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Nonprofiteer
← PARTNERSHIP INC

Form 990 for tax year 2023

Filed by PARTNERSHIP INC.

Totals

Total revenue
$13,504,017
Total expenses
$10,050,767
Contributions and grants received
$303,347
Grants paid
$3,573
Program service revenue
$11,679,103
Investment income
$1,521,567
Other revenue
$0
Total assets, end of year
$48,203,272
Total liabilities, end of year
$724,751
Net assets or fund balances, end of year
$47,478,521
Program services expenses (Part IX)
$8,598,630
Management and general expenses
$1,452,137
Fundraising expenses
$0
Program service expenses (Part III)
$8,598,630

Program services were 85.6% 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

    $182,230

  • 1f · All other contributions, gifts and grants

    $121,117

  • 2a · Program service revenue: PROPERTY MANAGEMENT FEES

    total $11,167,892 · related or exempt $11,167,892

  • 2b · Program service revenue: RENTAL SPACE FOR NON PROFIT CHILD

    total $440,339 · related or exempt $440,339

  • 2c · Program service revenue: RESIDENT SERVICES AND ASSISTANCE

    total $70,872 · related or exempt $70,872

  • 3 · Investment income

    total $1,697,928 · excluded $1,697,928

  • 7a · Gross sales of assets other than inventory

    securities $35,656,287 · other assets $20,000

  • 7b · Less cost or other basis and sales expenses

    securities $35,837,215 · other assets $15,433

  • 7c · Gain or loss

    securities -$180,928 · other assets $4,567

  • 7d · Net gain or loss

    total -$176,361 · excluded -$176,361

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $3,573 · program services $3,573

  • 5 · Compensation of officers, directors and key employees

    total $1,122,085 · program services $200,000 · management and general $922,085

  • 7 · Other salaries and wages

    total $7,424,009 · program services $7,424,009

  • 9 · Other employee benefits

    total $6,448 · program services $6,448

  • 11b · Fees: legal

    total $31,838 · management and general $31,838

  • 11c · Fees: accounting

    total $27,924 · management and general $27,924

  • 11f · Fees: investment management

    total $195,260 · management and general $195,260

  • 13 · Office expenses

    total $102,788 · management and general $102,788

  • 14 · Information technology

    total $12,297 · management and general $12,297

  • 16 · Occupancy

    total $60,753 · program services $60,753

  • 17 · Travel

    total $59,147 · program services $19,740 · management and general $39,407

  • 22 · Depreciation, depletion and amortization

    total $82,057 · program services $82,057

  • 23 · Insurance

    total $126,559 · program services $56,500 · management and general $70,059

  • 24a · Other expenses: MISCELLANEOUS ADMINISTR

    total $402,764 · program services $396,590 · management and general $6,174

  • 24b · Other expenses: REPAIRS AND MAINTENANCE

    total $234,776 · program services $221,570 · management and general $13,206

  • 24c · Other expenses: PROGRAM RELATED K-1 EXP

    total $127,390 · program services $127,390

  • 24d · Other expenses: SUPPLIES

    total $22,774 · management and general $22,774

  • 24e · All other expenses

    total $8,325 · management and general $8,325

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,270,866 · end of year $828,707

  • 4 · Accounts receivable

    beginning of year $340,316 · end of year $602,914

  • 7 · Other notes and loans receivable

    beginning of year $1,547,027 · end of year $605,097

  • 9 · Prepaid expenses and deferred charges

    beginning of year $54,973 · end of year $52,420

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

    $2,841,762

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

    $1,223,991

  • 10c · Land, buildings and equipment, net

    beginning of year $1,659,342 · end of year $1,617,771

  • 11 · Investments: publicly traded securities

    beginning of year $36,848,340 · end of year $44,374,623

  • 13 · Investments: program-related

    beginning of year $249,132 · end of year $121,740

  • 17 · Accounts payable and accrued expenses

    beginning of year $219,005 · end of year $165,029

  • 19 · Deferred revenue

    beginning of year $71,207 · end of year $52,239

  • 25 · Other liabilities

    beginning of year $607,483 · end of year $507,483

  • 27 · Net assets without donor restrictions

    beginning of year $41,072,301 · end of year $47,478,521

Mission and programs · 2023

Mission

MANAGEMENT & DEVELOPMENT OF LOW-INCOME HOUSING -- OFFICE SPACE FOR NON-PROFIT ORGANIZATIONS -- SOCIAL SERVICES IN MANAGED HOUSING.

  • HOUSING PROGRAMS MANAGEMENT AND DEVELOPMENT OF LOW INCOME SUPPORTIVE HOUSING.

    Expenses $7,890,288 · Grants $3,573 · Revenue $11,167,892

  • MULTIPLE APARTMENT COMPLEXES PROVIDING HOUSING FOR LOW-INCOME INDIVIDUALS AND FAMILIES.

    Expenses $127,392

  • OFFICE SPACE OFFERED TO NON PROFIT PROVIDERS.

    Expenses $580,950 · Revenue $440,339

  • SUPPORTIVE HOUSING

    Revenue $70,872

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • RICHARD GEACH

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • MICHAEL F LAPORTA

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • JOHN CORBETT

    EXECUTIVE DIRECTOR/CEO

    Total calculated
    $642,341
    From this org
    $642,341
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $586,113
    Bonus
    $56,228
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $642,341

  • HUGH JACOBS

    EVP/COO

    Total calculated
    $335,050
    From this org
    $296,416
    From related orgs
    $0
    Other
    $38,634
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $268,302
    Bonus
    $28,114
    Other
    $0
    Deferred
    $14,901
    Nontaxable benefits
    $23,733
    Filer's total
    $335,050

  • JAMIE WILLIAMSON

    VICE PRESIDENT

    Total calculated
    $122,397
    From this org
    $122,397
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • DOUGLAS KOHN

    FORMER DIRECTOR OF ASSET MANAGEME

    Total calculated
    $133,849
    From this org
    $133,849
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • EROL UGLJANIN

    VICE PRESIDENT

    Total calculated
    $168,648
    From this org
    $153,539
    From related orgs
    $0
    Other
    $15,109
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $138,539
    Bonus
    $15,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $15,109
    Filer's total
    $168,648

  • DARLESA JONES-BROWN

    REGIONAL PROPERTY DIRECTOR

    Total calculated
    $105,624
    From this org
    $105,624
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

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

  • 2 · Substantiation required before reimbursing expenses
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

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

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

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
13 November 2024
IRS schema version
2023v5.1
Source object
202423199349308602

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