Civic Intelligence

Evergreen Towers I Nfp

990 • Fiscal year 2013 • EIN 26-0077532

Jan 01, 2013 to Dec 31, 2013 • Filed on Oct 09, 2014

1251 N Clybourn Avenue 1st Fl rear60610

(312) 337-5666

Siviq Scores

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

Liabilities / Assets

39th percentile

0.15x

Higher debt load relative to assets than 39% of similar nonprofits.

2013 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2013

Liabilities / Revenue

9th percentile

0.01x

Higher debt load relative to revenue than 9% of similar nonprofits.

2013 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2013

Net Margin

92nd percentile

55%

Higher net margin than 92% of similar nonprofits.

2013 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2013

Top Officer Pay

19th percentile

$66,055

Higher top officer pay than 19% of similar nonprofits.

Top officer pay equals 1.5% of source-year revenue.

2013 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2013

Asset Growth

1st percentile

-94%

Faster asset growth than 1% of similar nonprofits.

2013 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2012 to 2013

Revenue Growth

Score unavailable

No value available

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

Source year 2013

Assets

Down

$277,140

Down $4,248,093 (-94%) from 2012

Net Assets

Up

$236,554

Up $2,432,949 (+111%) from 2012

Liabilities

Down

$40,586

Down $6,681,042 (-99%) from 2012

Revenue

$4,447,131

No earlier filing loaded for comparison.

Expenses

Up

$2,014,182

Up $112,463 (+5.9%) from 2012

Net Income

$2,432,949

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.

$10M$5.0M$0-$5.0MAssets 2010: $5,131,960Liabilities 2010: $6,840,785Net Assets 2010: -$1,708,8252010Assets 2011: $4,859,806Liabilities 2011: $6,788,259Net Assets 2011: -$1,928,4532011Assets 2012: $4,525,233Liabilities 2012: $6,721,628Net Assets 2012: -$2,196,3952012Assets 2013: $277,140Liabilities 2013: $40,586Net Assets 2013: $236,5542013Assets 2014: $387,823Liabilities 2014: $0Net Assets 2014: $387,8232014Assets 2015: $384,274Liabilities 2015: $0Net Assets 2015: $384,2742015Assets 2016: $220,898Liabilities 2016: $0Net Assets 2016: $220,8982016

Highlighted filing

2013

Assets$277,140
Liabilities$40,586
Net Assets$236,554

Operations Trend

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

$6.0M$4.0M$2.0M$0Expenses 2010: $1,880,0242010Expenses 2011: $1,908,2532011Expenses 2012: $1,901,7192012Revenue 2013: $4,447,131Expenses 2013: $2,014,182Net Income 2013: $2,432,9492013Revenue 2014: $181,147Expenses 2014: $29,878Net Income 2014: $151,2692014Expenses 2015: $3,5492015Expenses 2016: $163,3762016

Highlighted filing

2013

Revenue$4,447,131
Expenses$2,014,182
Net Income$2,432,949
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
Oct 9, 2014
Return Version
2013v3.0
Gross Receipts
$16,176,386
Mission and Program Overview

Mission

Low income housing for elderly/disabled

To provide low income housing and services for elderly and disabled in Chicago

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$21,393$185,898▲ $164,505
Land, Buildings, and Equipment, Net$3,829,590$35,000▼ $3,794,590
Cash and Non-Interest-Bearing Accounts$39,422$31,410▼ $8,012
Prepaid Expenses and Deferred Charges$7,278--
Total Assets$4,525,233$277,140▼ $4,248,093
Other Assets Total$627,550$24,832▼ $602,718
Liabilities
Mortgage Notes Payable Secured by Investment Property$6,619,820--
Other Liabilities$22,938$24,832▲ $1,894
Accounts Payable and Accrued Expenses$78,870$15,754▼ $63,116
Total Liabilities$6,721,628$40,586▼ $6,681,042
Net Assets / Fund Balance
Temporarily Rstr Net Assets$676,906$0▼ $676,906
Unrestricted Net Assets$-2,873,301$236,554▲ $3,109,855
Total Net Assets Fund Balance$-2,196,395$236,554▲ $2,432,949
Total Liabilities and Net Assets / Fund Balance$4,525,233$277,140▼ $4,248,093

Asset Categories

AssetBook ValueDepreciationBasis
Land$35,000-$35,000
Other Assets Org$24,832--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Kelvin StrongExecutive DirectorPT$37,000$29,055$66,055

