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Nonprofiteer
← PROMESA FOUNDATION INC

Form 990 for tax year 2023

Filed by PROMESA FOUNDATION INC.

Totals

Total revenue
$3,174,360
Total expenses
$3,214,180
Contributions and grants received
$322,526
Grants paid
$94,400
Program service revenue
$2,652,241
Investment income
$94,254
Other revenue
$105,339
Total assets, end of year
$28,143,138
Total liabilities, end of year
$22,137,140
Net assets or fund balances, end of year
$6,005,998
Program services expenses (Part IX)
$2,883,982
Management and general expenses
$330,198
Fundraising expenses
$0
Program service expenses (Part III)
$2,883,982

Program services were 89.7% 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.

  • 1c · Fundraising events

    $249,140

  • 1f · All other contributions, gifts and grants

    $73,386

  • 2a · Program service revenue: RENTAL INCOME

    total $2,652,241 · related or exempt $2,652,241

  • 3 · Investment income

    total $94,254 · excluded $94,254

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0

  • 7d · Net gain or loss

    total $0

  • 8a · Fundraising events: gross income

    $232,571

  • 8a · Fundraising events: contributions included on line 1c

    $249,140

  • 8b · Fundraising events: direct expenses

    $232,571

  • 8c · Net income from fundraising events

    total $0 · excluded $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $234,287

  • 10b · Cost of goods sold

    $251,431

  • 10c · Net income from sales of inventory

    total -$17,144 · related or exempt -$17,144

  • 11a · Other revenue: OTHER REVENUE

    total $134 · related or exempt $134

  • 11b · Other revenue: EQUITY METHOD INCOME

    total $122,349 · excluded $122,349

  • 11e · Other revenue, total

    $122,483

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $94,400 · program services $94,400

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $0

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $0

  • 8 · Pension plan contributions

    total $0

  • 9 · Other employee benefits

    total $0

  • 10 · Payroll taxes

    total $0

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $6,409 · program services $138 · management and general $6,271

  • 11c · Fees: accounting

    total $21,996 · management and general $21,996

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $390,978 · program services $166,616 · management and general $224,362

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $40,888 · program services $9,103 · management and general $31,785

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $900,716 · program services $868,263 · management and general $32,453

  • 17 · Travel

    total $1,166 · management and general $1,166

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $997,220 · program services $997,220

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $594,172 · program services $594,172

  • 23 · Insurance

    total $142,310 · program services $130,145 · management and general $12,165

  • 24a · Other expenses: BAD DEBT EXPENSE

    total $23,925 · program services $23,925

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $858,064 · end of year $317,049

  • 2 · Savings and temporary cash investments

    beginning of year $0 · end of year $0

  • 3 · Pledges and grants receivable

    beginning of year $117,025 · end of year $170,425

  • 4 · Accounts receivable

    beginning of year $1,396,004 · end of year $2,148,031

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $1,782,723 · end of year $1,832,751

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $228,771 · end of year $115,776

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

    $29,224,963

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

    $6,968,289

  • 10c · Land, buildings and equipment, net

    beginning of year $22,785,655 · end of year $22,256,674

  • 11 · Investments: publicly traded securities

    beginning of year $1,217 · end of year $1,217

  • 12 · Investments: other securities

    beginning of year $1,178,866 · end of year $1,301,215

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $444,882 · end of year $528,334

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $440 · end of year $440

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $19,435,194 · end of year $18,957,427

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $2,421,991 · end of year $2,650,939

  • 27 · Net assets without donor restrictions

    beginning of year $5,766,990 · end of year $5,732,759

  • 28 · Net assets with donor restrictions

    beginning of year $278,828 · end of year $273,239

Mission and programs · 2023

Mission

PROMESA FOUNDATION, INC. WAS CREATED AS A DEVELOPMENT ARM FOR THE ENTIRE ACACIA NETWORK ORGANIZATION. THE FOUNDATION WORKS TO RAISE FUNDS FOR ACACIA NETWORK'S MANY OPERATING PROGRAMS. THE GOAL OF THE FOUNDATION IS TO DEVELOP STREAMS OF FUNDING AND PARTNERSHIPS WITH THE CORPORATE SECTOR TO SUPPORT AND EXPAND ITS OPERATIONS. THE MUTUAL PURPOSE OF ACACIA NETWORK IS TO BE A LEADER IN THE HEALTH AND HUMAN SERVICES ARENA BY PROVIDING AN ARRAY OF SERVICES IN HEALTH, EDUCATION, EMPLOYMENT, ECONOMIC AND COMMUNITY DEVELOPMENT, AND HOUSING ACTIVITIES.

