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508 Thurston Corp FY2024 filing

Not tax-deductible

Ithaca, NY501(c)(7)EducationEIN 16-0916142Revenue $727K in FY2024

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

Mission: Form 990 Part I, line 1

Before you give

FY2024 · 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
36 mo
of spending, in cash
Looks good: 36.3 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$37K
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
$727K
+12% vs prior year
Spent
$510K
Net assets
$2.3M
By yearFY2021–FY2025
Revenue
$727K
FY2024▲ +12%
Tap a bar for its year
Revenue by fiscal year
FY2021$477K
FY2022$603K
FY2023$652K
FY2024$727K
FY2025$706K
Expenses
$510K
FY2024▼ -3%
Tap a bar for its year
Expenses by fiscal year
FY2021$389K
FY2022$463K
FY2023$525K
FY2024$510K
FY2025$567K
Net assets
$2.3M
FY2024▲ +10%
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 FY2024 Form 990 (year ending June 2024) · see the original

Form 990 (PDF) Claim
You’re viewing the FY2024 filing — not the latest on file. See the latest (FY2025) →

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 (FY2023); the FY2024 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.

Questions for 508 Thurston Corp

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Provided by the organization

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1 program · in their own filed words · FY2023
01

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

Pt IX · col B

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$727K
Ln 12
Fees for servicesLn 2g$670K
Gifts and grantsLn 1h$57K
Investment incomeLn 3$475
Money outPt IX
$510K
Ln 25
Owns and owesPt X
$2.3M
net assets · Ln 32
Cash and savingsLn 1–2$1.5M
Total assetsLn 16$2.4M
LiabilitiesLn 26$37K
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$57K
Fees for servicesLn 2g$670K
Investment incomeLn 3$475
Total revenueLn 12$727K
Assets in detailPt X, end of year
CashLn 1$1.5M
SavingsLn 2$70K
Cash and savings togetherLn 1–2$1.5M
Land, buildings, equipmentLn 10c$764K
Total assetsLn 16$2.4M
LiabilitiesLn 26$37K
Net assetsLn 32$2.3M
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 FY24End FY24
Cash and savingsLn 1–2$1.3M$1.5M
Land, buildings, equipmentLn 10c$773K$764K
Total assetsLn 16$2.1M$2.4M
LiabilitiesLn 26$25K$37K
Net assetsLn 32$2.1M$2.3M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$58K
Payroll taxesLn 10$8K
Legal feesLn 11b$4K
Accounting feesLn 11c$28K
Other fees for servicesLn 11g$21K
Office expensesLn 13$479
OccupancyLn 16$177K
Depreciation, depletion and amortizationLn 22$34K
InsuranceLn 23$10K
Other expenses (24a–d)Ln 24$168K
All other expensesLn 24e$286
Total functional expensesLn 25$510K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $706K$567K$139K$2.5M 990 PDF
FY2024 Viewing $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 I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (6 parts)
Part I · Summary $727,170 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $2,500$57,086
I-9 Program service revenuePrior year $648,878$669,609
I-10 Investment incomePrior year $444$475
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $651,822$727,170
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 $71,395$66,283
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $453,561$443,485
I-18 Total expensesPrior year $524,956$509,768
I-19 Revenue less expensesPrior year $126,866$217,402
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 $727,170 across 5 lines filed
VIII-1f All other contributions, gifts and grants$57,086
VIII-1h Total contributions, gifts and grants$57,086
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $669,609$669,609
VIII-3 Investment incomeUnrelated business $475$475
VIII-12 Total revenueRelated to mission $669,609 · Unrelated business $475 · Excluded from tax $0$727,170
Part IX · Statement of functional expenses $509,768 across 11 lines filed
IX-7 Other salaries and wages$58,230
IX-10 Payroll taxes$8,053
IX-11b Legal fees$3,832
IX-11c Accounting fees$28,280
IX-11g Other fees for services$20,976
IX-13 Office expenses$479
IX-16 Occupancy$177,189
IX-22 Depreciation, depletion and amortization$34,142
IX-23 Insurance$10,442
IX-24 Other expenses (24a–d)$167,859
IX-24e All other expenses$286
IX-25 Total functional expenses$509,768
Part X · Balance sheet $2,362,106 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $1,268,566$1,473,536
X-2 Savings and temporary cash investmentsStart of year $50,526$69,562
X-4 Accounts receivableStart of year $28,390$42,490
X-8 Inventories for sale or useStart of year $300$600
X-9 Prepaid expenses and deferred chargesStart of year $13,671$12,068
X-10c Land, buildings and equipment, netStart of year $773,411$763,850
X-16 Total assetsStart of year $2,134,864$2,362,106
X-17 Accounts payable and accrued expensesStart of year $24,810$18,151
X-25 Other liabilitiesStart of year $0$19,000
X-26 Total liabilitiesStart of year $24,810$37,151
X-32 Total net assets or fund balancesStart of year $2,110,054$2,324,955
X-33 Total liabilities and net assetsStart of year $2,134,864$2,362,106
Part XI · Reconciliation of net assets $2,324,955 net assets at year end
XI-1 Total revenue$727,170
XI-2 Total expenses$509,768
XI-3 Revenue less expenses$217,402
XI-4 Net assets at start of year$2,110,054
XI-8 Prior period adjustments−$2,501
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$2,324,955

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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