Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0052
2018
Open to Public Inspection
For calendar year 2018, or tax year beginning 01-01-2018 , and ending 12-31-2018
Name of foundation
THE PACES FOUNDATION INC
 
Number and street (or P.O. box number if mail is not delivered to street address)2730 CUMBERLAND BOULEVARD
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
SMYRNA, GA30080
A Employer identification number

58-1949667
B Telephone number (see instructions)

(404) 431-9696
C bullet
G Check all that apply:

D 1. Foreign organizations, check here............. bullet
2. Foreign organizations meeting the 85%
test, check here and attach computation ... bullet
E bullet
H Check type of organization:
F bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$37,150,595J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule) 983,663
2 Check bullet.............
3 Interest on savings and temporary cash investments 13,195 13,195  
4 Dividends and interest from securities...      
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 10,068,944
b Gross sales price for all assets on line 6a 10,068,944
7 Capital gain net income (from Part IV, line 2)... 10,068,944
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment 3,512,962 0 3,512,962
12 Total. Add lines 1 through 11........ 14,578,764 10,082,139 3,512,962
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 827,506 0 827,506 0
14 Other employee salaries and wages...... 132,299 0 132,299 0
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... Click to see attachment 42,908 0 42,908 0
b Accounting fees (attach schedule)....... Click to see attachment 10,253 0 10,253 0
c Other professional fees (attach schedule)....        
17 Interest............... 94,363 0 94,363 0
18 Taxes (attach schedule) (see instructions)... Click to see attachment 101,896 0 101,896 0
19 Depreciation (attach schedule) and depletion... Click to see attachment 268,422 0 268,422
20 Occupancy..............        
21 Travel, conferences, and meetings....... 38,028 0 38,028 0
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 672,496 0 672,496 0
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 2,188,171 0 2,188,171 0
25 Contributions, gifts, grants paid....... 2,360 2,360
26 Total expenses and disbursements. Add lines 24 and 25 2,190,531 0 2,188,171 2,360
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 12,388,233
b Net investment income (if negative, enter -0-) 10,082,139
c Adjusted net income (if negative, enter -0-)... 1,324,791
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2018)
Form 990-PF (2018)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............. 1,024,989 4,406,924 4,406,924
2 Savings and temporary cash investments......... 26,825 150,780 150,780
3 Accounts receivable bullet5,158
Less: allowance for doubtful accounts bullet   44,515 5,158 5,158
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges.......... 74,388 10,469 10,469
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule).......      
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 7,413,027 Click to see attachment15,122,515 15,122,515
14 Land, buildings, and equipment: basis bullet8,742,670
Less: accumulated depreciation (attach schedule) bullet746,959 8,254,067 Click to see attachment7,995,711 7,995,711
15 Other assets (describe bullet) Click to see attachment8,260,624 Click to see attachment9,459,038 Click to see attachment9,459,038
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 25,098,435 37,150,595 37,150,595
Liabilities 17 Accounts payable and accrued expenses.......... 37,361 24,189
18 Grants payable.................    
19 Deferred revenue................. 918 4,405
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)...... 7,446,154 Click to see attachment7,590,539
22 Other liabilities (describe bullet) Click to see attachment497,746 Click to see attachment26,973
23 Total liabilities (add lines 17 through 22)......... 7,982,179 7,646,106
Net Assets or Fund Balances Foundations that follow SFAS 117, check here bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted.................. 17,116,256 29,504,489
25 Temporarily restricted...............    
26 Permanently restricted...............    
Foundations that do not follow SFAS 117, check here bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds........    
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds    
30 Total net assets or fund balances (see instructions)..... 17,116,256 29,504,489
31 Total liabilities and net assets/fund balances (see instructions). 25,098,435 37,150,595
Part III
Analysis of Changes in Net Assets or Fund Balances
1
Total net assets or fund balances at beginning of year—Part II, column (a), line 30 (must agree with end-of-year figure reported on prior year’s return) ...............
1
17,116,256
2
Enter amount from Part I, line 27a .....................
2
12,388,233
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
29,504,489
5
Decreases not included in line 2 (itemize) bullet
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .
6
29,504,489
Form 990-PF (2018)
Form 990-PF (2018)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a FROM PASS-THROUGH ENTITIES P    
b
c
d
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 10,068,944     10,068,944
b
c
d
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       10,068,944
b
c
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 10,068,944
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3  
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)

