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Nonprofiteer
← FOUNDATION PROPERTY MANAGEMENT INC

Form 990 for tax year 2023

Filed by FOUNDATION PROPERTY MANAGEMENT INC.

Totals

Total revenue
$14,537,334
Total expenses
$22,325,298
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$14,488,985
Investment income
$48,349
Other revenue
$0
Total assets, end of year
$1,593,605
Total liabilities, end of year
$39,454,562
Net assets or fund balances, end of year
-$37,860,957
Program services expenses (Part IX)
$22,147,154
Management and general expenses
$178,144
Fundraising expenses
$0
Program service expenses (Part III)
$22,147,154

Program services were 99.2% 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: MANAGEMENT FEES

    total $12,106,681 · related or exempt $12,106,681

  • 2b · Program service revenue: ACCOUNTING FEES

    total $1,568,029 · related or exempt $1,568,029

  • 2c · Program service revenue: SERVICE COORDINATOR FEES

    total $445,419 · related or exempt $445,419

  • 2d · Program service revenue: OCCUPANCY FEES

    total $368,856 · related or exempt $368,856

  • 3 · Investment income

    total $48,349 · related or exempt $48,349

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $650,764 · program services $650,764

  • 7 · Other salaries and wages

    total $3,055,987 · program services $3,055,987

  • 8 · Pension plan contributions

    total $66,319 · program services $66,319

  • 9 · Other employee benefits

    total $428,685 · program services $428,685

  • 10 · Payroll taxes

    total $271,571 · program services $271,571

  • 11a · Fees: management

    total $16,742,592 · program services $16,742,592

  • 11b · Fees: legal

    total $22,350 · program services $22,350

  • 11g · Fees: other

    total $178,144 · management and general $178,144

  • 12 · Advertising and promotion

    total $404 · program services $404

  • 13 · Office expenses

    total $73,477 · program services $73,477

  • 16 · Occupancy

    total $2,394 · program services $2,394

  • 17 · Travel

    total $495,362 · program services $495,362

  • 19 · Conferences, conventions and meetings

    total $3,625 · program services $3,625

  • 22 · Depreciation, depletion and amortization

    total $170 · program services $170

  • 23 · Insurance

    total $83,405 · program services $83,405

  • 24a · Other expenses: BAD DEBTS

    total $120,000 · program services $120,000

  • 24b · Other expenses: LICENSES, DUES, AND SUB

    total $66,805 · program services $66,805

  • 24c · Other expenses: MISCELLANEOUS

    total $57,416 · program services $57,416

  • 24d · Other expenses: FEES

    total $4,084 · program services $4,084

  • 24e · All other expenses

    total $1,744 · program services $1,744

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1

  • 2 · Savings and temporary cash investments

    beginning of year $1,153,937 · end of year $1,592,508

  • 7 · Other notes and loans receivable

    end of year $0

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

    $34,409

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

    $34,224

  • 10c · Land, buildings and equipment, net

    beginning of year $355 · end of year $185

  • 15 · Other assets

    beginning of year $3,306 · end of year $912

  • 17 · Accounts payable and accrued expenses

    beginning of year $587,439 · end of year $538,133

  • 24 · Unsecured notes and loans payable

    beginning of year $30,643,153 · end of year $38,916,429

  • 27 · Net assets without donor restrictions

    beginning of year -$30,072,993 · end of year -$37,860,957

Mission and programs · 2023

Mission

TO PROVIDE CENTRALIZED MANAGEMENT AND ADMINISTRATIVE SERVICES TO LOW AND VERY LOW INCOME AND MARKET RATE RETIREMENT HOUSING COMMUNITIES, ASSISTED LIVING, AND SKILLED NURSING FACILITIES.

  • TO PROVIDE CENTRALIZED MANAGEMENT AND ADMINISTRATIVE SERVICES TO OVER 190 RELATED TAX EXEMPT AND OTHER ORGANIZATIONS THAT OPERATE LOW AND VERY LOW INCOME AND MARKET RATE RETIREMENT HOUSING COMMUNITIES, ASSISTED LIVING, AND SKILLED NURSING FACILITIES.

