Civic Intelligence

Villa Serena Inc

990 • Fiscal year 2015 • EIN 34-1012604

Feb 01, 2014 to Jan 31, 2015 • Filed on Dec 05, 2015

6800 Mayfield RoadMayfield Hts, OH 44124

(440) 449-3977

Siviq Scores

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

Liabilities / Assets

85th percentile

0.58x

Higher debt load relative to assets than 85% of similar nonprofits.

2015 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2015

Liabilities / Revenue

81st percentile

1.17x

Higher debt load relative to revenue than 81% of similar nonprofits.

2015 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2015

Net Margin

17th percentile

-10%

Higher net margin than 17% of similar nonprofits.

2015 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2015

Top Officer Pay

57th percentile

$0

Higher top officer pay than 57% of similar nonprofits.

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

2015 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2015

Asset Growth

24th percentile

-3.8%

Faster asset growth than 24% of similar nonprofits.

2015 filings • 501(c)4 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Revenue Growth

35th percentile

-2.0%

Faster revenue growth than 35% of similar nonprofits.

2015 filings • 501(c)4 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Assets

Down

$1,902,558

Down $76,108 (-3.8%) from 2014

Net Assets

Down

$806,008

Down $97,018 (-11%) from 2014

Liabilities

Up

$1,096,550

Up $20,910 (+1.9%) from 2014

Revenue

Down

$939,888

Down $19,616 (-2.0%) from 2014

Expenses

Up

$1,036,906

Up $67,627 (+7.0%) from 2014

Net Income

Down

-$97,018

Down $87,243 (-893%) from 2014

Historical Trend

Balance Sheet Trend

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

$3.0M$2.0M$1.0M$0-$1.0MAssets 2011: $913,468Liabilities 2011: $1,363,631Net Assets 2011: -$450,1632011Assets 2012: $2,074,381Liabilities 2012: $1,279,038Net Assets 2012: $795,3432012Assets 2013: $2,092,245Liabilities 2013: $1,179,444Net Assets 2013: $912,8012013Assets 2014: $1,978,666Liabilities 2014: $1,075,640Net Assets 2014: $903,0262014Assets 2015: $1,902,558Liabilities 2015: $1,096,550Net Assets 2015: $806,0082015Assets 2016: $0Liabilities 2016: $0Net Assets 2016: $02016

Highlighted filing

2015

Assets$1,902,558
Liabilities$1,096,550
Net Assets$806,008

Operations Trend

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

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2011: $971,3932011Expenses 2012: $943,4562012Expenses 2013: $854,1982013Revenue 2014: $959,504Expenses 2014: $969,279Net Income 2014: -$9,7752014Revenue 2015: $939,888Expenses 2015: $1,036,906Net Income 2015: -$97,0182015Revenue 2016: $4,350,385Expenses 2016: $511,102Net Income 2016: $3,839,2832016

Highlighted filing

2015

Revenue$939,888
Expenses$1,036,906
Net Income-$97,018
Jump To
Filing Snapshot
Filing Period
Feb 1, 2014 to Jan 31, 2015
Signed
Dec 5, 2015
Return Version
2014v5.0
Gross Receipts
$939,888
Mission and Program Overview

Mission

The purpose of villa serena is (a) to provide housing and related facilities and services for elderly families and persons on a non-profit basis; (b) to plan, construct, operate, maintain, rehabilitate, alter, convert and improve housing and related facilities and services for elderly families and persons.

To provide affordable housing and supportive services for low-income senior citizens.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,748,482$1,682,322▼ $66,160
Cash and Non-Interest-Bearing Accounts$126,941$133,911▲ $6,970
Prepaid Expenses and Deferred Charges$15,133$16,333▲ $1,200
Accounts Receivable$9,691$7,333▼ $2,358
Total Assets$1,978,666$1,902,558▼ $76,108
Other Assets Total$78,419$62,659▼ $15,760
Liabilities
Mortgage Notes Payable Secured by Investment Property$832,368$718,784▼ $113,584
Other Liabilities$222,275$217,134▼ $5,141
Accounts Payable and Accrued Expenses$19,957$149,050▲ $129,093
Deferred Revenue$1,040$11,582▲ $10,542
Total Liabilities$1,075,640$1,096,550▲ $20,910
Net Assets / Fund Balance
Unrestricted Net Assets$903,026$806,008▼ $97,018
Total Net Assets Fund Balance$903,026$806,008▼ $97,018
Total Liabilities and Net Assets / Fund Balance$1,978,666$1,902,558▼ $76,108

