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Nonprofiteer
← KENNEDY PROPERTY CORP

Form 990 for tax year 2022

Filed by KENNEDY PROPERTY CORP.

Totals

Total revenue
$2,190,286
Total expenses
$1,919,386
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$2,128,847
Investment income
$11,384
Other revenue
$50,055
Total assets, end of year
$15,523,678
Total liabilities, end of year
$937,472
Net assets or fund balances, end of year
$14,586,206
Program services expenses (Part IX)
$1,919,386
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$1,919,386

Program services were 100.0% 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.

  • 2a · Program service revenue: RENTAL INCOME FROM AFFILIATES

    total $2,128,847 · related or exempt $2,128,847

  • 3 · Investment income

    total $11,384 · excluded $11,384

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

    total $0

  • 5 · Royalties

    total $0

  • 6a · Gross rents

    real property $508,736

  • 6b · Less rental expenses

    real property $458,681

  • 6c · Rental income or loss

    real property $50,055 · personal property $0

  • 6d · Net rental income or loss

    total $50,055 · excluded $50,055

  • 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 $0

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $34,984 · program services $34,984

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $3,453 · program services $3,453

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $409,780 · program services $409,780

  • 17 · Travel

    total $0

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $121,029 · program services $121,029

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $620,255 · program services $620,255

  • 23 · Insurance

    total $349,816 · program services $349,816

  • 24a · Other expenses: REPAIRS & MAINTENANCE

    total $375,296 · program services $375,296

  • 24b · Other expenses: DUES & SUBSCRIPTIONS

    total $3,186 · program services $3,186

  • 24c · Other expenses: OTHER EXPENSES

    total $1,587 · program services $1,587

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,175,049 · end of year $46,246

  • 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 $143,768 · end of year $136,646

  • 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 $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $5,900 · end of year $5,900

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

    $18,440,672

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

    $4,857,431

  • 10c · Land, buildings and equipment, net

    beginning of year $14,351,672 · end of year $13,583,241

  • 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 $0 · end of year $1,751,645

  • 17 · Accounts payable and accrued expenses

    beginning of year $86,138 · end of year $53,103

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $40,185 · end of year $40,658

  • 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 $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $1,234,760 · end of year $843,711

  • 27 · Net assets without donor restrictions

    beginning of year $14,315,306 · end of year $14,586,206

  • 28 · Net assets with donor restrictions

    beginning of year $0 · end of year $0

Mission and programs · 2022

Mission

THE ORGANIZATION PROVIDES REAL ESTATE AND PROPERTY MANAGEMENT SERVICES TO VARIOUS JEFFERSON HEALTH NEW JERSEY AFFILIATES.

  • EXPENSES INCURRED IN PROVIDING REAL ESTATE AND PROPERTY MANAGEMENT SERVICES TO JEFFERSON HEALTH NEW JERSEY AFFILIATES.

    Expenses $1,919,386 · Revenue $2,128,847

As filed on the 2022 return.

Listed in Part VII

  • JAMES HUYNH

    VP FACILITIES MANAGEMENT

    Total calculated
    $404,712
    From this org
    $0
    From related orgs
    $353,827
    Other
    $50,885
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $0 + $269,316 related
    Bonus
    $0 + $54,644 related
    Other
    $0 + $29,867 related
    Deferred
    $0 + $26,025 related
    Nontaxable benefits
    $0 + $24,860 related
    Filer's total
    $0 + $404,712 related

  • JOHN P SILVESTRI

    CHAIRMAN - TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • DANIEL J DALTON

    VICE CHAIR - TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • WILLIAM R BARKER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • JOHN F DURANTE

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • BRUCE J PAPARONE

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • ALEXANDER D SHARNOFF ESQ

    SECRETARY

    Total calculated
    $0
    Hours/week
    55

  • STEPHEN V DESTEFANO CPA

    TREASURER

    Total calculated
    $0
    Hours/week
    55

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 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

CORE FORM, PART VII AND SCHEDULE J
TAXABLE COMPENSATION REPORTED HEREIN IS DERIVED FROM 2022 FORMS W-2.
SCHEDULE J, PART I; QUESTION 7
THE INDIVIDUAL INCLUDED IN SCHEDULE J, PART II RECEIVED A BONUS DURING CALENDAR YEAR 2022 WHICH WAS INCLUDED IN SCHEDULE J, PART II, COLUMN B(II) HEREIN AND IN HIS 2022 FORM W-2, BOX 5, AS TAXABLE MEDICARE WAGES. EMPLOYEE BONUSES ARE BASED UPON THE ATTAINMENT OF QUALITY GOALS, STRATEGIC OPERATIONAL INITIATIVES AND FINANCIAL PERFORMANCE. PLEASE REFER TO THIS SECTION OF THE FORM 990, SCHEDULE J FOR THIS INFORMATION.

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
2022
Filed
15 May 2024
IRS schema version
2022v5.0
Source object
202401369349306090

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