    Expenses $22,147,154 · Revenue $14,537,335

As filed on the 2023 return.

Listed in Part VII

  • DESAEGHER NORMA N

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2 + 5 related

  • EAST RAYMOND E

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2 + 5 related

  • MOYER DAVID S

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2 + 5 related

  • POLLOCK JEFFREY R

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2 + 5 related

  • POTTER CHRISTINA E

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2 + 5 related

  • HARTMAN STUART J

    PRESIDENT/CEO

    Total calculated
    $685,724
    From this org
    $0
    From related orgs
    $617,596
    Other
    $68,128
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $609,196 related
    Bonus
    $0
    Other
    $0 + $8,400 related
    Deferred
    $0 + $37,497 related
    Nontaxable benefits
    $0 + $30,631 related
    Filer's total
    $0 + $685,724 related

  • FOX BUCHAN LAURA L

    CORP SEC & DIR OF CORP RECORDS

    Total calculated
    $172,534
    From this org
    $0
    From related orgs
    $153,750
    Other
    $18,784
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $153,750 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $4,509 related
    Nontaxable benefits
    $0 + $14,275 related
    Filer's total
    $0 + $172,534 related

  • ROSSELLO FRANK JR

    CFO AND VP OF FINANCE

    Total calculated
    $403,817
    From this org
    $0
    From related orgs
    $378,582
    Other
    $25,235
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $375,582 related
    Bonus
    $0
    Other
    $0 + $3,000 related
    Deferred
    $0 + $10,960 related
    Nontaxable benefits
    $0 + $14,275 related
    Filer's total
    $0 + $403,817 related

  • AMBERG ROBERT R

    EXECUTIVE VP GEN COUNSEL

    Total calculated
    $489,502
    From this org
    $0
    From related orgs
    $440,286
    Other
    $49,216
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $434,286 related
    Bonus
    $0
    Other
    $0 + $6,000 related
    Deferred
    $0 + $34,941 related
    Nontaxable benefits
    $0 + $14,275 related
    Filer's total
    $0 + $489,502 related

  • NAPIERSKIE DAVID W

    VP HEALTH CARE OPERATIONS

    Total calculated
    $286,493
    From this org
    $0
    From related orgs
    $245,158
    Other
    $41,335
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $240,358 related
    Bonus
    $0
    Other
    $0 + $4,800 related
    Deferred
    $0
    Nontaxable benefits
    $0 + $41,335 related
    Filer's total
    $0 + $286,493 related

  • MAGNONE VINCENT B

    VP TREASURY & INVSTMT OFF

    Total calculated
    $283,260
    From this org
    $0
    From related orgs
    $246,158
    Other
    $37,102
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $243,758 related
    Bonus
    $0
    Other
    $0 + $2,400 related
    Deferred
    $0 + $7,398 related
    Nontaxable benefits
    $0 + $29,704 related
    Filer's total
    $0 + $283,260 related

  • BATTAGLIA NADA

    VP HUMAN RESOURCES

    Total calculated
    $288,839
    From this org
    $0
    From related orgs
    $242,093
    Other
    $46,746
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $239,093 related
    Bonus
    $0
    Other
    $0 + $3,000 related
    Deferred
    $0 + $20,597 related
    Nontaxable benefits
    $0 + $26,149 related
    Filer's total
    $0 + $288,839 related

  • TITUS STEPHANIE L

    VP PHILANTHROPY/CSO

    Total calculated
    $288,833
    From this org
    $0
    From related orgs
    $239,642
    Other
    $49,191
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $236,642 related
    Bonus
    $0
    Other
    $0 + $3,000 related
    Deferred
    $0 + $7,099 related
    Nontaxable benefits
    $0 + $42,092 related
    Filer's total
    $0 + $288,833 related

  • GILCHRIST KEVIN DARRELL

    VP DEVELOPMENT FINANCE

    Total calculated
    $277,179
    From this org
    $0
    From related orgs
    $228,362
    Other
    $48,817
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $224,162 related
    Bonus
    $0
    Other
    $0 + $4,200 related
    Deferred
    $0 + $6,725 related
    Nontaxable benefits
    $0 + $42,092 related
    Filer's total
    $0 + $277,179 related

