Civic Intelligence

The Palms Retirement Center Inc.

990 • Fiscal year 2015 • EIN 74-2247344

Jul 01, 2014 to Jun 30, 2015 • Filed on Nov 03, 2015

Organization ProfileN/A
525 E Davis StreetHarlingen, TX 78550

(956) 421-4331

Siviq Scores

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

Liabilities / Assets

93rd percentile

1.16x

Higher debt load relative to assets than 93% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Liabilities / Revenue

93rd percentile

3.38x

Higher debt load relative to revenue than 93% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Net Margin

60th percentile

6.1%

Higher net margin than 60% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

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.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Asset Growth

50th percentile

0.7%

Faster asset growth than 50% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Revenue Growth

35th percentile

-1.8%

Faster revenue growth than 35% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets93rd percentile

Assets

Up

$1,740,543

Up $11,963 (+0.7%) from 2014

Net Assets

Up

-$273,122

Up $36,036 (+12%) from 2014

Liabilities

Down

$2,013,665

Down $24,073 (-1.2%) from 2014

Revenue And Expenses
Liabilities / Revenue93rd percentileNet Margin60th percentile

Revenue

Down

$595,391

Down $10,682 (-1.8%) from 2014

Expenses

Up

$559,355

Up $5,524 (+1.0%) from 2014

Net Income

Down

$36,036

Down $16,206 (-31%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth50th percentile

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

$3.0M$2.0M$1.0M$0-$1.0MAssets 2011: $1,685,244Liabilities 2011: $2,148,765Net Assets 2011: -$463,5212011Assets 2012: $1,677,546Liabilities 2012: $2,101,153Net Assets 2012: -$423,6072012Assets 2013: $1,719,018Liabilities 2013: $2,080,418Net Assets 2013: -$361,4002013Assets 2014: $1,728,580Liabilities 2014: $2,037,738Net Assets 2014: -$309,1582014Assets 2015: $1,740,543Liabilities 2015: $2,013,665Net Assets 2015: -$273,1222015Assets 2016: $1,690,522Liabilities 2016: $1,963,921Net Assets 2016: -$273,3992016Assets 2017: $1,442,964Liabilities 2017: $1,719,107Net Assets 2017: -$276,1432017Assets 2018: $1,405,936Liabilities 2018: $1,682,221Net Assets 2018: -$276,2852018Assets 2019: $1,369,689Liabilities 2019: $1,641,443Net Assets 2019: -$271,7542019Assets 2020: $1,335,310Liabilities 2020: $1,597,474Net Assets 2020: -$262,1642020Assets 2021: $1,287,448Liabilities 2021: $1,551,894Net Assets 2021: -$264,4462021Assets 2022: $1,059,280Liabilities 2022: $1,503,422Net Assets 2022: -$444,1422022Assets 2023: $1,051,397Liabilities 2023: $1,452,708Net Assets 2023: -$401,3112023Assets 2024: $1,047,771Liabilities 2024: $1,398,531Net Assets 2024: -$350,7602024

Highlighted filing

2015

Assets$1,740,543
Liabilities$2,013,665
Net Assets-$273,122
Open 2015 Filing

Operations Trend

Revenue Growth35th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.0M$500K$0-$500KExpenses 2011: $570,9482011Expenses 2012: $556,1302012Expenses 2013: $537,6422013Revenue 2014: $606,073Expenses 2014: $553,831Net Income 2014: $52,2422014Revenue 2015: $595,391Expenses 2015: $559,355Net Income 2015: $36,0362015Revenue 2016: $550,305Expenses 2016: $550,582Net Income 2016: -$2772016Revenue 2017: $562,079Expenses 2017: $564,823Net Income 2017: -$2,7442017Revenue 2018: $562,822Expenses 2018: $562,964Net Income 2018: -$1422018Revenue 2019: $577,947Expenses 2019: $573,416Net Income 2019: $4,5312019Revenue 2020: $585,271Expenses 2020: $575,681Net Income 2020: $9,5902020Revenue 2021: $587,429Expenses 2021: $589,711Net Income 2021: -$2,2822021Revenue 2022: $399,317Expenses 2022: $579,013Net Income 2022: -$179,6962022Revenue 2023: $619,200Expenses 2023: $576,369Net Income 2023: $42,8312023Revenue 2024: $647,580Expenses 2024: $597,029Net Income 2024: $50,5512024

Highlighted filing

2015

Revenue$595,391
Expenses$559,355
Net Income$36,036
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
Nov 3, 2015
Return Version
2014v5.0
Gross Receipts
$595,391
Mission and Program Overview

