Paces Foundation Inc
- Assets
- $87.8m
- Revenue
- $10.5m
- Investments
- $12.4m
- Employees
- 0
- Location
- Smyrna, GA
- Founding
- 01/1992
- Data as of
- 12/2023
- EIN
- 58-1949667
Organization Overview
Paces Foundation Inc is located in Smyrna, GA. The organization was established in 1992. 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. Paces Foundation Inc 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 12/2023, Paces Foundation Inc generated $10.5m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 21.2% each year . All expenses for the organization totaled $11.7m during the year ending 12/2023. While expenses have increased by 22.4% per year over the past 9 years. They've been increasing with an increasing level of total revenue. 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
THE ORGANIZATION SPONSORS THE DEVELOPMENT AND OPERATION OF AFFORDABLE HOUSING FOR LOW-INCOME INDIVIDUALS IN ORDER TO MEET THE HOUSING NEEDS OF THE LOW INCOME RESIDENTS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Betty Jones Board Member | 1 | $0 | |
Julie Bowen Board Member | 1 | $0 | |
Robert Ryan Board Member | 1 | $0 | |
Mark Du Mas President | 40 | $980,000 | |
Kevin Kirby Secretary | 1 | $0 | |
Renee Sandell Vice-President | 40 | $352,707 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Soho Housing Partners Llc | 12/30/23 | $600,250 |
I5 Consulting Llc | 12/30/23 | $80,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $223,099 |
| Interest on Savings | $52,746 |
| Dividends & Interest | $252,535 |
| Net Rental Income | $0 |
| 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 | $9,999,858 |
| Total Revenue | $10,528,238 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $1,256,185 |
| Other employee salaries and wages | $515,090 |
| Pension plans, employee benefits | $0 |
| Interest | $4,538,752 |
| Taxes | $157,443 |
| Depreciation | $1,462,293 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $80,592 |
| Printing and publications | $0 |
| Other expenses | $3,576,676 |
| Total operating and administrative expenses | $11,659,009 |
| Contributions, gifts, grants paid | $4,000 |
| Total expenses and disbursements | $11,663,009 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,335,467 |
| Savings and temporary cash investments | $1,916,156 |
| Net Accounts receivable | $164,737 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $2,581,815 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $922,495 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $6,843,086 |
| Net Land, buildings, and equipment | $49,622,655 |
| Other assets | $17,880,062 |
| Total assets | $87,831,998 |
| Accounts payable and accrued expenses | $180,815 |
| Grants payable | $0 |
| Deferred revenue | $14,346 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $62,789,147 |
| Other liabilities | $4,355,827 |
| Total liabilities | $67,340,135 |
Grants Awarded
Over the last fiscal year, Paces Foundation Inc has awarded $4,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
FOOD FOR KIDS AT COOPER GREEN PURPOSE: HUMANITARIAN AID AND SUPPORT | $500 |
FELLER PARK NEIGHBORHOOD ASSOCIATION PURPOSE: HUMANITARIAN AID AND SUPPORT | $2,000 |
ROME CHILDREN'S ACADEMY PURPOSE: HUMANITARIAN AID AND SUPPORT | $1,500 |