Civic Intelligence

Lancer Educational Housing Corporation

990 • Fiscal year 2021 • EIN 26-0271058

Jul 01, 2020 to Jun 30, 2021 • Filed on May 13, 2022

Organization ProfileN/A
8432 Magnolia AveRiverside, CA 92504

(951) 343-4211

Siviq Scores

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

Liabilities / Assets

89th percentile

0.93x

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

2021 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2021

Liabilities / Revenue

96th percentile

11.23x

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

2021 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2021

Net Margin

7th percentile

-23%

Higher net margin than 7% of similar nonprofits.

2021 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2021

Top Officer Pay

78th percentile

$901,559

Higher top officer pay than 78% of similar nonprofits.

Top officer pay equals 5.4% of source-year revenue.

2021 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2021

Asset Growth

6th percentile

-6.2%

Faster asset growth than 6% of similar nonprofits.

2021 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2020 to 2021

Revenue Growth

10th percentile

-17%

Faster revenue growth than 10% of similar nonprofits.

2021 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets89th percentile

Assets

Down

$200,461,258

Down $13,203,014 (-6.2%) from 2020

Net Assets

Down

$13,394,196

Down $3,774,392 (-22%) from 2020

Liabilities

Down

$187,067,062

Down $9,428,622 (-4.8%) from 2020

Revenue And Expenses
Liabilities / Revenue96th percentileNet Margin7th percentile

Revenue

Down

$16,650,652

Down $3,299,831 (-17%) from 2020

Expenses

Up

$20,425,044

Up $3,332,433 (+19%) from 2020

Net Income

Down

-$3,774,392

Down $6,632,264 (-232%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth6th percentile

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

$300M$200M$100M$0-$100MAssets 2012: $74,979,477Liabilities 2012: $77,258,148Net Assets 2012: -$2,278,6712012Assets 2014: $112,336,109Liabilities 2014: $110,435,683Net Assets 2014: $1,900,4262014Assets 2015: $113,948,064Liabilities 2015: $109,273,626Net Assets 2015: $4,674,4382015Assets 2016: $117,970,863Liabilities 2016: $110,408,736Net Assets 2016: $7,562,1272016Assets 2018: $153,764,866Liabilities 2018: $143,384,196Net Assets 2018: $10,380,6702018Assets 2019: $208,387,398Liabilities 2019: $194,076,682Net Assets 2019: $14,310,7162019Assets 2020: $213,664,272Liabilities 2020: $196,495,684Net Assets 2020: $17,168,5882020Assets 2021: $200,461,258Liabilities 2021: $187,067,062Net Assets 2021: $13,394,1962021Assets 2022: $202,516,837Liabilities 2022: $186,573,573Net Assets 2022: $15,943,2642022Assets 2024: $203,897,029Liabilities 2024: $183,383,231Net Assets 2024: $20,513,7982024

Highlighted filing

2021

Assets$200,461,258
Liabilities$187,067,062
Net Assets$13,394,196
Open 2021 Filing

Operations Trend

Revenue Growth10th percentile

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

$30M$20M$10M$0-$10MExpenses 2012: $6,125,2492012Revenue 2014: $14,513,494Expenses 2014: $11,442,004Net Income 2014: $3,071,4902014Revenue 2015: $14,501,161Expenses 2015: $11,727,149Net Income 2015: $2,774,0122015Revenue 2016: $15,070,612Expenses 2016: $12,182,923Net Income 2016: $2,887,6892016Revenue 2018: $19,431,070Expenses 2018: $15,796,850Net Income 2018: $3,634,2202018Revenue 2019: $21,166,282Expenses 2019: $17,139,214Net Income 2019: $4,027,0682019Revenue 2020: $19,950,483Expenses 2020: $17,092,611Net Income 2020: $2,857,8722020Revenue 2021: $16,650,652Expenses 2021: $20,425,044Net Income 2021: -$3,774,3922021Revenue 2022: $25,714,110Expenses 2022: $23,165,042Net Income 2022: $2,549,0682022Revenue 2024: $27,933,482Expenses 2024: $27,314,943Net Income 2024: $618,5392024

Highlighted filing

2021

Revenue$16,650,652
Expenses$20,425,044
Net Income-$3,774,392
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
May 13, 2022
Return Version
2020v4.2
Gross Receipts
$16,650,652
Mission and Program Overview

Mission

The corporation facilitates the education and support of students, faculty, and staff of california baptist university (cbu) by purchasing and constructing housing stock and leasing it to students and to cbu.

