Civic Intelligence

Purchase Senior Learning Community Inc

EIN 61-1816180 • 501(c)3 • Purchase, NY

Profile

To develop and operate a senior learning housing community on land leased from the state university of new york on the purchase college campus.

100 Broadview AvenuePurchase, NY 10577

n/A

Siviq Scores

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

Liabilities / Assets

94th percentile

1.05x

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

501(c)3 • $250M-$1B nonprofits • Source year 2024

Liabilities / Revenue

99th percentile

40.34x

Higher debt load relative to revenue than 99% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Net Margin

6th percentile

-30%

Higher net margin than 6% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Top Officer Pay

5th percentile

$163,731

Higher top officer pay than 5% of similar nonprofits.

Top officer pay equals 1.3% of source-year revenue.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Asset Growth

71st percentile

11%

Faster asset growth than 71% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Revenue Growth

99th percentile

448%

Faster revenue growth than 99% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Assets

Up

$503,458,395

Up $49,200,927 (+11%) from 2023

Liabilities

Up

$526,592,931

Up $62,563,294 (+13%) from 2023

Net Assets

Down

-$23,134,536

Down $13,362,367 (-137%) from 2023

Revenue

Up

$13,053,214

Up $10,672,145 (+448%) from 2023

Expenses

Up

$17,004,393

Up $14,574,360 (+600%) from 2023

Net Income

Down

-$3,951,179

Down $3,902,215 (-7970%) from 2023

Trend Graphs

Balance Sheet Trend

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

$600M$400M$200M$0-$200MAssets 2018: $600,719Liabilities 2018: $362,112Net Assets 2018: $238,6072018Assets 2019: $18,422,597Liabilities 2019: $19,389,569Net Assets 2019: -$966,9722019Assets 2020: $22,571,753Liabilities 2020: $27,174,750Net Assets 2020: -$4,602,9972020Assets 2021: $28,355,738Liabilities 2021: $35,378,661Net Assets 2021: -$7,022,9232021Assets 2022: $444,361,714Liabilities 2022: $455,645,416Net Assets 2022: -$11,283,7022022Assets 2023: $454,257,468Liabilities 2023: $464,029,637Net Assets 2023: -$9,772,1692023Assets 2024: $503,458,395Liabilities 2024: $526,592,931Net Assets 2024: -$23,134,5362024

Highlighted filing

2024

Assets$503,458,395
Liabilities$526,592,931
Net Assets-$23,134,536

Operations Trend

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

$20M$10M$0-$10MRevenue 2018: $600,000Expenses 2018: $361,393Net Income 2018: $238,6072018Revenue 2019: $1,035,021Expenses 2019: $2,084,144Net Income 2019: -$1,049,1232019Revenue 2020: $0Expenses 2020: $3,636,025Net Income 2020: -$3,636,0252020Revenue 2021: $0Expenses 2021: $2,419,926Net Income 2021: -$2,419,9262021Revenue 2022: $50,907Expenses 2022: $2,892,712Net Income 2022: -$2,841,8052022Revenue 2023: $2,381,069Expenses 2023: $2,430,033Net Income 2023: -$48,9642023Revenue 2024: $13,053,214Expenses 2024: $17,004,393Net Income 2024: -$3,951,1792024

Highlighted filing

2024

Revenue$13,053,214
Expenses$17,004,393
Net Income-$3,951,179

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 15, 2025
Return Version
2023v6.0
Gross Receipts
$13,277,662
Mission and Program Overview

Mission

To develop and operate a senior learning housing community on land leased from the state university of new york on the purchase college campus.

