Palmer House Inc
- Assets
- $4.0m
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 5
- Location
- Lauderdale Lakes, FL
- Founding
- 10/1985
- Data as of
- 06/2022
- EIN
- 59-2533809
Organization Overview
Palmer House Inc is located in Lauderdale Lakes, FL. The organization was established in 1985. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, under the broad grouping of Housing & Shelter and related organizations. As of 06/2022, Palmer House Inc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Palmer House Inc 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, Palmer House Inc generated $1.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.9% each year. All expenses for the organization totaled $1.5m during the year ending 06/2022. While expenses have increased by 2.6% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
LOW INCOME ELDERLY HOUSING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
US DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) PROJECT CONSISTING OF RENTAL UNITS FOR LOW INCOME ELDERLY AND HANDICAPPED PERSONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rev Lucien Pierre Treasurer | Trustee | 1 | $0 |
Rev Christopher Marino Director | Trustee | 1 | $0 |
Rev Fernando Orejuela Director | Trustee | 1 | $0 |
Rev Marcos Somarriba President | Trustee | 1 | $0 |
Rev Eduardo Logiste Felix Director | Trustee | 1 | $0 |
Rev Juan J Sosa Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Catholic Housing Management Management & Bookkeeping Services | 6/29/22 | $123,324 |
Jwr Construction Services Inc Sewer Line Replacement | 6/29/22 | $291,799 |
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 | $1,744,486 |
| Investment income | $303 |
| 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 | $1,758,590 |
| 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 | $159,803 |
| Pension plan accruals and contributions | $9,874 |
| Other employee benefits | $19,278 |
| Payroll taxes | $12,571 |
| Fees for services: Management | $118,980 |
| Fees for services: Legal | $459 |
| Fees for services: Accounting | $18,611 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,400 |
| Office expenses | $76,486 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,439 |
| Interest | $168,897 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $368,830 |
| Insurance | $103,992 |
| All other expenses | $46,315 |
| Total functional expenses | $1,518,914 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $220,073 |
| Savings and temporary cash investments | $533,837 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,919 |
| 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 | $12,081 |
| Net Land, buildings, and equipment | $3,198,821 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $31,598 |
| Total assets | $4,001,329 |
| Accounts payable and accrued expenses | $125,203 |
| Grants payable | $0 |
| Deferred revenue | $16,707 |
| 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 | $4,149,172 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $30,173 |
| Total liabilities | $4,321,255 |
| Net assets without donor restrictions | -$319,926 |
| 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 | $4,001,329 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Sunrise Northeast Inc Miami, FL | $3,715,475 | $18,670,620 |
Affordable Housing Preservation Corporation St Augustine, FL | $540,750,555 | $2,294,342 |
Preservation Housing Inc Mobile, AL | $45,095,355 | $8,020,455 |
Nonprofit Housing Preservations Sb Inc Riviera Beach, FL | $13,108,120 | $31,278,179 |
Jewish Association For Residential Care Inc Boca Raton, FL | $7,062,896 | $8,370,046 |
Habitat For Humanity Of Greater Miami Inc Miami, FL | $44,913,698 | $17,755,764 |
Contemporary Housing Alternatives Of Florida Inc Clearwater, FL | $42,120,344 | $6,399,709 |
John Sparks Manor Inc Union City, GA | $0 | $5,675,234 |
Housing And Neighborhood Development Services Of Central Orlando, FL | $22,476,842 | $6,815,149 |
Larry Moore Manor Inc Union City, GA | $0 | $4,277,912 |
Rhg-Afforable Housing Ii Inc Atlanta, GA | $13,550,062 | $7,175,901 |
Broadway Towers Inc Atlanta, GA | $17,531,706 | $3,119,210 |