Civic Intelligence

Pcs Properties Foundation Inc.

990 • Fiscal year 2022 • EIN 85-2375850

Jul 01, 2021 to Jun 30, 2022 • Filed on May 11, 2023

Organization ProfileWWW.KIPPNYC.ORG
1501 Broadway 1000New York, NY 10036

(212) 991-2600

Siviq Scores

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

Liabilities / Assets

94th percentile

1.00x

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

2022 filings • NTEE B • $25M-$50M nonprofits • Source year 2022

Liabilities / Revenue

Score unavailable

No value available

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

Source year 2022

Net Margin

Score unavailable

No value available

Net margin requires both revenue and expenses on this filing.

Source year 2022

Top Officer Pay

19th percentile

$0

Higher top officer pay than 19% of similar nonprofits.

2022 filings • NTEE B • $25M-$50M nonprofits • Source year 2022

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2022

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2022

Balance Sheet
Liabilities / Assets94th percentile

Assets

$29,855,523

No earlier filing loaded for comparison.

Net Assets

-$29,706

No earlier filing loaded for comparison.

Liabilities

$29,885,229

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / RevenueScore unavailableNet MarginScore unavailable

Revenue

$0

No earlier filing loaded for comparison.

Expenses

$29,706

No earlier filing loaded for comparison.

Net Income

-$29,706

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

$300M$200M$100M$0-$100MAssets 2022: $29,855,523Liabilities 2022: $29,885,229Net Assets 2022: -$29,7062022Assets 2023: $248,688,745Liabilities 2023: $248,977,342Net Assets 2023: -$288,5972023Assets 2024: $257,288,129Liabilities 2024: $258,005,039Net Assets 2024: -$716,9102024

Highlighted filing

2022

Assets$29,855,523
Liabilities$29,885,229
Net Assets-$29,706
Open 2022 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$500K$0-$500KRevenue 2022: $0Expenses 2022: $29,706Net Income 2022: -$29,7062022Revenue 2023: $25,453Expenses 2023: $284,344Net Income 2023: -$258,8912023Revenue 2024: $0Expenses 2024: $428,313Net Income 2024: -$428,3132024

Highlighted filing

2022

Revenue$0
Expenses$29,706
Net Income-$29,706
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
May 11, 2023
Return Version
2021v4.2
Gross Receipts
$0
Mission and Program Overview

Mission

The organization lessens the burdens of government by developing, renovating, maintaining facilities for lease to public charter schools, including, but not limited to, the kipp nyc public charter schools, and to further and improve the education and educational opportunities of school-age children living in and around the city of new york.

To develop, manage and lease public school facilities for kipp schools in new york city

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$0$23,758,125▲ $23,758,125
Cash and Non-Interest-Bearing Accounts-$371-
Total Assets$0$29,855,523▲ $29,855,523
Other Assets Total$0$6,097,027▲ $6,097,027
Liabilities
Other Liabilities$0$28,395,160▲ $28,395,160
Accounts Payable and Accrued Expenses-$1,490,069-
Total Liabilities$0$29,885,229▲ $29,885,229
Net Assets / Fund Balance
Net Assets Without Donor Restrictions-$-29,706-
Total Net Assets Fund Balance$0$-29,706▼ $29,706
Total Liabilities and Net Assets / Fund Balance$0$29,855,523▲ $29,855,523

Asset Categories

AssetBook ValueDepreciationBasis
Land$23,758,125-$23,758,125
Other Assets Org$529,019--
Compensation and Service Providers
Top Officer Pay19th percentile

Board Members and Trustees

NameTitle
Alicia JohnsonPresident
Brian ZiedChief Financial Officer
Jack ChorowskySecretary
Nicholas MartinezTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-29,706

Audited Revenue Reconciliation

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

Major Expense Lines

Line ItemAmount
Other Expenses$29,706
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
Fees for Services Legal$20,260--$20,260
Fees for Services Other$5,000--$5,000
Depreciation Depletion-$4,446-$4,446
Total Functional Expenses$25,260$4,446$0$29,706

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$29,706
Total Expenses per Audited Statements$29,706
Total Expenses per Form 990$29,706
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$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
Due to Kipp Nyc Enterprise$22,942,160
Construction Advance$5,453,000
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
No
Management duties delegated
No

Governance Explanations

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

“The minority number of the directors are appointed by kipp new york, inc., a 501(c)(3) public charity.”

Form 990, Part VI, Section A, Line 8B

“There were no committee meetings held during the fiscal year.”

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

“The form 990 is prepared by an independent public accounting firm with the assistance of management. Management will provide the form 990 to the board of directors before it is filed with the internal revenue service.”

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

“The organization has adopted a conflict of interest policy for the guidance of all directors, officers and key employees of the corporation. If a conflict or potential conflict is identified, the board's independent directors review the transaction in question to determine its propriety, its impact on the organization and the availability of, and need for, any corrective measures. Related party transactions must go through a formal review by a quorum of the board consisting of independent directors.”

Form 990, Part VI, Section B, Line 15

“As of this time, the organization pays no compensation and has no employees.”

Form 990, Part VI, Section C, Line 19

“The organization makes its governing documents, conflict of interest policy and financial statements available to the public upon written request.”

