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← PRESERVATION PARK CENTER INC

Form 990 for tax year 2023

Filed by PRESERVATION PARK CENTER INC.

Totals

Total revenue
$1,476,469
Total expenses
$1,968,030
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$1,352,540
Investment income
$72
Other revenue
$123,857
Total assets, end of year
$5,784,807
Total liabilities, end of year
$6,961,990
Net assets or fund balances, end of year
-$1,177,183
Program services expenses (Part IX)
$1,657,426
Management and general expenses
$310,604
Fundraising expenses
$0
Program service expenses (Part III)
$1,657,426

Program services were 84.2% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: RENTAL INCOME

    total $1,352,540 · related or exempt $1,352,540

  • 3 · Investment income

    total $72 · excluded $72

  • 11a · Other revenue: OTHER REVENUE

    total $123,857 · related or exempt $123,857

  • 11e · Other revenue, total

    $123,857

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $295,620 · program services $169,872 · management and general $125,748

  • 11a · Fees: management

    total $55,368 · management and general $55,368

  • 11b · Fees: legal

    total $27,560 · management and general $27,560

  • 11c · Fees: accounting

    total $5,975 · management and general $5,975

  • 12 · Advertising and promotion

    total $7,173 · management and general $7,173

  • 20 · Interest

    total $360,929 · program services $360,929

  • 22 · Depreciation, depletion and amortization

    total $355,514 · program services $355,514

  • 23 · Insurance

    total $163,748 · program services $163,748

  • 24a · Other expenses: OPERATING AND MAINTENAN

    total $462,386 · program services $462,386

  • 24b · Other expenses: UTILITIES

    total $137,632 · program services $137,632

  • 24c · Other expenses: ASSET MANAGEMENT FEE

    total $63,876 · management and general $63,876

  • 24d · Other expenses: GENERAL AND ADMINISTRAT

    total $24,904 · management and general $24,904

  • 24e · All other expenses

    total $7,345 · program services $7,345

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $57,634 · end of year $14,208

  • 4 · Accounts receivable

    beginning of year $27,100 · end of year $72,014

  • 9 · Prepaid expenses and deferred charges

    beginning of year $24,426 · end of year $25,695

  • 10a · Land, buildings and equipment: cost or other basis

    $8,449,217

  • 10b · Land, buildings and equipment: accumulated depreciation

    $2,776,327

  • 10c · Land, buildings and equipment, net

    beginning of year $6,014,896 · end of year $5,672,890

  • 15 · Other assets

    beginning of year $88,601 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $318,297 · end of year $364,395

  • 19 · Deferred revenue

    beginning of year $76,728 · end of year $65,789

  • 23 · Secured mortgages and notes payable

    beginning of year $5,304,835 · end of year $5,174,468

  • 25 · Other liabilities

    beginning of year $1,198,419 · end of year $1,357,338

  • 27 · Net assets without donor restrictions

    beginning of year -$685,622 · end of year -$1,177,183

Mission and programs · 2023

Mission

PRESERVATION PARK CENTER, INC. (PPC) WAS FORMED AS A CALIFORNIA NONPROFIT PUBLIC BENEFIT CORPORATION IN JULY 2004 TO ACQUIRE, OWN AND OPERATE PRESERVATION PARK, LOCATED IN OAKLAND, CALIFORNIA. PPC'S SPECIFIC PURPOSES ARE TO COMBAT COMMUNITY DETERIORATION AND PROVIDE RELIEF TO THE POOR OR UNDERPRIVILEGED BY OWNING AND OPERATING COMMERCIAL OFFICE SPACE IN A LOW-INCOME COMMUNITY FOR RENT TO PREDOMINANTLY NONPROFIT ORGANIZATIONS. THE PROPERTY, ACQUIRED IN JANUARY 2005, IS A UNIQUE COLLECTION OF SIXTEEN VICTORIAN BUILDINGS, THREE OF WHICH ARE DEDICATED FOR COMMUNITY USE FOR MEETINGS AND OTHER EVENTS.

Activities or mission (Part I)

THE ORGANIZATION OWNS AND OPERATES COMMERCIAL SPACE IN A LOW-INCOME COMMUNITY FOR RENT TO PREDOMINANTLY NONPROFIT ORGANIZATIONS. IN ADDITION, THE ORGANIZATION LEASES COMMON AREAS AS A GATHERING SPACE TO ITS TENANTS AND TO MEMBERS OF THE SURROUNDING COMMUNITY.

  • THE ORGANIZATION OWNED AND OPERATED COMMERCIAL OFFICE SPACE IN A LOW-INCOME COMMUNITY FOR RENT TO PREDOMINANTLY NONPROFIT ORGANIZATIONS. IN ADDITION, THE ORGANIZATION LEASED COMMON AREAS AS A GATHERING SPACE TO ITS TENANTS AND TO MEMBERS OF THE SURROUNDING COMMUNITY.

    Expenses $1,657,426 · Revenue $1,476,397

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • TED DANG

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • CHRISTINE CARR

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    1

  • FANYA KA MAKINI

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DAWN HAWK

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ROY SCHEWYER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ANDRE H MADEIRA

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $58,881
    From this org
    $57,828
    From related orgs
    $0
    Other
    $1,053
    Hours/week
    1

  • SEAN SULLIVAN

    INTERIM CHIEF EXECUTIVE OFFICER

    Total calculated
    $64,262
    From this org
    $63,462
    From related orgs
    $0
    Other
    $800
    Hours/week
    1

  • LINA SHETH

    INTERIM CHIEF EXECUTIVE OFFICER

    Total calculated
    $225,240
    From this org
    $223,500
    From related orgs
    $0
    Other
    $1,740
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $223,500
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $1,740
    Filer's total
    $225,240

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

Provenance

Return type
form_990
Tax year
2023
Filed
11 November 2024
IRS schema version
2023v5.1
Source object
202403169349300005

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