Board Members and Trustees

NameTitle
Elbert L GreenChairman
Bernard McCuneDirector
Brenda E MorganDirector
Dorothy GibbsDirector
Gwendolyn SimsDirector
Makeda LondonSecretary/Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,660,538
Investment Income
$2,770,789
Other Revenue
$15,804
Change in Net Assets
$2,432,949

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,447,131
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$4,447,131
Total Revenue per Form 990
$4,447,131
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,311,261
Salaries, Compensation, and Employee Benefits$702,921
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$540,784--$540,784
Other Salaries and Wages$417,873$88,794-$506,667
Depreciation Depletion$242,243--$242,243
Office Expenses$153,974--$153,974
Occupancy$126,511--$126,511
Other Employee Benefits$87,718$8,757-$96,475
Insurance$73,625$15,592-$89,217
Fees for Services Management-$73,426-$73,426
Payroll Taxes$41,591$9,632-$51,223
Current Officers, Directors, Trustees, and Key Employees-$48,556-$48,556
Fees for Services Legal-$22,007-$22,007
Fees for Services Other-$12,298-$12,298
Fees for Services Accounting-$10,720-$10,720
Conferences and Meetings$6,238--$6,238
Other Expenses$920--$920
Total Functional Expenses$1,724,400$289,782$0$2,014,182

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,014,182
Total Expenses per Audited Statements$2,014,182
Total Expenses per Form 990$2,014,182
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
Tenant security deposits$24,832
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
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
Yes
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

Urban Property Advisors (UPA) provides management and bookkeeping services for the Organization. UPA was paid $73,400 for services provided during 2013.

Form 990, Part VI, Section B, line 11

The property manager and Executive Director reviewed the 990. It was presented it to the board for review prior to filing.

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

At the start of every board meeting, the Chairman inquires as to any new reportable conflicts of interest. Board members are encouraged to report conflicts as they arise between meetings.

Form 990, Part VI, Section B, line 15B

The organization obtains compensation from other local agencies in the state and uses competitive research studies to determine salaries of all staff. The data is evaluated and a recommendation is presented to the board for approval.

Form 990, Part VI, Section C, line 19

Governing documents, conflict of interest policy and financial statements are available upon request.

Filing and Contact Details

Filer

EIN
26-0077532
Phone
3123375666

Signing Officer

Name
Kelvin M Strong
Title
Executive Director
Phone
3123375666
Signed
2014-10-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kelvin M Strong
Formed
2004
Legal Domicile
Il
Voting Board Members
6
Independent Board Members
6
Employees
20
Volunteers
6

Preparer

Preparer
Hugh J Ahern CPA
Phone
7737794720
Supplemental Narrative

Additional Explanations

Form 990, Part III, line 3

On December 19, 2013, Evergreen Towers I, LP purchased most of the assets of Evergreen Towers I, NFP. Evergreen Towers I, LP will carry on the operations of Evergreen Towers I, NFP. The retained assets will be used in accordance with the charitable mission of the NFP. At closing, a portion of the sales proceeds were used to pay the former mortgage, interest, prepayment penalties, attorney fees, and administrative fees.

Financial Statement Notes

Part X, Line 2:

FIN 48 note from Audited Financial Statements Evergreen Towers I, NFP is an Illinois not-for-profit corporation and is exempt from Federal income taxes under Section 501(c)(3) of the Internal Revenue Code. The tax exempt purpose of the Organization and the nature in which it operates is described above. The Organization continues to operate in compliance with its tax exempt purpose. The Organization's annual information and income tax returns filed with the federal and state governments are subject to examination by the Internal Revenue Service for three years after filing. Thus, returns for 2010, 2011 and 2012 remain open.

