2025-03-17T09:32:59-05:00 2024-04-30 440160260 FORVIS MAZARS LLP 255 S ORANGE AVENUE SUITE 600 ORLANDO FL 32801 990 2023-05-01 596194199 KINNERET INC KINN 4074254537 3900 NEPTUNE DRIVE ORLANDO FL 32804 SCOTT ZIMMERMAN TREASURER 4074254537 2025-03-14 1 1 PETER C GUBLER P00190185 4077405400 2025-03-14 2023 2025-03-06 01:10:19Z X KINNERET APARTMENTS SCOTT ZIMMERMAN 3900 NEPTUNE DRIVE ORLANDO FL 32804 457510 0 X WWW.KINNERETCOUNCIL.ORG X 1967 FL SEE SCHEDULE O.KINNERET, INC. AND KINNERET II, INC. (COLLECTIVELY "KINNERET") ARE NOT-FOR-PROFIT CORPORATIONS ORIGINALLY ORGANIZED FOR THE PURPOSE OF PROVIDING HOUSING AND SERVICES TO ELDERLY AND DISABLED MEMBERS OF THE GREATER ORLANDO JEWISH COMMUNITY, WHO HAVE LOW OR MODERATE INCOMES, AND PROVIDING PROGRAMS AND SERVICES DESIGNED TO MEET THEIR PHYSICAL, SOCIAL, AND SPIRITUAL NEEDS. 15 15 0 15 0 0 0 0 986219 0 27831876 382090 0 75420 28818095 457510 62400 50000 0 0 72203 0 0 0 0 332278 88678 466881 138678 28351214 318832 29916012 31381138 2678 13032 29913334 31368106 X SEE SCHEDULE O.KINNERET, INC. AND KINNERET II, INC. (COLLECTIVELY "KINNERET") ARE NOT-FOR-PROFIT CORPORATIONS ORIGINALLY ORGANIZED FOR THE PURPOSE OF PROVIDING HOUSING AND SERVICES TO ELDERLY AND DISABLED MEMBERS OF THE GREATER ORLANDO JEWISH COMMUNITY, WHO HAVE LOW OR MODERATE INCOMES, AND PROVIDING PROGRAMS AND SERVICES DESIGNED TO MEET THEIR PHYSICAL, SOCIAL, AND SPIRITUAL NEEDS.IN CONNECTION WITH ITS MISSIONS, KINNERET PREVIOUSLY OPERATED TWO ADJACENT APARTMENT BUILDINGS. ON SEPTEMBER 23, 2022, KINNERET SOLD THEIR APARTMENT BUILDINGS AND ASSOCIATED REAL AND PERSONAL PROPERTY LOCATED IN ORLANDO, FLORIDA TO AN UNRELATED BUYER AND DISCONTINUED OPERATING THE APARTMENT BUILDINGS. THE COMBINED SALE PRICE WAS APPROXIMATELY $57,700,000. THE GAIN ON THE SALE WAS APPROXIMATELY $51,900,000. AS A CONDITION OF THE SALE AGREEMENT, THE BUYER IS REQUIRED TO MAINTAIN THE RELATED PROPERTIES AS LOW-INCOME HOUSING FOR A PERIOD OF TEN (10) YEARS FOLLOWING THE DATE OF SALE. 0 0 57002 50000 75420 THE DIRECTORS OF KINNERET, INC. AND KINNERET II, INC. ARE CURRENTLY INVOLVED IN THE DEVELOPMENT OF NEW PLANS ON HOW TO BEST USE THEIR RESOURCES TO SERVE THE NEEDS OF THE GREATER ORLANDO JEWISH COMMUNITY. 57002 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 1 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 1 0 0 0 1 X 0 0 0 0 0 0 0 0 0 0 0 0 0 X 15 15 1 1 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X SHALOM ORLANDO 4076455933 851 N MAITLAND AVE MAITLAND FL 32751 X RHONDA K PEARLMAN PRESIDENT 5.00 6.00 X X 0 0 0 DICK APPELBAUM VICE PRESIDENT 1.00 2.00 X X 0 0 0 SCOTT ZIMMERMAN VP, TREASURER 5.00 10.00 X X 0 0 0 JOANNE KANE SECRETARY 5.00 10.00 X X 0 0 0 ALISON POLEJES DIRECTOR 1.00 2.00 X 0 0 0 GEANNE SHARE DIRECTOR 1.00 2.00 X 0 0 0 CAROL FEUERMAN DIRECTOR 1.00 6.00 X 0 0 0 LARRY GUTTER DIRECTOR 1.00 2.00 X 0 0 0 LYNN FENSTER DIRECTOR 1.00 3.00 X 0 0 0 ERIN KATZMAN DIRECTOR 1.00 3.00 X 0 0 0 NEAL BLAHER DIRECTOR 1.00 2.00 X 0 0 0 DON LEVIN DIRECTOR 1.00 2.00 X 0 0 0 ROSS PEARLMAN DIRECTOR 1.00 2.00 X 0 0 0 