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508 Thurston Corp

Not tax-deductible

Ithaca, NY501(c)(7)Education EIN 16-0916142Revenue $706K in FY2025

On file with the IRS410 E Upland Rd Ste 1, 14850-2551 · Ithaca, NYTax-exempt since Nov 2011

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Provides housing and fellowship to its members

501(c)(7) social or recreational club; gifts are not tax-deductible as charitable contributions.
Run by 4 volunteers and 3 employees.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · People: Part I, lines 5–6

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FY2025 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(7)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
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
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $142K a year · 22% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Cash reserves
35 mo
of spending, in cash
Looks good: 35.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$45K
2% of total assets
Looks good: liabilities are 2% of assets; 50% or less.
Pt X · Ln 26
Independent board members
4
of 4 voting members
Looks good: 4 of 4 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$706K
-3% vs prior year
Spent
$567K
Net assets
$2.5M
By yearFY2021–FY2025
Revenue
$706K
FY2025▼ -3%
Tap a bar for its year
Revenue by fiscal year
FY2021$477K
FY2022$603K
FY2023$652K
FY2024$727K
FY2025$706K
Expenses
$567K
FY2025▲ +11%
Tap a bar for its year
Expenses by fiscal year
FY2021$389K
FY2022$463K
FY2023$525K
FY2024$510K
FY2025$567K
Net assets
$2.5M
FY2025▲ +6%
Tap a bar for its year
Net assets by fiscal year
FY2021$1.8M
FY2022$2.0M
FY2023$2.1M
FY2024$2.3M
FY2025$2.5M

From the FY2025 Form 990 (year ending June 2025) · figures checked against the IRS filing · see the original

990 PDF Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Nov 2011.

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

Who runs it and what they're paid

4 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII
$0Pt VII · Sec A
Lynn Lapierre
Vice President
$0Pt VII · Sec A
$0Pt VII · Sec A
Meredith Clark Shachoy
VP of House Operations
$0Pt VII · Sec A
See 508 Thurston Corp 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 15aNo

Programs and updates

Offers housing and community support to members.

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Provided by the organization

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1 program · in their own filed words · FY2024
01

To provide housing and fellowship to members and alumnae of college sorority.

Pt IX · col B

By the numbers

The FY2025 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$706K
Ln 12
Fees for servicesLn 2g$695K
Gifts and grantsLn 1h$10K
Investment incomeLn 3$530
Money outPt IX
$567K
Ln 25
Owns and owesPt X
$2.5M
net assets · Ln 32
Cash and savingsLn 1–2$1.7M
Total assetsLn 16$2.5M
LiabilitiesLn 26$45K
PeoplePt VI, VII
4
listed · VII A
PaidVII A0
Voting boardVI 1a4
IndependentVI 1b4
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$10K
Fees for servicesLn 2g$695K
Investment incomeLn 3$530
Total revenueLn 12$706K
Assets in detailPt X, end of year
CashLn 1$1.6M
SavingsLn 2$70K
Cash and savings togetherLn 1–2$1.7M
Land, buildings, equipmentLn 10c$750K
Total assetsLn 16$2.5M
LiabilitiesLn 26$45K
Net assetsLn 32$2.5M
OperationsPt I, VI
EmployeesI 53
VolunteersI 64
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY25End FY25
Cash and savingsLn 1–2$1.5M$1.7M
Land, buildings, equipmentLn 10c$764K$750K
Total assetsLn 16$2.4M$2.5M
LiabilitiesLn 26$37K$45K
Net assetsLn 32$2.3M$2.5M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$69K
Other employee benefitsLn 9$90
Payroll taxesLn 10$7K
Legal feesLn 11b$2K
Accounting feesLn 11c$33K
Other fees for servicesLn 11g$23K
Office expensesLn 13$2K
OccupancyLn 16$191K
Depreciation, depletion and amortizationLn 22$36K
InsuranceLn 23$10K
Other expenses (24a–d)Ln 24$194K
All other expensesLn 24e$389
Total functional expensesLn 25$567K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $706K$567K$139K$2.5M 990 PDF
FY2024 $727K$510K$217K$2.3M 990 PDF
FY2023 $652K$525K$127K$2.1M 990 PDF
FY2022 $603K$463K$141K$2.0M 990 PDF
FY2021 $477K$389K$88K$1.8M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2025 990 (6 parts)
Part I · Summary $705,780 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $57,086$10,022
I-9 Program service revenuePrior year $669,609$695,228
I-10 Investment incomePrior year $475$530
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $727,170$705,780
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 $66,283$75,931
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $443,485$491,339
I-18 Total expensesPrior year $509,768$567,270
I-19 Revenue less expensesPrior year $217,402$138,510
Part VI · Governance 4 of 4 board members independent, 3 to look at
VI-1a Voting members of the governing body4
VI-1b Independent voting members4
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
Part VIII · Statement of revenue $705,780 across 5 lines filed
Lines not itemized here account for $300 of total revenue; see the IRS return.
VIII-1f All other contributions, gifts and grants$10,022
VIII-1h Total contributions, gifts and grants$10,022
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $694,928$694,928
VIII-3 Investment incomeUnrelated business $530$530
VIII-12 Total revenueRelated to mission $695,228 · Unrelated business $530 · Excluded from tax $0$705,780
Part IX · Statement of functional expenses $567,270 across 12 lines filed
IX-7 Other salaries and wages$68,718
IX-9 Other employee benefits$90
IX-10 Payroll taxes$7,123
IX-11b Legal fees$2,391
IX-11c Accounting fees$33,439
IX-11g Other fees for services$22,503
IX-13 Office expenses$1,916
IX-16 Occupancy$191,089
IX-22 Depreciation, depletion and amortization$35,574
IX-23 Insurance$10,478
IX-24 Other expenses (24a–d)$193,560
IX-24e All other expenses$389
IX-25 Total functional expenses$567,270
Part X · Balance sheet $2,508,396 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $1,473,536$1,595,326
X-2 Savings and temporary cash investmentsStart of year $69,562$69,611
X-4 Accounts receivableStart of year $42,490$78,869
X-8 Inventories for sale or useStart of year $600$100
X-9 Prepaid expenses and deferred chargesStart of year $12,068$14,427
X-10c Land, buildings and equipment, netStart of year $763,850$750,063
X-16 Total assetsStart of year $2,362,106$2,508,396
X-17 Accounts payable and accrued expensesStart of year $18,151$25,931
X-25 Other liabilitiesStart of year $19,000$19,000
X-26 Total liabilitiesStart of year $37,151$44,931
X-32 Total net assets or fund balancesStart of year $2,324,955$2,463,465
X-33 Total liabilities and net assetsStart of year $2,362,106$2,508,396
Part XI · Reconciliation of net assets $2,463,465 net assets at year end
XI-1 Total revenue$705,780
XI-2 Total expenses$567,270
XI-3 Revenue less expenses$138,510
XI-4 Net assets at start of year$2,324,955
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$2,463,465

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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