Civic Intelligence

Euclid Avenue Development Corporation

990 • Fiscal year 2014 • EIN 20-1286318

Jul 01, 2013 to Jun 30, 2014 • Filed on Mar 04, 2015

2121 Euclid Avenue No Ac 25244115

(216) 687-3613

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

89th percentile

0.96x

Higher debt load relative to assets than 89% of similar nonprofits.

2014 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2014

Liabilities / Revenue

96th percentile

10.27x

Higher debt load relative to revenue than 96% of similar nonprofits.

2014 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2014

Net Margin

81st percentile

24%

Higher net margin than 81% of similar nonprofits.

2014 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2014

Top Officer Pay

13th percentile

$212,061

Higher top officer pay than 13% of similar nonprofits.

Top officer pay equals 2.0% of source-year revenue.

2014 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2014

Asset Growth

27th percentile

0.8%

Faster asset growth than 27% of similar nonprofits.

2014 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2013 to 2014

Revenue Growth

23rd percentile

-3.0%

Faster revenue growth than 23% of similar nonprofits.

2014 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2012 to 2014

Assets

Up

$111,629,462

Up $858,059 (+0.8%) from 2013

Net Assets

Up

$4,612,446

Up $2,510,170 (+119%) from 2013

Liabilities

Down

$107,017,016

Down $1,652,111 (-1.5%) from 2013

Revenue

$10,415,303

No earlier filing loaded for comparison.

Expenses

Down

$7,867,987

Down $951,324 (-11%) from 2013

Net Income

$2,547,316

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$300M$200M$100M$0-$100MAssets 2010: $113,080,322Liabilities 2010: $114,241,756Net Assets 2010: -$1,161,4342010Assets 2011: $111,020,135Liabilities 2011: $112,756,877Net Assets 2011: -$1,736,7422011Assets 2012: $110,174,662Liabilities 2012: $109,791,101Net Assets 2012: $383,5612012Assets 2013: $110,771,403Liabilities 2013: $108,669,127Net Assets 2013: $2,102,2762013Assets 2014: $111,629,462Liabilities 2014: $107,017,016Net Assets 2014: $4,612,4462014Assets 2015: $135,004,288Liabilities 2015: $131,424,380Net Assets 2015: $3,579,9082015Assets 2016: $100,351,313Liabilities 2016: $102,161,920Net Assets 2016: -$1,810,6072016Assets 2017: $99,079,002Liabilities 2017: $97,909,878Net Assets 2017: $1,169,1242017Assets 2018: $98,739,600Liabilities 2018: $95,975,068Net Assets 2018: $2,764,5322018Assets 2019: $98,063,749Liabilities 2019: $94,102,382Net Assets 2019: $3,961,3672019Assets 2020: $95,185,884Liabilities 2020: $91,324,481Net Assets 2020: $3,861,4032020Assets 2021: $92,407,891Liabilities 2021: $88,067,802Net Assets 2021: $4,340,0892021Assets 2022: $87,945,657Liabilities 2022: $85,142,520Net Assets 2022: $2,803,1372022Assets 2023: $242,061,337Liabilities 2023: $239,939,429Net Assets 2023: $2,121,9082023Assets 2024: $221,258,053Liabilities 2024: $236,922,562Net Assets 2024: -$15,664,5092024

