2025-01-17T14:22:24-06:00 2024-03-31 351750664 DAUBY O'CONNOR & ZALESKI LLC 501 CONGRESSIONAL BLVD 300 CARMEL IN 46032 990 2023-04-01 953359098 PACE ECONOMIC DEVELOPMENT CORPORATION PACE 2139893145 1055 WILSHIRE BLVD 1475 LOS ANGELES CA 90017 KERRY DOI PRESIDENT 2139893145 2025-01-17 1 0 EVAN ANTTONEN P01925603 3178485700 2023 2024-10-15 13:58:12Z KERRY DOI 1055 WILSHIRE BLVD 1475 LOS ANGELES CA 90017 322612 0 X N/A X 1975 CA ORGANIZATION OPERATES A 16-UNIT APARTMENT AND PROVIDES AFFORDABLE HOUSING TO QUALIFIED FAMILIES 3 3 0 0 0 0 160096 136064 139915 185726 238 414 0 408 300249 322612 0 0 0 0 0 0 0 0 0 253482 252096 253482 252096 46767 70516 1166483 1231927 1786209 1781137 -619726 -549210 X THE SPECIFIC PURPOSE OF THIS CORPORATION IS TO INSTITUTE, MAINTAIN AND PROMOTE SOCIAL SERVICE PROGRAMS WHICH PROVIDE TRAINING, EDUCATION, INFORMATION, AND ASSISTANCE (INCLUDING TECHNICAL EXPERTISE IN BUSINESS AND OTHER RESOURCES) TO INDIVIDUALS OF LOW-INCOME DISTRESSED COMMUNITIES AS PART OF PROMOTING AND PROVIDING ECONOMIC DEVELOPMENT ACTIVITIES AND LOW INCOME HOUSING WITHIN SAID COMMUNITIES. THE ORGANIZATION OPERATES A 16 UNIT APARTMENT BUILDING AND PROVIDES AFFORDABLE HOUSING TO QUALIFIED LOW INCOME HOUSING FAMILIES. 0 0 232691 185691 THE SPECIFIC PURPOSE OF THIS CORPORATION IS TO INSTITUTE, MAINTAIN AND PROMOTE SOCIAL SERVICE PROGRAMS WHICH PROVIDE TRAINING, EDUCATION, INFORMATION, AND ASSISTANCE (INCLUDING TECHNICAL EXPERTISE IN BUSINESS AND OTHER RESOURCES) TO INDIVIDUALS OF LOW-INCOME DISTRESSED COMMUNITIES AS PART OF PROMOTING AND PROVIDING ECONOMIC DEVELOPMENT ACTIVITIES AND LOW INCOME HOUSING WITH IN SAID COMMUNITIES. THE CORPORATION OPERATES 16 UNITS OF AFFORDABLE HOUSING IN LOS ANGELES, CALIFORNIA. 232691 1 1 0 0 0 0 0 0 0 0 1 1 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 3 3 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X KYONG CHOI 2133533986 1055 WILSHIRE BLVD SUITE 1475 LOS ANGELES CA 90017 X KERRY DOI CHAIR PERSON 2.00 X X 0 0 0 WILLIAM CHUN SECRETARY 2.00 X X 0 0 0 NEIL YONEJI BOARD MEMBER 2.00 X 0 0 0 0 0 0 0 0 0 0 0 136064 136064 RENTAL INCOME 531110 185726 185726 185726 414 414 TAX REFUND 531110 408 408 408 322612 185726 0 822 11734 11734 2580 2580 5091 5091 16820 16820 183621 183621 26974 26974 499 499 MANAGEMENT COMPANY EMPL 4777 4777 252096 232691 19405 0 291942 356344 12216 18724 52291 60486 1340864 1132090 234814 208774 557866 571171 10578 9645 6776 6783 1166483 1231927 752995 762267 4456 423 1018191 1007168 10567 11279 1786209 1781137 X -619726 -549210 -619726 -549210 1166483 1231927 70516 0 X X 0 1 X 1 1 1 X 161618 171156 165323 160096 136064 794257 122324 115524 121951 139915 185726 685440 283942 286680 287274 300011 321790 1479697 0 0 0 1479697 459 230 170 238 414 1511 459 230 170 238 414 1511 4660 408 5068 284401 286910 292104 300249 322612 1486276 0.99560 0.97550 0.00100 0.00090 X PART III SECTION B LINE 12 OTHER INCOME REPRESENTS TAX REFUNDS RECEIVED AND RECORDED AS MISCELLANEOUS INCOME ON THE AUDITED FINANCIAL STATEMENTS. