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Nonprofiteer
← WALNUT HILL PROPERTIES CORPORATION

Form 990 for tax year 2023

Filed by WALNUT HILL PROPERTIES CORPORATION.

Totals

Total revenue
$3,768,799
Total expenses
$3,525,257
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$3,768,799
Investment income
$0
Other revenue
$0
Total assets, end of year
$23,892,362
Total liabilities, end of year
$13,893,504
Net assets or fund balances, end of year
$9,998,858
Program services expenses (Part IX)
$3,403,225
Management and general expenses
$122,032
Fundraising expenses
$0
Program service expenses (Part III)
$3,403,225

Program services were 96.5% 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.

  • 2a · Program service revenue: RESIDENTIAL RENTAL

    total $2,821,765 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: COMMERCIAL RENTAL

    total $939,752 · unrelated business $0 · excluded $0

  • 2c · Program service revenue: LAUNDRY

    total $7,282 · unrelated business $0 · excluded $0

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $266,036 · program services $226,131 · management and general $39,905 · fundraising $0

  • 9 · Other employee benefits

    total $25,911 · program services $21,895 · management and general $4,016 · fundraising $0

  • 10 · Payroll taxes

    total $20,689 · program services $17,483 · management and general $3,206 · fundraising $0

  • 11c · Fees: accounting

    total $17,500 · program services $0 · management and general $17,500 · fundraising $0

  • 13 · Office expenses

    total $53,964 · program services $24,823 · management and general $29,141 · fundraising $0

  • 16 · Occupancy

    total $943,690 · program services $943,028 · management and general $662 · fundraising $0

  • 20 · Interest

    total $272,873 · program services $272,873 · management and general $0 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $1,005,222 · program services $1,002,957 · management and general $2,265 · fundraising $0

  • 23 · Insurance

    total $38,905 · program services $30,346 · management and general $8,559 · fundraising $0

  • 24a · Other expenses: MAINTENANCE

    total $769,364 · program services $769,364 · management and general $0 · fundraising $0

  • 24b · Other expenses: MANAGEMENT FEES

    total $89,540 · program services $74,336 · management and general $15,204 · fundraising $0

  • 24c · Other expenses: MISCELLANEOUS

    total $20,563 · program services $18,989 · management and general $1,574 · fundraising $0

  • 24d · Other expenses: ARCHITECTUAL FEES

    total $1,000 · program services $1,000 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $246,041 · end of year $238,687

  • 2 · Savings and temporary cash investments

    beginning of year $0

  • 4 · Accounts receivable

    beginning of year $31,314 · end of year $105,733

  • 9 · Prepaid expenses and deferred charges

    end of year $72,039

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

    $40,152,688

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

    $16,686,546

  • 10c · Land, buildings and equipment, net

    beginning of year $22,125,896 · end of year $23,466,142

  • 15 · Other assets

    beginning of year $9,761 · end of year $9,761

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,148,480 · end of year $418,984

  • 19 · Deferred revenue

    beginning of year $25,030 · end of year $157,558

  • 24 · Unsecured notes and loans payable

    beginning of year $10,190,950 · end of year $10,193,212

  • 25 · Other liabilities

    beginning of year $3,178,922 · end of year $3,123,750

  • 27 · Net assets without donor restrictions

    beginning of year $7,869,630 · end of year $9,998,858

Mission and programs · 2023

Mission

TO ACQUIRE AND MANAGE RENTAL PROPERTY

  • Organization is organized and operated exclusively for the benefit of the Trustees of Tufts University and in that connection it owns 63 real properties which are leased for residential and commercial purposes. Residential properties are leased to faculty and students of Tufts Univ.

    Expenses $3,403,225 · Revenue $3,768,799

As filed on the 2023 return.

Listed in Part VII

  • James Hurley

    TREASURER

    Total calculated
    $549,949
    From this org
    $0
    From related orgs
    $497,027
    Other
    $52,922
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $0 + $468,058 related
    Bonus
    $0
    Other
    $0 + $28,969 related
    Deferred
    $0 + $41,490 related
    Nontaxable benefits
    $0 + $11,432 related
    Filer's total
    $0 + $549,949 related

  • Barbara Stein

    PRESIDENT

    Total calculated
    $438,443
    From this org
    $0
    From related orgs
    $366,976
    Other
    $71,467
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $0 + $360,881 related
    Bonus
    $0
    Other
    $0 + $6,095 related
    Deferred
    $0 + $41,490 related
    Nontaxable benefits
    $0 + $29,977 related
    Filer's total
    $0 + $438,443 related

  • Jonathan Pearsall

    CLERK-START DATE 7/24/2023

    Total calculated
    $361,593
    From this org
    $0
    From related orgs
    $323,028
    Other
    $38,565
    Hours/week
    10

    Schedule J breakdown matched by us

    Base
    $0 + $293,361 related
    Bonus
    $0
    Other
    $0 + $29,667 related
    Deferred
    $0 + $25,091 related
    Nontaxable benefits
    $0 + $13,474 related
    Filer's total
    $0 + $361,593 related

  • Edward P Mahoney

    DIRECTOR-END DATE 7/17/2023

    Total calculated
    $275,263
    From this org
    $0
    From related orgs
    $219,093
    Other
    $56,170
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $0 + $218,167 related
    Bonus
    $0
    Other
    $0 + $926 related
    Deferred
    $0 + $26,378 related
    Nontaxable benefits
    $0 + $29,792 related
    Filer's total
    $0 + $275,263 related

  • Robert Chihade

    CLERK-END DATE 8/15/23

    Total calculated
    $163,477
    From this org
    $0
    From related orgs
    $129,736
    Other
    $33,741
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $110,345 related
    Bonus
    $0
    Other
    $0 + $19,391 related
    Deferred
    $0 + $13,173 related
    Nontaxable benefits
    $0 + $20,568 related
    Filer's total
    $0 + $163,477 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.

Related corporations and trusts

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

  • JM Holdings Inc

    C · Real Estate Development · MA · 0% owned

    Directly controlled by NA

  • Perpetual Trusts (7)

    T · Support · MA · 0% owned

    Directly controlled by NA

  • Charitable Remainder Unitrusts (25)

    T · Support · MA · 0% owned

    Directly controlled by NA

  • Charitable Lead Trusts (1)

    T · Support · MA · 0% owned

    Directly controlled by NA

  • Tufts University Charitable Trust

    T · Support · HK · 0% owned

    Directly controlled by NA

  • Braingate Inc

    C · Patent Holdings · MA · 0% owned

    Directly controlled by NA

Provenance

Return type
form_990
Tax year
2023
Filed
20 September 2024
IRS schema version
2023v6.0
Source object
202531339349301223

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