Civic Intelligence

Palmer House Inc.

990 • Fiscal year 2018 • EIN 59-2533809

Jul 01, 2017 to Jun 30, 2018 • Filed on Nov 07, 2018

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

1.37x

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

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Liabilities / Revenue

94th percentile

3.53x

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

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Net Margin

53rd percentile

4.2%

Higher net margin than 53% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

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.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Asset Growth

35th percentile

-2.4%

Faster asset growth than 35% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Revenue Growth

63rd percentile

10%

Faster revenue growth than 63% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets96th percentile

Assets

Down

$3,639,133

Down $90,875 (-2.4%) from 2017

Net Assets

Up

-$1,345,962

Up $59,069 (+4.2%) from 2017

Liabilities

Down

$4,985,095

Down $149,944 (-2.9%) from 2017

Revenue And Expenses
Liabilities / Revenue94th percentileNet Margin53rd percentile

Revenue

Up

$1,412,829

Up $132,059 (+10%) from 2017

Expenses

Up

$1,353,760

Up $167,280 (+14%) from 2017

Net Income

Down

$59,069

Down $35,221 (-37%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth35th 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

2018

Assets$3,639,133
Liabilities$4,985,095
Net Assets-$1,345,962
Open 2018 Filing

Operations Trend

Revenue Growth63rd 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

2018

Revenue$1,412,829
Expenses$1,353,760
Net Income$59,069
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Nov 7, 2018
Return Version
2017v2.3
Gross Receipts
$1,412,829
Mission and Program Overview

Mission

Low income elderly housing.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,530,699$2,761,705▲ $231,006
Savings and Temporary Cash Investments$723,449$526,379▼ $197,070
Prepaid Expenses and Deferred Charges$8,531$103,203▲ $94,672
Cash and Non-Interest-Bearing Accounts$240,038$27,519▼ $212,519
Accounts Receivable-$14-
Total Assets$3,730,008$3,639,133▼ $90,875
Other Assets Total$227,291$220,313▼ $6,978
Liabilities
Mortgage Notes Payable Secured by Investment Property$4,989,893$4,863,752▼ $126,141
Accounts Payable and Accrued Expenses$102,284$77,058▼ $25,226
Other Liabilities$42,862$44,285▲ $1,423
Total Liabilities$5,135,039$4,985,095▼ $149,944
Net Assets / Fund Balance
Unrestricted Net Assets$-1,405,031$-1,345,962▲ $59,069
Total Net Assets Fund Balance$-1,405,031$-1,345,962▲ $59,069
Total Liabilities and Net Assets / Fund Balance$3,730,008$3,639,133▼ $90,875

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,135,706$5,307,829$7,443,535
Other Land Buildings$253,771$320,160$573,931
Land$355,000-$355,000
Equipment$17,228$125,442$142,670
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 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

Highest Paid Contractors

ContractorServicesLocationCompensation
Platinum Service USARepair17000 SW 170 AVE, Miami, FL 33187$250,810
All Star AluminumRepair2689 WEST 76 STREET, Hialeah, FL 33016$163,800
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,412,190
Investment Income
$639
Other Revenue
$0
Change in Net Assets
$59,069

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,412,829
Total Revenue per Audited Statements
$1,412,829
Total Revenue per Form 990
$1,412,829
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,162,097
Salaries, Compensation, and Employee Benefits$191,663
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$290,505--$290,505
Interest$189,988--$189,988
Other Salaries and Wages$85,546$65,485-$151,031
Insurance$91,736--$91,736
Fees for Services Management-$91,497-$91,497
Office Expenses$48,821$29,773-$78,594
All Other Expenses$49,143$1,970-$51,113
Other Expenses$24,132--$24,132
Other Employee Benefits$12,404$9,492-$21,896
Fees for Services Accounting-$15,957-$15,957
Payroll Taxes$6,117$4,681-$10,798
Pension Plan Contributions$4,497$3,441-$7,938
Conferences and Meetings-$1,170-$1,170
Total Functional Expenses$1,130,294$223,466$0$1,353,760

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,353,760
Total Expenses per Audited Statements$1,353,760
Total Expenses per Form 990$1,353,760
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$27,631
Miscellaneous$16,654
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
2018-11-07

Organization Details

Principal Officer
Rev Msgr Tomas Marin
Formed
1988
Legal Domicile
Fl
Voting Board Members
13
Independent Board Members
13
Employees
6
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 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 6/30/18, 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 2015.”

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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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IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt09492
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IRS990/OtherEmployeeBenefitsGrp/TotalAmt021896
IRS990/OtherExpensesGrp/Desc0CONTRACTS
IRS990/OtherExpensesGrp/Desc1UTILITIES
IRS990/OtherExpensesGrp/Desc2SECURITY
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IRS990/OtherExpensesGrp/ProgramServicesAmt160532
IRS990/OtherExpensesGrp/ProgramServicesAmt255786
IRS990/OtherExpensesGrp/ProgramServicesAmt324132
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt27140
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1321282
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IRS990/PYTotalExpensesAmt01186480
IRS990/PYTotalRevenueAmt01280770
IRS990/ReconcilationRevenueExpnssAmt059069
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0true
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0944233
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0934765
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0896750
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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt0639
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt0588
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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt0546
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IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt0328422
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0896750
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IRS990ScheduleA/TotalSupportAmt04819227
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt02135706
IRS990ScheduleD/BuildingsGrp/DepreciationAmt05307829
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt07443535
IRS990ScheduleD/EquipmentGrp/BookValueAmt017228
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0125442
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0142670
IRS990ScheduleD/ExpensesSubtotalAmt01353760
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt0355000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0355000
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt0191257
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt127631
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt21425
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0LOAN FEES
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1TENANT SECURITY DEPOSITS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2DEPOSITS
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0253771
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0320160
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0573931
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt027631
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt116654
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0TENANT SECURITY DEPOSITS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1MISCELLANEOUS
IRS990ScheduleD/RevenueSubtotalAmt01412829
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 6/30/18, 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 2015.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
IRS990ScheduleD/TotalBookValueLandBuildingsAmt02761705
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0220313
IRS990ScheduleD/TotalExpensesPerForm990Amt01353760
IRS990ScheduleD/TotalLiabilityAmt044285
IRS990ScheduleD/TotalRevenuePerForm990Amt01412829
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01412829
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01353760
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IRS990/ScheduleORequiredInd0true
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
IRS990ScheduleR/AssetExchangeInd0false
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd0false
IRS990ScheduleR/AssetSaleToOtherOrgInd0false
IRS990ScheduleR/DivRelatedOrganizationInd0false
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd0false
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0false
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt4NA
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt9NA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt10NA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt11NA

Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,639,133
Liabilities
$4,985,095
Net assets
-$1,345,962
Revenue
$1,412,829
Expenses
$1,353,760
Net income
$59,069
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