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← MAGNOLIA PROPERTIES MANAGEMENT INC

Form 990 for tax year 2023

Filed by MAGNOLIA PROPERTIES MANAGEMENT INC.

Totals

Total revenue
$1,504,503
Total expenses
$2,715,704
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$5,335,838
Investment income
$174,556
Other revenue
-$4,005,891
Total assets, end of year
$107,034,266
Total liabilities, end of year
$52,404,012
Net assets or fund balances, end of year
$54,630,254
Program services expenses (Part IX)
$2,683,033
Management and general expenses
$32,671
Fundraising expenses
$0
Program service expenses (Part III)
$2,683,033

Program services were 98.8% 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: LEASE PAYMENTS MAGNOLI

    total $5,335,838 · related or exempt $5,335,838

  • 3 · Investment income

    total $174,556 · excluded $174,556

  • 11a · Other revenue: LOSS ON SALES-TYPE LEA

    total -$4,005,891 · related or exempt -$4,005,891

  • 11e · Other revenue, total

    -$4,005,891

Functional expenses

Part IX, the statement of functional expenses.

  • 11g · Fees: other

    total $32,671 · management and general $32,671

  • 20 · Interest

    total $1,495,225 · program services $1,495,225

  • 22 · Depreciation, depletion and amortization

    total $842,296 · program services $842,296

  • 24a · Other expenses: CAPITAL OUTLAY

    total $306,618 · program services $306,618

  • 24b · Other expenses: AMORTIZATION

    total $38,894 · program services $38,894

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $4,695,067 · end of year $4,530,713

  • 4 · Accounts receivable

    beginning of year $51,046,588 · end of year $50,084,275

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

    $56,721,182

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

    $4,301,904

  • 10c · Land, buildings and equipment, net

    beginning of year $53,424,346 · end of year $52,419,278

  • 20 · Tax-exempt bond liabilities

    beginning of year $27,159,347 · end of year $26,438,241

  • 23 · Secured mortgages and notes payable

    beginning of year $27,964,792 · end of year $25,515,737

  • 25 · Other liabilities

    beginning of year $449,780 · end of year $450,034

  • 27 · Net assets without donor restrictions

    beginning of year $53,592,082 · end of year $54,630,254

Mission and programs · 2023

Mission

TO PROVIDE EDUCATIONAL FACILITIES FOR THE MAGNOLIA PUBLIC SCHOOLS

  • TO PROVIDE EDUCATIONAL FACILITIES FOR THE MAGNOLIA PUBLIC SCHOOLS

    Expenses $2,683,033 · Revenue $1,329,947

As filed on the 2023 return.

Listed in Part VII

  • Rabbi Haim Beliak

    CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Erdinc Acar

    DEPUTY SUPERINTENDENT

    Total calculated
    $209,553
    From this org
    $0
    From related orgs
    $190,890
    Other
    $18,663
    Hours/week
    2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $190,890 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $18,663 related
    Filer's total
    $0 + $209,553 related

  • Alfredo Rubalcava

    CEO

    Total calculated
    $274,357
    From this org
    $0
    From related orgs
    $255,694
    Other
    $18,663
    Hours/week
    2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $255,694 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $18,663 related
    Filer's total
    $0 + $274,357 related

  • Steve Budhraja

    CFO

    Total calculated
    $199,711
    From this org
    $0
    From related orgs
    $187,269
    Other
    $12,442
    Hours/week
    2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $187,269 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $12,442 related
    Filer's total
    $0 + $199,711 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.

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.

  • MPM SHERMAN WAY LLC

    PROPERTY HOLDING LLC · CA · income $1,123,951 · assets $27,739,103

  • MPM SANTA ANA LLC

    PROPERTY HOLDING LLC · CA · income $120,645 · assets $5,661,484

  • MPM SAN DIEGO LLC

    PROPERTY HOLDING LLC · CA · income $558,734 · assets $19,527,039

  • MPM SHERMAN WINNETKA LLC

    PROPERTY HOLDING LLC · CA · assets $19,788,793

  • MPM 1660 VANOWEN STREET LLC

    PROPERTY HOLDING LLC · CA · income $198,702 · assets $34,317,847

Provenance

Return type
form_990
Tax year
2023
Filed
21 January 2025
IRS schema version
2023v6.0
Source object
202520279349301462

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