Pine Crest Rhf Housing Inc
- Assets
- $1.5m
- Revenue
- $3.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Long Beach, CA
- Founding
- 01/2003
- Data as of
- 12/2022
- EIN
- 76-0713635
Organization Overview
Pine Crest Rhf Housing Inc, operating under the name Hillcrest Apartments, is located in Long Beach, CA. The organization was established in 2003. According to its NTEE Classification (B90) the organization is classified as: Educational Services, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hillcrest Apartments 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 12/2022, Hillcrest Apartments generated $3.8m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 16.4% each year . All expenses for the organization totaled $1.5m during the year ending 12/2022. While expenses have increased by 4.9% per year over the past 8 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
PINE CREST RHF HOUSING, INC. IS A NOT-FOR-PROFIT CORPORATION FORMED IN ACCORDANCE WITH THE NOT-FOR-PROFIT STATUTES OF THE COMMONWEALTH OF MASSACHUSETTS. THE CORPORATION WAS FORMED FOR THE PURPOSE OF PROVIDING HOUSING TO LOW INCOME FAMILIES AND OPERATED A 114 UNIT COMMUNITY KNOWN AS PINE CREST APARTMENTS LOCATED IN ORANGE, MASSACHUSETTS. ON DECEMBER 27, 2018 THIS PROPERTY WAS TRANSFERRED TO A RELATED ENTITY. ON AUGUST 28, 2020, THE ENTITY ACQUIRED AND BEGAN OPERATING A 100 UNIT COMMUNITY KNOWN AS HILLCREST APARTMENTS IN ATTLEBORO, MASSACHUSETTS. ON SEPTEMBER 16, 2022, THE PROPERTY SOLD TO HILLCREST RHF PARTNERS, LIMITED PARTNERSHIP. PINE CREST RHF HOUSING, INC. NOW FUNDS THE PROJECT THROUGH A SELLER CARRYBACK LOAN, AND IS THE MAJORITY MEMBER OF HILLCREST RHF MGP, LLC. THE MAIN PURPOSE OF THIS ENTITY GOING FORWARD WILL BE A FINANCING ARM OF THE LOW INCOME HOUSING PROJECT THROUGH THE NEW PARTNERSHIP.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PINE CREST RHF HOUSING, INC. IS A NOT-FOR-PROFIT CORPORATION FORMED IN ACCORDANCE WITH THE NOT-FOR-PROFIT STATUTES OF THE COMMONWEALTH OF MASSACHUSETTS. THE CORPORATION WAS FORMED FOR THE PURPOSE OF PROVIDING HOUSING TO LOW INCOME FAMILIES AND OPERATED A 114 UNIT COMMUNITY KNOWN AS PINE CREST APARTMENTS LOCATED IN ORANGE, MASSACHUSETTS. ON DECEMBER 27, 2018 THIS PROPERTY WAS TRANSFERRED TO A RELATED ENTITY. ON AUGUST 28, 2020, THE ENTITY ACQUIRED AND BEGAN OPERATING A 100 UNIT COMMUNITY KNOWN AS HILLCREST APARTMENTS IN ATTLEBORO, MASSACHUSETTS. ON SEPTEMBER 16, 2022, THE PROPERTY SOLD TO HILLCREST RHF PARTNERS, LIMITED PARTNERSHIP. PINE CREST RHF HOUSING, INC. NOW FUNDS THE PROJECT THROUGH A SELLER CARRYBACK LOAN, AND IS THE MAJORITY MEMBER OF HILLCREST RHF MGP, LLC. THE MAIN PURPOSE OF THIS ENTITY GOING FORWARD WILL BE A FINANCING ARM OF THE LOW INCOME HOUSING PROJECT THROUGH THE NEW PARTNERSHIP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Hartman Stuart J President/ceo | Officer | 0.2 | $0 |
Amberg Robert R Executive VP Gen Counsel | Officer | 0.2 | $0 |
Rossello Frank Jr CFO And VP Of Finance | Officer | 0.2 | $0 |
Napierskie David W VP Health Care Operations | Officer | 0.2 | $0 |
Magnone Vincent B VP Treasury & Invstmt Off | Officer | 0.2 | $0 |
Battaglia Nada VP Human Resources | Officer | 0.2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $807,129 |
| Investment income | $20,120 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,010,723 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,848,540 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $32,820 |
| Fees for services: Legal | $17,780 |
| Fees for services: Accounting | $9,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $8,279 |
| Office expenses | $72,528 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,123,425 |
| Travel | $199 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $117,176 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,503,804 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $52,833 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,455,888 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $20,120 |
| Total assets | $1,528,841 |
| Accounts payable and accrued expenses | $16,959 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $181,346 |
| Total liabilities | $198,305 |
| Net assets without donor restrictions | $1,330,536 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,528,841 |