If section 4940(d)(2) applies, leave this part blank.
Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period?
If "Yes," the foundation does not qualify under section 4940(e). Do not complete this part.
1 Enter the appropriate amount in each column for each year; see instructions before making any entries.
(a)
Base period years Calendar
year (or tax year beginning in) 		(b)
Adjusted qualifying distributions 		(c)
Net value of noncharitable-use assets 		(d)
Distribution ratio
(col. (b) divided by col. (c))
2017 297,951 923,045 0.322791
2016 327,470 995,208 0.329047
2015 349,320 1,018,469 0.342985
2014 373,818 2,055,950 0.181823
2013 127,565 495,547 0.257423
2
Total of line 1, column (d) .....................
2
1.434069
3
Average distribution ratio for the 5-year base period—divide the total on line 2 by 5.0, or by the number of years the foundation has been in existence if less than 5 years ......
3
0.286814
4
Enter the net value of noncharitable-use assets for 2018 from Part X, line 5......
4
698,877
5
Multiply line 4 by line 3......................
5
200,448
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
100,821
7
Add lines 5 and 6........................
7
301,269
8
Enter qualifying distributions from Part XII, line 4,.............
8
162,448
If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See the Part VI instructions.
Form 990-PF (2018)
Form 990-PF (2018)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here Bullet and enter “N/A" on line 1. Bracket includes lines 1a and 1b
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b Domestic foundations that meet the section 4940(e) requirements in Part V, check 1 201,643
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 201,643
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 201,643
6 Credits/Payments:
a 2018 estimated tax payments and 2017 overpayment credited to 2018 6a 0
b Exempt foreign organizations—tax withheld at source...... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 0
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8 239
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9 201,882
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10  
11 Enter the amount of line 10 to be: Credited to 2019 estimated taxBullet   RefundedBullet 11  
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? (see Instructions
for definition).................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
     
    No
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletGA
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2018 or the taxable year beginning in 2018? See the instructions for Part XIV.
    If "Yes," complete Part XIV .............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructions.................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletN/A
    14
    The books are in care ofbulletMARK DU MAS Telephone no.bullet (770) 431-9696

    Located atbullet2730 CUMBERLAND BOULEVARDSMYRNAGA ZIP+4bullet30080
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ........bullet
    15
     
    16 At any time during calendar year 2018, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country? .................
    16   No
    See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
    country bullet  
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?......................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?...............
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).......
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ........
    1b
     
     
    ........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2018?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2018, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2018?.............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?......................
    b
    If "Yes," did it have excess business holdings in 2018 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2018.)..................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2018?
    4b
     
    No
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required (continued)
    5a
    During the year did the foundation pay or incur any amount to:
    Yes
    No
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?.............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions................
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?.....
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ......
    5b
     
