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Isles Properties INC FY2021 filing

Not tax-deductible

Trenton, NJMutual-benefit / member-servingCommunity Development EIN 55-0799217Revenue $116K in FY2021

On file with the IRSisles.org10 Wood Street, 08618-3921 · Trenton, NJTax-exempt since Jun 2004

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Isles Properties is the holding company for several Properties that are used for Isles, INC.'s community real estate development.

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

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FY2021 · 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 $140K a year · 195% 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
1 mo
of spending, in cash
Fine: 1.3 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$3.7M
148% of total assets
Concern: liabilities are 148% of assets; over 80%.
Pt X · Ln 26
Independent board members
2
of 4 voting members
Fine: 2 of 4 voting members are independent, half.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$116K
+133% vs prior year
Spent
$223K
To programs
100%
Net assets
−$1.2M
By yearFY2020–FY2024
Revenue
$116K
FY2021▲ +133%
Tap a bar for its year
Revenue by fiscal year
FY2020$50K
FY2021$116K
FY2022$58K
FY2023$69K
FY2024$65K
Expenses
$223K
FY2021▲ +11%
Tap a bar for its year
Expenses by fiscal year
FY2020$201K
FY2021$223K
FY2022$193K
FY2023$218K
FY2024$224K
Net assets
−$1.2M
FY2021▼ -12%
Tap a bar for its year
Net assets by fiscal year
FY2020−$1.1M
FY2021−$1.2M
FY2022−$1.3M
FY2023−$1.5M
FY2024−$1.6M

From the FY2021 Form 990 · see the original

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You’re viewing the FY2021 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 Jun 2004.

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% · $223K

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

7 people listed on the 990.

Part VII, Section A · reportable compensation
John Hart
Chief Operating Officer and Secretarty
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Sean Jackson
Chief Executive Officer and Trustee
$0Pt VII · Sec A
Martin Johnson
Ex-Officio
$0Pt VII · Sec A
Michael Nordquist
Managing Director
$0Pt VII · Sec A
Peter Rose
Managing Director
$0Pt VII · Sec A
See Isles 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

Develops community real estate using its owned properties.

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1 program · $223K · in their own filed words · FY2021
01

Holding company for several real estate properties that are used for isles, inc's tax exempt purpose.

$223Kprogram expense

By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$116K
Ln 12
Other incomeLn 4–11$60K
Investment incomeLn 3$51K
Fees for servicesLn 2g$5K
Money outPt IX
$223K
Ln 25
Programscol B$223K
Owns and owesPt X
−$1.2M
net assets · Ln 32
Cash and savingsLn 1–2$25K
Total assetsLn 16$2.5M
LiabilitiesLn 26$3.7M
PeoplePt VI, VII
7
listed · VII A
PaidVII A0
Voting boardVI 1a4
IndependentVI 1b2
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$5K
Investment incomeLn 3$51K
Other incomeLn 4–11$60K
Gains on assetsLn 7$51K
Total revenueLn 12$116K
Assets in detailPt X, end of year
CashLn 1$25K
Cash and savings togetherLn 1–2$25K
Land, buildings, equipmentLn 10c$2.3M
Other assetsLn 15$108K
Total assetsLn 16$2.5M
LiabilitiesLn 26$3.7M
Net assetsLn 32−$1.2M
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
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 FY21End FY21
Cash and savingsLn 1–2$2K$25K
Land, buildings, equipmentLn 10c$2.4M$2.3M
Total assetsLn 16$2.5M$2.5M
LiabilitiesLn 26$3.6M$3.7M
Net assetsLn 32−$1.1M−$1.2M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$13K$13K
Pension plan contributionsLn 8$390$390
Other employee benefitsLn 9$374$374
Payroll taxesLn 10$1K$1K
Management feesLn 11a$7K$7K
Other fees for servicesLn 11g$4K$4K
Office expensesLn 13$13K$13K
Information technologyLn 14$3K$3K
OccupancyLn 16$53K$53K
InterestLn 20$5K$5K
Depreciation, depletion and amortizationLn 22$123K$123K
Total functional expensesLn 25$223K$223K$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $65K$224K−$159K−$1.6M 990 PDF
FY2023 $69K$218K−$149K−$1.5M 990 PDF
FY2022 $58K$193K−$135K−$1.3M 990 PDF
FY2021 Viewing $116K$223K−$107K−$1.2M 990 PDF
FY2020 $50K$201K−$151K−$1.1M 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 FY2021 990 (6 parts)
Part I · Summary $116,416 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $4,500$5,400
I-10 Investment incomePrior year $0$51,196
I-11 Other revenuePrior year $45,456$59,820
I-12 Total revenuePrior year $49,956$116,416
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 $20,642$14,994
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $179,873$208,191
I-18 Total expensesPrior year $200,515$223,185
I-19 Revenue less expensesPrior year −$150,559−$106,769
Part VI · Governance 2 of 4 board members independent, no flags
VI-1a Voting members of the governing body4
VI-1b Independent voting members2
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 $116,416 across 5 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $5,400$5,400
VIII-6 Net rental income or lossRelated to mission $52,845$52,845
VIII-7 Net gain or loss on sales of assetsExcluded from tax $51,196$51,196
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $6,975$6,975
VIII-12 Total revenueRelated to mission $58,245 · Unrelated business $0 · Excluded from tax $58,171$116,416
Part IX · Statement of functional expenses $223,185 across 11 lines filed
IX-7 Other salaries and wagesPrograms $13,000$13,000
IX-8 Pension plan contributionsPrograms $390$390
IX-9 Other employee benefitsPrograms $374$374
IX-10 Payroll taxesPrograms $1,230$1,230
IX-11a Management feesPrograms $7,107$7,107
IX-11g Other fees for servicesPrograms $3,620$3,620
IX-13 Office expensesPrograms $12,757$12,757
IX-14 Information technologyPrograms $3,393$3,393
IX-16 OccupancyPrograms $52,823$52,823
IX-20 InterestPrograms $5,269$5,269
IX-22 Depreciation, depletion and amortizationPrograms $123,222$123,222
IX-25 Total functional expensesPrograms $223,185 · Management $0 · Fundraising $0$223,185
Part X · Balance sheet $2,461,336 assets, 10 lines filed
X-1 Cash, non-interest-bearingStart of year $1,585$25,100
X-10c Land, buildings and equipment, netStart of year $2,438,185$2,328,362
X-15 Other assetsStart of year $107,874$107,874
X-16 Total assetsStart of year $2,547,644$2,461,336
X-17 Accounts payable and accrued expensesStart of year $840,564$926,423
X-25 Other liabilitiesStart of year $2,548,320$2,513,022
X-26 Total liabilitiesStart of year $3,615,084$3,651,849
X-27 Net assets without donor restrictionsStart of year −$1,067,440−$1,190,513
X-32 Total net assets or fund balancesStart of year −$1,067,440−$1,190,513
X-33 Total liabilities and net assetsStart of year $2,547,644$2,461,336
Part XI · Reconciliation of net assets −$1,190,513 net assets at year end
XI-1 Total revenue$116,416
XI-2 Total expenses$223,185
XI-3 Revenue less expenses−$106,769
XI-4 Net assets at start of year−$1,067,440
XI-9 Other changes in net assets−$16,304
XI-10 Net assets at end of year−$1,190,513

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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