Civic Intelligence

Purchase Senior Learning Community Inc.

990 • Fiscal year 2021 • EIN 61-1816180

Jul 01, 2020 to Jun 30, 2021 • Filed on May 10, 2022

Organization ProfileN/A
735 Anderson Hill RoadPurchase, NY 10577

(914) 251-6000

Siviq Scores

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

Liabilities / Assets

97th percentile

1.25x

Higher debt load relative to assets than 97% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Liabilities / Revenue

Score unavailable

No value available

Liabilities-to-revenue requires both liabilities and revenue on this filing.

Source year 2021

Net Margin

Score unavailable

No value available

Net margin requires both revenue and expenses on this filing.

Source year 2021

Top Officer Pay

9th percentile

$0

Higher top officer pay than 9% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Asset Growth

80th percentile

26%

Faster asset growth than 80% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2020 to 2021

Revenue Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets97th percentile

Assets

Up

$28,355,738

Up $5,783,985 (+26%) from 2020

Net Assets

Down

-$7,022,923

Down $2,419,926 (-53%) from 2020

Liabilities

Up

$35,378,661

Up $8,203,911 (+30%) from 2020

Revenue And Expenses
Liabilities / RevenueScore unavailableNet MarginScore unavailable

Revenue

Flat

$0

Flat from 2020

Expenses

Down

$2,419,926

Down $1,216,099 (-33%) from 2020

Net Income

Up

-$2,419,926

Up $1,216,099 (+33%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth80th percentile

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

$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

2021

Assets$28,355,738
Liabilities$35,378,661
Net Assets-$7,022,923
Open 2021 Filing

Operations Trend

Revenue GrowthScore unavailable

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

2021

Revenue$0
Expenses$2,419,926
Net Income-$2,419,926
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
May 10, 2022
Return Version
2020v4.2
Gross Receipts
$0
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 housing community on the grounds of suny, purchase college.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$6,988,127$12,568,158▲ $5,580,031
Savings and Temporary Cash Investments$6,824,383$1,297,782▼ $5,526,601
Cash and Non-Interest-Bearing Accounts$37,972$77,514▲ $39,542
Prepaid Expenses and Deferred Charges$9,038$4,897▼ $4,141
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$-4,602,997$-7,022,923▼ $2,419,926
Total Assets$22,571,753$28,355,738▲ $5,783,985
Other Assets Total$8,712,233$14,407,387▲ $5,695,154
Liabilities
Unsecured Notes Loans Payable$14,196,823$14,416,389▲ $219,566
Escrow Account Liability$8,700,314$14,395,468▲ $5,695,154
Other Liabilities$2,898,769$4,867,615▲ $1,968,846
Accounts Payable and Accrued Expenses$1,378,844$1,699,189▲ $320,345
Total Liabilities$27,174,750$35,378,661▲ $8,203,911
Net Assets / Fund Balance
Total Net Assets Fund Balance$-4,602,997$-7,022,923▼ $2,419,926
Total Liabilities and Net Assets / Fund Balance$22,571,753$28,355,738▲ $5,783,985

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$12,568,158-$12,568,158
Other Assets Org$14,395,468--
Compensation and Service Providers
Top Officer Pay9th percentile

Board Members and Trustees

NameTitle
Elizabeth RobertsonChairman/president
Barry PearsonVice Chairman
Wayne RushVice President/project Mgr/secretary
Carl AustinBoard Member
Earle YaffaBoard Member
Ernie PalmieriBoard Member
Kevin PlunkettBoard Member
Michelle IfillBoard Member
Milagros PenaBoard Member
Steven MabusBoard Member
Thomas SchwarzBoard Member
Dennis CraigBOARD MEMBER (UNTIL NOV. '20)
Judith NolanTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Lcsd-scd Partners LLCDevelopment Management Services400 LOCUST STREET SUITE 820, Des Moines, IA 50309$2,851,037
AttaneMarketing Svcs.8880 WARD PKWY SUITE 400, Kansas City, MO 64114$1,181,777
Hcm Design INCArchitectural Services700 EAST PRATT STREET SUITE 1200, Baltimore, MD 21202$792,381
Divney Tung Schwalbe LLPEngineering ServicesONE NORTH BROADWAY, White Plains, NY 10601$182,115
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-2,419,926