     
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?..........
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    8
    Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
    excess parachute payment during the year? .................
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
    other allowances
    MARK DU MAS PRESIDENT
    40.00     		623,825 0 0
    2730 CUMBERLAND BOULEVARD
    SMYRNA,GA30080
    RENEE SANDELL VICE-PRESIDENT
    40.00     		203,681 0 0
    1014 CHESTERFIELD PLACE
    MARIETTA,GA30064
    BETTY JONES BOARD MEMBER
    0.00     		0 0 0
    2335 SHELL ROAD
    SAVANNAH,GA31404
    RUSSELL D DYE BOARD MEMBER
    0.00     		0 0 0
    2730 CUMBERLAND BOULEVARD
    SMYRNA,GA30080
    JULIE BOWEN BOARD MEMBER
    0.00     		0 0 0
    2730 CUMBERLAND BOULEVARD
    SMYRNA,GA30080
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    LORI T MCCLURE DIRECTOR OF ASSETS
    40.00     		120,000 0 0
    1086 WOODCROFT CHASE
    MARIETTA,GA30064
    Total number of other employees paid over $50,000...................bullet 0
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1 THE ORGANIZATION SPONSORS THE DEVELOPMENT AND OPERATION OF AFFORDABLE HOUSING FOR LOW-INCOME INDIVIDUALS IN ORDER TO MEET THE HOUSING NEEDS OF THE LOW INCOME RESIDENTS 2,360
    2  
    3  
    4  
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1 THE ORGANIZATION SPONSORS THE DEVELOPMENT AND OPERATION OF AFFORDABLE HOUSING FOR LOW INCOME INDIVIDUALS IN ORDER TO MEET THE HOUSING NEEDS OF THE LOW INCOME RESIDENTS. DURING THE YEAR THE ORGANIZATION SPONSORED CONSTRUCTION AND OPERATIONS OF THE AFFORDABLE APARTMENT FACILITIES. 160,088
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet160,088
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 8
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    0
    b
    Average of monthly cash balances.......................
    1b
    709,520
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    709,520
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    709,520
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    10,643
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    698,877
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    34,944
    Part XI
    Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    34,944
    2a
    Tax on investment income for 2018 from Part VI, line 5......
    2a
    201,643
    b
    Income tax for 2018. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    201,643
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    0
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    0
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    0
    Part XII
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    2,360
    b
    Program-related investments—total from Part IX-B..................
    1b
    160,088
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    162,448
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b. See instructions.................
    5
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    162,448
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2017     		(c)
    2017     		(d)
    2018
    1 Distributable amount for 2018 from Part XI, line 7 0
    2 Undistributed income, if any, as of the end of 2018:
    a Enter amount for 2017 only....... 0
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2018:
    a From 2013...... 103,030
    b From 2014...... 102,547
    c From 2015...... 298,397
    d From 2016...... 277,710
    e From 2017...... 257,604
    fTotal of lines 3a through e........ 1,039,288
    4Qualifying distributions for 2018 from Part
    XII, line 4: bullet$ 162,448
    a Applied to 2017, but not more than line 2a 0
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		0
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		0
    d Applied to 2018 distributable amount..... 0
    e Remaining amount distributed out of corpus 162,448
    5 Excess distributions carryover applied to 2018. 0 0
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 1,201,736
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 2017. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2018. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2019 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8 Excess distributions carryover from 2013 not
    applied on line 5 or line 7 (see instructions) ...     		103,030
    9Excess distributions carryover to 2019.
    Subtract lines 7 and 8 from line 6a ......     		1,098,706
    10 Analysis of line 9:
    a Excess from 2014.... 102,547
    b Excess from 2015.... 298,397
    c Excess from 2016.... 277,710
    d Excess from 2017.... 257,604
    e Excess from 2018.... 162,448
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 10
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2018, enter the date of the ruling....... bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2018 (b) 2017 (c) 2016 (d) 2015
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the foundation had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
    MARK DU MAS
    2730 CUMBERLAND BOULEVARD
    SMYRNA,GA30080
    (770) 431-9696
    MARK@PACESFOUNDATION.ORG
    bThe form in which applications should be submitted and information and materials they should include:
    N/A
    cAny submission deadlines:
    N/A
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    N/A
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 11
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    STUDER COMMUNITY INSTITURE
    220 W GARDEN STREET
    PENSACOLA,FL32502     		NONE EXEMPT ORGANIZATION HUMANITARY MISSIONS 1,000
    SELTZER MANAGEMENT HURRICANE RELIEF FUND
    17633 ASHLEY DRIVE
    PANAMA CITY,FL32413     		NONE EXEMPT ORGANIZATION HUMANITARY MISSIONS 500
    GEORGIA SHERIFFS ASSOCIATION
    PO BOX 1000
    STOCKBRIDGE,GA30281     		NONE EXEMPT ORGANIZATION YOUTH ACTIVITIES 60
    UNION COUNTY VOLUNTEER FIRE DEPARTMENT
    507 SHOE FACTORY ROAD
    BLAIRSVILLE,GA30512     		NONE EXEMPT ORGANIZATION ORGANIZATIONAL SUPPORT 700
    TOWNS COUNTY FIRE CORP
    PO BOX 118
    HIAWASSEE,GA30546     		NONE EXEMPT ORGANIZATION ORGANIZATIONAL SUPPORT 100
    Total .................................bullet 3a 2,360
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    aAFFORDABLE HSG DEVELOPMENT 531390       3,127,027
    bAFFORDABLE HSG OPERATION 531110       385,935
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3 Interest on savings and temporary cash
    investments ...........     		    14 13,195  
    4 Dividends and interest from securities....          
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6 Net rental income or (loss) from personal property          
    7 Other investment income.....          
    8 Gain or (loss) from sales of assets other than
    inventory ............     		    18 10,068,944  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 0 10,082,139 3,512,962
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    13,595,101
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    1A THE FOUNDATION'S TAX EXEMPT PURPOSE IS TO FURTHER THE DEVELOPMENT AND OPERATION OF AFFORDABLE HOUSING FOR LOW-INCOME INDIVIDUALS. THE ORGANIZATION HAS SPONSORED THE DEVELOPMENT AND CONSTRUCTION OF SEVERAL PROJECTS. THE FOUNDATION OVERSEES THE OPERATION OF THESE PROJECTS AND PROVIDES CERTAIN SUPPORTIVE SERVICES TO THE RESIDENTS OF THE FACILITIES. THE FOUNDATION HAS RECEIVED FUNDS FROM EACH OF THESE PROJECTS DEVELOPMENTS TO COVER ITS EXPENSES AND TO PROVIDE CERTAIN SERVICES.
    1B THE FOUNDATION'S TAX EXEMPT PURPOSE IS TO FURTHER THE DEVELOPMENT AND OPERATION OF AFFORDABLE HOUSING FOR LOW-INCOME INDIVIDUALS. THE ORGANIZATION HAS DEVELOPED AND CONSTRUCTED A 50 UNIT MULTI-FAMILY APARTMENT PROJECT FOR LOW-INCOME FAMILIES KNOWN AS GATEWAY TOWNHOMES. THE FOUNDATION OPERATES THE PROPERTY AND PROVIDES CERTAIN SUPPORTIVE SERVICES TO THE RESIDENTS OF THE FACILITY.
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.

