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Nonprofiteer
← LAUREL TRACE INC

Form 990 for tax year 2024

Filed by LAUREL TRACE INC.

Totals

Total revenue
$60,392
Total expenses
$102,518
Contributions and grants received
$33,173
Grants paid
$0
Program service revenue
$26,756
Investment income
$38
Other revenue
$425
Total assets, end of year
$1,008,512
Total liabilities, end of year
$1,430,560
Net assets or fund balances, end of year
-$422,048
Program services expenses (Part IX)
$74,462
Management and general expenses
$28,056
Fundraising expenses
$0
Program service expenses (Part III)
$74,462

Program services were 72.6% 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.

  • 1e · Government grants (contributions)

    $33,173

  • 2a · Program service revenue: RENT INCOME-APARTMENTS

    total $26,756 · related or exempt $26,756

  • 3 · Investment income

    total $38 · excluded $38

  • 11a · Other revenue: LAUNDRY/VENDING REVENU

    total $340 · related or exempt $340

  • 11b · Other revenue: TENANT CHARGES

    total $85 · related or exempt $85

  • 11e · Other revenue, total

    $425

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $5,990 · management and general $5,990

  • 11a · Fees: management

    total $5,340 · management and general $5,340

  • 11c · Fees: accounting

    total $7,314 · management and general $7,314

  • 13 · Office expenses

    total $5,263 · management and general $5,263

  • 16 · Occupancy

    total $33,105 · program services $33,105

  • 22 · Depreciation, depletion and amortization

    total $29,584 · program services $29,584

  • 23 · Insurance

    total $10,934 · program services $10,934

  • 24a · Other expenses: BAD DEBT EXPENSE

    total $4,149 · management and general $4,149

  • 24b · Other expenses: REAL ESTATE TAXES

    total $839 · program services $839

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $24,471 · end of year $11,995

  • 2 · Savings and temporary cash investments

    beginning of year $38,158 · end of year $40,138

  • 4 · Accounts receivable

    beginning of year $635 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,421 · end of year $2,750

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

    $1,338,681

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

    $387,316

  • 10c · Land, buildings and equipment, net

    beginning of year $980,949 · end of year $951,365

  • 15 · Other assets

    beginning of year $2,247 · end of year $2,264

  • 17 · Accounts payable and accrued expenses

    beginning of year $118,956 · end of year $120,696

  • 23 · Secured mortgages and notes payable

    beginning of year $1,307,600 · end of year $1,307,600

  • 25 · Other liabilities

    beginning of year $2,247 · end of year $2,264

  • 27 · Net assets without donor restrictions

    beginning of year -$379,922 · end of year -$422,048

Mission and programs · 2024

Mission

TO PROVIDE HOUSING TO INDIVIDUALS WITH CHRONIC MENTAL ILLNESS WHO ARE CLIENTS OF BOLEY CENTERS INC., A RELATED 501(C)(3) ORGANIZATION.

  • LAUREL TRACE, INC. IS A 9 UNIT APARTMENT COMPLEX FOR INDIVIDUALS WITH CHRONIC MENTAL ILLNESS UNDER A SECTION 811 CAPITAL ADVANCE OF THE NATIONAL AFFORDABLE HOUSING ACT WITH A PROJECT RENTAL ASSISTANCE CONTRACT. TENANTS OF THE PROJECT ARE CLIENTS OF BOLEY CENTERS, INC., A RELATED 501(C)(3) ORGANIZATION.

    Expenses $74,462 · Revenue $27,181

As filed on the 2024 return.

Listed in Part VII

  • Kevin Marrone

    CEO/MANAGING ENTITY

    Total calculated
    $198,244
    From this org
    $0
    From related orgs
    $192,382
    Other
    $5,862
    Hours/week
    10 + 30 related

    Schedule J breakdown matched by us

    Base
    $0 + $192,382 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $5,772 related
    Nontaxable benefits
    $0 + $1,234 related
    Filer's total
    $0 + $199,388 related

  • Michelle Joseph

    CFO/MANAGING ENTITY

    Total calculated
    $195,031
    From this org
    $0
    From related orgs
    $182,724
    Other
    $12,307
    Hours/week
    10 + 30 related

    Schedule J breakdown matched by us

    Base
    $0 + $182,724 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $5,567 related
    Nontaxable benefits
    $0 + $7,578 related
    Filer's total
    $0 + $195,869 related

  • Jack Humburg

    ASSISTANT SECRETARY

    Total calculated
    $112,125
    From this org
    $0
    From related orgs
    $109,503
    Other
    $2,622
    Hours/week
    10 + 30 related

  • Marcy McMath

    CCO/MANAGING ENTITY

    Total calculated
    $110,461
    From this org
    $0
    From related orgs
    $100,980
    Other
    $9,481
    Hours/week
    10 + 30 related

  • Paul Misiewicz

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0.5 + 9 related

  • Martin T Lott

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    0.5 + 9 related

  • Susan Proctor

    SECRETARY-TREASURER

    Total calculated
    $0
    Hours/week
    0.5 + 9 related

  • Antonio Harris

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 9 related

  • Joseph Stringer

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 9 related

  • Markus Hughes

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 9 related

  • Markus Mittenmayr

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 9 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

None.

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

The filer's explanations (Part III)

PART I, LINE 3
LAUREL TRACE, INC., DOES NOT HAVE ANY EMPLOYEES AND DOES NOT COMPENSATE ANY EMPLOYEES, OFFICERS, OR BOARD MEMBERS. EMPLOYEES AND OFFICERS ARE COMPENSATED THROUGH A RELATED TAX-EXEMPT ORGANIZATION, BOLEY CENTERS, INC. (FEIN: 59-1290089). THE BOARD HAS ALSO FORMED AN EXECUTIVE COMMITTEE TO REVIEW THE COMPENSATION AND BENEFITS PROVIDED TO ITS CEO/PRESIDENT. THE COMMITTEE MEETS AT LEAST ANNUALLY TO COMPLETE PERFORMANCE EVALUATION, REVIEW THE COMPENSATION PACKAGE AND APPROVE ANY SALARY. A REVIEW OF COMPARABLE SALARY DATA IS ALSO MADE AT LEAST EVERY FIVE YEARS.

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
30 April 2026
IRS schema version
2024v5.5
Source object
202611349349302306

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