Mission

The project is operated as an apartment complex of 18 efficiency and 45 one bedroom units for elderly or disabled persons with low income.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,117,455$1,069,187▼ $48,268
Savings and Temporary Cash Investments$294,959$358,455▲ $63,496
Cash and Non-Interest-Bearing Accounts$53,351$59,656▲ $6,305
Prepaid Expenses and Deferred Charges$44,395$46,056▲ $1,661
Total Assets$1,728,580$1,740,543▲ $11,963
Other Assets Total$218,420$207,189▼ $11,231
Liabilities
Mortgage Notes Payable Secured by Investment Property$2,010,749$1,969,898▼ $40,851
Accounts Payable and Accrued Expenses$12,450$28,035▲ $15,585
Other Liabilities$14,539$15,732▲ $1,193
Total Liabilities$2,037,738$2,013,665▼ $24,073
Net Assets / Fund Balance
Unrestricted Net Assets$-309,158$-273,122▲ $36,036
Total Net Assets Fund Balance$-309,158$-273,122▲ $36,036
Total Liabilities and Net Assets / Fund Balance$1,728,580$1,740,543▲ $11,963

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$998,793$1,312,412$2,311,205
Equipment$50,772$61,537$112,309
Leasehold Improvements$1,622$22,454$24,076
Other Land Buildings-$18,088$18,088
Land$18,000-$18,000
Other Assets Org$425--
Compensation and Service Providers
Top Officer Pay35th percentile

Board Members and Trustees

NameTitle
Melvin D JusticePresident
Dan M HatfieldDirector
Flo E BuellDirector
Rachel HendrixDirector
Edward H WittingtonSecretary
Mike SullivanVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$392,665
Program Service Revenue
$190,723
Investment Income
$173
Other Revenue
$11,830
Change in Net Assets
$36,036

Audited Revenue Reconciliation

Revenue per Audited Statements
$595,391
Total Revenue per Audited Statements
$595,391
Total Revenue per Form 990
$595,391
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$427,653
Salaries, Compensation, and Employee Benefits$131,702
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$94,629--$94,629
Depreciation Depletion$63,415$15,853-$79,268
Occupancy$51,410$12,853-$64,263
Other Salaries and Wages$52,526$9,269-$61,795
Insurance$57,882--$57,882
Current Officers, Directors, Trustees, and Key Employees$31,832$5,617-$37,449
Fees for Services Other$35,539--$35,539
Fees for Services Management$27,755$6,939-$34,694
Other Employee Benefits$20,761$3,664-$24,425
Office Expenses-$16,645-$16,645
Payroll Taxes$6,828$1,205-$8,033
Fees for Services Accounting-$8,000-$8,000
Other Expenses$3,856$3,743-$3,743
All Other Expenses$2,793--$2,793
Advertising$1,051--$1,051
Total Functional Expenses$475,567$83,788$0$559,355

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$559,355
Total Expenses per Audited Statements$559,355
Total Expenses per Form 990$559,355
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 Liability & Security Deposit$15,732
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Page 6, Part VI, Line 3

“The palm's retirement center, inc. Pays a management fee to trevecca management company amounting to 6% of gross rent collections. Trevecca managment company in turn provides the palm's retirement center, inc. With management assistance throughout the fiscal year.”

Form 990, Page 6, Part VI, Line 11B

“The form 990 is reviewed by the managing agent before it is filed with the irs.”

Form 990, Page 6, Part VI, Line 15A

“Trevecca management company representative approves salaries and they are reviewed in june of each fiscal year, adjustments to be made effective at the beginning of each fiscal year on july 1.”

Form 990, Page 6, Part VI, Line 15B

“Where applicable, trevecca management company representative approves salaries for officers and/or managers and they are reviewed in june of each fiscal year, adjustments to be made effective at the beginning of each fiscal year on july 1.”

Form 990, Page 6, Part VI, Line 19

“The organization's governing documents, form 990, and financial statements are available to the public upon request. Each request is reviewed by the board. If the request is approved by the board, the document is released to the requestor.”

Filing and Contact Details

Filer

Filer Name
The Palms Retirement Center
EIN
74-2247344
Phone
9564214331
Address
525 E DAVIS STREET, HARLINGEN, TX 78550

Signing Officer

Name
Melvin D Justice
Title
President
Phone
9564214331
Signed
2015-11-03
Discuss with paid preparer
Yes

