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Reef Barnes Canyon INC

Not tax-deductible

Seattle, WAMutual-benefit / member-servingCommunity DevelopmentEIN 26-3314769Revenue $1.7M in FY2024

On file with the IRS1200 6th Ave Ste 700, 98101-3125 · Seattle, WATax-exempt since Apr 2010

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The entity is organized as a title-holding company, organized solely for the limited purpose of acquiring, owning, improving, leasing, managing, operating and holding for investment purposes real estate located in san diego, ca. The entity remits the net amounts to a qualifying 501(c)(25) parent.

Run by 7 volunteers.
Mission: Form 990 Part I, line 1 · People: Part I, lines 5–6

Before you give

FY2024 · 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
5 of 5
filings with a surplus
Average surplus $862K a year · 56% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Cash reserves
8 mo
of spending, in cash
Looks good: 8.4 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$12K
0.1% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
2
of 2 voting members
Looks good: 2 of 2 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.7M
+3% vs prior year
Spent
$708K
Net assets
$10.7M
By yearFY2020–FY2024
Revenue
$1.7M
FY2024▲ +3%
Tap a bar for its year
Revenue by fiscal year
FY2020$1.4M
FY2021$1.5M
FY2022$1.5M
FY2023$1.6M
FY2024$1.7M
Expenses
$708K
FY2024▲ +5%
Tap a bar for its year
Expenses by fiscal year
FY2020$667K
FY2021$701K
FY2022$685K
FY2023$671K
FY2024$708K
Net assets
$10.7M
FY2024▲ +0.8%
Tap a bar for its year
Net assets by fiscal year
FY2020$11.2M
FY2021$11.0M
FY2022$10.7M
FY2023$10.6M
FY2024$10.7M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

Form 990 (PDF) Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Apr 2010.

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

Who runs it and what they're paid

6 people listed on the 990.

Part VII, Section A · reportable compensation
Cory a Carlson
Vice President
$0Pt VII · Sec A
Patrick S Malley
CEO/President
$0Pt VII · Sec A
Robert Kovecs
Secretary/CFO/Treasurer
$0Pt VII · Sec A
Peter Bury
Vice President
$0Pt VII · Sec A
Jenny Gage
Vice President
$0Pt VII · Sec A
Robin Dean
Vice President
$0Pt VII · Sec A
See Reef Barnes Canyon 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 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Acquires, owns, and manages San Diego real estate, remitting profits to a parent organization.

Questions for Reef Barnes Canyon INC

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Provided by the organization

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1 program · in their own filed words · FY2024
01

Reef barnes canyon, inc. Was organized for the exclusive purpose of acquiring, holding title to, and collecting income from real property, and remitting the entire amount of such income, less expenses, to its sole member, a trust exempt from federal income tax under internal revenue code ("irc") section 501(a) as it is a qualified…

Pt IX · col B

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.7M
Ln 12
Fees for servicesLn 2g$1.7M
Investment incomeLn 3$144
Money outPt IX
$708K
Ln 25
Owns and owesPt X
$10.7M
net assets · Ln 32
Cash and savingsLn 1–2$495K
Total assetsLn 16$10.7M
LiabilitiesLn 26$12K
PeoplePt VI, VII
6
listed · VII A
PaidVII A0
Voting boardVI 1a2
IndependentVI 1b2
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$1.7M
Investment incomeLn 3$144
Total revenueLn 12$1.7M
Assets in detailPt X, end of year
CashLn 1$495K
SavingsLn 2$0
Cash and savings togetherLn 1–2$495K
Land, buildings, equipmentLn 10c$10.1M
Total assetsLn 16$10.7M
LiabilitiesLn 26$12K
Net assetsLn 32$10.7M
OperationsPt I, VI
EmployeesI 50
VolunteersI 67
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 FY24End FY24
Cash and savingsLn 1–2$96K$495K
Land, buildings, equipmentLn 10c$10.3M$10.1M
Total assetsLn 16$10.6M$10.7M
LiabilitiesLn 26$9K$12K
Net assetsLn 32$10.6M$10.7M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$38K
Other fees for servicesLn 11g$10K
OccupancyLn 16$285K
Depreciation, depletion and amortizationLn 22$308K
InsuranceLn 23$66K
Total functional expensesLn 25$708K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $1.7M$708K$985K$10.7M 990 PDF
FY2023 $1.6M$671K$965K$10.6M 990 PDF
FY2022 $1.5M$685K$862K$10.7M 990 PDF
FY2021 $1.5M$701K$754K$11.0M 990 PDF
FY2020 $1.4M$667K$744K$11.2M 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 $1,692,810 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $1,633,391$1,692,666
I-10 Investment incomePrior year $2,808$144
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $1,636,199$1,692,810
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 $670,930$707,535
I-18 Total expensesPrior year $670,930$707,535
I-19 Revenue less expensesPrior year $965,269$985,275
Part VI · Governance 2 of 2 board members independent, 2 to look at
VI-1a Voting members of the governing body2
VI-1b Independent voting members2
VI-2 Family or business relationship among officers or directorsYes
VI-15a Process for setting top official's payNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $1,692,810 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $1,692,666$1,692,666
VIII-3 Investment incomeExcluded from tax $144$144
VIII-12 Total revenueRelated to mission $1,692,666 · Unrelated business $0 · Excluded from tax $144$1,692,810
Part IX · Statement of functional expenses $707,535 across 5 lines filed
IX-11a Management fees$38,309
IX-11g Other fees for services$9,925
IX-16 Occupancy$284,937
IX-22 Depreciation, depletion and amortization$307,908
IX-23 Insurance$66,456
IX-25 Total functional expenses$707,535
Part X · Balance sheet $10,676,114 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $70,904$494,968
X-2 Savings and temporary cash investmentsStart of year $25,113$0
X-4 Accounts receivableStart of year $6,313$4,955
X-9 Prepaid expenses and deferred chargesStart of year $36,680$40,206
X-10c Land, buildings and equipment, netStart of year $10,346,595$10,056,615
X-14 Intangible assetsStart of year $100,536$79,370
X-16 Total assetsStart of year $10,586,141$10,676,114
X-17 Accounts payable and accrued expensesStart of year $9,270$12,428
X-26 Total liabilitiesStart of year $9,270$12,428
X-32 Total net assets or fund balancesStart of year $10,576,871$10,663,686
X-33 Total liabilities and net assetsStart of year $10,586,141$10,676,114
Part XI · Reconciliation of net assets $10,663,686 net assets at year end
XI-1 Total revenue$1,692,810
XI-2 Total expenses$707,535
XI-3 Revenue less expenses$985,275
XI-4 Net assets at start of year$10,576,871
XI-9 Other changes in net assets−$898,460
XI-10 Net assets at end of year$10,663,686

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

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