Civic Intelligence

Rowan Development Inc

990 • Fiscal year 2021 • EIN 23-2787674

Jul 01, 2020 to Jun 30, 2021 • Filed on Nov 12, 2021

Organization ProfileN/A
2502 West Cheltenham AvenuePhiladelphia, PA 19150

(215) 927-5010

Siviq Scores

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

Liabilities / Assets

100th percentile

74.76x

Higher debt load relative to assets than 100% of similar nonprofits.

2021 filings • 501(c)2 • $500k-$1M nonprofits • Source year 2021

Liabilities / Revenue

65th percentile

0.81x

Higher debt load relative to revenue than 65% of similar nonprofits.

2021 filings • 501(c)2 • $500k-$1M nonprofits • Source year 2021

Net Margin

81st percentile

99%

Higher net margin than 81% of similar nonprofits.

2021 filings • 501(c)2 • $500k-$1M nonprofits • Source year 2021

Top Officer Pay

95th percentile

$258,998

Higher top officer pay than 95% of similar nonprofits.

Top officer pay equals 41.1% of source-year revenue.

2021 filings • 501(c)2 • $500k-$1M nonprofits • Source year 2021

Asset Growth

2nd percentile

-52%

Faster asset growth than 2% of similar nonprofits.

2021 filings • 501(c)2 • $500k-$1M nonprofits • Annualized from 2020 to 2021

Revenue Growth

87th percentile

81%

Faster revenue growth than 87% of similar nonprofits.

2021 filings • 501(c)2 • $500k-$1M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets100th percentile

Assets

Down

$6,801

Down $7,421 (-52%) from 2020

Net Assets

Up

-$501,665

Up $623,071 (+55%) from 2020

Liabilities

Down

$508,466

Down $630,492 (-55%) from 2020

Revenue And Expenses
Liabilities / Revenue65th percentileNet Margin81st percentile

Revenue

Up

$630,492

Up $282,492 (+81%) from 2020

Expenses

Down

$7,421

Down $489,662 (-99%) from 2020

Net Income

Up

$623,071

Up $772,154 (+518%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth2nd percentile

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

$10M$5.0M$0-$5.0MAssets 2010: $5,548,284Liabilities 2010: $595,196Net Assets 2010: $4,953,0882010Assets 2011: $5,349,376Liabilities 2011: $534,415Net Assets 2011: $4,814,9612011Assets 2012: $8,712,241Liabilities 2012: $4,158,764Net Assets 2012: $4,553,4772012Assets 2013: $8,723,355Liabilities 2013: $3,952,878Net Assets 2013: $4,770,4772013Assets 2014: $9,007,240Liabilities 2014: $4,122,488Net Assets 2014: $4,884,7522014Assets 2015: $8,625,221Liabilities 2015: $3,798,130Net Assets 2015: $4,827,0912015Assets 2016: $8,572,316Liabilities 2016: $3,980,061Net Assets 2016: $4,592,2552016Assets 2017: $687,876Liabilities 2017: $3,777,574Net Assets 2017: -$3,089,6982017Assets 2018: $634,547Liabilities 2018: $2,071,391Net Assets 2018: -$1,436,8442018Assets 2019: $546,649Liabilities 2019: $1,522,302Net Assets 2019: -$975,6532019Assets 2020: $14,222Liabilities 2020: $1,138,958Net Assets 2020: -$1,124,7362020Assets 2021: $6,801Liabilities 2021: $508,466Net Assets 2021: -$501,6652021Assets 2022: $4,372Liabilities 2022: $508,467Net Assets 2022: -$504,0952022Assets 2023: $3,964Liabilities 2023: $508,466Net Assets 2023: -$504,5022023Assets 2024: $3,964Liabilities 2024: $508,466Net Assets 2024: -$504,5022024

