Civic Intelligence

Placet Development Corporation

990 • Fiscal year 2014 • EIN 75-2817205

Jan 01, 2014 to Dec 31, 2014 • Filed on Nov 16, 2015

Organization ProfileN/A
275 Battery Street Ste 500San Francisco, CA 94111

(415) 788-0700

Siviq Scores

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

Liabilities / Assets

99th percentile

2.08x

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

2014 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2014

Liabilities / Revenue

96th percentile

9.61x

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

2014 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2014

Net Margin

7th percentile

-28%

Higher net margin than 7% of similar nonprofits.

2014 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2014

Top Officer Pay

12th percentile

$0

Higher top officer pay than 12% of similar nonprofits.

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

2014 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2014

Asset Growth

22nd percentile

-2.6%

Faster asset growth than 22% of similar nonprofits.

2014 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2013 to 2014

Revenue Growth

59th percentile

7.2%

Faster revenue growth than 59% of similar nonprofits.

2014 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets99th percentile

Assets

Down

$23,009,432

Down $625,036 (-2.6%) from 2013

Net Assets

Down

-$24,786,315

Down $2,893,180 (-13%) from 2013

Liabilities

Up

$47,795,747

Up $2,268,144 (+5.0%) from 2013

Revenue And Expenses
Liabilities / Revenue96th percentileNet Margin7th percentile

Revenue

Up

$4,974,869

Up $334,667 (+7.2%) from 2013

Expenses

Up

$6,386,903

Up $223,860 (+3.6%) from 2013

Net Income

Up

-$1,412,034

Up $110,807 (+7.3%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth22nd percentile

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

$60M$40M$20M$0-$20M-$40MAssets 2010: $26,060,106Liabilities 2010: $41,095,775Net Assets 2010: -$15,035,6692010Assets 2011: $25,268,678Liabilities 2011: $43,607,765Net Assets 2011: -$18,339,0872011Assets 2012: $24,388,964Liabilities 2012: $44,759,258Net Assets 2012: -$20,370,2942012Assets 2013: $23,634,468Liabilities 2013: $45,527,603Net Assets 2013: -$21,893,1352013Assets 2014: $23,009,432Liabilities 2014: $47,795,747Net Assets 2014: -$24,786,3152014Assets 2015: $12,253,109Liabilities 2015: $25,654,773Net Assets 2015: -$13,401,6642015Assets 2016: $8,025Liabilities 2016: $0Net Assets 2016: $8,0252016Assets 2017: $752Liabilities 2017: $0Net Assets 2017: $7522017Assets 2018: $3,612Liabilities 2018: $33,146Net Assets 2018: -$29,5342018Assets 2019: $2,696Liabilities 2019: $50,677Net Assets 2019: -$47,9812019Assets 2020: $62,774Liabilities 2020: $156,483Net Assets 2020: -$93,7092020Assets 2021: $106,070Liabilities 2021: $738Net Assets 2021: $105,3322021Assets 2022: $95,764Liabilities 2022: $1,118Net Assets 2022: $94,6462022Assets 2023: -$3,314,619Liabilities 2023: $8,105Net Assets 2023: -$3,322,7242023Assets 2024: -$6,658,913Liabilities 2024: $15,716Net Assets 2024: -$6,674,6292024

