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← P3 FOUNDATION INC

Form 990 for tax year 2024

Filed by P3 FOUNDATION INC.

Totals

Total revenue
$39,643,717
Total expenses
$29,633,130
Contributions and grants received
$9,850,000
Grants paid
$102,500
Program service revenue
$17,631,187
Investment income
$12,162,530
Other revenue
$0
Total assets, end of year
$1,308,256,747
Total liabilities, end of year
$1,326,999,822
Net assets or fund balances, end of year
-$18,743,075
Program services expenses (Part IX)
$25,798,292
Management and general expenses
$3,834,838
Fundraising expenses
$0
Program service expenses (Part III)
$25,798,292

Program services were 87.1% 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.

  • 1e · Government grants (contributions)

    $9,850,000

  • 2a · Program service revenue: HOUSING RENTAL

    total $16,878,685 · related or exempt $16,878,685

  • 2b · Program service revenue: OTHER LEASING INCOME

    total $746,925 · related or exempt $746,925

  • 2c · Program service revenue: OTHER FEE INCOME

    total $5,577 · related or exempt $5,577

  • 3 · Investment income

    total $12,225,379 · excluded $12,225,379

  • 7a · Gross sales of assets other than inventory

    securities $741,000

  • 7b · Less cost or other basis and sales expenses

    securities $734,035 · other assets $69,814

  • 7c · Gain or loss

    securities $6,965 · other assets -$69,814

  • 7d · Net gain or loss

    total -$62,849 · excluded -$62,849

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $102,500 · program services $102,500

  • 5 · Compensation of officers, directors and key employees

    total $791,702 · program services $684,362 · management and general $107,340

  • 7 · Other salaries and wages

    total $1,249,115 · program services $465,572 · management and general $783,543

  • 9 · Other employee benefits

    total $171,048 · program services $63,753 · management and general $107,295

  • 10 · Payroll taxes

    total $87,229 · program services $32,512 · management and general $54,717

  • 11b · Fees: legal

    total $55,961 · management and general $55,961

  • 11c · Fees: accounting

    total $85,367 · management and general $85,367

  • 11g · Fees: other

    total $1,770,788 · program services $200,157 · management and general $1,570,631

  • 12 · Advertising and promotion

    total $224,631 · management and general $224,631

  • 13 · Office expenses

    total $739,582 · program services $47,255 · management and general $692,327

  • 14 · Information technology

    total $44,511 · program services $44,511

  • 16 · Occupancy

    total $4,746,323 · program services $4,746,323

  • 20 · Interest

    total $12,621,211 · program services $12,621,211

  • 22 · Depreciation, depletion and amortization

    total $4,128,585 · program services $4,128,585

  • 24a · Other expenses: GROUND LEASE

    total $2,094,673 · program services $2,094,673

  • 24b · Other expenses: MANAGEMENT FEES

    total $566,878 · program services $566,878

  • 24c · Other expenses: OTHER MISCELLANEOUS

    total $115,490 · management and general $115,490

  • 24d · Other expenses: BAD DEBT EXPENSE

    total $37,536 · management and general $37,536

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,197,044 · end of year $7,733,261

  • 4 · Accounts receivable

    beginning of year $480,143 · end of year $1,314,729

  • 9 · Prepaid expenses and deferred charges

    beginning of year $303,956 · end of year $368,035

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

    $190,860,113

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

    $43,792,883

  • 10c · Land, buildings and equipment, net

    beginning of year $101,131,603 · end of year $147,067,230

  • 11 · Investments: publicly traded securities

    beginning of year $896,324 · end of year $820,537

  • 15 · Other assets

    beginning of year $106,589,505 · end of year $1,150,952,955

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,556,468 · end of year $21,791,034

  • 20 · Tax-exempt bond liabilities

    beginning of year $181,337,828 · end of year $1,181,107,828

  • 23 · Secured mortgages and notes payable

    beginning of year $38,938,323 · end of year $53,805,724

  • 24 · Unsecured notes and loans payable

    beginning of year $495,000 · end of year $495,000

  • 25 · Other liabilities

    beginning of year $22,026,254 · end of year $69,800,236

  • 27 · Net assets without donor restrictions

    beginning of year -$37,755,298 · end of year -$18,743,075

Mission and programs · 2024

Mission

TO PARTNER WITH PUBLIC AND CHARITABLE ENTITIES TO DEVELOP SERVICES, ACTIVITIES, AND PROGRAMS DESIGNED FOR SENIOR HOUSING, EDUCATION, HEALTH CARE FACILITIES, AFFORDABLE HOUSING, AND GOVERNMENTS.

  • STUDENT HOUSING FACILITIES - LEASE AND MANAGEMENT OF STUDENT HOUSING CONSISTING OF RESIDENTIAL PROPERTIES LOCATED ON OR NEAR: 1)FRANKLIN & MARSHALL COLLEGE IN LANCASTER, PA, 2)CLAREMONT GRADUATE UNIVERSITY IN CLAREMONT, CA, 3)UNIVERSITY OF NEBRASKA IN LINCOLN, NE, AND 4) JOHNS HOPKINS UNIVERSITY SCHOOL OF MEDICINE IN BALTIMORE, MD.

