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Phac No 1 INC

Tax-deductible

Honolulu, HI501(c)(3)Housing EIN 99-0297069Revenue $379K in FY2024

On file with the IRS888 Iwilei Rd Ste 200, 96817-5927 · Honolulu, HITax-exempt since Aug 1992Publicly supported — 509(a)(2)

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Operation of rental housing and facilities to benefit elderly persons as defined by the u.s. Department of housing and urban development.

501(c)(3) charity; gifts are tax-deductible.
84¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
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
Yes
Donations are tax-deductible
Looks good: the IRS lists 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 4
filings with a surplus
Average deficit $128K a year · 33% of revenue · last 4 filings
Concern: a surplus in 0 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
84%
of spending
Looks good: 84% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Concern: 0.1 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$2.7M
91% of total assets
Concern: liabilities are 91% of assets; over 80%.
Pt X · Ln 26
Independent board members
9
of 10 voting members
Looks good: 9 of 10 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$379K
-7% vs prior year
Spent
$563K
To programs
84%
Net assets
$269K
By yearFY2020–FY2024
Revenue
$379K
FY2024▼ -7%
Tap a bar for its year
Revenue by fiscal year
FY2020$385K
FY2021$398K
FY2023$407K
FY2024$379K
Expenses
$563K
FY2024▲ +6%
Tap a bar for its year
Expenses by fiscal year
FY2020$478K
FY2021$509K
FY2023$529K
FY2024$563K
Net assets
$269K
FY2024▼ -41%
Tap a bar for its year
Net assets by fiscal year
FY2020$774K
FY2021$663K
FY2023$453K
FY2024$269K

From the FY2024 Form 990 (year ending June 2024) · see the original

990 PDF Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Aug 1992.

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

Where the money goes

84 cents of each dollar spent went to programs.

Program services 84% · $474K Management & general 16% · $89K

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

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Who runs it and what they're paid

10 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
Collin Hoo
President
$0Pt VII · Sec A
Carl Takamura
Vice President
$0Pt VII · Sec A
Sandra Oshiro
Secretary
$0Pt VII · Sec A
Sara Horiuchi
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Bennett Liu
Director
$0Pt VII · Sec A
See Phac No 1 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 15aNo

Programs and updates

Provides rental housing and facilities for elderly individuals.

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Provided by the organization

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1 program · $474K · in their own filed words · FY2023
01

Affordable Housing

Own and operate "harry & jeanette weinberg seniorresidence at maluhia," a 40 rental unit complex that operates undersection 202 of the national housing act.