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IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt01577767
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt08220442
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt044
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt0167
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus2YearsAmt0915
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus3YearsAmt05907
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus4YearsAmt01067
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt08100
IRS990ScheduleA/InvestmentIncomeCYPct00.00100
IRS990ScheduleA/InvestmentIncomePYPct00.00100
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearAmt015804
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus2YearsAmt020858
IRS990ScheduleA/OtherIncome509Grp/TotalAmt036662
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportCY509Pct00.99460
IRS990ScheduleA/PublicSupportPY509Pct00.99520
IRS990ScheduleA/PublicSupportTotal509Amt08220442
IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/TotalAmt00
IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind0X
IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt01676342
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt01633610
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt01679921
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt01652802
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt01577767
IRS990ScheduleA/Total509Grp/TotalAmt08220442
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt01692190
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt01633777
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt01701694
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt01658709
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt01578834
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt08265204
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt02014182
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt035000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt035000
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt024832
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Tenant deposits
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt024832
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Tenant security deposits
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt04447131
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0FIN 48 note from Audited Financial Statements Evergreen Towers I, NFP is an Illinois not-for-profit corporation and is exempt from Federal income taxes under Section 501(c)(3) of the Internal Revenue Code. The tax exempt purpose of the Organization and the nature in which it operates is described above. The Organization continues to operate in compliance with its tax exempt purpose. The Organization's annual information and income tax returns filed with the federal and state governments are subject to examination by the Internal Revenue Service for three years after filing. Thus, returns for 2010, 2011 and 2012 remain open.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X, Line 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt035000
IRS990ScheduleD/TotalBookValueOtherAssetsAmt024832
IRS990ScheduleD/TotalExpensesPerForm990Amt02014182
IRS990ScheduleD/TotalLiabilityAmt024832
IRS990ScheduleD/TotalRevenuePerForm990Amt04447131
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt04447131
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02014182
IRS990/ScheduleJRequiredInd00
IRS990ScheduleN/DirectorOfSuccessor2Ind00
IRS990ScheduleN/DispositionOfAssetsDetail/AssetsDistriOrExpnssPaidDesc0Land, buildings and improvements, furnituire and fixtures.
IRS990ScheduleN/DispositionOfAssetsDetail/BusinessName/BusinessNameLine10Evergreen Towers I LP
IRS990ScheduleN/DispositionOfAssetsDetail/DistributionDt02013-12-19
IRS990ScheduleN/DispositionOfAssetsDetail/EIN0800792131
IRS990ScheduleN/DispositionOfAssetsDetail/FairMarketValueOfAssetAmt014500000
IRS990ScheduleN/DispositionOfAssetsDetail/IRCSectionTxt0Limited Partnership
IRS990ScheduleN/DispositionOfAssetsDetail/MethodOfFMVDeterminationTxt0Appraisal and third party negotiation
IRS990ScheduleN/DispositionOfAssetsDetail/USAddress/AddressLine10900 West Jackson
IRS990ScheduleN/DispositionOfAssetsDetail/USAddress/City0Chicago
IRS990ScheduleN/DispositionOfAssetsDetail/USAddress/State0IL
IRS990ScheduleN/DispositionOfAssetsDetail/USAddress/ZIPCode060607
IRS990ScheduleN/EmployeeOfSuccessor2Ind01
IRS990ScheduleN/OwnerOfSuccessor2Ind00
IRS990ScheduleN/ReceiveCompensation2Ind00
IRS990ScheduleN/SupplementalInformationDetail/ExplanationTxt0Person(s) Involved: Rosie Vaughn, Property Manager, became an employee of Evergreen Towers I, LP.
IRS990ScheduleN/SupplementalInformationDetail/FormAndLineReferenceDesc0Part II, Line 2e:
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0On December 19, 2013, Evergreen Towers I, LP purchased most of the assets of Evergreen Towers I, NFP. Evergreen Towers I, LP will carry on the operations of Evergreen Towers I, NFP. The retained assets will be used in accordance with the charitable mission of the NFP. At closing, a portion of the sales proceeds were used to pay the former mortgage, interest, prepayment penalties, attorney fees, and administrative fees.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Urban Property Advisors (UPA) provides management and bookkeeping services for the Organization. UPA was paid $73,400 for services provided during 2013.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The property manager and Executive Director reviewed the 990. It was presented it to the board for review prior to filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3At the start of every board meeting, the Chairman inquires as to any new reportable conflicts of interest. Board members are encouraged to report conflicts as they arise between meetings.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4The organization obtains compensation from other local agencies in the state and uses competitive research studies to determine salaries of all staff. The data is evaluated and a recommendation is presented to the board for approval.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Governing documents, conflict of interest policy and financial statements are available upon request.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part III, line 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section A, line 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section B, line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section B, line 15b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Section C, line 19
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine10Near North Development Corporation
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0362655083
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0IL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0Provide affordable housing and other community programs
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0509(A)(2)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine101251 N Clybourn Avenue
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/City0Chicago
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/State0IL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCode060610
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd01
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0IL
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TemporarilyRstrNetAssetsGrp/BOYAmt0676906
IRS990/TemporarilyRstrNetAssetsGrp/EOYAmt00

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