Civic Intelligence

Keyport Legion Apartments Inc

990 • Fiscal year 2017 • EIN 23-7242529

Oct 01, 2016 to Sep 30, 2017 • Filed on Feb 21, 2018

Organization ProfileCOUGHLINMGT.COM/OYSTER-BAY
50 Beers StreetKeyport, NJ 07735

(732) 264-2711

Siviq Scores

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

Liabilities / Assets

57th percentile

0.87x

Higher debt load relative to assets than 57% of similar nonprofits.

2017 filings • NTEE L • $5M-$10M nonprofits • Source year 2017

Liabilities / Revenue

58th percentile

4.23x

Higher debt load relative to revenue than 58% of similar nonprofits.

2017 filings • NTEE L • $5M-$10M nonprofits • Source year 2017

Net Margin

81st percentile

22%

Higher net margin than 81% of similar nonprofits.

2017 filings • NTEE L • $5M-$10M nonprofits • Source year 2017

Top Officer Pay

44th percentile

$80,371

Higher top officer pay than 44% of similar nonprofits.

Top officer pay equals 4.8% of source-year revenue.

2017 filings • NTEE L • $5M-$10M nonprofits • Source year 2017

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2017

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2017

Balance Sheet
Liabilities / Assets57th percentile

Assets

$8,120,854

No earlier filing loaded for comparison.

Net Assets

$1,065,985

No earlier filing loaded for comparison.

Liabilities

$7,054,869

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue58th percentileNet Margin81st percentile

Revenue

$1,666,606

No earlier filing loaded for comparison.

Expenses

$1,302,425

No earlier filing loaded for comparison.

Net Income

$364,181

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

$30M$20M$10M$0Assets 2017: $8,120,854Liabilities 2017: $7,054,869Net Assets 2017: $1,065,9852017Assets 2018: $8,156,645Liabilities 2018: $5,325,505Net Assets 2018: $2,831,1402018Assets 2019: $8,155,833Liabilities 2019: $3,818,190Net Assets 2019: $4,337,6432019Assets 2020: $25,043,730Liabilities 2020: $19,423,600Net Assets 2020: $5,620,1302020Assets 2021: $23,097,142Liabilities 2021: $16,172,355Net Assets 2021: $6,924,7872021Assets 2022: $23,250,569Liabilities 2022: $15,700,736Net Assets 2022: $7,549,8332022Assets 2023: $23,629,118Liabilities 2023: $15,574,953Net Assets 2023: $8,054,1652023Assets 2024: $24,121,062Liabilities 2024: $15,316,325Net Assets 2024: $8,804,7372024

Highlighted filing

2017

Assets$8,120,854
Liabilities$7,054,869
Net Assets$1,065,985
Open 2017 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$6.0M$4.0M$2.0M$0Revenue 2017: $1,666,606Expenses 2017: $1,302,425Net Income 2017: $364,1812017Revenue 2018: $3,283,542Expenses 2018: $1,518,383Net Income 2018: $1,765,1592018Revenue 2019: $3,069,904Expenses 2019: $1,563,399Net Income 2019: $1,506,5052019Revenue 2020: $3,631,912Expenses 2020: $2,349,424Net Income 2020: $1,282,4882020Revenue 2021: $4,221,120Expenses 2021: $2,916,462Net Income 2021: $1,304,6582021Revenue 2022: $3,882,737Expenses 2022: $3,257,691Net Income 2022: $625,0462022Revenue 2023: $3,921,416Expenses 2023: $3,433,122Net Income 2023: $488,2942023Revenue 2024: $4,249,761Expenses 2024: $3,551,107Net Income 2024: $698,6542024

Highlighted filing

2017

Revenue$1,666,606
Expenses$1,302,425
Net Income$364,181
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2016 to Sep 30, 2017
Signed
Feb 21, 2018
Return Version
2016v3.0
Gross Receipts
$1,666,606
Mission and Program Overview

Mission

The organization was formed to provide affordable senior housing for low income senior citizens

