Yes I am looking at them because of the demolition of St. Bonafice.
When I look on GuideStar, the last tax return available is for FY2009 [10-01-2008 thru 09-30-2009]
I can't find FY2010 on GuideStar. Hmm.
I wonder if they waited until after the filing date to file their return for FY2010. If they are still showing a loss, that will be interesting since they claimed they got $15MM to destroy St. B's and put up their housing project. Is that going to show that it's hemorrhaging money on the balance sheet, too? And I wonder how they're marking their fixed assets. Cost, I would assume.
They've got over 150 employees I believe and they're a multi-million dollar housing development corp, but they're telling the IRS in '09 (while they were expanding) that more cash went out than came in. Normally an active non-profit that's going downhill will show a loss if it's severely dipping into credit to keep things afloat and running, but NSCA is expanding. There's no motivation for a non-profit to show a loss, either. Surpluses they may have aren't taxable.
Something ain't right.
I'm doing the mental jump, but if GuideStar is 3-6 months behind, and the IRS says that 990s are due "the 15th day of the 5th month after the fiscal year", then their tax returns were due Mar 15th 2011. If you add 6 months extension to that with filing two Form 8868s, they could have dragged that out to September 15th, 2011. So I guess if I don't see their FY2010 return show up on GuideStar fairly soon in the next couple of months, things could get interesting.
I want to see if Norris Square is still telling the IRS that they're still ballooning in size but still showing a loss.
It must be nice to have a "civic association" that is so cash flush to build "Blattstein Big" yet be pobrecita on their income statement. Like I said: somethin' ain't right.
Oh well... sunlight is the best disinfectant.
PS: They also have a non-profit registration on the IRS is showing that the IRS revoked their status:
Revocation Date (effective date on which organization's tax exemption was automatically revoked):
Employer Identification Number (EIN):
NORRIS SQUARE ECONOMIC DEVELOPMENT
Doing Business As:
149 W SUSQUEHANNA AVE
PHILADELPHIA, PA 19122-1719
Revocation Posting Date (date on which IRS posted notice of automatic revocation on IRS.gov):
Anybody know what that's about?