Lagrange College Property Management Inc
- Assets
- $13.5m
- Revenue
- $101.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Lagrange, GA
- Founding
- 03/2017
- Data as of
- 06/2022
- EIN
- 81-1388812
Organization Overview
Lagrange College Property Management Inc is located in Lagrange, GA. The organization was established in 2017. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lagrange College Property Management Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
LAGRANGE COLLEGE PROPERTY MANAGEMENT IS ORGANIZED FOR THE EXCLUSIVE PURPOSE OF SUPPORTING THE INTERESTS OF LAGRANGE COLLEGE. THE ORGANIZATION WILL ACQUIRE AND DEVELOP REAL ESTATE PROPERTY FOR EXCLUSIVE USE BY LAGRANGE COLLEGE THROUGH A LEASE RELATIONSHIP.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LAGRANGE COLLEGE PROPERTY MANAGEMENT, INC. HAS CONSTRUCTED A 43,000 SQUARE FOOT SCIENCE FACILITY ON THE CORNER OF VERNON STREET AND PARK AVENUE, AT 200 PARK AVENUE, ACROSS THE STREET FROM THE CURRENT CALLAWAY SCIENCE BUILDING. THE NEW FACILITY, COMPLETED IN 2017, HOUSES A STATE OF THE ART LABORATORY SPACE FOR INSTRUCTION IN BIOLOGY, ECOLOGY, ANATOMY, PHYSIOLOGY, CHEMISTRY, AND IMMUNOLOGY. THE NEW IDA CALLAWAY HUDSON SCIENCE BUILDING IS LOCATED WITHIN A CENSUS TRACT THAT IS ELIGIBLE FOR THE NEW MARKET TAX CREDIT PROGRAM. FOR THE COLLEGE TO BENEFIT UNDER THE NMTC PROGRAM, DURING 2016, THE COLLEGE ENTERED INTO A SERIES OF AGREEMENTS AND TRANSACTIONS WITH A CDE AND AN INVESTMENT FUND AFFILIATED WITH A COMMERCIAL BANK. THE COLLEGE FORMED LAGRANGE COLLEGE PROPERTY MANAGEMENT, INC (LCPMI) TO FACILITATE THE TRANSACTION, BY ISSUANCE OF A NOTE RECEIVABLE AGREEMENT TO THE INVESTMENT FUND.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Edward D Smith Director | Trustee | 1 | $0 |
Mitchell Key Director | Trustee | 1 | $0 |
Nancy N Durand Director | Trustee | 1 | $0 |
Robert L Carmichael Jr Director | Trustee | 1 | $0 |
Deborah Hall VP - Finance And Operation | Officer | 1 | $0 |
Susanna Baxter President | Officer | 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 | $101,000 |
| Investment income | $0 |
| 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 | $101,000 |
| 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 | $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 | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $104,218 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $186,163 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $371,483 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $661,864 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $142,032 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $43,871 |
| 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 | $13,237,981 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $72,409 |
| Total assets | $13,496,293 |
| Accounts payable and accrued expenses | $0 |
| 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 | $14,773,016 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,510,696 |
| Total liabilities | $16,283,712 |
| Net assets without donor restrictions | -$2,787,419 |
| 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 | $13,496,293 |