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 177958 177958 1062773 1031957 30816 100133 100133 0 208774 RESERVE REPLACEMENT FUND 571171 C 571171 SECURITY DEPOSITS 6772 CAPITAL RECOVERY PAYMENT 1757 ACCRUED MGMT FEE PAYABLE 2750 11279 X 322612 0 322612 0 322612 252096 0 252096 0 252096 PART X, LINE 2: THE CORPORATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND STATE INCOME TAX AND HAS BEEN CLASSIFIED AS AN OTHER THAN PRIVATE FOUNDATION. ACCORDINGLY, NO PROVISION FOR FEDERAL AND STATE TAXES ON REVENUE AND INCOME HAS BEEN RECOGNIZED IN THE ACCOMPANYING FINANCIAL STATEMENTS. GENERALLY, THE FEDERAL AND STATE TAX RETURNS WERE SUBJECT TO EXAMINATIONS FROM THE THREE YEARS AFTER THE LATER OF THE ORIGINAL OR EXTENDED DUE DATE OR THE DATE FILED WITH THE APPLICABLE TAX AUTHORITY. FORM 990, PART VI, SECTION A, LINE 3 PACE ECONOMIC DEVELOPMENT CORPORATION IS MANAGED BY LEVINE MANAGEMENT GROUP, A PROFESSIONAL PROPERTY MANAGEMENT COMPANY. LEVINE MANAGEMENT GROUP HAS A PROJECT OWNERS AND MANAGEMENT AGENTS CERTIFICATION FOR MULTIFAMILY HOUSING PROJECTS WITH THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. UNDER THIS CERTIFICATION, HUD HAS APPROVED LEVINE MANAGEMENT GROUP TO MANAGE PACE VILLA APARTMENTS. THE MANAGEMENT CONTRACT ENCOMPASSES THE DAY TO DAY OPERATIONS OF THE PROJECT INCLUDING, BUT NOT LIMITED TO COLLECTION OF RENTS, MAINTENANCE OF FACILITIES, SUPERVISION OF STAFF, AND ONGOING SUPPORT FOR BOTH THE OWNERS AND TENANTS AS NEEDED IN ORDER TO ESTABLISH A SAFE, SANITARY AND AFFORDABLE ENVIRONMENT. FORM 990, PART VI, SECTION B, LINE 11B THE AUDITING FIRM SENDS A DRAFT OF THE RETURN TO THE MANAGEMENT COMPANY. THE MANAGEMENT COMPANY FORWARDS A COPY OF THE RETURN TO EACH BOARD MEMBER FOR THEIR COMMENTS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ON AN ANNUAL BASIS AND ON AS NEEDED BASIS, ALL MEMBERS OF THE BOARD OF DIRECTOR AND THE PRESIDENT/CEO SHALL INFORM, IN WRITING, TO THE CHAIR OF THE BOARD OF ALL REPORTABLE CONFLICTS. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION OF CEO, TOP MANAGEMENT, OTHER OFFICERS OR KEY EMPLOYEES ARE DETERMINED BY SALARY SURVEYS, RESPONSIBILITIES OF THE POSITION AND PERFORMANCE. FORM 990, PART VI, SECTION C, LINE 19 THE FORM 990 AND ALL RELATED FINANCIAL AND POLICY INFORMATION ARE MADE AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST. ALL DOCUMENT REQUESTS ARE FORWARDED TO THE SECRETARY WHO COMPILES INFORMATION AND PROVIDES TO THE REQUESTOR. FORM 990, PAGE 12, PART XII LINE 2C OVERVIEW OF AUDIT FUNTION INCLUDED ON PAGE 9 IN CURRENT YEAR OTHER REVENUE: THE MANAGEMENT COMPANY RECEIVES A COPY OF THE AUDIT. PRIOR TO THE FINALIZATION OF THE AUDIT, A COPY OF THE AUDIT IS GIVEN TO ALL OF THE BOARD MEMBERS FOR THEIR COMMENTS. WHEN THE AUDIT IS UP FOR BID, THE BOARD DISCUSSES THE RELATIONSHIP WITH THE CURRENT AUDITORS AND MAKES A DETERMINATION AS TO WHETHER TO MAINTAIN THIS RELATIONSHIP OR CHANGE TO A NEW AUDITING FIRM.