Filing and Contact Details

Filer

Filer Name
Pcs Properties Foundation Inc
EIN
85-2375850
Phone
2129912600
Address
1501 BROADWAY 1000, NEW YORK, NY 10036

Signing Officer

Name
Diane Flynn
Title
Interim CFO
Phone
2129912600
Signed
2023-05-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Diane Flynn
Formed
2020
Legal Domicile
De
Voting Board Members
3
Independent Board Members
3
Employees
0
Volunteers
3

Preparer

Firm
Cliftonlarsonallen Llp
Address
150 S WARNER ROAD SUITE 310, KING OF PRUSSIA, PA 19406
Preparer
David M Sekerak
Phone
2156433900
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Professional fees: program service expenses 5,000. Management and general expenses 0. Fundraising expenses 0. Total expenses 5,000.”

Financial Statement Notes

PART X, LINE 2:

“The organization recognizes and measures its unrecognized tax benefits in accordance with fasb asc 740, income taxes. Using that guidance, tax positions initially need to be recognized in the financial statements when it is more likely than not that the positions will be sustained upon examination by the taxing authorities. It also provides guidance for derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. As of june 30, 2022, the organization had no uncertain tax positions that qualified for either recognition or disclosure in the financial statements. Additionally, the organization had no interest or penalties related to income taxes.”

Raw XML Appendix339 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/Form990PartVIISectionAGrp/TitleTxt1CHIEF FINANCIAL OFFICER
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IRS990/MissionDesc0THE ORGANIZATION LESSENS THE BURDENS OF GOVERNMENT BY DEVELOPING, RENOVATING, MAINTAINING FACILITIES FOR LEASE TO PUBLIC CHARTER SCHOOLS, INCLUDING, BUT NOT LIMITED TO, THE KIPP NYC PUBLIC CHARTER SCHOOLS, AND TO FURTHER AND IMPROVE THE EDUCATION AND EDUCATIONAL OPPORTUNITIES OF SCHOOL-AGE CHILDREN LIVING IN AND AROUND THE CITY OF NEW YORK.
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IRS990ScheduleD/OtherAssetsOrgGrp/Desc0CONSTRUCTION IN PROGRESS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1GOODWILL, NET OF AMORTIZATION
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION RECOGNIZES AND MEASURES ITS UNRECOGNIZED TAX BENEFITS IN ACCORDANCE WITH FASB ASC 740, INCOME TAXES. USING THAT GUIDANCE, TAX POSITIONS INITIALLY NEED TO BE RECOGNIZED IN THE FINANCIAL STATEMENTS WHEN IT IS MORE LIKELY THAN NOT THAT THE POSITIONS WILL BE SUSTAINED UPON EXAMINATION BY THE TAXING AUTHORITIES. IT ALSO PROVIDES GUIDANCE FOR DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE, AND TRANSITION. AS OF JUNE 30, 2022, THE ORGANIZATION HAD NO UNCERTAIN TAX POSITIONS THAT QUALIFIED FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. ADDITIONALLY, THE ORGANIZATION HAD NO INTEREST OR PENALTIES RELATED TO INCOME TAXES.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt0NO COMPENSATION IS PAID BY PCS PROPERTIES FOUNDATION, INC.
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc0PART I, LINE 3
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE MINORITY NUMBER OF THE DIRECTORS ARE APPOINTED BY KIPP NEW YORK, INC., A 501(C)(3) PUBLIC CHARITY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THERE WERE NO COMMITTEE MEETINGS HELD DURING THE FISCAL YEAR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE FORM 990 IS PREPARED BY AN INDEPENDENT PUBLIC ACCOUNTING FIRM WITH THE ASSISTANCE OF MANAGEMENT. MANAGEMENT WILL PROVIDE THE FORM 990 TO THE BOARD OF DIRECTORS BEFORE IT IS FILED WITH THE INTERNAL REVENUE SERVICE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION HAS ADOPTED A CONFLICT OF INTEREST POLICY FOR THE GUIDANCE OF ALL DIRECTORS, OFFICERS AND KEY EMPLOYEES OF THE CORPORATION. IF A CONFLICT OR POTENTIAL CONFLICT IS IDENTIFIED, THE BOARD'S INDEPENDENT DIRECTORS REVIEW THE TRANSACTION IN QUESTION TO DETERMINE ITS PROPRIETY, ITS IMPACT ON THE ORGANIZATION AND THE AVAILABILITY OF, AND NEED FOR, ANY CORRECTIVE MEASURES. RELATED PARTY TRANSACTIONS MUST GO THROUGH A FORMAL REVIEW BY A QUORUM OF THE BOARD CONSISTING OF INDEPENDENT DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4AS OF THIS TIME, THE ORGANIZATION PAYS NO COMPENSATION AND HAS NO EMPLOYEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 5,000. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 5,000.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART IX, LINE 11G
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IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt0CANAL WEST 75 LLC
IRS990ScheduleR/IdDisregardedEntitiesGrp/EIN0863092965
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IRS990ScheduleR/IdDisregardedEntitiesGrp/PrimaryActivitiesTxt0PURCHASE AND LEASE REAL PROPERTY
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ReturnHeader/TaxYr02021

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$29,855,523
Liabilities
$29,885,229
Net assets
-$29,706
Revenue
$0
Expenses
$29,706
Net income
-$29,706
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$257$258$0.72$0.00$0.43$0.43
2023Detailed filing. Detailed filing data is available for this year.$249$249$0.29$0.03$0.28$0.26
2022Detailed filing. Detailed filing data is available for this year.$29.9$29.9$0.03$0.00$0.03$0.03