Audited Revenue Reconciliation

Revenue per Audited Statements
$0
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$273,345
Total Revenue per Audited Statements
$273,345
Total Revenue per Form 990
$0
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,419,926
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
Advertising-$1,668,859-$1,668,859
Occupancy-$705,712-$705,712
Fees for Services Accounting-$23,710-$23,710
Insurance-$16,677-$16,677
Travel-$3,468-$3,468
Fees for Services Legal-$1,500-$1,500
Total Functional Expenses$0$2,419,926$0$2,419,926

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,693,271
Expenses per Audited Statements$2,419,926
Total Expenses per Form 990$2,419,926
Expenses Not Reported on Form 990$273,345
Expenses Not Reported on Financial Statements$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
Accrued Interest$4,867,615

Bond Issues

BondIssuerIssuedIssue PricePurpose
AWestchester County Local Development Corporation2018-10-25$15,000,000Pre-development activities of senior living facility

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$15,000,000$300,000-$300,000

Bond Financing Compliance

No rebate due
No
Rebate not yet due
Yes
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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, Section A, Line 6

“The membership of the corporation shall consist of one member: purchase college advancement corporation.”

Form 990, Part VI, Section A, Line 7A

“The member shall designate and elect the directors of the corporation.”

Form 990, Part VI, Section A, Line 7B

“The member shall establish, and amend as necessary, the by-laws of the corporation.”

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

“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, Section B, Line 12C

“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 decision-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, Section C, Line 19

“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
735 ANDERSON HILL ROAD, PURCHASE, NY 10577

Signing Officer

Name
Judith J Nolan
Title
Treasurer
Phone
9142516000
Signed
2022-05-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Judith J Nolan
Formed
2016
Legal Domicile
Ny
Voting Board Members
11
Independent Board Members
11
Employees
0
Volunteers
11

Preparer

Firm
Baker Tilly US Llp
Address
1570 FRUITVILLE PIKE SUITE 400, LANCASTER, PA 17601
Preparer
Kerri N Bogda CPA
Phone
7177404863
Supplemental Narrative

Financial Statement Notes

PART IV, LINE 2B:

“Deposits from prospective residents in escrow represent waiting list deposits and partial payments of entrance fees on units assigned but not yet occupied. Once the senior learning community is operational, during the first four months following the occupancy date, the entrance fee is 100 percent refundable, by the sponsor to resident or resident's estate and is subject to sponsor's right of offset as set forth in the residency agreement. Thereafter, 90 percent of the entrance fee is refundable, without interest, by sponsor to resident or resident's estate and is subject to sponsor's right of offset as set forth in the residency agreement. To reserve residence, resident is required to pay sponsor an entrance fee deposit equaling 10 percent of entrance fee.”

PART X, LINE 2:

“Purchase senior learning community inc. 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.”

