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← ASSOCIATION PROPERTIES INC

Form 990 for tax year 2024

Filed by ASSOCIATION PROPERTIES INC.

Totals

Total revenue
$220,647
Total expenses
$204,404
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$218,175
Investment income
$22
Other revenue
$2,450
Total assets, end of year
$207,250
Total liabilities, end of year
$541,528
Net assets or fund balances, end of year
-$334,278
Program services expenses (Part IX)
$179,087
Management and general expenses
$25,317
Fundraising expenses
$0
Program service expenses (Part III)
$179,087

Program services were 87.6% 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: TENANT RENT INCOME

    total $218,175 · related or exempt $218,175

  • 3 · Investment income

    total $22 · excluded $22

  • 11a · Other revenue: TENANT CHARGES & LAUND

    total $2,450 · excluded $2,450

  • 11e · Other revenue, total

    $2,450

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $8,983 · management and general $8,983

  • 11c · Fees: accounting

    total $7,885 · management and general $7,885

  • 11g · Fees: other

    total $790 · management and general $790

  • 16 · Occupancy

    total $118,649 · program services $118,649

  • 20 · Interest

    total $36,109 · program services $36,109

  • 22 · Depreciation, depletion and amortization

    total $11,808 · program services $11,808

  • 23 · Insurance

    total $2,576 · program services $2,576

  • 24a · Other expenses: BAD DEBTS

    total $7,418 · management and general $7,418

  • 24b · Other expenses: OFFICE

    total $5,302 · program services $5,302

  • 24c · Other expenses: PROPERTY MANAGER

    total $3,577 · program services $3,577

  • 24d · Other expenses: FRINGE

    total $1,066 · program services $1,066

  • 24e · All other expenses

    total $241 · management and general $241

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $9,290 · end of year $15,172

  • 2 · Savings and temporary cash investments

    beginning of year $46,733 · end of year $46,213

  • 4 · Accounts receivable

    beginning of year $1,656 · end of year $3,336

  • 9 · Prepaid expenses and deferred charges

    beginning of year $992 · end of year $863

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

    $1,262,399

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

    $1,120,733

  • 10c · Land, buildings and equipment, net

    beginning of year $153,474 · end of year $141,666

  • 17 · Accounts payable and accrued expenses

    beginning of year $10,192 · end of year $35,044

  • 21 · Escrow or custodial account liability

    beginning of year $6,903 · end of year $6,551

  • 23 · Secured mortgages and notes payable

    beginning of year $545,571 · end of year $499,933

  • 27 · Net assets without donor restrictions

    beginning of year -$350,521 · end of year -$334,278

Mission and programs · 2024

Mission

NONE

Activities or mission (Part I)

PROVIDING RESIDENTIAL & SUPPORT SERVICES TO PEOPLE WITH DISABILITIES & OTHER VULNERABLE INDIVIDUALS.

  • THE ORGANIZATION OPERATED AN APARTMENT COMPLEX OF 15 UNITS UNDER SECTION 202 OF THE NATIONAL HOUSING ACT. THE COMPLEX PRIMARILY HOUSES PEOPLE WITH DISABILITIES.

    Expenses $179,087 · Revenue $218,175

As filed on the 2024 return.

Listed in Part VII

  • CHERYL FASANO

    PRESIDENT & CEO

    Total calculated
    $272,784
    From this org
    $0
    From related orgs
    $255,228
    Other
    $17,556
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $255,228 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $7,792 related
    Nontaxable benefits
    $0 + $9,764 related
    Filer's total
    $0 + $272,784 related

  • JACQUELINE JOHNSON

    DIRECTOR (EFF 10/2024)

    Total calculated
    $0
    Hours/week
    0 + 1 related

  • DONNA-RAE KENNEALLY

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    0 + 1 related

  • JOSEPH LEPPER

    TREASURER

    Total calculated
    $0
    Hours/week
    0 + 1 related

  • DEE CADY

    CLERK

    Total calculated
    $0
    Hours/week
    0 + 1 related

  • DENISE COGMAN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0 + 1 related

  • MARIA PUPPOLO

    DIRECTOR (THRU 10/2024)

    Total calculated
    $0
    Hours/week
    0 + 1 related

  • EARL MILLER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0 + 1 related

  • MAUREEN BABINEAU

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0 + 1 related

  • JANETTE VIGO

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0 + 1 related

  • DARLENE LIBISZEWSKI

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0 + 1 related

  • NEAL LAKRITZ MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0 + 1 related

  • NANCY MIRKIN

    CHAIR

    Total calculated
    $0
    Hours/week
    0 + 1 related

  • SARAH SMITH

    VICE PRESIDENT OF FINANCE

    Total calculated
    $191,823
    From this org
    $0
    From related orgs
    $177,300
    Other
    $14,523
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $177,300 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $5,236 related
    Nontaxable benefits
    $0 + $9,287 related
    Filer's total
    $0 + $191,823 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.

Provenance

Return type
form_990
Tax year
2024
Filed
20 February 2026
IRS schema version
2024v5.5
Source object
202620579349300617

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