Civic Intelligence

Rasa II Economic Development Corporation

990 • Fiscal year 2018 • EIN 31-1806577

Jul 01, 2017 to Jun 30, 2018 • Filed on May 13, 2019

Organization ProfileN/A
3625 Marion DriveColorado Springs, CO 80909

(303) 442-6380

Siviq Scores

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

Liabilities / Assets

91st percentile

0.92x

Higher debt load relative to assets than 91% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Liabilities / Revenue

93rd percentile

3.04x

Higher debt load relative to revenue than 93% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Net Margin

57th percentile

5.5%

Higher net margin than 57% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Top Officer Pay

35th percentile

$0

Higher top officer pay than 35% of similar nonprofits.

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

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Asset Growth

49th percentile

0.7%

Faster asset growth than 49% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Revenue Growth

40th percentile

0.1%

Faster revenue growth than 40% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets91st percentile

Assets

Up

$2,055,005

Up $15,032 (+0.7%) from 2017

Net Assets

Up

$159,680

Up $34,245 (+27%) from 2017

Liabilities

Down

$1,895,325

Down $19,213 (-1.0%) from 2017

Revenue And Expenses
Liabilities / Revenue93rd percentileNet Margin57th percentile

Revenue

Up

$624,204

Up $916 (+0.1%) from 2017

Expenses

Down

$589,959

Down $45,498 (-7.2%) from 2017

Net Income

Up

$34,245

Up $46,414 (+381%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth49th percentile

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

$3.0M$2.0M$1.0M$0Assets 2015: $2,099,082Liabilities 2015: $1,952,887Net Assets 2015: $146,1952015Assets 2016: $2,079,310Liabilities 2016: $1,941,706Net Assets 2016: $137,6042016Assets 2017: $2,039,973Liabilities 2017: $1,914,538Net Assets 2017: $125,4352017Assets 2018: $2,055,005Liabilities 2018: $1,895,325Net Assets 2018: $159,6802018Assets 2020: $1,981,545Liabilities 2020: $1,817,331Net Assets 2020: $164,2142020Assets 2021: $2,135,980Liabilities 2021: $1,805,556Net Assets 2021: $330,4242021Assets 2022: $2,250,807Liabilities 2022: $1,772,333Net Assets 2022: $478,4742022Assets 2023: $2,407,352Liabilities 2023: $1,736,590Net Assets 2023: $670,7622023Assets 2024: $2,349,075Liabilities 2024: $1,640,315Net Assets 2024: $708,7602024Assets 2025: $2,526,579Liabilities 2025: $1,604,633Net Assets 2025: $921,9462025

Highlighted filing

2018

Assets$2,055,005
Liabilities$1,895,325
Net Assets$159,680
Open 2018 Filing

Operations Trend

Revenue Growth40th percentile

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

$1.5M$1.0M$500K$0-$500KRevenue 2015: $528,354Expenses 2015: $586,304Net Income 2015: -$57,9502015Revenue 2016: $598,680Expenses 2016: $607,271Net Income 2016: -$8,5912016Revenue 2017: $623,288Expenses 2017: $635,457Net Income 2017: -$12,1692017Revenue 2018: $624,204Expenses 2018: $589,959Net Income 2018: $34,2452018Revenue 2020: $647,479Expenses 2020: $609,003Net Income 2020: $38,4762020Revenue 2021: $825,102Expenses 2021: $658,892Net Income 2021: $166,2102021Revenue 2022: $876,632Expenses 2022: $728,582Net Income 2022: $148,0502022Revenue 2023: $935,961Expenses 2023: $743,673Net Income 2023: $192,2882023Revenue 2024: $897,115Expenses 2024: $894,491Net Income 2024: $2,6242024Revenue 2025: $1,027,513Expenses 2025: $814,327Net Income 2025: $213,1862025

Highlighted filing

2018

Revenue$624,204
Expenses$589,959
Net Income$34,245
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
May 13, 2019
Return Version
2017v2.3
Gross Receipts
$624,204
Mission and Program Overview

Mission

Provides affordable housing for individuals families, and handicapped individuals

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,665,019$1,597,538▼ $67,481
Rtn Earn Endowment Incm Other Fnds$125,435$159,680▲ $34,245
Cash and Non-Interest-Bearing Accounts$69,199$133,376▲ $64,177
Accounts Receivable$15,320$8,868▼ $6,452
Prepaid Expenses and Deferred Charges$6,012$6,437▲ $425
Total Assets$2,039,973$2,055,005▲ $15,032
Other Assets Total$284,423$308,786▲ $24,363
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,855,550$1,823,284▼ $32,266
Other Liabilities$40,204$36,782▼ $3,422
Accounts Payable and Accrued Expenses$18,784$35,259▲ $16,475
Total Liabilities$1,914,538$1,895,325▼ $19,213
Net Assets / Fund Balance
Total Net Assets Fund Balance$125,435$159,680▲ $34,245
Total Liabilities and Net Assets / Fund Balance$2,039,973$2,055,005▲ $15,032