    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
    b
    If "Yes," complete the following schedule.

    (a) Name of organization (b) Type of organization (c) Description of relationship
    Sign Here
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below
    (see instr.)?
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's name SmallBullet
    		 Firm's EIN SmallBullet
    Firm's address SmallBullet


    		 Phone no.
    Form 990-PF (2018)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description
    Schedule B
    (Form 990, 990-EZ,
    or 990-PF)
    Department of the Treasury
    Internal Revenue Service
    Schedule of Contributors

    Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
    Arrow Bullet Go to www.irs.gov/Form990 for the latest information.
    OMB No. 1545-0047
    2018
    Name of the organization
    THE PACES FOUNDATION INC
     
    Employer identification number

    58-1949667
    Organization type (check one):
    Filers of:
    Section:
    Form 990 or 990-EZ






    Form 990-PF




    Check if your organization is covered by the General Rule or a Special Rule.  
    Note. Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
    General Rule
    Special Rules
    ......... Arrow Bullet $  
    Caution. An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
    990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its
    Form 990-EZ or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
    990-EZ, or 990-PF).
    For Paperwork Reduction Act Notice, see the Instructions
    for Form 990, 990-EZ, or 990-PF.
    Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2018)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2018) Page 2
    Name of organization
    THE PACES FOUNDATION INC
          		Employer identification number
    58-1949667
    Part I
    Contributors (See instructions). Use duplicate copies of Part I if additional space is needed.
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    1
    FEDERAL HOME LOAN BANK AHP GRANTS
     