  • FARD BOB J

    VP ACQUIS AND PROJ DEV

    Total calculated
    $281,127
    From this org
    $0
    From related orgs
    $259,219
    Other
    $21,908
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $254,419 related
    Bonus
    $0
    Other
    $0 + $4,800 related
    Deferred
    $0 + $7,633 related
    Nontaxable benefits
    $0 + $14,275 related
    Filer's total
    $0 + $281,127 related

  • PURCELL CHRISTOPHER

    CONTROLLER

    Total calculated
    $216,931
    From this org
    $0
    From related orgs
    $197,200
    Other
    $19,731
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $197,200 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $6,027 related
    Nontaxable benefits
    $0 + $13,704 related
    Filer's total
    $0 + $216,931 related

  • CLOW JOHN C

    VP RISK MANAGEMENT

    Total calculated
    $227,978
    From this org
    $0
    From related orgs
    $209,162
    Other
    $18,816
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $206,162 related
    Bonus
    $0
    Other
    $0 + $3,000 related
    Deferred
    $0 + $6,185 related
    Nontaxable benefits
    $0 + $12,631 related
    Filer's total
    $0 + $227,978 related

  • STECKBECK KENT

    BUDGET & ANALYTICS DIR

    Total calculated
    $183,013
    From this org
    $0
    From related orgs
    $177,682
    Other
    $5,331
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $177,682 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $5,331 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $183,013 related

  • ROBINSON TINA M

    VP HOUSING ACCOUNTING

    Total calculated
    $193,805
    From this org
    $0
    From related orgs
    $177,323
    Other
    $16,482
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $177,323 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $3,900 related
    Nontaxable benefits
    $0 + $12,582 related
    Filer's total
    $0 + $193,805 related

  • PHELPS LORI ANN

    INFO SYSTEMS DIRECTOR

    Total calculated
    $178,269
    From this org
    $0
    From related orgs
    $173,077
    Other
    $5,192
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $173,077 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $5,192 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $178,269 related

  • MICKELSON LAVONNE R

    DIR OF AFFORD HOUSING OPS

    Total calculated
    $189,381
    From this org
    $0
    From related orgs
    $184,618
    Other
    $4,763
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $180,418 related
    Bonus
    $0
    Other
    $0 + $4,200 related
    Deferred
    $0 + $4,763 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $189,381 related

  • SILVA JOANNE L

    VP OCCUPANCY & TAX CREDIT

    Total calculated
    $190,698
    From this org
    $0
    From related orgs
    $166,856
    Other
    $23,842
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $164,456 related
    Bonus
    $0
    Other
    $0 + $2,400 related
    Deferred
    $0 + $11,667 related
    Nontaxable benefits
    $0 + $12,175 related
    Filer's total
    $0 + $190,698 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 · Independent compensation consultant
  • 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

The filer's explanations (Part III)

PART I, LINE 3
A RELATED ORGANIZATION COMPENSATES THE ORGANIZATION'S CEO/EXECUTIVE DIRECTOR AND USES THE FOLLOWING METHODS TO ESTABLISH COMPENSATION: COMPENSATION COMMITTEE, INDEPENDENT COMPENSATION CONSULTANT, COMPENSATION SURVEY OR STUDY, APPROVAL BY THE COMPENSATION COMMITTEE AND BOARD.
SCHEDULE J, PART II:
DIRECTORS AND OFFICERS ARE MEMBERS OF RETIREMENT HOUSING FOUNDATION WHICH IS A RELATED ORGANIZATION THAT SPONSORS AND MANAGES APPROXIMATELY 190 TAX-EXEMPT ORGANIZATIONS AND PARTNERSHIPS THAT PROVIDE AFFORDABLE AND MARKET-RATE HOUSING, SKILLED NURSING AND ASSISTED LIVING SERVICES FOR SENIOR ADULTS, LOW-INCOME FAMILIES AND PERSONS WITH DISABILITIES THROUGHOUT THE UNITED STATES.

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.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

Related corporations and trusts

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

Provenance

Return type
form_990
Tax year
2023
Filed
20 February 2025
IRS schema version
2023v6.0
Source object
202530519349301108

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