To develop & operate a senior learning house community on the grounds of SUNY, Purchase College.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$268,160,124$364,149,033▲ $95,988,909
Investments in Publicly Traded Securities$163,773,024$129,590,326▼ $34,182,698
Cash and Non-Interest-Bearing Accounts$249,509$2,864,434▲ $2,614,925
Prepaid Expenses and Deferred Charges$201,540$309,594▲ $108,054
Accounts Receivable-$24,386-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities$0--
Investments Program Related$0--
Loans From Officers Directors-$0-
Total Assets$454,257,468$503,458,395▲ $49,200,927
Other Assets Total$21,873,271$6,520,622▼ $15,352,649
Liabilities
Tax Exempt Bond Liabilities$399,638,237$299,801,000▼ $99,837,237
Other Liabilities$21,861,352$182,716,585▲ $160,855,233
Accounts Payable and Accrued Expenses$42,530,048$24,955,979▼ $17,574,069
Deferred Revenue-$19,119,367-
Total Liabilities$464,029,637$526,592,931▲ $62,563,294
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-9,772,169$-23,134,536▼ $13,362,367
Total Net Assets Fund Balance$-9,772,169$-23,134,536▼ $13,362,367
Total Liabilities and Net Assets / Fund Balance$454,257,468$503,458,395▲ $49,200,927

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$252,095,922$3,815,136$255,911,058
Other Land Buildings$51,054,134-$51,054,134
Leasehold Improvements$45,223,545$1,256,968$46,480,513
Equipment$15,775,432$995,253$16,770,685
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Amy PostMarketing DirectorFT$138,548$25,183$163,731
Constance Atiles-HewittHuman Resources directorFT$121,768$9,821$131,589
Tina WitthoefftResidency CounselorFT$100,490$11,583$112,073
Stephen MandracchiaFood and beverage directorFT$103,350$8,659$112,009

Board Members and Trustees

NameTitle
Elizabeth C RobertsonChairman/President
Kevin PlunkettVice Chairman
Wayne M RushVice President, Secretary, & Treasurer
Carl AustinBoard Member
Dr Kaare WeberBoard Member
Drew FungBoard Member
Earle YaffaBoard Member
Ernie PalmieriBoard Member
Judith J NolanBoard Member
Kelly JacksonBoard Member
Michael KopasBoard Member
Michelle IfillBoard Member
Milagros PeaBoard Member
Simon TurnerBoard Member

Highest Paid Contractors

ContractorServicesLocationCompensation
LCSD-SCD Partners LLCDevelopment Management Services400 Locust St, Suite 820, De Moines, IA 50309$1,255,283
LCS Holding Company LLCManagement Services400 Locust St, Suite 820, De Moines, IA 50309$528,091
Divney Tung Schwalbe LLPArchitecture and Design ServicesOne North Broadway, White Plains, NY 10601$210,892
1100 King MZ LLCLegal ServicesPO Box 21739, New York, NY 10087$171,065
Delbello Donnellan Weingarten Wise & Wie-One North Lexington Avenue, White Plains, NY 10601$143,277
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$6,971,779
Investment Income
$3,587,614
Other Revenue
$2,493,821
Change in Net Assets
$-3,951,179

Audited Revenue Reconciliation

Revenue per Audited Statements
$13,053,214
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$-3,116,694
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$9,936,520
Total Revenue per Form 990
$13,053,214
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$12,681,727
Salaries, Compensation, and Employee Benefits$4,322,666
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$5,140,720$1,211,654-$6,352,374
Other Salaries and Wages$2,468,916$1,171,250-$3,640,166
Occupancy$2,405,798--$2,405,798
Advertising$732,705--$732,705
Insurance$517,947--$517,947
Fees for Services Management$371,487--$371,487
Office Expenses$308,028$61,435-$369,463
Payroll Taxes$228,341$108,325-$336,666
Other Employee Benefits$202,965$96,287-$299,252
Fees for Services Other$252,397$822$0$253,219
Fees for Services Accounting-$162,931-$162,931
Other Expenses$133,028$32,775-$133,028
Information Technology$121,308--$121,308
Fees for Services Legal-$80,842-$80,842
Travel-$53,508-$53,508
Pension Plan Contributions$31,594$14,988-$46,582
All Other Expenses$18,988$0$0$18,988
Interest$5,649--$5,649
Total Functional Expenses$14,009,194$2,995,199$0$17,004,393

