Civic Intelligence

Wave Property Inc

990 • Fiscal year 2018 • EIN 95-4297104

Aug 01, 2017 to Jul 31, 2018 • Filed on Jun 14, 2019

Organization ProfileWWW.PEPPERDINE.EDU
24255 Pacific Coast HighwayMalibu, CA 90263-4497

(818) 702-1350

Siviq Scores

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

Liabilities / Assets

52nd percentile

0.24x

Higher debt load relative to assets than 52% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Liabilities / Revenue

Score unavailable

No value available

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

Source year 2018

Net Margin

100th percentile

157%

Higher net margin than 100% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Top Officer Pay

96th percentile

$934,480

Higher top officer pay than 96% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Asset Growth

4th percentile

-19%

Faster asset growth than 4% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2017 to 2018

Revenue Growth

Score unavailable

No value available

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

Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets52nd percentile

Assets

Flat

$18,143,083

Flat from 2018

Net Assets

Flat

$13,858,815

Flat from 2018

Liabilities

Flat

$4,284,268

Flat from 2018

Revenue And Expenses
Liabilities / RevenueScore unavailableNet Margin100th percentile

Revenue

Flat

-$382,058

Flat from 2018

Expenses

Flat

$216,975

Flat from 2018

Net Income

Flat

-$599,033

Flat from 2018

Historical Trend

Balance Sheet Trend

Asset Growth4th percentile

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

$30M$20M$10M$0Assets 2011: $11,608,895Liabilities 2011: $3,378,390Net Assets 2011: $8,230,5052011Assets 2012: $15,351,776Liabilities 2012: $3,738,004Net Assets 2012: $11,613,7722012Assets 2013: $11,958,333Liabilities 2013: $3,861,434Net Assets 2013: $8,096,8992013Assets 2014: $19,087,162Liabilities 2014: $4,757,844Net Assets 2014: $14,329,3182014Assets 2015: $16,909,381Liabilities 2015: $4,930,560Net Assets 2015: $11,978,8212015Assets 2016: $20,458,871Liabilities 2016: $3,585,435Net Assets 2016: $16,873,4362016Assets 2017: $22,279,956Liabilities 2017: $3,772,108Net Assets 2017: $18,507,8482017Assets 2018: $18,143,083Liabilities 2018: $4,284,268Net Assets 2018: $13,858,8152018Assets 2018: $18,143,083Liabilities 2018: $4,284,268Net Assets 2018: $13,858,8152018Assets 2019: $20,938,440Liabilities 2019: $4,870,310Net Assets 2019: $16,068,1302019Assets 2020: $20,934,470Liabilities 2020: $5,259,853Net Assets 2020: $15,674,6172020

Highlighted filing

2018

Assets$18,143,083
Liabilities$4,284,268
Net Assets$13,858,815
Open 2018 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2011: $588,833Expenses 2011: $182,244Net Income 2011: $406,5892011Revenue 2012: $558,851Expenses 2012: $302,544Net Income 2012: $256,3072012Expenses 2013: $157,5272013Revenue 2014: $281,873Expenses 2014: $138,089Net Income 2014: $143,7842014Revenue 2015: $88,967Expenses 2015: $239,464Net Income 2015: -$150,4972015Revenue 2016: $5,284,707Expenses 2016: $390,092Net Income 2016: $4,894,6152016Revenue 2017: $8,950Expenses 2017: $524,538Net Income 2017: -$515,5882017Revenue 2018: -$382,058Expenses 2018: $216,975Net Income 2018: -$599,0332018Revenue 2018: -$382,058Expenses 2018: $216,975Net Income 2018: -$599,0332018Revenue 2019: -$214,096Expenses 2019: $276,589Net Income 2019: -$490,6852019Revenue 2020: -$179,989Expenses 2020: $213,524Net Income 2020: -$393,5132020

Highlighted filing

2018

Revenue-$382,058
Expenses$216,975
Net Income-$599,033
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Aug 1, 2017 to Jul 31, 2018
Signed
Jun 14, 2019
Return Version
2017v2.3
Gross Receipts
$9,100
Mission and Program Overview

Mission

Wave property, inc. Is a supporting organization of pepperdine university.

