2025-09-02T10:23:05-05:00 2024-12-31 946214841 ARMANINO ADVISORY LLC 50 W SAN FERNANDO ST STE 500 SAN JOSE CA 95113 990 2024-01-01 770158519 TERRACE GARDENS INC TERR 8314385725 186 BERESFORD COURT MILPITAS CA 95035 JILL KAUFFMAN PRESIDENT 8314385725 2025-08-28 1 1 WANWAN ZHANG P00233621 4082006400 2025-08-28 2024 2025-03-06 01:10:19Z JILL KAUFFMAN 186 BERESFORD COURT MILPITAS CA 95035 2762890 0 X N/A X 1986 CA THE DEVELOPMENT AND MANAGEMENT OF LOW AND MODERATE INCOME HOUSING IN THE STATE OF CALIFORNIA. 7 7 0 9 0 0 173641 199939 2367022 2434528 67082 128423 0 0 2607745 2762890 0 0 0 0 551554 606951 0 0 0 1969787 2022782 2521341 2629733 86404 133157 10492737 10637121 399492 410719 10093245 10226402 THE PUBLIC PURPOSES FOR WHICH THIS CORPORATION IS ORGANIZED INCLUDE THE DEVELOPMENT AND MANAGEMENT OF LOW AND MODERATE INCOME HOUSING IN THE STATE OF CALIFORNIA. 0 0 1826916 1781190 THE ORGANIZATION DEVELOPS AND MANAGES THE OPERATIONS OF A RESIDENTIAL COMPLEX WHICH CONSISTS OF 148 RENTAL UNITS, 3 GUEST ROOMS, AND 2 STAFF UNITS. THE COMPLEX IS LOCATED IN THE CITY OF MILPITAS AND IS DEDICATED TO THE NEEDS OF ELDERLY PERSONS. A TOTAL OF 183 PEOPLE WERE SERVED DURING THE YEAR. 686930 653338 FOOD SERVICES ARE PROVIDED FOR THE WELL-BEING OF THE ELDERLY TENANTS, FOR A NUMBER OF 183 PEOPLE. 2513846 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 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 1 8 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 7 7 0 1 1 0 1 1 0 1 1 0 0 1 1 1 1 1 1 0 0 0 CA X JOHN STEWART COMPANY 8314385725 104 WHISPERING PINES DR SUITE 200 SCOTT VALLEY CA 95066 X JILL KAUFFMAN PRESIDENT 1.00 X X 0 0 0 DOLORES HOVEY VICE PRESIDENT (THRU 03/24) 1.00 X X 0 0 0 THOMAS VALORE VICE PRESIDENT (START 03/24) 1.00 X X 0 0 0 STEVEN SHARP SECRETARY/TREASURER 1.00 X X 0 0 0 YOLIE GARCIA DIRECTOR 1.00 X 0 0 0 MARSHA GRILLI DIRECTOR 1.00 X 0 0 0 NASIR LALANI DIRECTOR 1.00 X 0 0 0 DEEPKA LALWANI DIRECTOR (THRU 05/24) 1.00 X 0 0 0 JAMES NICHOLS DIRECTOR 1.00 X 0 0 0 0 0 0 0 0 0 0 MORRISON MANAGEMENT SPECIAL PO BOX 102289 ATLANTA GA 303682289 FOOD MANAGEMENT SERVICES 746202 JOHN STEWART COMPANY 104 WHISPERING PINES DR STE 200 SCOTTS VALLEY CA 95066 PROPERTY MANAGEMENT SERVICES 697525 USA EMPIRE REMODELS INC 1707 LITTLE ORCHARD ST UNIT B SAN JOSE CA 95125 REMODELING SERVICES 392155 3 199939 199939 RENT INCOME 532000 1770460 1770460 FOOD SERVICES 531390 653338 653338 LAUNDRY & VENDING INCO 531390 5898 5898 OTHER TENANTS SERVICES 531390 4832 4832 2434528 128423 128423 2762890 2434528 0 128423 474816 474816 7339 7339 86124 86124 38672 38672 75804 75804 648 648 37186 37186 255059 255059 2567 2567 100283 100283 9734 9734 315377 315377 684 684 2897 2897 363839 363839 90170 90170 FOOD SERVICE COSTS 686930 686930 REPAIRS AND MAINTENANCE 65169 65169 RECREATIONAL SUPPLIES 14059 14059 ADMINISTRATIVE MISC EXP 2376 2376 2629733 2513846 115887 0 129843 56213 9845 9957 131188 199999 818 342 20968 112919 17708836 11108101 6597374 6600735 3602701 3656956 10492737 10637121 322615 328825 277 5694 76600 76200 399492 410719 X 10092441 10225598 804 804 10093245 10226402 10492737 10637121 133157 0 X 0 1 X 1 0 X 90338 48816 26901 173641 199939 539635 2302086 2319447 2304169 2367022 2434528 11727252 