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Nonprofiteer
← 2828 CORBETT INC

Form 990 for tax year 2023

Filed by 2828 CORBETT INC.

Totals

Total revenue
$159,000
Total expenses
$354,727
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$159,000
Investment income
$0
Other revenue
$0
Total assets, end of year
$3,249,691
Total liabilities, end of year
$2,770,343
Net assets or fund balances, end of year
$479,348
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

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: RENTAL INCOME

    total $159,000 · related or exempt $159,000

Functional expenses

Part IX, the statement of functional expenses.

  • 11b · Fees: legal

    total $333

  • 11c · Fees: accounting

    total $5,250

  • 11g · Fees: other

    total $12,837

  • 16 · Occupancy

    total $87,730

  • 22 · Depreciation, depletion and amortization

    total $180,686

  • 24a · Other expenses: BUILDING MAINTENANCE

    total $35,835

  • 24b · Other expenses: EQUIPMENT MAINTENANCE

    total $31,906

  • 24c · Other expenses: LICENSES AND FEES

    total $150

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,489,780 · end of year $1,399,580

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

    $4,790,881

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

    $2,940,770

  • 10c · Land, buildings and equipment, net

    beginning of year $2,030,797 · end of year $1,850,111

  • 17 · Accounts payable and accrued expenses

    beginning of year $27,172 · end of year $23,572

  • 19 · Deferred revenue

    beginning of year $27,843 · end of year $27,843

  • 23 · Secured mortgages and notes payable

    beginning of year $1,639,393 · end of year $1,567,834

  • 25 · Other liabilities

    beginning of year $1,151,094 · end of year $1,151,094

  • 27 · Net assets without donor restrictions

    beginning of year $675,075 · end of year $479,348

Mission and programs · 2023

Mission

THE ORGANIZATION'S PRIMARY PURPOSE IS TO HOLD TITLE TO REAL PROPERTY; COLLECT INCOME FROM SUCH PROPERTY; AND TURN OVER THE ENTIRE AMOUNT 2828 CORBETT INC. 20-2021524 COLLECTED, LESS OPERATING COSTS, DEPRECIATION AND RETIREMENT OF INDEBTEDNESS TO ITS SOLE MEMBER, PORTLAND STATE UNIVERSITY FOUNDATION (THE FOUNDATION), AN OREGON NONPROFIT ORGANIZATION DEDICATED TO SUPPORTING AND PROMOTING THE MISSION OF PORTLAND STATE UNIVERSITY (THE UNIVERSITY). THE ORGANIZATION LEASES THE PROPERTY TO THE UNIVERSITY FOR ITS BUSINESS ACCELERATOR PROGRAM.

Activities or mission (Part I)

THE MISSION OF THIS ORGANIZATION IS TO HOLD TITLE TO REAL PROPERTY, COLLECT INCOME FROM SUCH PROPERTY & TURN OVER THE ENTIRE AMOUNT COLLECTED LESS RELATED COSTS TO PSU FOUNDATION.

  • N/A

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

Listed in Part VII

  • AL BARKOULI

    CHAIR

    Total calculated
    $0
    Hours/week
    0.02 + 1 related

  • SAMMI PAHLOW

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    0.02 + 1 related

  • JON OWENS

    TREASURER

    Total calculated
    $0
    Hours/week
    0.02 + 1 related

  • MARCIA MASON

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.02 + 1 related

  • TINA ADAMS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.02 + 1 related

  • CARY JACKSON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.02 + 1 related

  • ED JOHNSON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.02 + 1 related

  • JOE MCFERRIN II

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.02 + 1 related

  • CHRISTINE NICKERSON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.02 + 1 related

  • RICHARD SOLOMON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.02 + 1 related

  • KEREN BROWN WILSON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.02 + 1 related

  • CHARLENE ZIDELL

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.02 + 1 related

  • SARAH SCHWARZ

    PRESIDENT & CEO

    Total calculated
    $442,218
    From this org
    $0
    From related orgs
    $391,103
    Other
    $51,115
    Hours/week
    0.25 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $338,450 related
    Bonus
    $0 + $51,750 related
    Other
    $0 + $903 related
    Deferred
    $0 + $37,290 related
    Nontaxable benefits
    $0 + $13,825 related
    Filer's total
    $0 + $442,218 related

  • STACEY HENRIQUEZ

    CHIEF FINANCIAL & ADMIN OFFICER

    Total calculated
    $237,513
    From this org
    $0
    From related orgs
    $204,846
    Other
    $32,667
    Hours/week
    0.25 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $193,458 related
    Bonus
    $0 + $9,765 related
    Other
    $0 + $1,623 related
    Deferred
    $0 + $24,608 related
    Nontaxable benefits
    $0 + $8,059 related
    Filer's total
    $0 + $237,513 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

The filer's explanations (Part III)

SCHEDULE J, PART I, LINE 3:
THE POSITION OF 2828 CORBETT INC'S DIRECTOR HAS A SALARY WHICH IS DETERMINED BY A RELATED ENTITY, PORTLAND STATE UNIVERSITY FOUNDATION (PSUF). PSUF USES COMPENSATION SURVEYS ALONG WITH DATA FROM OTHER ORGANIZATIONS' FORMS 990 TO HELP DETERMINE THE SALARY OF 2828 CORBETT INC'S DIRECTOR.

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.

Provenance

Return type
form_990
Tax year
2023
Filed
24 March 2025
IRS schema version
2023v6.0
Source object
202540859349301424

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