Civic Intelligence

Pcs Properties Foundation Inc.

990 • Fiscal year 2023 • EIN 85-2375850

Jul 01, 2022 to Jun 30, 2023 • Filed on May 13, 2024

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

97th percentile

1.00x

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

2023 filings • NTEE B • $100M-$250M nonprofits • Source year 2023

Liabilities / Revenue

100th percentile

9781.85x

Higher debt load relative to revenue than 100% of similar nonprofits.

2023 filings • NTEE B • $100M-$250M nonprofits • Source year 2023

Net Margin

1st percentile

-1017%

Higher net margin than 1% of similar nonprofits.

2023 filings • NTEE B • $100M-$250M nonprofits • Source year 2023

Top Officer Pay

11th percentile

$0

Higher top officer pay than 11% of similar nonprofits.

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

2023 filings • NTEE B • $100M-$250M nonprofits • Source year 2023

Asset Growth

95th percentile

733%

Faster asset growth than 95% of similar nonprofits.

2023 filings • NTEE B • $100M-$250M nonprofits • Annualized from 2022 to 2023

Revenue Growth

Score unavailable

No value available

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

Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets97th percentile

Assets

Up

$248,688,745

Up $218,833,222 (+733%) from 2022

Net Assets

Down

-$288,597

Down $258,891 (-872%) from 2022

Liabilities

Up

$248,977,342

Up $219,092,113 (+733%) from 2022

Revenue And Expenses
Liabilities / Revenue100th percentileNet Margin1st percentile

Revenue

Up

$25,453

Up $25,453 from 2022

Expenses

Up

$284,344

Up $254,638 (+857%) from 2022

Net Income

Down

-$258,891

Down $229,185 (-772%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth95th percentile

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

2023

Assets$248,688,745
Liabilities$248,977,342
Net Assets-$288,597
Open 2023 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

2023

Revenue$25,453
Expenses$284,344
Net Income-$258,891
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
May 13, 2024
Return Version
2022v5.0
Gross Receipts
$25,453
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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$23,758,125$23,758,125→ $0
Cash and Non-Interest-Bearing Accounts$371$108,513▲ $108,142
Total Assets$29,855,523$248,688,745▲ $218,833,222
Other Assets Total$6,097,027$224,822,107▲ $218,725,080
Liabilities
Tax Exempt Bond Liabilities-$216,299,740-
Mortgage Notes Payable Secured by Investment Property-$18,400,320-
Accounts Payable and Accrued Expenses$1,490,069$8,500,864▲ $7,010,795
Deferred Revenue-$5,453,000-
Unsecured Notes Loans Payable-$297,288-
Other Liabilities$28,395,160$26,130▼ $28,369,030
Total Liabilities$29,885,229$248,977,342▲ $219,092,113
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-29,706$-288,597▼ $258,891
Total Net Assets Fund Balance$-29,706$-288,597▼ $258,891
Total Liabilities and Net Assets / Fund Balance$29,855,523$248,688,745▲ $218,833,222

Asset Categories

AssetBook ValueDepreciationBasis
Land$23,758,125-$23,758,125
Other Assets Org$201,781,501--
Compensation and Service Providers
Top Officer Pay11th percentile

Board Members and Trustees

NameTitle
Alicia JohnsonPresident
Diane FlynnInterim CFO
Jack ChorowskySecretary
Nicholas MartinezTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$25,453
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-258,891
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$284,344
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 Other$90,069--$90,069
Interest$78,335--$78,335
Fees for Services Accounting-$57,625-$57,625
Depreciation Depletion-$53,352-$53,352
Other Expenses$2,885--$2,885
Fees for Services Legal$2,078--$2,078
Total Functional Expenses$173,367$110,977$0$284,344
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$26,130

Bond Issues

BondIssuerIssuedIssue PricePurpose
ABuild Nyc Resource Corporation2023-01-05$216,299,740To fund construction costs

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$216,299,740--$5,665,276

Bond Financing Compliance

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

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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
Suzanne Deyoung
Title
Chief Financial Officer
Phone
2129912600
Signed
2024-05-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Suzanne Deyoung
Formed
2020
Legal Domicile
De
Voting Board Members
3
Independent Board Members
3
Employees
0
Volunteers
3

Preparer

Firm
Aafcpas Inc
Address
50 WASHINGTON STREET, WESTBOROUGH, MA 01581
Preparer
John Buckley CPA
Phone
5083669100
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Other professional fees: program service expenses 90,069. Management and general expenses 0. Fundraising expenses 0. Total expenses 90,069.”

FORM 990, PART XII, LINE 2C:

“The organization has a committee that assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant.”

Financial Statement Notes

PART X, LINE 2:

“The organization accounts for uncertainty in income taxes in accordance with asc topic, income taxes. This standard clarifies the accounting for uncertainty in tax positions and prescribes a recognition threshold and measurement attribute for the consolidated financial statements regarding a tax position taken or expected to be taken in a tax return. The organization has determined that there are no uncertain tax positions which qualify for either recognition or disclosure in the consolidated financial statements at june 30, 2023. The organization's information returns are subject to examination by the federal and state jurisdictions.”