    Expenses $21,212,268 · Revenue $17,621,610

  • CONSTRUCTION AND OPERATION OF SPORTS AND ENTERTAINMENT FACILITIES LOCATED IN VIRGINIA BEACH, VA. THE PROJECT INCLUDES THE CONSTRUCTION, DEVELOPMENT, EQUIPING, AND MAINTAINING A SURF PARK AND RELATED FACILITIES AS PART OF A LARGER, MIXED-USE PROJECT UNDER DEVELOPMENT BY THE CITY OF VIRGINIA BEACH, VA. EXCESS CASH FLOW FROM THE PROJECT WILL PRIMARILY BE DONATED TO LOCAL CHARITABLE ORGANIZATIONS.

    Expenses $4,355,582

  • PROVIDING SERVICES, ACTIVITIES AND PROGRAMS DEDICATED TO FURTHERING COMMUNITY DEVELOPMENT, EDUCATION, AND LESSENING THE BURDENS OF GOVERNMENT.

    Expenses $230,442 · Grants $102,500 · Revenue $9,577

  • OTHER PROJECTS IN CONSTRUCTION PHASE INCLUDE: HEALTHCARE: ACQUISITION AND CONSTRUCTION OF WELLNESS VILLAGE PROJECT HEALTH CARE FACILITY IN RIVERSIDE COUNTY,CA. THE PROJECT IS IN CONNECTION WITH THE RIVERSIDE UNIVERSITY HEALTH SYSTEM AND WILL OFFER OUTPATIENT AND RESIDENTIAL SERVICES FOR BEHAVIORAL HEALTH AND SUBSTANCE USE DISORDERS, PRIMARY HEALTHCARE, AND BEHAVIORAL HEALTH URGENT CARE. SENIOR LIVING: ACQUISITION AND CONSTRUCTION OF SENIOR LIVING FACILITY IN IRVINE, CA. THE PROJECT IS AN 8 STORY FACILITY OFFERING INDEPENDENT, ASSISTED LIVING, AND MEMORY CARE. CITY DEVELOPMENT PROJECT: CONSTRUCTION OF A STATE-OF-THE-ART WORKFORCE DEVELOPMENT CENTER IN BALTIMORE, MD THAT WILL BE HOME TO THE MAYOR'S OFFICE OF EMPLOYMENT DEVELOPMENT.

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Kim Wyatt

    EXECUTIVE DI

    Total calculated
    $461,702
    From this org
    $461,702
    From related orgs
    $0
    Other
    $0
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $461,702
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $461,702

  • Greg Fawcett

    SECRETARY

    Total calculated
    $300,000
    From this org
    $300,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

    Schedule J breakdown matched by us

    Base
    $300,000
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $300,000

  • Louise Waller

    DIRECTOR

    Total calculated
    $30,000
    From this org
    $30,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Eva Hill

    DIRECTOR

    Total calculated
    $0

  • Andrew Kittleson

    DIRECTOR

    Total calculated
    $0

  • Jeff Klein

    PRESIDENT

    Total calculated
    $0

  • Jim Moore

    TREASURER

    Total calculated
    $0

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 · 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

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

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.

  • P3 FMC HOLDINGS LLC

    HOUSING · PA · income $2,925,727 · assets $34,573,280

    Directly controlled by P3 FDN

  • P3 CLAREMONT HOLDINGS LLC

    HOUSING · CA · income $3,901,255 · assets $55,417,313

    Directly controlled by P3 FDN

  • P3 AF-18R-LINCOLN LLC

    HOUSING · NE · income $3,648,462 · assets $23,928,496

    Directly controlled by P3 FDN

  • P3 929 WOLFE ST LLC

    HOUSING · MD · income $7,591,376 · assets $43,778,262

    Directly controlled by P3 FDN

  • P3 VB HOLDINGS LLC

    SPORTS-ENT · VA · income $1,001,099 · assets $61,017,973

    Directly controlled by P3 FDN

  • P3 RIVERSIDE HOLDINGS LLC

    HEALTH · CA · income $9,962,781 · assets $581,894,622

    Directly controlled by P3 FDN

  • P3 IRVINE SL HOLDINGS LLC

    SR LIVING · CA · income $722,603 · assets $468,263,154

    Directly controlled by P3 FDN

  • P3 RS OFFICE HOLDINGS LLC

    OFFICE · MD · income $9,859,302 · assets $35,559,737

    Directly controlled by P3 FDN

  • P3 ACQUISITION LLC

    CO

    Directly controlled by P3 FDN

Related partnerships

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

  • CPTC ACQUISTION LLC

    EXCLUDED · HEALTHCARE · CA

    Directly controlled by P3 CPTC HOLDINGS LLC

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • P3 CPTC HOLDINGS LLC

    C CORP · INVESTMENT · DE

    Directly controlled by P3 FDN

Provenance

Return type
form_990
Tax year
2024
Filed
5 November 2025
IRS schema version
2024v5.0
Source object
202523179349310037

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