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Nonprofiteer
← SCHC WBC PROP CORP

Form 990 for tax year 2024

Filed by SCHC WBC PROP CORP.

Totals

Total revenue
$471,665
Total expenses
$1,487,624
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$442,545
Investment income
$29,120
Other revenue
$0
Total assets, end of year
$27,752,518
Total liabilities, end of year
$24,384,832
Net assets or fund balances, end of year
$3,367,686
Program services expenses (Part IX)
$1,158,967
Management and general expenses
$328,657
Fundraising expenses
$0
Program service expenses (Part III)
$1,158,967

Program services were 77.9% 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 $442,545 · related or exempt $442,545

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $29,120 · excluded $29,120

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 8c · Net income from fundraising events

    total $0

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 11c · Fees: accounting

    total $74,250 · management and general $74,250

  • 11g · Fees: other

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 13 · Office expenses

    total $1,701 · program services $1,395 · management and general $306

  • 16 · Occupancy

    total $34,767 · program services $28,509 · management and general $6,258

  • 20 · Interest

    total $200,532 · program services $164,436 · management and general $36,096

  • 22 · Depreciation, depletion and amortization

    total $1,176,374 · program services $964,627 · management and general $211,747

  • 24e · All other expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $8,529,132 · end of year $760,074

  • 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

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

    $28,090,182

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

    $1,176,374

  • 10c · Land, buildings and equipment, net

    beginning of year $24,980,002 · end of year $26,913,808

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $0 · end of year $78,636

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,801,785 · end of year $20,742

  • 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 $24,390,937 · end of year $24,364,090

  • 25 · Other liabilities

    beginning of year $0 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $5,316,412 · end of year $3,367,686

Mission and programs · 2024

Mission

A SPECIAL PURPOSE ENTITY FOR NEW MARKET TAX CREDITS FINANCING TO HOLD THE REAL ASSETS OF SHASTA COMMUNITY HEALTH CENTER IN ORDER TO PROVIDE HEALTHCARE SERVICES TO THEIR PATIENTS.

Activities or mission (Part I)

SCHC WBC PROP CORP SUPPORTS SHASTA COMMUNITY HEALTH CENTER (SCHC) THROUGH DEVELOPMENT, FINANCE, AND OWNERSHIP OF CLINIC FACILITIES AND EQUIPMENT FOR SCHC.

  • THE PURPOSE OF SCHC WBC PROP CORP IS TO SUPPORT THE CHARITABLE AND EDUCATIONAL ACTIVITIES OF SHASTA COMMUNITY HEALTH CENTER (SCHC) THROUGH THE ORGANIZATION'S DEVELOPMENT, FINANCE, AND OWNERSHIP OF CLINIC FACILITIES FOR THE BENEFIT OF SCHC.

    Expenses $1,158,967 · Revenue $442,545

As filed on the 2024 return.

Listed in Part VII

  • Kim Pickering

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.1 + 0.1 related

  • Star Alfaro

    TREASURER

    Total calculated
    $0
    Hours/week
    0.1 + 0.1 related

  • Stephen Bell

    CHAIR

    Total calculated
    $0
    Hours/week
    0.1 + 3.3 related

  • Kerry Fasking

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.1 + 4.3 related

  • Lori Goyne

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.1 + 3.3 related

  • Margaret Beck

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.1 + 4.3 related

  • C Dean Germano

    CHIEF EXECUTIVE OFFICER END 03/24

    Total calculated
    $685,098
    From this org
    $0
    From related orgs
    $644,731
    Other
    $40,367
    Hours/week
    0.1 + 40.3 related

    Schedule J breakdown matched by us

    Base
    $0 + $85,662 related
    Bonus
    $0 + $67,534 related
    Other
    $0 + $491,535 related
    Deferred
    $0 + $37,629 related
    Nontaxable benefits
    $0 + $2,738 related
    Filer's total
    $0 + $685,098 related

  • Daniel Santi

    CHIEF FINANCIAL OFFICER

    Total calculated
    $265,075
    From this org
    $0
    From related orgs
    $233,261
    Other
    $31,814
    Hours/week
    0.1 + 40.3 related

    Schedule J breakdown matched by us

    Base
    $0 + $222,636 related
    Bonus
    $0 + $10,625 related
    Other
    $0
    Deferred
    $0 + $2,600 related
    Nontaxable benefits
    $0 + $29,214 related
    Filer's total
    $0 + $265,075 related

  • J Brandon Thornock

    CHIEF EXECUTIVE OFFICER BEG 03/24

    Total calculated
    $393,842
    From this org
    $0
    From related orgs
    $349,750
    Other
    $44,092
    Hours/week
    0.1 + 40.3 related

    Schedule J breakdown matched by us

    Base
    $0 + $327,955 related
    Bonus
    $0 + $21,795 related
    Other
    $0
    Deferred
    $0 + $14,878 related
    Nontaxable benefits
    $0 + $29,214 related
    Filer's total
    $0 + $393,842 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

  • 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)

Schedule J, Part I, Line 3 Arrangement used to establish the top management official's compensation
THE COMPENSATION OF THE ORGANIZATION'S CEO WAS DETERMINED BY SHASTA COMMUNITY HEALTH CENTER (SCHC), A RELATED PARTY. SCHC USED THE FOLLOWING RESOURCES TO DETERMINE THE CEO'S COMPENSATION: - COMPENSATION COMMITTEE - FORM 990 OF OTHER ORGANIZATIONS - COMPENSATION SURVEY OR STUDY - APPROVAL BY BOARD OR COMPENSATION COMMITTEE - WRITTEN EMPLOYMENT CONTRACT
Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan
C. DEAN GERMANO, CEO, IS COVERED BY A 457(F) SUPPLEMENTAL RETIREMENT AGREEMENT FROM SHASTA COMMUNITY HEALTH CENTER WHICH WAS FUNDED THIS YEAR BY $33,453. C. DEAN GERMANO RECEIVED A DISTRIBUTION OF $491,535, WHICH WAS VESTED IN THE CURRENT YEAR AND WAS INCLUDED IN HIS W-2. $491,535 OF THE TOTAL VESTED AMOUNT WAS REPORTED AS DEFERRED COMPENSATION ON A PRIOR FORM 990. THIS FUND WAS CLOSED OUT WHEN DEAN RETIRED IN MARCH OF 2024.

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.

Provenance

Return type
form_990
Tax year
2024
Filed
10 November 2025
IRS schema version
2024v5.1
Source object
202533149349305918

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