Highlighted filing

2014

Assets$23,009,432
Liabilities$47,795,747
Net Assets-$24,786,315
Open 2014 Filing

Operations Trend

Revenue Growth59th percentile

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

$20M$15M$10M$5.0M$0-$5.0MExpenses 2010: $4,453,3762010Expenses 2011: $7,978,4592011Expenses 2012: $6,654,0752012Revenue 2013: $4,640,202Expenses 2013: $6,163,043Net Income 2013: -$1,522,8412013Revenue 2014: $4,974,869Expenses 2014: $6,386,903Net Income 2014: -$1,412,0342014Revenue 2015: $18,264,662Expenses 2015: $6,880,011Net Income 2015: $11,384,6512015Revenue 2016: $12,144,728Expenses 2016: $2,836,398Net Income 2016: $9,308,3302016Revenue 2017: $9,864Expenses 2017: $17,137Net Income 2017: -$7,2732017Revenue 2018: $1,016Expenses 2018: $31,302Net Income 2018: -$30,2862018Revenue 2019: $558Expenses 2019: $19,005Net Income 2019: -$18,4472019Revenue 2020: $180,000Expenses 2020: $225,728Net Income 2020: -$45,7282020Revenue 2021: $515,000Expenses 2021: $315,959Net Income 2021: $199,0412021Revenue 2022: $229,588Expenses 2022: $240,274Net Income 2022: -$10,6862022Revenue 2023: $375,125Expenses 2023: $370,245Net Income 2023: $4,8802023Revenue 2024: $481,290Expenses 2024: $415,638Net Income 2024: $65,6522024

Highlighted filing

2014

Revenue$4,974,869
Expenses$6,386,903
Net Income-$1,412,034
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Nov 16, 2015
Return Version
2014v5.0
Gross Receipts
$4,974,869
Mission and Program Overview

Mission

Providing housing that is affordable to low-income and moderate-income people in and around dallas, texas.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$22,765,801$22,117,062▼ $648,739
Intangible Assets$736,034$708,930▼ $27,104
Cash and Non-Interest-Bearing Accounts$59,861$58,402▼ $1,459
Savings and Temporary Cash Investments$0$0→ $0
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$23,634,468$23,009,432▼ $625,036
Other Assets Total$72,772$125,038▲ $52,266
Liabilities
Tax Exempt Bond Liabilities$31,460,624$30,830,850▼ $629,774
Unsecured Notes Loans Payable$14,022,471$15,435,140▲ $1,412,669
Other Liabilities$44,008$1,529,657▲ $1,485,649
Accounts Payable and Accrued Expenses$500$100▼ $400
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Total Liabilities$45,527,603$47,795,747▲ $2,268,144
Net Assets / Fund Balance
Permanently Rstr Net Assets$0$0→ $0
Temporarily Rstr Net Assets$0$0→ $0
Unrestricted Net Assets$-21,893,135$-24,786,315▼ $2,893,180
Total Net Assets Fund Balance$-21,893,135$-24,786,315▼ $2,893,180
Total Liabilities and Net Assets / Fund Balance$23,634,468$23,009,432▼ $625,036

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$18,552,677$8,589,569$27,142,246
Other Land Buildings$998,574$1,707,150$2,705,724
Land$2,565,810-$2,565,810
Equipment$1$71,147$71,148
Compensation and Service Providers
Top Officer Pay12th percentile

Board Members and Trustees

NameTitle
Flynann JanissePresident and Chair
Gary SilversmithSecretary & Vice-President
Carol ErmelsResident Director
Lenetta KingvalskyResident Director
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$4,974,868
Investment Income
$1
Other Revenue
$0
Change in Net Assets
$-1,412,034

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,974,768
Revenue Not Reported on Financial Statements
$101
Other Revenue Adjustments
$101
Total Revenue per Audited Statements
$4,974,768
Total Revenue per Form 990
$4,974,869
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$5,680,604
Salaries, Compensation, and Employee Benefits$706,299
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$3,604,829--$3,604,829
Depreciation Depletion$851,451--$851,451
Other Salaries and Wages$660,292--$660,292
Fees for Services Other$209,421--$209,421
Fees for Services Management$147,249--$147,249
Insurance$134,112--$134,112
Advertising$96,886--$96,886
Other Expenses$66,139--$66,139
Payroll Taxes$46,007--$46,007
Fees for Services Accounting$36,200--$36,200
All Other Expenses$27,104--$27,104
Fees for Services Legal$3,413--$3,413
Total Functional Expenses$6,386,903$0$0$6,386,903

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$6,760,775
Expenses per Audited Statements$6,386,903
Total Expenses per Form 990$6,386,903
Expenses Not Reported on Form 990$373,872
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
Insider Transactions and Loans

Loans and Receivables

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

Other Reported Liabilities

LiabilityAmount
Accrued Interest$1,481,146
Tenants Security Deposits Liab$48,511
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
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
No
Management duties delegated
No

Governance Explanations

Part VI, Section B, Question 11

“Placet development corporation's president and selected board members will review and approve the form 990. The president will sign it.”