Wave property, inc is a supporting organization of pepperdine university.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$22,279,956$18,132,798▼ $4,147,158
Cash and Non-Interest-Bearing Accounts-$10,285-
Total Assets$22,279,956$18,143,083▼ $4,136,873
Liabilities
Other Liabilities$3,762,958$4,275,118▲ $512,160
Accounts Payable and Accrued Expenses$9,150$9,150→ $0
Total Liabilities$3,772,108$4,284,268▲ $512,160
Net Assets / Fund Balance
Unrestricted Net Assets$18,507,848$13,858,815▼ $4,649,033
Total Net Assets Fund Balance$18,507,848$13,858,815▼ $4,649,033
Total Liabilities and Net Assets / Fund Balance$22,279,956$18,143,083▼ $4,136,873

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$18,132,798--
Compensation and Service Providers
Top Officer Pay96th percentile

Board Members and Trustees

NameTitle
Michael AdamsChairman of the Board
Charles J PippinVice Chairman and President
Dennis TorresFormer Vice President (thru 6/2017)
Joanna R ElliottVice President
Andrew K BentonDirector
Harold R SmethillsDirector
Jose CollazoDirector
Brian M ThomasonController (thru 4/2018)
Paul B LasiterSecretary/VP/CFO (thru 7/2018)
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$-382,058
Change in Net Assets
$-599,033
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$216,975
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
Occupancy-$167,876-$167,876
Fees for Services Other-$15,107-$15,107
Office Expenses-$247-$247
Other Expenses-$11-$11
Travel-$7-$7
Total Functional Expenses$0$216,975$0$216,975
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
Property Tax Assessment$3,232,798
Due to Pepperdine University$1,042,320
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
Backup withholding compliance
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
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 8B

“The organization had no committees with authority to act on behalf of the governing body.”

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

“Wave property, inc's form 990 is prepared by the paid preparer. Once it is completed, it is reviewed by an officer of the organization. A full copy of form 990 is distributed to all board members electronically prior to filing with the irs. Form 990, part vi, section b, line 12, line 13, and line 14: wave property, inc. Is a subsidiary of pepperdine university. Officers and board members are employed by or are regents of pepperdine university. Pepperdine university has a written conflict of interest policy, whistleblower policy and document retention and destruction policy in place which applies to these individuals.”

Form 990, Part VI, Section B, Line 15

“All officers are compensated by pepperdine university. Since the organization did not compensate the individuals described on line 15a and 15b, it has indicated no for these lines.”

Form 990, Part VI, Section C, Line 19

“Wave property, inc. Is a subsidiary of pepperdine university. The organization does not have separate policies, and it follows pepperdine university's policies. The organization's financial statements were audited as part of the consolidated financial statements of pepperdine university. The university's financial statements are available via the university's website. The university does not make its conflict of interest policies and governing documents available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Wave Property Inc
EIN
95-4297104
Phone
8187021350
Address
24255 PACIFIC COAST HIGHWAY, MALIBU, CA 90263-4497

Signing Officer

Name
Joan Singleton
Title
Chief Financial Officer
Phone
8187021350
Signed
2019-06-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Charles Pippin
Formed
1990
Legal Domicile
CA
Voting Board Members
5
Independent Board Members
2
Employees
0
Volunteers
2

