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Nonprofiteer
← UPSTATE PROPERTIES DEVELOPMENT INC

Form 990 for tax year 2022

Filed by UPSTATE PROPERTIES DEVELOPMENT INC.

Totals

Total revenue
$5,789,189
Total expenses
$2,941,353
Contributions and grants received
$2,907,207
Grants paid
$0
Program service revenue
$2,880,244
Investment income
$1,738
Other revenue
$0
Total assets, end of year
$35,413,375
Total liabilities, end of year
$27,729,641
Net assets or fund balances, end of year
$7,683,734
Program services expenses (Part IX)
$2,762,105
Management and general expenses
$179,248
Fundraising expenses
$0
Program service expenses (Part III)
$2,762,105

Program services were 93.9% 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.

  • 1d · Related organizations

    $2,907,207

  • 2a · Program service revenue: RENTAL INCOME

    total $2,880,244 · related or exempt $2,880,244

  • 3 · Investment income

    total $1,738 · excluded $1,738

Functional expenses

Part IX, the statement of functional expenses.

  • 11b · Fees: legal

    total $77,673 · program services $77,673

  • 16 · Occupancy

    total $454,705 · program services $454,705

  • 20 · Interest

    total $728,280 · program services $728,280

  • 22 · Depreciation, depletion and amortization

    total $1,079,807 · program services $1,079,807

  • 23 · Insurance

    total $129,483 · program services $129,483

  • 24a · Other expenses: REPAIRS AND MAINTENANCE

    total $240,291 · program services $240,291

  • 24b · Other expenses: ADMINISTRATION

    total $179,248 · management and general $179,248

  • 24c · Other expenses: MISCELLANEOUS EXPENSE

    total $51,866 · program services $51,866

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,800,911 · end of year $1,834,355

  • 4 · Accounts receivable

    beginning of year $2,371,338 · end of year $13,704

  • 9 · Prepaid expenses and deferred charges

    beginning of year $22,530 · end of year $11,533

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

    $41,085,487

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

    $9,758,644

  • 10c · Land, buildings and equipment, net

    beginning of year $30,126,059 · end of year $31,326,843

  • 13 · Investments: program-related

    beginning of year $1,556,835 · end of year $2,226,940

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,355,266 · end of year $55,662

  • 19 · Deferred revenue

    beginning of year $236,385 · end of year $390,987

  • 20 · Tax-exempt bond liabilities

    beginning of year $28,450,124 · end of year $27,282,992

  • 27 · Net assets without donor restrictions

    beginning of year $4,835,898 · end of year $7,683,734

Mission and programs · 2022

Mission

EXCLUSIVE PURPOSE/ACTIVITY IS TO HOLD TITLE TO PROPERTY & COLLECT INCOME THEREFROM & DISTRIBUTE THE NET PROFIT TO ITS SOLE MEMBER, UPSTATE MEDICAL UNIVERSITY FOR THEIR EXEMPT PURPOSE USE.

Activities or mission (Part I)

PURPOSE/ACTIVITY IS TO HOLD PROPERTY TITLE & COLLECT/DISTRIBUTE INCOME THEREFROM TO ITS SOLE MEMBER, UPSTATE MEDICAL UNIVERSITY FOR THE EXEMPT PURPOSE USE.

  • EXPENSES INCURRED AS PAYMENTS ON DEBT, DEPRECIATION OF PROPERTY AND OTHER OPERATING EXPENSES RELATED TO THE ORGANIZATION'S EXEMPT PURPOSE IN ADDITION TO OTHER COSTS OF DEVELOPMENT OF OTHER PROPERTIES TO RENT.

    Expenses $2,762,105 · Revenue $2,880,244

As filed on the 2022 return.

Listed in Part VII

  • THOMAS TAYLOR

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    0.5

  • MANTOSH DEWAN

    DIRECTOR

    Total calculated
    $664,623
    From this org
    $0
    From related orgs
    $560,581
    Other
    $104,042
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    $0 + $560,581 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $76,755 related
    Nontaxable benefits
    $0 + $27,287 related
    Filer's total
    $0 + $664,623 related

  • ERIC J SMITH

    CHAIR

    Total calculated
    $535,916
    From this org
    $0
    From related orgs
    $484,701
    Other
    $51,215
    Hours/week
    0.5

    Schedule J breakdown matched by us

    Base
    $0 + $484,701 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $23,928 related
    Nontaxable benefits
    $0 + $27,287 related
    Filer's total
    $0 + $535,916 related

  • MOLLY MULVIHILL

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • DAVID ANTHONY

    TREASURER & SECRETARY

    Total calculated
    $246,529
    From this org
    $0
    From related orgs
    $193,697
    Other
    $52,832
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    $0 + $193,697 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $25,545 related
    Nontaxable benefits
    $0 + $27,287 related
    Filer's total
    $0 + $246,529 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

The filer's explanations (Part III)

PART I, LINE 3
THE CHAIR, A DIRECTOR, AND THE SECRETARY AND TREASURER ARE EMPLOYEES OF SUNY UPSTATE MEDICAL UNIVERSITY, THE SOLE MEMBER OF THE CORPORATION.

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
2022
Filed
14 March 2024
IRS schema version
2022v5.0
Source object
202400839349300200

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