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Paz Properties INC FY2020 filing

Not tax-deductible

East Boston, MAMutual-benefit / member-servingEIN 04-3206160

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The organization was formed for the exclusive purpose of holding title to real property located in east boston and to collect rental income from the the property and remit all income less expenses to neighborhood of affordable housing, INC., a 501(c)(3) public charity organization.

100¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
0 of 5
filings with a surplus
Average deficit $59K a year · 10% of revenue · last 5 filings
Concern: a surplus in 0 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
8 mo
of spending, in cash
Looks good: 7.9 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$4.1M
117% of total assets
Concern: liabilities are 117% of assets; over 80%.
Pt X · Ln 26
Independent board members
14
of 14 voting members
Looks good: 14 of 14 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$521K
Spent
$548K
To programs
100%
Net assets
−$605K
By yearFY2020–FY2024
Revenue
$521K
FY2020
Revenue by fiscal year
FY2020$521K
FY2021$573K
FY2022$547K
FY2023$587K
FY2024$669K
Expenses
$548K
FY2020
Expenses by fiscal year
FY2020$548K
FY2021$592K
FY2022$648K
FY2023$674K
FY2024$729K
Net assets
−$605K
FY2020
Net assets by fiscal year
FY2020−$605K
FY2021−$625K
FY2022−$726K
FY2023−$813K
FY2024−$872K

From the FY2020 Form 990 · see the original

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You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Sep 1994.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $548K

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

17 people listed on the 990.

Part VII, Section A · reportable compensation
Philip R Giffee
Executive Director
$0Pt VII · Sec A
Vinny Qualtieri
Director of Finance
$0Pt VII · Sec A
Michael Lake
President
$0Pt VII · Sec A
Mark Savatsky
Vice President
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Ricardo Patron
Board Member
$0Pt VII · Sec A
Orlando Pacheco
Board Member
$0Pt VII · Sec A
See Paz Properties INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Owns property, collects rent, and sends income to an affordable housing charity.

Provided by the organization

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1 program · $548K · in their own filed words · FY2020
01

Provides 27 units of residential housing to low to moderate income individuals and families.

$548Kprogram expense

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$521K
Ln 12
Fees for servicesLn 2g$512K
Other incomeLn 4–11$8K
Investment incomeLn 3$1K
Money outPt IX
$548K
Ln 25
Programscol B$548K
Owns and owesPt X
−$605K
net assets · Ln 32
Cash and savingsLn 1–2$361K
Total assetsLn 16$3.5M
LiabilitiesLn 26$4.1M
PeoplePt VI, VII
17
listed · VII A
PaidVII A0
Voting boardVI 1a14
IndependentVI 1b14
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$512K
Investment incomeLn 3$1K
Other incomeLn 4–11$8K
Total revenueLn 12$521K
Assets in detailPt X, end of year
CashLn 1$361K
Cash and savings togetherLn 1–2$361K
Land, buildings, equipmentLn 10c$2.7M
Other assetsLn 15$455K
Total assetsLn 16$3.5M
LiabilitiesLn 26$4.1M
Net assetsLn 32−$605K
OperationsPt I, VI
EmployeesI 50
VolunteersI 614
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$314K$361K
Land, buildings, equipmentLn 10c$2.8M$2.7M
Total assetsLn 16$3.6M$3.5M
LiabilitiesLn 26$4.1M$4.1M
Net assetsLn 32−$579K−$605K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$34K
Legal feesLn 11b$250
Accounting feesLn 11c$12K
Other fees for servicesLn 11g$16K
Office expensesLn 13$6K
OccupancyLn 16$207K
InterestLn 20$40K
Depreciation, depletion and amortizationLn 22$130K
InsuranceLn 23$38K
Other expenses (24a–d)Ln 24$65K
Total functional expensesLn 25$548K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $669K$729K−$60K−$872K 990 PDF
FY2023 $587K$674K−$87K−$813K 990 PDF
FY2022 $547K$648K−$101K−$726K 990 PDF
FY2021 $573K$592K−$19K−$625K 990 PDF
FY2020 Viewing $521K$548K−$27K−$605K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2020 990 (4 parts)
Part VIII · Statement of revenue $521,152 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $512,144$512,144
VIII-3 Investment incomeExcluded from tax $1,118$1,118
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $7,890$7,890
VIII-12 Total revenueRelated to mission $520,034 · Unrelated business $0 · Excluded from tax $1,118$521,152
Part IX · Statement of functional expenses $547,865 across 10 lines filed
IX-11a Management fees$33,725
IX-11b Legal fees$250
IX-11c Accounting fees$12,000
IX-11g Other fees for services$16,227
IX-13 Office expenses$5,603
IX-16 Occupancy$206,610
IX-20 Interest$40,450
IX-22 Depreciation, depletion and amortization$129,817
IX-23 Insurance$37,709
IX-24 Other expenses (24a–d)$65,474
IX-25 Total functional expenses$547,865
Part X · Balance sheet $3,522,266 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $313,674$360,591
X-4 Accounts receivableStart of year $6,096$12,078
X-9 Prepaid expenses and deferred chargesStart of year $30,417$31,502
X-10c Land, buildings and equipment, netStart of year $2,768,825$2,663,228
X-15 Other assetsStart of year $445,207$454,867
X-16 Total assetsStart of year $3,564,219$3,522,266
X-17 Accounts payable and accrued expensesStart of year $103,878$114,702
X-25 Other liabilitiesStart of year $769$140
X-26 Total liabilitiesStart of year $4,142,726$4,127,486
X-27 Net assets without donor restrictionsStart of year −$785,615−$812,328
X-28 Net assets with donor restrictionsStart of year $207,108$207,108
X-32 Total net assets or fund balancesStart of year −$578,507−$605,220
X-33 Total liabilities and net assetsStart of year $3,564,219$3,522,266
Part XI · Reconciliation of net assets −$605,220 net assets at year end
XI-1 Total revenue$521,152
XI-2 Total expenses$547,865
XI-3 Revenue less expenses−$26,713
XI-4 Net assets at start of year−$578,507
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$605,220

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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