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Nonprofiteer
← CARIBE TOWERS INC

Form 990 for tax year 2022

Filed by CARIBE TOWERS INC.

Totals

Total revenue
$577,858
Total expenses
$767,530
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$575,226
Investment income
$404
Other revenue
$2,228
Total assets, end of year
$6,027,817
Total liabilities, end of year
$8,841,175
Net assets or fund balances, end of year
-$2,813,358
Program services expenses (Part IX)
$706,001
Management and general expenses
$61,529
Fundraising expenses
$0
Program service expenses (Part III)
$706,001

Program services were 92.0% 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 $575,226 · related or exempt $575,226

  • 3 · Investment income

    total $404 · excluded $404

  • 11a · Other revenue: TENANT CHARGES

    total $2,228 · related or exempt $2,228

  • 11e · Other revenue, total

    $2,228

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $136,997 · program services $136,997

  • 9 · Other employee benefits

    total $18,150 · program services $18,150

  • 10 · Payroll taxes

    total $12,914 · program services $12,914

  • 11a · Fees: management

    total $40,903 · management and general $40,903

  • 11c · Fees: accounting

    total $9,900 · management and general $9,900

  • 13 · Office expenses

    total $41,862 · program services $31,136 · management and general $10,726

  • 16 · Occupancy

    total $77,470 · program services $77,470

  • 23 · Insurance

    total $50,032 · program services $50,032

  • 24a · Other expenses: DEPRECIATION EXPENSE

    total $266,676 · program services $266,676

  • 24b · Other expenses: CONTRACTS

    total $94,123 · program services $94,123

  • 24c · Other expenses: GARBAGE AND TRASH REMOVAL

    total $13,646 · program services $13,646

  • 24d · Other expenses: GROUNDS MAINTENANCE/SNOW

    total $2,771 · program services $2,771

  • 24e · All other expenses

    total $2,086 · program services $2,086

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $114,800 · end of year $84,440

  • 2 · Savings and temporary cash investments

    beginning of year $509,640 · end of year $541,830

  • 4 · Accounts receivable

    beginning of year $5,525 · end of year $34,588

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

    $9,644,839

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

    $4,292,206

  • 10c · Land, buildings and equipment, net

    beginning of year $5,578,587 · end of year $5,352,633

  • 15 · Other assets

    beginning of year $13,234 · end of year $14,326

  • 17 · Accounts payable and accrued expenses

    beginning of year $89,653 · end of year $86,633

  • 19 · Deferred revenue

    beginning of year $2,485 · end of year $116

  • 23 · Secured mortgages and notes payable

    beginning of year $8,740,100 · end of year $8,740,100

  • 25 · Other liabilities

    beginning of year $13,234 · end of year $14,326

  • 27 · Net assets without donor restrictions

    beginning of year -$2,623,686 · end of year -$2,813,358

Mission and programs · 2022

Mission

TO PROVIDE LOW-INCOME HOUSING FOR THE ELDERLY.

  • PROVIDING 57 UNITS OF LOW-INCOME HOUSING FOR THE ELDERLY. THIS IS THE PROGRAM FOR WHICH THE ORGANIZATION WAS ESTABLISHED, AND TAX-EXEMPT STATUS GRANTED BY THE INTERNAL REVENUE SERVICES.

    Expenses $706,001 · Revenue $575,226

As filed on the 2022 return.

Listed in Part VII

  • David Gonzalez

    PROPERTY MAN

    Total calculated
    $168,371
    From this org
    $0
    From related orgs
    $168,371
    Other
    $0
    Hours/week
    10 + 30 related

    Schedule J breakdown matched by us

    Base
    not reported + $168,371 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    not reported + $168,371 related

  • Lynette M Santiag Lorenaze Esq

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Miguel Garcia

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1 + 3 related

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.

Provenance

Return type
form_990
Tax year
2022
Filed
29 January 2024
IRS schema version
2022v5.0
Source object
202410299349300146

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