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Paz Properties INC FY2022 filing

Not tax-deductible

East Boston, MAMutual-benefit / member-servingEIN 04-3206160Revenue $547K in FY2022

On file with the IRSnoahcdc.org143 Border St, 02128-1903 · East Boston, MATax-exempt since Sep 1994

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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

FY2022 · 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
7 mo
of spending, in cash
Looks good: 7.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$4.1M
121% of total assets
Concern: liabilities are 121% of assets; over 80%.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$547K
-4% vs prior year
Spent
$648K
To programs
100%
Net assets
−$726K
By yearFY2020–FY2024
Revenue
$547K
FY2022▼ -4%
Tap a bar for its year
Revenue by fiscal year
FY2020$521K
FY2021$573K
FY2022$547K
FY2023$587K
FY2024$669K
Expenses
$648K
FY2022▲ +9%
Tap a bar for its year
Expenses by fiscal year
FY2020$548K
FY2021$592K
FY2022$648K
FY2023$674K
FY2024$729K
Net assets
−$726K
FY2022▼ -16%
Tap a bar for its year
Net assets by fiscal year
FY2020−$605K
FY2021−$625K
FY2022−$726K
FY2023−$813K
FY2024−$872K

From the FY2022 Form 990 · see the original

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You’re viewing the FY2022 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% · $648K

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

21 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Michael Lake
President (until 2/2022)
$0Pt VII · Sec A
Mark Savatsky
Vice President (until 2/2022)
$0Pt VII · Sec A
$0Pt VII · Sec A
Rick High
Board Member
$0Pt VII · Sec A
Ana Alonzo
Board Member
$0Pt VII · Sec A
David Bryant
Board Member
$0Pt VII · Sec A
Monica Barrera
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.

Questions for Paz Properties INC

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Provided by the organization

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1 program · $648K · in their own filed words · FY2022
01

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

$648Kprogram expense

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$547K
Ln 12
Fees for servicesLn 2g$540K
Other incomeLn 4–11$5K
Investment incomeLn 3$2K
Money outPt IX
$648K
Ln 25
Programscol B$648K
Owns and owesPt X
−$726K
net assets · Ln 32
Cash and savingsLn 1–2$388K
Total assetsLn 16$3.4M
LiabilitiesLn 26$4.1M
PeoplePt VI, VII
21
listed · VII A
PaidVII A0
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$540K
Investment incomeLn 3$2K
Other incomeLn 4–11$5K
Total revenueLn 12$547K
Assets in detailPt X, end of year
CashLn 1$388K
Cash and savings togetherLn 1–2$388K
Land, buildings, equipmentLn 10c$2.5M
Other assetsLn 15$472K
Total assetsLn 16$3.4M
LiabilitiesLn 26$4.1M
Net assetsLn 32−$726K
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 FY22End FY22
Cash and savingsLn 1–2$411K$388K
Land, buildings, equipmentLn 10c$2.6M$2.5M
Total assetsLn 16$3.5M$3.4M
LiabilitiesLn 26$4.1M$4.1M
Net assetsLn 32−$625K−$726K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$34K
Legal feesLn 11b$120
Accounting feesLn 11c$15K
Other fees for servicesLn 11g$78K
Office expensesLn 13$7K
OccupancyLn 16$220K
InterestLn 20$65K
Depreciation, depletion and amortizationLn 22$132K
InsuranceLn 23$41K
Other expenses (24a–d)Ln 24$55K
Total functional expensesLn 25$648K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $669K$729K−$60K−$872K 990 PDF
FY2023 $587K$674K−$87K−$813K 990 PDF
FY2022 Viewing $547K$648K−$101K−$726K 990 PDF
FY2021 $573K$592K−$19K−$625K 990 PDF
FY2020 $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 FY2022 990 (6 parts)
Part I · Summary $547,044 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $557,223$539,559
I-10 Investment incomePrior year $528$2,110
I-11 Other revenuePrior year $14,957$5,375
I-12 Total revenuePrior year $572,708$547,044
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $592,179$647,974
I-18 Total expensesPrior year $592,179$647,974
I-19 Revenue less expensesPrior year −$19,471−$100,930
Part VI · Governance 9 of 9 board members independent, no flags
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $547,044 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $539,559$539,559
VIII-3 Investment incomeExcluded from tax $2,110$2,110
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $5,375$5,375
VIII-12 Total revenueRelated to mission $544,934 · Unrelated business $0 · Excluded from tax $2,110$547,044
Part IX · Statement of functional expenses $647,974 across 10 lines filed
IX-11a Management fees$33,725
IX-11b Legal fees$120
IX-11c Accounting fees$15,400
IX-11g Other fees for services$78,493
IX-13 Office expenses$6,667
IX-16 Occupancy$220,105
IX-20 Interest$65,437
IX-22 Depreciation, depletion and amortization$131,945
IX-23 Insurance$41,365
IX-24 Other expenses (24a–d)$54,717
IX-25 Total functional expenses$647,974
Part X · Balance sheet $3,420,126 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $411,237$387,689
X-4 Accounts receivableStart of year $18,200$54,259
X-9 Prepaid expenses and deferred chargesStart of year $33,354$36,823
X-10c Land, buildings and equipment, netStart of year $2,580,051$2,469,438
X-15 Other assetsStart of year $477,304$471,917
X-16 Total assetsStart of year $3,520,146$3,420,126
X-17 Accounts payable and accrued expensesStart of year $159,108$188,502
X-26 Total liabilitiesStart of year $4,144,837$4,145,747
X-27 Net assets without donor restrictionsStart of year −$831,799−$725,621
X-28 Net assets with donor restrictionsStart of year $207,108$0
X-32 Total net assets or fund balancesStart of year −$624,691−$725,621
X-33 Total liabilities and net assetsStart of year $3,520,146$3,420,126
Part XI · Reconciliation of net assets −$725,621 net assets at year end
XI-1 Total revenue$547,044
XI-2 Total expenses$647,974
XI-3 Revenue less expenses−$100,930
XI-4 Net assets at start of year−$624,691
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$725,621

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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