MOLLIE SAVAGE DIRECTOR 1.00 2.00 X 0 0 0 OLIVIA SHARE DIRECTOR 1.00 2.00 X 0 0 0 ROBERT HARA DIRECTOR EMERITUS (NON-VOT 1.00 2.00 X 0 0 0 PAUL MANDELKERN DIRECTOR EMERITUS (NON-VOT 1.00 2.00 X 0 0 0 MARK B SILVERBERG DIRECTOR EMERITUS (NON-VOT 1.00 2.00 X 0 0 0 0 0 0 0 0 0 0 0 19737 19737 362353 0 362353 362353 362353 MISCELLANEOUS REVENUE 900099 75420 75420 75420 457510 75420 0 382090 50000 50000 11333 11333 26398 26398 25750 25750 18021 18021 5126 5126 1644 1470 174 55 55 351 351 138678 57002 81676 0 515932 551053 56000 29343813 30774085 56267 0 29916012 31381138 2678 13032 2678 13032 X 29913334 31368106 29913334 31368106 29916012 31381138 318832 1135940 0 X X 0 1 X 1 0 X 1132045 1128871 2052660 986219 5299795 1132045 1128871 2052660 986219 5299795 0 0 0 5299795 6528 500 3437 426613 382090 819168 6528 500 3437 426613 382090 819168 4065 66875 25055 75420 171415 1142638 1196246 2081152 1412832 457510 6290378 0.84250 0.92210 0.13020 0.06360 X 0 RAYMOND JAMES INVESTMENTS AND EXCESS CASH 30774085 F 30774085 X PART X, LINE 2: KINNERET, INC. AND KINNERET II, INC. ARE ORGANIZED AS NOT-FOR-PROFIT CORPORATIONS UNDER THE LAWS OF THE STATE OF FLORIDA AND HAVE BEEN GRANTED RECOGNITION OF THEIR RESPECTIVE TAX-EXEMPT STATUS UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, INCOME EARNED IN FURTHERANCE OF THEIR TAX-EXEMPT PURPOSES IS EXEMPT FROM FEDERAL INCOME TAXES. THEY ARE ALSO EXEMPT FROM STATE INCOME TAX PURSUANT TO FLORIDA LAW. FURTHER, KINNERET, INC. AND KINNERET II, INC. ARE NOT PRIVATE FOUNDATIONS FOR FEDERAL TAX PURPOSES AND THEY BOTH QUALIFY FOR THE CHARITABLE CONTRIBUTION DEDUCTION UNDER IRC SECTION 170 AS WELL AS TAX DEDUCTIBLE BEQUESTS, DEVISES, TRANSFERS, OR GIFTS UNDER SECTION 2055, 2106, OR 2522. THEY ARE EACH ANNUALLY REQUIRED TO FILE A RETURN OF FOUNDATION EXEMPT FROM INCOME TAX (FORM 990) WITH THE INTERNAL REVENUE SERVICE. THEY ARE POTENTIALLY SUBJECT TO INCOME TAX ON NET INCOME THAT IS DERIVED FROM ACTIVITIES THAT ARE UNRELATED TO THEIR EXEMPT PURPOSES, IF ANY. THEIR SALE OF THEIR APARTMENT BUILDINGS IS CONSIDERED AN EXEMPT PURPOSE ACTIVITY AND THE RESULTING GAIN FROM THE SALE IS NOT TAXABLE. NEITHER KINNERET, INC. OR KINNERET II, INC. HAD UNRELATED BUSINESS INCOME DURING THE YEAR ENDED APRIL 30, 2023. CONSEQUENTLY, THESE COMBINED FINANCIAL STATEMENTS INCLUDE NO PROVISION OR LIABILITY FOR INCOME TAXES. 1 KINNERET COUNCIL ON AGING INC 515 S DELANEY AVENUE ORLANDO FL 32801 593408517 501(C)(3) 50000 0 GENERAL SUPPORT. PART I, LINE 2: THE ORGANIZATION PROVIDED GRANTS SOLELY TO KINNERET COUNCIL ON AGING, INC. A RELATED ORGANIZATION. THE ORGANIZATION MONITORS THE USE OF GRANT FUNDS THROUGH OVERLAP OF MANAGEMENT PERSONNEL BETWEEN THE FILING ORGANIZATION AND THE RECIPIENT ORGANIZATION. PART V, LINE 2A THE ORGANIZATION'S PAYROLL AND PAYROLL TAX EXPENSES ARE PAID BY A RELATED ORGANIZATION, KINNERET II, INC. THE ORGANIZATION REIMBURSES KINNERET II FOR SUCH EXPENSES. FORM 990, PART VI, SECTION A, LINE 2 DICK APPELBAUM IS THE FATHER OF ALISON POLEJES. ROSS PEARLMAN, A MEMBER OF THE BOARD OF DIRECTORS IS THE