Pursuit Foundation
- Assets
- $65.9m
- Revenue
- $12.9m
- Investments
- $0.0
- Employees
- 0
- Location
- Houston, TX
- Founding
- 08/1981
- Data as of
- 06/2021
- EIN
- 74-2179425
Organization Overview
Pursuit Foundation, operating under the name The Center Foundation, is located in Houston, TX. The organization was established in 1981. According to its NTEE Classification (P82) the organization is classified as: Developmentally Disabled Centers, under the broad grouping of Human Services and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Center 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 06/2021, Center Foundation generated $12.9m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.5% each year. All expenses for the organization totaled $20.2m during the year ending 06/2021. 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
SUPPORTING ORGANIZATION FOR THE CENTER FOR PURSUIT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE SCHEDULE OPROVIDE FINANCIAL SUPPORT FOR THE CENTER FOR PURSUIT, TO ENSURE IT CAN PROVIDE RESIDENTIAL, VOCATIONAL, AND DAY SERVICES THAT PROMOTE INDIVIDUAL CHOICE, PERSONAL GROWTH, AND INDEPENDENCE FOR ADULTS WITH DEVELOPMENTAL DISABILITIES. IN FISCAL YEAR 2021 THE FOUNDATION SECURED NEW MARKET TAX CREDITS (NMTC) FINANCING FOR THE CONSTRUCTION OF THE WELCOME CENTER AND WELLNESS BUILDING AND TO HOLD OWNERSHIP OF THIS PROPERTY.THE FOUNDATION EXECUTED LOAN AGREEMENTS WITH COMMUNITY DEVELOPMENT ENTITIES TO FINANCE THE CONSTRUCTION OF THE NEW WELCOME CENTER AND WELLNESS BUILDING AND ARE INTENDED TO BE TREATED AS A "QUALIFIED LOW-INCOME COMMUNITY INVESTMENT" FOR PURPOSES OF GENERATING NEW MARKET TAX CREDITS UNDER SECTION 45D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. THE LOANS ARE SECURED BY A PROPERTY DEED OF TRUST, SECURITY AGREEMENT, ASSIGNMENT OF RENTS AND FINANCING STATEMENTS, CERTAIN BANK ACCOUNTS, AND FIXTURE FILING ON THIS PROPERTY AND A GUARANTY BY THE CENTER.THE FOUNDATION, TRANSFERRED $18,366,800 TO THE CENTER TO FUND THE NOTE DESCRIBED IN THE NEXT PARAGRAPH. THE CENTER ENTERED INTO AN AGREEMENT ON DECEMBER 29, 2020 TO LEND $18,366,800 TO CENTER FOR PURSUIT INVESTMENT FUND, LLC (NMTC FUND). THE NOTE IS SECURED BY NMTC FUND'S MEMBERSHIP INTEREST IN URBAN DEVELOPMENT FUND 58, LLC, PEOPLEFUND NMTC 18, LLC, NEW MARKET INVESTMENT 131, LLC AND TMC SUB-CDE 44, LLC (COLLECTIVELY THE SUB-CDES) AND OTHER CASH ACCOUNTS AND PROPERTY HELD BY A SECURED PARTY. THE INTEREST RATE ON THE NOTE IS FIXED AT 1%. INTEREST IS DUE QUARTERLY BEGINNING MARCH 25, 2021 UNTIL MARCH 2028. THEREAFTER, PRINCIPAL AND INTEREST PAYMENTS ARE DUE QUARTERLY WITH ALL UNPAID PRINCIPAL AND INTEREST DUE ON DECEMBER 29, 2050, THE MATURITY DATE. INTEREST EARNED AND RECEIVED WAS$91,834 IN 2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Glen Shepard President | OfficerTrustee | 4 | $0 |
David Cunningham Treasurer | OfficerTrustee | 4 | $0 |
Shaheen Ladhani Secretary | OfficerTrustee | 4 | $0 |
Charles Canton CEO | Officer | 5 | $0 |
David Pomerantz CFO | Officer | 5 | $0 |
David Baldwin Trustee | Trustee | 4 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Gensler Architect | 6/29/21 | $626,876 |
De Harvey Builders Inc Contractor | 6/29/21 | $10,945,346 |
Mars Mercantile Architect | 6/29/21 | $473,778 |
East End Development Partners Project Manager | 6/29/21 | $275,472 |
Sterling Associates Fundraising | 6/29/21 | $180,092 |
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 | $5,198,561 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,198,561 |
| Total Program Service Revenue | $0 |
| Investment income | $150,068 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $7,537,351 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $12,885,980 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $18,516,800 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $180,000 |
| Fees for services: Investment Management | $36,782 |
| Fees for services: Other | $84,014 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $634,743 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $187,902 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $342,307 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $20,239,424 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,317,165 |
| Savings and temporary cash investments | $8,521,062 |
| Pledges and grants receivable | $2,397,697 |
| Accounts receivable, net | $0 |
| 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 | $65,510 |
| Net Land, buildings, and equipment | $37,276,653 |
| Investments—publicly traded securities | $9,185,684 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,092,128 |
| Total assets | $65,855,899 |
| Accounts payable and accrued expenses | $3,362,244 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $2,521,419 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $20,658,314 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $26,541,977 |
| Net assets without donor restrictions | $24,497,100 |
| Net assets with donor restrictions | $14,816,822 |
| 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 | $65,855,899 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Pursuit Foundation has recieved totaling $122,500.
| Awarding Organization | Amount |
|---|---|
Fidelity Investments Charitable Gift Fund Boston, MA PURPOSE: For grant recipient's exempt purposes | $62,500 |
Brown Foundation Inc Houston, TX PURPOSE: ADULT ACTIVITY CENTER | $60,000 |
Endowment Analysis
| Beg. Balance | $1,306,311 |
| Earnings | $309,415 |
| Other Expense | $130,732 |
| Ending Balance | $1,484,994 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Bost Inc Fort Smith, AR | $31,302,190 | $39,844,873 |
First Step Inc Hot Springs, AR | $25,350,913 | $29,227,176 |
Helping Restore Ability Arlington, TX | $3,378,629 | $25,998,011 |
Arc Of Acadiana Inc New Iberia, LA | $47,064,233 | $25,738,981 |
Hhi Services Inc San Antonio, TX | $6,316,586 | $22,157,883 |
Dale Rogers Training Center Inc Oklahoma City, OK | $23,175,089 | $21,069,143 |
Pursuit Foundation Houston, TX | $65,855,899 | $12,885,980 |
Mental Health Mental Retardation Authority Of Brazos Valley Bryan, TX | $8,010,421 | $17,030,112 |
Westside Habilitation Center Alexandria, LA | $32,218,958 | $21,389,124 |
The Arc Caddo-Bossier Shreveport, LA | $19,493,139 | $16,301,333 |
Home Of Hope Inc Vinita, OK | $9,542,630 | $17,584,477 |
Rainbow Of Challenges Inc Hope, AR | $14,503,982 | $15,809,301 |