Civic Intelligence

Prea Foundation Inc.

990 • Fiscal year 2023 • EIN 82-1060870

Jan 01, 2023 to Dec 31, 2023 • Filed on Aug 19, 2024

Organization ProfileWWW.PREA.ORG/FOUNDATION

View Organization Page

100 Pearl Sreet 13th FloorHartford, CT 06103

(860) 692-6341

Siviq Scores

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

Liabilities / Assets

10th percentile

0.00x

Higher debt load relative to assets than 10% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Liabilities / Revenue

10th percentile

0.02x

Higher debt load relative to revenue than 10% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Net Margin

81st percentile

27%

Higher net margin than 81% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Top Officer Pay

78th percentile

$294,161

Higher top officer pay than 78% of similar nonprofits.

Top officer pay equals 6.6% of source-year revenue.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Asset Growth

49th percentile

5.9%

Faster asset growth than 49% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Revenue Growth

6th percentile

-54%

Faster revenue growth than 6% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets10th percentile

Assets

Up

$24,550,282

Up $1,359,713 (+5.9%) from 2022

Net Assets

Up

$24,482,948

Up $1,297,930 (+5.6%) from 2022

Liabilities

Up

$67,334

Up $61,783 (+1113%) from 2022

Revenue And Expenses
Liabilities / Revenue10th percentileNet Margin81st percentile

Revenue

Down

$4,481,458

Down $5,175,099 (-54%) from 2022

Expenses

Up

$3,288,293

Up $1,514,803 (+85%) from 2022

Net Income

Down

$1,193,165

Down $6,689,902 (-85%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth49th percentile

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

$40M$30M$20M$10M$0Assets 2017: $8,707,414Liabilities 2017: $730,000Net Assets 2017: $7,977,4142017Assets 2018: $10,906,640Liabilities 2018: $119,447Net Assets 2018: $10,787,1932018Assets 2019: $14,559,053Liabilities 2019: $52,984Net Assets 2019: $14,506,0692019Assets 2020: $14,168,741Liabilities 2020: $19,458Net Assets 2020: $14,149,2832020Assets 2021: $15,344,989Liabilities 2021: $43,038Net Assets 2021: $15,301,9512021Assets 2022: $23,190,569Liabilities 2022: $5,551Net Assets 2022: $23,185,0182022Assets 2023: $24,550,282Liabilities 2023: $67,334Net Assets 2023: $24,482,9482023Assets 2024: $35,763,271Liabilities 2024: $79,789Net Assets 2024: $35,683,4822024

Highlighted filing

2023

Assets$24,550,282
Liabilities$67,334
Net Assets$24,482,948
Open 2023 Filing

Operations Trend

Revenue Growth6th percentile

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

$15M$10M$5.0M$0-$5.0MRevenue 2017: $8,957,439Expenses 2017: $980,025Net Income 2017: $7,977,4142017Revenue 2018: $3,001,414Expenses 2018: $191,635Net Income 2018: $2,809,7792018Revenue 2019: $4,107,208Expenses 2019: $288,332Net Income 2019: $3,818,8762019Revenue 2020: $648,969Expenses 2020: $1,005,755Net Income 2020: -$356,7862020Revenue 2021: $2,684,612Expenses 2021: $1,531,944Net Income 2021: $1,152,6682021Revenue 2022: $9,656,557Expenses 2022: $1,773,490Net Income 2022: $7,883,0672022Revenue 2023: $4,481,458Expenses 2023: $3,288,293Net Income 2023: $1,193,1652023Revenue 2024: $14,098,469Expenses 2024: $3,712,060Net Income 2024: $10,386,4092024

Highlighted filing

2023

Revenue$4,481,458
Expenses$3,288,293
Net Income$1,193,165
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Aug 19, 2024
Return Version
2023v5.1
Gross Receipts
$4,481,458
Mission and Program Overview

Mission

The mission of prea foundation, inc. (the foundation) is to further the interests and values of the institutional real estate investment community by advancing industry-wide diversity and inclusion.

To advance diversity and inclusion in the institutional real estate industry

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$13,838,670$11,929,277▼ $1,909,393
Pledges and Grants Receivable$8,672,877$8,729,661▲ $56,784
Investments in Publicly Traded Securities-$3,264,279-
Cash and Non-Interest-Bearing Accounts$404,601$618,438▲ $213,837
Prepaid Expenses and Deferred Charges$274,421$5,511▼ $268,910
Land, Buildings, and Equipment, Net$0$3,116▲ $3,116
Total Assets$23,190,569$24,550,282▲ $1,359,713
Liabilities
Accounts Payable and Accrued Expenses$5,551$67,334▲ $61,783
Total Liabilities$5,551$67,334▲ $61,783
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$14,512,141$15,753,287▲ $1,241,146
Net Assets With Donor Restrictions$8,672,877$8,729,661▲ $56,784
Total Net Assets Fund Balance$23,185,018$24,482,948▲ $1,297,930
Total Liabilities and Net Assets / Fund Balance$23,190,569$24,550,282▲ $1,359,713

