2025-05-15T10:06:23+00:00 2024-06-30 440160260 Forvis Mazars LLP 500 Ridgefield Court Asheville NC 28806 990 2023-07-01 800432298 Purchase College Advancement Corporation PURC 9142516000 100 Broadview Avenue Purchase NY 10577 Michael Kopas Treasurer 9142516000 2025-05-15 true true Amy Bibby P00445891 8282542254 2025-05-14 2023 2025-03-06 01:10:19Z X Michael Kopas 100 Broadview Avenue Purchase NY 10577 1645833 false X WWW.SENIORLIVINGATPURCHASE.EDU X 2004 NY TO DEVELOP AND OPERATE A SENIOR LEARNING HOUSING COMMUNITY ON THE GROUNDS OF SUNY, PURCHASE COLLEGE. 12 12 0 14 0 0 0 0 0 0 0 0 0 45833 0 45833 0 0 0 0 0 0 0 0 0 19293 14073 19293 14073 -19293 31760 20270777 28558393 265792 0 20004985 28558393 TO DEVELOP AND OPERATE A SENIOR LEARNING HOUSING COMMUNITY ON LAND LEASED FROM THE STATE UNIVERSITY OF NEW YORK ON THE PURCHASE COLLEGE CAMPUS. false false The Purchase College Advancement Corporation (PCAC), a member-less New York State not-for-profit corporation with federal 501(c)(3) designation, was formed to develop and operate a senior living and learning complex to be built on the campus of Purchase College, State University of New York (SUNY), on a 40.05 acre parcel of land leased from SUNY. Using a $5,250,000 grant from Purchase College Foundation Housing Corporation (PCFHC), PCAC stewarded the enabling legislation, market research, design, and contractual arrangements with the various project consultants and with an operations manager. Key provisions of the enabling legislation include giving PCAC the right to construct up to 385 living units, of which 20% are to be affordable to residents whose income is 80% or less of the Westchester County median income, and that the proceeds are to be used by the college, divided 75% for TAP eligible student scholarships and 25% for new full-time faculty. The initial phase of the development consists of 220 independent living units, of which 44 are the aforementioned affordable units, 36 assisted living suites, 32 memory care suites, and a building containing community amenities such as dining venues, health and wellness facilities, classrooms, etc., all totaling approximately 550,000 of conditioned space, and related infrastructure improvements. The community's Offering Plan for this initial phase has been approved by the New York State Attorney General. PCAC created a separate New York State not-for-profit corporation, Purchase Senior Learning Community Inc. (PSLC), whose sole member is PCAC. PSLC has also received 501(c)(3) designation by the Internal Revenue Service. PSLC is the Sponsor of the community, is the obligor of the tax exempt bond financing, and is the sub-lessee of the land. As of May, 2018, all contracts and work products have been transferred from PCAC to PSLC. In October, 2018, PSLC raised $15,000,000 in bond anticipation note funds which were used to complete the remainder of the pre-development and pre-marketing efforts. On November 10, 2021, PSLC closed on the issuance of $398,090,000 of bonds issued through the Westchester County Local Development Corporation, of which $391,200,000 are tax-exempt to the bondholders for both New York State and Federal income taxes, and $6,890,000 are taxable. With initial issue premiums, the total proceeds of the bond financing was $406,084,608. The bond proceeds are being used to: refund the $15,000,000 of bond anticipation notes, together with accreted interest; to fund the hard and soft costs of the construction of the project; to fund capitalized interest; to fund debt service reserves; to fund certain start-up losses; and to fund the costs of issuance. Construction of the community, known as Broadview Senior Living at Purchase College, began immediately after financing was obtained in November 2021. The community opened and welcomed its first resident December 8, 2023. All construction was completed in the late summer of 2024. The goals of the community are to support the education mission of the college through the provision of revenue, generated from ground rent of the lease, to fund scholarships for students, to enhance the college's ability to compete for faculty dedicated to transformative engagement with the student body, and to create an environment fostering inquiry based, intergenerational learning that not only sustains life, but improves it for all involved, all in furtherance of the purposes and objectives of the enabling legislation. With the addition of the residents of the senior living community, the college has become a center for life-long learning. It offers students of all ages unique, non-conventional access to opportunities for intellectual and social growth through academic, cultural and social activities. A second set of goals, equally as important, is to provide much needed, high-quality service-based housing and care for area seniors. 