The Independent News has received copies the tax returns for 2009, 2010 and 2011 of the Pensacola Veterans Memorial Park Foundation, that built and maintained the Wall South memorial on Bayfront Parkway in Pensacola.
The returns show that the foundation owned the land and building used by VFW Post 906 at 5000 Lillian Highway: Land $40,000, Building $105,328. The property is treated as rental property for the foundation. The building is 6,078 sq. ft. according to the Escambia County property appraiser.
The Foundation did collect rent on the building — 2009 $6,000 2010 $7,000 2011 $5,000. So VFW 904 paid about less than $1 a square ft. to rent it-which I assume is below market rate even for Lillian Highway.
The tax return nets the rent income against the annual depreciation which is $3511. (Note: Guidestar included this in investment income on its website)
Other income included membership dues ( 09:$1,384 10:$2,072 11:$1,314); Contributions (09:$8,401 10:$100 11:$4,141); Investment income (09:$2,489; 10:-$1,282 11:-$254)
The expenses:
| Â Â YR 2009 | Â Â YR 2010 | Â Â YR 2011 | |
| Grants | 1000 | 0 | 0 |
| Accounting | 2779 | 1445 | 990 |
| Office expense | 5474 | 3807 | 3005 |
| Occupany | 21122 | 24168 | 15883 |
| Depreciation | 52879 | 52566 | 51774 |
| Misc | 666 | 323 | 0 |
| 85365 | 83299 | 71652 |
The Foundation has $1,855,305 in assets outside of the VFW property.
Wall South Land (1992): $99,393
Wall South Improvements(1992): $1,123,637
WWII Memorial (2002): $371,167
Helipad (1993): $3,532
Cobra Helicopter (2007): $21,532
Korean War Memorial (2007): $214,280
Water Pump (1999): $3,260 – fully depreciated
Isuzu Truck (2000): $5000 – fully depreciated
Flag Pole (2004): $1,100
Utility Trailer (2004): $1,100 -fully depreciated
Utility Trailer (2005): $1,600 -fully depreciated
Utility Trailer (2006): $2,439
Lawn Equipment (2006): $3,114
Computer (2008): $892
Printers (2008): $1500
Investment Securities shrank:
2009 $43,194
2010 $29,251
2011 $17,475
It appears that the Foundation does not have the funds to maintain the park – which it was spending $24K to $15K annually to do. The Foundation has steadily dipped into its cash and securities to cover operations. If it sells the VFW property to the post, that money may only stall the eventual collapse of the non-profit for four or five years. There are no funds for major renovations or repairs to the memorial park.
