Skip to content
Nonprofiteer
← FOUNDATION PROPERTY MANAGEMENT INC

Form 990 for tax year 2022

Filed by FOUNDATION PROPERTY MANAGEMENT INC.

Totals

Total revenue
$14,530,644
Total expenses
$22,058,389
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$14,234,175
Investment income
$36,862
Other revenue
$259,607
Total assets, end of year
$1,157,599
Total liabilities, end of year
$31,230,592
Net assets or fund balances, end of year
-$30,072,993
Program services expenses (Part IX)
$21,959,657
Management and general expenses
$98,732
Fundraising expenses
$0
Program service expenses (Part III)
$21,959,657

Program services were 99.6% 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 $12,154,463 · related or exempt $12,154,463

  • 2b · Program service revenue: ACCOUNTING FEES

    total $1,522,218 · related or exempt $1,522,218

  • 2c · Program service revenue: OCCUPANCY FEES

    total $358,686 · related or exempt $358,686

  • 2d · Program service revenue: SERVICE COORDINATOR INCOME

    total $198,808 · related or exempt $198,808

  • 3 · Investment income

    total $36,862 · related or exempt $36,862

  • 11a · Other revenue: OTHER REVENUE-MISC.

    total $259,607 · related or exempt $259,607

  • 11e · Other revenue, total

    $259,607

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $549,812 · program services $549,812

  • 7 · Other salaries and wages

    total $2,983,356 · program services $2,983,356

  • 8 · Pension plan contributions

    total $65,650 · program services $65,650

  • 9 · Other employee benefits

    total $281,023 · program services $281,023

  • 10 · Payroll taxes

    total $256,302 · program services $256,302

  • 11a · Fees: management

    total $16,743,420 · program services $16,743,420

  • 11b · Fees: legal

    total $23,356 · program services $23,356

  • 11c · Fees: accounting

    total $2,189 · program services $2,189

  • 11g · Fees: other

    total $98,732 · management and general $98,732

  • 12 · Advertising and promotion

    total $520 · program services $520

  • 13 · Office expenses

    total $71,161 · program services $71,161

  • 14 · Information technology

    total $32,703 · program services $32,703

  • 17 · Travel

    total $551,304 · program services $551,304

  • 19 · Conferences, conventions and meetings

    total $154,367 · program services $154,367

  • 22 · Depreciation, depletion and amortization

    total $501 · program services $501

  • 23 · Insurance

    total $89,694 · program services $89,694

  • 24a · Other expenses: BAD DEBTS

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

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

    total $30,774 · program services $30,774

  • 24c · Other expenses: FEES

    total $2,654 · program services $2,654

  • 24d · Other expenses: MAINTENANCE & REPAIRS

    total $871 · program services $871

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    end of year $1

  • 2 · Savings and temporary cash investments

    beginning of year $707,267 · end of year $1,153,937

  • 7 · Other notes and loans receivable

    end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $219,267 · end of year $0

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

    $34,409

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

    $34,054

  • 10c · Land, buildings and equipment, net

    beginning of year $856 · end of year $355

  • 15 · Other assets

    beginning of year $2,394 · end of year $3,306

  • 17 · Accounts payable and accrued expenses

    beginning of year $46,107 · end of year $587,439

  • 24 · Unsecured notes and loans payable

    beginning of year $23,428,926 · end of year $30,643,153

  • 27 · Net assets without donor restrictions

    beginning of year -$22,545,249 · end of year -$30,072,993

Mission and programs · 2022

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 $21,959,657 · Revenue $14,530,644

As filed on the 2022 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
    $682,064
    From this org
    $0
    From related orgs
    $608,035
    Other
    $74,029
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $599,635 related
    Bonus
    $0
    Other
    $0 + $8,400 related
    Deferred
    $0 + $38,460 related
    Nontaxable benefits
    $0 + $35,569 related
    Filer's total
    $0 + $682,064 related

  • FOX BUCHAN LAURA L

    DIRECTOR AND CORPORATE SECRETARY

    Total calculated
    $160,349
    From this org
    $0
    From related orgs
    $150,563
    Other
    $9,786
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $150,563 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $3,714 related
    Nontaxable benefits
    $0 + $6,072 related
    Filer's total
    $0 + $160,349 related

  • ROSSELLO FRANK JR

    CFO AND VP OF FINANCE

    Total calculated
    $331,101
    From this org
    $0
    From related orgs
    $313,582
    Other
    $17,519
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $310,582 related
    Bonus
    $0
    Other
    $0 + $3,000 related
    Deferred
    $0 + $5,448 related
    Nontaxable benefits
    $0 + $12,071 related
    Filer's total
    $0 + $331,101 related

  • AMBERG ROBERT R

    EXECUTIVE VP GEN COUNSEL

    Total calculated
    $485,377
    From this org
    $0
    From related orgs
    $442,308
    Other
    $43,069
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $436,308 related
    Bonus
    $0
    Other
    $0 + $6,000 related
    Deferred
    $0 + $30,998 related
    Nontaxable benefits
    $0 + $12,071 related
    Filer's total
    $0 + $485,377 related

