Civic Intelligence

Chestnut Senior Housing

990 • Fiscal year 2022 • EIN 26-1885836

Jan 01, 2022 to Dec 31, 2022 • Filed on Jan 20, 2023

Organization ProfileN/A
2211 E Martin Luther King Jr BlvdAustin, TX 78702

(830) 372-2660

Siviq Scores

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

Liabilities / Assets

82nd percentile

0.44x

Higher debt load relative to assets than 82% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

95th percentile

3.67x

Higher debt load relative to revenue than 95% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Net Margin

9th percentile

-36%

Higher net margin than 9% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

39th percentile

$0

Higher top officer pay than 39% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Asset Growth

30th percentile

-4.9%

Faster asset growth than 30% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

65th percentile

18%

Faster revenue growth than 65% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets82nd percentile

Assets

Down

$2,312,005

Down $118,798 (-4.9%) from 2021

Net Assets

Down

$1,301,405

Down $97,806 (-7.0%) from 2021

Liabilities

Down

$1,010,600

Down $20,992 (-2.0%) from 2021

Revenue And Expenses
Liabilities / Revenue95th percentileNet Margin9th percentile

Revenue

Up

$275,361

Up $42,710 (+18%) from 2021

Expenses

Up

$373,167

Up $67,444 (+22%) from 2021

Net Income

Down

-$97,806

Down $24,734 (-34%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth30th percentile

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

$3.0M$2.0M$1.0M$0Assets 2018: $2,625,809Liabilities 2018: $1,009,172Net Assets 2018: $1,616,6372018Assets 2019: $2,560,330Liabilities 2019: $1,008,059Net Assets 2019: $1,552,2712019Assets 2021: $2,430,803Liabilities 2021: $1,031,592Net Assets 2021: $1,399,2112021Assets 2022: $2,312,005Liabilities 2022: $1,010,600Net Assets 2022: $1,301,4052022Assets 2024: $2,391,201Liabilities 2024: $1,040,863Net Assets 2024: $1,350,3382024

Highlighted filing

2022

Assets$2,312,005
Liabilities$1,010,600
Net Assets$1,301,405
Open 2022 Filing

Operations Trend

Revenue Growth65th percentile

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

$400K$200K$0-$200KRevenue 2018: $203,613Expenses 2018: $268,939Net Income 2018: -$65,3262018Revenue 2019: $208,592Expenses 2019: $272,958Net Income 2019: -$64,3662019Revenue 2021: $232,651Expenses 2021: $305,723Net Income 2021: -$73,0722021Revenue 2022: $275,361Expenses 2022: $373,167Net Income 2022: -$97,8062022Revenue 2024: $312,628Expenses 2024: $389,795Net Income 2024: -$77,1672024

Highlighted filing

2022

Revenue$275,361
Expenses$373,167
Net Income-$97,806
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Jan 20, 2023
Return Version
2022v5.0
Gross Receipts
$275,361
Mission and Program Overview

Mission

Provides housing to elderly persons under section 202 of the national housing act under an agreement with the department of hud.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,321,712$2,246,368▼ $75,344
Prepaid Expenses and Deferred Charges$5,227--
Cash and Non-Interest-Bearing Accounts$8,735$3,346▼ $5,389
Accounts Receivable-$898-
Total Assets$2,430,803$2,312,005▼ $118,798
Other Assets Total$95,129$61,393▼ $33,736
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,000,000$1,000,000→ $0
Other Liabilities$3,710$4,741▲ $1,031
Accounts Payable and Accrued Expenses$27,882$4,736▼ $23,146
Deferred Revenue-$1,123-
Total Liabilities$1,031,592$1,010,600▼ $20,992
Net Assets / Fund Balance
Net Assets With Donor Restrictions$2,191,405$2,191,405→ $0
Net Assets Without Donor Restrictions$-792,194$-890,000▼ $97,806
Total Net Assets Fund Balance$1,399,211$1,301,405▼ $97,806
Total Liabilities and Net Assets / Fund Balance$2,430,803$2,312,005▼ $118,798

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,219,824$1,007,694$3,227,518
Other Land Buildings$12,548$19,116$31,664
Equipment$13,996$11,073$25,069
Compensation and Service Providers
Top Officer Pay39th percentile

Board Members and Trustees

NameTitle
Sean GarretsonPresident
David CarrollDirector
Edna RhamboDirector
John Williams-meyerDirector
Michael WiltDirector
Pam ShoafDirector
Sam CoveyDirector
Tanya BirksDirector
Willis HuntDirector
James JohnsonVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$275,143
Investment Income
$218
Other Revenue
$0
Change in Net Assets
$-97,806