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$17,004,393
Total Expenses per Form 990$17,004,393
Total Expenses per Audited Statements$14,510,572
Expenses Not Reported on Financial Statements$0
Other Expense Adjustments$0
Expenses Not Reported on Form 990$-2,493,821
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
Insider Transactions and Loans

Loans and Receivables

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

Other Reported Liabilities

LiabilityAmount
Refundable Deposits$182,716,585

Bond Issues

BondIssuerIssuedIssue PricePurpose
AWestchester County Local Development Corporation2021-11-10$219,130,000PSLC Project & Entrance Fee Principal Redemption - Series 2021A
CWestchester County Local Development Corporation2021-11-10$58,775,000PSLC Project & Entrance Fee Principal Redemption - Series2021C
BWestchester County Local Development Corporation2021-11-10$23,605,000PSLC Project & Entrance Fee Principal Redemption - Series 2021B

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$231,341,547$90,155,542$4,410,000$4,542,492
C$59,866,254$24,181,500-$1,175,500
B$23,898,966$9,711,685-$472,100

Bond Financing Compliance

No rebate due
Yes
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
Yes
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
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 6 Classes of members or stockholders

The membership of the Corporation shall consist of one member: Purchase College Advancement Corporation.

Form 990, Part VI, Line 7A Members or stockholders electing members of governing body

The member shall designate and elect the directors of the Corporation.

Form 990, Part VI, Line 7B Decisions requiring approval by members or stockholders

The member shall establish, and amend as necessary, the by-laws of the Corporation.

Form 990, Part VI, Line 11B Review of form 990 by governing body

The Form 990 is first reviewed by the manager of finance and the director of finance for campus foundations and related entities. Pending their approval, and prior to filing, the Form 990 is provided electronically to the full board for comments or questions.

Form 990, Part VI, Line 12C Conflict of interest policy

The conflict of interest policy provides for annual written acknowledgement by each trustee or officer that each has read and is familiar with the conflict of interest policy and as to whether or not the trustee or officer has a conflict of interest. If a conflict exists, the complete details of the conflict are to be described in writing and submitted to the board chair or the president. The board chair or president shall refer the issue to the executive committee, or other board committee having descision-making authority over the substantive matter in question. The trustee or officer who discloses a direct or indirect financial interest in a proposed or existing contract, transaction, or arrangement may make a presentation and respond to questions by the body, but after such presentation, he or she shall leave the meeting during the discussion of, and vote on, the contract, transaction, or arrangement that results in the conflict of interest. Each year at the board of trustees' annual meeting, the conflict of interest policy is distributed and written acknowledgements submitted during the course of the year, financial results and transactions are reviewed for reasonableness and appropriateness, including with regard to any potential for there being a conflict. The conflict of interest policy expressly states that family and business relationships may be sources of potential conflicts.

Form 990, Part VI, Line 19 Required documents available to the public

The Organization's governing documents, conflict of interest policy, and financial statements are available upon request.

Filing and Contact Details

Filer

Filer Name
Purchase Senior Learning Community Inc
EIN
61-1816180
Phone
9142516000
Address
100 Broadview Avenue, Purchase, NY 10577

Signing Officer

Name
Michael Kopas
Title
Treasurer
Phone
9142516000
Signed
2025-05-15
Discuss with paid preparer
Yes

Organization Details

Formed
2016
Legal Domicile
Ny
Voting Board Members
13
Independent Board Members
13
Employees
46
Volunteers
15

Preparer

Firm
Forvis Mazars LLP
Address
500 Ridgefield Court, Asheville, NC 28806
Preparer
Amy Bibby
Phone
8282542254
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9 Other changes in net assets or fund balances

Intercompany Transfer - -8788315;

Form 990, Part XII, Line 2C Change of oversight process or selection process

This process has not changed from the prior year.

