Overview
What is Purchase Senior Learning Community Inc?
Purchase Senior Learning Community Inc, based in Purchase, New York, is a nonprofit organization with a mission to develop and operate a senior living and learning complex on the campus of Purchase College, State University of New York. The community, known as Broadview Senior Living at Purchase College, will provide high-quality housing and care for area seniors while also generating revenue to fund scholarships, enhance faculty competitiveness, and foster intergenerational learning. The project, which began construction in November 2021 and is scheduled to open in fall 2023, comprises 220 independent living units, 36 assisted living suites, 32 memory care suites, and communal facilities like dining venues and classrooms. The organization has received necessary approvals and funding, including a $398 million bond issuance, to bring this senior living community to life.
Official website here: www.seniorlivingatpurchase.edu
What are the reviews and ratings of this charity?
Charity Navigator Rating: 56% (One-Star out of Four Stars)
Purchase Senior Learning Community Inc has received a low rating of 56%, indicating significant concerns regarding its financial practices and transparency. The organization has shown strengths in governance, with a fully independent board and robust policies related to whistleblower protections and conflict of interest. However, the overall financial health raises questions, particularly with a high liabilities-to-assets ratio and a very low program expense ratio.
The financial management of the organization is a critical area of concern, as the program expense ratio stands at only 10.15%. This suggests that a minimal portion of its funds are being directed towards its programs, which could affect the charity's ability to fulfill its mission effectively. Additionally, while the charity has a solid audit and oversight committee, the missing tax form on its website is a significant gap in transparency that detracts from its accountability.
In summary, while Purchase Senior Learning Community Inc demonstrates strong governance practices, its financial performance and transparency issues limit its effectiveness and overall evaluation. Stakeholders and potential donors may want to consider these factors carefully before engaging with the organization.
This AI summary has been generated from information found on Charity Navigator.
Is Purchase Senior Learning Community Inc legitimate?
Purchase Senior Learning Community Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Purchase Senior Learning Community Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
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Official website here: www.seniorlivingatpurchase.edu
What is the mission statement of Purchase Senior Learning Community Inc?
Purchase Senior Learning Community Inc's mission is centered around developing and operating a senior living and learning community. This community aims to support the educational mission of the affiliated institution by generating revenue from ground rent. The proceeds are utilized for scholarships for students, enhancing faculty recruitment, and fostering an intergenerational learning environment. The community also provides high-quality service-based housing and care for seniors, serving as a center for lifelong learning, offering unique opportunities for intellectual and social growth through academic, cultural, and social activities.
Official website here: www.seniorlivingatpurchase.edu
Who is the CEO of Purchase Senior Learning Community Inc?
Judith J Nolan is the Chairman/President of Purchase Senior Learning Community Inc.
Official website here: www.seniorlivingatpurchase.edu
What is the revenue of Purchase Senior Learning Community Inc?
Purchase Senior Learning Community Inc's revenue in 2022 was $50,907.
Official website here: www.seniorlivingatpurchase.edu
Who are the executives of Purchase Senior Learning Community Inc and what are their salaries?
There 14 volunteers at Purchase Senior Learning Community Inc.
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Official website here: www.seniorlivingatpurchase.edu
Where can I find the form 990 for Purchase Senior Learning Community Inc?
Purchase Senior Learning Community Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.seniorlivingatpurchase.edu
Learn more at the official website: www.seniorlivingatpurchase.edu
Mission Statement of Purchase Senior Learning Community Inc
Purchase Senior Learning Community Inc, a nonprofit organization, is dedicated to developing and operating a senior learning house community. Their mission is to create an environment that fosters intergenerational learning, supporting the educational mission of the associated college. This community, located on land leased from the State University of New York at Purchase College, will provide revenue through ground rent to fund scholarships for students, enhance the college's ability to attract dedicated faculty, and promote inquiry-based learning for all involved. The community will also offer needed, high-quality service-based housing and care for area seniors. By bringing together seniors and students, Purchase Senior Learning Community Inc aims to create a center for lifelong learning, offering unique opportunities for intellectual and social growth through academic, cultural, and social activities.
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Impact
August, 2024
Purchase Senior Learning Community Inc's impact is significant in providing much-needed, high-quality service-based housing and care for seniors in the Purchase, NY area. Additionally, the organization supports the education mission of Purchase College by generating revenue through ground rent, which funds scholarships for students and enhances the college's ability to attract dedicated faculty. The community fosters intergenerational learning that sustains and improves quality of life for all involved, creating a center for lifelong learning on the college campus. Through its unique approach to senior living, Purchase Senior Learning Community Inc is making a positive impact on both seniors and the college community.
This information is meant to be a general summary of Purchase Senior Learning Community Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $50,907
- Gross Receipts: $50,907
Assets and Liabilities:
- Total Assets: $444,361,714
- Total Liabilities: $455,645,416
- Net Assets: -$11,283,702
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Organization Details
Founding Year
2016
Phone
(914) 251-6000Principal Officer
Judith J Nolan
Main Address
735 ANDERSON HILL ROAD, PURCHASE, NY, 10577
NTEE Category
Code: L20 - Housing
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