Audited Revenue Reconciliation

Revenue per Audited Statements
$275,361
Total Revenue per Audited Statements
$275,361
Total Revenue per Form 990
$275,361
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$315,488
Salaries, Compensation, and Employee Benefits$57,679
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$88,844--$88,844
Occupancy$56,441--$56,441
Other Salaries and Wages$49,339--$49,339
Fees for Services Management-$14,753-$14,753
Office Expenses$10,984--$10,984
Fees for Services Accounting-$10,117-$10,117
Payroll Taxes$4,347--$4,347
Other Employee Benefits$3,993--$3,993
Insurance$1,678--$1,678
Conferences and Meetings-$854-$854
Fees for Services Legal-$425-$425
Advertising$57--$57
Other Expenses$20--$20
Total Functional Expenses$347,018$26,149$0$373,167

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$373,167
Total Expenses per Audited Statements$373,167
Total Expenses per Form 990$373,167
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$4,741
Governance and Compliance

Governance Checklist

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

Governance Explanations

Form 990, Page 6, Part VI, Line 3

“Delegated control over management duties to a management company.”

Form 990, Page 6, Part VI, Line 8A

“N/A”

Form 990, Page 6, Part VI, Line 8B

“N/A”

Form 990, Page 6, Part VI, Line 11B

“MANAGEMENT REVIEW.”

Form 990, Page 6, Part VI, Line 19

“Available at the address below: 2211 e. Martin luther king jr. Blvd. Austin, tx 78702”

Filing and Contact Details

Filer

Filer Name
Chestnut Senior Housing
EIN
26-1885836
Phone
8303722660
Address
2211 E MARTIN LUTHER KING JR BLVD, AUSTIN, TX 78702

Signing Officer

Name
Brad Prak
Title
Management Agent
Phone
2109465700
Signed
2023-01-20
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Sean Garretson
Formed
2008
Legal Domicile
TX
Voting Board Members
10
Independent Board Members
10
Employees
0

Preparer

Firm
Maddox & Associates Apc
Address
5627 BANKERS AVE BLDG 2, BATON ROUGE, LA 70808-2610
Preparer
William B Beale
Phone
2259263360
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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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IRS990ScheduleD/EquipmentGrp/DepreciationAmt011073
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt04741
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0TENANT SECURITY DEPOSITS
IRS990ScheduleD/RevenueSubtotalAmt0275361
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IRS990ScheduleD/TotalLiabilityAmt04741
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IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0275361
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0373167
IRS990/ScheduleJRequiredInd0false
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0DELEGATED CONTROL OVER MANAGEMENT DUTIES TO A MANAGEMENT COMPANY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1N/A
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2N/A
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3MANAGEMENT REVIEW.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4AVAILABLE AT THE ADDRESS BELOW: 2211 E. MARTIN LUTHER KING JR. BLVD. AUSTIN, TX 78702
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 8A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 19
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ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0BRAD PRAK
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0MANAGEMENT AGENT
ReturnHeader/BusinessOfficerGrp/PhoneNum02109465700
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-01-20
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0CHESTNUT SENIOR HOUSING
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0D/B/A FRANKLIN GARDENS
ReturnHeader/Filer/BusinessNameControlTxt0CHES
ReturnHeader/Filer/EIN0261885836
ReturnHeader/Filer/PhoneNum08303722660
ReturnHeader/Filer/USAddress/AddressLine1Txt02211 E MARTIN LUTHER KING JR BLVD
ReturnHeader/Filer/USAddress/CityNm0AUSTIN
ReturnHeader/Filer/USAddress/StateAbbreviationCd0TX
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ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0721314069
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0MADDOX & ASSOCIATES APC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt05627 BANKERS AVE BLDG 2
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0BATON ROUGE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0LA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0708082610
ReturnHeader/PreparerPersonGrp/PhoneNum02259263360
ReturnHeader/PreparerPersonGrp/PreparationDt02023-04-24
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0WILLIAM B BEALE
ReturnHeader/ReturnTs02023-04-24T08:56:03-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0BRAD
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0PRAK
ReturnHeader/TaxPeriodBeginDt02022-01-01
ReturnHeader/TaxPeriodEndDt02022-12-31
ReturnHeader/TaxYr02022

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,312,005
Liabilities
$1,010,600
Net assets
$1,301,405
Revenue
$275,361
Expenses
$373,167
Net income
-$97,806
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.39$1.04$1.35$0.31$0.39$0.08
2022Detailed filing. Detailed filing data is available for this year.$2.31$1.01$1.30$0.28$0.37$0.10
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.43$1.03$1.40$0.23$0.31$0.07
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.56$1.01$1.55$0.21$0.27$0.06
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.63$1.01$1.62$0.20$0.27$0.07