  • NAPIERSKIE DAVID W

    VP HEALTH CARE OPERATIONS

    Total calculated
    $254,484
    From this org
    $0
    From related orgs
    $242,812
    Other
    $11,672
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $238,012 related
    Bonus
    $0
    Other
    $0 + $4,800 related
    Deferred
    $0
    Nontaxable benefits
    $0 + $11,672 related
    Filer's total
    $0 + $254,484 related

  • MAGNONE VINCENT B

    VP TREASURY & INVSTMT OFF

    Total calculated
    $268,384
    From this org
    $0
    From related orgs
    $239,282
    Other
    $29,102
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $236,882 related
    Bonus
    $0
    Other
    $0 + $2,400 related
    Deferred
    $0 + $3,916 related
    Nontaxable benefits
    $0 + $25,186 related
    Filer's total
    $0 + $268,384 related

  • BATTAGLIA NADA

    VP HUMAN RESOURCES

    Total calculated
    $277,879
    From this org
    $0
    From related orgs
    $235,353
    Other
    $42,526
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $232,353 related
    Bonus
    $0
    Other
    $0 + $3,000 related
    Deferred
    $0 + $19,926 related
    Nontaxable benefits
    $0 + $22,600 related
    Filer's total
    $0 + $277,879 related

  • TITUS STEPHANIE L

    VP PHILANTHROPY/CSO

    Total calculated
    $273,614
    From this org
    $0
    From related orgs
    $231,220
    Other
    $42,394
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $228,220 related
    Bonus
    $0
    Other
    $0 + $3,000 related
    Deferred
    $0 + $6,709 related
    Nontaxable benefits
    $0 + $35,685 related
    Filer's total
    $0 + $273,614 related

  • GILCHRIST KEVIN D

    VP DEVELOPMENT FINANCE

    Total calculated
    $235,587
    From this org
    $0
    From related orgs
    $218,679
    Other
    $16,908
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $214,479 related
    Bonus
    $0
    Other
    $0 + $4,200 related
    Deferred
    $0 + $6,339 related
    Nontaxable benefits
    $0 + $10,569 related
    Filer's total
    $0 + $235,587 related

  • FARD BOBBY J

    VP ACQUIS AND PROJ DEV

    Total calculated
    $230,273
    From this org
    $0
    From related orgs
    $214,343
    Other
    $15,930
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $209,793 related
    Bonus
    $0
    Other
    $0 + $4,550 related
    Deferred
    $0 + $6,078 related
    Nontaxable benefits
    $0 + $9,852 related
    Filer's total
    $0 + $230,273 related

  • PURCELL CHRISTOPHER J

    CONTROLLER

    Total calculated
    $214,034
    From this org
    $0
    From related orgs
    $195,871
    Other
    $18,163
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $195,871 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $5,919 related
    Nontaxable benefits
    $0 + $12,244 related
    Filer's total
    $0 + $214,034 related

  • CLOW JOHN C

    VP RISK MANAGEMENT

    Total calculated
    $210,185
    From this org
    $0
    From related orgs
    $196,730
    Other
    $13,455
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $194,530 related
    Bonus
    $0
    Other
    $0 + $2,200 related
    Deferred
    $0 + $3,261 related
    Nontaxable benefits
    $0 + $10,194 related
    Filer's total
    $0 + $210,185 related

  • STECKBECK KENT

    BUDGET & ANALYTICS DIR

    Total calculated
    $172,136
    From this org
    $0
    From related orgs
    $167,122
    Other
    $5,014
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $167,122 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $5,014 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $172,136 related

  • ROBINSON TINA M

    DIRECTOR OF ACCT EXEMPT

    Total calculated
    $174,963
    From this org
    $0
    From related orgs
    $161,428
    Other
    $13,535
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $161,428 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $3,900 related
    Nontaxable benefits
    $0 + $9,635 related
    Filer's total
    $0 + $174,963 related

  • PHELPS LORI ANN

    INFO SYSTEMS DIRECTOR

    Total calculated
    $165,418
    From this org
    $0
    From related orgs
    $160,693
    Other
    $4,725
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $160,693 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $4,725 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $165,418 related

  • MICKELSON LAVONNE R

    DIR OF AFFORD HOUSING OPS

    Total calculated
    $176,785
    From this org
    $0
    From related orgs
    $162,871
    Other
    $13,914
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $158,671 related
    Bonus
    $0
    Other
    $0 + $4,200 related
    Deferred
    $0 + $4,500 related
    Nontaxable benefits
    $0 + $9,414 related
    Filer's total
    $0 + $176,785 related

  • SILVA JOANNE L

    VP OCCUPANCY & TAX CREDIT

    Total calculated
    $180,483
    From this org
    $0
    From related orgs
    $158,830
    Other
    $21,653
    Hours/week
    0.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $156,430 related
    Bonus
    $0
    Other
    $0 + $2,400 related
    Deferred
    $0 + $11,212 related
    Nontaxable benefits
    $0 + $10,441 related
    Filer's total
    $0 + $180,483 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
2022
Filed
1 May 2024
IRS schema version
2022v5.0
Source object
202411239349300726

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.