The corporation facilitates the education and support of students, faculty, and staff of california baptist university (cbu) by purchasing housing stock and leasing it to students and to cbu.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$171,723,854$170,939,301▼ $784,553
Cash and Non-Interest-Bearing Accounts$25,932,027$16,025,130▼ $9,906,897
Savings and Temporary Cash Investments$12,724,153$12,724,153→ $0
Accounts Receivable$3,034,238$522,674▼ $2,511,564
Total Assets$213,664,272$200,461,258▼ $13,203,014
Other Assets Total$250,000$250,000→ $0
Liabilities
Tax Exempt Bond Liabilities$184,370,957$181,609,257▼ $2,761,700
Accounts Payable and Accrued Expenses$11,803,396$5,096,054▼ $6,707,342
Deferred Revenue$299,243$352,223▲ $52,980
Other Liabilities$22,088$9,528▼ $12,560
Total Liabilities$196,495,684$187,067,062▼ $9,428,622
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$17,168,588$13,394,196▼ $3,774,392
Total Net Assets Fund Balance$17,168,588$13,394,196▼ $3,774,392
Total Liabilities and Net Assets / Fund Balance$213,664,272$200,461,258▼ $13,203,014

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$164,912,337$29,667,525$194,579,862
Equipment$5,537,811$1,614,188$7,151,999
Other Land Buildings$489,153-$489,153
Compensation and Service Providers
Top Officer Pay78th percentile

Board Members and Trustees

NameTitle
Ronald L EllisPresident
David PeeryDirector
Dr Rick MillerDirector
Matthew AlbeeDirector
Mark HoweSecretary/treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$16,648,800
Investment Income
$1,852
Other Revenue
$0
Change in Net Assets
$-3,774,392

Audited Revenue Reconciliation

Revenue per Audited Statements
$16,650,652
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$16,650,652
Total Revenue per Form 990
$16,650,652
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$19,848,169
Salaries, Compensation, and Employee Benefits$576,875
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$9,082,266--$9,082,266
Depreciation Depletion$5,353,872--$5,353,872
Fees for Services Management$627,975$13,299-$641,274
Other Salaries and Wages$576,875--$576,875
Insurance-$295,846-$295,846
Other Expenses$1,177,641$63,873-$63,873
Total Functional Expenses$20,052,026$373,018$0$20,425,044

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$20,425,044
Total Expenses per Audited Statements$20,425,044
Total Expenses per Form 990$20,425,044
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 Deposit$9,528

Bond Issues

BondIssuerIssuedIssue PricePurpose
BCalifornia Statewide Communities Development Authority2016-11-17$114,589,938Refinance current debt and acquire student housing
CCalifornia Statewide Communities Development Authority2019-05-29$52,754,973Construction and capital improvements
ACalifornia Statewide Communities Development Authority2013-05-08$32,275,000CAPITAL IMPROVEMENTS

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
B$114,589,938-$10,140,000$2,379,606
C$52,754,973--$1,055,098
A$32,275,000$68,184,568$3,700,000$645,500

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
Yes
Corrective action procedures
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
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
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

“Lancer educational housing has contracted services with california baptist university.”

Form 990, Part VI, Section A, Line 8B

“No committees have the authority to act on behalf of the board.”

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

“The organization contracts with an outside agency to prepare the return. The form is reviewed and the information provided is verified by university personnel. A copy of the form is provided to the board of trustees on a secure website.”

