Purchase Senior Learning Community Inc.
Purchase Senior Learning Community Inc.
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About this organization
Revenue
$1,035,021
Expenses
$2,084,144
Mission
TO DEVELOP & OPERATE A SENIOR LEARNING HOUSING COMMUNITY ON THE GROUNDS OF SUNY, PURCHASE COLLEGE.
About
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 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 WHO EARN 80% OR LESS OF THE WESTCHESTER COUNTY MEDIAN INCOME, AND THAT THE PROCEEDS ARE TO BE USED BY THE COLLEGE, DIVIDED 75% FOR SCHOLARSHIPS AND 25% FOR NEW FULL TIME FACULTY.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 WILL BE 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 ARE BEING USED TO COMPLETE THE REMAINDER OF THE PRE-DEVELOPMENT AND PRE-MARKETING EFFORTS, AT WHICH TIME PSLC WILL SEEK TO RAISE PERMANENT FINANCING BY ISSUANCE OF TAX-EXEMPT BONDS THROUGH THE WESTCHESTER COUNTY LOCAL DEVELOPMENT CORPORATION.THE COMMUNITY'S OFFERING PLAN HAS BEEN APPROVED BY THE NEW YORK STATE ATTORNEY GENERAL. WITH THIS APPROVAL IN PLACE, PSLC HAS BEEN PERMITTED TO BEGIN MARKETING THE PROJECT. BY THE CLOSE OF FYE JUNE 30, 2019, EIGHTEEN DEPOSITS IN THE AMOUNT OF 10% OF A UNIT'S ENTRANCE FEE WERE RECEIVED.THE GOALS OF THE COMMUNITY ARE TO SUPPORT THE EDUCATION MISSION OF THE COLLEGE THROUGH THE PROVISION OF REVENUE 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 WILL BECOME A CENTER FOR LIFE-LONG LEARNING. IT WILL OFFER STUDENTS OF ALL AGES UNIQUE, NON-CONVENTIONAL ACCESS TO OPPORTUNITIES FOR INTELLECTUAL AND SOCIAL GROWTH THROUGH ACADEMIC, CULTURAL AND SOCIAL ACTIVITIES.
Interesting data from their 2020 990 filing
The mission of the non-profit, as stated in the filing, is “To develop and operate a senior learning housing community on land leased from the state university of new york on the purchase college campus.”.
When referring to its tasks, they were described as: “To develop & operate a senior learning housing community on the grounds of suny, purchase college.”.
- The non-profit is operating legally in the state of NY.
- The non-profit's address for the year 2020 is listed as 735 ANDERSON HILL ROAD, PURCHASE, NY, 10577 in the filing.
- The form submitted by the non-profit organization for 2020 reports 0 employees.
- Is not a private foundation.
- Expenses are between $250,000 and $500,000.
- Revenue is greater than $1,000,000.
- Revenue less expenses is -$1,049,123.
- The organization has 9 independent voting members.
- The organization was formed in 2016.
- The organization pays $0 in salary, compensation, and benefits to its employees.
- The organization pays $0 in fundraising expenses.