Palace Renaissance Inc
- Assets
- $5.8m
- Revenue
- $215.5k
- Investments
- $0.0
- Employees
- 0
- Location
- New York, NY
- Founding
- 07/2006
- Data as of
- 06/2021
- EIN
- 13-3798133
Organization Overview
Palace Renaissance Inc is located in New York, NY. The organization was established in 2006. According to its NTEE Classification (S47) the organization is classified as: Real Estate Associations, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Palace Renaissance Inc is a 501(c)(2) and as such, is described as a "Title Holding Corporation for an Exempt Organization" by the IRS.
For the year ending 06/2021, Palace Renaissance Inc generated $215.5k in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (1.9%) each year. All expenses for the organization totaled $181.7k during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (6.9%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE HOUSING FOR HOMELESS, LOW INCOME AND AGED PEOPLE IN THE NEW YORK CITY METROPOLITAN AREA
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOUSING SERVICES - BRC IS A MAJOR PROVIDER OF HOUSING FOR PEOPLE WITH A HISTORY OF HOMELESSNESS. IT OPERATES UNITS OF PERMANENT HOUSING. RESIDENTS HAVE SIGNED LEASES AND TENANCY RIGHTS. THESE APARTMENTS ARE DEDICATED FOR FORMERLY HOMELESS INDIVIDUALS WITH A HISTORY OF MENTAL ILLNESS AND/OR SUBSTANCE ABUSE. OUR PERMANENT HOUSING PROGRAMS ARE A KEY RESOURCE FOR GRADUATES FROM BRC SAFE HAVEN, SHELTER AND TRANSITIONAL HOUSING PROGRAMS, AND OFTEN SERVE AS THE APPROPRIATE NEXT STEP FOR HOUSING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Antonio X Molestina Secretary | OfficerTrustee | 1 | $0 |
Julie Salamon President | OfficerTrustee | 1 | $0 |
Marcy E Wilkov Assistant Secretary | OfficerTrustee | 1 | $0 |
Lawrence F Graham Vice President | OfficerTrustee | 1 | $0 |
Richard Swanson Vice President | OfficerTrustee | 1 | $0 |
Matthew Sirovich Treasurer | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $195,181 |
| Investment income | $20,345 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $215,526 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,376 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $153,445 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $788 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $17,935 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $181,687 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $430,754 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $291,949 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $116,028 |
| Net Land, buildings, and equipment | $78,430 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,926,280 |
| Total assets | $5,843,441 |
| Accounts payable and accrued expenses | $26,177 |
| Grants payable | $0 |
| Deferred revenue | $3,419,165 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $2,900,573 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $6,345,915 |
| Net assets without donor restrictions | -$502,474 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $5,843,441 |
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