Part VI, Section C, Question 19

“The organization makes its governing documents and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Placet Development Corporation
EIN
75-2817205
In Care Of
% FLYNANN JANISSE
Phone
4157880700
Address
275 BATTERY STREET STE 500, San Francisco, CA 94111

Signing Officer

Name
gary gibbs
Title
manager
Phone
4155019619
Signed
2015-11-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Flynann Janisse
Formed
1999
Legal Domicile
TX
Voting Board Members
4
Independent Board Members
4
Employees
0

Preparer

Firm
Cohnreznick Llp
Address
816 CONGRESS AVENUE SUITE 200, AUSTIN, TX 78701
Preparer
Michael S Celkis CPA
Phone
5124949100
Supplemental Narrative

Additional Explanations

Part X, Line 24

“The Organization has been advanced funds from Fidelity Cap V, LLC in the aggregate amount of $7,151,782, which was used to pay debt service, fund operating deficits and fund rehabilitation of the properties of the Subsidiaries. The advances bear interest at the rate of 10% per annum, compounded monthly. The advances are to be paid from distributions of cash flow from the Subsidiaries to the Organization. As of December 31, 2014, accrued interest payable was $5,996,479. Greenbridge and Tenison were also advanced funds from Fidelity Cap V, LLC in the aggregate amount of $1,210,894. These advances are unsecured, interest bearing and will be repaid from cash flow from the projects.”

Financial Statement Notes

Schedule D, Part XI, Line 2D

“This is the amount of the adjustment to convert from the accrual basis method of income used in the financial income statements to the cash basis method of accounting used for the tax return.”

Schedule D, Part XII, Line 4B

“This is the amount of the adjustment to convert from the accrual basis method of income used in the financial income statements to the cash basis method of accounting used for the tax return.”

Schedule D, Part X, Line 1

“The Organization is exempt from Federal income taxes under Section 501(c)(3) of the Internal Revenue Code. Greenbridge at Buckingham, L.L.C and Greenbridge at Williams Run, L.L.C. are single-member limited liability companies, whose activity is reported directly by their sole member, the Organization, since they are disregarded entities for income tax purposes. Income tax returns filed by the Organization are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2011 remain open.”

