Laburnum Properties Inc
TITLE HOLDING COMPANY - PRIMARILY SUPPORTING BON SECOURS - MEMORIAL REGIONAL MEDICAL CENTER LLC.
IRS Tax Year 2024
Period ending December 31, 2024
Total Revenue
$276K
Total Expenses
$186K
Net Assets
$7.9M
Employees
0
Program Expense Ratio
0.0%
This nonprofit profile presents IRS Form 990 tax filing data for Laburnum Properties Inc (EIN: 52-1260700), based on the 2024 tax year annual return filed with the Internal Revenue Service.
Sections below include financial summaries (revenue, expenses, and net assets), program accomplishments, officer and key employee compensation, detailed executive pay breakdowns, governance policies and audit information, related tax-exempt organizations. All figures are reported in USD as filed.
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Financial Health
Transparency
Compensation
Program Effectiveness
Financial Stability
Risk Flags
Indicators derived from IRS Form 990 data. Not financial advice.
Laburnum Properties Inc is a 501(c)(02) nonprofit headquartered in Richmond, VA, founded in 1982. The organization has held tax-exempt status since 1982. In its 2024 filing, the organization reported $276K in total revenue, a 76.0% decrease from the prior year, and $186K in total expenses. Michael Lutes, President/CEO - Richmond, is the highest-compensated individual at $1,433,183. 4 of 6 recommended governance policies are in place.
Programs(Tax Year 2024)
1 record
Laburnum Properties Inc operates 1 program.
Laburnum Properties is a title holding company holding primarily non-operating assets used in supporting the operations of Bon Secours Memorial Regional Medical Center and IVNA Health Services.
Financial Overview(Tax Years 2019–2024)
5 records
Over the past 5 years, Laburnum Properties Inc's revenue has declined from $949K to $276K, a 70.9% decrease. Program expenses represent 0% of total spending.
Revenue decreased 76.0% year-over-year, while expenses grew 25.5%. net assets rose to $7.9M, up 12.2% from the prior year.
Laburnum Properties Inc derives 93% from investment income.
Revenue declined by 76.0% and expenses grew by 25.5% year over year.
Over 5 filings from 2019–2024, Laburnum Properties Inc declined revenue from $949K to $276K (-70.9%) while maintaining a program expense ratio of 0%.
Laburnum Properties Inc holds $8.2M in total assets against $286K in liabilities (debt-to-asset ratio of 3%). The organization has 510.6 months of operating reserves. Cash and equivalents of $0 cover approximately 0.0 months of expenses.
Revenue
| Year | Total Revenue | Contributions | Gov't Grants | Program Revenue | Investment |
|---|---|---|---|---|---|
| 2024 | $276K | $0 | $0 | $0 | $258K |
| 2023 | $1.1M | $0 | $0 | $0 | $1.1M |
| 2022 | $180K | $0 | $0 | $0 | $127K |
| 2020 | $339K | $0 | $0 | $0 | $287K |
| 2019 | $949K | $0 | $0 | $0 | $888K |
Expenses
| Year | Total Expenses | Program | Management | Fundraising | Grants Paid |
|---|---|---|---|---|---|
| 2024 | $186K | $0 | $0 | $0 | $0 |
| 2023 | $149K | $0 | $0 | $0 | $0 |
| 2022 | $210K | $0 | $0 | $0 | $0 |
| 2020 | $129K | $129K | $0 | $0 | $0 |
| 2019 | $76K | $69K | $8K | $0 | $0 |
Program Expense Ratio
0.0%
Admin Expense Ratio
0.0%
Fundraising Efficiency
—
Operating Reserve
510.6 mo
People & Compensation(Tax Year 2024)
5 records
Laburnum Properties Inc reported compensation for 5 officers and key employees. Total officer compensation was $3.6M, representing 1958.2% of total expenses. 3 individuals received total compensation exceeding $500,000.
