Midpen Property Management Corporation
- Assets
- $4.2m
- Revenue
- $16.6m
- Investments
- $0.0
- Employees
- 659
- Location
- Foster City, CA
- Founding
- 01/1971
- Data as of
- 12/2021
- 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 12/2021, Midpen Property Management Corporation employed 659 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 12/2021, Midpen Property Management Corporation generated $16.6m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 13.9% each year . All expenses for the organization totaled $16.8m during the year ending 12/2021. While expenses have increased by 14.5% per year over the past 7 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
2021
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.
IN 2020, MIDPEN MANAGEMENT (THE ENTITY THAT PROCESSES EMPLOYEE PAYROLL) APPLIED FOR AND RECEIVED AN $8.4M PPP LOAN UNDER THE CARES ACT. OF THE $8.4M APPLIED, $0.4M REPRESENTED MIDPEN MANAGEMENT'S SHARE OF QUALIFIED COSTS AND THE REMAINING $8.0M REPRESENTED QUALIFIED COSTS OF THE MANAGED PROPERTIES.IN JUNE 2021, THE ENTITY WAS NOTIFIED THAT THE SBA-BACKED LOAN WAS FORGIVEN FOR THE FULL AMOUNT AND THEREFORE RECOGNIZED AS FORGIVENESS OF DEBT ON THE AUDITED FINANCIAL STATEMENTS. THE 2021 RETURN REFLECTS A BOOK VERSUS TAX GROSS-UP PRESENTATION DIFFERENCE TO REFLECT THE $8.4M FORGIVENESS INCOME AND THE $8.0M COST OF MANAGED PROPERTIES (PRESENTED ON PART IX, LINE 24.A).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mathew O Franklin President / Asst. Secretary | Officer | 12 | $584,596 |
Jan Lindenthal Chief Real Estate Dev / Asst. Secretary | Officer | 0.1 | $445,194 |
Janine Lind COO / Asst. Secretary | Officer | 12 | $422,487 |
Michael J Vergura CFO / Asst. Secretary | Officer | 12 | $417,105 |
Lance Smith VP / Corporate Counsel & Broker / Asst. Secretary | Officer | 5 | $312,026 |
Ann Goggins Gregory SVP Of Resident Services | Officer | 0.1 | $286,083 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Abode Services Consulting Services | 12/30/21 | $687,390 |
Profloors Construction Contractor | 12/30/21 | $727,019 |
B Taylor Painting Inc Building Painting Service | 12/30/21 | $1,316,938 |
South Valley Roofing Construction Contractor | 12/30/21 | $718,294 |
Novogradac & Company Llp Audit And Tax Services | 12/30/21 | $766,945 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $8,428,640 |
| 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 | $8,428,640 |
| Total Program Service Revenue | $8,511,568 |
| Investment income | $80 |
| 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 | $16,638,795 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,500 |
| 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. | $4,049,619 |
| Compensation of current officers, directors, key employees. | $1,524,279 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,082,518 |
| Pension plan accruals and contributions | $330,252 |
| Other employee benefits | $727,336 |
| Payroll taxes | $525,913 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $28,747 |
| Fees for services: Accounting | $15,340 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $123,864 |
| Advertising and promotion | $2,022 |
| Office expenses | $385,366 |
| Information technology | $183,622 |
| Royalties | $0 |
| Occupancy | $277,415 |
| Travel | $170,785 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,543 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $104,358 |
| All other expenses | $283 |
| Total functional expenses | $16,796,300 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,454,193 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,753,740 |
| 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 | $21,875 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,229,808 |
| Accounts payable and accrued expenses | $1,217,373 |
| 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 | $964,718 |
| Total liabilities | $2,182,091 |
| Net assets without donor restrictions | $2,047,717 |
| 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 | $4,229,808 |
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