Raw XML AppendixShowing 400 of 505 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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IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt00
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt00
IRS990/PrincipalOfficerNm0FLYNANN JANISSE
IRS990/PriorPeriodAdjustmentsAmt0-1481146
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0531390
IRS990/ProgramServiceRevenueGrp/Desc0RENTAL INCOME FROM LOW INCOME HOUSING PROJECTS
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt04974868
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt04974868
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYExcessBenefitTransInd0false
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt016
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt05490570
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt04640186
IRS990/PYRevenuesLessExpensesAmt0-1522841
IRS990/PYSalariesCompEmpBnftPaidAmt0672473
IRS990/PYTotalExpensesAmt06163043
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt04640202
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvblFromDisqualifiedPrsnGrp/BOYAmt00
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReceivablesFromOfficersEtcGrp/BOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0-1412034
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0true
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RentalIncomeOrLossGrp/PersonalAmt00
IRS990/RentalIncomeOrLossGrp/RealAmt00
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt04974869
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt00
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/TotalAmt00
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearAmt00
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus1YearAmt00
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus2YearsAmt00
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus3YearsAmt00
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus4YearsAmt00
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/TotalAmt00
IRS990ScheduleA/GovtFurnSrvcFcltsVl509Grp/TotalAmt00
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearAmt01
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus1YearAmt016
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus2YearsAmt07
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus3YearsAmt04
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus4YearsAmt012
IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt040
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt04974868
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt04640186
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt04622861
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt04675037
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt04135358
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt023048310
IRS990ScheduleA/GrossReceiptsNonUnrltBusGrp/TotalAmt00
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt01
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt016
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus2YearsAmt07
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus3YearsAmt04
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus4YearsAmt012
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt040
IRS990ScheduleA/InvestmentIncomeCYPct00.00000
IRS990ScheduleA/InvestmentIncomePYPct00.00001
IRS990ScheduleA/NetIncomeFromOtherUBIGrp/TotalAmt00
IRS990ScheduleA/OtherIncome509Grp/TotalAmt00
IRS990ScheduleA/Post1975UBTIGrp/TotalAmt00
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportCY509Pct01.00000
IRS990ScheduleA/PublicSupportPY509Pct00.99999
IRS990ScheduleA/PublicSupportTotal509Amt023048310
IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/TotalAmt00
IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft509Grp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind0X
IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt04974868
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt04640186
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt04622861
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt04675037
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt04135358
IRS990ScheduleA/Total509Grp/TotalAmt023048310
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt04974869
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt04640202
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt04622868
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt04675041
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt04135370
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt023048350
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt018552677
IRS990ScheduleD/BuildingsGrp/DepreciationAmt08589569
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt027142246
IRS990ScheduleD/EquipmentGrp/BookValueAmt01
IRS990ScheduleD/EquipmentGrp/DepreciationAmt071147
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt071148
IRS990ScheduleD/ExpensesNotReportedAmt0373872
IRS990ScheduleD/ExpensesSubtotalAmt06386903
IRS990ScheduleD/FederalIncomeTaxLiabilityAmt00
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt02565810
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt02565810
IRS990ScheduleD/OtherExpensesIncludedAmt0373872
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0998574
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt01707150
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt02705724
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt048511
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt11481146
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0TENANTS SECURITY DEPOSITS LIAB
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1ACCRUED INTEREST
IRS990ScheduleD/OtherRevenuesNotIncludedAmt0101
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt0101
IRS990ScheduleD/RevenueSubtotalAmt04974768
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THIS IS THE AMOUNT OF THE ADJUSTMENT TO CONVERT FROM THE ACCRUAL BASIS METHOD OF INCOME USED IN THE FINANCIAL INCOME STATEMENTS TO THE CASH BASIS METHOD OF ACCOUNTING USED FOR THE TAX RETURN.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1THIS IS THE AMOUNT OF THE ADJUSTMENT TO CONVERT FROM THE ACCRUAL BASIS METHOD OF INCOME USED IN THE FINANCIAL INCOME STATEMENTS TO THE CASH BASIS METHOD OF ACCOUNTING USED FOR THE TAX RETURN.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2The Organization is exempt from Federal income taxes under Section 501(c)(3) of the Internal Revenue Code. Greenbridge at Buckingham, L.L.C and Greenbridge at Williams Run, L.L.C. are single-member limited liability companies, whose activity is reported directly by their sole member, the Organization, since they are disregarded entities for income tax purposes. Income tax returns filed by the Organization are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2011 remain open.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PART XI, LINE 2D
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PART XII, LINE 4B
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2SCHEDULE D, PART X, LINE 1
IRS990ScheduleD/TotalBookValueLandBuildingsAmt022117062
IRS990ScheduleD/TotalExpensesPerForm990Amt06386903
IRS990ScheduleD/TotalLiabilityAmt01529657
IRS990ScheduleD/TotalRevenuePerForm990Amt04974869
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt04974768
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt06760775
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0PLACET DEVELOPMENT CORPORATION'S PRESIDENT AND SELECTED BOARD MEMBERS WILL REVIEW AND APPROVE THE FORM 990. THE PRESIDENT WILL SIGN IT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The Organization has been advanced funds from Fidelity Cap V, LLC in the aggregate amount of $7,151,782, which was used to pay debt service, fund operating deficits and fund rehabilitation of the properties of the Subsidiaries. The advances bear interest at the rate of 10% per annum, compounded monthly. The advances are to be paid from distributions of cash flow from the Subsidiaries to the Organization. As of December 31, 2014, accrued interest payable was $5,996,479. Greenbridge and Tenison were also advanced funds from Fidelity Cap V, LLC in the aggregate amount of $1,210,894. These advances are unsecured, interest bearing and will be repaid from cash flow from the projects.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0PART VI, SECTION B, QUESTION 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1PART VI, SECTION C, QUESTION 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2PART X, LINE 24
IRS990ScheduleR/AssetExchangeInd0false
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd0false
IRS990ScheduleR/AssetSaleToOtherOrgInd0false
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd0false
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0false
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt0Placet
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt1Placet
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt0Greenbridge at Buckingham LLC
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt1GREENBRIDGE AT WILLIAMS RUN LLC
IRS990ScheduleR/IdDisregardedEntitiesGrp/EIN0752906601
IRS990ScheduleR/IdDisregardedEntitiesGrp/EIN1752906600
IRS990ScheduleR/IdDisregardedEntitiesGrp/EndOfYearAssetsAmt010547927
IRS990ScheduleR/IdDisregardedEntitiesGrp/EndOfYearAssetsAmt19057371
IRS990ScheduleR/IdDisregardedEntitiesGrp/LegalDomicileStateCd0TX
IRS990ScheduleR/IdDisregardedEntitiesGrp/LegalDomicileStateCd1TX
IRS990ScheduleR/IdDisregardedEntitiesGrp/PrimaryActivitiesTxt0Real Estate
IRS990ScheduleR/IdDisregardedEntitiesGrp/PrimaryActivitiesTxt1Real Estate
IRS990ScheduleR/IdDisregardedEntitiesGrp/TotalIncomeAmt0-556576
IRS990ScheduleR/IdDisregardedEntitiesGrp/TotalIncomeAmt188009
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/AddressLine1Txt0535 East Buckingham Road
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/AddressLine1Txt17440 La Vista Drive
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/CityNm0Richardson
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/CityNm1Dallas
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/StateAbbreviationCd0TX
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/StateAbbreviationCd1TX
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/ZIPCd075081
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/ZIPCd175214
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd0false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd1false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt0NA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt1NA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0Rainbow Housing Assistance Corp
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt1Texas Council of Foundation for Social R
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0300108119
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN1752536782
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(c)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt1501(c)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0AZ
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd1TX
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0Real Estate