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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 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 WHO EARN 80% OR LESS OF THE WESTCHESTER COUNTY MEDIAN INCOME, AND THAT THE PROCEEDS ARE TO BE USED BY THE COLLEGE, DIVIDED 75% FOR SCHOLARSHIPS AND 25% FOR NEW FULL TIME FACULTY.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 WILL BE 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 ARE BEING USED TO COMPLETE THE REMAINDER OF THE PRE-DEVELOPMENT AND PRE-MARKETING EFFORTS. PSLC WILL SEEK TO RAISE PERMANENT FINANCING FOR THE INITIAL PHASE OF THE DEVELOPMENT, CONSISTING OF 220 INDEPENDENT LIVING UNITS, 36 BEDS OF ASSISTED LIVING AND 32 BEDS OF MEMORY CARE, BY ISSUANCE OF TAX-EXEMPT BONDS THROUGH THE WESTCHESTER COUNTY LOCAL DEVELOPMENT CORPORATION. THE $15,000,000 FROM THE BOND ANTICIPATION NOTES FINANCING, TOGETHER WITH ACCRUED INTEREST, WILL BE REPAID WITH PROCEEDS FROM THE PERMANENT FINANCING.THE COMMUNITY'S OFFERING PLAN HAS BEEN APPROVED BY THE NEW YORK STATE ATTORNEY GENERAL. WITH THIS APPROVAL IN PLACE, PSLC HAS BEEN PERMITTED TO BEGIN MARKETING THE PROJECT. BY THE CLOSE OF FYE JUNE 30, 2021, ONE HUNDRED FIFTY ONE DEPOSITS, REPRESENTING 68.6% OF THE INDEPENDENT LIVING UNITS, IN THE AMOUNT OF 10% OF A MARKET RATE UNIT'S ENTRANCE FEE, OR $10,000 FOR AN AFFORDABLE RESIDENCE, WERE RECEIVED. THE THRESHOLD NUMBER OF DEPOSITS IN ORDER TO PROCEED TO PERMANENT FINANCING IS SET AT 70% OF THE UNITS, OR 154 OF THE 220 UNITS PLANNED. PCAC AND PSLC EXPECT TO REACH THAT THRESHOLD BY JULY, 2021. IN ANTICIPATION OF THIS, PSLC BEGAN PREPARATIONS TO COMPLETE THE PERMANENT TAX-EXEMPT BOND FINANCING THROUGH THE WESTCHESTER COUNTY LOCAL DEVELOPMENT CORPROATION, WITH THE INTENT TO CLOSE ON THAT FINANCING BY NOVEMBER, 2021, AND THEN TO IMMEDIATELY BEGIN CONSTRUCTION OF THE COMMUNITY. THE COMMUNITY, KNOWN AS BROADVIEW - SENIOR LIVING AT PURCHASE COLLEGE, IS SCHEDULED TO OPEN FOR OCCUPANCY OF ITS FIRST RESIDENTS IN THE FALL OF 2023 AND TO HAVE ALL CONSTRUCTION COMPLETED BY SPRING OF 2024.THE GOALS OF THE COMMUNITY ARE TO SUPPORT THE EDUCATION MISSION OF THE COLLEGE THROUGH THE PROVISION OF REVENUE 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 WILL BECOME A CENTER FOR LIFE-LONG LEARNING. IT WILL OFFER STUDENTS OF ALL AGES UNIQUE, NON-CONVENTIONAL ACCESS TO OPPORTUNITIES FOR INTELLECTUAL AND SOCIAL GROWTH THROUGH ACADEMIC, CULTURAL AND SOCIAL ACTIVITIES.
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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt20
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt30
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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt50
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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt70
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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt90
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt100
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt110
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt120
IRS990/Form990PartVIISectionAGrp/PersonNm0ELIZABETH ROBERTSON
IRS990/Form990PartVIISectionAGrp/PersonNm1BARRY PEARSON
IRS990/Form990PartVIISectionAGrp/PersonNm2JUDITH NOLAN
IRS990/Form990PartVIISectionAGrp/PersonNm3CARL AUSTIN
IRS990/Form990PartVIISectionAGrp/PersonNm4EARLE YAFFA
IRS990/Form990PartVIISectionAGrp/PersonNm5THOMAS SCHWARZ
IRS990/Form990PartVIISectionAGrp/PersonNm6STEVEN MABUS
IRS990/Form990PartVIISectionAGrp/PersonNm7ERNIE PALMIERI
IRS990/Form990PartVIISectionAGrp/PersonNm8KEVIN PLUNKETT
IRS990/Form990PartVIISectionAGrp/PersonNm9MILAGROS PENA
IRS990/Form990PartVIISectionAGrp/PersonNm10MICHELLE IFILL
IRS990/Form990PartVIISectionAGrp/PersonNm11DENNIS CRAIG
IRS990/Form990PartVIISectionAGrp/PersonNm12WAYNE RUSH
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt10
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt20
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt30
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt50
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt60
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt90
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt100
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt110
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt120
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt40
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt50
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt110
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt120
IRS990/Form990PartVIISectionAGrp/TitleTxt0CHAIRMAN/PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt2TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt3BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt4BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt5BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt6BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt7BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt8BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt9BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt10BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt11BOARD MEMBER (UNTIL NOV. '20)
