Form 990 for tax year 2022

Totals

Total revenue

$0

Total expenses

$19,293

Contributions and grants received

$0

Grants paid

$0

Program service revenue

$0

Investment income

$0

Other revenue

$0

Total assets, end of year

$20,270,777

Total liabilities, end of year

$265,792

Net assets or fund balances, end of year

$20,004,985

Program services expenses (Part IX)

$0

Management and general expenses

$19,293

Fundraising expenses

$0

Program service expenses (Part III)

— not reported

Program services were 0.0% 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.

Mission and programs · 2022

• THE PURCHASE COLLEGE ADVANCEMENT CORPORATION (PCAC), A MEMBER-LESS NEW YORK STATE NOT-FOR-PROFIT CORPORATION WITH FEDERAL 501(C)(3) DESIGNATION, WAS FORMED TO DEVELOP AND OPERATE A SENIOR LIVING AND LEARNING COMPLEX TO BE BUILT ON THE CAMPUS OF PURCHASE COLLEGE, STATE UNIVERSITY OF NEW YORK (SUNY), ON A 40.05 ACRE PARCEL OF LAND LEASED FROM SUNY. USING A $5,250,000 GRANT FROM PURCHASE COLLEGE FOUNDATION HOUSING CORPORATION (PCFHC), PCAC STEWARDED THE ENABLING LEGISLATION, MARKET RESEARCH, DESIGN, AND CONTRACTUAL ARRANGEMENTS WITH THE VARIOUS PROJECT CONSULTANTS AND WITH AN OPERATIONS MANAGER.KEY PROVISIONS OF THE ENABLING LEGISLATION INCLUDE GIVING PCAC THE RIGHT TO CONSTRUCT UP TO 385 LIVING UNITS, OF WHICH 20% ARE TO BE AFFORDABLE TO RESIDENTS WHOSE INCOME IS 80% OR LESS OF THE WESTCHESTER COUNTY MEDIAN INCOME, AND THAT THE PROCEEDS ARE TO BE USED BY THE COLLEGE, DIVIDED 75% FOR TAP ELIGIBLE STUDENT SCHOLARSHIPS AND 25% FOR NEW FULL-TIME FACULTY. THE INITIAL PHASE OF THE DEVELOPMENT CONSISTS OF 220 INDEPENDENT LIVING UNITS, OF WHICH 44 ARE THE AFOREMENTIONED AFFORDABLE UNITS, 36 ASSISTED LIVING SUITES, 32 MEMORY CARE SUITES, AND A BUILDING CONTAINING COMMUNITY AMENITIES SUCH AS DINING VENUES, HEALTH AND WELLNESS FACILITIES, CLASSROOMS, ETC., ALL TOTALING APPROXIMATELY 550,000 OF CONDITIONED SPACE, AND RELATED INFRASTRUCTURE IMPROVEMENTS. THE COMMUNITY'S OFFERING PLAN FOR THIS INITIAL PHASE HAS BEEN APPROVED BY THE NEW YORK STATE ATTORNEY GENERAL.PCAC CREATED A SEPARATE NEW YORK STATE NOT-FOR-PROFIT CORPORATION, PURCHASE SENIOR LEARNING COMMUNITY INC. (PSLC), WHOSE SOLE MEMBER IS PCAC. PSLC HAS ALSO RECEIVED 501(C)(3) DESIGNATION BY THE INTERNAL REVENUE SERVICE. PSLC IS THE SPONSOR OF THE COMMUNITY, IS THE OBLIGOR OF THE TAX EXEMPT BOND FINANCING, AND IS THE SUB-LESSEE OF THE LAND. AS OF MAY, 2018, ALL CONTRACTS AND WORK PRODUCTS HAVE BEEN TRANSFERRED FROM PCAC TO PSLC.IN OCTOBER, 2018, PSLC RAISED $15,000,000 IN BOND ANTICIPATION NOTE FUNDS WHICH WERE USED TO COMPLETE THE REMAINDER OF THE PRE-DEVELOPMENT AND PRE-MARKETING EFFORTS. ON NOVEMBER 10, 2021, PSLC CLOSED ON THE ISSUANCE OF $398,090,000 OF BONDS ISSUED