Margate Terrace Corporation
- Assets
- $3.9m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Margate, NJ
- Founding
- 08/1987
- Data as of
- 06/2022
- EIN
- 22-2706023
Organization Overview
Margate Terrace Corporation is located in Margate, NJ. The organization was established in 1987. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Margate Terrace Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Margate Terrace Corporation generated $1.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.6% each year. All expenses for the organization totaled $1.4m during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE DECENT, AFFORDABLE HOUSING FOR LOW-INCOME ELDERLY AND DISABLED ON A NON-PROFIT BASIS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jennifer Wagner Treasurer | 0.25 | $0 | |
Martin Klein Trustee | 0.25 | $0 | |
Dan Campbell President | 0.5 | $0 | |
Jennifer Seligsohn Secretary | 0.25 | $0 | |
Chuck La Barre Trustee | 0.25 | $0 | |
Brenda Taube Trustee | 0.25 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $102 |
| Dividends & Interest | $0 |
| Net Rental Income | $82,709 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $1,494,574 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $135,588 |
| Pension plans, employee benefits | $19,015 |
| Interest | $243,768 |
| Taxes | $56,230 |
| Depreciation | $306,140 |
| Occupancy | $374,312 |
| Travel, conferences, and meetings | $525 |
| Printing and publications | $0 |
| Other expenses | $195,864 |
| Total operating and administrative expenses | $1,411,763 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $1,411,763 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $218,003 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $4,814 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $82,773 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $2,445,710 |
| Other assets | $1,197,485 |
| Total assets | $3,948,785 |
| Accounts payable and accrued expenses | $108,920 |
| Grants payable | $0 |
| Deferred revenue | $7,036 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $5,010,219 |
| Total liabilities | $5,126,175 |
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