Highlighted filing

2014

Assets$111,629,462
Liabilities$107,017,016
Net Assets$4,612,446

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$30M$20M$10M$0-$10MExpenses 2010: $4,268,9122010Expenses 2011: $7,706,9722011Revenue 2012: $11,059,134Expenses 2012: $8,938,831Net Income 2012: $2,120,3032012Expenses 2013: $8,819,3112013Revenue 2014: $10,415,303Expenses 2014: $7,867,987Net Income 2014: $2,547,3162014Revenue 2015: $12,255,049Expenses 2015: $12,538,068Net Income 2015: -$283,0192015Revenue 2016: $10,969,795Expenses 2016: $9,679,461Net Income 2016: $1,290,3342016Revenue 2017: $11,470,373Expenses 2017: $9,790,992Net Income 2017: $1,679,3812017Revenue 2018: $10,894,731Expenses 2018: $9,816,875Net Income 2018: $1,077,8562018Revenue 2019: $11,392,695Expenses 2019: $10,318,051Net Income 2019: $1,074,6442019Revenue 2020: $10,013,170Expenses 2020: $9,532,156Net Income 2020: $481,0142020Revenue 2021: $9,458,468Expenses 2021: $8,979,782Net Income 2021: $478,6862021Revenue 2022: $8,360,869Expenses 2022: $9,897,821Net Income 2022: -$1,536,9522022Revenue 2023: $24,003,702Expenses 2023: $24,684,931Net Income 2023: -$681,2292023Revenue 2024: $22,578,456Expenses 2024: $26,052,041Net Income 2024: -$3,473,5852024

Highlighted filing

2014

Revenue$10,415,303
Expenses$7,867,987
Net Income$2,547,316
Jump To
Filing Snapshot
Filing Period
Jul 1, 2013 to Jun 30, 2014
Signed
Mar 4, 2015
Return Version
2013v4.0
Gross Receipts
$10,415,303
Mission and Program Overview

Mission

Operation of student housing and parking facilities in support of cleveland state university.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$65,592,847$63,720,659▼ $1,872,188
Savings and Temporary Cash Investments$20,622,375$23,314,447▲ $2,692,072
Other Notes and Loans Receivable, Net$21,365,000$20,860,000▼ $505,000
Investments in Publicly Traded Securities-$830,006-
Prepaid Expenses and Deferred Charges$22,973$96,819▲ $73,846
Accounts Receivable$55,402$31,027▼ $24,375
Total Assets$110,771,403$111,629,462▲ $858,059
Other Assets Total$3,112,806$2,776,504▼ $336,302
Liabilities
Tax Exempt Bond Liabilities$104,160,000$102,655,000▼ $1,505,000
Mortgage Notes Payable Secured by Investment Property$1,561,180$1,501,180▼ $60,000
Deferred Revenue$1,418,513$1,400,674▼ $17,839
Accounts Payable and Accrued Expenses$1,343,431$1,300,724▼ $42,707
Other Liabilities$186,003$159,438▼ $26,565
Total Liabilities$108,669,127$107,017,016▼ $1,652,111
Net Assets / Fund Balance
Unrestricted Net Assets$2,102,276$4,612,446▲ $2,510,170
Total Net Assets Fund Balance$2,102,276$4,612,446▲ $2,510,170
Total Liabilities and Net Assets / Fund Balance$110,771,403$111,629,462▲ $858,059

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$61,517,758$9,265,612$70,783,370
Equipment$1,048,926$2,108,094$3,157,020
Land$1,146,460-$1,146,460
Other Land Buildings$7,515-$7,515
Compensation and Service Providers

Board Members and Trustees

NameTitle
Stephanie MchenryPresident
Kathleen MurphyVice President
Bobbi ReichtellBoard Member
Susan FrenchBoard Member
Sonali B WilsonSecretary & Treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
American Campus CommunitiesProperty Management Services-$212,434
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$9,791,031
Investment Income
$139,605
Other Revenue
$484,667
Change in Net Assets
$2,547,316

Audited Revenue Reconciliation

Revenue per Audited Statements
$10,415,303
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$-37,146
Total Revenue per Audited Statements
$10,378,157
Total Revenue per Form 990
$10,415,303
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$7,867,987
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$2,193,356--$2,193,356
Interest$2,152,209--$2,152,209
Occupancy$1,444,135--$1,444,135
Fees for Services Other$1,429,553--$1,429,553
Fees for Services Management$328,239--$328,239
Advertising-$35,819-$35,819
Fees for Services Accounting-$18,221-$18,221
Other Expenses$92,596$14,747-$14,747
Insurance$8,789--$8,789
Total Functional Expenses$7,648,877$219,110$0$7,867,987