Laburnum Properties Inc's highest-compensated individual received $1.4M in total compensation. Total officer compensation of $3.6M represents 1958.2% of total expenses. 1 individual received total compensation exceeding $1,000,000.
| Name | Title | Type | Hours/wk | Comp from Org | Related Orgs | Total |
|---|---|---|---|---|---|---|
| Michael Lutes | President/CEO - Richmond | OfficerDirector | 0.50 | $0 | $1,113,136 | $1,433,183 |
| Brian Yanofchick | Board Member, Chief Sponsorship Officer | Director | 0.50 | $0 | $716,610 | $739,855 |
| WILLIAM KUSNIERZ | Treasurer/CFO - Richmond | OfficerDirector | 0.50 | $0 | $584,849 | $637,693 |
| Paul Smith | Former Interim President - Richmond | Former | — | $0 | $481,031 | $482,020 |
| Rhodes Ritenour | Secretary; VP External & Regulatory Affairs | OfficerDirector | 0.50 | $0 | $317,774 | $356,967 |
Compensation Breakdown
Schedule J detail — base, bonus, benefits, and executive perks
Paul Smith
Base Salary
—
Bonus
—
Other Reportable
—
Retirement/Deferred
—
Nontaxable Benefits
—
WILLIAM KUSNIERZ
Base Salary
—
Bonus
—
Other Reportable
—
Retirement/Deferred
—
Nontaxable Benefits
—
Rhodes Ritenour
Base Salary
—
Bonus
—
Other Reportable
—
Retirement/Deferred
—
Nontaxable Benefits
—
Michael Lutes
Base Salary
—
Bonus
—
Other Reportable
—
Retirement/Deferred
—
Nontaxable Benefits
—
Brian Yanofchick
Base Salary
—
Bonus
—
Other Reportable
—
Retirement/Deferred
—
Nontaxable Benefits
—
Governance & Compliance(Tax Year 2024)
Laburnum Properties Inc has 4 of 6 recommended governance policies in place, including conflict of interest, whistleblower, document retention. Its board has 4 members, 0 of whom are independent.
Laburnum Properties Inc's financial statements are audited, an audit committee oversees the process.
Policies & Oversight
Audit & Financial Oversight
Filing History(Tax Years 1982–2024)
5 records
Showing the 5 Form 990 filings currently in our system.
| Tax Year | Form | Period | Revenue | Expenses | Net Assets |
|---|---|---|---|---|---|
| 2024 | 990 | 2024-01-01 – 2024-12-31 | $276K | $186K | $7.9M |
| 2023 | 990 | 2023-01-01 – 2023-12-31 | $1.1M | $149K | $7.1M |
| 2022 | 990 | 2022-01-01 – 2022-12-31 | $180K | $210K | $5.7M |
| 2020 | 990 | 2020-09-01 – 2021-08-31 | $339K | $129K | $6.5M |
| 2019 | 990 | 2019-09-01 – 2020-08-31 | $949K | $76K | $1.9M |
| 1982–2018 | No filings acquired yet | ||||
Frequently Asked Questions
What does Laburnum Properties Inc do?
TITLE HOLDING COMPANY - PRIMARILY SUPPORTING BON SECOURS - MEMORIAL REGIONAL MEDICAL CENTER LLC.
How much revenue does Laburnum Properties Inc have?
Laburnum Properties Inc reported $275,773 in total revenue for tax year 2024, down 76.0% from the prior year.
Who is the highest-paid executive at Laburnum Properties Inc?
Michael Lutes, President/CEO - Richmond, received $1,433,183 in total compensation as of tax year 2024.
Is Laburnum Properties Inc a 501(c)(3)?
Laburnum Properties Inc is classified as a 501(c)(02) tax-exempt organization.
Where is Laburnum Properties Inc located?
Laburnum Properties Inc is headquartered in Richmond, VA 23227.
Is Laburnum Properties Inc audited?
Yes, Laburnum Properties Inc's financial statements are audited, and the organization has an audit committee.
Data Source
IRS Form 990 electronic filings via the IRS Exempt Organizations Business Master File. All financial figures are as reported in USD.
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