SON OF ANOTHER BOARD MEMBER, RHONDA PEARLMAN. OLIVIA SHARE, A MEMBER OF THE BOARD OF DIRECTORS, IS THE DAUGHTER OF ANOTHER BOARD MEMBER, GEANNE SHARE. FORM 990, PART VI, SECTION A, LINE 3 THE ORGANIZATION DELEGATES ITS FINANCIAL REPORTING AND COMPLIANCE FUNCTIONS TO A MANAGEMENT COMPANY. THROUGH THE DATE OF THE SALE OF PROPERTIES IN OCTOBER OF 2023, CARTERET MANAGEMENT CORPORATION ("CARTERET") WAS THE MANAGING AGENT FOR KINNERET. THE MANAGEMENT AGREEMENT PROVIDES, AMONG OTHER THINGS, FOR A MANAGEMENT FEE OF APPROXIMATELY FIVE PERCENT OF GROSS COLLECTIONS. IN ADDITION TO THE MANAGEMENT FEE, CARTERET RECEIVES A BOOKKEEPING FEE OF $3 PER APARTMENT UNIT PER MONTH. AFTER OCTOBER OF 2023, THE ORGANIZATION BEGAN TO DELEGATE ITS FINANCIAL AND COMPLIANCE FUNCTIONS TO SHALOM MANAGEMENT, LLC ("SHALOM"). THIS MANAGEMENT AGREEMENT PROVIDES BOOKKEEPING SERVICES ONLY. FORM 990, PART VI, SECTION A, LINE 6 THE MEMBERS OF THE CORPORATION (HEREINAFTER, EACH REFERRED TO AS A "MEMBER") SHALL BE THE CORPORATION'S PRESIDENT, VICE PRESIDENT(S), SECRETARY, AND TREASURER WHO HAVE BEEN ELECTED TO SERVE AND ARE SERVING AS SUCH FOR THE THEN-CURRENT YEAR. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD, BY RESOLUTION ADOPTED BY A MAJORITY OF THE ENTIRE BOARD, MAY APPOINT ONE OR MORE OTHER INDIVIDUALS TO SERVE AS MEMBERS FOR ANNUAL ONE (1) YEAR TERMS, WHICH TERM MAY BE RENEWED ON A CONSECUTIVE BASIS. THE BOARD MAY DECLINE TO RENEW THE MEMBERSHIP OF A MEMBER FOR ANY REASON. FORM 990, PART VI, SECTION A, LINE 7B APPROVAL OF GOVERNANCE DECISIONS IS RESERVED FOR AND SUBJECT TO THE APPROVAL OF THE ORGANIZATION'S MEMBERS. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF DIRECTORS IDENTIFIES A FINANCIALLY SOPHISTICATED DESIGNEE DIRECTOR TO REVIEW FORM 990 WITH OUR TAX PREPARER/CPA. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS OVERSEES THE ORGANIZATION'S CONFLICT OF INTEREST POLICY. THERE IS AT LEAST ANNUALLY A REQUIREMENT FOR EACH BOARD MEMBER TO DISCLOSE ANY CONFLICTS TO THE REST OF THE BOARD. A CONFLICTED DIRECTOR IS RECUSED FROM VOTING ON MATTERS RELATED TO THEIR CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS, IN CONNECTION WITH THE BUDGETARY APPROVAL PROCESS, OBTAINS COMPETITIVE SALARY INFORMATION AND ESTABLISHES A COMPENSATION MATRIX APPLICABLE TO ALL ORGANIZATION EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 ALL POLICIES, COPIES OF FORM 990, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST TO THE PRESIDENT OF THE BOARD OF DIRECTORS. FORM 990, PART XII, LINE 2C OVERSIGHT OF THE AUDIT: THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS HAS RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT AND SELECTION OF AN INDEPENDENT AUDITOR. THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. KINNERET II INC 515 S DELANEY AVENUE ORLANDO FL 32801 591760028 HOUSING FL 501(C)(3) LINE 11 N/A 0 KINNERET COUNCIL ON AGING INC 515 S DELANEY AVENUE ORLANDO FL 32801 593408517 SERVICES FOR RESIDENTS OF LOW-INCOME ELDERLY APARTMENT COMPLEX FL 501(C)(3) LINE 11 N/A 0 0 1 0 0 1 0 0 0 0 0 0 0 0 1 1 1 0 0 0