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$7,867,987
Total Expenses per Audited Statements$7,867,987
Total Expenses per Form 990$7,867,987
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Security Deposits$159,438

Bond Issues

BondIssuerIssuedIssue PricePurpose
C34-60008172009-12-18$59,005,000DORMITORY AND GARAGE
A34-10296912005-03-17$34,385,000DORMITORY
B34-10296912008-07-25$14,500,000PARKING GARAGE

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
C$59,005,000-$610,000$1,171,776
A$34,385,000-$4,235,000$687,700
B$14,500,000-$390,000$345,967

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

The student housing project is managed by american campus communities.

Form 990, Part VI, Section B, Line 11

Form 990 is reviewed by the vice president and the other board members with the assistance of the outside public accounting firm.

Form 990, Part VI, Section B, Line 12C

Annual disclosures from officers and trustees are reviewed for conflicts. When a conflict arises, the person is not permitted to participate in the discussion of the transaction or to vote. The decision about the transaction is made by persons who are independent of the conflict.

Form 990, Part VI, Section C, Line 19

The organization makes its financial statements, conflict of interest policy and governing documents available upon request.

Filing and Contact Details

Filer

EIN
20-1286318
Phone
2166873613

Signing Officer

Name
Kathleen a Murphy CPA
Title
Assistant Vice President
Phone
2166873613
Signed
2015-03-04
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Stephanie Mchenry
Formed
2001
Legal Domicile
Oh
Voting Board Members
5
Independent Board Members
5
Employees
0
Volunteers
5

Preparer

Preparer
David M Reape CPA
Phone
2168317171
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

Contracted personnel: program service expenses 1,429,553. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,429,553.

Financial Statement Notes

PART X, LINE 2:

The corporation is a not-for-profit organization as described in section 501(c)(3) of the internal revenue code and is exempt from federal income taxes on related income pursuant to section 501(a) of the code. Uncertain income tax positions are evaluated at least annually by management. The corporation classifies interest and penalties related to income tax matters as general and administrative expense in the accompanying financial statements. As of june 30, 2014 and 2013, the corporation has identified no uncertain income tax positions and has incurred no amounts for income tax penalties and interest for the years then ended. The corporation files its federal form 990 in the u.s. Federal jurisdiction and a state registration in the office of the state's attorney general for the state of ohio. The corporation is generally no longer subject to examination by the internal revenue service for fiscal years before 2011.

