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Nonprofiteer
← BETH SHOLOM TERRACE

Form 990 for tax year 2023

Filed by BETH SHOLOM TERRACE.

Totals

Total revenue
$7,700,142
Total expenses
$570,804
Contributions and grants received
$0
Grants paid
$210,000
Program service revenue
$278,662
Investment income
$7,421,480
Other revenue
$0
Total assets, end of year
$3,511,203
Total liabilities, end of year
$4,772
Net assets or fund balances, end of year
$3,506,431
Program services expenses (Part IX)
$533,478
Management and general expenses
$37,326
Fundraising expenses
$0
Program service expenses (Part III)
$533,478

Program services were 93.5% 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 Revenue

    total $278,662 · related or exempt $278,662

  • 3 · Investment income

    total $210,684 · excluded $210,684

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6d · Net rental income or loss

    total $0

  • 7a · Gross sales of assets other than inventory

    other assets $10,000,000

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

    other assets $2,789,204

  • 7c · Gain or loss

    other assets $7,210,796

  • 7d · Net gain or loss

    total $7,210,796 · excluded $7,210,796

  • 8c · Net income from fundraising events

    total $0

  • 9c · Net income from gaming

    total $0

  • 10c · Net income from sales of inventory

    total $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $210,000 · program services $210,000

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $0

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $0

  • 8 · Pension plan contributions

    total $0

  • 9 · Other employee benefits

    total $0

  • 10 · Payroll taxes

    total $0

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $10,486 · management and general $10,486

  • 11c · Fees: accounting

    total $26,800 · management and general $26,800

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $40 · management and general $40

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $152,377 · program services $152,377

  • 17 · Travel

    total $0

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $138,019 · program services $138,019

  • 23 · Insurance

    total $32,026 · program services $32,026

  • 24a · Other expenses: Misc Expenses

    total $1,056 · program services $1,056

  • 24e · All other expenses

    total $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $56,412 · end of year $0

  • 2 · Savings and temporary cash investments

    end of year $0

  • 3 · Pledges and grants receivable

    end of year $0

  • 4 · Accounts receivable

    end of year $0

  • 5 · Loans and receivables from officers and key people

    end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 7 · Other notes and loans receivable

    end of year $3,500,000

  • 8 · Inventories for sale or use

    end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $91,185 · end of year $11,203

  • 10c · Land, buildings and equipment, net

    beginning of year $2,691,814 · end of year $0

  • 11 · Investments: publicly traded securities

    end of year $0

  • 12 · Investments: other securities

    end of year $0

  • 13 · Investments: program-related

    end of year $0

  • 14 · Intangible assets

    end of year $0

  • 15 · Other assets

    beginning of year $286,903 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $13,650

  • 23 · Secured mortgages and notes payable

    beginning of year $6,578,522

  • 25 · Other liabilities

    beginning of year $157,049 · end of year $4,772

  • 27 · Net assets without donor restrictions

    beginning of year -$3,622,907 · end of year $3,506,431

Mission and programs · 2023

Mission

To provide housing and care for the elderly.

  • Beth Sholom Terrace, a Virginia non-profit corporation, was organized in 2002 for the purpose of operating a 72-unit assisted living facility for the elderly in Virginia Beach, Virginia under Section 202 of the National Housing Act, as regulated by HUD.

    Expenses $533,478 · Grants $210,000 · Revenue $278,662

As filed on the 2023 return.

Listed in Part VII

  • David Abraham

    CEO

    Total calculated
    $403,615
    From this org
    $0
    From related orgs
    $353,970
    Other
    $49,645
    Hours/week
    5 + 35 related

    Schedule J breakdown matched by us

    Base
    not reported + $302,220 related
    Bonus
    not reported + $50,000 related
    Other
    not reported + $1,750 related
    Deferred
    not reported + $24,223 related
    Nontaxable benefits
    not reported + $25,422 related
    Filer's total
    not reported + $403,615 related

  • Kimberley Allsbrook

    SVP of Ops and Finance

    Total calculated
    $299,133
    From this org
    $0
    From related orgs
    $263,098
    Other
    $36,035
    Hours/week
    5 + 35 related

    Schedule J breakdown matched by us

    Base
    not reported + $223,348 related
    Bonus
    not reported + $39,750 related
    Other
    not reported
    Deferred
    not reported + $15,984 related
    Nontaxable benefits
    not reported + $20,051 related
    Filer's total
    not reported + $299,133 related

  • Lauren Schoenfeld

    VP of Admin

    Total calculated
    $171,794
    From this org
    $0
    From related orgs
    $165,528
    Other
    $6,266
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    not reported + $135,778 related
    Bonus
    not reported + $29,750 related
    Other
    not reported
    Deferred
    not reported + $3,311 related
    Nontaxable benefits
    not reported + $2,955 related
    Filer's total
    not reported + $171,794 related

  • Amy Weinstein

    Philanthropy Dir

    Total calculated
    $159,429
    From this org
    $0
    From related orgs
    $147,285
    Other
    $12,144
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    not reported + $127,535 related
    Bonus
    not reported + $19,750 related
    Other
    not reported
    Deferred
    not reported + $2,946 related
    Nontaxable benefits
    not reported + $9,198 related
    Filer's total
    not reported + $159,429 related

  • Allison Whiteman

    Administrator

    Total calculated
    $130,324
    From this org
    $0
    From related orgs
    $118,444
    Other
    $11,880
    Hours/week
    0 + 40 related

  • Nathan Drory

    President

    Total calculated
    $0
    Hours/week
    1

  • Matthew Weinstein

    Vice President

    Total calculated
    $0
    Hours/week
    1

  • Pam Guthrie

    Treasurer

    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

  • 3 · Written employment contract
  • 3 · Approval by the board or compensation committee

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

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
2023
Filed
15 May 2025
IRS schema version
2023v6.0
Source object
202511359349316896

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