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Nonprofiteer
← PALACE RENAISSANCE INC

Form 990 for tax year 2022

Filed by PALACE RENAISSANCE INC.

Totals

Total revenue
$211,453
Total expenses
$223,364
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$198,681
Investment income
$12,772
Other revenue
$0
Total assets, end of year
$5,460,090
Total liabilities, end of year
$5,937,105
Net assets or fund balances, end of year
-$477,015
Program services expenses (Part IX)
$217,009
Management and general expenses
$6,355
Fundraising expenses
$0
Program service expenses (Part III)
$217,009

Program services were 97.2% 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.

  • 2a · Program service revenue: RENTAL INCOME

    total $198,681 · related or exempt $198,681

  • 3 · Investment income

    total $12,772 · excluded $12,772

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0

  • 7d · Net gain or loss

    total $0

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $0

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $0

  • 8 · Pension plan contributions

    total $0

  • 9 · Other employee benefits

    total $0

  • 10 · Payroll taxes

    total $0

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $0

  • 11c · Fees: accounting

    total $6,355 · management and general $6,355

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $327 · program services $327

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $197,516 · program services $197,516

  • 17 · Travel

    total $0

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $1,231 · program services $1,231

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $17,935 · program services $17,935

  • 23 · Insurance

    total $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $354,021 · end of year $283,863

  • 2 · Savings and temporary cash investments

    beginning of year $0 · end of year $0

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $0 · end of year $0

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $200,395 · end of year $103,195

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $116,028 · end of year $116,028

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

    $2,953,053

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

    $2,910,493

  • 10c · Land, buildings and equipment, net

    beginning of year $60,495 · end of year $42,560

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $4,934,189 · end of year $4,914,444

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,675 · end of year $15,230

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $3,223,984 · end of year $3,025,302

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $2,898,573 · end of year $2,896,573

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $0 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year -$465,104 · end of year -$477,015

  • 28 · Net assets with donor restrictions

    beginning of year $0 · end of year $0

Mission and programs · 2022

Mission

The organization was formed to provide housing for homeless, low income and aged people in the new york city metropolitan area.

Activities or mission (Part I)

to provide housing for homeless, low income and aged people in the New york city metropolitan area.

  • HOUSING SERVICES - THE ORGANIZATION IS A MAJOR PROVIDER OF HOUSING FOR PEOPLE WITH A HISTORY OF HOMELESSNESS. IT OPERATES UNITS OF PERMANENT HOUSING. RESIDENTS HAVE SIGNED LEASES AND TENANCY RIGHTS. THESE APARTMENTS ARE DEDICATED FOR FORMERLY HOMELESS INDIVIDUALS WITH A HISTORY OF MENTAL ILLNESS AND/OR SUBSTANCE ABUSE. OUR PERMANENT HOUSING PROGRAMS ARE A KEY RESOURCE FOR GRADUATES FROM BRC SAFE HAVEN, SHELTER AND TRANSITIONAL HOUSING PROGRAMS, AND OFTEN SERVE AS THE APPROPRIATE NEXT STEP FOR HOUSING.

    Expenses $217,009 · Revenue $198,681

As filed on the 2022 return.

Listed in Part VII

  • Lawrence Rosenblatt

    Vice President

    Total calculated
    $516,215
    From this org
    $0
    From related orgs
    $455,008
    Other
    $61,207
    Hours/week
    1 + 37.5 related

    Schedule J breakdown matched by us

    Base
    not reported + $376,666 related
    Bonus
    not reported + $75,000 related
    Other
    not reported + $3,342 related
    Deferred
    not reported + $23,860 related
    Nontaxable benefits
    not reported + $37,347 related
    Filer's total
    not reported + $516,215 related

  • Lilia Marini-Calves

    Chief Financial Officer

    Total calculated
    $253,051
    From this org
    $0
    From related orgs
    $232,335
    Other
    $20,716
    Hours/week
    1 + 37.5 related

    Schedule J breakdown matched by us

    Base
    not reported + $231,702 related
    Bonus
    not reported
    Other
    not reported + $633 related
    Deferred
    not reported
    Nontaxable benefits
    not reported + $20,716 related
    Filer's total
    not reported + $253,051 related

  • Julie Salamon

    Chair

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Lawrence Graham

    Vice Chair

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Richard Swanson

    Vice Chair

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Antonio X Molestina

    Secretary

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Matthew Sirovich

    Treasurer

    Total calculated
    $0
    Hours/week
    1 + 4 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

The filer's explanations (Part III)

Schedule J, Part I, Line 3
All compensation is paid and determined by the parent organization, Bowery Residence Committee, Inc.

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 partnerships

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

  • 139-141 Ave D LP

    Real Estate · NY

    Directly controlled by NA

  • 902 Liberty Ave LP

    Real Estate · NY

    Directly controlled by NA

  • BRC Landing Road II LP

    Real Estate · NY

    Directly controlled by NA

Related corporations and trusts

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

  • 93 Pitt Street GP Inc

    C Corp · Housing · NY

    Directly controlled by NA

  • 139-141 Avenue D GP Inc

    C Corp · Housing · NY

    Directly controlled by NA

  • 902 Liberty Avenue GP Inc

    C Corp · Housing · NY

    Directly controlled by NA

  • BRC Landing II GP Inc

    C Corp · Housing · NY

    Directly controlled by NA

  • BRC Inwood II HDFC

    C Corp · Housing · NY

    Directly controlled by NA

Provenance

Return type
form_990
Tax year
2022
Filed
12 April 2024
IRS schema version
2022v5.0
Source object
202431109349300508

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