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,438,218$586,226$2,024,444
Land$159,320-$159,320
Other Assets Org$4,667--
Compensation and Service Providers
Top Officer Pay35th percentile

Board Members and Trustees

NameTitle
Fred TurnerPresident
Essie RandelDirector
James RandelDirector
Kathryn YoungSecretary/tr
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$622,458
Investment Income
$254
Other Revenue
$1,492
Change in Net Assets
$34,245

Audited Revenue Reconciliation

Revenue per Audited Statements
$624,204
Total Revenue per Audited Statements
$624,204
Total Revenue per Form 990
$624,204
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$491,326
Salaries, Compensation, and Employee Benefits$98,633
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$83,105--$83,105
Depreciation Depletion$69,587--$69,587
Interest$49,566--$49,566
All Other Expenses$38,525--$38,525
Fees for Services Management$30,684--$30,684
Other Expenses$25,930--$25,930
Office Expenses$24,707--$24,707
Insurance$13,684--$13,684
Fees for Services Accounting$8,859--$8,859
Payroll Taxes$8,149--$8,149
Other Employee Benefits$7,379--$7,379
Fees for Services Legal$3,608--$3,608
Advertising$574--$574
Total Functional Expenses$589,959$0$0$589,959

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$589,959
Total Expenses per Audited Statements$589,959
Total Expenses per Form 990$589,959
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 Sec Deposits Held in Trust$13,438
Prepaid Rent$12,185
Accrued Property Taxes$6,601
Accrued Interest Payable$4,558
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
No
Management duties delegated
Yes

Governance Explanations

Form 990, Page 6, Part VI, Line 3

“The organization delegated the management duties to a management company.”

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

“Form 990 is reviewed by a board member prior to filing.”

Form 990, Page 6, Part VI, Line 12C

“The board of directors monitor and enforce compliance with it conflict of interest policy by use of its property management company's approval of contracts”

Form 990, Page 6, Part VI, Line 18

“Documents are available upon request”

Form 990, Page 6, Part VI, Line 19

“Documents are available upon request”

Filing and Contact Details

Filer

Filer Name
Rasa Ii Economic Development
EIN
31-1806577
Phone
3034426380
Address
3625 MARION DRIVE, COLORADO SPRINGS, CO 80909

Signing Officer

Name
Fred Turner
Title
President
Phone
3034426380
Signed
2019-05-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Fred Turner
Formed
2001
Legal Domicile
Co
Voting Board Members
4
Independent Board Members
4
Employees
0

Preparer

Firm
Zudyk & Scheirman Cpas Pc
Address
3872 S DALLAS ST UNIT 107, AURORA, CO 80014-7422
Preparer
Gregg R Scheirman
Phone
3034399469
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 3, Part X

“The entity records income taxes in compliance with asc 740-10-25, which provides criteria for the recognition, measurement, presentation and disclosure of uncertain tax position. The entity must recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The entity did not recognize any additional liabilities for uncertain tax positions as a result of the implementation of asc 740-10-25.”

