PURCHASE SENIOR LEARNING COMMUNITY INC

Financials

From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.

Officers, directors and key employees

As listed on the 990 for the year ended June 30, 2025, highest compensation first.

Address and contacts

Address (IRS master file)

100 BROADVIEW AVE, PURCHASE, NY 10577-1916

In care of

% THOMAS J SCHWARZ

Mailing address (990-N for 2016)

735 Anderson Hill Road, Purchase NY 10577

Principal officer (990 for 2024)

Michael Kopas, 100 Broadview Avenue, Purchase, NY 10577

Principal officer (990-N for 2016)

Judith Nolan, 735 Anderson Hill Road, Purchase NY 10577

Signed the 990

Michael Kopas, Treasurer

Phone

(914) 251-6000

Return prepared by

Forvis Mazars LLP

Mission

To develop and operate a senior learning housing community on land leased from the State University of New York on the Purchase College campus.

Program accomplishments

• 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 a 40.05 acre parcel of 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 whose income is 80% or less of the Westchester County median income, and that the proceeds are to be used by the college, divided 75% for TAP eligible student scholarships and 25% for new full-time faculty. The initial phase of the development consists of 220 independent living units, of which 44 are the aforementioned affordable units, 36 assisted living suites, 32 memory care suites, and a building containing community amenities such as dining venues, health and wellness facilities, classrooms, etc., all totaling approximately 550,000 of conditioned space, and related infrastructure improvements. The community's Offering Plan for this initial phase has been approved by the New York State Attorney General. 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 is 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 were used to complete the remainder of the pre-development and pre-marketing efforts. On November 10, 2021, PSLC closed on the issuance of $398,090,000 of bonds issued through the Westchester County Local Development Corporation, of which $391,200,000 are tax-exempt to the bondholders for both New York State and Federal income taxes, and $6,890,000 are taxable. With initial issue premiums, the total proceeds of the bond financing was $406,084,608. The bond proceeds are being used to: refund the $15,000,000 of bond anticipation notes, together with accreted interest; to fund the hard and soft costs of the construction of the project; to fund capitalized interest; to fund debt service reserves; to fund certain start-up losses; and to fund the costs of issuance. Construction of the community, known as Broadview Senior Living at Purchase College, began immediately after financing was obtained in November 2021. The community opened and welcomed its first resident December 8, 2023. All construction was completed in the late summer of 2024. The goals of the community are to support the education mission of the college through the provision of revenue, generated from ground rent of the lease, 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 has become a center for life-long learning. It offers students of all ages unique, non-conventional access to opportunities for intellectual and social growth through academic, cultural and social activities. A second set of goals, equally as important, is to provide much needed, high-quality service-based housing and care for area seniors.
  Expenses $29,803,760 · revenue $20,825,329

What it must file and when

IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in June, so each return is due on the 15th day of the 5th month after that.

IRS record

EIN

61-1816180

Tax-exempt status

501(c)(3): Charitable, religious, educational or scientific organization

Foundation status

Publicly supported organization (509(a)(2))

Donations deductible (Pub 78)

Public charity, 50% deduction limit

Exempt since

2017

Accounting year ends

June

Files

Form 990 or 990-EZ

Category (NTEE)

Housing and shelter (L20)

Assets (IRS master file)

$417,456,378

Income (IRS master file)

$23,970,080

Filing history

990-N: the IRS publishes only the latest e-Postcard per organization; earlier years appear here as 990.tax collects the monthly files. 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS.

Questions about PURCHASE SENIOR LEARNING COMMUNITY INC

What is the EIN of PURCHASE SENIOR LEARNING COMMUNITY INC?

The employer identification number (EIN) of PURCHASE SENIOR LEARNING COMMUNITY INC is 61-1816180.

Is PURCHASE SENIOR LEARNING COMMUNITY INC tax-exempt?

Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2017.

Are donations to PURCHASE SENIOR LEARNING COMMUNITY INC tax-deductible?

Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).

Which annual return does PURCHASE SENIOR LEARNING COMMUNITY INC file?

Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.

When is the next return of PURCHASE SENIOR LEARNING COMMUNITY INC due?

The return for tax year 2025 (the year ending June 30, 2026) is due November 16, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.

When did PURCHASE SENIOR LEARNING COMMUNITY INC last file with the IRS?

The latest return in the IRS public files is the 990 for the year ended June 2025.

Who is the principal officer of PURCHASE SENIOR LEARNING COMMUNITY INC?

The 990 for the year ended June 30, 2025 names Michael Kopas.

Who are the officers and directors of PURCHASE SENIOR LEARNING COMMUNITY INC?

The 990 for the year ended June 30, 2025 lists 19 people; 4 received compensation from the organization, the highest $231,690 (Amy Post, Marketing Director).

How much revenue does PURCHASE SENIOR LEARNING COMMUNITY INC have?

On its 990 for the year ended June 30, 2025 it reported revenue of $23,331,159, expenses of $35,696,425 and total assets of $417,456,378 at year end.

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