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$23,009,432
Liabilities
$47,795,747
Net assets
-$24,786,315
Revenue
$4,974,869
Expenses
$6,386,903
Net income
-$1,412,034
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.66$0.02$6.67$0.48$0.42$0.07
2023Detailed filing. Detailed filing data is available for this year.$3.31$0.01$3.32$0.38$0.37$0.00
2022Detailed filing. Detailed filing data is available for this year.$0.10$0.00$0.09$0.23$0.24$0.01
2021Detailed filing. Detailed filing data is available for this year.$0.11$0.00$0.11$0.52$0.32$0.20
2020Detailed filing. Detailed filing data is available for this year.$0.06$0.16$0.09$0.18$0.23$0.05
2019Detailed filing. Detailed filing data is available for this year.$0.00$0.05$0.05$0.00$0.02$0.02
2018Detailed filing. Detailed filing data is available for this year.$0.00$0.03$0.03$0.00$0.03$0.03
2017Summary only. Only limited summary data is available for this year.$0.00$0.00$0.00$0.01$0.02$0.01
2016Detailed filing. Detailed filing data is available for this year.$0.01$0.00$0.01$12.1$2.84$9.31
2015Detailed filing. Detailed filing data is available for this year.$12.3$25.7$13.4$18.3$6.88$11.4
2014Detailed filing. Detailed filing data is available for this year.$23.0$47.8$24.8$4.97$6.39$1.41
2013Detailed filing. Detailed filing data is available for this year.$23.6$45.5$21.9$4.64$6.16$1.52
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$24.4$44.8$20.4$6.65
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$25.3$43.6$18.3$7.98
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$26.1$41.1$15.0$4.45