Civic Intelligence

LP 1 a Reit Inc

990 • Fiscal year 2017 • EIN 45-2991775

Jan 01, 2017 to Dec 31, 2017 • Filed on Nov 13, 2018

PO Box 5005New York, NY 10163-5005

(212) 648-0204

Siviq Scores

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

Liabilities / Assets

68th percentile

0.49x

Higher debt load relative to assets than 68% of similar nonprofits.

2017 filings • $50M-$100M nonprofits • Source year 2017

Liabilities / Revenue

89th percentile

5.43x

Higher debt load relative to revenue than 89% of similar nonprofits.

2017 filings • $50M-$100M nonprofits • Source year 2017

Net Margin

80th percentile

26%

Higher net margin than 80% of similar nonprofits.

2017 filings • $50M-$100M nonprofits • Source year 2017

Top Officer Pay

11th percentile

$0

Higher top officer pay than 11% of similar nonprofits.

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

2017 filings • $50M-$100M nonprofits • Source year 2017

Asset Growth

43rd percentile

3.7%

Faster asset growth than 43% of similar nonprofits.

2017 filings • $50M-$100M nonprofits • Annualized from 2016 to 2017

Revenue Growth

20th percentile

-3.9%

Faster revenue growth than 20% of similar nonprofits.

2017 filings • $50M-$100M nonprofits • Annualized from 2016 to 2017

Assets

Up

$88,264,280

Up $3,112,787 (+3.7%) from 2016

Net Assets

Up

$45,251,895

Up $998,785 (+2.3%) from 2016

Liabilities

Up

$43,012,385

Up $2,114,002 (+5.2%) from 2016

Revenue

Down

$7,928,084

Down $318,782 (-3.9%) from 2016

Expenses

Up

$5,829,884

Up $28,662 (+0.5%) from 2016

Net Income

Down

$2,098,200

Down $347,444 (-14%) from 2016

Historical Trend

Balance Sheet Trend

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

$100M$50M$0Assets 2013: $85,134,886Liabilities 2013: $1,855,351Net Assets 2013: $83,279,5352013Assets 2014: $85,724,299Liabilities 2014: $42,887,185Net Assets 2014: $42,837,1142014Assets 2015: $86,881,158Liabilities 2015: $43,099,581Net Assets 2015: $43,781,5772015Assets 2016: $85,151,493Liabilities 2016: $40,898,383Net Assets 2016: $44,253,1102016Assets 2017: $88,264,280Liabilities 2017: $43,012,385Net Assets 2017: $45,251,8952017Assets 2018: $0Liabilities 2018: $0Net Assets 2018: $02018

Highlighted filing

2017

Assets$88,264,280
Liabilities$43,012,385
Net Assets$45,251,895

Operations Trend

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

$10M$5.0M$0Revenue 2013: $8,028,468Expenses 2013: $6,007,052Net Income 2013: $2,021,4162013Revenue 2014: $8,129,594Expenses 2014: $5,195,355Net Income 2014: $2,934,2392014Revenue 2015: $8,223,826Expenses 2015: $5,599,962Net Income 2015: $2,623,8642015Revenue 2016: $8,246,866Expenses 2016: $5,801,222Net Income 2016: $2,445,6442016Revenue 2017: $7,928,084Expenses 2017: $5,829,884Net Income 2017: $2,098,2002017Revenue 2018: $8,037,697Expenses 2018: $5,963,406Net Income 2018: $2,074,2912018

Highlighted filing

2017

Revenue$7,928,084
Expenses$5,829,884
Net Income$2,098,200
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Nov 13, 2018
Return Version
2017v2.3
Gross Receipts
$7,928,084
Mission and Program Overview