    1475 PEACHTREE STREET NE
     
    ATLANTA, GA30309

    		$ 741,295


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    2
    GALLERIA SENIOR MANOR DEVELOPMENT INC
     
    2730 CUMBERLAND BOULEVARD
     
    SMYRNA, GA30080

    		$ 153,867


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    3
    RENAISSANCE ADMIN TRUST
     
    1091 WOODCROFT CHASE
     
    MARIETTA, GA30064

    		$ 87,901


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2018)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2018)
    Page 3
    Name of organization
    THE PACES FOUNDATION INC
          		Employer identification number

    58-1949667
    Part II
    Noncash Property (See instructions). Use duplicate copies of Part II if additional space is needed.
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    Schedule B (Form 990, 990-EZ, or 990-PF) (2018)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2018)
    Page 4
    Name of organization
    THE PACES FOUNDATION INC
          		Employer identification number

    58-1949667
    Part III
    Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet$  
    Use duplicate copies of Part III if additional space is needed.
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    Schedule B (Form 990, 990-EZ, or 990-PF) (2018)

    Additional Data


    Software ID:  
    Software Version:  

    TY 2018 AccountingFeesSchedule
    Name:
    THE PACES FOUNDATION INC
    EIN:
    58-1949667
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    BOOKKEEPING & ACCOUNTING 10,253 0 10,253 0

    Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

    TY 2018 DepreciationSchedule
    Name:
    THE PACES FOUNDATION INC
    EIN:
    58-1949667
    Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
    Life (# of years)    		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
    OFFICE EQUIPMENT 1995-11-20 2,261 2,261 SL 7.000000000000 0 0 0  
    OFFICE EQUIPMENT 1998-01-01 538 538 SL 7.000000000000 0 0 0  
    OFFICE EQUIPMENT 1998-08-12 2,900 2,900 SL 7.000000000000 0 0 0  
    OFFICE EQUIPMENT 2000-01-25 1,337 1,337 SL 7.000000000000 0 0 0  
    OFFICE EQUIPMENT 2000-09-11 272 272 SL 7.000000000000 0 0 0  
    OFFICE EQUIPMENT 2001-03-02 350 350 SL 7.000000000000 0 0 0  
    FURNITURE & FIXTURES 2000-08-25 500 500 SL 7.000000000000 0 0 0  
    OFFICE EQUIPMENT 2001-10-01 8,048 8,048 SL 7.000000000000 0 0 0  
    OFFICE EQUIPMENT 2003-02-27 2,018 2,018 SL 7.000000000000 0 0 0  
    OFFICE EQUIPMENT 2003-01-31 717 717 SL 7.000000000000 0 0 0  
    OFFICE EQUIPMENT 2003-11-01 516 516 SL 7.000000000000 0 0 0  
    BUILDING 2005-03-01 611,881 198,109 SL 40.000000000000 15,297 0 15,297  
    OFFICE FURNITURE 2005-06-15 55,350 55,350 SL 7.000000000000 0 0 0  
    OFFICE EQUIPMENT 2005-09-15 4,613 4,613 SL 7.000000000000 0 0 0  
    COMPUTER 2007-09-26 850 850 SL 7.000000000000 0 0 0  
    COMPUTER EQUIPMENT 2008-07-01 5,586 5,586 SL 5.000000000000 0 0 0  
    HVAC EQUIPMENT 2008-09-01 46,512 46,512 SL 7.000000000000 0 0 0  
    TELEPHONE SYSTEM 2009-06-05 14,038 14,038 SL 7.000000000000 0 0 0  
    OFFICE FURNITURE 2010-01-04 810 696 SL 7.000000000000 0 0 0  
    XEROX PRINTER 2010-01-04 13,885 13,885 SL 7.000000000000 0 0 0  
    DELL COMPUTER T710 2010-01-27 2,014 2,014 SL 7.000000000000 0 0 0  
    XEROX PRINTER 2010-07-23 1,006 1,006 SL 7.000000000000 0 0 0  
    LAND 2005-03-01 611,767   L   0 0 0  
    COMPUTER 2012-12-31 16,021 11,445 SL 7.000000000000 2,289 0 2,289  
    XEROX PRINTER 2015-05-28 1,842 680 SL 7.000000000000 263 0 263  
    COMPUTER EQUIPMENT 2017-04-18 886 84 SL 7.000000000000 127 0 127  
    LAND 2017-07-31 350,000   L   0 0 0  
    APARTMENT BUILDING 2017-07-31 5,636,944 58,718 SL 40.000000000000 140,924 0 140,924  
    SITE IMPROVEMENTS 2017-07-31 884,364 18,424 SL 20.000000000000 44,218 0 44,218  
    BLDG EQUIPMENT 2017-07-31 454,778 27,070 SL 7.000000000000 64,968 0 64,968  
    SITE IMPROVEMENTS 2018-05-15 10,066   SL 20.000000000000 336 0 336  