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$9,075$2,708,726$2,717,801
Leasehold Improvements$1,352,628$408,104$1,760,732
Other Land Buildings$40,268$241,668$281,936
Land$273,597-$273,597
Equipment$6,754$31,384$38,138
Compensation and Service Providers

Board Members and Trustees

NameTitle
Thomas PitronePresident
Joe FrankVice President
Basil RussoDirector
James AlesciDirector
WILLIAM D'AMICODirector
Andrea RedheadSecretary
Bob RiniTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$29,235
Program Service Revenue
$879,800
Investment Income
$343
Other Revenue
$30,510
Change in Net Assets
$-97,018

Audited Revenue Reconciliation

Revenue per Audited Statements
$939,888
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$939,888
Total Revenue per Form 990
$939,888
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$760,674
Salaries, Compensation, and Employee Benefits$276,232
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$210,421--$210,421
Depreciation Depletion$80,717--$80,717
Other Employee Benefits$41,780--$41,780
All Other Expenses$36,117--$36,117
Insurance$34,503--$34,503
Payroll Taxes$24,031--$24,031
Other Expenses$22,659--$22,659
Office Expenses$21,146--$21,146
Fees for Services Accounting$15,840--$15,840
Interest$11,590--$11,590
Travel$7,780--$7,780
Advertising$7,339--$7,339
Fees for Services Legal$3,025--$3,025
Total Functional Expenses$1,036,906$0$0$1,036,906

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,036,906
Total Expenses per Audited Statements$1,036,906
Total Expenses per Form 990$1,036,906
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
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accrued Mortgage Interest$78,253
Accrued Real Estate Taxes$69,164
Tenant Security Deposits$61,795
Accrued Insurance$4,551
Accrued Payroll Taxes$3,371
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
Yes
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
No

Governance Explanations

Form 990, Part VI, Section A, Line 4

Articles of incorporation with the state of ohio were amended on 7/28/14 to add the following: "in the event of dissolution, winding up or liquidation of the assets of this corporation, its assets shall be distributed to non-profit and charitable corporations or institutions exempt from federal income tax under sections 501(c)(3), 501(c)(4) or 501(c)(10) of the internal revenue code as may be designated by the board of trustees whose purposes include any of the following (i) purposes similar to those of this corporation, or (ii) the promotion of the italian american culture, language, education, tradition, heritage, social welfare and history for the benefit of the community including the fostering of fraternalism among italian-americans and italian-american organizations, the awarding of scholarships for qualified students, the sponsorship of travel programs, the development of cultural and educational activities and opportunities, the initiation of nonprofit and charitable endeavors, including providing housing, food, or financial support to organizations consistent with these objectives, and the ownership, lease and development of real property to house and promote any of the foregoing, or (iii) one or more other public or charitable purposes within the meaning of sections 501(c)(3), 501(c)(4) or 501(c)(10) of the internal revenue code, or corresponding section of any future federal tax code." "the corporation's seven (7) member board of trustees shall consist of four (4) members appointed from the saint francis foundation, an ohio non-profit corporation, and three (3) members appointed from the order italian sons and daughters of america, ohio district, inc., an ohio non-profit corporation. All matters before the board of trustees of the corporation for approval must be approved by at least five (5) or more of the members of the corporation's board of trustees."

Form 990, Part VI, Section B, Line 11

A "draft" copy of the 990 is reviewed directly by the president, vice-president and the administrator for accuracy, material misstatements and extraordinary items. Once approved, the return is processed and a copy of the return is sent to each voting board member (via email or hard copy) prior to the return being filed.

