Form 990 for tax year 2023

Filed by UPSTATE PROPERTIES DEVELOPMENT INC.

Totals

Total revenue: $3,938,798
Total expenses: $2,961,228
Contributions and grants received: $761,236
Grants paid: $0
Program service revenue: $3,163,550
Investment income: $14,012
Other revenue: $0
Total assets, end of year: $35,173,989
Total liabilities, end of year: $26,512,685
Net assets or fund balances, end of year: $8,661,304
Program services expenses (Part IX): $2,768,041
Management and general expenses: $193,187
Fundraising expenses: $0
Program service expenses (Part III): $2,768,041

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.

1d · Related organizations

$761,236
2a · Program service revenue: RENTAL INCOME

total $3,163,550 · related or exempt $3,163,550
3 · Investment income

total $14,012 · excluded $14,012

Functional expenses

Part IX, the statement of functional expenses.

11b · Fees: legal

total $36,318 · program services $36,318
16 · Occupancy

total $514,901 · program services $514,901
20 · Interest

total $713,710 · program services $713,710
22 · Depreciation, depletion and amortization

total $1,094,431 · program services $1,094,431
23 · Insurance

total $162,277 · program services $162,277
24a · Other expenses: REPAIRS AND MAINTENANCE

total $198,716 · program services $198,716
24b · Other expenses: ADMINISTRATION

total $193,187 · management and general $193,187
24c · Other expenses: MISCELLANEOUS EXPENSE

total $38,485 · program services $38,485
24d · Other expenses: BUILDING PROGRAMMING

total $9,203 · program services $9,203

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $1,834,355 · end of year $2,505,746
4 · Accounts receivable

beginning of year $13,704 · end of year $28,472
9 · Prepaid expenses and deferred charges

beginning of year $11,533 · end of year $12,825
10a · Land, buildings and equipment: cost or other basis

$41,157,098
10b · Land, buildings and equipment: accumulated depreciation

$10,853,075
10c · Land, buildings and equipment, net

beginning of year $31,326,843 · end of year $30,304,023
13 · Investments: program-related

beginning of year $2,226,940 · end of year $2,322,923
17 · Accounts payable and accrued expenses

beginning of year $55,662 · end of year $62,857
19 · Deferred revenue

beginning of year $390,987 · end of year $343,968
20 · Tax-exempt bond liabilities

beginning of year $27,282,992 · end of year $26,105,860
27 · Net assets without donor restrictions

beginning of year $7,683,734 · end of year $8,661,304

Mission and programs · 2023

Mission

EXCLUSIVE PURPOSE/ACTIVITY IS TO HOLD TITLE TO PROPERTY & COLLECT INCOME THEREFROM & DISTRIBUTE THE NET PROFIT TO ITS SOLE MEMBER, UPSTATE MEDICAL UNIVERSITY FOR THEIR EXEMPT PURPOSE USE.

Activities or mission (Part I)

PURPOSE/ACTIVITY IS TO HOLD PROPERTY TITLE & COLLECT/DISTRIBUTE INCOME THEREFROM TO ITS SOLE MEMBER, UPSTATE MEDICAL UNIVERSITY FOR THE EXEMPT PURPOSE USE.

EXPENSES INCURRED AS PAYMENTS ON DEBT, DEPRECIATION OF PROPERTY AND OTHER OPERATING EXPENSES RELATED TO THE ORGANIZATION'S EXEMPT PURPOSE IN ADDITION TO OTHER COSTS OF DEVELOPMENT OF OTHER PROPERTIES TO RENT.

Expenses $2,768,041 · Revenue $3,163,550

As filed on the 2023 return.

Listed in Part VII

Thomas TaylorTHOMAS TAYLOR

VICE CHAIR

Total calculated

$0

Hours/week

0.5
Mantosh DewanMANTOSH DEWAN

DIRECTOR

Total calculated

$674,137

From this org

$0

From related orgs

$558,768

Other

$115,369

Hours/week

2

Schedule J breakdown matched by us

Base

$0 + $528,768 related

Bonus

$0

Other

$0 + $30,000 related

Deferred

$0 + $85,755 related

Nontaxable benefits

$0 + $29,614 related

Filer's total

$0 + $674,137 related
Eric J SmithERIC J SMITH

CHAIR

Total calculated

$533,465

From this org

$0

From related orgs

$478,820

Other

$54,645

Hours/week

0.5

Schedule J breakdown matched by us

Base

$0 + $449,353 related

Bonus

$0

Other

$0 + $29,467 related

Deferred

$0 + $25,031 related

Nontaxable benefits

$0 + $29,614 related

Filer's total

$0 + $533,465 related
Molly MulvihillMOLLY MULVIHILL

BOARD MEMBER

Total calculated

$0

Hours/week

0.5
David AnthonyDAVID ANTHONY

TREASURER & SECRETARY

Total calculated

$246,446

From this org

$0

From related orgs

$188,232

Other

$58,214

Hours/week

2

Schedule J breakdown matched by us

Base

$0 + $165,732 related

Bonus

$0

Other

$0 + $22,500 related

Deferred

$0 + $28,600 related

Nontaxable benefits

$0 + $29,614 related

Filer's total

$0 + $246,446 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

The filer's explanations (Part III)

PART I, LINE 3: THE CHAIR, A DIRECTOR, AND THE SECRETARY AND TREASURER ARE EMPLOYEES OF SUNY UPSTATE MEDICAL UNIVERSITY, THE SOLE MEMBER OF THE CORPORATION.

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.

FACULTY STUDENT ASSOCIATION OF SUNY UMU

501(C)(3) · TO PROMOTE EDUCATIONAL ACTIVITIES BETWEEN FACULTY AND STUDENTS OF SUNY UMU · NY

Directly controlled by SUNY UPSTATE UMU
STATE UNIVERSITY OF NEW YORK UPSTATE MEDICAL UNIVERSITY

GOVERNMENTAL · COLLEGE FOR TRAINING STUDENTS FOR CAREERS IN HEALTH, MEDICINE AND RESEARCH · NY

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.

Related corporations and trusts

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

UPSTATE LOGUEN CROSSING CORPORATION INC

C · TO HOLD PROPERTY FOR PRIVATE DEVELOPMENT · NY · 100% owned · controlled entity

Directly controlled by UPSTATE PROPERTIES DEVELOPMENT INC

Provenance

Return type: form_990
Tax year: 2023
Filed: 19 March 2025
IRS schema version: 2023v6.0
Source object: 202500839349301415

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