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Nonprofiteer
← CHESTNUT HEALTH QALICB INC

Form 990 for tax year 2022

Filed by CHESTNUT HEALTH QALICB INC.

Totals

Total revenue
$352,400
Total expenses
$609,962
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$0
Investment income
$0
Other revenue
$352,400
Total assets, end of year
$6,500,063
Total liabilities, end of year
$7,699,843
Net assets or fund balances, end of year
-$1,199,780
Program services expenses (Part IX)
$603,477
Management and general expenses
$6,485
Fundraising expenses
$0
Program service expenses (Part III)
$603,477

Program services were 98.9% 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.

  • 6a · Gross rents

    real property $352,400

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $352,400

  • 6d · Net rental income or loss

    total $352,400 · related or exempt $352,400

Functional expenses

Part IX, the statement of functional expenses.

  • 11c · Fees: accounting

    total $6,470 · management and general $6,470

  • 11g · Fees: other

    total $15 · management and general $15

  • 20 · Interest

    total $83,662 · program services $83,662

  • 21 · Payments to affiliates

    total $243,738 · program services $243,738

  • 22 · Depreciation, depletion and amortization

    total $256,077 · program services $256,077

  • 24a · Other expenses: LOAN SERVICING FEES

    total $20,000 · program services $20,000

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $16,308 · end of year $14,823

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

    $7,515,789

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

    $1,030,549

  • 10c · Land, buildings and equipment, net

    beginning of year $6,735,766 · end of year $6,485,240

  • 23 · Secured mortgages and notes payable

    beginning of year $7,694,292 · end of year $7,699,843

  • 27 · Net assets without donor restrictions

    beginning of year -$942,218 · end of year -$1,199,780

Mission and programs · 2022

Mission

CHESTNUT HEALTH QALICB, INC IS ORGANIZED AND OPERATED EXCLUSIVELY FOR THE BENEFIT OF CHESTNUT HEALTH SYSTEMS, INC. CHESTNUT HEALTH QALICB, INC'S PURPOSE IS TO HOLD, IMPROVE, AND LEASE REAL PROPERTY TO CHESTNUT HEALTH SYSTEMS, INC. IN FURTHERANCE OF ITS EXEMPT PURPOSE.

Activities or mission (Part I)

TO OPERATE, AS A CORPORATION EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, AS AMENDED, EXCLUSIVELY FOR THE BENEFIT OF, TO PERFORM THE FUNCTIONS OF, AND TO CARRY OUT THE PURPOSES OF CHESTNUT HEALTH SYSTEMS, INC.

  • BUILDING LEASE TO CHESTNUT HEALTH SYSTEMS, INC.

    Expenses $603,477 · Revenue $352,400

As filed on the 2022 return.

Listed in Part VII

  • David Sharar

    CHAIR OF THE BOARD

    Total calculated
    $447,988
    From this org
    $0
    From related orgs
    $358,100
    Other
    $89,888
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $321,541 related
    Bonus
    $0 + $30,518 related
    Other
    $0 + $6,041 related
    Deferred
    $0 + $73,500 related
    Nontaxable benefits
    $0 + $16,388 related
    Filer's total
    $0 + $447,988 related

  • Puneet Leekha

    VICE-CHAIR OF THE BOARD

    Total calculated
    $373,267
    From this org
    $0
    From related orgs
    $313,109
    Other
    $60,158
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $247,027 related
    Bonus
    $0 + $30,518 related
    Other
    $0 + $35,564 related
    Deferred
    $0 + $43,770 related
    Nontaxable benefits
    $0 + $16,388 related
    Filer's total
    $0 + $373,267 related

  • Karen Rettick

    TREASURER

    Total calculated
    $310,788
    From this org
    $0
    From related orgs
    $247,359
    Other
    $63,429
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $215,824 related
    Bonus
    $0 + $30,518 related
    Other
    $0 + $1,017 related
    Deferred
    $0 + $47,041 related
    Nontaxable benefits
    $0 + $16,388 related
    Filer's total
    $0 + $310,788 related

  • Alan Sender

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Aaron Quick

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

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

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 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

The filer's explanations (Part III)

PART I, LINE 4B
457(F) PLAN PAYMENTS: DAVID SHARAR: $60,000 PUNEET LEEKHA: $35,000 KAREN RETTICK: $35,000

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.

Provenance

Return type
form_990
Tax year
2022
Filed
2 May 2024
IRS schema version
2022v5.0
Source object
202431299349301593

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