2392424 2368263 2331070 2540663 2634467 12266887 0 0 0 12266887 18424 832 9333 67082 128423 224094 18424 832 9333 67082 128423 224094 2410848 2369095 2340403 2607745 2762890 12490981 0.98210 0.98870 0.01790 0.01130 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1565277 1565277 15630254 10611617 5018637 72216 66518 5698 441089 429966 11123 6600735 REPLACEMENT RESERVE 3579455 RESTRICTED CASH FOR CARILLON MAINTENANCE FUND 804 TENANTS SECURITY DEPOSITS 76697 3656956 TENANTS SECURITY DEPOSITS 76200 76200 X 2762890 0 2762890 0 2762890 2629733 0 2629733 0 2629733 PART X, LINE 2: ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA PROVIDE ACCOUNTING AND DISCLOSURE GUIDANCE ABOUT POSITIONS TAKEN BY AN ORGANIZATION IN ITS TAX RETURNS THAT MIGHT BE UNCERTAIN. MANAGEMENT HAS CONSIDERED ITS TAX POSITIONS AND BELIEVES THAT ALL OF THE POSITIONS TAKEN BY THE ORGANIZATION IN ITS FEDERAL AND STATE TAX RETURNS ARE MORE-LIKELY-THAN-NOT TO BE SUSTAINED UPON EXAMINATION. THE ORGANIZATION FILES INFORMATION RETURNS IN THE U.S. FEDERAL JURISDICTION AND STATE OF CALIFORNIA. THE ORGANIZATION'S FEDERAL RETURNS FOR THE TAX YEARS 2021 AND BEYOND REMAIN SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE. THE ORGANIZATION'S CALIFORNIA RETURNS FOR THE TAX YEARS 2020 AND BEYOND REMAIN SUBJECT TO EXAMINATION BY THE FRANCHISE TAX BOARD. FORM 990, PART VI, SECTION A, LINE 3 THE ORGANIZATION USED A MANAGEMENT COMPANY TO PERFORM ALL MANAGEMENT DUTIES AND UNDER THE DIRECT SUPERVISION OF THE BOARD OF DIRECTORS. SUCH MANAGEMENT DUTIES INCLUDE HIRING, FIRING, AND SUPERVISING, PLANNING OR EXECUTING BUDGETS OR FINANCIAL OPERATIONS. FORM 990, PART VI, SECTION A, LINE 4 THE TERRACE GARDENS, INC. AMENDED AND RESTATED ITS BYLAWS THAT TOOK EFFECT ON JUNE 17, 2024 TO REFLECT UPDATES IN ITS ORGANIZATIONAL STRUCTURE. AS MEMBERSHIP IN THE ORGANIZATION IS LIMITED FROM NINE (9) TO SEVEN (7) MEMBERS OF BOARD OF DIRECTORS, IT IS NOTED THAT FOUR (4) DIRECTORS MUST BE RESIDENTS OF THE CITY OF MILPITAS AT THE TIME OF THEIR APPOINTMENT. IN THE EVENT THAT ANY OF THESE DIRECTORS CEASE TO BE RESIDENTS OF THE CITY OF MILPITAS THEN SHALL CONSTITUTE AUTOMATIC RESIGNATION AS A DIRECTOR. THE REMAINING THREE (3) SHALL BE SELECTED WITHOUT REGARD TO THE CRITERIA. FORM 990, PART VI, SECTION A, LINE 6 MEMBERSHIP IN THE CORPORATION SHALL, AT ALL TIMES, BE LIMITED TO A BOARD OF DIRECTORS CONSISTING OF UP TO SEVEN (7)INDIVIDUALS. FORM 990, PART VI, SECTION A, LINE 7A ANY VACANCY OR VACANCIES ON THE BOARD OF DIRECTORS CAUSED BY EXPIRATION OF TERM, DEATH, RESIGNATION OR REMOVAL SHALL BE FILLED BY ACTION OF THE BOARD IN ACCORDANCE WITH THE CRITERIA SET FORTH IN THE BYLAWS AT A SPECIAL MEETING CALLED FOR THAT PURPOSE. FORM 990, PART VI, SECTION B, LINE 11B THE MANAGEMENT COMPANY RECEIVES A PDF COPY FROM THE 990 RETURN PREPARER, REVIEWS THE RETURN AND PROVIDES A COPY FOR APPROVAL AT THE BOARD MEETING. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS REVIEWED ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 THE FINANCIAL STATEMENTS AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST. FROM 990, PART VI, SECTION B, LINE 14: THE ORGANIZATAION ADOPTED THE WRITTEN DOCUMENT RETENTION AND DESTRUCTION POLICY PROVIDED BY THE MANAGEMENT COMPANY.