Totals
- Total revenue
- $58,292
- Total expenses
- $192,935
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $5,400
- Investment income
- $0
- Other revenue
- $52,892
- Total assets, end of year
- $2,380,619
- Total liabilities, end of year
- $3,722,341
- Net assets or fund balances, end of year
- -$1,341,722
- Program services expenses (Part IX)
- $192,935
- Management and general expenses
- $0
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $192,935
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
total $5,400 · related or exempt $5,400
-
11a · Other revenue: CHESTNUT MONMOUTH RENT
total $52,892 · excluded $52,892
-
11e · Other revenue, total
$52,892
Functional expenses
Part IX, the statement of functional expenses.
-
7 · Other salaries and wages
total $35,671 · program services $35,671
-
8 · Pension plan contributions
total $1,031 · program services $1,031
-
9 · Other employee benefits
total $3,031 · program services $3,031
-
10 · Payroll taxes
total $4,315 · program services $4,315
-
11a · Fees: management
total $6,667 · program services $6,667
-
13 · Office expenses
total $22,798 · program services $22,798
-
14 · Information technology
total $3,402 · program services $3,402
-
16 · Occupancy
total $26,953 · program services $26,953
-
20 · Interest
total $4,952 · program services $4,952
-
22 · Depreciation, depletion and amortization
total $84,115 · program services $84,115
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $25,100 · end of year $21,298
-
10a · Land, buildings and equipment: cost or other basis
$3,851,637
-
10b · Land, buildings and equipment: accumulated depreciation
$1,600,190
-
10c · Land, buildings and equipment, net
beginning of year $2,328,362 · end of year $2,251,447
-
15 · Other assets
beginning of year $107,874 · end of year $107,874
-
17 · Accounts payable and accrued expenses
beginning of year $926,423 · end of year $1,028,453
-
23 · Secured mortgages and notes payable
beginning of year $212,404 · end of year $198,075
-
25 · Other liabilities
beginning of year $2,513,022 · end of year $2,495,813
-
27 · Net assets without donor restrictions
beginning of year -$1,190,513 · end of year -$1,341,722
Mission and programs · 2022
Mission
AS A 100% WHOLLY OWNED SUBSIDIARY OF ISLES, INC., ISLES PROPERTIES WAS ORGANIZED TO OWN TITLE TO VARIOUS REAL ESTATE PROPERTIES FOR ISLES, INC.'S PROGRAM FOR COMMUNITY REAL ESTATE DEVELOPMENT.
Activities or mission (Part I)
ISLES PROPERTIES IS THE HOLDING COMPANY FOR SEVERAL PROPERTIES THAT ARE USED FOR ISLES, INC.'S COMMUNITY REAL ESTATE DEVELOPMENT.
-
HOLDING COMPANY FOR SEVERAL REAL ESTATE PROPERTIES THAT ARE USED FOR ISLES, INC'S TAX EXEMPT PURPOSE.
Expenses $192,935 · Revenue $5,400
As filed on the 2022 return.
Listed in Part VII
-
John HartJOHN HART
SECRETARY
- Total calculated
- $121,984
- From this org
- $0
- From related orgs
- $111,753
- Other
- $10,231
- Hours/week
- 2 + 38 related
-
Rolando TorresROLANDO TORRES
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.5 + 0.5 related
-
Willard StanbackWILLARD STANBACK
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.5 + 0.5 related
-
Sean JacksonSEAN JACKSON
TRUSTEE
- Total calculated
- $138,419
- From this org
- $0
- From related orgs
- $134,135
- Other
- $4,284
- Hours/week
- 0.5 + 0.5 related
-
Martin JohnsonMARTIN JOHNSON
EX-OFFICIO
- Total calculated
- $67,037
- From this org
- $0
- From related orgs
- $57,619
- Other
- $9,418
- Hours/week
- 0.5 + 28 related
-
Michael NordquistMICHAEL NORDQUIST
MANAGING DIRECTOR
- Total calculated
- $88,330
- From this org
- $0
- From related orgs
- $85,570
- Other
- $2,760
- Hours/week
- 0.5 + 40 related
-
Peter RosePETER ROSE
MANAGING DIRECTOR
- Total calculated
- $94,883
- From this org
- $0
- From related orgs
- $84,359
- Other
- $10,524
- Hours/week
- 0.5 + 40 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.
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.
-
501(C)(3) · PROVIDES HOUSING, GARDENING, RECREATION, AND ENVIRONMENTAL EDUCATION · NJ
-
501(C)(3) · MANAGING INVESTMENT ACTIVITIES; SUPPORTING ORGANIZATION FOR ISLES, INC. · NJ
Directly controlled by ISLES INC
-
501(C)(3) · TRAIN INDIVIDUALS TO PERFORM WEATHERIZATION SERVICE TO LOW INCOME HOUSEHOLDS · NJ
Directly controlled by ISLES INC
-
501(C)(3) · PROVIDES EDUCATION, TRAINING, AND FINANCING TO DISTRESSED COMMUNITIES · NJ
Directly controlled by ISLES INC
-
501(C)(3) · ACQUIRE, HOLD, & SELL REAL PROPERTY TO SUPPORT OTHER 501(C)(3) ENTITIES · NJ
Directly controlled by ISLES INC
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 8 November 2023
- IRS schema version
- 2022v5.0
- Source object
- 202313129349304616
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