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$3,116$750$3,866

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$0$3,158,302▲ $105,977-$3,264,279
Compensation and Service Providers
Top Officer Pay78th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Ivan BarronExecutive DirectorFT$274,327$19,834$294,161

Board Members and Trustees

NameTitle
Debbie HarmonChair
Kevin FaxonPresident
Linda AssanteVice President (effective May 2023)
Kathleen MccarthyVice President (thru May 2023)
Chris LeeDirector
Christina ScarlatoDirector
David GilbertDirector
Eric LangDirector
Gail HaynesDirector
Jeff FineDirector
John BradyDirector
Jonathan DavisDirector
Lee MillsteinDirector
Manny CasangaDirector
Melinda Ellis-eversDirector
Mike DireDirector
Sonny KalsiDirector
Tom LeeDirector
Dean AlderDirector (effective May 2023)
Eric WuDirector (effective May 2023)
Jonathan SlagerDirector (effective May 2023)
Chad TredwayDirector (thru May 2023)
Yvonne NelsonSecretary
Dhvani ShahTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$3,823,937
Program Service Revenue
$0
Investment Income
$657,521
Other Revenue
$0
All Other Contributions
$3,823,937
Change in Net Assets
$1,193,165

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,481,458
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$104,765
Total Revenue per Audited Statements
$4,586,223
Total Revenue per Form 990
$4,481,458
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$2,502,541
Salaries, Compensation, and Employee Benefits$448,916
Other Expenses$336,836
Total Fundraising Expense$203,036
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$2,502,541--$2,502,541
Current Officers, Directors, Trustees, and Key Employees$147,574$88,544$59,030$295,148
Other Salaries and Wages$12,259$75,752$37,287$125,298
Travel$20,447-$20,447$40,894
Fees for Services Accounting-$32,432-$32,432
Fees for Services Legal-$29,520-$29,520
Conferences and Meetings--$27,610$27,610
Payroll Taxes$8,240$10,430$5,559$24,229
Other Expenses$11,753$9,689$16,112$9,689
Information Technology-$7,830$1,809$9,639
All Other Expenses-$9,476-$9,476
Office Expenses$3,104$3,105$3,103$9,312
Other Employee Benefits$213$3,307$721$4,241
Insurance-$2,742-$2,742
Depreciation Depletion-$750-$750
Total Functional Expenses$2,786,770$298,487$203,036$3,288,293

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,288,293
Total Expenses per Audited Statements$3,288,293
Total Expenses per Form 990$3,288,293
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Sponsors for Educational Opportunity IncNew York, NY501(c)(3)Prea/seo Real Estate Track Summer 2023 Internship Program$1,591,600
Robert a Toigo FoundationOakland, CA501(c)(3)Educational Program Advancing the Entrance and Ongoing Skill Development of Diverse Mbas Into the Field of Real Estate$272,441
Girls Who Invest IncNew York, NY501(c)(3)Initiative to Increase the Number of College-age Women Who Are Exposed to Real Estate Investment Management Careers Through Education and Internships.$238,500
Basis Impact Group Foundation IncNew York, NY501(c)(3)For the Benefit of the Real Estate Executive Council Summer Intensive Program$200,000
Urban Alliance IncWashington Dc, DC501(c)(3)Real Estate Skills Training for Underserved High School Seniors$200,000
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
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
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

“The draft federal form 990 is reviewed by the executive director of the foundation and the president of the pension real estate association who also serves on the board of directors of the foundation. Such review takes place upon receipt of the draft form 990, which is prepared by the independent public accounting firm. The review includes the financial information reported and a review of all narrative information for accuracy and completeness prior to filing with the internal revenue service. Further, a complete copy of the form 990 is provided to each member of the board of directors prior to filing.”

Form 990, Part VI, Section B, Line 12C

“Board members are required to file a statement on an annual basis disclosing any potential interest that could give rise to conflicts. Individuals with potential conflicts of interest are prohibited from participating in any deliberations or decision that may be affected by a potential conflict of interest.”

Form 990, Part VI, Section B, Line 15A

“The compensation of the executive director is reviewed and approved by the board of directors.”

Form 990, Part VI, Section C, Line 19

“The foundation's audited financial statements are available to the public via foundations website as well as upon request. The foundation's governing documents and conflict of interest policy are available upon request.”