Activities or mission (Part I)

TO RAISE FUNDS FOR ACACIA NETWORK'S MANY OPERATING PROGRAMS WHOSE PURPOSE IS TO PROVIDE SERVICES IN HEALTH, EDUCATION, EMPLOYMENT, HOUSING AND ECONOMIC AND COMMUNITY DEVELOPMENT.

  • TO PROVIDE THE ACACIA NETWORK WITH FISCAL AND ADMINISTRATIVE OFFICE SPACE TO INCREASE TREATMENT AREA AVAILABLE AND CLIENTS SERVICED.

    Expenses $2,883,982 · Revenue $2,656,341

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Raul Russi

    PRESIDENT

    Total calculated
    $980,006
    From this org
    $0
    From related orgs
    $909,372
    Other
    $70,634
    Hours/week
    0 + 35 related

    Schedule J breakdown matched by us

    Base
    $0 + $698,458 related
    Bonus
    $0 + $210,914 related
    Other
    $0
    Deferred
    $0 + $22,875 related
    Nontaxable benefits
    $0 + $47,759 related
    Filer's total
    $0 + $980,006 related

  • Lymaris Albors

    Chief Executive Officer

    Total calculated
    $842,965
    From this org
    $0
    From related orgs
    $803,886
    Other
    $39,079
    Hours/week
    0 + 35 related

    Schedule J breakdown matched by us

    Base
    $0 + $620,142 related
    Bonus
    $0 + $183,744 related
    Other
    $0
    Deferred
    $0 + $22,579 related
    Nontaxable benefits
    $0 + $16,500 related
    Filer's total
    $0 + $842,965 related

  • Jose A Rodriguez

    Chief legal officer/Exec. VP

    Total calculated
    $639,637
    From this org
    $0
    From related orgs
    $602,553
    Other
    $37,084
    Hours/week
    0 + 35 related

    Schedule J breakdown matched by us

    Base
    $0 + $504,163 related
    Bonus
    $0 + $98,390 related
    Other
    $0
    Deferred
    $0 + $15,250 related
    Nontaxable benefits
    $0 + $21,834 related
    Filer's total
    $0 + $639,637 related

  • Vicky Gatell

    chief financial officer

    Total calculated
    $497,576
    From this org
    $0
    From related orgs
    $454,869
    Other
    $42,707
    Hours/week
    0 + 35 related

    Schedule J breakdown matched by us

    Base
    $0 + $381,001 related
    Bonus
    $0 + $73,868 related
    Other
    $0
    Deferred
    $0 + $15,250 related
    Nontaxable benefits
    $0 + $27,457 related
    Filer's total
    $0 + $497,576 related

  • Gilbert Hernandez

    CHAIR

    Total calculated
    $0
    Hours/week
    1 + 10 related

  • Federico Perez

    SECRETARY

    Total calculated
    $0
    Hours/week
    1 + 10 related

  • Aileen Perez

    Treasurer

    Total calculated
    $0
    Hours/week
    1 + 10 related

  • Arnie Segarra

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 10 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 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

schedule j part i line 7
Bonuses for the CEO and President are approved by the Board of the Parent entity. The remaining executive bonuses are approved by the CEO.
SCHEDULE J PART I LINE 3
Pursuant to the Organization's bylaws, the Organization delegates to its parent entity the hiring of the CEO and President. The compensation of the executives is approved by the Parent entity, who hires a consultant to conduct a study. A standing compensation committee of the Parent entity reviews a compensation study and votes on how to proceed.

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

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.

