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← P3 FOUNDATION INC

Form 990 for tax year 2023

Filed by P3 FOUNDATION INC.

Totals

Total revenue
$16,090,838
Total expenses
$16,143,759
Contributions and grants received
$4,200,656
Grants paid
$15,000
Program service revenue
$11,423,541
Investment income
$1,019,408
Other revenue
-$552,767
Total assets, end of year
$212,598,575
Total liabilities, end of year
$250,353,873
Net assets or fund balances, end of year
-$37,755,298
Program services expenses (Part IX)
$14,138,535
Management and general expenses
$2,005,224
Fundraising expenses
$0
Program service expenses (Part III)
$14,138,535

Program services were 87.6% 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.

  • 1e · Government grants (contributions)

    $4,200,656

  • 2a · Program service revenue: HOUSING RENTAL

    total $10,911,858 · related or exempt $10,911,858

  • 2b · Program service revenue: OTHER LEASING INCOME

    total $353,833 · related or exempt $353,833

  • 2c · Program service revenue: OTHER FEE INCOME

    total $157,850 · related or exempt $157,850

  • 3 · Investment income

    total $1,031,088 · excluded $1,031,088

  • 7a · Gross sales of assets other than inventory

    securities $2,663,784

  • 7b · Less cost or other basis and sales expenses

    securities $2,636,936 · other assets $38,528

  • 7c · Gain or loss

    securities $26,848 · other assets -$38,528

  • 7d · Net gain or loss

    total -$11,680 · excluded -$11,680

  • 11a · Other revenue: 929 N WOLFE STREET LLC

    total -$552,767 · related or exempt -$552,767

  • 11e · Other revenue, total

    -$552,767

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $15,000 · program services $15,000

  • 5 · Compensation of officers, directors and key employees

    total $24,487 · management and general $24,487

  • 7 · Other salaries and wages

    total $775,757 · program services $536,174 · management and general $239,583

  • 9 · Other employee benefits

    total $144,590 · program services $99,935 · management and general $44,655

  • 10 · Payroll taxes

    total $51,800 · program services $35,802 · management and general $15,998

  • 11b · Fees: legal

    total $48,348 · management and general $48,348

  • 11c · Fees: accounting

    total $37,033 · management and general $37,033

  • 11g · Fees: other

    total $955,442 · program services $18,000 · management and general $937,442

  • 12 · Advertising and promotion

    total $100,070 · management and general $100,070

  • 13 · Office expenses

    total $562,524 · program services $28,052 · management and general $534,472

  • 14 · Information technology

    total $43,169 · program services $43,169

  • 16 · Occupancy

    total $2,460,340 · program services $2,460,340

  • 20 · Interest

    total $5,951,416 · program services $5,951,416

  • 22 · Depreciation, depletion and amortization

    total $3,545,618 · program services $3,545,618

  • 24a · Other expenses: GROUND LEASE

    total $957,527 · program services $957,527

  • 24b · Other expenses: MANAGEMENT FEES

    total $447,502 · program services $447,502

  • 24c · Other expenses: OTHER MISCELLANEOUS

    total $23,136 · management and general $23,136

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,870,573 · end of year $3,197,044

  • 4 · Accounts receivable

    beginning of year $4,424 · end of year $480,143

  • 9 · Prepaid expenses and deferred charges

    beginning of year $167,602 · end of year $303,956

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

    $139,430,750

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

    $38,299,147

  • 10c · Land, buildings and equipment, net

    beginning of year $66,850,309 · end of year $101,131,603

  • 11 · Investments: publicly traded securities

    end of year $896,324

  • 15 · Other assets

    beginning of year $37,702,695 · end of year $106,589,505

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,921,129 · end of year $7,556,468

  • 20 · Tax-exempt bond liabilities

    beginning of year $56,520,000 · end of year $181,337,828

  • 23 · Secured mortgages and notes payable

    beginning of year $30,277,026 · end of year $38,938,323

  • 24 · Unsecured notes and loans payable

    end of year $495,000

  • 25 · Other liabilities

    beginning of year $21,394,058 · end of year $22,026,254

  • 27 · Net assets without donor restrictions

    beginning of year -$7,516,610 · end of year -$37,755,298

Mission and programs · 2023

Mission

TO PARTNER WITH PUBLIC AND CHARITABLE ENTITIES TO DEVELOP SERVICES, ACTIVITIES, AND PROGRAMS DESIGNED FOR SENIOR HOUSING, EDUCATION, HEALTH CARE FACILITIES, AFFORDABLE HOUSING, AND GOVERNMENTS.

