LAS PALMAS FOUNDATION

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1991

Legal Domicile

Principal Officer

JOSEPH M MICHAELS

Phone

7609449050

Tax Period

2024-01-01 to 2024-12-31

LAS PALMAS FOUNDATION, founded in 1991, is a community nonprofit in the Unknown sector that reported $7.0M in total revenue in fiscal year 2024. Revenue fell 62% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $5.5M, a strong 79% operating margin.

Mission

LAS NBSP;PALMAS NBSP;FOUNDATION NBSP;A NBSP;CALIFORNIA NBSP;NON-PROFIT NBSP;CORPORATIN NBSP;IS NBSP;DEDICATED NBSP;TO NBSP;ACQUIRE NBSP;DEVELOP NBSP;REHABILITATE NBSP;AND NBSP;SUPPORT NBSP;AFFORDABLE NBSP;HOUSING NBSP;THE NBSP;ORGANIZATION NBSP;WAS NBSP;CREATED NBSP;TO NBSP;INCREASE NBSP;AND NBSP;IMPROVE NBSP;HOUSING NBSP;FOR NBSP;LOW NBSP;AND NBSP;MODERATE NBSP;INCOME NBSP;FAMILIES NBSP;AND NBSP;INDIVIDUALS

Program Service Accomplishments

Program 1

Expenses: $20,859 Revenue: $14,758

CO-MANAGING GENERAL PARTNER IN AMCAL ALGRE FUND LP WHICH OWNS AND OPERATES A 104 UNIT AFFORDABLE FAMILY COMPLEX IN IRVINE CALIFORNIA.

Program 2

Expenses: $20,859 Revenue: $56,579

CO-MANAGING GENERAL PARTNER IN ALMADEN FAMILY HOUSING PARTNERS LP WHICH OWNS AND OPERATES A 220 UNIT AFFORDABLE FAMILY APARTMENT COMPLEX IN SAN JOSE CALIFORNIA. IT IS A BOND AND TAX CREDIT...

CO-MANAGING GENERAL PARTNER IN ALMADEN FAMILY HOUSING PARTNERS LP WHICH OWNS AND OPERATES A 220 UNIT AFFORDABLE FAMILY APARTMENT COMPLEX IN SAN JOSE CALIFORNIA. IT IS A BOND AND TAX CREDIT DEVELOPMENT.

Program 3

Expenses: $20,859 Revenue: $8,197

CO-MANAGING GENERAL PARTNER IN CAMBRIA PSH LP WHICH OWNS AND OPERATES A 57 UNIT AFORDABLE FAMILY APARTMENT COMPLEX IN LOS ANGELES CALIFORNIA.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $6,967,112

Investment Income $404,641

Other Revenue $-369,192

TOTAL REVENUE $7,002,561

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,305,651

Fundraising Expenses $0

Program Expenses $1,294,147

Other Expenses $168,375

TOTAL EXPENSES $1,474,026

Year-over-Year Comparison

	2024	2023	Change
Revenue	$7,002,561	$18,324,949	-0.6%
Expenses	$1,474,026	$1,366,718	+0.1%
Net Income	$5,528,535	$16,958,231	-0.7%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

⚠ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,003,425

Total Directors

$526,418

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOSEPH MICHAELS	PRESIDENT	015.00	Officer Director	$526,418	$0	$526,418
VICTOR BARONE	DIRECTOR	002.00	Director	$0	$0	$0
RANDY STEVENSON	DIRECTOR	001.00	Director	$0	$0	$0
SHERY AVERY	DIRECTOR	001.00	Director	$0	$0	$0
LESLIE MICHAELS	VICE PRESIDENT	030.00	Officer	$126,560	$0	$198,713
RYAN MONTE	VICE PRESIDENT	020.00	Officer	$138,320	$0	$138,320
NOAMI PINES	VICE PRESIDENT	012.00	Officer	$139,974	$0	$139,974
MARY WHITE	VICE PRESIDENT	040.00		$120,432	$0	$120,432

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$7,002,561	$1,474,026	$25,900,308	$5,528,535
2024	$7,002,561	$1,474,026	$25,900,318	$5,528,535
2024	No data	No data	No data	No data
2023	$2,064,949	$1,366,718	$7,540,459	$698,231
2023	$12,410,401	$1,366,718	$20,372,700	$11,043,683
2022	$1,967,411	$1,210,804	$6,856,312	$756,607
2021	$2,028,214	$1,111,409	$6,084,705	$916,805
2020	$1,363,662	$1,103,969	$5,167,900	$259,693
2019	$1,123,583	$1,076,997	$4,909,342	$46,586
2018	$914,698	$963,148	$4,862,756	$-48,450