    TY 2018 InvestmentsOtherSchedule2
    Name:
    THE PACES FOUNDATION INC
    EIN:
    58-1949667
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    REAL ESTATE LIMITED PARTNERSHIPS AT COST 15,122,515 15,122,515

    TY 2018 LandEtcSchedule2
    Name:
    THE PACES FOUNDATION INC
    EIN:
    58-1949667
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    OFFICE EQUIPMENT 2,261 2,261 0  
    OFFICE EQUIPMENT 538 538 0  
    OFFICE EQUIPMENT 2,900 2,900 0  
    OFFICE EQUIPMENT 1,337 1,337 0  
    OFFICE EQUIPMENT 272 272 0  
    OFFICE EQUIPMENT 350 350 0  
    FURNITURE & FIXTURES 500 500 0  
    OFFICE EQUIPMENT 8,048 8,048 0  
    OFFICE EQUIPMENT 2,018 2,018 0  
    OFFICE EQUIPMENT 717 717 0  
    OFFICE EQUIPMENT 516 516 0  
    BUILDING 611,881 213,406 398,475  
    OFFICE FURNITURE 55,350 55,350 0  
    OFFICE EQUIPMENT 4,613 4,613 0  
    COMPUTER 850 850 0  
    COMPUTER EQUIPMENT 5,586 5,586 0  
    HVAC EQUIPMENT 46,512 46,512 0  
    TELEPHONE SYSTEM 14,038 14,038 0  
    OFFICE FURNITURE 810 696 114  
    XEROX PRINTER 13,885 13,885 0  
    DELL COMPUTER T710 2,014 2,014 0  
    XEROX PRINTER 1,006 1,006 0  
    LAND 611,767 0 611,767  
    COMPUTER 16,021 13,734 2,287  
    XEROX PRINTER 1,842 943 899  
    COMPUTER EQUIPMENT 886 211 675  
    LAND 350,000 0 350,000  
    APARTMENT BUILDING 5,636,944 199,642 5,437,302  
    SITE IMPROVEMENTS 884,364 62,642 821,722  
    BLDG EQUIPMENT 454,778 92,038 362,740  
    SITE IMPROVEMENTS 10,066 336 9,730  


    TY 2018 LegalFeesSchedule
    Name:
    THE PACES FOUNDATION INC
    EIN:
    58-1949667
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL AND PROFESSIONAL 42,908 0 42,908 0


    TY 2018 MortgagesAndNotesPayableSch
    Name:
    THE PACES FOUNDATION INC
    EIN:
    58-1949667
    Total Mortgage Amount: 6,812,402

    Item No. 1
    Lender's Name HAMILTON STATE BANK
    Lender's Title  
    Relationship to Insider  
    Original Amount of Loan  
    Balance Due 778,137
    Date of Note  
    Maturity Date 2020-06
    Repayment Terms  
    Interest Rate  
    Security Provided by Borrower  
    Purpose of Loan  
    Description of Lender Consideration  
    Consideration FMV  

