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Nonprofiteer
← PRESIDENTIAL PLACE INC

Form 990 for tax year 2023

Filed by PRESIDENTIAL PLACE INC.

Totals

Total revenue
$732,548
Total expenses
$833,053
Contributions and grants received
$510,516
Grants paid
$0
Program service revenue
$213,924
Investment income
$2,347
Other revenue
$5,761
Total assets, end of year
$2,865,919
Total liabilities, end of year
$152,430
Net assets or fund balances, end of year
$2,713,489
Program services expenses (Part IX)
$759,746
Management and general expenses
$73,307
Fundraising expenses
$0
Program service expenses (Part III)
$759,746

Program services were 91.2% 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.

  • 1e · Government grants (contributions)

    $510,516

  • 2a · Program service revenue: TENANT RENTS

    total $213,924 · related or exempt $213,924

  • 3 · Investment income

    total $2,347 · excluded $2,347

  • 11a · Other revenue: LAUNDRY & VENDING REVE

    total $5,761 · related or exempt $5,761

  • 11e · Other revenue, total

    $5,761

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $53,957 · program services $260 · management and general $53,697

  • 11b · Fees: legal

    total $4,848 · program services $4,848

  • 11c · Fees: accounting

    total $19,610 · management and general $19,610

  • 11g · Fees: other

    total $175,922 · program services $175,922

  • 12 · Advertising and promotion

    total $1,329 · program services $1,329

  • 13 · Office expenses

    total $25,882 · program services $25,882

  • 16 · Occupancy

    total $359,756 · program services $359,756

  • 19 · Conferences, conventions and meetings

    total $2,615 · program services $2,615

  • 22 · Depreciation, depletion and amortization

    total $141,590 · program services $141,590

  • 24a · Other expenses: RESIDENT SERVICES

    total $47,544 · program services $47,544

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,481 · end of year $4,886

  • 9 · Prepaid expenses and deferred charges

    end of year $30,645

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

    $5,108,750

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

    $2,769,847

  • 10c · Land, buildings and equipment, net

    beginning of year $2,417,398 · end of year $2,338,903

  • 15 · Other assets

    beginning of year $510,110 · end of year $491,485

  • 17 · Accounts payable and accrued expenses

    beginning of year $97,893 · end of year $136,657

  • 19 · Deferred revenue

    beginning of year $2,980 · end of year $1,566

  • 21 · Escrow or custodial account liability

    beginning of year $14,122 · end of year $14,207

  • 27 · Net assets without donor restrictions

    beginning of year $2,813,994 · end of year $2,713,489

Mission and programs · 2023

Mission

TO CONSTRUCT OWN AND OPERATE 51 UNITS OF AFFORDABLE HOUSING FOR PERSONS OF LOW INCOME IN CRANSTON, RI.

Activities or mission (Part I)

PROVIDE HOUSING FOR PERSONS OF LOW INCOME STATUS.

  • TO CONSTRUCT OWN AND OPERATE 51 UNITS OF AFFORDABLE HOUSING FOR PERSONS OF LOW INCOME IN CRANSTON, RI.

    Expenses $759,746 · Revenue $219,685

As filed on the 2023 return.

Listed in Part VII

  • THOMAS BUONOPANE

    DIRECTOR, PRESIDENT (AS OF 7/23)

    Total calculated
    $329,462
    From this org
    $0
    From related orgs
    $274,528
    Other
    $54,934
    Hours/week
    0.1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $242,020 related
    Bonus
    $0 + $32,000 related
    Other
    $0 + $508 related
    Deferred
    $0 + $11,411 related
    Nontaxable benefits
    $0 + $43,523 related
    Filer's total
    $0 + $329,462 related

  • D MORGAN WILSON

    DIR.,TREASURER/SECRETARY(AS OF 7/23)

    Total calculated
    $323,993
    From this org
    $0
    From related orgs
    $272,963
    Other
    $51,030
    Hours/week
    0.1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $250,627 related
    Bonus
    $0 + $21,800 related
    Other
    $0 + $536 related
    Deferred
    $0 + $10,631 related
    Nontaxable benefits
    $0 + $40,399 related
    Filer's total
    $0 + $323,993 related

  • PHILLIP L CLAY

    PRESIDENT (UNTIL 7/23)

    Total calculated
    $0
    Hours/week
    0.1

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

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 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 4B
THOMAS BUONOPANE D. MORGAN WILSON

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.

Related corporations and trusts

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

Provenance

Return type
form_990
Tax year
2023
Filed
9 April 2025
IRS schema version
2023v6.0
Source object
202531009349300613

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