Midpen Property Management Corporation
- Assets
- $7.2m
- Revenue
- $11.9m
- Investments
- $681.9k
- Employees
- 665
- Location
- Foster City, CA
- Founding
- 01/1971
- Data as of
- 12/2023
- EIN
- 94-1738105
Organization Overview
Midpen Property Management Corporation is located in Foster City, CA. The organization was established in 1971. According to its NTEE Classification (L22) the organization is classified as: Senior Citizens Housing & Retirement Communities, under the broad grouping of Housing & Shelter and related organizations. As of 12/2023, Midpen Property Management Corporation employed 665 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Midpen Property Management 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 12/2023, Midpen Property Management Corporation generated $11.9m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 6.5% each year. All expenses for the organization totaled $10.9m during the year ending 12/2023. While expenses have increased by 5.9% 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE CORPORATION PROVIDES PROPERTY MANAGEMENT AND SUPPORT SERVICES IN CONNECTION WITH THE DEVELOPMENT, OPERATION AND PRESERVATION OF HOUSING FOR LOW INCOME, ELDERLY AND DISABLED PERSONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION PROVIDES PROPERTY MANAGEMENT AND SUPPORT SERVICES IN CONNECTION WITH THE DEVELOPMENT, OPERATION AND PRESERVATION OF HOUSING FOR LOW INCOME, ELDERLY, AND DISABLED PERSONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eric Harrison Chairperson | OfficerTrustee | 0.3 | $0 |
Jessica Garcia-Kohl Vice Chairperson | OfficerTrustee | 0.3 | $0 |
Gina Diaz Secretary | OfficerTrustee | 0.3 | $0 |
Enrique Torres Treasurer | OfficerTrustee | 0.3 | $0 |
Rob Hollister Director | Trustee | 0.3 | $0 |
Beth Bartlett Director | Trustee | 0.3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ge Construction Contractors Inc Construction Contractor | 12/30/23 | $1,894,424 |
Gallaher Company General Contractor | 12/30/23 | $1,529,185 |
B Taylor Painting Inc Building Painting Service | 12/30/23 | $1,457,027 |
Pro-care Restoration Inc Building Mitigation/dry Out Service | 12/30/23 | $1,437,744 |
Commercial Fire Protection Inc Sprinkler Inspection Service | 12/30/23 | $1,047,945 |
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 | $2,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,500 |
| Total Program Service Revenue | $11,768,481 |
| Investment income | $96,536 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,867,517 |
| 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. | $2,569,492 |
| Compensation of current officers, directors, key employees. | $820,438 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,051,393 |
| Pension plan accruals and contributions | $504,171 |
| Other employee benefits | $818,098 |
| Payroll taxes | $579,722 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $89,769 |
| Fees for services: Accounting | $11,867 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $29,105 |
| Advertising and promotion | $4,632 |
| Office expenses | $172,696 |
| Information technology | $235,072 |
| Royalties | $0 |
| Occupancy | $201,978 |
| Travel | $136,202 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $19,581 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $63,454 |
| All other expenses | $8,646 |
| Total functional expenses | $10,916,469 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,483,686 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,535,531 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $539,268 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $681,933 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,240,418 |
| Accounts payable and accrued expenses | $1,285,830 |
| 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 | $2,149,990 |
| Total liabilities | $3,435,820 |
| Net assets without donor restrictions | $3,804,598 |
| 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 | $7,240,418 |