Organization Details

Voting Board Members
6
Independent Board Members
6
Employees
5

Preparer

Firm
Long Chilton Llp
Address
402 E TYLER AVE, HARLINGEN, TX 78550-9122
Preparer
Quentin Anderson CPA
Phone
9564233765
Raw XML Appendix387 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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IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus3YearsAmt014259
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus4YearsAmt012229
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0413404
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0403601
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt02024935
IRS990ScheduleA/TotalSupportAmt02090991
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
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IRS990ScheduleD/BuildingsGrp/DepreciationAmt01312412
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt02311205
IRS990ScheduleD/EquipmentGrp/BookValueAmt050772
IRS990ScheduleD/EquipmentGrp/DepreciationAmt061537
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0112309
IRS990ScheduleD/ExpensesSubtotalAmt0559355
IRS990ScheduleD/LandGrp/BookValueAmt018000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt018000
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt01622
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt022454
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt024076
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt0206764
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt1425
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0MISCELLANEOUS OTHER ASSETS
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IRS990ScheduleD/OtherAssetsOrgGrp/Desc2TENANT ACCOUNTS RECEIVABLE
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE PALM'S RETIREMENT CENTER, INC. PAYS A MANAGEMENT FEE TO TREVECCA MANAGEMENT COMPANY AMOUNTING TO 6% OF GROSS RENT COLLECTIONS. TREVECCA MANAGMENT COMPANY IN TURN PROVIDES THE PALM'S RETIREMENT CENTER, INC. WITH MANAGEMENT ASSISTANCE THROUGHOUT THE FISCAL YEAR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FORM 990 IS REVIEWED BY THE MANAGING AGENT BEFORE IT IS FILED WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2TREVECCA MANAGEMENT COMPANY REPRESENTATIVE APPROVES SALARIES AND THEY ARE REVIEWED IN JUNE OF EACH FISCAL YEAR, ADJUSTMENTS TO BE MADE EFFECTIVE AT THE BEGINNING OF EACH FISCAL YEAR ON JULY 1.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3WHERE APPLICABLE, TREVECCA MANAGEMENT COMPANY REPRESENTATIVE APPROVES SALARIES FOR OFFICERS AND/OR MANAGERS AND THEY ARE REVIEWED IN JUNE OF EACH FISCAL YEAR, ADJUSTMENTS TO BE MADE EFFECTIVE AT THE BEGINNING OF EACH FISCAL YEAR ON JULY 1.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION'S GOVERNING DOCUMENTS, FORM 990, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. EACH REQUEST IS REVIEWED BY THE BOARD. IF THE REQUEST IS APPROVED BY THE BOARD, THE DOCUMENT IS RELEASED TO THE REQUESTOR.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
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IRS990/TerminateOperationsInd0false
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IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
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IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0475567
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IRS990/VotingMembersIndependentCnt06
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02016-02-25 16:41:14Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0MELVIN D JUSTICE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum09564214331
ReturnHeader/BusinessOfficerGrp/SignatureDt02015-11-03
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0THE PALMS RETIREMENT CENTER
ReturnHeader/Filer/BusinessNameControlTxt0PALM
ReturnHeader/Filer/EIN0742247344
ReturnHeader/Filer/PhoneNum09564214331
ReturnHeader/Filer/USAddress/AddressLine1Txt0525 E DAVIS STREET
ReturnHeader/Filer/USAddress/CityNm0HARLINGEN
ReturnHeader/Filer/USAddress/StateAbbreviationCd0TX
ReturnHeader/Filer/USAddress/ZIPCd078550
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0741154721
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0LONG CHILTON LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0402 E TYLER AVE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0HARLINGEN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0TX
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0785509122
ReturnHeader/PreparerPersonGrp/PhoneNum09564233765
ReturnHeader/PreparerPersonGrp/PreparationDt02015-11-04
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0QUENTIN ANDERSON CPA
ReturnHeader/ReturnTs02015-11-04T16:34:11-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02014-07-01
ReturnHeader/TaxPeriodEndDt02015-06-30
ReturnHeader/TaxYr02014

Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,740,543
Liabilities
$2,013,665
Net assets
-$273,122
Revenue
$595,391
Expenses
$559,355
Net income
$36,036
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.05$1.40$0.35$0.65$0.60$0.05
2023Detailed filing. Detailed filing data is available for this year.$1.05$1.45$0.40$0.62$0.58$0.04
2022Detailed filing. Detailed filing data is available for this year.$1.06$1.50$0.44$0.40$0.58$0.18
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.29$1.55$0.26$0.59$0.59$0.00
2020Detailed filing. Detailed filing data is available for this year.$1.34$1.60$0.26$0.59$0.58$0.01
2019Detailed filing. Detailed filing data is available for this year.$1.37$1.64$0.27$0.58$0.57$0.00
2018Detailed filing. Detailed filing data is available for this year.$1.41$1.68$0.28$0.56$0.56$0.00
2017Detailed filing. Detailed filing data is available for this year.$1.44$1.72$0.28$0.56$0.56$0.00
2016Detailed filing. Detailed filing data is available for this year.$1.69$1.96$0.27$0.55$0.55$0.00
2015Detailed filing. Detailed filing data is available for this year.$1.74$2.01$0.27$0.60$0.56$0.04
2014Detailed filing. Detailed filing data is available for this year.$1.73$2.04$0.31$0.61$0.55$0.05
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.72$2.08$0.36$0.54
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.68$2.10$0.42$0.56
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.69$2.15$0.46$0.57