Civic Intelligence

Palmer House Inc

EIN 59-2533809 • 501(c)3 • Lauderdale Lakes, FL

Profile

Low income elderly housing.

4790 N State Road 7Lauderdale Lakes, FL 33319

n/A

Siviq Scores

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

Liabilities / Assets

15th percentile

0.01x

Higher debt load relative to assets than 15% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2023

Liabilities / Revenue

9th percentile

0.01x

Higher debt load relative to revenue than 9% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2023

Net Margin

98th percentile

93%

Higher net margin than 98% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2023

Top Officer Pay

Score unavailable

No value available

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

Asset Growth

99th percentile

515%

Faster asset growth than 99% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Revenue Growth

99th percentile

1405%

Faster revenue growth than 99% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Assets

Up

$25,331,448

Up $731,238 (+3.0%) from 2023

Liabilities

Down

$6,022

Down $320,650 (-98%) from 2023

Net Assets

Up

$25,325,426

Up $1,051,888 (+4.3%) from 2023

Revenue

Down

$238,516

Down $26,226,442 (-99%) from 2023

Expenses

Down

$14,252

Down $1,857,242 (-99%) from 2023

Net Income

Down

$224,264

Down $24,369,200 (-99%) from 2023

Trend Graphs

Balance Sheet Trend

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

$30M$20M$10M$0-$10MAssets 2012: $4,107,577Liabilities 2012: $5,557,558Net Assets 2012: -$1,449,9812012Assets 2013: $4,114,303Liabilities 2013: $5,516,809Net Assets 2013: -$1,402,5062013Assets 2014: $4,008,491Liabilities 2014: $5,463,205Net Assets 2014: -$1,454,7142014Assets 2015: $3,871,984Liabilities 2015: $5,359,534Net Assets 2015: -$1,487,5502015Assets 2016: $3,717,338Liabilities 2016: $5,216,659Net Assets 2016: -$1,499,3212016Assets 2017: $3,730,008Liabilities 2017: $5,135,039Net Assets 2017: -$1,405,0312017Assets 2018: $3,639,133Liabilities 2018: $4,985,095Net Assets 2018: -$1,345,9622018Assets 2019: $3,589,846Liabilities 2019: $4,736,044Net Assets 2019: -$1,146,1982019Assets 2020: $3,776,225Liabilities 2020: $4,661,771Net Assets 2020: -$885,5462020Assets 2021: $4,132,353Liabilities 2021: $4,691,955Net Assets 2021: -$559,6022021Assets 2022: $4,001,329Liabilities 2022: $4,321,255Net Assets 2022: -$319,9262022Assets 2023: $24,600,210Liabilities 2023: $326,672Net Assets 2023: $24,273,5382023Assets 2024: $25,331,448Liabilities 2024: $6,022Net Assets 2024: $25,325,4262024

Highlighted filing

2024

Assets$25,331,448
Liabilities$6,022
Net Assets$25,325,426

Operations Trend

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

$30M$20M$10M$0-$10MRevenue 2012: $1,318,936Expenses 2012: $1,250,679Net Income 2012: $68,2572012Expenses 2013: $1,239,0942013Revenue 2014: $1,219,768Expenses 2014: $1,271,976Net Income 2014: -$52,2082014Revenue 2015: $1,235,623Expenses 2015: $1,268,459Net Income 2015: -$32,8362015Revenue 2016: $1,254,882Expenses 2016: $1,266,653Net Income 2016: -$11,7712016Revenue 2017: $1,280,770Expenses 2017: $1,186,480Net Income 2017: $94,2902017Revenue 2018: $1,412,829Expenses 2018: $1,353,760Net Income 2018: $59,0692018Revenue 2019: $1,706,477Expenses 2019: $1,506,713Net Income 2019: $199,7642019Revenue 2020: $1,741,162Expenses 2020: $1,480,510Net Income 2020: $260,6522020Revenue 2021: $1,753,026Expenses 2021: $1,427,082Net Income 2021: $325,9442021Revenue 2022: $1,758,590Expenses 2022: $1,518,914Net Income 2022: $239,6762022Revenue 2023: $26,464,958Expenses 2023: $1,871,494Net Income 2023: $24,593,4642023Revenue 2024: $238,516Expenses 2024: $14,252Net Income 2024: $224,2642024

Highlighted filing

2024

Revenue$238,516
Expenses$14,252
Net Income$224,264

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Apr 2, 2025
Return Version
2023v6.0
Gross Receipts
$238,516
Mission and Program Overview