    Item No. 2
    Lender's Name FLORIDA HOUSING FINANCE CORP
    Lender's Title  
    Relationship to Insider  
    Original Amount of Loan  
    Balance Due 5,482,633
    Date of Note  
    Maturity Date 2036-08
    Repayment Terms  
    Interest Rate  
    Security Provided by Borrower  
    Purpose of Loan  
    Description of Lender Consideration  
    Consideration FMV  

    Item No. 3
    Lender's Name HAMILTON STATE BANK
    Lender's Title  
    Relationship to Insider  
    Original Amount of Loan  
    Balance Due 1,083,481
    Date of Note  
    Maturity Date 2035-08
    Repayment Terms  
    Interest Rate  
    Security Provided by Borrower  
    Purpose of Loan  
    Description of Lender Consideration  
    Consideration FMV  

    Item No. 4
    Lender's Name GULF COUNTY FL
    Lender's Title  
    Relationship to Insider  
    Original Amount of Loan  
    Balance Due 246,288
    Date of Note  
    Maturity Date 2032-10
    Repayment Terms  
    Interest Rate  
    Security Provided by Borrower  
    Purpose of Loan  
    Description of Lender Consideration  
    Consideration FMV  


    TY 2018 OtherAssetsSchedule
    Name:
    THE PACES FOUNDATION INC
    EIN:
    58-1949667
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    ADVANCES TO AFFLIATES 1,316,596 1,755,648 1,755,648
    RECEIVABLES FROM AFFILIATES 4,113,831 3,427,738 3,427,738
    DEVELOPMENT FEE RECEIVABLES 2,830,197 4,275,652 4,275,652


    TY 2018 OtherExpensesSchedule
    Name:
    THE PACES FOUNDATION INC
    EIN:
    58-1949667
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    DEVELOPMENT COSTS 152,167 0 152,167 0
    OPERATING COSTS 326,463 0 326,463 0
    MEALS & ENTERTAINMENT 23,507 0 23,507 0
    TELEPHONE 3,763 0 3,763 0
    OFFICE EXPENSE 20,848 0 20,848 0
    EDUCATION & SEMINARS 797 0 797 0
    UTILITIES 18,813 0 18,813 0
    REPAIRS & MAINTENANCE 10,455 0 10,455 0
    POSTAGE & DELIVERY 3,818 0 3,818 0
    HEALTH INSURANCE 34,238 0 34,238 0
    OTHER INSURANCE 8,792 0 8,792 0
    DUES & SUBSCRIPTIONS 22,215 0 22,215 0
    AUTO EXPENSES 4,637 0 4,637 0
    MARKETING & PROMOTIONS 832 0 832 0
    COMPUTER MAINTENANCE 17,013 0 17,013 0
    BANK CHARGES 1,648 0 1,648 0
    MISCELLANEOUS 22,490 0 22,490 0


    TY 2018 OtherIncomeSchedule2
    Name:
    THE PACES FOUNDATION INC
    EIN:
    58-1949667
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    AFFORDABLE HSG DEVELOPMENT 3,127,027   3,127,027
    AFFORDABLE HSG OPERATION 385,935   385,935


    TY 2018 OtherLiabilitiesSchedule
    Name:
    THE PACES FOUNDATION INC
    EIN:
    58-1949667
    Description Beginning of Year - Book Value End of Year - Book Value
    ACCRUED CONSTRUCTION COSTS 485,946 0
    TENANT SECURITY DEPOSITS 11,800 13,895
    ACCRUED INTEREST 0 13,078


    TY 2018 TaxesSchedule
    Name:
    THE PACES FOUNDATION INC
    EIN:
    58-1949667
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    PAYROLL TAXES 71,760 0 71,760 0
    OTHER TAXES 30,136 0 30,136 0