit affordable family apartment complex in brawley, ca. Other program services 11: managing general partner in parwood preservation limited partnership which operates a 528 unit, hud section 8 affordable family apartment complex in long beach, ca. This property provides affordable housing to low income residents. Other program services 12: managing general partner in solano vista ii housing investors limited partnership which operates a 194 unit senior citizen affordable housing project located in vallejo, ca. This property provides affordable housing to low and moderate income residents. Other program services 13: managing general partner in poinsettia apartments limited partnership which operates a 136 unit affordable family apartment complex in los angeles, ca. Other program services 14: managing general partner in baywood affordable limited partnership which operates a 77 unit hud section 8 senior citizen apartment complex in oakland, ca. Other program services 15: managing general partner in montebello senior housing limited partnership which operates a 189 unit hud section 8 senior citizen apartment complex in montebello, ca. Other program services 16: managing general partner in fresno family housing partners limited partnership which operates a 72 unit affordable family apartment complex in fresno, ca. Other program services 17: managing general partner in oak village preservation limited partnership which operates a 117 unit hud section 8 family apartment complex in oakland, ca. Other program services 18: managing general partner in plymouth west partners limited partnership which operates a 196 unit hud section 8 senior citizen apartment complex in long beach, ca. Other program services 19: managing general partner in amcal las brisas fund limited partnership which operates a 66 unit affordable family apartment complex in los angeles, ca. Other program services 20: managing general partner in amcal casa la paz fund limited partnership which operates a 61 unit affordable family apartment complex in coachella, ca. Other program services 21: managing general partner in vallejo family housing partners limited partnership which operates a 87 unit affordable family apartment complex in vallejo, ca. Other program services 22: managing general partner in arvin family housing partners limited partnership which operates a 61 unit affordable family apartment complex in arvin, ca. Other program services 23: managing general partner in newport housing partners limited partnership which operates a 120 unit affordable senior citizen apartment complex in newport beach, ca. Other program services 24: managing general partner in cutler family housing partners limited partnership which operates a 66 unit affordable family apartment complex in cutler,

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IRS990/ProgSrvcAccomActy3Grp/Desc0MANAGING GENERAL PARTNER OF INDIO GARDENS AFFORDABLE LIMITED PARTNERSHIP, A 151 UNIT PROJECT BASED SECTION 8 HUD SENIOR APARTMENT COMPLEX IN INDIO, CA.
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt083286
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IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt02135073
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IRS990/SavingsAndTempCashInvstGrp/BOYAmt02323467
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IRS990ScheduleA/GrossReceiptsNonUnrltBusGrp/CurrentTaxYearMinus4YearsAmt02717
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IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt2208
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt397
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IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt19-145
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt20-59
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IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt233358
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt24-4
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt25-27
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt2617
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt27-6
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IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt30-277
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt31-3
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt32-161
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt33-427
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt34-50922
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IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt36-184
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt3761
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt38-74
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt391

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

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
Peer Organizations

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