0 true false false false false false false false false false false false true false true false true false false false false false false false false false false false false false false false false false false false false false false false false false true true true false false true 0 0 0 false false false false false false false false false false false false X 12 12 false false false false false false false true true false false true true true true true true false false false NY X The Organization 9144174201 100 Broadview Avenue Purchase NY 10577 Elizabeth C Robertson Chairman/President 4.0 8.0 X X 0 0 0 Kevin Plunkett Vice Chairman 2.0 5.0 X X 0 0 0 Carl Austin Board Member 1.0 1.0 X 0 0 0 Dr Kaare Weber Board Member 1.0 1.0 X 0 0 0 Drew Fung Board Member 1.0 1.0 X 0 0 0 Earle Yaffa Board Member 1.0 1.0 X 0 0 0 Ernie Palmieri Board Member 1.0 1.0 X 0 0 0 Judith J Nolan Board Member 1.0 1.0 X 0 0 0 Kelly Jackson Board Member 1.0 1.0 X 0 0 0 Michael Kopas Board Member 1.0 1.0 X 0 0 0 Michelle Ifill Board Member 1.0 1.0 X 0 0 0 Milagros Pea Board Member 1.0 1.0 X 0 0 0 Simon Turner Board Member 1.0 1.0 X 0 0 0 0 0 0 0 false false false 0 0 0 0 0 0 0 1645833 1600000 45833 0 45833 45833 0 0 0 0 0 0 0 45833 0 0 45833 13221 13221 0 0 0 0 Other Expenses 852 852 0 0 0 0 14073 0 14073 0 537444 261745 266667 266667 41667 0 0 0 0 0 0 0 19466666 27988314 20270777 28558393 15792 0 250000 0 265792 0 X 538319 9358394 19466666 19199999 20004985 28558393 20270777 28558393 X 31760 -266667 8788315 X X false true X true false X 0 0 0 0 2000000 2000000 0 0 2000000 0 0 2000000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2000000 145833 250000 1645833 2041666 0 0 0 145833 250000 1645833 2041666 0 0 0 0 0 0 0 0 0 2145833 250000 1645833 4041666 0.4948 0.9804 0.51 0.0191 X UNCONDITIONAL PROMISES TO GIVE, LONG-TERM 19199999 Intercompany Transfers 8788315 27988314 DUE TO PURCHASE COLLEGE, SUNY 0 X 1645833 1600000 1600000 45833 0 0 45833 1880740 1866667 1866667 14073 0 0 14073 Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote PCAC accounts for uncertainty in income taxes recognized in the consolidated financial statements using a recognition threshold of more likely than not as to whether the uncertainty will be sustained upon examination by the appropriate taxing authority. Measurement of the tax uncertainty occurs if the recognition threshold has been met. Management determined there were no tax uncertainties that met the recognition threshold. Schedule D, Part XI, Line 2(d) Other revenues in audited financial statements not in form 990 Rent - 1600000 Schedule D, Part XII, Line 2(d) Other expenses in audited financial statements not in form 990 Donated Use of Land - 266667 Rent - 1600000 Form 990, Part VI, Line 11b Review of form 990 by governing body THE FORM 990 IS FIRST REVIEWED BY THE MANAGER OF FINANCE AND DIRECTOR OF FINANCE FOR CAMPUS FOUNDATIONS AND RELATED ENTITIES. PENDING THEIR APPROVAL, AND PRIOR TO FILING, THE FORM 990 IS PROVIDED ELECTRONICALLY TO THE FULL BOARD FOR COMMENTS OR QUESTIONS. Form 990, Part VI, Line 12c Conflict of interest policy THE CONFLICT OF INTEREST POLICY PROVIDES FOR ANNUAL WRITTEN ACKNOLEDGEMENT BY EACH TRUSTEE OR OFFICER THAT EACH HAS READ AND IS FAMILIAR WITH THE CONFLICT-OF-INTEREST POLICY AND AS TO WHETHER OR NOT THE TRUSTEE OR OFFICER HAS A CONFLICT OF INTEREST. IF A CONFLICT EXISTS, THE COMPLETE DETAILS OF THE CONFLICT ARE TO BE DESCRIBED IN WRITING AND SUBMITTED TO THE BOARD CHAIR OR THE PRESIDENT. THE BOARD CHAIR OR PRESIDENT SHALL REFER THE ISSUE TO THE EXECUTIVE COMMITTEE, OR OTHER BOARD COMMITTEE HAVING DECISION-MAKING AUTHORITY OVER THE SUBSTANTIVE MATTER IN QUESTION. THE TRUSTEE OR OFFICER WHO DISCLOSES A DIRECT OR INDIRECT FINANCIAL INTEREST IN A PROPOSED OR EXISTING CONTRACT, TRANSACTION, OR ARRANGEMENT MAY MAKE A PRESENTATION AND RESPOND TO QUESTIONS BY THE BODY, BUT AFTER SUCH PRESENTATION, HE OR SHE SHALL LEAVE THE MEETING DURING THE DISCUSSION OF, AND VOTE ON, THE CONTRACT, TRANSACTION OR ARRANGEMENT THAT RESULTS IN PURCHASE COLLEGE ADVANCEMENT CORPORATION 80-0432298 THE CONFLICT OF INTEREST. EACH YEAR AT THE BOARD OF TRUSTEES' ANNUAL MEETING, THE CONFLICT OF INTEREST POLICY IS DISTRIBUTED AND WRITTEN ACKNOWLEDGEMENTS SUBMITTED DURING THE COURSE OF THE YEAR, FINANCIAL RESULTS AND TRANSACTIONS ARE REVIEWED FOR REASONABLENESS AND APPROPRIATENESS, INCLUDING WITH REGARD TO ANY POTENTIAL FOR THERE BEING A CONFLICT. THE CONFLICT OF INTEREST POLICY EXPRESSLY STATES THAT FAMILY AND BUSINESS RELATIONSHIPS MAY BE SOURCES OF POTENTIAL CONFLICTS. Form 990, Part VI, Line 19 Required documents available to the public THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. Form 990, Part XI, Line 9 Other changes in net assets or fund balances Intercompany Transfer - 8788315; Form 990, Part XII, Line 2c Change of oversight process or selection process THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. Purchase College Foundation Housing Corp 735 Anderson Hill Rd Purchase NY 10577 134086734 Manage and oversee dormitory and facilities at Suny Purchase Alumni NY 501(c)(3) 10 State University of New York false Purchase Senior Living Community Inc 100 Broadview Avenue Purchase NY 10577 611816180 Residential Senior Learning Community NY 501(c)(3) 10 Purchase college advancement corporation true Purchase Housing Corporation II 735 Anderson Hill Rd Purchase NY 10577 821262347 Manage and oversee dormitory and facilities at Suny Purchase Wayback NY 501(c)(3) 10 State University of New York false true false false false false false false false false false false false true false false true true false false Purchase Senior Living Community Inc A 1645833 FMV