Mission

SEE STATEMENT 1

Balance Sheet Detail
LineBeginningEndChange
Assets
Pd in Cap Srpls Land Bldg Eqp Fund$160,677,575$160,677,575→ $0
Land, Buildings, and Equipment, Net$84,502,911$85,029,096▲ $526,185
Cash and Non-Interest-Bearing Accounts$434,173$3,187,035▲ $2,752,862
Accounts Receivable$153,428$11,527▼ $141,901
Prepaid Expenses and Deferred Charges$1,507$2,417▲ $910
Savings and Temporary Cash Investments$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$-116,424,465$-115,425,680▲ $998,785
Total Assets$85,151,493$88,264,280▲ $3,112,787
Other Assets Total$59,474$34,205▼ $25,269
Liabilities
Mortgage Notes Payable Secured by Investment Property$40,360,000$40,360,000→ $0
Other Liabilities$139,977$2,651,085▲ $2,511,108
Accounts Payable and Accrued Expenses$398,406$1,300▼ $397,106
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$40,898,383$43,012,385▲ $2,114,002
Net Assets / Fund Balance
Total Net Assets Fund Balance$44,253,110$45,251,895▲ $998,785
Total Liabilities and Net Assets / Fund Balance$85,151,493$88,264,280▲ $3,112,787

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$68,465,068--
Other Land Buildings$0--
Land$16,484,540--
Equipment$79,488--
Compensation and Service Providers

Board Members and Trustees

NameTitle
See Statement 2See Statement 2

Highest Paid Contractors

ContractorServicesLocationCompensation
None---
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$7,928,048
Investment Income
$36
Other Revenue
$0
Change in Net Assets
$2,098,200
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$5,829,884
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
All Other Expenses$3,748,655--$3,748,655
Interest$1,767,768--$1,767,768
Other Expenses$48,631--$48,631
Total Functional Expenses$5,829,884$0$0$5,829,884
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

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

Other Reported Liabilities

LiabilityAmount
Taxes Payable$2,199,636
Accrued Expenses$260,371
Security Deposits Payable$130,038
Other Liabilities$27,294
Accrued Insurance Exp.$18,194
Accrued Property Mgmt Fee$13,386
Unearned Rent$2,166
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Part VI

6) the stockholders / members are pension trusts described in and exempt from federal income tax under section 401 and 501 of the internal revenue code of 1954. 7a) members/ stockholders hold annual elections for members of the governing body. 7b) the business of the corporation shall be managed by its board of directors or members. 8b) there are no committees or delegation of authority within the governing body. Decisions are made by the members of the governing body. 11b) the 990 is reviewed by the signer who is also a member of the governing body. 19) no documents are available to the public.

Filing and Contact Details

Filer

Filer Name
Amalfi Apartment Corporation
EIN
45-2991775
In Care Of
% JOSEPH PISTONE
Phone
2126480204
Address
PO BOX 5005, NEW YORK, NY 10163-5005

Signing Officer

Name
Joseph Pistone
Title
Executive Director
Phone
2126480204
Signed
2018-11-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Joseph Pistone
Formed
2011
Legal Domicile
De
Voting Board Members
5
Independent Board Members
5
Employees
0

Preparer

Firm
Pricewaterhousecoopers Llp
Address
300 MADISON AVENUE, NEW YORK, NY 10017
Preparer
Dmitriy Shamrakov
Phone
6464713000
Supplemental Narrative

Additional Explanations

Part XI

9) Net Contribution/(Distribution) and Fmv Adjustment: $ -1,099,415.

Form 990 Part IX Line 24 - Other Expenses

Description:repairs total expenses:278155 program services:278155

Form 990 Part IX Line 24 - Other Expenses

Description:taxes total expenses:2134969 program services:2134969

Form 990 Part IX Line 24 - Other Expenses

Description:utilities total expenses:107893 program services:107893

Form 990 Part IX Line 24 - Other Expenses

Description:wages & salaries total expenses:662749 program services:662749

Form 990 Part IX Line 24 - Other Expenses

Description:bad debt total expenses:13918 program services:13918

Form 990 Part IX Line 24 - Other Expenses

Description:property management fees total expenses:159967 program services:159967

Form 990 Part IX Line 24 - Other Expenses

Description:general & administrative total expenses:280645 program services:280645