IRS990/Form990PartVIISectionAGrp/TitleTxt12VICE PRESIDENT/PROJECT MGR/SECRETARY
IRS990/Form990ProvidedToGvrnBodyInd01
IRS990/FormationYr02016
IRS990/FormerOfcrEmployeesListedInd00
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IRS990/FSAuditedInd01
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IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt011
IRS990/GrantAmt00
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossReceiptsAmt00
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
IRS990/IndependentAuditFinclStmtInd00
IRS990/IndependentVotingMemberCnt011
IRS990/IndivRcvdGreaterThan100KCnt00
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartIIIInd0X
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InsuranceGrp/ManagementAndGeneralAmt016677
IRS990/InsuranceGrp/TotalAmt016677
IRS990/InvestmentInJointVentureInd00
IRS990/InvestTaxExemptBondsInd00
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IRS990/IRPDocumentW2GCnt00
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IRS990/LegalDomicileStateCd0NY
IRS990/LoanOutstandingInd00
IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd01
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0TO DEVELOP AND OPERATE A SENIOR LEARNING HOUSING COMMUNITY ON LAND LEASED FROM THE STATE UNIVERSITY OF NEW YORK ON THE PURCHASE COLLEGE CAMPUS.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt0-4602997
IRS990/NetAssetsOrFundBalancesEOYAmt0-7022923
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NoListedPersonsCompensatedInd0X
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/ManagementAndGeneralAmt0705712
IRS990/OccupancyGrp/TotalAmt0705712
IRS990/OfficerMailingAddressInd00
IRS990/OnBehalfOfIssuerInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrgDoesNotFollowFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt08712233
IRS990/OtherAssetsTotalGrp/EOYAmt014407387
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherLiabilitiesGrp/BOYAmt02898769
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IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt09038
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt04897
IRS990/PrincipalOfficerNm0JUDITH J NOLAN
IRS990/ProfessionalFundraisingInd00
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
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IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt00
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0-2419926
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd01
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt00
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IRS990/SavingsAndTempCashInvstGrp/BOYAmt06824383
IRS990/SavingsAndTempCashInvstGrp/EOYAmt01297782
IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/TotalAmt00
IRS990ScheduleA/First5Years509Ind0X
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IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus3YearsAmt0600000
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/TotalAmt01451547
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus2YearsAmt0183474
IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt0183474
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus2YearsAmt0183474
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt0183474
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
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IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/TotalAmt00
IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
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IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt0600000
IRS990ScheduleA/Total509Grp/TotalAmt01451547
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IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0600000
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt01635021
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/AgentTrusteeEtcInd00
IRS990ScheduleD/DonatedServicesAndUseFcltsAmt0273345
IRS990ScheduleD/DonatedServicesUseFcltsAmt0273345
IRS990ScheduleD/ExpensesNotReportedAmt0273345
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt02419926
IRS990ScheduleD/ExplanationProvidedInd0X
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd01
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt011919
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt114395468
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0SECURITY DEPOSIT
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1DEPOSITS HELD IN ESCROW
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt012568158
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt012568158
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt04867615
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0ACCRUED INTEREST
IRS990ScheduleD/RevenueNotReportedAmt0273345
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt00