Highlighted filing

2021

Assets$6,801
Liabilities$508,466
Net Assets-$501,665
Open 2021 Filing

Operations Trend

Revenue Growth87th percentile

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

$5.0M$0-$5.0M-$10MExpenses 2010: $438,4542010Expenses 2011: $1,025,8932011Expenses 2012: $992,7412012Revenue 2013: $911,929Expenses 2013: $694,929Net Income 2013: $217,0002013Revenue 2014: $907,493Expenses 2014: $792,229Net Income 2014: $115,2642014Revenue 2015: $719,992Expenses 2015: $812,788Net Income 2015: -$92,7962015Revenue 2016: $399,395Expenses 2016: $634,231Net Income 2016: -$234,8362016Revenue 2017: -$3,412,257Expenses 2017: $4,269,696Net Income 2017: -$7,681,9532017Revenue 2018: $1,745,808Expenses 2018: $92,954Net Income 2018: $1,652,8542018Revenue 2019: $665,202Expenses 2019: $204,011Net Income 2019: $461,1912019Revenue 2020: $348,000Expenses 2020: $497,083Net Income 2020: -$149,0832020Revenue 2021: $630,492Expenses 2021: $7,421Net Income 2021: $623,0712021Revenue 2022: $0Expenses 2022: $2,430Net Income 2022: -$2,4302022Revenue 2023: $0Expenses 2023: $407Net Income 2023: -$4072023Revenue 2024: $0Expenses 2024: $0Net Income 2024: $02024

Highlighted filing

2021

Revenue$630,492
Expenses$7,421
Net Income$623,071
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Nov 12, 2021
Return Version
2020v4.1
Gross Receipts
$630,492
Mission and Program Overview

Mission

Hold title to property and collect income for the benefit of ogontz avenue revitalization corporation, a 501(c)(3)tax exempt organization.

Hold title to property and collect income for the benefit of ogontz avenue revitalization corporation, a 501 (c)(3) tax exempt organization.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$12,722$6,801▼ $5,921
Prepaid Expenses and Deferred Charges$1,500$0▼ $1,500
Savings and Temporary Cash Investments$0$0→ $0
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Land, Buildings, and Equipment, Net$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$14,222$6,801▼ $7,421
Other Assets Total$0$0→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$874,000$508,466▼ $365,534
Accounts Payable and Accrued Expenses$264,958$0▼ $264,958
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$1,138,958$508,466▼ $630,492
Net Assets / Fund Balance
Net Assets With Donor Restrictions$0$0→ $0
Net Assets Without Donor Restrictions$-1,124,736$-501,665▲ $623,071
Total Net Assets Fund Balance$-1,124,736$-501,665▲ $623,071
Total Liabilities and Net Assets / Fund Balance$14,222$6,801▼ $7,421
Compensation and Service Providers
Top Officer Pay95th percentile

Board Members and Trustees

NameTitle
Dr Mujahid NyahumaBoard Chair - Member
Kimberly LLoydPresident/CEO - Member
Phyllis BensonSecretary - Member
Deason Michael BennettTreasurer - Member
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$630,492
Other Revenue
$0
Change in Net Assets
$623,071
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$7,421
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
Occupancy---$4,370
Office Expenses---$1,252
Fees for Services Accounting---$1,239
Insurance---$560
Total Functional Expenses$0$0$0$7,421
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, line 12 - CONFLICT OF INTEREST

“Board members on annual basis are required to update their conflict of interest statements and submit to ceo of oarc (parent company) for review and filing. This is done at the last board meeting in the fiscal year.”

Form 990, Part VI, Section C, Line 19 - PUBLIC AVAILIBILITY

“All documents are maintained in pdf.format and made available upon request in the finance department of oarc (parent company).”

Form 990, Part VI, Section B, line 11

“Board members are provided a copy of the Form 990 prior to filing with the IRS.”

