Partnership Inc
- Assets
- $42.0m
- Revenue
- $9.6m
- Investments
- $0.0
- Employees
- 0
- Location
- Riviera Beach, FL
- Founding
- 08/1996
- Data as of
- 12/2022
- EIN
- 65-0522900
Organization Overview
Partnership Inc is located in Riviera Beach, FL. The organization was established in 1996. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Partnership 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 12/2022, Partnership Inc generated $9.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.4% each year. All expenses for the organization totaled $9.0m during the year ending 12/2022. While expenses have increased by 7.0% 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
MANAGEMENT & DEVELOPMENT OF LOW-INCOME HOUSING -- OFFICE SPACE FOR NON-PROFIT ORGANIZATIONS -- SOCIAL SERVICES IN MANAGED HOUSING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOUSING PROGRAMS MANAGEMENT AND DEVELOPMENT OF LOW INCOME SUPPORTIVE HOUSING.
SUPPORTIVE HOUSING
MULTIPLE APARTMENT COMPLEXES PROVIDING HOUSING FOR LOW-INCOME INDIVIDUALS AND FAMILIES.
OFFICE SPACE OFFERED TO NON PROFIT PROVIDERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Geach Board Member | Trustee | 0.5 | $0 |
Michael F Laporta Board Member | Trustee | 0.5 | $0 |
John Corbett Executive Director/ceo | OfficerTrustee | 40 | $571,903 |
Hugh Jacobs Evp/coo | Officer | 40 | $269,543 |
Jamie Williamson Assistant Vice President | Officer | 40 | $110,040 |
Douglas Kohn Director Of Asset Manageme | Officer | 40 | $134,949 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $51,287 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $216,926 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $268,213 |
| Total Program Service Revenue | $8,724,021 |
| Investment income | $1,046,219 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$398,749 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,639,704 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,000 |
| 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. | $1,003,215 |
| Compensation of current officers, directors, key employees. | $803,215 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,028,179 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $125 |
| Payroll taxes | $28,812 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,042 |
| Fees for services: Accounting | $14,864 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $155,170 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $87,828 |
| Information technology | $14,987 |
| Royalties | $0 |
| Occupancy | $98,845 |
| Travel | $17,924 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $17,051 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $132,285 |
| Insurance | $117,228 |
| All other expenses | $18,143 |
| Total functional expenses | $8,989,964 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,270,866 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $340,316 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,547,027 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $54,973 |
| Net Land, buildings, and equipment | $1,659,342 |
| Investments—publicly traded securities | $36,848,340 |
| Investments—other securities | $0 |
| Investments—program-related | $249,132 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $41,969,996 |
| Accounts payable and accrued expenses | $219,005 |
| Grants payable | $0 |
| Deferred revenue | $71,207 |
| 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 | $607,483 |
| Total liabilities | $897,695 |
| Net assets without donor restrictions | $41,072,301 |
| 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 | $41,969,996 |