Civic Intelligence

Palmer House Inc.

990 • Fiscal year 2016 • EIN 59-2533809

Jul 01, 2015 to Jun 30, 2016 • Filed on Sep 06, 2016

Organization ProfileN/A
4790 N State Road 7Lauderdale Lakes, FL 33319

(954) 484-1515

Siviq Scores

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

Liabilities / Assets

96th percentile

1.40x

Higher debt load relative to assets than 96% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2016

Liabilities / Revenue

94th percentile

4.16x

Higher debt load relative to revenue than 94% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2016

Net Margin

38th percentile

-0.9%

Higher net margin than 38% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2016

Top Officer Pay

35th percentile

$0

Higher top officer pay than 35% of similar nonprofits.

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

2016 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2016

Asset Growth

25th percentile

-4.0%

Faster asset growth than 25% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2015 to 2016

Revenue Growth

47th percentile

1.6%

Faster revenue growth than 47% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets96th percentile

Assets

Down

$3,717,338

Down $154,646 (-4.0%) from 2015

Net Assets

Down

-$1,499,321

Down $11,771 (-0.8%) from 2015

Liabilities

Down

$5,216,659

Down $142,875 (-2.7%) from 2015

Revenue And Expenses
Liabilities / Revenue94th percentileNet Margin38th percentile

Revenue

Up

$1,254,882

Up $19,259 (+1.6%) from 2015

Expenses

Down

$1,266,653

Down $1,806 (-0.1%) from 2015

Net Income

Up

-$11,771

Up $21,065 (+64%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth25th percentile

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

$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

2016

Assets$3,717,338
Liabilities$5,216,659
Net Assets-$1,499,321
Open 2016 Filing

Operations Trend

Revenue Growth47th percentile

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

2016

Revenue$1,254,882
Expenses$1,266,653
Net Income-$11,771
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
Sep 6, 2016
Return Version
2015v2.1
Gross Receipts
$1,254,882
Mission and Program Overview

Mission

Low income elderly housing.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,717,872$2,610,381▼ $107,491
Savings and Temporary Cash Investments$674,536$712,044▲ $37,508
Cash and Non-Interest-Bearing Accounts$228,288$150,073▼ $78,215
Prepaid Expenses and Deferred Charges$7,883$8,649▲ $766
Accounts Receivable$80$846▲ $766
Total Assets$3,871,984$3,717,338▼ $154,646
Other Assets Total$243,325$235,345▼ $7,980
Liabilities
Mortgage Notes Payable Secured by Investment Property$5,228,048$5,111,265▼ $116,783
Accounts Payable and Accrued Expenses$90,251$63,749▼ $26,502
Other Liabilities$41,235$41,645▲ $410
Total Liabilities$5,359,534$5,216,659▼ $142,875
Net Assets / Fund Balance
Unrestricted Net Assets$-1,487,550$-1,499,321▼ $11,771
Total Net Assets Fund Balance$-1,487,550$-1,499,321▼ $11,771
Total Liabilities and Net Assets / Fund Balance$3,871,984$3,717,338▼ $154,646

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,046,951$4,824,806$6,871,757
Other Land Buildings$200,281$257,817$458,098
Land$355,000-$355,000
Equipment$8,149$120,626$128,775
Other Assets Org$1,425--
Compensation and Service Providers
Top Officer Pay35th percentile

Board Members and Trustees

NameTitle
Rev Msgr Tomas MarinPresident
Most Rev Peter BaldacchinoDirector
REV STEVEN O'HALADirector
Rev Bernard KirlinDirector
Rev Christopher MarinoDirector
Rev Cristobal De PaulaDirector
Rev Eduardo Logiste FelixDirector
Rev Fernando OrejuelaDirector
Rev Harry LoubrielDirector
Rev Juan J SosaDirector
Rev Lucien PierreDirector
Rev Samuel MuodiajuDirector
Rev Msgr Michael SouckarTreasurer/se
Rev Marcos SomarribaVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,254,347
Investment Income
$535
Other Revenue
$0
Change in Net Assets
$-11,771

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,254,882
Total Revenue per Audited Statements
$1,254,882
Total Revenue per Form 990
$1,254,882
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,082,496
Salaries, Compensation, and Employee Benefits$184,157
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$261,462--$261,462
Interest$199,375--$199,375
Other Salaries and Wages$80,119$57,109-$137,228
Insurance$106,355--$106,355
Fees for Services Management-$69,636-$69,636
Office Expenses$36,967$31,201-$68,168
All Other Expenses$35,955$1,837-$37,792
Other Employee Benefits$16,740$11,935-$28,675
Other Expenses$23,261--$23,261
Fees for Services Accounting-$14,964-$14,964
Payroll Taxes$6,011$4,286-$10,297
Pension Plan Contributions$4,645$3,312-$7,957
Advertising-$1,774-$1,774
Fees for Services Legal-$371-$371
Conferences and Meetings-$285-$285
Total Functional Expenses$1,069,943$196,710$0$1,266,653

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,266,653
Total Expenses per Audited Statements$1,266,653
Total Expenses per Form 990$1,266,653
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$26,269
Miscellaneous$15,376
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 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, Page 6, Part VI, Line 11B

“The management company's controller and vice president of finance conduct a comprehensive review of the form 990 before it is filed.”