Filing and Contact Details

Filer

Filer Name
Rowan Development Inc
EIN
23-2787674
In Care Of
% KIMBERLY LLOYD
Phone
2159275010
Address
2502 West Cheltenham Avenue, Philadelphia, PA 19150

Signing Officer

Name
Kimberly Lloyd
Title
President & CEO
Phone
2157540063
Signed
2021-11-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kimberly Lloyd
Formed
1994
Legal Domicile
Pa
Voting Board Members
4
Independent Board Members
3
Employees
0
Volunteers
3

Preparer

Firm
Withumsmithbrown Pc
Address
1835 MARKET STREET SUITE 1710, PHILADELPHIA, PA 19103-2945
Preparer
Eric M Strauss
Phone
2155462140
Supplemental Narrative

Financial Statement Notes

Schedule D Part XIII, FIN 48

“Rowan Development Inc. is exempt from federal income tax under Section 501(c)(2) of the Internal Revenue Code. Rowan Development Inc adopted the accounting pronouncement related to uncertain tax positions effective July 1, 2010.Management has determined that there were no uncertain tax positions at Rowan Development Inc as of the date of the adoption or at June 30, 2021. In addition, there was no income tax related penalties and interest reported by the Organization for the period in question.”

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Rowan Development Inc. is exempt from federal income tax under Section 501(c)(2) of the Internal Revenue Code. Rowan Development Inc adopted the accounting pronouncement related to uncertain tax positions effective July 1, 2010.Management has determined that there were no uncertain tax positions at Rowan Development Inc as of the date of the adoption or at June 30, 2021. In addition, there was no income tax related penalties and interest reported by the Organization for the period in question.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule D Part XIII, FIN 48
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0BOARD MEMBERS ON ANNUAL BASIS ARE REQUIRED TO UPDATE THEIR CONFLICT OF INTEREST STATEMENTS AND SUBMIT TO CEO OF OARC (PARENT COMPANY) FOR REVIEW AND FILING. THIS IS DONE AT THE LAST BOARD MEETING IN THE FISCAL YEAR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ALL DOCUMENTS ARE MAINTAINED IN PDF.FORMAT AND MADE AVAILABLE UPON REQUEST IN THE FINANCE DEPARTMENT OF OARC (PARENT COMPANY).
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Board members are provided a copy of the Form 990 prior to filing with the IRS.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, line 12 - CONFLICT OF INTEREST
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section C, Line 19 - PUBLIC AVAILIBILITY
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, line 11
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IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/PredominantIncomeTypeTxt0Rental Income
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/PredominantIncomeTypeTxt1Rental Income
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/PrimaryActivitiesTxt0LOW INCOME HO
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/PrimaryActivitiesTxt1RENTAL
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/RelatedOrganizationName/BusinessNameLine1Txt0ZAG DEVELOPMENT LP
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/RelatedOrganizationName/BusinessNameLine1Txt1OGONTZ HALL INVESTORS LP
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$6,801
Liabilities
$508,466
Net assets
-$501,665
Revenue
$630,492
Expenses
$7,421
Net income
$623,071
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.00$0.51$0.50$0.00$0.00$0.00
2023Detailed filing. Detailed filing data is available for this year.$0.00$0.51$0.50$0.00$0.00$0.00
2022Detailed filing. Detailed filing data is available for this year.$0.00$0.51$0.50$0.00$0.00$0.00
2021Detailed filing. Detailed filing data is available for this year.$0.01$0.51$0.50$0.63$0.01$0.62
2020Detailed filing. Detailed filing data is available for this year.$0.01$1.14$1.12$0.35$0.50$0.15
2019Detailed filing. Detailed filing data is available for this year.$0.55$1.52$0.98$0.67$0.20$0.46
2018Detailed filing. Detailed filing data is available for this year.$0.63$2.07$1.44$1.75$0.09$1.65
2017Detailed filing. Detailed filing data is available for this year.$0.69$3.78$3.09$3.41$4.27$7.68
2016Detailed filing. Detailed filing data is available for this year.$8.57$3.98$4.59$0.40$0.63$0.23
2015Detailed filing. Detailed filing data is available for this year.$8.63$3.80$4.83$0.72$0.81$0.09
2014Summary only. Only limited summary data is available for this year.$9.01$4.12$4.88$0.91$0.79$0.12
2013Summary only. Only limited summary data is available for this year.$8.72$3.95$4.77$0.91$0.69$0.22
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.71$4.16$4.55$0.99
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.35$0.53$4.81$1.03
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.55$0.60$4.95$0.44