Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1d · Related organizations

  $648,876

• 1e · Government grants (contributions)

  $71,000

• 1f · All other contributions, gifts and grants

  $9,709

• 1g · Noncash contributions included above

  $9,709

• 2a · Program service revenue: RENT

  total $944,331 · related or exempt $944,331

• 3 · Investment income

  total $11,767 · excluded $11,767

• 11a · Other revenue: DEBT FORGIVENESS

  total $518,968 · related or exempt $518,968

• 11b · Other revenue: OTHER INCOME

  total $62,131 · related or exempt $62,131

• 11c · Other revenue: REVENUE FROM INVESTMEN

  total $16,015 · excluded $16,015

• 11d · All other revenue

  total $8,365 · related or exempt $8,365

• 11e · Other revenue, total

  $605,479

Functional expenses

Part IX, the statement of functional expenses.

• 7 · Other salaries and wages

  total $89,336 · management and general $89,336

• 10 · Payroll taxes

  total $2,771 · management and general $2,771

• 11a · Fees: management

  total $117,800 · program services $117,800

• 11b · Fees: legal

  total $32,801 · program services $32,658 · management and general $143

• 11c · Fees: accounting

  total $53,336 · program services $53,336

• 13 · Office expenses

  total $52,595 · program services $46,039 · management and general $6,556

• 16 · Occupancy

  total $1,346,416 · program services $1,346,416

• 20 · Interest

  total $37,080 · program services $37,080

• 22 · Depreciation, depletion and amortization

  total $680,217 · program services $680,217

• 23 · Insurance

  total $330,068 · program services $329,553 · management and general $515

• 24a · Other expenses: BAD DEBT EXPENSE

  total $38,442 · management and general $38,442

• 24b · Other expenses: TAXES AND LICENSES

  total $3,658 · management and general $3,658

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $453,645 · end of year $267,386

• 2 · Savings and temporary cash investments

  beginning of year $814,325 · end of year $747,159

• 4 · Accounts receivable

  beginning of year $183,342 · end of year $125,900

• 9 · Prepaid expenses and deferred charges

  beginning of year $8,315 · end of year $8,130

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

  $33,517,686

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

  $5,582,511

• 10c · Land, buildings and equipment, net

  beginning of year $22,519,898 · end of year $27,935,175

• 15 · Other assets

  beginning of year $1,696,497 · end of year $1,645,682

• 17 · Accounts payable and accrued expenses

  beginning of year $1,056,833 · end of year $1,494,072

• 23 · Secured mortgages and notes payable

  beginning of year $22,659,913 · end of year $27,613,621

• 25 · Other liabilities

  beginning of year $1,900,408 · end of year $2,056,229

• 27 · Net assets without donor restrictions

  beginning of year -$83,936 · end of year -$569,360

• 28 · Net assets with donor restrictions

  beginning of year $142,804 · end of year $134,870

The filer's explanations (Part III)

