The Palms Retirement Center Inc
- Assets
- $1.1m
- Revenue
- $399.3k
- Investments
- $0.0
- Employees
- 6
- Location
- Harlingen, TX
- Founding
- 04/1983
- Data as of
- 06/2022
- EIN
- 74-2247344
Organization Overview
The Palms Retirement Center Inc is located in Harlingen, TX. The organization was established in 1983. 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 06/2022, Palms Retirement Center Inc employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Palms Retirement Center 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, Palms Retirement Center Inc generated $399.3k 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 (4.5%) each year. All expenses for the organization totaled $579.0k during the year ending 06/2022. 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
THE PROJECT IS OPERATED AS AN APARTMENT COMPLEX OF 18 EFFICIENCY AND 45 ONE BEDROOM UNITS FOR ELDERLY OR DISABLED PERSONS WITH LOW INCOME.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THIS ORGANIZATION PROVIDES FEDERALLY-SUBSIDIZED HOUSING AND A SAFE, SANITARY ENVIRONMENT FOR ELDERLY OR DISABLED PERSONS WITH A LOW INCOME. THE ORGANIZATION PROVIDES 18 EFFICIENCY AND 45 ONE-BEDROOM UNITS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Melvin D Justice President | OfficerTrustee | 0 | $0 |
Mike Sullivan Vice President | OfficerTrustee | 0 | $0 |
Edward H Wittington Secretary | OfficerTrustee | 0 | $0 |
Dan M Hatfield Director | Trustee | 0 | $0 |
Rachel Hendrix Director | Trustee | 0 | $0 |
Sylvia Hembree Director | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $162,827 |
| 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 | $162,827 |
| Total Program Service Revenue | $222,403 |
| Investment income | $68 |
| 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 | $399,317 |
| 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. | $45,231 |
| Compensation of current officers, directors, key employees. | $6,785 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $70,024 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $14,875 |
| Payroll taxes | $9,403 |
| Fees for services: Management | $35,289 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $14,400 |
| Advertising and promotion | $0 |
| Office expenses | $17,699 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $61,600 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $86,904 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $65,749 |
| Insurance | $60,808 |
| All other expenses | $0 |
| Total functional expenses | $579,013 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $18,797 |
| Savings and temporary cash investments | $230,937 |
| Pledges and grants receivable | $0 |
| 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 | $60,747 |
| Net Land, buildings, and equipment | $748,374 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $425 |
| Total assets | $1,059,280 |
| Accounts payable and accrued expenses | $12,736 |
| 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 | $1,474,377 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $16,309 |
| Total liabilities | $1,503,422 |
| Net assets without donor restrictions | -$444,142 |
| 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 | $1,059,280 |