Margate Terrace Development Corporation
- Assets
- $866.7k
- Revenue
- $32.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Margate, NJ
- Founding
- 08/2017
- Data as of
- 06/2023
- EIN
- 81-5019694
Organization Overview
Margate Terrace Development Corporation is located in Margate, NJ. The organization was established in 2017. According to its NTEE Classification (L19) the organization is classified as: Support N.E.C., 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. Margate Terrace Development Corporation 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 06/2023, Margate Terrace Development Corporation generated $32.8k 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 (38.4%) each year. All expenses for the organization totaled $15.0k during the year ending 06/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
SERVE AS DEVELOPER AND PROVIDE SUPPORT FOR MARGATE TERRACE CORPORATION, A NJ NONPROFIT CORPORATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING THE FISCAL YEAR ENDED 06-30-17, MARGATE TERRACE DEVELOPMENT CORPORATION ASSISTED MARGATE TERRACE CORPORATION, A NEW JERSEY NONPROFIT CORPORATION, IN SECURING A NEW LOAN TO BEGIN MAJOR REPAIRS AND IMPROVEMENTS TO A 75 UNIT LOW-INCOME ELDERLY AND DISABLED RENTAL APARTMENT PROJECT OWNED BY MARGATE TERRACE CORPORATION. REPAIRS AND REHABILITATION HAVE BEGUN AND MARGATE TERRACE DEVELOPMENT CORPORATION, IN CONNECTION THEREWITH, WAS PAID A FEE FOR SUCH SERVICES. IN YEARS SUBSEQUENT, FUNDS HAVE BEEN ADVANCED TO MARGATE TERRACE CORPORATION TO PROVIDE FOR REPAIRS, ENGINEERING STUDIES, ETC.DURING FISCAL YEAR ENDED 06-30-21, MARGATE TERRACE DEVELOPMENT CORPORATION PROVIDED FINANCIAL SUPPORT FOR THE BENEFIT OF MARGATE TERRACE CORPORATION IN THE TOTAL AMOUNT OF $2,134 TO ASSIST IN PROVIDING FUNDING FOR OPERATIONS. DURING FISCAL YEAR ENDED 06-30-23, AND CURRENTLY, FUNDS ARE AVAILABLE TO PROVIDE FINANCIAL SUPPORT FOR THE BENEFIT OF MARGATE TERRACE CORPORATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Daniel Campbell Trustee/president | OfficerTrustee | 1 | $0 |
Jennifer Wagner Trustee/vice President | OfficerTrustee | 0.5 | $0 |
Jennifer Seligsohn Trustee/secretary | OfficerTrustee | 0.5 | $0 |
Chuck Labarre Trustee/treasurer | OfficerTrustee | 0.5 | $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 | $0 |
| Investment income | $31,755 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$3,269 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $32,754 |
| 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 | $12,359 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| 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 | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,676 |
| All other expenses | $0 |
| Total functional expenses | $15,035 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $489 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $683,406 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $182,767 |
| Total assets | $866,662 |
| Accounts payable and accrued expenses | $4,925 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $4,925 |
| Net assets without donor restrictions | $0 |
| 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 | $861,737 |
| Total liabilities and net assets/fund balances | $866,662 |