Midpen Property Management Corporation

Organization Overview

Midpen Property Management Corporation is located in Foster City, CA. The organization was established in 1971. 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 12/2021, Midpen Property Management Corporation employed 659 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Midpen Property Management 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 12/2021, Midpen Property Management Corporation generated $16.6m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 13.9% each year . All expenses for the organization totaled $16.8m during the year ending 12/2021. While expenses have increased by 14.5% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

THE CORPORATION PROVIDES PROPERTY MANAGEMENT AND SUPPORT SERVICES IN CONNECTION WITH THE DEVELOPMENT, OPERATION AND PRESERVATION OF HOUSING FOR LOW INCOME, ELDERLY AND DISABLED PERSONS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

THE CORPORATION PROVIDES PROPERTY MANAGEMENT AND SUPPORT SERVICES IN CONNECTION WITH THE DEVELOPMENT, OPERATION AND PRESERVATION OF HOUSING FOR LOW INCOME, ELDERLY, AND DISABLED PERSONS.


IN 2020, MIDPEN MANAGEMENT (THE ENTITY THAT PROCESSES EMPLOYEE PAYROLL) APPLIED FOR AND RECEIVED AN $8.4M PPP LOAN UNDER THE CARES ACT. OF THE $8.4M APPLIED, $0.4M REPRESENTED MIDPEN MANAGEMENT'S SHARE OF QUALIFIED COSTS AND THE REMAINING $8.0M REPRESENTED QUALIFIED COSTS OF THE MANAGED PROPERTIES.IN JUNE 2021, THE ENTITY WAS NOTIFIED THAT THE SBA-BACKED LOAN WAS FORGIVEN FOR THE FULL AMOUNT AND THEREFORE RECOGNIZED AS FORGIVENESS OF DEBT ON THE AUDITED FINANCIAL STATEMENTS. THE 2021 RETURN REFLECTS A BOOK VERSUS TAX GROSS-UP PRESENTATION DIFFERENCE TO REFLECT THE $8.4M FORGIVENESS INCOME AND THE $8.0M COST OF MANAGED PROPERTIES (PRESENTED ON PART IX, LINE 24.A).


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Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $8,428,640
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$8,428,640
Total Program Service Revenue$8,511,568
Investment income $80
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 $16,638,795

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