Palm Beach Industrial Park II Inc

“George stechel michael stechel vp secretary son”

“.01 the sole stockholder of palm beach industrial park ii, inc. (a title- holding corporation) is the leo, claire & robert adenbaum foundation (a non-operating private foundation exempt from tax under 501(c)(3).”

“02. The trustees of the leo, claire & robert adenbaum foundation elect the directors of the palm beach industrial park ii, inc.”

“03. As a title-holding company and subsidiary corporation of the leo, claire and robert adenbaum foundation, the governance decisions of the industrial park are subject to approval by the trustees of the foundation.”

“04. In a meeting with the organization's accountant prior to filing the return, all directors were present and reviewed the return in detail.”

“05. Bimonthly meetings are held to review operations of the industrial park and conduct various managerial tasks including enforecement of conflicts of interest policies.”

“06. Directors and management determined compensation and the deliberation is documented in the bimonthly meeting minutes.”

“07. All governing documents, conflicts of interest policies, and financial statements are available upon request and stored with the organization's secretary at 108 lakeshore drive 1639, north palm beach, fl 33408.”

“The only program service accomplishment of the organization is the collection of rents, payments for ordinary and necessary expenses to maintain the rental property, and the remittance of the excess to the leo, claire & robert adenbaum foundation (ein:11-6013398)for the purpose of fulfilling the donation intent of the leo, claire & robert adenbaum foundation.”

“08. Part ix in december 2022, george stechel received wages in advance that were scheduled to be paid in january 2023, due to the bank being closed on january 1, 2023. Accordingly, the december payment of 5,195 was recorded as an employee advance and reclassified as salary expense in 2023. 09. Form 990, part 1, line 1 palm beach industrial park is organized as a title holding corporation for the benefit of and controlled by the leo, claire & robert adenbaum foundation (lcraf). George stechel and gerhard jakits are trustees of lcraf and also serve as directors for palm beach industrial park ii (pbip ii). Jody oliver also serves as co-trustee of lcraf. As trusted advisors with tie breaking voting ability, george and gerhard direct the daily activities of both entities and act in an employment capacity when managing the rental activity of pbip ii.”

“08. The total reduction of net assets of 520,000 is a result of net rental income of 457,327 and additional paid-in capital of 62,673.”