Form 990, Page 6, Part VI, 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, Page 6, Part VI, 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
DAVID D'AMICO
Title
Vice Pres. Finance
Phone
9544841515
Signed
2016-09-06

Organization Details

Principal Officer
Rev Msgr Tomas Marin
Formed
1988
Legal Domicile
Fl
Voting Board Members
14
Independent Board Members
14
Employees
5
Volunteers
3

Preparer

Firm
Verdeja De Armas & Trujillo Llp
Address
255 ALHAMBRA CIR STE 560, CORAL GABLES, FL 33134-7417
Preparer
Octavio a Verdeja
Phone
3054463177
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 3, Part X

“The organization is exempt from income taxes under section 501(c)(3) of the internal revenue code. Accordingly, no provision for income taxes has been recorded. The organization has processes presently in place to ensure the maintenance of its tax-exempt status, to identify and report unrelated income, determine its filing and tax obligations, and to review other matters that may be considered tax positions. Management of the organization believes there are no uncertain tax positions. The u.s. Federal jurisdiction is the major tax jurisdiction where the organization files income tax returns. The organization is generally no longer subject to u.s. Federal examinations by tax authorities for years before 2013.”

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IRS990ScheduleD/BuildingsGrp/BookValueAmt02046951
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IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt06871757
IRS990ScheduleD/EquipmentGrp/BookValueAmt08149
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0120626
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IRS990ScheduleD/OtherAssetsOrgGrp/Desc0LOAN FEES
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1TENANT SECURITY DEPOSITS
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt115376
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0TENANT SECURITY DEPOSITS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1MISCELLANEOUS
IRS990ScheduleD/RevenueSubtotalAmt01254882
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN RECORDED. THE ORGANIZATION HAS PROCESSES PRESENTLY IN PLACE TO ENSURE THE MAINTENANCE OF ITS TAX-EXEMPT STATUS, TO IDENTIFY AND REPORT UNRELATED INCOME, DETERMINE ITS FILING AND TAX OBLIGATIONS, AND TO REVIEW OTHER MATTERS THAT MAY BE CONSIDERED TAX POSITIONS. MANAGEMENT OF THE ORGANIZATION BELIEVES THERE ARE NO UNCERTAIN TAX POSITIONS. THE U.S. FEDERAL JURISDICTION IS THE MAJOR TAX JURISDICTION WHERE THE ORGANIZATION FILES INCOME TAX RETURNS. THE ORGANIZATION IS GENERALLY NO LONGER SUBJECT TO U.S. FEDERAL EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2013.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE MANAGEMENT COMPANY'S CONTROLLER AND VICE PRESIDENT OF FINANCE 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, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19
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Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,717,338
Liabilities
$5,216,659
Net assets
-$1,499,321
Revenue
$1,254,882
Expenses
$1,266,653
Net income
-$11,771
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$25.3$0.01$25.3$0.24$0.01$0.22
2023Detailed filing. Detailed filing data is available for this year.$24.6$0.33$24.3$26.5$1.87$24.6
2022Detailed filing. Detailed filing data is available for this year.$4.00$4.32$0.32$1.76$1.52$0.24
2021Detailed filing. Detailed filing data is available for this year.$4.13$4.69$0.56$1.75$1.43$0.33
2020Detailed filing. Detailed filing data is available for this year.$3.78$4.66$0.89$1.74$1.48$0.26
2019Detailed filing. Detailed filing data is available for this year.$3.59$4.74$1.15$1.71$1.51$0.20
2018Detailed filing. Detailed filing data is available for this year.$3.64$4.99$1.35$1.41$1.35$0.06
2017Detailed filing. Detailed filing data is available for this year.$3.73$5.14$1.41$1.28$1.19$0.09
2016Detailed filing. Detailed filing data is available for this year.$3.72$5.22$1.50$1.25$1.27$0.01
2015Detailed filing. Detailed filing data is available for this year.$3.87$5.36$1.49$1.24$1.27$0.03
2014Detailed filing. Detailed filing data is available for this year.$4.01$5.46$1.45$1.22$1.27$0.05
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.11$5.52$1.40$1.24
2012Summary only. Only limited summary data is available for this year.$4.11$5.56$1.45$1.32$1.25$0.07