Form 990 for tax year 2024

Filed by UPSTATE PROPERTIES DEVELOPMENT INC.

Totals

Total revenue: $4,420,647
Total expenses: $3,183,304
Contributions and grants received: $1,053,652
Grants paid: $0
Program service revenue: $3,266,441
Investment income: $100,554
Other revenue: $0
Total assets, end of year: $37,902,323
Total liabilities, end of year: $28,003,676
Net assets or fund balances, end of year: $9,898,647
Program services expenses (Part IX): $2,973,627
Management and general expenses: $209,677
Fundraising expenses: $0
Program service expenses (Part III): $2,973,627

Program services were 93.4% 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

$1,053,652
2a · Program service revenue: RENTAL INCOME

total $3,266,441 · related or exempt $3,266,441
3 · Investment income

total $100,554 · excluded $100,554

Functional expenses

Part IX, the statement of functional expenses.

11b · Fees: legal

total $41,762 · program services $41,762
16 · Occupancy

total $600,061 · program services $600,061
20 · Interest

total $703,557 · program services $703,557
22 · Depreciation, depletion and amortization

total $1,096,636 · program services $1,096,636
23 · Insurance

total $163,755 · program services $163,755
24a · Other expenses: REPAIRS AND MAINTENANCE

total $299,086 · program services $299,086
24b · Other expenses: ADMINISTRATION

total $209,677 · management and general $209,677
24c · Other expenses: MISCELLANEOUS EXPENSE

total $55,899 · program services $55,899
24d · Other expenses: BUILDING PROGRAMMING

total $12,871 · program services $12,871

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $2,505,746 · end of year $1,883,491
2 · Savings and temporary cash investments

end of year $3,732,495
4 · Accounts receivable

beginning of year $28,472 · end of year $52,318
7 · Other notes and loans receivable

end of year $34,369
9 · Prepaid expenses and deferred charges

beginning of year $12,825 · end of year $29,032
10a · Land, buildings and equipment: cost or other basis

$41,503,926
10b · Land, buildings and equipment: accumulated depreciation

$11,949,711
10c · Land, buildings and equipment, net

beginning of year $30,304,023 · end of year $29,554,215
13 · Investments: program-related

beginning of year $2,322,923 · end of year $2,616,403
17 · Accounts payable and accrued expenses

beginning of year $62,857 · end of year $326,563
19 · Deferred revenue

beginning of year $343,968 · end of year $2,763,385
20 · Tax-exempt bond liabilities

beginning of year $26,105,860 · end of year $24,913,728
27 · Net assets without donor restrictions

beginning of year $8,661,304 · end of year $9,898,647

Mission and programs · 2024

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 $2,973,627 · Revenue $3,266,441

As filed on the 2024 return.

Listed in Part VII

Thomas TaylorTHOMAS TAYLOR

VICE CHAIR

Total calculated

$0

Hours/week

0.5
Mantosh DewanMANTOSH DEWAN

DIRECTOR

Total calculated

$752,775

From this org

$0

From related orgs

$633,605

Other

$119,170

Hours/week

0.5

Schedule J breakdown matched by us

Base

$0 + $603,105 related

Bonus

$0

Other

$0 + $30,500 related

Deferred

$0 + $85,755 related

Nontaxable benefits

$0 + $33,415 related

Filer's total

$0 + $752,775 related
Eric J SmithERIC J SMITH

CHAIR

Total calculated

$622,494

From this org

$0

From related orgs

$564,048

Other

$58,446

Hours/week

2

Schedule J breakdown matched by us

Base

$0 + $533,548 related

Bonus

$0

Other

$0 + $30,500 related

Deferred

$0 + $25,031 related

Nontaxable benefits

$0 + $33,415 related

Filer's total

$0 + $622,494 related
Molly MulvihillMOLLY MULVIHILL

BOARD MEMBER

Total calculated

$0

Hours/week

0.5
David AnthonyDAVID ANTHONY

TREASURER & SECRETARY

Total calculated

$287,411

From this org

$0

From related orgs

$225,399

Other

$62,012

Hours/week

2

Schedule J breakdown matched by us

Base

$0 + $202,399 related

Bonus

$0

Other

$0 + $23,000 related

Deferred

$0 + $28,597 related

Nontaxable benefits

$0 + $33,415 related

Filer's total

$0 + $287,411 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.

FACULTY STUDENT ASSOCIATION OF SUNY UMU

501(C)(3) · TO PROMOTE EDUCATIONAL ACTIVITIES BETWEEN FACULTY AND STUDENTS OF SUNY UMU · NY

Directly controlled by SUNY UPSTATE UMU
STATE UNIVERSITY OF NEW YORK UPSTATE MEDICAL UNIVERSITY

GOVERNMENTAL · COLLEGE FOR TRAINING STUDENTS FOR CAREERS IN HEALTH, MEDICINE AND RESEARCH · NY

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.

UPSTATE LOGUEN CROSSING CORPORATION INC

C · TO HOLD PROPERTY FOR PRIVATE DEVELOPMENT · NY · 100% owned · controlled entity

Directly controlled by UPSTATE PROPERTIES DEVELOPMENT INC

Provenance

Return type: form_990
Tax year: 2024
Filed: 9 February 2026
IRS schema version: 2024v5.5
Source object: 202630429349301428

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