2026-05-11T12:59:26+00:00 2025-06-30 440160260 Forvis Mazars LLP One Oak Plaza Suite 300 Asheville NC 28801 990 2024-07-01 611816180 Purchase Senior Learning Community Inc PURC 9142516000 100 Broadview Avenue Purchase NY 10577 Michael Kopas Treasurer 9142516000 2026-05-11 true Amy Bibby P00445891 8282542254 2026-05-08 2024 2025-03-06 01:10:19Z X Michael Kopas 100 Broadview Avenue Purchase NY 10577 23970080 false X WWW.SENIORLIVINGATPURCHASE.EDU X 2016 NY To develop & operate a senior learning house community on the grounds of SUNY, Purchase College. 14 14 122 15 0 0 0 6971779 20825329 3587614 2505830 2493821 0 13053214 23331159 0 0 0 0 4322666 7710695 0 0 0 12681727 27985730 17004393 35696425 -3951179 -12365266 503458395 417456378 526592931 452684847 -23134536 -35228469 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 29803760 20825329 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. 29803760 true false false false false false false false false false true false false false true true true true false false false false false false false false false false false true true false false false false false false false false false false false false false false false true false false false false true 75 0 true 122 true false false false false false false false false false false false false X 14 14 false false false false true true true true true false false false true true true true true true false false false false NY X Elizabeth Robertson President 9144174201 100 Broadview Avenue Purchase NY 10577 Elizabeth C Robertson Chairman/President 8.0 4.0 X X 0 0 0 Kevin Plunkett Vice Chairman 5.0 2.0 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 Laura Brett 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 Wayne M Rush Vice President, Secretary, & Treasurer 15.0 X 0 0 0 Amy Post Marketing Director 40.0 X 231690 0 34829 Brittaney Jones-Alleyne Director of Health Services 40.0 X 150890 0 10230 Clifford Saladin Executive Chef 40.0 X 118828 0 32468 Tina Witthoefft Residency Counselor 40.0 X 162808 0 11595 664216 0 89122 4 false true false LCSD-SCD Partners LLC 400 Locust Street Suite 820 Des Moines IA 50309 Management Services 7203096 LCS Holding Company LLC Capital Square 400 Locust Street Suite 820 Des Moine IA 50309 Management Services 1502404 Sharon Sweeney dba Greenwich Staffing PO Box 1252 Greenwich CT 06836 Staffing firm 216758 NJB Protection LLC 35 E Grassy Sprain Rd Yonkers NY 10710 Guard Service 203519 Delbello Donnellan WeinGarten Wise & Wise One North Lexington Avenue White Plains NY 10601 Legal 137945 5 0 Patient Service Revenue 20793293 20793293 Other Program Service Revenue 32036 32036 0 0 0 0 20825329 2835658 2835658 0 0 309093 638921 309093 -638921 -329828 -329828 0 0 0 0 0 23331159 20825329 0 2505830 6509637 4551818 1957819 131048 91634 39414 456806 319418 137388 613204 428779 184425 1145760 1145760 44412 44412 335705 335705 804677 400356 404321 0 553868 553868 290794 136766 154028 348230 348230 3933080 3933080 30993 30993 3541469 3541469 13376692 10825215 2551477 603293 603293 Repairs & Maintenance 1040038 1039053 985 Food Supplies 1363593 1363593 Other Supplies 498160 446462 51698 Security Services 5624 5624 69342 69342 0 0 35696425 29803760 5892665 0 2864434 4039294 24386 1475 0 0 0 0 14619 309594 321857 382001082 18825240 364149033 363175842 129590326 43771311 0 0 6520622 6131980 503458395 417456378 24955979 6585196 19119367 19983934 299801000 222258680 0 0 182716585 203857037 526592931 452684847 X -23134536 -35228469 -23134536 -35228469 503458395 417456378 -12365266 271333 0 X X false true true false X 0 9465600 20825329 30290929 0 0 0 0 0 0 9465600 20825329 30290929 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 30290929 624407 2835658 3460065 0 0 0 0 624407 2835658 3460065 0 0 0 0 0 0 0 0 0 0 10090007 23660987 33750994 0.89748 0.93812 0.1 0.06 X 313291799 12105665 301186134 48435713 3616487 44819226 20273570 3103088 17170482 363175842 Federal Income Taxes Refundable Deposits 203857037 203857037 X 23602492 271333 0 271333 23331159 0 0 23331159 35696425 0 0 35696425 0 0 35696425 Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote PSLC was designated by the IRS as a tax-exempt 501(c)(3) corporation effective December 7, 2016. Therefore, PSLC's income will generally not be subject to federal or state income taxes. The Organization 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. false false false false false false false false false Amy Post Marketing Director 231690 0 0 0 0 0 0 0 34829 0 266519 0 0 0 Brittaney Jones-Alleyne Director of Health Services 150890 0 0 0 0 0 0 0 10230 0 161120 0 0 0 Clifford Saladin Executive Chef 118828 0 0 0 0 0 0 0 32468 0 151296 0 0 0 Tina Witthoefft Residency Counselor 162808 0 0 0 0 0 0 0 11595 0 174403 0 0 0 A Westchester County Local Development Corporation 455135576 95737TEU6 2021-11-10 219130000 PSLC Project & Entrance Fee Principal Redemption - Series 2021A false false false B Westchester County Local Development Corporation 455135576 95737tew2 2021-11-10 23605000 PSLC Project & Entrance Fee Principal Redemption - Series 2021B false false false C Westchester County Local Development Corporation 455135576 95737tex0 2021-11-10 58775000 PSLC Project & Entrance Fee Principal Redemption - Series2021C false false false A 231341547 13814750 12223254 4542492 1431460 90155542 109174048 2024 true false true true B 23605000 23898966 849780 1182611 472100 154199 9711685 11528591 2024 true false true true C 58775000 59866254 1880800 2617447 1175500 383946 24181500 29627062 2024 true false true true A false false false false false false 0 0 0.0 false false 0 false true B false false false false false false 0 0 0.0 false false 0 false true C false false false false false false 0 0 0.0 false false 0 false true A false false false true false false 0 false false false 0 false false true B false false false true false false 0 false false false 0 false false true C false false false true false false 0 false false false 0 false false true A true B true C true Form 990, Part VI, Line 6 Classes of members or stockholders The membership of the Corporation shall consist of one member: Purchase College Advancement Corporation. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body The member shall designate and elect the directors of the Corporation. Form 990, Part VI, Line 7b Decisions requiring approval by members or stockholders The member shall establish, and amend as necessary, the by-laws of the Corporation. 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 the 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 acknowledgement 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 descision-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 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 XII, Line 2c Change of oversight process or selection process THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. Purchase College Advancement Corporation 100 Broadview Avenue Purchase NY 10577 800432298 Manage Senior Learning community at Suny purchase NY 501(c)(3) 10 NA false Purchase College Foundation Housing Corp 735 Anderson Hill Rd Purchase NY 10577 134086734 Manage and oversee dormitory and facilities at Suny Purchase NY 501(c)(3) 10 State University of New York false 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 false false false false false false false false false false true true false false false true true false false