Overview
What is Purchase College Advancement Corporation?
Purchase College Advancement Corporation (PCAC) is a nonprofit organization, recognized with federal 501(C)(3) status, situated in New York. Its primary objective is the development and operation of a senior living and learning complex on the campus of Purchase College, State University of New York (SUNY). The initiative stems from a $5.25 million grant from Purchase College Foundation Housing Corporation (PCFHC). Key provisions of the enabling legislation include constructing up to 385 living units, with 20% reserved for affordable housing, and allocating 75% of the proceeds for TAP-eligible student scholarships and 25% for new full-time faculty. After securing necessary financing and approvals, PCAC transferred its responsibilities to a separate nonprofit, Purchase Senior Learning Community Inc. (PSLC), which oversaw the project's completion in 2023. This senior living and learning community aims to support Purchase College's educational mission by generating revenue, enhancing faculty recruitment, and fostering intergenerational learning.
Official website here: www.seniorlivingatpurchase.edu
What are the reviews and ratings of this charity?
Charity Navigator Rating: One-Star out of Four Stars (57%)
The Purchase College Advancement Corporation has received a One-Star rating from Charity Navigator, reflecting an overall score of 57%. This rating is primarily based on accountability and finance, indicating significant room for improvement in these areas. While the organization scores well on board independence and governance policies, the lack of program expenses and low asset-to-liability ratio raises concerns about its financial health and operational effectiveness.
The organization boasts a fully independent board, demonstrating strong governance practices with 100% independent members. It also has established policies for conflict of interest, whistleblowing, and document retention, all of which are critical for maintaining transparency and accountability. However, the absence of tangible program expenses suggests that resources may not be effectively utilized in fulfilling its mission.
Additionally, the organization's fiscal stability is questionable, as indicated by a liabilities-to-assets ratio of 1.31%. This suggests potential financial strain, which could impact its ability to support programs effectively. Overall, while the governance structure is solid, the financial metrics point to significant challenges that could affect the organization's sustainability and service delivery.
This AI summary has been generated from information found on Charity Navigator.
Is Purchase College Advancement Corporation legitimate?
Purchase College Advancement Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Purchase College Advancement Corporation 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 College Advancement Corporation?
The Purchase College Advancement Corporation's mission is to develop and operate a senior learning housing community. This community is aimed at providing a living and learning environment for seniors, incorporating educational opportunities and intergenerational learning. The corporation aims to generate revenue from the lease of the land to fund scholarships for students and enhance the college's ability to attract dedicated faculty. The goal is to create an environment that fosters inquiry-based learning, improves lives, and transforms the college into a center for lifelong learning, offering unique opportunities for intellectual and social growth for individuals of all ages.
Official website here: www.seniorlivingatpurchase.edu
Who is the CEO of Purchase College Advancement Corporation?
Judith J Nolan is the Chairman/President of Purchase College Advancement Corporation.
Official website here: www.seniorlivingatpurchase.edu
What is the revenue of Purchase College Advancement Corporation?
Purchase College Advancement Corporation's revenue in 2022 was $0.
Official website here: www.seniorlivingatpurchase.edu
Who are the executives of Purchase College Advancement Corporation and what are their salaries?
There 14 volunteers at Purchase College Advancement Corporation.
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Official website here: www.seniorlivingatpurchase.edu
Where can I find the form 990 for Purchase College Advancement Corporation?
Purchase College Advancement Corporation'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 College Advancement Corporation
Purchase College Advancement Corporation, a nonprofit organization with a federal 501(c)(3) designation, aims to develop and operate a senior learning housing community. Their mission is to construct and manage a senior living and learning complex on a leased parcel of land from the State University of New York at Purchase College. This community will provide living units, including affordable options for residents with lower incomes, and will generate revenue to support scholarships for students and enhance the college's ability to attract dedicated faculty. The goal is to create an environment that fosters intergenerational learning, improving the lives of all involved. With the addition of senior residents, the college will become a center for lifelong learning, offering unique opportunities for intellectual and social growth through academic, cultural, and social activities.
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Impact
October, 2024
Purchase College Advancement Corporation (PCAC) is set to significantly enhance the educational landscape and community well-being in the region. By developing a senior living and learning complex on the Purchase College campus, PCAC will create an intergenerational environment that benefits both students and seniors.
The senior community, known as Broadview Senior Living at Purchase College, will provide 385 living units, including affordable housing options for seniors with limited income. This initiative addresses the critical need for high-quality, service-based housing and care for the local aging population while also enriching the college's community.
Proceeds generated from the project will support the college’s educational mission by providing scholarships for students and enhancing the hiring capacity for full-time faculty dedicated to transformational engagement. The proximity of senior residents will foster unique opportunities for intellectual and social growth, encouraging lifelong learning through shared academic, cultural, and social activities.
Overall, PCAC's efforts will not only meet the housing needs of seniors but also create a vibrant, lifelong learning center that bridges generational divides and promotes a thriving educational ecosystem. The anticipated opening in the fall of 2023 marks the beginning of a community that aims to sustain and improve life for all involved, aligning perfectly with the broader objectives of the college.
This information is meant to be a general summary of Purchase College Advancement Corporation. 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.
- Gross Receipts: $145,833
Assets and Liabilities:
- Total Assets: $20,436,878
- Total Liabilities: $145,933
- Net Assets: $20,290,945
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Organization Details
Founding Year
2004
Phone
(914) 251-6000Principal Officer
Judith J Nolan
Main Address
735 ANDERSON HILL ROAD, PURCHASE, NY, 10577
NTEE Category
Code: B19 - Education
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