Pine Gardens I INC: Nonprofit Profile, Financials & Form 990 (EIN 68-0353653)

Revenue by fiscal year
FY2020	$2.9M
FY2021	$2.8M
FY2022	$2.9M
FY2023	$3.0M
FY2024	$3.2M
FY2025	$3.5M

Expenses by fiscal year
FY2020	$3.2M
FY2021	$3.4M
FY2022	$3.6M
FY2023	$3.5M
FY2024	$3.7M
FY2025	$3.6M

Net assets by fiscal year
FY2020	−$1.5M
FY2021	−$1.8M
FY2022	−$1.9M
FY2023	−$1.9M
FY2024	−$1.9M
FY2025	−$1.6M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jul 1995.

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

Part of a larger organization · Schedule R

Pine Gardens I INC files its own Form 990, but Schedule R discloses 22 related entities — figures on this page are for this EIN only, not the whole group.

Clara Court LP · Pine Gi Lakeview Apartments LLC · Orchard River Associates LP · Pine Gi Jack Simpson LLC + 18 more · see all

Combined filings · FY2025 · 5 entities with data

Simple sum of each entity's Form 990 headline figures — not audited consolidated financials. This page's EIN is 40% of group revenue.

Group revenue

$8.6M

Group expenses

$9.6M

Group net assets

$19.2M

Rural Communities Housing Development Corporation Group · $1.3M rev · $4.1M net assets

Redwood Court Property Corporation · $0 rev · −$8K net assets

Pine Gardens II INC · $0 rev · −$4K net assets

Rural Communities Housing Development Corporation - Parent · $3.9M rev · $16.8M net assets

Where the money goes

89 cents of each dollar spent went to programs.

89%

Program services 89% · $3.2M Management & general 11% · $382K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

Something off? Claim to add context

Who runs it and what they're paid

10 people listed on the 990.

Part VII, Section A · reportable compensation

Aaron Lefebvre

Chairperson

$0Pt VII · Sec A

Richard J Henderson

Vice Chairperson

$0Pt VII · Sec A

Charlotte Watkins

Secretary

$0Pt VII · Sec A

Gary L Mirata

Treasurer

$0Pt VII · Sec A

Mike Pallesen

Director (retired 2024)

$0Pt VII · Sec A

Amanda Pardini

Member

$0Pt VII · Sec A

Fu Lin Chang

Member

$0Pt VII · Sec A

Wayne Chen

Director (started 2024)

$0Pt VII · Sec A

See Pine Gardens I INC executive salaries →

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

Builds affordable homes for people with low and moderate incomes.

Questions for Pine Gardens I INC

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1 program · $3.2M · in their own filed words · FY2024

01

Pine gardens I, inc. Serves as the general partner in 7 limited partnerships that own 10 affordable apartment communities for families with a total of 232 units. Pine gardens I, inc. Also serves as the limited partner in a limited partnership that owns 1 apartment community for families with a total of 50 units. Pine gardens I, inc.

Form 990 Part III, line 4, FY2024. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 68-0353653) · Dispute this line

$3.2Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

By the numbers

The FY2025 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$3.5M

Ln 12

Gifts and grantsLn 1h$2.5M

Fees for servicesLn 2g$934K

Investment incomeLn 3$14K

Money outPt IX

$3.6M

Ln 25

Programscol B$3.2M

Managementcol C$382K

Owns and owesPt X

−$1.6M

net assets · Ln 32

Cash and savingsLn 1–2$596K

Total assetsLn 16$10.1M

LiabilitiesLn 26$11.7M

PeoplePt VI, VII

10

listed · VII A

PaidVII A0

Voting boardVI 1a7

IndependentVI 1b7

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$2.5M

Government grantsLn 1e$2.5M

Fees for servicesLn 2g$934K

Investment incomeLn 3$14K

Total revenueLn 12$3.5M

Assets in detailPt X, end of year

CashLn 1$596K

Cash and savings togetherLn 1–2$596K

Accounts receivableLn 4$15K

Prepaid expenses and deferred chargesLn 9$92K

Land, buildings, equipmentLn 10c$4.1M

InvestmentsLn 11–13$1.2M

Other assetsLn 15$4.1M

Total assetsLn 16$10.1M

LiabilitiesLn 26$11.7M

Net assetsLn 32−$1.6M

OperationsPt I, VI

EmployeesI 50

VolunteersI 68

Fiscal year endsHeaderOctober

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13No

Records policyVI 14No

3More from this return

BondsSch K, Pt X

Tax-exempt bond debt owedX 20$4.0M

Bond issues listedSch K Pt I3

Raised by those issuesSch K Pt I$5.3M

4Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY25	End FY25
Cash and savingsLn 1–2	$411K	$596K
InvestmentsLn 11–13	$1.2M	$1.2M
Land, buildings, equipmentLn 10c	$4.5M	$4.1M
Total assetsLn 16	$10.1M	$10.1M
LiabilitiesLn 26	$12.0M	$11.7M
Net assetsLn 32	−$1.9M	−$1.6M

5Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Management feesLn 11a	$196K	$196K
Legal feesLn 11b	$12K		$12K
Advertising and promotionLn 12	$574		$574
Office expensesLn 13	$103K		$103K
TravelLn 17	$6K		$6K
InterestLn 20	$616K	$616K
Depreciation, depletion and amortizationLn 22	$429K	$429K
InsuranceLn 23	$316K	$316K
Other expenses (24a–d)Ln 24	$1.8M	$1.6M	$166K
All other expensesLn 24e	$143K	$49K	$94K
Total functional expensesLn 25	$3.6M	$3.2M	$382K	$0

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest ViewingFiled with the IRS Aug 14, 2026	$3.5M	$3.6M	−$124K	−$1.6M	990 PDF
FY2024Filed with the IRS Aug 25, 2025	$3.2M	$3.7M	−$423K	−$1.9M	990 PDF
FY2023Filed with the IRS Jul 11, 2024	$3.0M	$3.5M	−$495K	−$1.9M	990 PDF
FY2022Filed with the IRS Jul 21, 2023	$2.9M	$3.6M	−$727K	−$1.9M	990 PDF
FY2021Filed with the IRS May 31, 2022	$2.8M	$3.4M	−$531K	−$1.8M	990 PDF
FY2020Filed with the IRS May 19, 2021	$2.9M	$3.2M	−$364K	−$1.5M	990 PDF

Schedules filed Part IV

A · Public support B · Donors D · Assets and endowments J · Pay K · Bonds O · Explanations R · Related orgs

See the full FY2025 990

Part I · Summary $3,461,567 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $2,277,447$2,513,240

I-9 Program service revenuePrior year $943,381$934,456

I-10 Investment incomePrior year $14,186$13,871

I-11 Other revenuePrior year $0$0

I-12 Total revenuePrior year $3,235,014$3,461,567

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 $3,657,979$3,585,289

I-18 Total expensesPrior year $3,657,979$3,585,289

I-19 Revenue less expensesPrior year −$422,965−$123,722

Part VI · Governance 7 of 7 board members independent, 3 to look at

VI-1a Voting members of the governing body7

VI-1b Independent voting members7

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 $3,461,567 across 5 lines filed

VIII-1e Government grants$2,513,240

VIII-1h Total contributions, gifts and grants$2,513,240

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $934,456$934,456

VIII-3 Investment incomeExcluded from tax $13,871$13,871

VIII-12 Total revenueRelated to mission $934,456 · Unrelated business $0 · Excluded from tax $13,871$3,461,567

Part IX · Statement of functional expenses $3,585,289 across 10 lines filed

IX-11a Management feesPrograms $196,344$196,344

IX-11b Legal feesManagement $11,618$11,618

IX-12 Advertising and promotionManagement $574$574

IX-13 Office expensesManagement $102,675$102,675

IX-17 TravelManagement $6,070$6,070

IX-20 InterestPrograms $615,885$615,885

IX-22 Depreciation, depletion and amortizationPrograms $429,093$429,093

IX-23 InsurancePrograms $316,165$316,165

IX-24 Other expenses (24a–d)Programs $1,597,099 · Management $166,493$1,763,592

IX-24e All other expensesPrograms $49,047 · Management $94,226$143,273

IX-25 Total functional expensesPrograms $3,203,633 · Management $381,656 · Fundraising $0$3,585,289

Part X · Balance sheet $10,099,433 assets, 17 lines filed

X-1 Cash, non-interest-bearingStart of year $410,669$595,852

X-4 Accounts receivableStart of year $32,765$15,342

X-9 Prepaid expenses and deferred chargesStart of year $15,214$91,652

X-10c Land, buildings and equipment, netStart of year $4,509,008$4,128,846

X-13 Program-related investmentsStart of year $1,186,271$1,186,271

X-15 Other assetsStart of year $3,966,696$4,081,470

X-16 Total assetsStart of year $10,120,623$10,099,433

X-17 Accounts payable and accrued expensesStart of year $167,180$142,507

X-19 Deferred revenueStart of year $5,851$1,946

X-20 Tax-exempt bond liabilitiesStart of year $4,140,378$4,017,836

X-23 Secured mortgages and notes payableStart of year $6,648,546$6,483,169

X-25 Other liabilitiesStart of year $1,061,943$1,088,071

X-26 Total liabilitiesStart of year $12,023,898$11,733,529

X-27 Net assets without donor restrictionsStart of year −$1,366,176−$1,096,997

X-28 Net assets with donor restrictionsStart of year −$537,099−$537,099

X-32 Total net assets or fund balancesStart of year −$1,903,275−$1,634,096

X-33 Total liabilities and net assetsStart of year $10,120,623$10,099,433

Part XI · Reconciliation of net assets −$1,634,096 net assets at year end

XI-1 Total revenue$3,461,567

XI-2 Total expenses$3,585,289

XI-3 Revenue less expenses−$123,722

XI-4 Net assets at start of year−$1,903,275

XI-9 Other changes in net assets$392,901

XI-10 Net assets at end of year−$1,634,096

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

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Pine Gardens I INC

Before you give

Is it real?

Where the money goes

Who runs it and what they're paid

Questions the 990 asks

Programs and updates

Questions for Pine Gardens I INC

Funders

Related Organizations

By the numbers

Filing history

Schedules filed Part IV