Form 990 for tax year 2022

Filed by FC MISSION PLAZA INC.

Totals

Total revenue: $390,150
Total expenses: $620,392
Contributions and grants received: $0
Grants paid: $0
Program service revenue: $390,150
Investment income: $0
Other revenue: $0
Total assets, end of year: $18,649,145
Total liabilities, end of year: $16,231,325
Net assets or fund balances, end of year: $2,417,820
Program services expenses (Part IX): $593,925
Management and general expenses: $26,467
Fundraising expenses: $0
Program service expenses (Part III): $593,925

Program services were 95.7% 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: RENTAL INCOME

total $390,150 · related or exempt $390,150

Functional expenses

Part IX, the statement of functional expenses.

11c · Fees: accounting

total $25,000 · management and general $25,000
20 · Interest

total $208,762 · program services $208,762
22 · Depreciation, depletion and amortization

total $385,163 · program services $385,163
24a · Other expenses: GENERAL AND ADMINISTRAT

total $1,467 · management and general $1,467

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $370,108 · end of year $612,004
10a · Land, buildings and equipment: cost or other basis

$18,806,995
10b · Land, buildings and equipment: accumulated depreciation

$1,128,324
10c · Land, buildings and equipment, net

beginning of year $18,063,834 · end of year $17,678,671
15 · Other assets

beginning of year $422,092 · end of year $358,470
23 · Secured mortgages and notes payable

beginning of year $16,207,972 · end of year $16,231,325
27 · Net assets without donor restrictions

beginning of year $2,648,062 · end of year $2,417,820

Mission and programs · 2022

Mission

SUPPORT THE CHARITABLE PURPOSES OF FOUNDATION COMMUNITIES, INC. AND SHALL CONSTITUTE A QALICB, AS DEFINED IN SECTION 45D OF IRC.

Activities or mission (Part I)

SUPPORT THE CHARITABLE PURPOSES OF FOUNDATION COMMUNITIES, INC. AND AND SHALL CONSTITUTE A QALICB

ACQUIRING,REHABILITATING,MAINTAINING,AND LEASING THE BUILDINGS LOCATED IN AUSTIN,TEXAS,KNOWN AS MISSION PLAZA TO QUALIFY AS A QALICB UNDER THE NEW MARKETS TAX CREDIT PROGRAM. MISSION PLAZA FACILITIES WILL PROVIDE SPACE FOR THE OPERATIONS OF FOUNDATION COMMUNITIES, INC. AND OTHER NON-PROFIT AGENCIES PROVIDING SERVICES TO ECONOMICALLY DISADVANTAGED INDIVIDUALS. THE FC PROSPER CENTER WILL DELIVER FREE INCOME TAX RETURN PREPARATION, HEALTH INSURANCE ENROLLMENT ASSISTANCE AND FINANCIAL LITERACY PROGRAMS TO LOW-INCOME RESIDENTS OF THE COMMUNITY. THE OFFICE SPACE FOR THE ADMINISTRATIVE OPERATIONS OF FOUNDATION COMMUNITIES, INC. HELPS FURTHER THE ORGANIZATION'S ABILITY TO DEVELOP AFFORDABLE HOUSING WITH SUPPORTIVE SOCIAL SERVICES TO EDUCATE, SUPPORT AND IMPROVE THE FINANCIAL STANDING OF THE WORKING POOR IN OUR COMMUNITIES.

Expenses $593,925 · Revenue $390,150

As filed on the 2022 return.

Listed in Part VII

JASON QUNELL

CHAIR

Total calculated

$0

Hours/week

1
SELINA SERNA

TREASURER

Total calculated

$0

Hours/week

1
JEWEL ARRINGTON

SECRETARY

Total calculated

$0

Hours/week

1
JASON RENEAU

VICE CHAIR

Total calculated

$0

Hours/week

1
MELISSA GARCIA

OUTSIDE DIRECTOR

Total calculated

$0

Hours/week

1
WALTER MOREAU

PRESIDENT

Total calculated

$334,433

From this org

$0

From related orgs

$334,433

Other

$0

Hours/week

1

Schedule J breakdown matched by us

Base

$0 + $334,433 related

Bonus

$0

Other

$0

Deferred

$0

Nontaxable benefits

$0

Filer's total

$0 + $334,433 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.

FOUNDATION COMMUNITIES INC

501(C)(3) · CREATE AND MAINTAIN HIGH-QUALITY HOUSING FOR LOW-INCOME PERSONS · TX

Provenance

Return type: form_990
Tax year: 2022
Filed: 25 May 2023
IRS schema version: 2022v5.0
Source object: 202321459349300837

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