PART I, LINE 3

PINELLAS AFFORDABLE LIVING, INC. DOES NOT COMPENSATE ANY EMPLOYEES, OFFICERS, OR BOARD MEMBERS, EXCEPT FOR THE CHIEF OPERATING OFFICER. THE REST OF THE EMPLOYEES AND OFFICERS ARE COMPENSATED THROUGH A RELATED TAX-EXEMPT ORGANIZATION, BOLEY CENTERS, INC. (FEIN: 59-1290089). BOLEY CENTERS, INC.'S FINANCE COMMITTEE OF THE BOARD MEETS MONTHLY WITH THE CHIEF EXECUTIVE OFFICER, CHIEF OPERATING OFFICER AND CHIEF FINANCIAL OFFICER. THE FINANCE COMMITTEE IS INDEPENDENT OF THE AGENCY'S MANAGEMENT AND IS LED BY THE TREASURER OF THE BOARD. THE FINANCE COMMITTEE OPERATES ACCORDING TO THE BY-LAWS OF THE AGENCY. THE CFO PRESENTS FINANCIAL STATEMENTS THAT COMPARE ACTUAL RESULTS TO THE BUDGET ON A MONTHLY AND YEAR-TO-DATE BASIS. SIGNIFICANT VARIANCES ARE EXPLAINED FOR REVENUES AND EXPENSES. A MONTHLY BALANCE SHEET AND CASH FLOW STATEMENT ARE ALSO REVIEWED BY THE COMMITTEE. THE FINANCE COMMITTEE IS ALSO KEPT INFORMED OF ANY NEW FUNDING, FUNDING CUTS, INSURANCE RENEWALS AND OTHER FINANCIAL MATTERS AT EACH MEETING. THE CONFLICT-OF-INTEREST POLICY AND PROCEDURE AND THE DISCLOSURE STATEMENTS ARE REVIEWED ANNUALLY AS WELL. BEFORE THE START OF THE NEW FISCAL YEAR, AN ANNUAL OPERATING AND CAPITAL BUDGET ARE PRESENTED TO THE FINANCE COMMITTEE FOR THEIR APPROVAL. MAJOR ASSUMPTIONS USED IN THE PREPARATION OF THE BUDGETS ARE PRESENTED AS WELL. A MID-YEAR BUDGET REVISION IS ALSO PRESENTED FOR SIGNIFICANT CHANGES AS A RESULT OF UNANTICIPATED FACTORS IF DEEMED NECESSARY. THE FINANCE COMMITTEE ALSO FUNCTIONS AS THE AUDIT COMMITTEE. THE FINANCE COMMITTEE IS RESPONSIBLE FOR HIRING AND TERMINATING THE AUDIT FIRM AND DETERMINING THE SCOPE OF WORK. ALL ENGAGEMENT LETTERS ARE REVIEWED BY THE FINANCE COMMITTEE WHICH INCLUDES THE COST OF SERVICES TO BE PROVIDED. A DRAFT COPY OF THE ANNUAL AUDIT IS REVIEWED WITH THE FINANCE COMMITTEE. THE AUDIT FIRM MAKES A PRESENTATION TO THE COMMITTEE AND REVIEWS ANY AUDIT FINDINGS, REPORTABLE CONDITIONS AND MANAGEMENT LETTER ISSUES. A FULL AUDIT IS PERFORMED WHICH INCLUDES EVALUATION OF THE AGENCY'S INTERNAL CONTROL STRUCTURE AND COMPLIANCE WITH OMB CIRCULAR A-133. THE AUDIT OF THE 401(K) PLAN IS ALSO REVIEWED BY THE FINANCE COMMITTEE. THE FINANCE COMMITTEE MUST ALSO APPROVE ANY SPECIAL PROJECTS BEYOND THE SCOPE OF THE AUDIT. CURRENTLY, THE AUDIT FIRM ALSO PREPARES THE TAX FILINGS OF THE FORM 990 (RETURN OF ORGANIZATION EXEMPT FORM INCOME TAX), FORM 990-T (EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURN) AND FORM 5500 (ANNUAL RETURN OF EMPLOYEE BENEFIT PLAN). THE FINANCE COMMITTEE REVIEWS FORMS 990 AND 990-T PRIOR TO ITS FILING DATE. MINUTES OF THE FINANCE COMMITTEE MEETINGS ARE PREPARED DOCUMENTING APPROVAL OF THE FINANCIAL REPORTS. COPIES OF THE FINANCIAL REPORTS ARE PRESENTED TO THE FULL BOARD AT THE MEETINGS. THE BOARD HAS ALSO FORMED AN EXECUTIVE COMMITTEE TO REVIEW THE COMPENSATION AND BENEFITS PROVIDED TO ITS CEO/PRESIDENT. THE COMMITTEE MEETS AT LEAST ANNUALLY TO COMPLETE PERFORMANCE EVALUATION, REVIEW THE COMPENSATION PACKAGE AND APPROVE ANY SALARY. A REVIEW OF COMPARABLE SALARY DATA IS ALSO MADE AT LEAST EVERY FIVE YEARS.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

• DUVAL PARK DEVELOPER LLC

  INVESTMENT · DEV INCOME · FL · 6.25% owned · share of income $2,359 · share of assets $72