Civic Intelligence

Rasa II Economic Development Corporation

990 • Fiscal year 2022 • EIN 31-1806577

Jul 01, 2021 to Jun 30, 2022 • Filed on May 12, 2023

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

0.79x

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

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

Liabilities / Revenue

92nd percentile

2.02x

Higher debt load relative to revenue than 92% of similar nonprofits.

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

Net Margin

66th percentile

17%

Higher net margin than 66% 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

59th percentile

5.4%

Faster asset growth than 59% of similar nonprofits.

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

Revenue Growth

51st percentile

6.2%

Faster revenue growth than 51% of similar nonprofits.

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

Balance Sheet
Liabilities / Assets91st percentile

Assets

Up

$2,250,807

Up $114,827 (+5.4%) from 2021

Net Assets

Up

$478,474

Up $148,050 (+45%) from 2021

Liabilities

Down

$1,772,333

Down $33,223 (-1.8%) from 2021

Revenue And Expenses
Liabilities / Revenue92nd percentileNet Margin66th percentile

Revenue

Up

$876,632

Up $51,530 (+6.2%) from 2021

Expenses

Up

$728,582

Up $69,690 (+11%) from 2021

Net Income

Down

$148,050

Down $18,160 (-11%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth59th 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

2022

Assets$2,250,807
Liabilities$1,772,333
Net Assets$478,474
Open 2022 Filing

Operations Trend

Revenue Growth51st 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

2022

Revenue$876,632
Expenses$728,582
Net Income$148,050
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
May 12, 2023
Return Version
2021v4.0
Gross Receipts
$876,632
Mission and Program Overview

Mission

Provides affordable housing for individuals families, and handicapped individuals

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,580,834$1,503,947▼ $76,887
Rtn Earn Endowment Incm Other Fnds$330,424$478,474▲ $148,050
Savings and Temporary Cash Investments-$245,068-
Cash and Non-Interest-Bearing Accounts$298,463$213,700▼ $84,763
Intangible Assets$55,309$53,203▼ $2,106
Accounts Receivable$19,415$24,203▲ $4,788
Prepaid Expenses and Deferred Charges$6,755$4,106▼ $2,649
Total Assets$2,135,980$2,250,807▲ $114,827
Other Assets Total$175,204$206,580▲ $31,376
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,720,467$1,684,089▼ $36,378
Other Liabilities$44,885$57,175▲ $12,290
Accounts Payable and Accrued Expenses$40,204$31,069▼ $9,135
Total Liabilities$1,805,556$1,772,333▼ $33,223
Net Assets / Fund Balance
Total Net Assets Fund Balance$330,424$478,474▲ $148,050
Total Liabilities and Net Assets / Fund Balance$2,135,980$2,250,807▲ $114,827

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,344,627$867,909$2,212,536
Land$159,320-$159,320
Other Assets Org$15,954--
Compensation and Service Providers
Top Officer Pay39th percentile

Board Members and Trustees

NameTitle
Leslie R WhitePresident
Regina AllenDirector
Cheryl V FranklinSecretary
Walter PorterTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$876,383
Investment Income
$249
Other Revenue
$0
Change in Net Assets
$148,050

Audited Revenue Reconciliation

Revenue per Audited Statements
$876,632
Total Revenue per Audited Statements
$876,632
Total Revenue per Form 990
$876,632
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$630,023
Salaries, Compensation, and Employee Benefits$98,559
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$77,922$12,389-$90,311
Depreciation Depletion$78,993--$78,993
All Other Expenses$68,158--$68,158
Interest$51,026--$51,026
Insurance$47,046$2,125-$49,171
Other Expenses$44,362--$44,362
Fees for Services Management-$41,653-$41,653
Office Expenses$22,145$6,170-$28,315
Fees for Services Accounting-$9,400-$9,400
Payroll Taxes$7,118$1,130-$8,248
Fees for Services Other$1,722--$1,722
Total Functional Expenses$655,715$72,867$0$728,582

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$728,582
Total Expenses per Audited Statements$728,582
Total Expenses per Form 990$728,582
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
Prepaid Rent$28,301
Tenant Sec Deposits Held in Trust$15,406
Accrued Property Taxes$9,258
Accrued Interest Payable$4,210
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
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 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
Leslie R White
Title
President
Phone
3034426380
Signed
2023-05-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Leslie R White
Formed
2001
Legal Domicile
Co
Voting Board Members
4
Independent Board Members
4
Employees
0
Volunteers
4

Preparer

Firm
Zudyk & Scheirman Cpas Pc
Address
3872 S DALLAS ST UNIT 107, AURORA, CO 80014-7422
Preparer
Gregg R Scheirman
Phone
3034399469
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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/TotalLiabilityAmt057175
IRS990ScheduleD/TotalRevenuePerForm990Amt0876632
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0876632
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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/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 19
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IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
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IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0655715
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IRS990/TotalProgramServiceExpensesAmt0655715
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IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0876632
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IRS990/USAddress/ZIPCd080909
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ReturnHeader/BuildTS02023-04-26 12:10:37Z
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ReturnHeader/BusinessOfficerGrp/PersonNm0LESLIE R WHITE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum03034426380
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-05-12
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0RASA II ECONOMIC DEVELOPMENT
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ReturnHeader/Filer/BusinessNameControlTxt0RASA
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ReturnHeader/Filer/PhoneNum03034426380
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ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0ZUDYK & SCHEIRMAN CPAS PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt03872 S DALLAS ST UNIT 107
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0AURORA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0CO
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ReturnHeader/PreparerPersonGrp/PhoneNum03034399469
ReturnHeader/PreparerPersonGrp/PreparationDt02023-05-15
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0GREGG R SCHEIRMAN
ReturnHeader/ReturnTs02023-05-15T18:47:09-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0LESLIE
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ReturnHeader/TaxPeriodBeginDt02021-07-01
ReturnHeader/TaxPeriodEndDt02022-06-30
ReturnHeader/TaxYr02021

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$2,250,807
Liabilities
$1,772,333
Net assets
$478,474
Revenue
$876,632
Expenses
$728,582
Net income
$148,050
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
2022Detailed filing. Detailed filing data is available for this year.$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
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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