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Nonprofiteer
← PCS PROPERTIES FOUNDATION INC

Form 990 for tax year 2022

Filed by PCS PROPERTIES FOUNDATION INC.

Totals

Total revenue
$25,453
Total expenses
$284,344
Contributions and grants received
$25,453
Grants paid
$0
Program service revenue
$0
Investment income
$0
Other revenue
$0
Total assets, end of year
$248,688,745
Total liabilities, end of year
$248,977,342
Net assets or fund balances, end of year
-$288,597
Program services expenses (Part IX)
$173,367
Management and general expenses
$110,977
Fundraising expenses
$0
Program service expenses (Part III)
$173,367

Program services were 61.0% 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

    $25,453

Functional expenses

Part IX, the statement of functional expenses.

  • 11b · Fees: legal

    total $2,078 · program services $2,078

  • 11c · Fees: accounting

    total $57,625 · management and general $57,625

  • 11g · Fees: other

    total $90,069 · program services $90,069

  • 20 · Interest

    total $78,335 · program services $78,335

  • 22 · Depreciation, depletion and amortization

    total $53,352 · management and general $53,352

  • 24a · Other expenses: MISCELLANEOUS

    total $2,885 · program services $2,885

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $371 · end of year $108,513

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

    $23,758,125

  • 10c · Land, buildings and equipment, net

    beginning of year $23,758,125 · end of year $23,758,125

  • 15 · Other assets

    beginning of year $6,097,027 · end of year $224,822,107

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,490,069 · end of year $8,500,864

  • 19 · Deferred revenue

    end of year $5,453,000

  • 20 · Tax-exempt bond liabilities

    end of year $216,299,740

  • 23 · Secured mortgages and notes payable

    end of year $18,400,320

  • 24 · Unsecured notes and loans payable

    end of year $297,288

  • 25 · Other liabilities

    beginning of year $28,395,160 · end of year $26,130

  • 27 · Net assets without donor restrictions

    beginning of year -$29,706 · end of year -$288,597

Mission and programs · 2022

Mission

THE ORGANIZATION LESSENS THE BURDENS OF GOVERNMENT BY DEVELOPING, RENOVATING, MAINTAINING FACILITIES FOR LEASE TO PUBLIC CHARTER SCHOOLS, INCLUDING, BUT NOT LIMITED TO, THE KIPP NYC PUBLIC CHARTER SCHOOLS, AND TO FURTHER AND IMPROVE THE EDUCATION AND EDUCATIONAL OPPORTUNITIES OF SCHOOL-AGE CHILDREN LIVING IN AND AROUND THE CITY OF NEW YORK.

  • THE ORGANIZATION UNDERTOOK THE DEVELOPMENT OF A PUBLIC SCHOOL TO BE LEASED TO KIPP NYC PUBLIC CHARTER SCHOOLS FOR ITS SECOND HIGH SCHOOL.

    Expenses $173,367

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Jack Chorowsky

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Alicia Johnson

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Nicholas Martinez

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Diane Flynn

    INTERIM CFO

    Total calculated
    $0
    Hours/week
    2

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.

Grants on this return

No itemized grants to organizations 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.

  • CANAL WEST 75 LLC

    PURCHASE AND LEASE REAL PROPERTY · DE · income $0 · assets $248,669,999

    Directly controlled by PCS PROPERTIES FOUNDATION INC

Provenance

Return type
form_990
Tax year
2022
Filed
13 May 2024
IRS schema version
2022v5.0
Source object
202441349349308404

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