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

“Annually, the officers and directors sign and agree to a conflict of interest statement. The statement requires the signor to affirm that they have reviewed the policy on conflicts of interest and disclosure of interests and are familiar with the contents, and agree to comply with same.”

Form 990, Part VI, Section C, Line 19

“The documents are readily available to the public upon request.”

Form 990, Part VI, Section B, Line 13

“The organizatin does not have a whistleblower policy because it has no employees.”

Filing and Contact Details

Filer

Filer Name
Lancer Educational Housing
EIN
26-0271058
Phone
9513434211
Address
8432 MAGNOLIA AVE, RIVERSIDE, CA 92504

Signing Officer

Name
Mark Howe
Title
Secrtary/treasurer
Phone
9513434211
Signed
2022-05-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mark Howe
Formed
2007
Legal Domicile
CA
Voting Board Members
5
Independent Board Members
3
Employees
0
Volunteers
0

Preparer

Firm
Cliftonlarsonallen Llp
Address
2210 EAST ROUTE 66, GLENDORA, CA 91740
Preparer
Derrick Debruyne
Phone
6268577300
Supplemental Narrative

Additional Explanations

Form 990 Part XII Line 2C

“This process has not changed from the prior year.”

Financial Statement Notes

PART X, LINE 2:

“The organization is exempt from federal income taxes under section 501(c) (3) of the internal revenue code and from state income taxes; accordingly, no provision for income taxes has been made in these financial statements. Management has determined that all income tax positions are more likely than not of being sustained upon potential audit or examination; therefore, no disclosures of uncertain income tax positions are required.”

Raw XML AppendixShowing 400 of 624 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/ScheduleBRequiredInd00
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IRS990ScheduleD/EquipmentGrp/BookValueAmt05537811
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0SECURITY DEPOSIT
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C) (3) OF THE INTERNAL REVENUE CODE AND FROM STATE INCOME TAXES; ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN MADE IN THESE FINANCIAL STATEMENTS. MANAGEMENT HAS DETERMINED THAT ALL INCOME TAX POSITIONS ARE MORE LIKELY THAN NOT OF BEING SUSTAINED UPON POTENTIAL AUDIT OR EXAMINATION; THEREFORE, NO DISCLOSURES OF UNCERTAIN INCOME TAX POSITIONS ARE REQUIRED.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleD/TotalExpensesPerForm990Amt020425044
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IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt020425044
IRS990ScheduleJ/AnyNonFixedPaymentsInd00
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IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd00
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IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd00
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990ScheduleJ/InitialContractExceptionInd00
IRS990/ScheduleJRequiredInd01
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt1398938
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt131980
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0RONALD L ELLIS
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1MARK HOWE
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1SECRETARY/TREASURER
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IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
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IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInd20
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IRS990ScheduleK/TaxExemptBondsArbitrageGrp/RebateNotDueYetInd21
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt22019-05-29
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuerEIN0680164610
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuerEIN1680164610
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuePriceAmt252754973

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$200,461,258
Liabilities
$187,067,062
Net assets
$13,394,196
Revenue
$16,650,652
Expenses
$20,425,044
Net income
-$3,774,392
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$204$183$20.5$27.9$27.3$0.62
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$203$187$15.9$25.7$23.2$2.55
2021Detailed filing. Detailed filing data is available for this year.$200$187$13.4$16.7$20.4$3.77
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$214$196$17.2$20.0$17.1$2.86
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$208$194$14.3$21.2$17.1$4.03
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$154$143$10.4$19.4$15.8$3.63
2016Detailed filing. Detailed filing data is available for this year.$118$110$7.56$15.1$12.2$2.89
2015Detailed filing. Detailed filing data is available for this year.$114$109$4.67$14.5$11.7$2.77
2014Detailed filing. Detailed filing data is available for this year.$112$110$1.90$14.5$11.4$3.07
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$75.0$77.3$2.28$6.13