Mission

Low income elderly housing.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$10,879,134$10,785,961▼ $93,173
Accounts Receivable$3,233--
Total Assets$24,600,210$25,331,448▲ $731,238
Other Assets Total$13,717,843$14,545,487▲ $827,644
Liabilities
Accounts Payable and Accrued Expenses$326,672$6,000▼ $320,672
Other Liabilities$0$22▲ $22
Total Liabilities$326,672$6,022▼ $320,650
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$24,273,538$25,325,426▲ $1,051,888
Total Net Assets Fund Balance$24,273,538$25,325,426▲ $1,051,888
Total Liabilities and Net Assets / Fund Balance$24,600,210$25,331,448▲ $731,238

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$22--
Compensation and Service Providers
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$233,766
Other Revenue
$4,750
Change in Net Assets
$224,264

Audited Revenue Reconciliation

Revenue per Audited Statements
$238,516
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$238,516
Total Revenue per Form 990
$238,516
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$14,252
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
Fees for Services Accounting-$6,070-$6,070
Other Expenses$160--$160
Office Expenses$68--$68
Total Functional Expenses$8,182$6,070$0$14,252

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$14,252
Total Expenses per Audited Statements$14,252
Total Expenses per Form 990$14,252
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
Tenant Security Deposits$22
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
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
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

The management company's controller and cfo conduct a comprehensive review of the form 990 before it is filed.

Form 990, Part VI, Section B, Line 12C

All employees and directors are covered by the conflict of interest policy and are provided with the policy upon hire. The policy is reviewed annually by the corporate compliance officer, who also determines whether a conflict may exist per policy. Employees are required to disclose any potential conflicts of interest if a conflict of interest occurs, it is investigated and the results are reported to the governing body. Legal and disciplinary action and restrictions are identified on an individual basis.

Form 990, Part VI, Section C, Line 19

The organization makes its governing documents, conflict of interest policy, and financial statements available for public inspection upon request.

Filing and Contact Details

Filer

Filer Name
Palmer House Inc
EIN
59-2533809
Phone
9544841515
Address
4790 N STATE ROAD 7, LAUDERDALE LAKES, FL 33319

Signing Officer

Name
Laura Wilson
Title
Chief Finance Officer
Phone
9544841515
Signed
2025-04-02
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Rev Marcos Somarriba
Formed
1988
Legal Domicile
Fl
Voting Board Members
12
Independent Board Members
12
Employees
5
Volunteers
0

Preparer

Firm
Verdeja & Alvarez Llp
Address
255 ALHAMBRA CIR STE 630, CORAL GABLES, FL 33134-7417
Preparer
Octavio a Verdeja
Phone
3054463177
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

The organization has adopted the provisions of asc no 740, "accounting for uncertainty in income taxes" ("asc no 740"). Asc 740 required that the impact of tax positions to be recognized in the financial statements if they are more likely than not of being sustained upon examination. Accordingly, no provision for income taxes is made in the financial statements. At 6/30/24, there were no uncertain tax positions. The organization files tax returns with us federal and other tax authorities for which statue limitations may go back to the year ended 2021.

Raw XML AppendixShowing 400 of 591 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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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION HAS ADOPTED THE PROVISIONS OF ASC NO 740, "ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES" ("ASC NO 740"). ASC 740 REQUIRED THAT THE IMPACT OF TAX POSITIONS TO BE RECOGNIZED IN THE FINANCIAL STATEMENTS IF THEY ARE MORE LIKELY THAN NOT OF BEING SUSTAINED UPON EXAMINATION. ACCORDINGLY, NO PROVISION FOR INCOME TAXES IS MADE IN THE FINANCIAL STATEMENTS. AT 6/30/24, THERE WERE NO UNCERTAIN TAX POSITIONS. THE ORGANIZATION FILES TAX RETURNS WITH US FEDERAL AND OTHER TAX AUTHORITIES FOR WHICH STATUE LIMITATIONS MAY GO BACK TO THE YEAR ENDED 2021.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE MANAGEMENT COMPANY'S CONTROLLER AND CFO CONDUCT A COMPREHENSIVE REVIEW OF THE FORM 990 BEFORE IT IS FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ALL EMPLOYEES AND DIRECTORS ARE COVERED BY THE CONFLICT OF INTEREST POLICY AND ARE PROVIDED WITH THE POLICY UPON HIRE. THE POLICY IS REVIEWED ANNUALLY BY THE CORPORATE COMPLIANCE OFFICER, WHO ALSO DETERMINES WHETHER A CONFLICT MAY EXIST PER POLICY. EMPLOYEES ARE REQUIRED TO DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST IF A CONFLICT OF INTEREST OCCURS, IT IS INVESTIGATED AND THE RESULTS ARE REPORTED TO THE GOVERNING BODY. LEGAL AND DISCIPLINARY ACTION AND RESTRICTIONS ARE IDENTIFIED ON AN INDIVIDUAL BASIS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 19
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt8ST ELIZABETH GARDENS INC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt9ST JOSEPH TOWERS INC
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