Reef Plaza Del Lago Inc
- Assets
- $38.3m
- Revenue
- $3.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Seattle, WA
- Founding
- 05/2007
- Data as of
- 12/2021
- EIN
- 20-3677549
Organization Overview
Reef Plaza Del Lago Inc is located in Seattle, WA. The organization was established in 2007. 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. Reef Plaza Del Lago 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 12/2021, Reef Plaza Del Lago Inc generated $3.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.7% each year. All expenses for the organization totaled $1.7m during the year ending 12/2021. While expenses have increased by 1.4% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
THE ENTITY IS ORGANIZED AS A TITLE-HOLDING COMPANY, ORGANIZED SOLELY FOR THE LIMITED PURPOSE OF ACQUIRING, OWNING, IMPROVING, LEASING, MANAGING, OPERATING AND HOLDING REAL ESTATE FOR INVESTMENT PURPOSES. THE ENTITY REMITS THE NET AMOUNTS TO A QUALIFYING 501(A) PARENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOLD TITLE TO PROPERTY, COLLECT INCOME FROM REAL ESTATE LEASED ON A LONG-TERM BASIS, AND REMIT THE NET AMOUNTS TO A QUALIFYING 501(A) PARENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cory A Carlson Vice President | OfficerTrustee | 1 | $0 |
Robert Kovecs Secretary/cfo/treasurer | OfficerTrustee | 1 | $0 |
Patrick S Malley Ceo/president | OfficerTrustee | 1 | $0 |
Robin Dean Vice President | Officer | 1 | $0 |
Peter Bury Vice President | Officer | 1 | $0 |
Jenny Gage Vice President | Officer | 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 | $3,176,693 |
| Investment income | $0 |
| 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 | $3,176,693 |
| 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 | $100,529 |
| Fees for services: Legal | $8,497 |
| Fees for services: Accounting | $1,300 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,205 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $813,035 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $716,234 |
| Insurance | $89,522 |
| All other expenses | $0 |
| Total functional expenses | $1,730,322 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,170,758 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $31,742 |
| 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 | $55,589 |
| Net Land, buildings, and equipment | $36,909,330 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $134,723 |
| Other assets | $4,271 |
| Total assets | $38,306,413 |
| Accounts payable and accrued expenses | $35,090 |
| Grants payable | $0 |
| Deferred revenue | $61,455 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $236,169 |
| Total liabilities | $332,714 |
| Net assets without donor restrictions | $0 |
| 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 | $26,741,508 |
| Retained earnings, endowment, accumulated income, or other funds | $11,232,191 |
| Total liabilities and net assets/fund balances | $38,306,413 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Los Angeles County Facilities Inc Seattle, WA | $331,229,816 | $2,374,055 |
Salinas Public Facilities Inc Seattle, WA | $71,107,381 | $6,357,794 |
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Tlo Tx3 Investments Llc Anchorage, AK | $26,739,211 | $3,240,047 |
Reef Plaza Del Lago Inc Seattle, WA | $38,306,413 | $3,176,693 |
Boise Regional Realtors Inc Boise, ID | $4,503,987 | $2,800,698 |
Reef Imperial Rose Inc Seattle, WA | $18,470,445 | $2,246,970 |
Tlo Tx2 Investments Llc Anchorage, AK | $15,191,007 | $1,236,464 |
Eta Beta Corporation Seattle, WA | $3,168,990 | $836,487 |
1111 Israel Road Llc Anchorage, AK | $15,929,928 | $1,612,047 |
4875 Hunter Avenue Investment Group Inc Juneau, AK | $78,912,248 | $3,064,416 |
Reef Barnes Canyon Inc Seattle, WA | $11,204,390 | $1,455,074 |