Preparer

Firm
Moss Adams Llp
Address
3121 W MARCH LN STE 200, STOCKTON, CA 95219-2367
Preparer
Tracy S Paglia
Phone
2099556100
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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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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0CHARLES J PIPPIN
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1ANDREW K BENTON
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm2MICHAEL ADAMS
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm3PAUL B LASITER
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm4JOANNA R ELLIOTT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm5BRIAN M THOMASON
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm6DENNIS TORRES
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0VICE CHAIRMAN AND PRESIDENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1DIRECTOR
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt2CHAIRMAN OF THE BOARD
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt3SECRETARY/VP/CFO (THRU 7/2018)
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt4VICE PRESIDENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt5CONTROLLER (THRU 4/2018)
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt6FORMER VICE PRESIDENT (THRU 6/2017)
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IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt0WAVE PROPERTY, INC. IS A SUBSIDIARY OF PEPPERDINE UNIVERSITY. ALL OFFICERS ARE COMPENSATED BY PEPPERDINE UNIVERSITY. THE UNIVERSITY USED ONE OR MORE OF THE METHODS DESCRIBED IN PART I, LINE 3 TO ESTABLISH THE TOP MANAGEMENT OFFICIAL'S COMPENSATION.
IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt1PEPPERDINE UNIVERSITY HAS AN INCENTIVE COMPENSATION PLAN FOR CERTAIN KEY EXECUTIVES. UNDER THE PLAN, UPON ACHIEVEMENT OF CERTAIN EXPECTATIONS AND GOALS AND AT THE DISCRETION OF THE BOARD OF DIRECTORS, THE PARTICIPANT WILL RECEIVE A UNIVERSITY CONTRIBUTION TO THE PLAN FOR THAT PLAN YEAR. UNIVERSITY CONTRIBUTIONS TO THE PLAN BECOME GRADUALLY VESTED BEGINNING WITH THE LAST DAY OF THE 3RD PLAN YEAR FOLLOWING THE CONTRIBUTION AND VEST 100% AT THE COMPLETION OF THE 7TH PLAN YEAR FOLLOWING THE AWARD. WHEN THE EMPLOYEE HAS ATTAINED AGE 62, THE ACCOUNT FULLY VESTS AND 100% IS PAID OUT TO THE EMPLOYEE. THE VESTING SCHEDULE IS THEN ACCELERATED SUCH THAT THE EMPLOYEE IS FULLY VESTED AFTER AGE 62. THE FOLLOWING AMOUNTS WERE AWARDED IN CALENDAR YEAR 2017: ANDREW K BENTON - $105,536 CHARLES PIPPIN - $86,428 THE FOLLOWING AMOUNTS WERE VESTED AND INCLUDED IN THE EMPLOYEE'S COMPENSATION IN 2017: PAUL LASITER - $63,276 CHARLES PIPPIN - $53,703 ANDREW K BENTON - $102,120 UNDER A NONQUALIFIED SUPPLEMENTAL RETIREMENT PLAN, SUBJECT TO THE PERFORMANCE OF FUTURE SERVICES AND OTHER CONDITIONS, PRESIDENT BENTON IS ENTITLED TO RECEIVE COMPENSATION OF APPROXIMATELY ONE YEAR'S SALARY AS THE RESULT OF THE COMPLETION OF FOUR YEARS OF SERVICE IN HIS EMPLOYMENT AS PRESIDENT OF PEPPERDINE IN 2019.
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc0PART I, LINE 3
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc1PART I, LINE 4B
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd01
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION HAD NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1WAVE PROPERTY, INC'S FORM 990 IS PREPARED BY THE PAID PREPARER. ONCE IT IS COMPLETED, IT IS REVIEWED BY AN OFFICER OF THE ORGANIZATION. A FULL COPY OF FORM 990 IS DISTRIBUTED TO ALL BOARD MEMBERS ELECTRONICALLY PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12, LINE 13, AND LINE 14: WAVE PROPERTY, INC. IS A SUBSIDIARY OF PEPPERDINE UNIVERSITY. OFFICERS AND BOARD MEMBERS ARE EMPLOYED BY OR ARE REGENTS OF PEPPERDINE UNIVERSITY. PEPPERDINE UNIVERSITY HAS A WRITTEN CONFLICT OF INTEREST POLICY, WHISTLEBLOWER POLICY AND DOCUMENT RETENTION AND DESTRUCTION POLICY IN PLACE WHICH APPLIES TO THESE INDIVIDUALS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ALL OFFICERS ARE COMPENSATED BY PEPPERDINE UNIVERSITY. SINCE THE ORGANIZATION DID NOT COMPENSATE THE INDIVIDUALS DESCRIBED ON LINE 15A AND 15B, IT HAS INDICATED NO FOR THESE LINES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3WAVE PROPERTY, INC. IS A SUBSIDIARY OF PEPPERDINE UNIVERSITY. THE ORGANIZATION DOES NOT HAVE SEPARATE POLICIES, AND IT FOLLOWS PEPPERDINE UNIVERSITY'S POLICIES. THE ORGANIZATION'S FINANCIAL STATEMENTS WERE AUDITED AS PART OF THE CONSOLIDATED FINANCIAL STATEMENTS OF PEPPERDINE UNIVERSITY. THE UNIVERSITY'S FINANCIAL STATEMENTS ARE AVAILABLE VIA THE UNIVERSITY'S WEBSITE. THE UNIVERSITY DOES NOT MAKE ITS CONFLICT OF INTEREST POLICIES AND GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B

Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$18,143,083
Liabilities
$4,284,268
Net assets
$13,858,815
Revenue
-$382,058
Expenses
$216,975
Net income
-$599,033
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$20.9$5.26$15.7$0.18$0.21$0.39
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$20.9$4.87$16.1$0.21$0.28$0.49
2018Detailed filing. Detailed filing data is available for this year.$18.1$4.28$13.9$0.38$0.22$0.60
2018Summary only. Only limited summary data is available for this year.$18.1$4.28$13.9$0.38$0.22$0.60
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$22.3$3.77$18.5$0.01$0.52$0.52
2016Detailed filing. Detailed filing data is available for this year.$20.5$3.59$16.9$5.28$0.39$4.89
2015Detailed filing. Detailed filing data is available for this year.$16.9$4.93$12.0$0.09$0.24$0.15
2014Summary only. Only limited summary data is available for this year.$19.1$4.76$14.3$0.28$0.14$0.14
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$12.0$3.86$8.10$0.16
2012Summary only. Only limited summary data is available for this year.$15.4$3.74$11.6$0.56$0.30$0.26
2011Summary only. Only limited summary data is available for this year.$11.6$3.38$8.23$0.59$0.18$0.41