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Nonprofiteer
← GOODSOURCE OF CENTRAL FLORIDA INC

Form 990 for tax year 2023

Filed by GOODSOURCE OF CENTRAL FLORIDA INC.

Totals

Total revenue
$351,816
Total expenses
$639,457
Contributions and grants received
$0
Grants paid
$260,000
Program service revenue
$351,816
Investment income
$0
Other revenue
$0
Total assets, end of year
$9,068,837
Total liabilities, end of year
$5,906,768
Net assets or fund balances, end of year
$3,162,069
Program services expenses (Part IX)
$260,000
Management and general expenses
$379,457
Fundraising expenses
$0
Program service expenses (Part III)
$260,000

Program services were 40.7% 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: INTEREST INCOME

    total $202,926 · related or exempt $202,926

  • 2b · Program service revenue: RENTAL INCOME

    total $148,890 · related or exempt $148,890

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $260,000 · program services $260,000

  • 5 · Compensation of officers, directors and key employees

    total $3,000 · management and general $3,000

  • 11c · Fees: accounting

    total $104,450 · management and general $104,450

  • 20 · Interest

    total $125,007 · management and general $125,007

  • 24a · Other expenses: PERSONNEL & OTHER ADMIN

    total $147,000 · management and general $147,000

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $107,423 · end of year $84,211

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

    $1,812,527

  • 10c · Land, buildings and equipment, net

    beginning of year $1,812,527 · end of year $1,812,527

  • 15 · Other assets

    beginning of year $7,310,427 · end of year $7,172,099

  • 17 · Accounts payable and accrued expenses

    beginning of year $0 · end of year $42,500

  • 19 · Deferred revenue

    beginning of year $37,488 · end of year $55,482

  • 23 · Secured mortgages and notes payable

    beginning of year $5,743,179 · end of year $5,808,786

  • 27 · Net assets without donor restrictions

    beginning of year $3,449,710 · end of year $3,162,069

Mission and programs · 2023

Mission

TO ACQUIRE, OWN, AND BE THE LESSOR OF A RETAIL STORE AND DONATION CENTER THROUGH A NEW MARKET TAX CREDIT TO SPUR AND ENCOURAGE CAPITAL INVESTMENT AND BUSINESS OPERATIONS OF LOW-INCOME AND IMPOVERISHED COMMUNITIES IN THE UNITED STATES.

Activities or mission (Part I)

GOODSOURCE OF CENTRAL FLORIDA'S MISSION IS TO SUPPORT AND ENCOURAGE CAPITAL INVESTMENT AND BUSINESS OPERATIONS OF LOW-INCOME AND IMPOVERISHED COMMUNITIES IN THE UNITED STATES THROUGH LEASING OF A RETAIL AND DONATION CENTER.

  • GOODSOURCE PURCHASED THE RETAIL STORE AND DONATION CENTER OF GOODWILL INDUSTRIES OF CENTRAL FLORIDA, INC. AS PART OF A NEW MARKETS TAX CREDIT PROGRAM. GOODSOURCE THEN LEASED THE PROPERTY BACK TO GOODWILL. THIS LEASE IS USED TO HELP SPUR AND ENCOURAGE CAPITAL INVESTMENT AND BUSINESS OPERATIONS OF LOW-INCOME AND IMPOVERISHED COMMUNITIES IN THE UNITED STATES.

    Expenses $260,000 · Grants $260,000 · Revenue $148,890

  • INTEREST INCOME RELATED TO THE BUILDING AND LAND LEASES THAT ARE USED TO SPUR AND ENCOURAGE CAPITAL INVESTMENT AND BUISNESS OPERATIONS OF LOW-INCOME AND IMPOVERISHED COMMUNITIES IN THE UNITED STATES.

    Revenue $202,926

As filed on the 2023 return.

Listed in Part VII

  • Max Brito

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Michael Clary

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Jana Ricci

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Didier Menard

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Laurence Hames

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Edward J Durkee

    PRESIDENT & CEO

    Total calculated
    $1,500
    From this org
    $1,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

    Schedule J breakdown matched by us

    Base
    $1,500
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $1,500

  • Jon Eichelberger

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Curtis Ramsey

    VP ACCOUNTING

    Total calculated
    $1,500
    From this org
    $1,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

    Schedule J breakdown matched by us

    Base
    $1,500
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $1,500

  • Mario Fernandez

    CFO

    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

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

The filer's explanations (Part III)

SCHEDULE J, PART II
COMPENSATION TO EDWARD DURKEE & CURTIS RAMSEY WERE PAID BY AN UNRELATED ORGANIZATION, GOODWILL INDUSTRIES OF CENTRAL FLORIDA, FOR SERVICES RENDERED TO GOODSOURCE OF CENTRAL FLORIDA.

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

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • GOODSOURCE REAL ESTATE LLC

    TO HOLD REAL ESTATE · FL · income $351,816 · assets $9,068,837

    Directly controlled by GOODSOURCE OF CENTRAL FLORIDA INC

  • GOODSOURCE REAL ESTATE II LLC

    TO HOLD REAL ESTATE · FL · income $0 · assets $0

    Directly controlled by GOODSOURCE OF CENTRAL FLORIDA INC

Provenance

Return type
form_990
Tax year
2023
Filed
21 August 2024
IRS schema version
2023v5.1
Source object
202442539349301419

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