THROUGH THE WESTCHESTER COUNTY LOCAL DEVELOPMENT CORPORATION, OF WHICH $391,200,000 ARE TAX-EXEMPT TO THE BONDHOLDERS FOR BOTH NEW YORK STATE AND FEDERAL INCOME TAXES, AND $6,890,000 ARE TAXABLE. WITH INITIAL ISSUE PREMIUMS, THE TOTAL PROCEEDS OF THE BOND FINANCING WAS $406,084,608. THE BOND PROCEEDS ARE BEING USED TO: REFUND THE $15,000,000 OF BOND ANTICIPATION NOTES, TOGETHER WITH ACCRETED INTEREST; TO FUND THE HARD AND SOFT COSTS OF THE CONSTRUCTION OF THE PROJECT; TO FUND CAPITALIZED INTEREST; TO FUND DEBT SERVICE RESERVES; TO FUND CERTAIN START-UP LOSSES; AND TO FUND THE COSTS OF ISSUANCE. CONSTRUCTION OF THE COMMUNITY, KNOWN AS BROADVIEW SENIOR LIVING AT PURCHASE COLLEGE, BEGAN IMMEDIATELY AFTER FINANCING WAS OBTAINED IN NOVEMBER, 2021. THE COMMUNITY IS SCHEDULED TO OPEN FOR OCCUPANCY OF ITS FIRST RESIDENTS IN FALL OF 2023. ALL CONSTRUCTION IS SCHEDULED TO BE COMPLETED BY SPRING OF 2024.THE GOALS OF THE COMMUNITY ARE TO SUPPORT THE EDUCATION MISSION OF THE COLLEGE THROUGH THE PROVISION OF REVENUE, GENERATED FROM GROUND RENT OF THE LEASE, TO FUND SCHOLARSHIPS FOR STUDENTS, TO ENHANCE THE COLLEGE'S ABILITY TO COMPETE FOR FACULTY DEDICATED TO TRANSFORMATIVE ENGAGEMENT WITH THE STUDENT BODY, AND TO CREATE AN ENVIRONMENT FOSTERING INQUIRY BASED, INTERGENERATIONAL LEARNING THAT NOT ONLY SUSTAINS LIFE, BUT IMPROVES IT FOR ALL INVOLVED, ALL IN FURTHERANCE OF THE PURPOSES AND OBJECTIVES OF THE ENABLING LEGISLATION.WITH THE ADDITION OF THE RESIDENTS OF THE SENIOR LIVING COMMUNITY, THE COLLEGE WILL BECOME A CENTER FOR LIFE-LONG LEARNING. IT WILL OFFER STUDENTS OF ALL AGES UNIQUE, NON-CONVENTIONAL ACCESS TO OPPORTUNITIES FOR INTELLECTUAL AND SOCIAL GROWTH THROUGH ACADEMIC, CULTURAL AND SOCIAL ACTIVITIES.A SECOND SET OF GOALS, EQUALLY AS IMPORTANT, IS TO PROVIDE MUCH NEEDED, HIGH-QUALITY SERVICE-BASED HOUSING AND CARE FOR AREA SENIORS.

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

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.

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.

• PURCHASE COLLEGE FOUNDATION HOUSING CORP

  501(C)(3) · MANAGE AND OVERSEE DORMITORY AND FACILITIES AT SUNY PURCHASE ALUMNI VILLAGE · NY

  Directly controlled by STATE UNIVERSITY OF NEW YORK

• PURCHASE SENIOR LEARNING COMMUNITY INC

  501(C)(3) · RESIDENTIAL SENIOR LEARNING COMMUNITY · NY · controlled entity

  Directly controlled by PURCHASE COLLEGE ADVANCEMENT CORPORATION

• PURCHASE HOUSING CORPORATION II

  501(C)(3) · MANAGE AND OVERSEE DORMITORY AND FACILITIES AT SUNY PURCHASE WAYBACK · NY

  Directly controlled by STATE UNIVERSITY OF NEW YORK

Provenance

Return type

form_990

Tax year

2022

Filed

13 May 2024

IRS schema version

2022v5.0

Source object

202401349349301710

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