Affordable senior housing

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$3,439,179$6,501,183▲ $3,062,004
Rtn Earn Endowment Incm Other Fnds$701,807$1,065,985▲ $364,178
Cash and Non-Interest-Bearing Accounts$424,638$282,451▼ $142,187
Prepaid Expenses and Deferred Charges$4,893$55,567▲ $50,674
Total Assets$4,976,409$8,120,854▲ $3,144,445
Other Assets Total$1,107,699$1,281,653▲ $173,954
Liabilities
Other Liabilities$1,505,378$4,559,747▲ $3,054,369
Mortgage Notes Payable Secured by Investment Property$2,665,872$2,414,532▼ $251,340
Accounts Payable and Accrued Expenses$103,352$80,590▼ $22,762
Total Liabilities$4,274,602$7,054,869▲ $2,780,267
Net Assets / Fund Balance
Total Net Assets Fund Balance$701,807$1,065,985▲ $364,178
Total Liabilities and Net Assets / Fund Balance$4,976,409$8,120,854▲ $3,144,445

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,463,253$5,300,911$6,764,164
Other Land Buildings$4,866,745$1,031,436$5,898,181
Land$171,185-$171,185
Other Assets Org$4,553--
Compensation and Service Providers
Top Officer Pay44th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Robert LaughlinExecutive DirectorFT$80,371$80,371

Board Members and Trustees

NameTitle
Charles KojszaAlternate Director
Chris BurnsAlternate Director
Harry M AumackAlternate Director
Bruce A DibiaseDirector
Joseph E CarreyDirector
William KerchnerDirector
Norman ZweiacherPres
Pauline RedmondSec/Treas
George HennVice Pres
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$26,400
Investment Income
$2,685
Other Revenue
$1,637,521
Change in Net Assets
$364,181

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,666,606
Total Revenue per Audited Statements
$1,666,606
Total Revenue per Form 990
$1,666,606
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$985,637
Salaries, Compensation, and Employee Benefits$316,788
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
All Other Expenses$310,086$221-$310,307
Other Salaries and Wages$218,991$24,332-$243,323
Insurance$91,311$4,806-$96,117
Depreciation Depletion$82,212$4,327-$86,539
Other Employee Benefits$48,372$5,375-$53,747
Other Expenses$26,512$11,573-$26,512
Payroll Taxes$17,746$1,972-$19,718
Fees for Services Accounting$13,910$1,546-$15,456
Office Expenses-$7,677-$7,677
Interest$-174,925--$-174,925
Total Functional Expenses$1,224,886$77,539$0$1,302,425

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,302,425
Total Expenses per Audited Statements$1,302,425
Total Expenses per Form 990$1,302,425
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-Outstanding Checks$4,089,675
CDBG loan$357,154
Federal income taxes$104,505
Tenants Security Deposits$6,180
Security Payable-Pets$2,233
Accrued CIP-
Legal Payable-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
Backup withholding compliance
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“Board members meet to review and approve form 990 prior to filing.”

Filing and Contact Details

Filer

Filer Name
Keyport Legion Apartments Inc
EIN
23-7242529
Phone
7322642711
Address
50 BEERS STREET, KEYPORT, NJ 07735

Signing Officer

Name
Norman Zweiacher
Title
President
Signed
2018-02-21
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Norman Zweicher
Formed
1972
Legal Domicile
Nj
Voting Board Members
9
Independent Board Members
9
Employees
9

