Palermo Lakes Inc
- Assets
- $11.0m
- Revenue
- $833.3k
- Investments
- $0.0
- Employees
- 5
- Location
- Plantation, FL
- Founding
- 06/2004
- Data as of
- 12/2021
- EIN
- 30-0250767
Organization Overview
Palermo Lakes Inc, operating under the name Palermo Lakes Apartments, is located in Plantation, FL. The organization was established in 2004. According to its NTEE Classification (L22) the organization is classified as: Senior Citizens Housing & Retirement Communities, under the broad grouping of Housing & Shelter and related organizations. As of 12/2021, Palermo Lakes Apartments employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Palermo Lakes Apartments 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 12/2021, Palermo Lakes Apartments generated $833.3k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (5.9%) each year. All expenses for the organization totaled $1.2m during the year ending 12/2021. 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
OPERATION OF LOW INCOME HOUSING FOR THE ELDERLY AND HANDICAPPED, REGULATED AND ASSISTED BY THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD).
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATION OF LOW INCOME HOUSING FOR THE ELDERLY AND HANDICAPPED, REGULATED AND ASSISTED BY THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steve Protulis Director | OfficerTrustee | 0.2 | $0 |
Christopher Shelton President | OfficerTrustee | 0.5 | $0 |
Tony Fransetta Vice Preside | OfficerTrustee | 0.1 | $0 |
Melanie Ribeiro Director | OfficerTrustee | 0.5 | $0 |
Maria Cordone Secretary | OfficerTrustee | 0.3 | $0 |
Erica Schmelzer Treasurer | OfficerTrustee | 0.1 | $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 | $831,646 |
| Investment income | $35 |
| 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 | $833,340 |
| 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 | $212,039 |
| Pension plan accruals and contributions | $42,804 |
| Other employee benefits | $59,213 |
| Payroll taxes | $15,746 |
| Fees for services: Management | $72,870 |
| Fees for services: Legal | $835 |
| Fees for services: Accounting | $22,635 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $82,371 |
| Advertising and promotion | $148 |
| Office expenses | $30,454 |
| Information technology | $9,852 |
| Royalties | $0 |
| Occupancy | $234,572 |
| Travel | $396 |
| 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 | $360,356 |
| Insurance | $4,900 |
| All other expenses | $0 |
| Total functional expenses | $1,153,000 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,491 |
| Savings and temporary cash investments | $637,433 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,586 |
| 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 | $26,315 |
| Net Land, buildings, and equipment | $10,367,898 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $604 |
| Total assets | $11,048,327 |
| Accounts payable and accrued expenses | $38,388 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $28,791 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,645,973 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $62,947 |
| Total liabilities | $1,776,099 |
| Net assets without donor restrictions | -$3,550,572 |
| Net assets with donor restrictions | $12,822,800 |
| 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 | $11,048,327 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Palermo Lakes Inc has recieved totaling $33,000.
| Awarding Organization | Amount |
|---|---|
Elderly Housing Development And Operations Corporation Plantation, FL PURPOSE: LOW INCOME HOUSING | $33,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
St Andrews Residence Of The Diocese Of Southeast Florida Inc West Palm Beach, FL | $295,539 | $24,065,641 |
Lavender Mountain Senior Living Inc Mount Berry, GA | $141,195,331 | $5,176,789 |
Westminster Pines Inc Orlando, FL | $103,132,021 | $15,458,662 |
Skidaway Health And Living Services Inc Savannah, GA | $89,340,251 | $17,567,308 |
Palm Shores Retirement Community Inc Orlando, FL | $37,421,751 | $16,521,390 |
St George Village-Catholic Community Retirement Center Roswell, GA | $71,436,640 | $13,654,810 |
Wesley Homes Inc Atlanta, GA | $20,385,914 | $13,715,520 |
Tampa Life Plan Village Inc Tampa, FL | $57,175,002 | $4,514,952 |
Jewish Home Life Communities Inc Atlanta, GA | $30,539,364 | $15,353,434 |
Presbyterian Retirement Homes Of Birmingham Inc Birmingham, AL | $21,717,222 | $12,145,816 |
Senior Living Foundation Inc Perimeter 400 Center Dunwoody, GA | $12,804,149 | $11,238,892 |
University Plaza Rehabilitation And Nursing Center Inc N Miami Beach, FL | $4,092,400 | $13,157,641 |