Purchase College Advancement Corporation
Public records show a registered, tax-exempt organization in good standing.
What it says it does
TO DEVELOP AND OPERATE A SENIOR LEARNING HOUSING COMMUNITY ON LAND LEASED FROM THE STATE UNIVERSITY OF NEW YORK ON THE PURCHASE COLLEGE CAMPUS.
- Income
- $-900,000
- Spending
- $8,658
- Employees
- 0
- Volunteers
- 13
Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Financial health
We do not score finances when yearly spending is very small or the return has too little detail. The ratios stop meaning much at that size.
Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Governance
Strong: 100 out of 100. Higher than 92% of charities in its peer group (education, under $250k).
Independent board
25 of 2512 of 12 voting board members are independent.
Conflict of interest policy
15 of 15Has a written conflict of interest policy.
Whistleblower policy
8 of 8Has a written whistleblower policy.
Record keeping policy
7 of 7Has a written policy on keeping and destroying records.
Board minutes
5 of 5Keeps minutes of board meetings.
Board sees the tax return
10 of 10Gave the board a copy of this return before filing it.
No reported misuse
10 of 10Reports no diversion of assets, excess benefits or loans to insiders.
Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Impact evidence
Describes programs. Its tax return describes what it does but we have found no measurable results in it.
Programs described in its return (1)
- 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.
Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Legitimacy checks
Is it registered with the IRS? Passed.
Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
Has the IRS revoked its tax-exempt status? Worth knowing.
Status was revoked on November 15, 2011 for not filing returns for three years, and reinstated on November 15, 2011.
Source: Automatic revocation of exemption list, Internal Revenue Service, file dated September 30, 2026.
Are donations tax-deductible? Passed.
On the IRS list of organizations eligible to receive tax-deductible contributions.
Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated September 10, 2026.
Is it keeping up with its IRS filings? Passed.
Most recent return on file covers the year ending June 2025.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
How long has it been tax-exempt? Passed.
Recognized by the IRS since May 2017.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
Is it in good standing with state regulators? Passed.
Not on California's list of charities barred from soliciting. Other states are not yet checked.
Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 7, 2026.
Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.