Financial Statement Notes

Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote

PSLC was designated by the IRS as a tax-exempt 501(c)(3) corporation effective December 7, 2016. Therefore, PSLC's income will generally not be subject to federal or state income taxes. The Organization accounts for uncertainty in income taxes recognized in the consolidated financial statements using a recognition threshold of more likely than not as to whether the uncertainty will be sustained upon examination by the appropriate taxing authority. Measurement of the tax uncertainty occurs if the recognition threshold has been met. Management determined there were no tax uncertainties that met the recognition threshold.

Schedule D, Part XI, Line 2(D) Other revenues in audited financial statements not in form 990

Marketing and Sales incentives netted on financial statements - -2493821

Schedule D, Part XII, Line 2(D) Other expenses in audited financial statements not in form 990

Marketing and Sales incentives netted on financial statements - -2493821

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IRS990/Desc0The Purchase College Advancement Corporation (PCAC), a member-less New York State not-for-profit corporation with federal 501(c)(3) designation, was formed to develop and operate a senior living and learning complex to be built on the campus of Purchase College, State University of New York (SUNY), on a 40.05 acre parcel of land leased from SUNY. Using a $5,250,000 grant from Purchase College Foundation Housing Corporation (PCFHC), PCAC stewarded the enabling legislation, market research, design, and contractual arrangements with the various project consultants and with an operations manager. Key provisions of the enabling legislation include giving PCAC the right to construct up to 385 living units, of which 20% are to be affordable to residents whose income is 80% or less of the Westchester County median income, and that the proceeds are to be used by the college, divided 75% for TAP eligible student scholarships and 25% for new full-time faculty. The initial phase of the development consists of 220 independent living units, of which 44 are the aforementioned affordable units, 36 assisted living suites, 32 memory care suites, and a building containing community amenities such as dining venues, health and wellness facilities, classrooms, etc., all totaling approximately 550,000 of conditioned space, and related infrastructure improvements. The community's Offering Plan for this initial phase has been approved by the New York State Attorney General. PCAC created a separate New York State not-for-profit corporation, Purchase Senior Learning Community Inc. (PSLC), whose sole member is PCAC. PSLC has also received 501(c)(3) designation by the Internal Revenue Service. PSLC is the Sponsor of the community, is the obligor of the tax exempt bond financing, and is the sub-lessee of the land. As of May, 2018, all contracts and work products have been transferred from PCAC to PSLC. In October, 2018, PSLC raised $15,000,000 in bond anticipation note funds which were used to complete the remainder of the pre-development and pre-marketing efforts. On November 10, 2021, PSLC closed on the issuance of $398,090,000 of bonds issued through the Westchester County Local Development Corporation, of which $391,200,000 are tax-exempt to the bondholders for both New York State and Federal income taxes, and $6,890,000 are taxable. With initial issue premiums, the total proceeds of the bond financing was $406,084,608. The bond proceeds are being used to: refund the $15,000,000 of bond anticipation notes, together with accreted interest; to fund the hard and soft costs of the construction of the project; to fund capitalized interest; to fund debt service reserves; to fund certain start-up losses; and to fund the costs of issuance. Construction of the community, known as Broadview Senior Living at Purchase College, began immediately after financing was obtained in November 2021. The community opened and welcomed its first resident December 8, 2023. All construction was completed in the late summer of 2024. The goals of the community are to support the education mission of the college through the provision of revenue, generated from ground rent of the lease, to fund scholarships for students, to enhance the college's ability to compete for faculty dedicated to transformative engagement with the student body, and to create an environment fostering inquiry based, intergenerational learning that not only sustains life, but improves it for all involved, all in furtherance of the purposes and objectives of the enabling legislation. With the addition of the residents of the senior living community, the college has become a center for life-long learning. It offers students of all ages unique, non-conventional access to opportunities for intellectual and social growth through academic, cultural and social activities. A second set of goals, equally as important, is to provide much needed, high-quality service-based housing and care for area seniors.
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