Margate Terrace Corporation
- Assets
- $4.4m
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 0
- Location
- Margate, NJ
- Founding
- 08/1987
- Data as of
- 06/2023
- EIN
- 22-2706023
Organization Overview
Margate Terrace Corporation is located in Margate, NJ. The organization was established in 1987. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Margate Terrace Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2023, Margate Terrace Corporation generated $1.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $1.4m during the year ending 06/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE DECENT, AFFORDABLE HOUSING FOR LOW-INCOME ELDERLY AND DISABLED ON A NON-PROFIT BASIS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dan Campbell President | 0.5 | $0 | |
Jennifer Wagner Vice President | 0.25 | $0 | |
Jennifer Seligsohn Secretary | 0.25 | $0 | |
Ethel Levinson Trustee | 0.25 | $0 | |
Brenda Taube Trustee | 0.25 | $0 | |
John Agnar Trustee | 0.25 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Security Guard Inc | 6/29/23 | $179,410 |
Community Realty Management | 6/29/23 | $64,290 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $946 |
| Dividends & Interest | $0 |
| Net Rental Income | $123,854 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $1,550,700 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $132,096 |
| Pension plans, employee benefits | $17,707 |
| Interest | $239,829 |
| Taxes | $58,637 |
| Depreciation | $210,095 |
| Occupancy | $472,950 |
| Travel, conferences, and meetings | $1,139 |
| Printing and publications | $0 |
| Other expenses | $177,411 |
| Total operating and administrative expenses | $1,399,947 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $1,399,947 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $292,733 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $5,721 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $96,921 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $2,323,026 |
| Other assets | $1,676,622 |
| Total assets | $4,395,023 |
| Accounts payable and accrued expenses | $152,506 |
| Grants payable | $0 |
| Deferred revenue | $15,090 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $5,254,064 |
| Total liabilities | $5,421,660 |