Form 990 Part IX Line 24 - Other Expenses

Description:security total expenses:60534 program services:60534

Form 990 Part IX Line 24 - Other Expenses

Description:landscaping total expenses:49825 program services:49825

Raw XML AppendixShowing 400 of 1,089 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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt06) THE STOCKHOLDERS / MEMBERS ARE PENSION TRUSTS DESCRIBED IN AND EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 401 AND 501 OF THE INTERNAL REVENUE CODE OF 1954. 7A) MEMBERS/ STOCKHOLDERS HOLD ANNUAL ELECTIONS FOR MEMBERS OF THE GOVERNING BODY. 7B) THE BUSINESS OF THE CORPORATION SHALL BE MANAGED BY ITS BOARD OF DIRECTORS OR MEMBERS. 8B) THERE ARE NO COMMITTEES OR DELEGATION OF AUTHORITY WITHIN THE GOVERNING BODY. DECISIONS ARE MADE BY THE MEMBERS OF THE GOVERNING BODY. 11B) THE 990 IS REVIEWED BY THE SIGNER WHO IS ALSO A MEMBER OF THE GOVERNING BODY. 19) NO DOCUMENTS ARE AVAILABLE TO THE PUBLIC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt19) Net Contribution/(Distribution) and Fmv Adjustment: $ -1,099,415.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2DESCRIPTION:REPAIRS TOTAL EXPENSES:278155 PROGRAM SERVICES:278155
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3DESCRIPTION:TAXES TOTAL EXPENSES:2134969 PROGRAM SERVICES:2134969
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4DESCRIPTION:UTILITIES TOTAL EXPENSES:107893 PROGRAM SERVICES:107893
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5DESCRIPTION:WAGES & SALARIES TOTAL EXPENSES:662749 PROGRAM SERVICES:662749
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6DESCRIPTION:BAD DEBT TOTAL EXPENSES:13918 PROGRAM SERVICES:13918
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7DESCRIPTION:PROPERTY MANAGEMENT FEES TOTAL EXPENSES:159967 PROGRAM SERVICES:159967
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8DESCRIPTION:GENERAL & ADMINISTRATIVE TOTAL EXPENSES:280645 PROGRAM SERVICES:280645
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt9DESCRIPTION:SECURITY TOTAL EXPENSES:60534 PROGRAM SERVICES:60534
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt10DESCRIPTION:LANDSCAPING TOTAL EXPENSES:49825 PROGRAM SERVICES:49825
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0PART VI
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1PART XI
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990 PART IX LINE 24 - OTHER EXPENSES
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990 PART IX LINE 24 - OTHER EXPENSES
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990 PART IX LINE 24 - OTHER EXPENSES
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990 PART IX LINE 24 - OTHER EXPENSES
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990 PART IX LINE 24 - OTHER EXPENSES
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990 PART IX LINE 24 - OTHER EXPENSES
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8FORM 990 PART IX LINE 24 - OTHER EXPENSES
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc9FORM 990 PART IX LINE 24 - OTHER EXPENSES
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc10FORM 990 PART IX LINE 24 - OTHER EXPENSES
IRS990ScheduleR/AssetExchangeInd0false
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd68false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0111 N Canal Realty Company LLC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt11918 Eighth Avenue Acquisition LLC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt22700 Ellis Road Acquisition Corp
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt3401 East Las Olas Acquisition LLC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt4425 Boylan Acquisition LLC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt54700 Nalle Woods Realty Company LLC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt64S Ranch Apartment Holdings Inc
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt7555 11th Street Mezz Lender LLC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt87108 Fairway Acquisition Company
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt97111 Fairway Acquisition Company
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt107121 Fairway Acquisition Company
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt11818 Stewart Street Acquisition LLC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt12Amalfi Apartment Corporation
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt13AT Industrial Owner Acquisition LLC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt14Borders Industrial Acquisition Corporati
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt15Broadpine Realty Holding Company Inc
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt16Cape May Harveston Co Inc
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt17City Centre Residential Realty Company L
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt18Domain CC Phase II Realty Company LLC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt19Domain CC Realty Company LLC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt20Eight Corporate Centre Acquisition Compa
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt21Elizabeth Square Acquisition Corporation
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt22Equinox Apartment Holdings LLC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt23Esplanade Apartments Holding Company
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt24FG SPF Fullerton Acquisition LLC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt25Five Corporate Centre Acquisition Compan
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt26Forest Drive Research Park Acquisition C
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt27Four Corporate Centre Acquisition Compan
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt28Gaslight Commons Realty Corporation

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