$474Kprogram expense

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$379K
Ln 12
Gifts and grantsLn 1h$268K
Fees for servicesLn 2g$109K
Other incomeLn 4–11$2K
Money outPt IX
$563K
Ln 25
Programscol B$474K
Managementcol C$89K
Owns and owesPt X
$269K
net assets · Ln 32
Cash and savingsLn 1–2$5K
Total assetsLn 16$2.9M
LiabilitiesLn 26$2.7M
PeoplePt VI, VII
10
listed · VII A
PaidVII A0
Voting boardVI 1a10
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$268K
Government grantsLn 1e$268K
Fees for servicesLn 2g$109K
Investment incomeLn 3$311
Other incomeLn 4–11$2K
Total revenueLn 12$379K
Assets in detailPt X, end of year
CashLn 1$5K
Cash and savings togetherLn 1–2$5K
Land, buildings, equipmentLn 10c$2.3M
Other assetsLn 15$634K
Total assetsLn 16$2.9M
LiabilitiesLn 26$2.7M
Net assetsLn 32$269K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
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$9K$5K
Land, buildings, equipmentLn 10c$2.5M$2.3M
Total assetsLn 16$3.1M$2.9M
LiabilitiesLn 26$2.7M$2.7M
Net assetsLn 32$453K$269K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$32K$32K
Other employee benefitsLn 9$234$234
Payroll taxesLn 10$3K$3K
Management feesLn 11a$28K$28K
Legal feesLn 11b$5K$5K
Accounting feesLn 11c$5K$5K
Office expensesLn 13$19K$3$19K
OccupancyLn 16$234K$234K
Depreciation, depletion and amortizationLn 22$186K$186K
InsuranceLn 23$50K$50K
Total functional expensesLn 25$563K$474K$89K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $379K$563K−$184K$269K 990 PDF
FY2023 $407K$529K−$123K$453K 990 PDF
FY2022 Not on file
FY2021 $398K$509K−$111K$663K 990 PDF
FY2020 $385K$478K−$94K$774K 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 FY2024 990 (6 parts)
Part I · Summary $378,927 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $283,884$268,066
I-9 Program service revenuePrior year $120,644$108,649
I-10 Investment incomePrior year $296$311
I-11 Other revenuePrior year $1,875$1,901
I-12 Total revenuePrior year $406,699$378,927
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 $34,903$35,428
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $494,503$527,504
I-18 Total expensesPrior year $529,406$562,932
I-19 Revenue less expensesPrior year −$122,707−$184,005
Part VI · Governance 9 of 10 board members independent, 2 to look at
VI-1a Voting members of the governing body10
VI-1b Independent voting members9
VI-13 Written whistleblower 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
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $378,927 across 6 lines filed
VIII-1e Government grants$268,066
VIII-1h Total contributions, gifts and grants$268,066
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $108,649$108,649
VIII-3 Investment incomeExcluded from tax $311$311
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $1,901$1,901
VIII-12 Total revenueRelated to mission $108,649 · Unrelated business $0 · Excluded from tax $2,212$378,927
Part IX · Statement of functional expenses $562,932 across 10 lines filed
IX-7 Other salaries and wagesManagement $31,860$31,860
IX-9 Other employee benefitsPrograms $234$234
IX-10 Payroll taxesPrograms $3,334$3,334
IX-11a Management feesManagement $27,976$27,976
IX-11b Legal feesManagement $5,000$5,000
IX-11c Accounting feesManagement $4,800$4,800
IX-13 Office expensesPrograms $3 · Management $19,468$19,471
IX-16 OccupancyPrograms $233,899$233,899
IX-22 Depreciation, depletion and amortizationPrograms $186,368$186,368
IX-23 InsurancePrograms $49,990$49,990
IX-25 Total functional expensesPrograms $473,828 · Management $89,104 · Fundraising $0$562,932
Part X · Balance sheet $2,936,887 assets, 15 lines filed
X-1 Cash, non-interest-bearingStart of year $8,687$5,297
X-4 Accounts receivableStart of year $25,465$7,223
X-9 Prepaid expenses and deferred chargesStart of year $14,178$15,440
X-10c Land, buildings and equipment, netStart of year $2,461,617$2,275,249
X-15 Other assetsStart of year $607,319$633,678
X-16 Total assetsStart of year $3,117,266$2,936,887
X-17 Accounts payable and accrued expensesStart of year $42,794$44,305
X-19 Deferred revenueStart of year $620$1,916
X-24 Unsecured notes and loans payableStart of year $2,585,902$2,585,902
X-25 Other liabilitiesStart of year $34,599$35,418
X-26 Total liabilitiesStart of year $2,663,915$2,667,541
X-27 Net assets without donor restrictionsStart of year $427,353$243,348
X-28 Net assets with donor restrictionsStart of year $25,998$25,998
X-32 Total net assets or fund balancesStart of year $453,351$269,346
X-33 Total liabilities and net assetsStart of year $3,117,266$2,936,887
Part XI · Reconciliation of net assets $269,346 net assets at year end
XI-1 Total revenue$378,927
XI-2 Total expenses$562,932
XI-3 Revenue less expenses−$184,005
XI-4 Net assets at start of year$453,351
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$269,346

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

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