Raw XML Appendix379 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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IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt152981
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt213594
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt38647
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt44667
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0REPLACEMENT RESERVES
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1LOAN COST NET OF AMORTIZATION
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2CASH TENANT SECURITY DEPOSITS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc3ORGANIZATIONAL COST
IRS990ScheduleD/OtherAssetsOrgGrp/Desc4ESCROW DEPOSITS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt013438
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt112185
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt26601
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt34558
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0TENANT SEC DEPOSITS HELD IN TRUST
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1PREPAID RENT
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2ACCRUED PROPERTY TAXES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3ACCRUED INTEREST PAYABLE
IRS990ScheduleD/RevenueSubtotalAmt0624204
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ENTITY RECORDS INCOME TAXES IN COMPLIANCE WITH ASC 740-10-25, WHICH PROVIDES CRITERIA FOR THE RECOGNITION, MEASUREMENT, PRESENTATION AND DISCLOSURE OF UNCERTAIN TAX POSITION. THE ENTITY MUST RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY THE TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. THE TAX BENEFITS RECOGNIZED IN THE FINANCIAL STATEMENTS FROM SUCH A POSITION ARE MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE RESOLUTION. THE ENTITY DID NOT RECOGNIZE ANY ADDITIONAL LIABILITIES FOR UNCERTAIN TAX POSITIONS AS A RESULT OF THE IMPLEMENTATION OF ASC 740-10-25.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
IRS990ScheduleD/TotalBookValueLandBuildingsAmt01597538
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0308786
IRS990ScheduleD/TotalExpensesPerForm990Amt0589959
IRS990ScheduleD/TotalLiabilityAmt036782
IRS990ScheduleD/TotalRevenuePerForm990Amt0624204
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0624204
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0589959
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION DELEGATED THE MANAGEMENT DUTIES TO A MANAGEMENT COMPANY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1FORM 990 IS REVIEWED BY A BOARD MEMBER PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE BOARD OF DIRECTORS MONITOR AND ENFORCE COMPLIANCE WITH IT CONFLICT OF INTEREST POLICY BY USE OF ITS PROPERTY MANAGEMENT COMPANY'S APPROVAL OF CONTRACTS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3DOCUMENTS ARE AVAILABLE UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4DOCUMENTS ARE AVAILABLE UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 18
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt02039973
IRS990/TotalAssetsEOYAmt02055005
IRS990/TotalAssetsGrp/BOYAmt02039973
IRS990/TotalAssetsGrp/EOYAmt02055005
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0589959
IRS990/TotalFunctionalExpensesGrp/TotalAmt0589959
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt01914538
IRS990/TotalLiabilitiesEOYAmt01895325
IRS990/TotalLiabilitiesGrp/BOYAmt01914538
IRS990/TotalLiabilitiesGrp/EOYAmt01895325
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0125435
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0159680
IRS990/TotalProgramServiceExpensesAmt0589959
IRS990/TotalProgramServiceRevenueAmt0622458
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0624204
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0624204
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt02039973
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt02055005
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt03625 MARION DRIVE
IRS990/USAddress/CityNm0COLORADO SPRINGS
IRS990/USAddress/StateAbbreviationCd0CO
IRS990/USAddress/ZIPCd080909
IRS990/VotingMembersGoverningBodyCnt04
IRS990/VotingMembersIndependentCnt04
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02019-02-21 02:37:17Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0FRED TURNER
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum03034426380
ReturnHeader/BusinessOfficerGrp/SignatureDt02019-05-13
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0RASA II ECONOMIC DEVELOPMENT
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0CORPORATION
ReturnHeader/Filer/BusinessNameControlTxt0RASA
ReturnHeader/Filer/EIN0311806577
ReturnHeader/Filer/PhoneNum03034426380
ReturnHeader/Filer/USAddress/AddressLine1Txt03625 MARION DRIVE
ReturnHeader/Filer/USAddress/CityNm0COLORADO SPRINGS
ReturnHeader/Filer/USAddress/StateAbbreviationCd0CO
ReturnHeader/Filer/USAddress/ZIPCd080909
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId06FB60C33BC60C717C6D4EAB12F2ADE343EDFE328
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0175DBA3DD72670FD712494DF82EB79DC314ED47C
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt0173.8.253.86
ReturnHeader/FilingSecurityInformation/IPDt02019-05-13
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CD
ReturnHeader/FilingSecurityInformation/IPTm015:28:23
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0205969428
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0ZUDYK & SCHEIRMAN CPAS PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt03872 S DALLAS ST UNIT 107
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0AURORA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0CO
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0800147422
ReturnHeader/PreparerPersonGrp/PhoneNum03034399469
ReturnHeader/PreparerPersonGrp/PreparationDt02019-05-13
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0GREGG R SCHEIRMAN
ReturnHeader/ReturnTs02019-05-13T15:28:23-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02017-07-01
ReturnHeader/TaxPeriodEndDt02018-06-30
ReturnHeader/TaxYr02017

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,055,005
Liabilities
$1,895,325
Net assets
$159,680
Revenue
$624,204
Expenses
$589,959
Net income
$34,245
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.53$1.60$0.92$1.03$0.81$0.21
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.35$1.64$0.71$0.90$0.89$0.00
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.41$1.74$0.67$0.94$0.74$0.19
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.25$1.77$0.48$0.88$0.73$0.15
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.14$1.81$0.33$0.83$0.66$0.17
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.98$1.82$0.16$0.65$0.61$0.04
2018Detailed filing. Detailed filing data is available for this year.$2.06$1.90$0.16$0.62$0.59$0.03
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.04$1.91$0.13$0.62$0.64$0.01
2016Detailed filing. Detailed filing data is available for this year.$2.08$1.94$0.14$0.60$0.61$0.01
2015Detailed filing. Detailed filing data is available for this year.$2.10$1.95$0.15$0.53$0.59$0.06