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Nonprofiteer
← LORETTO PROPERTIES CORPORATION

Form 990 for tax year 2023

Filed by LORETTO PROPERTIES CORPORATION.

Totals

Total revenue
$89,783
Total expenses
$82,480
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$32,196
Investment income
$36,581
Other revenue
$21,006
Total assets, end of year
$1,042,282
Total liabilities, end of year
$96,556
Net assets or fund balances, end of year
$945,726
Program services expenses (Part IX)
$69,286
Management and general expenses
$13,194
Fundraising expenses
$0
Program service expenses (Part III)
$69,286

Program services were 84.0% 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: MANAGING AGENT FEES

    total $32,196 · related or exempt $32,196

  • 7a · Gross sales of assets other than inventory

    other assets $228,420

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

    other assets $191,839

  • 7c · Gain or loss

    other assets $36,581

  • 7d · Net gain or loss

    total $36,581 · excluded $36,581

  • 11a · Other revenue: NET ASSETS RELEASED

    total $21,006 · excluded $21,006

  • 11e · Other revenue, total

    $21,006

Functional expenses

Part IX, the statement of functional expenses.

  • 11c · Fees: accounting

    total $400 · management and general $400

  • 13 · Office expenses

    total $4,468 · management and general $4,468

  • 16 · Occupancy

    total $69,286 · program services $69,286

  • 20 · Interest

    total $3,771 · management and general $3,771

  • 23 · Insurance

    total $4,555 · management and general $4,555

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $17,282 · end of year $18,855

  • 4 · Accounts receivable

    beginning of year $9,122 · end of year $1,231

  • 9 · Prepaid expenses and deferred charges

    beginning of year $4,487 · end of year $1,361

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

    $955,299

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

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $191,839 · end of year $955,299

  • 13 · Investments: program-related

    beginning of year $125,845 · end of year $0

  • 15 · Other assets

    beginning of year $49,497 · end of year $65,536

  • 17 · Accounts payable and accrued expenses

    beginning of year $13,040 · end of year $30,259

  • 23 · Secured mortgages and notes payable

    beginning of year $151,587 · end of year $50,000

  • 25 · Other liabilities

    beginning of year $10,084 · end of year $16,297

  • 27 · Net assets without donor restrictions

    beginning of year $202,355 · end of year $945,726

  • 28 · Net assets with donor restrictions

    beginning of year $21,006 · end of year $0

Mission and programs · 2023

Mission

TO ACQUIRE, OWN, LEASE AND MANAGE REAL ESTATE FOR THE BENEFIT OF AFFILIATED NOT FOR PROFIT 501(C)(3) ORGANIZATIONS THAT PROVIDE LOW INCOME HOUSING TO THE FRAIL ELDERLY.

  • THE CORPORATION MANAGES A 14-BEDROOM HOME, KNOWN AS FOREST VIEW AT FAYETTE, FOR SENIORS WHO WISH TO RESIDE IN A RESIDENTIAL SETTING. A 24-HOUR STAFF ASSISTS WITH PERSONAL CARE AND MEDICATION MANAGEMENT. IT PROVIDES THE FRAIL ELDERLY WITH THE OPTION TO REMAIN INDEPENDENT AND LIVING IN THE COMMUNITY FOR AS LONG AS POSSIBLE. THE FACILITY WAS BUILT IN 2008 AND OPENED IN JANUARY 2009.

    Expenses $69,286 · Revenue $32,196

As filed on the 2023 return.

Listed in Part VII

  • John McCabe

    BOARD MEMBER, CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Robert J Marzella

    BOARD MEMBER, VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • John R Brennan

    BOARD MEMBER, SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Vicki O'Neill

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Pierre Morrisseau

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Elizabeth Quilter

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Christine Woodcock Dettor

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Michele Jones Galvin

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Jay Subedi

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Kevin Bryans

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Gwen Webber-McLeod

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Stephen J Kingston

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Sam Carello

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Craig Luce

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Peter Muserlian

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Stephanie Crockett

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • John Murray

    CFO

    Total calculated
    $305,507
    From this org
    $0
    From related orgs
    $305,507
    Other
    $0
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $288,090 related
    Bonus
    $0 + $17,417 related
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $4,238 related
    Filer's total
    $0 + $309,745 related

  • Kimberly Townsend

    PRESIDENT

    Total calculated
    $775,078
    From this org
    $0
    From related orgs
    $775,078
    Other
    $0
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $586,443 related
    Bonus
    $0 + $188,635 related
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $27,379 related
    Filer's total
    $0 + $802,457 related

  • Brandon Claps

    CIO

    Total calculated
    $210,362
    From this org
    $0
    From related orgs
    $210,362
    Other
    $0
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $199,214 related
    Bonus
    $0 + $11,148 related
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $3,347 related
    Filer's total
    $0 + $213,709 related

  • Jennifer Ingerson

    VP OF HOUSING

    Total calculated
    $202,284
    From this org
    $0
    From related orgs
    $202,284
    Other
    $0
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $190,751 related
    Bonus
    $0 + $11,533 related
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $3,205 related
    Filer's total
    $0 + $205,489 related

  • Joelle Margrey

    CNO

    Total calculated
    $241,541
    From this org
    $0
    From related orgs
    $241,541
    Other
    $0
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $216,078 related
    Bonus
    $0 + $25,463 related
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $3,631 related
    Filer's total
    $0 + $245,172 related

  • Julie Sheedy

    CHIEF MARKETING AND ENGAGEMENT OFFICER

    Total calculated
    $240,026
    From this org
    $0
    From related orgs
    $240,026
    Other
    $0
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $226,342 related
    Bonus
    $0 + $13,684 related
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $3,722 related
    Filer's total
    $0 + $243,748 related

  • Stephanie Button

    VP OF LORETTO INDEPENDENT LIVING SERVICES, INC.

    Total calculated
    $194,812
    From this org
    $0
    From related orgs
    $194,812
    Other
    $0
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $184,362 related
    Bonus
    $0 + $10,450 related
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $3,098 related
    Filer's total
    $0 + $197,910 related

  • Holly Hoehner

    VP GENERAL COUNSEL

    Total calculated
    $272,837
    From this org
    $0
    From related orgs
    $272,837
    Other
    $0
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $246,910 related
    Bonus
    $0 + $14,927 related
    Other
    $0 + $11,000 related
    Deferred
    $0
    Nontaxable benefits
    $0 + $3,894 related
    Filer's total
    $0 + $276,731 related

  • David Heisig

    MEDICAL DIRECTOR

    Total calculated
    $274,997
    From this org
    $0
    From related orgs
    $274,997
    Other
    $0
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $274,997 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $274,997 related

  • Lori Sakalas

    FORMER CHIEF OPERATING OFFICER

    Total calculated
    $161,662
    From this org
    $0
    From related orgs
    $159,716
    Other
    $1,946
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $137,387 related
    Bonus
    $0 + $22,329 related
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $1,946 related
    Filer's total
    $0 + $161,662 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

  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 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

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.

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.

  • ADVANCED INSTITUTIONAL SUPPORT SERVICES LLC

    PROVIDES FOOD AND FOOD SERVICE OPERATIONS TO VARIOUS LORETTO AFFILIATES · NY

    Directly controlled by LORETTO MANAGEMENT CORPORATION

Related corporations and trusts

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

  • BRIGHTON MANAGMENT SERVICES INC

    C · CONSULTING SERVICES · NY · 100% owned

    Directly controlled by LORETTO PROPERTIES CORPORATION

Provenance

Return type
form_990
Tax year
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202403209349303860

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