Preparer

Firm
Bart and Bart CPAs
Address
104 Main Street, Woodbridge, NJ 07095
Preparer
Richard Hennessy
Phone
7326345680
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IRS990/PayrollTaxesGrp/ProgramServicesAmt017746
IRS990/PayrollTaxesGrp/TotalAmt019718
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PoliciesReferenceChaptersInd0false
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt04893
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt055567
IRS990/PrincipalOfficerNm0Norman Zweicher
IRS990/PriorPeriodAdjustmentsAmt0-3
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/Desc0ANTENNA RENTAL
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt026400
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt026400
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt03602
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt01157302
IRS990/PYOtherRevenueAmt01778703
IRS990/PYProgramServiceRevenueAmt025994
IRS990/PYRevenuesLessExpensesAmt0323643
IRS990/PYSalariesCompEmpBnftPaidAmt0327354
IRS990/PYTotalExpensesAmt01484656
IRS990/PYTotalRevenueAmt01808299
IRS990/QuidProQuoContriDisclInd0false
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt0364181
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RentalIncomeOrLossGrp/RealAmt01604703
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt0701807
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt01065985
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearAmt02685
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus1YearAmt03602
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus2YearsAmt01973
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus3YearsAmt01757
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus4YearsAmt02438
IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt012455
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt01637521
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt01778703
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt01636023
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt01635703
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt01500041
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt08187991
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt02685
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt03602
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus2YearsAmt01973
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus3YearsAmt01757
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus4YearsAmt02438
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt012455
IRS990ScheduleA/InvestmentIncomeCYPct00.00150
IRS990ScheduleA/InvestmentIncomePYPct00.00160
IRS990ScheduleA/NetIncomeFromOtherUBIGrp/TotalAmt00
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus2YearsAmt024000
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus3YearsAmt024000
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus4YearsAmt024000
IRS990ScheduleA/OtherIncome509Grp/TotalAmt072000
IRS990ScheduleA/Post1975UBTIGrp/TotalAmt00
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.00000
IRS990ScheduleA/PublicSupportCY509Pct00.98980
IRS990ScheduleA/PublicSupportPY509Pct00.98380
IRS990ScheduleA/PublicSupportTotal170Amt00
IRS990ScheduleA/PublicSupportTotal509Amt08187991
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind0X
IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt01637521
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt01778703
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt01636023
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt01635703
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt01500041
IRS990ScheduleA/Total509Grp/TotalAmt08187991
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt01640206
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt01782305
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt01661996
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt01661460
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt01526479
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt08272446
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt01463253
IRS990ScheduleD/BuildingsGrp/DepreciationAmt05300911
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt06764164
IRS990ScheduleD/ExpensesSubtotalAmt01302425
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd0false
IRS990ScheduleD/LandGrp/BookValueAmt0171185
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0171185
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt01269134
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt17966
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt24553
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Restricted Deposits
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1Accrued Interest Receivable
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2Borough of Keyport Overpayment
IRS990ScheduleD/OtherAssetsOrgGrp/Desc3Tenant Rent Receivable
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt04866745
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt01031436
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt05898181
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0104505
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt16180
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt22233
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt34089675
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt4357154
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Federal income taxes
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Tenants Security Deposits
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2Security Payable-Pets
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3Security Deposits-Outstanding Checks
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc4CDBG loan
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc5Accrued CIP
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc6Legal Payable
IRS990ScheduleD/OtherSecuritiesGrp/Desc0Financial derivatives and other financial products
IRS990ScheduleD/OtherSecuritiesGrp/Desc1Closely-held equity interests
IRS990ScheduleD/RevenueSubtotalAmt01666606
IRS990ScheduleD/TotalBookValueLandBuildingsAmt06501183
IRS990ScheduleD/TotalBookValueOtherAssetsAmt01281653
IRS990ScheduleD/TotalExpensesPerForm990Amt01302425
IRS990ScheduleD/TotalLiabilityAmt04559747
IRS990ScheduleD/TotalRevenuePerForm990Amt01666606
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01666606
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01302425
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0BOARD MEMBERS MEET TO REVIEW AND APPROVE FORM 990 PRIOR TO FILING.

Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$8,120,854
Liabilities
$7,054,869
Net assets
$1,065,985
Revenue
$1,666,606
Expenses
$1,302,425
Net income
$364,181
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$24.1$15.3$8.80$4.25$3.55$0.70
2023Detailed filing. Detailed filing data is available for this year.$23.6$15.6$8.05$3.92$3.43$0.49
2022Detailed filing. Detailed filing data is available for this year.$23.3$15.7$7.55$3.88$3.26$0.63
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$23.1$16.2$6.92$4.22$2.92$1.30
2020Detailed filing. Detailed filing data is available for this year.$25.0$19.4$5.62$3.63$2.35$1.28
2019Detailed filing. Detailed filing data is available for this year.$8.16$3.82$4.34$3.07$1.56$1.51
2018Detailed filing. Detailed filing data is available for this year.$8.16$5.33$2.83$3.28$1.52$1.77
2017Detailed filing. Detailed filing data is available for this year.$8.12$7.05$1.07$1.67$1.30$0.36