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0DEPOSITS FROM PROSPECTIVE RESIDENTS IN ESCROW REPRESENT WAITING LIST DEPOSITS AND PARTIAL PAYMENTS OF ENTRANCE FEES ON UNITS ASSIGNED BUT NOT YET OCCUPIED. ONCE THE SENIOR LEARNING COMMUNITY IS OPERATIONAL, DURING THE FIRST FOUR MONTHS FOLLOWING THE OCCUPANCY DATE, THE ENTRANCE FEE IS 100 PERCENT REFUNDABLE, BY THE SPONSOR TO RESIDENT OR RESIDENT'S ESTATE AND IS SUBJECT TO SPONSOR'S RIGHT OF OFFSET AS SET FORTH IN THE RESIDENCY AGREEMENT. THEREAFTER, 90 PERCENT OF THE ENTRANCE FEE IS REFUNDABLE, WITHOUT INTEREST, BY SPONSOR TO RESIDENT OR RESIDENT'S ESTATE AND IS SUBJECT TO SPONSOR'S RIGHT OF OFFSET AS SET FORTH IN THE RESIDENCY AGREEMENT. TO RESERVE RESIDENCE, RESIDENT IS REQUIRED TO PAY SPONSOR AN ENTRANCE FEE DEPOSIT EQUALING 10 PERCENT OF ENTRANCE FEE.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1PURCHASE SENIOR LEARNING COMMUNITY INC. 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.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART IV, LINE 2B:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt012568158
IRS990ScheduleD/TotalBookValueOtherAssetsAmt014407387
IRS990ScheduleD/TotalExpensesPerForm990Amt02419926
IRS990ScheduleD/TotalLiabilityAmt04867615
IRS990ScheduleD/TotalRevenuePerForm990Amt00
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0273345
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02693271
IRS990/ScheduleJRequiredInd00
IRS990ScheduleK/ProceduresCorrectiveActionGrp/BondReferenceCd0A
IRS990ScheduleK/ProceduresCorrectiveActionGrp/ProceduresCorrectiveActionInd00
IRS990ScheduleK/SupplementalInformationDetail/ExplanationTxt0THE FILING ORGANIZATION UNDERSTANDS AND RESPECTS THE MANY REGULATIONS THAT ARE ASSOCIATED WITH TAX-EXEMPT BOND ISSUANCES. THE ORGANIZATION IS A PRUDENT AND CONSCIENTIOUS TAXPAYER AND FOLLOWS ALL APPLICABLE RULES AND REGULATIONS. THE ORGANIZATION HAS NOT ESTABLISHED WRITTEN POLICIES BUT IS SCRUPULOUS AND RESPONSIBLE IN MAINTAINING ITS BOND ISSUE PROPERLY.
IRS990ScheduleK/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, SCHEDULE K, PART III, LINE 9, PART IV, LINE 7, PART V:
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/BondReferenceCd0A
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IRS990ScheduleK/TaxExemptBondsArbitrageGrp/Form8038TFiledInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInGICInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/HedgeIdentifiedInBksAndRecInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/NoRebateDueInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/RebateNotDueYetInd01
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/VariableRateIssueInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/WrittenProcToMonitorReqsInd00
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt02018-10-25
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuerEIN0455135576
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsIssuesGrp/CUSIPNum095737TDW3
IRS990ScheduleK/TaxExemptBondsIssuesGrp/DefeasedInd00
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuePriceAmt015000000
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt0WESTCHESTER COUNTY LOCAL DEVELOPMENT CORPORATION
IRS990ScheduleK/TaxExemptBondsIssuesGrp/OnBehalfOfIssuerInd00
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PoolFinancingInd00
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc0PRE-DEVELOPMENT ACTIVITIES OF SENIOR LIVING FACILITY
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/AnyLeaseArrangementsInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/AnyResearchAgreementsInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/BondIssMeetPrvtSecPymtTestInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/ChangeInUseBondFinancedPropInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/MgmtContractBondFincdPropInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/OwningBondFinancedPropertyInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/PrivateBusConcerningUBIPct00.00000
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/PrivateBusUseByOthersPct00.00000
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/ProcsNonqualifiedBondRemdtdInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/TotalPrivateBusinessUsePct00.00000
IRS990ScheduleK/TaxExemptBondsProceedsGrp/AdequateBooksAndRecMaintInd01
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IRS990ScheduleK/TaxExemptBondsProceedsGrp/FinalAllocationMadeInd00
IRS990ScheduleK/TaxExemptBondsProceedsGrp/IssuanceCostsFromProceedsAmt0300000
IRS990ScheduleK/TaxExemptBondsProceedsGrp/OtherSpentProceedsAmt0300000
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxableBondsInd00

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$28,355,738
Liabilities
$35,378,661
Net assets
-$7,022,923
Revenue
$0
Expenses
$2,419,926
Net income
-$2,419,926
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$503$527$23.1$13.1$17.0$3.95
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$454$464$9.77$2.38$2.43$0.05
2022Detailed filing. Detailed filing data is available for this year.$444$456$11.3$0.05$2.89$2.84
2021Detailed filing. Detailed filing data is available for this year.$28.4$35.4$7.02$0.00$2.42$2.42
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$22.6$27.2$4.60$0.00$3.64$3.64
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$18.4$19.4$0.97$1.04$2.08$1.05
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.60$0.36$0.24$0.60$0.36$0.24