Civic Intelligence

Rasa II Economic Development Corporation

990 • Fiscal year 2023 • EIN 31-1806577

Jul 01, 2022 to Jun 30, 2023 • Filed on May 15, 2024

Organization ProfileN/A
1001 S Institute StColorado Springs, CO 80909

(303) 442-6380

Siviq Scores

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

Liabilities / Assets

90th percentile

0.72x

Higher debt load relative to assets than 90% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

92nd percentile

1.86x

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

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

75th percentile

21%

Higher net margin than 75% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

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.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Asset Growth

56th percentile

7.0%

Faster asset growth than 56% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

50th percentile

6.8%

Faster revenue growth than 50% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets90th percentile

Assets

Up

$2,407,352

Up $156,545 (+7.0%) from 2022

Net Assets

Up

$670,762

Up $192,288 (+40%) from 2022

Liabilities

Down

$1,736,590

Down $35,743 (-2.0%) from 2022

Revenue And Expenses
Liabilities / Revenue92nd percentileNet Margin75th percentile

Revenue

Up

$935,961

Up $59,329 (+6.8%) from 2022

Expenses

Up

$743,673

Up $15,091 (+2.1%) from 2022

Net Income

Up

$192,288

Up $44,238 (+30%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth56th 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

2023

Assets$2,407,352
Liabilities$1,736,590
Net Assets$670,762
Open 2023 Filing

Operations Trend

Revenue Growth50th 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

2023

Revenue$935,961
Expenses$743,673
Net Income$192,288
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
May 15, 2024
Return Version
2022v5.0
Gross Receipts
$935,961
Mission and Program Overview

Mission

Provides affordable housing for individuals families, and handicapped individuals

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,503,947$1,492,343▼ $11,604
Rtn Earn Endowment Incm Other Fnds$478,474$670,762▲ $192,288
Cash and Non-Interest-Bearing Accounts$213,700$319,600▲ $105,900
Savings and Temporary Cash Investments$245,068$246,065▲ $997
Intangible Assets$53,203$51,097▼ $2,106
Accounts Receivable$24,203$41,143▲ $16,940
Prepaid Expenses and Deferred Charges$4,106$8,962▲ $4,856
Total Assets$2,250,807$2,407,352▲ $156,545
Other Assets Total$206,580$248,142▲ $41,562
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,684,089$1,646,604▼ $37,485
Other Liabilities$57,175$65,997▲ $8,822
Accounts Payable and Accrued Expenses$31,069$23,989▼ $7,080
Total Liabilities$1,772,333$1,736,590▼ $35,743
Net Assets / Fund Balance
Total Net Assets Fund Balance$478,474$670,762▲ $192,288
Total Liabilities and Net Assets / Fund Balance$2,250,807$2,407,352▲ $156,545

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,333,023$949,043$2,282,066
Land$159,320-$159,320
Other Assets Org$15,545--
Compensation and Service Providers
Top Officer Pay39th percentile

Board Members and Trustees

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

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$934,179
Investment Income
$1,782
Other Revenue
$0
Change in Net Assets
$192,288

Audited Revenue Reconciliation

Revenue per Audited Statements
$935,961
Total Revenue per Audited Statements
$935,961
Total Revenue per Form 990
$935,961
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$624,584
Salaries, Compensation, and Employee Benefits$119,089
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$82,975$12,745-$95,720
Depreciation Depletion$83,240--$83,240
All Other Expenses$58,325$1,477-$59,802
Interest$49,924--$49,924
Fees for Services Management-$45,464-$45,464
Other Expenses$42,284--$42,284
Insurance$39,553$165-$39,718
Office Expenses$11,645$3,896-$15,541
Other Employee Benefits$12,301$1,889-$14,190
Fees for Services Accounting-$9,400-$9,400
Payroll Taxes$7,957$1,222-$9,179
Information Technology$1,787$596-$2,383
Total Functional Expenses$666,819$76,854$0$743,673

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$743,673
Total Expenses per Audited Statements$743,673
Total Expenses per Form 990$743,673
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$20,924
Tenant Sec Deposits Held in Trust$16,823
Other Accrued Expenses$15,776
Accrued Property Taxes$8,350
Accrued Interest Payable$4,124
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
1001 S INSTITUTE ST, COLORADO SPRINGS, CO 80909

Signing Officer

Name
Leslie R White
Title
President
Phone
3238065232
Signed
2024-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Leslie R White
Formed
2001
Legal Domicile
Co
Voting Board Members
3
Independent Board Members
3
Employees
0
Volunteers
3

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/OtherLiabilitiesOrgGrp/Amt38350
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt44124
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0PREPAID RENT
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1TENANT SEC DEPOSITS HELD IN TRUST
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2OTHER ACCRUED EXPENSES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3ACCRUED PROPERTY TAXES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc4ACCRUED INTEREST PAYABLE
IRS990ScheduleD/RevenueSubtotalAmt0935961
IRS990ScheduleD/TotalBookValueLandBuildingsAmt01492343
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0248142
IRS990ScheduleD/TotalExpensesPerForm990Amt0743673
IRS990ScheduleD/TotalLiabilityAmt065997
IRS990ScheduleD/TotalRevenuePerForm990Amt0935961
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0935961
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0743673
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/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
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt02250807
IRS990/TotalAssetsEOYAmt02407352
IRS990/TotalAssetsGrp/BOYAmt02250807
IRS990/TotalAssetsGrp/EOYAmt02407352
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt076854
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0666819
IRS990/TotalFunctionalExpensesGrp/TotalAmt0743673
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt01772333
IRS990/TotalLiabilitiesEOYAmt01736590
IRS990/TotalLiabilitiesGrp/BOYAmt01772333
IRS990/TotalLiabilitiesGrp/EOYAmt01736590
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0478474
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0670762
IRS990/TotalProgramServiceExpensesAmt0666819
IRS990/TotalProgramServiceRevenueAmt0934179
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0935961
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0935961
IRS990/TotalVolunteersCnt03
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt02250807
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt02407352
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01001 S INSTITUTE ST
IRS990/USAddress/CityNm0COLORADO SPRINGS
IRS990/USAddress/StateAbbreviationCd0CO
IRS990/USAddress/ZIPCd080909
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt03
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0LESLIE R WHITE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum03238065232
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-05-15
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0RASA II ECONOMIC DEVELOPMENT
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0CORPORATION
ReturnHeader/Filer/BusinessNameControlTxt0RASA
ReturnHeader/Filer/EIN0311806577
ReturnHeader/Filer/PhoneNum03034426380
ReturnHeader/Filer/USAddress/AddressLine1Txt01001 S INSTITUTE ST
ReturnHeader/Filer/USAddress/CityNm0COLORADO SPRINGS
ReturnHeader/Filer/USAddress/StateAbbreviationCd0CO
ReturnHeader/Filer/USAddress/ZIPCd080909
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0false
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/PreparationDt02024-05-15
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0GREGG R SCHEIRMAN
ReturnHeader/ReturnTs02024-05-15T18:30:11-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0LESLIE
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0WHITE
ReturnHeader/TaxPeriodBeginDt02022-07-01
ReturnHeader/TaxPeriodEndDt02023-06-30
ReturnHeader/TaxYr02022

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,407,352
Liabilities
$1,736,590
Net assets
$670,762
Revenue
$935,961
Expenses
$743,673
Net income
$192,288
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
2023Detailed filing. Detailed filing data is available for this year.$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
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