Form 990, Part VI, Section C, Line 18

All copies of the organization's governing documents and form 990 are made available to the public upon request

Form 990, Part VI, Section C, Line 19

All copies of the organization's governing documents and financial statements are made available to the public upon request

Filing and Contact Details

Filer

Filer Name
Villa Serena Inc
EIN
34-1012604
Phone
4404493977
Address
6800 MAYFIELD ROAD, MAYFIELD HTS, OH 44124

Signing Officer

Name
Thomas Pitrone
Title
President
Phone
4404493977
Signed
2015-12-05
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Thomas Pitrone
Formed
1963
Legal Domicile
Oh
Voting Board Members
7
Independent Board Members
7
Employees
9
Volunteers
12

Preparer

Firm
THE D'AMORE TATMAN GROUP LLC
Address
3659 GREEN ROAD SUITE 124, BEACHWOOD, OH 44122
Preparer
Kathryn Tatman CPA
Phone
2163781550
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ARTICLES OF INCORPORATION WITH THE STATE OF OHIO WERE AMENDED ON 7/28/14 TO ADD THE FOLLOWING: "IN THE EVENT OF DISSOLUTION, WINDING UP OR LIQUIDATION OF THE ASSETS OF THIS CORPORATION, ITS ASSETS SHALL BE DISTRIBUTED TO NON-PROFIT AND CHARITABLE CORPORATIONS OR INSTITUTIONS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTIONS 501(C)(3), 501(C)(4) OR 501(C)(10) OF THE INTERNAL REVENUE CODE AS MAY BE DESIGNATED BY THE BOARD OF TRUSTEES WHOSE PURPOSES INCLUDE ANY OF THE FOLLOWING (I) PURPOSES SIMILAR TO THOSE OF THIS CORPORATION, OR (II) THE PROMOTION OF THE ITALIAN AMERICAN CULTURE, LANGUAGE, EDUCATION, TRADITION, HERITAGE, SOCIAL WELFARE AND HISTORY FOR THE BENEFIT OF THE COMMUNITY INCLUDING THE FOSTERING OF FRATERNALISM AMONG ITALIAN-AMERICANS AND ITALIAN-AMERICAN ORGANIZATIONS, THE AWARDING OF SCHOLARSHIPS FOR QUALIFIED STUDENTS, THE SPONSORSHIP OF TRAVEL PROGRAMS, THE DEVELOPMENT OF CULTURAL AND EDUCATIONAL ACTIVITIES AND OPPORTUNITIES, THE INITIATION OF NONPROFIT AND CHARITABLE ENDEAVORS, INCLUDING PROVIDING HOUSING, FOOD, OR FINANCIAL SUPPORT TO ORGANIZATIONS CONSISTENT WITH THESE OBJECTIVES, AND THE OWNERSHIP, LEASE AND DEVELOPMENT OF REAL PROPERTY TO HOUSE AND PROMOTE ANY OF THE FOREGOING, OR (III) ONE OR MORE OTHER PUBLIC OR CHARITABLE PURPOSES WITHIN THE MEANING OF SECTIONS 501(C)(3), 501(C)(4) OR 501(C)(10) OF THE INTERNAL REVENUE CODE, OR CORRESPONDING SECTION OF ANY FUTURE FEDERAL TAX CODE." "THE CORPORATION'S SEVEN (7) MEMBER BOARD OF TRUSTEES SHALL CONSIST OF FOUR (4) MEMBERS APPOINTED FROM THE SAINT FRANCIS FOUNDATION, AN OHIO NON-PROFIT CORPORATION, AND THREE (3) MEMBERS APPOINTED FROM THE ORDER ITALIAN SONS AND DAUGHTERS OF AMERICA, OHIO DISTRICT, INC., AN OHIO NON-PROFIT CORPORATION. ALL MATTERS BEFORE THE BOARD OF TRUSTEES OF THE CORPORATION FOR APPROVAL MUST BE APPROVED BY AT LEAST FIVE (5) OR MORE OF THE MEMBERS OF THE CORPORATION'S BOARD OF TRUSTEES."
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1A "DRAFT" COPY OF THE 990 IS REVIEWED DIRECTLY BY THE PRESIDENT, VICE-PRESIDENT AND THE ADMINISTRATOR FOR ACCURACY, MATERIAL MISSTATEMENTS AND EXTRAORDINARY ITEMS. ONCE APPROVED, THE RETURN IS PROCESSED AND A COPY OF THE RETURN IS SENT TO EACH VOTING BOARD MEMBER (VIA EMAIL OR HARD COPY) PRIOR TO THE RETURN BEING FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ALL COPIES OF THE ORGANIZATION'S GOVERNING DOCUMENTS AND FORM 990 ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ALL COPIES OF THE ORGANIZATION'S GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 4
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 18
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0HOWARD I CHISLER SENIOR CENTER INC
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ReturnHeader/BuildTS02016-03-07 17:11:31Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0THOMAS PITRONE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT

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