Related partnerships

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

  • 1675 JV Associates LLC

    Housing · NY

    Directly controlled by Promesa HDFC

  • 245 E Mosholu Apts LLC

    Housing · NY

    Directly controlled by 245 E Mosholu

  • 980 Prospect LLC

    Real Estate · NY

    Directly controlled by Promesa Enterpr

  • Acacia Gardens Affordable LLC

    Housing · NY

    Directly controlled by Acacia Gardens

  • Acacia Gardens Development LLC

    Development · NY

    Directly controlled by Acacia Gardens

  • Audubon Pharmacy LLC

    Retail Pharma · NY

    Directly controlled by Promesa Enterpr

  • Bella Vista LP

    Housing · NY

    Directly controlled by Bella Vista

  • Bushwick Gardens I PA LLC

    Housing · PA

    Directly controlled by Acacia Brooklyn

  • Casa Acacia LLC

    Real Estate · NY

    Directly controlled by Promesa Enterpr

  • Crotona Park Residences LLC

    Housing · NY

    Directly controlled by Crotona Park

  • Hope Gardens I PA LLC

    Housing · NY

    Directly controlled by Acacia Brooklyn

  • La Casa Quinta LP

    Housing · NY

    Directly controlled by El Barrios Oper

  • La Plaza de Virginia GP LLC

    Housing · NY

    Directly controlled by Hispanos Unidos

  • La Plaza de Virginia Owners LLC

    Housing · NY

    Directly controlled by La Plaza de Vir

  • La Plaza del Barrio LLC

    Housing · NY

    Directly controlled by Acacia Real Est

  • Maria Isabel LP

    Housing · NY

    Directly controlled by Maria Isabel

  • Maria Isabel Members LLC

    Housing · NY

    Directly controlled by Acacia Maria Is

  • Melrose Estates Housing LP

    Housing · NY

    Directly controlled by Melrose Court

  • Palacio Dorado LLC

    Housing · NY

    Directly controlled by Palacio Dorado

  • Promesa Apartments Limited Partnership

    Housing · NY

    Directly controlled by Promesa HDFC

  • Promesa Court Limited Partnership

    Housing · NY

    Directly controlled by Promesa Court

  • Promesa Court Residences Limited Partner

    Housing · NY

    Directly controlled by Promesa Court

  • San Jose LP

    Housing · NY

    Directly controlled by El Barrios Oper

  • San Jose Revedelopment Corp

    Housing · NY

    Directly controlled by El Barrios Oper

  • SV-B Partners LLC

    Housing · NY

    Directly controlled by La Plaza de Bar

  • Urban Renaissance Collaboration Limited

    Housing · NY

    Directly controlled by URC

  • Virginia House Residences LLC

    Housing · NY

    Directly controlled by Virginia House

  • West Tremont Residences LLC

    Housing · NY

    Directly controlled by West Tremont

Related corporations and trusts

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

  • 152 E 116th HDFC

    C Corp · Housing · NY

    Directly controlled by El Barrio Opera

  • 1675 Westchester Avenue Inc

    C Corp · Housing · NY

    Directly controlled by Promesa HDFC

  • 245 E Mosholu Inc

    C Corp · GP Housing · NY

    Directly controlled by 245 E Mosholu

  • 3196 3rd Ave Corp

    C Corp · Real Estate · NY

    Directly controlled by Don Pancho

  • 454 W 146th Street HDFC

    C Corp · Housing · NY

    Directly controlled by ACDP

  • 471 W 145th Street HDFC

    C Corp · Housing · NY

    Directly controlled by ACDP

  • 517 W 173rd Street HDFC

    C Corp · Housing · NY

    Directly controlled by ACDP

  • Acacia Brooklyn Corp

    C Corp · Housing · NY

    Directly controlled by Acacia Real Est

  • Acacia Gardens GP Inc

    C Corp · Housing · NY

    Directly controlled by Acacia Gardens

  • Acacia Maria Isabel Inc

    C Corp · GP Housing · NY

    Directly controlled by Promesa HDFC

  • ACD Affordable Corporation

    C Corp · Housing · NY

    Directly controlled by Acacia Gardens

  • Bella Vista Housing Company Inc

    C Corp · GP Housing · NY

    Directly controlled by SBCMC

  • Bronx Investors Holding Company Inc

    C Corp · Investing Hou · NY

    Directly controlled by SBCMC

  • Crotona Park Managers Inc

    C Corp · GP Housing · NY

    Directly controlled by Promesa HDFC

  • Don Pancho Development Corporation

    C Corp · Maintenance · NY

    Directly controlled by Bronx Investors

  • El Batey Housing Company Inc

    C Corp · GP Housing · NY

    Directly controlled by SBCMC

  • Five Fifteen West Inc

    C Corp · Housing · NY

    Directly controlled by ACDP

  • La Casa Quinta Dev Corp

    C Corp · Housing · NY

    Directly controlled by El Barrio Opera

  • Melrose Court Housing Company Inc

    C Corp · GP Housing · NY

    Directly controlled by SBCMC

  • One Seventy Four Inc

    C Corp · Housing · NY

    Directly controlled by ACDP

  • Palacio Dorado Development Inc

    C Corp · Housing · NY

    Directly controlled by Acacia Puerto R

  • Promesa Collateral Trust

    Trust · Insurance · NY

    Directly controlled by Acacian Network

  • Promesa Community Apartments

    C Corp · GP Housing · NY

    Directly controlled by Promesa HDFC

  • Promesa Court Estates Inc

    C Corp · GP Housing · NY

    Directly controlled by Acacia

  • Promesa Enterprises Ltd

    C Corp · Investment Mg · NY

    Directly controlled by Acacia

  • Urban Renaissance Collaboration Inc

    C Corp · GP Housing · NY

    Directly controlled by Promesa HDFC

  • Virginia House Managers Inc

    C Corp · GP Housing · NY

    Directly controlled by Promesa HDFC

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202403189349309270

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