Filing and Contact Details

Filer

Filer Name
Prea Foundation Inc
EIN
82-1060870
Phone
8606926341
Address
100 PEARL SREET 13TH FLOOR, HARTFORD, CT 06103

Signing Officer

Name
Ivan Barron
Title
Executive Director
Phone
8606926341
Signed
2024-08-19
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ivan Barron
Formed
2017
Legal Domicile
Ny
Voting Board Members
22
Independent Board Members
22
Employees
3
Volunteers
24

Preparer

Firm
Leonard Mulherin & Greene Pc
Address
625 GROVE STREET, BRAINTREE, MA 02184
Preparer
Michelle J Amaral
Phone
7813564800
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C

“The organization has an audit committee that assumes responsibility for oversight of the audit and its selection of an independent auditor. There have been no changes in this process since the prior year.”

Financial Statement Notes

PART V, LINE 4:

“The foundation intends to safeguard its assets and preserve the real purchasing power of its assets while earning investment returns which will be use to further the mission of the foundation.”

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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt120
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IRS990/Form990PartVIISectionAGrp/TitleTxt0CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt1PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt2TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt3SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt4VICE PRESIDENT (THRU MAY 2023)
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11VICE PRESIDENT (EFFECTIVE MAY 2023)
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR (THRU MAY 2023)
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR (EFFECTIVE MAY 2023)
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR (EFFECTIVE MAY 2023)
IRS990/Form990PartVIISectionAGrp/TitleTxt23DIRECTOR (EFFECTIVE MAY 2023)
IRS990/Form990PartVIISectionAGrp/TitleTxt24EXECUTIVE DIRECTOR
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IRS990/FSAuditedInd01
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IRS990/IndivRcvdGreaterThan100KCnt01
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IRS990/InformationTechnologyGrp/FundraisingAmt01809
IRS990/InformationTechnologyGrp/ManagementAndGeneralAmt07830
IRS990/InformationTechnologyGrp/TotalAmt09639
IRS990/InsuranceGrp/ManagementAndGeneralAmt02742
IRS990/InsuranceGrp/TotalAmt02742
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IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0THE MISSION OF PREA FOUNDATION, INC. (THE FOUNDATION) IS TO FURTHER THE INTERESTS AND VALUES OF THE INSTITUTIONAL REAL ESTATE INVESTMENT COMMUNITY BY ADVANCING INDUSTRY-WIDE DIVERSITY AND INCLUSION.
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IRS990/MoreThan5000KToOrgInd00
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IRS990/NetAssetsOrFundBalancesEOYAmt024482948
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NetUnrlzdGainsLossesInvstAmt0104765
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt014512141
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt015753287
IRS990/NoncashContributionsAmt018653
IRS990/NondeductibleContributionsInd00
IRS990/OfficeExpensesGrp/FundraisingAmt03103
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt03105
IRS990/OfficeExpensesGrp/ProgramServicesAmt03104
IRS990/OfficeExpensesGrp/TotalAmt09312
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt0721
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt03307
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0213
IRS990/OtherEmployeeBenefitsGrp/TotalAmt04241
IRS990/OtherExpensesGrp/Desc0MARKETING
IRS990/OtherExpensesGrp/Desc1PROGRAM EXPENSES
IRS990/OtherExpensesGrp/Desc2CONSULTING FEES
IRS990/OtherExpensesGrp/Desc3BANK FEES
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IRS990/OtherExpensesGrp/FundraisingAmt116112
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt024910
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt19689
IRS990/OtherExpensesGrp/ProgramServicesAmt026639
IRS990/OtherExpensesGrp/ProgramServicesAmt154000
IRS990/OtherExpensesGrp/ProgramServicesAmt211753
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IRS990/OtherExpensesGrp/TotalAmt154000
IRS990/OtherExpensesGrp/TotalAmt252775
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IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
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IRS990/SavingsAndTempCashInvstGrp/EOYAmt011929277
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt02683677
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0631345
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt04018031
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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt0657521
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt0159451
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt0935

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$24,550,282
Liabilities
$67,334
Net assets
$24,482,948
Revenue
$4,481,458
Expenses
$3,288,293
Net income
$1,193,165
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$35.8$0.08$35.7$14.1$3.71$10.4
2023Detailed filing. Detailed filing data is available for this year.$24.6$0.07$24.5$4.48$3.29$1.19
2022Detailed filing. Detailed filing data is available for this year.$23.2$0.01$23.2$9.66$1.77$7.88
2021Detailed filing. Detailed filing data is available for this year.$15.3$0.04$15.3$2.68$1.53$1.15
2020Detailed filing. Detailed filing data is available for this year.$14.2$0.02$14.1$0.65$1.01$0.36
2019Detailed filing. Detailed filing data is available for this year.$14.6$0.05$14.5$4.11$0.29$3.82
2018Detailed filing. Detailed filing data is available for this year.$10.9$0.12$10.8$3.00$0.19$2.81
2017Summary only. Only limited summary data is available for this year.$8.71$0.73$7.98$8.96$0.98$7.98