Las Palmas Foundation
- Assets
- $7.5m
- Revenue
- $2.1m
- Investments
- $0.0
- Employees
- 7
- Location
- Encinitas, CA
- Founding
- 07/1992
- Data as of
- 12/2023
- EIN
- 33-0497515
Organization Overview
Las Palmas Foundation is located in Encinitas, CA. The organization was established in 1992. According to its NTEE Classification (Z99) the organization is classified as: Unknown, under the broad grouping of Unknown and related organizations. As of 12/2023, Las Palmas Foundation employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Las Palmas Foundation 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 12/2023, Las Palmas Foundation generated $2.1m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 6.0% each year. All expenses for the organization totaled $1.4m during the year ending 12/2023. While expenses have increased by 0.6% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
LAS PALMAS FOUNDATION, A CALIFORNIA NON-PROFIT CORPORATION IS DEDICATED TO ACQUIRE, DEVELOP, REHIBILITATE AND SUPPORT AFFORDABLE HOUSING. THE ORGANIATION WAS CREATED TO INCREASE AND IMPROVE HOUSING FOR LOW- AND MODERATE-INCOME FAMILIES AND INDIVUDALS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CO-MANAGING GENERAL PARTNER IN AMCAL ALEGRE FUND WHICH OWNS AND OPERATES A 104 UNIT AFFORDABLE FAMILY COMPLEX IN IRVINE CALIFORNIA.
CO-MANAGING GENERAL PARTNER IN ALMADEN FAMILY HOUSING PARTNERS WHICH OWNS AND OPERATES A 220 UNIT AFFORDABLE FAMILY APARTMENT PROJECT IN SAN JOSE CALIFORNIA. IT IS A BOND AND TAX CREDIT DEVELOPMENT.
CO-MANAGING GENERAL PARTNER IN CAMBRIA PSH LP WHICH OWNS AND OPERATES A 57 UNIT AFFORDABLE FAMILY APARTMENT COMPLEX IN LOS ANGELES CALIFORNIA.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph Michaels President | OfficerTrustee | 40 | $0 |
Ryan Monte Vice President | Officer | 40 | $0 |
Leslie Michaels Vice President | Officer | 40 | $0 |
Shery Avery Secretary | Trustee | 1 | $0 |
Randy Stevenson Director | Trustee | 1 | $0 |
Victor Barone Director | Trustee | 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 | $1,806,668 |
| Investment income | $258,281 |
| 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 | $2,064,949 |
| 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. | $765,435 |
| Compensation of current officers, directors, key employees. | $76,543 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $242,823 |
| Pension plan accruals and contributions | $19,449 |
| Other employee benefits | $86,647 |
| Payroll taxes | $56,476 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $13,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $8,409 |
| Advertising and promotion | $0 |
| Office expenses | $21,767 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $47,919 |
| Travel | $2,083 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $30,323 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $21,216 |
| All other expenses | $3,221 |
| Total functional expenses | $1,366,718 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $478,721 |
| Savings and temporary cash investments | $4,485,444 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $112,140 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $2,320,174 |
| Intangible assets | $0 |
| Other assets | $143,980 |
| Total assets | $7,540,459 |
| Accounts payable and accrued expenses | $917 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Total liabilities | $917 |
| Net assets without donor restrictions | $7,539,542 |
| 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 | $7,540,459 |