Purchase Senior Learning Community Inc

What it reported doing in 2024

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.

Financial Efficiency

• Mission deployment rate: 100%; rating input score 100
• Program expense ratio: 83.5%; rating input score 83
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
• Pay-setting controls: 0 of 6 controls in place; rating input score 0
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Missing
  • Compensation survey or study: Missing
  • Board or committee approval: Missing
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Limited
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
• Governance controls: 7 of 7 controls in place; rating input score 100
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: NotApplicable
  • Other executive compensation review process: NotApplicable
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: -53%; rating input score 1; 1st percentile among comparable filings
• Total-asset coverage ratio: 11.69; rating input score 92; 92nd percentile among comparable filings
• Liabilities to assets ratio: 1.08; rating input score 5; 5th percentile among comparable filings
• Officer compensation ratio: 2.1%; rating input score 76; 76th percentile among comparable filings

Growth

• Program expense growth: 60% per year; rating input score 100; 99th percentile among comparable filings
• Revenue growth: 53.3% per year; rating input score 100; 99th percentile among comparable filings
• Asset growth: 35.6% per year; rating input score 100; 97th percentile among comparable filings