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IRS990ScheduleA/ContributionControllerInd00
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0SECURITY DEPOSITS
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE CORPORATION IS A NOT-FOR-PROFIT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS EXEMPT FROM FEDERAL INCOME TAXES ON RELATED INCOME PURSUANT TO SECTION 501(A) OF THE CODE. UNCERTAIN INCOME TAX POSITIONS ARE EVALUATED AT LEAST ANNUALLY BY MANAGEMENT. THE CORPORATION CLASSIFIES INTEREST AND PENALTIES RELATED TO INCOME TAX MATTERS AS GENERAL AND ADMINISTRATIVE EXPENSE IN THE ACCOMPANYING FINANCIAL STATEMENTS. AS OF JUNE 30, 2014 AND 2013, THE CORPORATION HAS IDENTIFIED NO UNCERTAIN INCOME TAX POSITIONS AND HAS INCURRED NO AMOUNTS FOR INCOME TAX PENALTIES AND INTEREST FOR THE YEARS THEN ENDED. THE CORPORATION FILES ITS FEDERAL FORM 990 IN THE U.S. FEDERAL JURISDICTION AND A STATE REGISTRATION IN THE OFFICE OF THE STATE'S ATTORNEY GENERAL FOR THE STATE OF OHIO. THE CORPORATION IS GENERALLY NO LONGER SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE FOR FISCAL YEARS BEFORE 2011.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt20
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt20
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0SONALI B WILSON
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1STEPHANIE MCHENRY
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm2KATHLEEN MURPHY
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0SECRETARY & TREASURER
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1PRESIDENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt2VICE PRESIDENT
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt20
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt1207405
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt2151729
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990ScheduleK/ProceduresCorrectiveActionGrp/BondReferenceCd0A
IRS990ScheduleK/ProceduresCorrectiveActionGrp/BondReferenceCd1B
IRS990ScheduleK/ProceduresCorrectiveActionGrp/BondReferenceCd2C
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IRS990ScheduleK/ProceduresCorrectiveActionGrp/ProceduresCorrectiveActionInd10
IRS990ScheduleK/ProceduresCorrectiveActionGrp/ProceduresCorrectiveActionInd20
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/BondReferenceCd0A
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IRS990ScheduleK/TaxExemptBondsArbitrageGrp/Form8038TFiledInd20
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInd00
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IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInd20
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInGICInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInGICInd10
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInGICInd20
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/HedgeIdentifiedInBksAndRecInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/HedgeIdentifiedInBksAndRecInd10
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/HedgeIdentifiedInBksAndRecInd21
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/HedgeProviderName/BusinessNameLine10RBS CITIZENS NA
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/HedgeTerminatedInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/NoRebateDueInd00
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IRS990ScheduleK/TaxExemptBondsArbitrageGrp/NoRebateDueInd20
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/RebateNotDueYetInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/RebateNotDueYetInd10
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/RebateNotDueYetInd20
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/SuperintegratedHedgeInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/TermOfHedgePct03.000000000000
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/VariableRateIssueInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/VariableRateIssueInd11
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/VariableRateIssueInd21
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/WrittenProcToMonitorReqsInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/WrittenProcToMonitorReqsInd10
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/WrittenProcToMonitorReqsInd20
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt02005-03-17
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt12008-07-25
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt22009-12-18
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuerEIN0341029691
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuerEIN1341029691
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuerEIN2346000817
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondReferenceCd1B
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondReferenceCd2C
IRS990ScheduleK/TaxExemptBondsIssuesGrp/CUSIPNum0186103EB9
IRS990ScheduleK/TaxExemptBondsIssuesGrp/CUSIPNum1196103FN2
IRS990ScheduleK/TaxExemptBondsIssuesGrp/CUSIPNum2232267AC8
IRS990ScheduleK/TaxExemptBondsIssuesGrp/DefeasedInd00
IRS990ScheduleK/TaxExemptBondsIssuesGrp/DefeasedInd10
IRS990ScheduleK/TaxExemptBondsIssuesGrp/DefeasedInd20
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuePriceAmt034385000
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuePriceAmt114500000

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$221$237$15.7$22.6$26.1$3.47
2023Detailed filing. Detailed filing data is available for this year.$242$240$2.12$24.0$24.7$0.68
2022Detailed filing. Detailed filing data is available for this year.$87.9$85.1$2.80$8.36$9.90$1.54
2021Detailed filing. Detailed filing data is available for this year.$92.4$88.1$4.34$9.46$8.98$0.48
2020Detailed filing. Detailed filing data is available for this year.$95.2$91.3$3.86$10.0$9.53$0.48
2019Detailed filing. Detailed filing data is available for this year.$98.1$94.1$3.96$11.4$10.3$1.07
2018Detailed filing. Detailed filing data is available for this year.$98.7$96.0$2.76$10.9$9.82$1.08
2017Detailed filing. Detailed filing data is available for this year.$99.1$97.9$1.17$11.5$9.79$1.68
2016Detailed filing. Detailed filing data is available for this year.$100$102$1.81$11.0$9.68$1.29
2015Detailed filing. Detailed filing data is available for this year.$135$131$3.58$12.3$12.5$0.28
2014Detailed filing. Detailed filing data is available for this year.$112$107$4.61$10.4$7.87$2.55
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$111$109$2.10$8.82
2012Summary only. Only limited summary data is available for this year.$110$110$0.38$11.1$8.94$2.12
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$111$113$1.74$7.71
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$113$114$1.16$4.27
Peer Organizations

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