Raw XML Appendix388 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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IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/ChangeInUseBondFinancedPropInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/MgmtContractBondFincdPropInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/OwningBondFinancedPropertyInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/ProcsNonqualifiedBondRemdtdInd00
IRS990ScheduleK/TaxExemptBondsProceedsGrp/AdequateBooksAndRecMaintInd01
IRS990ScheduleK/TaxExemptBondsProceedsGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsProceedsGrp/CapitalExpendituresAmt016129284
IRS990ScheduleK/TaxExemptBondsProceedsGrp/CapitalizedInterestAmt05314167
IRS990ScheduleK/TaxExemptBondsProceedsGrp/FinalAllocationMadeInd00
IRS990ScheduleK/TaxExemptBondsProceedsGrp/InReserveFundAmt013532826
IRS990ScheduleK/TaxExemptBondsProceedsGrp/IssuanceCostsFromProceedsAmt05665276
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxableBondsInd00
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxExemptBondsInd00
IRS990ScheduleK/TaxExemptBondsProceedsGrp/SubstantialCompletionYr02025
IRS990ScheduleK/TaxExemptBondsProceedsGrp/TotalProceedsAmt0216299740
IRS990ScheduleK/TaxExemptBondsProceedsGrp/UnspentAmt0175658187
IRS990/ScheduleORequiredInd01
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/ExplanationTxt6OTHER PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 90,069. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 90,069.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7THE ORGANIZATION HAS A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT.
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
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PART XII, LINE 2C:
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt0PCS PROPERTIES FOUNDATION INC
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt0CANAL WEST 75 LLC
IRS990ScheduleR/IdDisregardedEntitiesGrp/EIN0863093965
IRS990ScheduleR/IdDisregardedEntitiesGrp/EndOfYearAssetsAmt0248669999
IRS990ScheduleR/IdDisregardedEntitiesGrp/LegalDomicileStateCd0DE
IRS990ScheduleR/IdDisregardedEntitiesGrp/PrimaryActivitiesTxt0PURCHASE AND LEASE REAL PROPERTY
IRS990ScheduleR/IdDisregardedEntitiesGrp/TotalIncomeAmt00
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/AddressLine1Txt01501 BROADWAY SUITE 1000
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/CityNm0NEW YORK
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/StateAbbreviationCd0NY
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/ZIPCd010036
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0NY
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondLiabilitiesGrp/EOYAmt0216299740
IRS990/TaxExemptBondsInd01
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt029855523
IRS990/TotalAssetsEOYAmt0248688745
IRS990/TotalAssetsGrp/BOYAmt029855523
IRS990/TotalAssetsGrp/EOYAmt0248688745
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt025453
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0110977
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0173367
IRS990/TotalFunctionalExpensesGrp/TotalAmt0284344
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt029885229
IRS990/TotalLiabilitiesEOYAmt0248977342
IRS990/TotalLiabilitiesGrp/BOYAmt029885229
IRS990/TotalLiabilitiesGrp/EOYAmt0248977342
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-29706
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-288597
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0173367
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt025453
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt03
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt029855523
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0248688745
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt0297288
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01501 BROADWAY 1000
IRS990/USAddress/CityNm0NEW YORK
IRS990/USAddress/StateAbbreviationCd0NY
IRS990/USAddress/ZIPCd010036
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt03
IRS990/WebsiteAddressTxt0WWW.KIPPNYC.ORG
IRS990/WhistleblowerPolicyInd01
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd00
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0SUZANNE DEYOUNG
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CHIEF FINANCIAL OFFICER
ReturnHeader/BusinessOfficerGrp/PhoneNum02129912600
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-05-13
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0PCS PROPERTIES FOUNDATION INC
ReturnHeader/Filer/BusinessNameControlTxt0PCSP
ReturnHeader/Filer/EIN0852375850
ReturnHeader/Filer/PhoneNum02129912600
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ReturnHeader/Filer/USAddress/CityNm0NEW YORK
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
ReturnHeader/Filer/USAddress/ZIPCd010036
ReturnHeader/IRSResponsiblePrtyInfoCurrInd01
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0042571780
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0AAFCPAS INC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt050 WASHINGTON STREET
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0WESTBOROUGH
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd001581
ReturnHeader/PreparerPersonGrp/PhoneNum05083669100
ReturnHeader/PreparerPersonGrp/PreparationDt02024-05-13
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JOHN BUCKLEY CPA
ReturnHeader/ReturnTs02024-05-13T16:15:27-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0SUZANNE
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0DEYOUNG
ReturnHeader/TaxPeriodBeginDt02022-07-01
ReturnHeader/TaxPeriodEndDt02023-06-30
ReturnHeader/TaxYr02022

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

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

Open filing
Assets
$248,688,745
Liabilities
$248,977,342
Net assets
-$288,597
Revenue
$25,453
Expenses
$284,344
Net income
-$258,891
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