  • STUDENT HOUSING FACILITIES - LEASE AND MANAGEMENT OF STUDENT HOUSING CONSISTING OF RESIDENTIAL PROPERTIES LOCATED ON OR NEAR: 1)FRANKLIN & MARSHALL COLLEGE IN LANCASTER, PA, 2)CLAREMONT GRADUATE UNIVERSITY IN CLAREMONT, CA, 3)UNIVERSITY OF NEBRASKA IN LINCOLN, NE, AND 4) JOHNS HOPKINS UNIVERSITY SCHOOL OF MEDICINE IN BALTIMORE, MD.

    Expenses $13,906,499 · Revenue $11,423,232

  • CONSTRUCTION AND OPERATION OF SPORTS AND ENTERTAINMENT FACILITIES LOCATED IN VIRGINIA BEACH, VA. THE PROJECT INCLUDES THE CONSTRUCTION, DEVELOPMENT, EQUIPING, AND MAINTAINING A SURF PARK AND RELATED FACILITIES AS PART OF A LARGER, MIXED-USE PROJECT UNDER DEVELOPMENT BY THE CITY OF VIRGINIA BEACH, VA. EXCESS CASH FLOW FROM THE PROJECT WILL PRIMARILY BE DONATED TO LOCAL CHARITABLE ORGANIZATIONS.

    Expenses $160,468

  • PROVIDING SERVICES, ACTIVITIES AND PROGRAMS DEDICATED TO FURTHERING COMMUNITY DEVELOPMENT, EDUCATION, AND LESSENING THE BURDENS OF GOVERNMENT.

    Expenses $71,568 · Grants $15,000 · Revenue $309

As filed on the 2023 return.

Listed in Part VII

  • Kim Wyatt

    EXECUTIVE DI

    Total calculated
    $24,487
    From this org
    $24,487
    From related orgs
    $0
    Other
    $0
    Hours/week
    20

  • Greg Fawcett

    SECRETARY

    Total calculated
    $0

  • Eva Hill

    DIRECTOR

    Total calculated
    $0

  • Andrew Kittleson

    DIRECTOR

    Total calculated
    $0

  • Jeff Klein

    PRESIDENT

    Total calculated
    $0

  • Jim Moore

    TREASURER

    Total calculated
    $0

  • Louise Waller

    DIRECTOR

    Total calculated
    $0

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.

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.

  • P3 FMC HOLDINGS LLC

    HOUSING · PA · income $2,828,732 · assets $34,242,010

    Directly controlled by P3 FDN

  • P3 CLAREMONT HOLDINGS LLC

    HOUSING · CA · income $3,711,343 · assets $44,088,009

    Directly controlled by P3 FDN

  • P3 AF-18R-LINCOLN LLC

    HOUSING · NE · income $3,574,101 · assets $25,183,198

    Directly controlled by P3 FDN

  • P3 929 WOLFE ST LLC

    HOUSING · MD · income $1,598,201 · assets $44,823,876

    Directly controlled by P3 FDN

  • P3 VB HOLDINGS LLC

    SPORTS-ENT · VA · income $5,561,239 · assets $63,338,103

    Directly controlled by P3 FDN

Related partnerships

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

  • CPTC ACQUISTION LLC

    EXCLUDED · HEALTHCARE · CA

    Directly controlled by P3 CPTC HOLDINGS LLC

  • 929 N WOLFE STREET LLC

    RELATED · HOUSING · MD · 75% owned · share of income -$552,767 · general or managing partner

Related corporations and trusts

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

  • P3 CPTC HOLDINGS LLC

    C CORP · INVESTMENT · DE

    Directly controlled by P3 FDN

Provenance

Return type
form_990
Tax year
2023
Filed
30 October 2024
IRS schema version
2023v5.0
Source object
202403189349304430

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