Civic Intelligence

Holy Redeemer Senior Citizens Facility

EIN 34-1603502 • 501(c)3 • Cleveland, OH

Profile

To acquire, construct and operate rental property, primarily for the purpose of housing elderly individuals.

15712 Kipling AvenueCleveland, OH 44110

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

99th percentile

2.50x

Higher debt load relative to assets than 99% of similar nonprofits.

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

Liabilities / Revenue

97th percentile

5.60x

Higher debt load relative to revenue than 97% of similar nonprofits.

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

Net Margin

20th percentile

-13%

Higher net margin than 20% of similar nonprofits.

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

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

21st percentile

-5.8%

Faster asset growth than 21% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2022

Revenue Growth

40th percentile

2.2%

Faster revenue growth than 40% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2022

Assets

Down

$1,180,034

Down $6,271 (-0.5%) from 2022

Liabilities

Up

$2,976,770

Up $9,474 (+0.3%) from 2022

Net Assets

Down

-$1,796,736

Down $15,745 (-0.9%) from 2022

Revenue

Up

$550,117

Up $19,956 (+3.8%) from 2022

Expenses

Down

$565,862

Down $32,156 (-5.4%) from 2022

Net Income

Up

-$15,745

Up $52,112 (+77%) from 2022

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$4.0M$2.0M$0-$2.0MAssets 2012: $1,743,136Liabilities 2012: $2,950,615Net Assets 2012: -$1,207,4792012Assets 2013: $1,698,978Liabilities 2013: $2,956,994Net Assets 2013: -$1,258,0162013Assets 2014: $1,624,476Liabilities 2014: $2,964,100Net Assets 2014: -$1,339,6242014Assets 2015: $1,531,093Liabilities 2015: $2,929,222Net Assets 2015: -$1,398,1292015Assets 2016: $1,520,210Liabilities 2016: $2,954,502Net Assets 2016: -$1,434,2922016Assets 2017: $1,496,708Liabilities 2017: $2,960,662Net Assets 2017: -$1,463,9542017Assets 2018: $1,455,780Liabilities 2018: $2,955,525Net Assets 2018: -$1,499,7452018Assets 2019: $1,387,692Liabilities 2019: $2,957,349Net Assets 2019: -$1,569,6572019Assets 2020: $1,335,545Liabilities 2020: $2,952,133Net Assets 2020: -$1,616,5882020Assets 2021: $1,266,619Liabilities 2021: $2,979,753Net Assets 2021: -$1,713,1342021Assets 2022: $1,186,305Liabilities 2022: $2,967,296Net Assets 2022: -$1,780,9912022Assets 2023: $1,180,034Liabilities 2023: $2,976,770Net Assets 2023: -$1,796,7362023

Highlighted filing

2023

Assets$1,180,034
Liabilities$2,976,770
Net Assets-$1,796,736

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$800K$600K$400K$200K$0-$200KExpenses 2012: $460,0782012Revenue 2013: $396,940Expenses 2013: $447,477Net Income 2013: -$50,5372013Revenue 2014: $424,882Expenses 2014: $502,892Net Income 2014: -$78,0102014Revenue 2015: $417,519Expenses 2015: $476,024Net Income 2015: -$58,5052015Revenue 2016: $468,894Expenses 2016: $505,057Net Income 2016: -$36,1632016Revenue 2017: $470,838Expenses 2017: $500,500Net Income 2017: -$29,6622017Revenue 2018: $478,369Expenses 2018: $514,160Net Income 2018: -$35,7912018Revenue 2019: $491,351Expenses 2019: $561,263Net Income 2019: -$69,9122019Revenue 2020: $507,407Expenses 2020: $551,065Net Income 2020: -$43,6582020Revenue 2021: $523,618Expenses 2021: $616,861Net Income 2021: -$93,2432021Revenue 2022: $530,161Expenses 2022: $598,018Net Income 2022: -$67,8572022Revenue 2023: $550,117Expenses 2023: $565,862Net Income 2023: -$15,7452023

Highlighted filing

2023

Revenue$550,117
Expenses$565,862
Net Income-$15,745

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Apr 15, 2024
Return Version
2023v6.0
Gross Receipts
$550,117
Mission and Program Overview

Mission

To provide affordable housing for qualified low-income seniors.

To acquire, construct and operate rental property, primarily for the purpose of housing elderly individuals.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$945,666$864,695▼ $80,971
Accounts Receivable$135$238,829▲ $238,694
Prepaid Expenses and Deferred Charges$14,872$24,322▲ $9,450
Cash and Non-Interest-Bearing Accounts$51,943$10,316▼ $41,627
Total Assets$1,186,305$1,180,034▼ $6,271
Other Assets Total$173,689$41,872▼ $131,817
Liabilities
Mortgage Notes Payable Secured by Investment Property$2,875,800$2,875,800→ $0
Accounts Payable and Accrued Expenses$78,335$85,053▲ $6,718
Other Liabilities$12,187$10,847▼ $1,340
Deferred Revenue$974$5,070▲ $4,096
Total Liabilities$2,967,296$2,976,770▲ $9,474
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-1,780,991$-1,796,736▼ $15,745
Total Net Assets Fund Balance$-1,780,991$-1,796,736▼ $15,745
Total Liabilities and Net Assets / Fund Balance$1,186,305$1,180,034▼ $6,271

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$849,409$2,079,998$2,929,407
Equipment$10,286$53,862$64,148
Land$5,000-$5,000
Other Assets Org$11,788--
Compensation and Service Providers

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$357,059
Program Service Revenue
$190,431
Investment Income
$267
Other Revenue
$2,360
Change in Net Assets
$-15,745

Audited Revenue Reconciliation

Revenue per Audited Statements
$550,117
Total Revenue per Audited Statements
$550,117
Total Revenue per Form 990
$550,117
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$413,222
Salaries, Compensation, and Employee Benefits$152,640
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$156,187$0$0$156,187
Other Salaries and Wages$133,809$0$0$133,809
Depreciation Depletion$80,971$0$0$80,971
All Other Expenses$36,230$0$0$36,230
Insurance$34,699$0$0$34,699
Fees for Services Management$0$30,538$0$30,538
Fees for Services Accounting$21,928$0$0$21,928
Payroll Taxes$11,269$0$0$11,269
Office Expenses$9,781$0$0$9,781
Other Employee Benefits$7,562$0$0$7,562
Other Expenses$841$0$0$841
Advertising$547$0$0$547
Total Functional Expenses$535,324$30,538$0$565,862

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$565,862
Total Expenses per Audited Statements$565,862
Total Expenses per Form 990$565,862
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$10,847
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
Backup withholding compliance
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
Filing and Contact Details

Filer

Filer Name
Holy Redeemer Senior Citizens Facility
EIN
34-1603502
Phone
2165313313
Address
15712 Kipling Avenue, Cleveland, OH 44110
Doing Business As
Same

Signing Officer

Name
Rev Martin Polito
Title
Trustee
Phone
2165313313
Signed
2024-04-15
Discuss with paid preparer
Yes

Organization Details

Formed
1989
Legal Domicile
Oh
Voting Board Members
7
Independent Board Members
7
Employees
0
Volunteers
7

Preparer

Firm
Kevin L Penn Inc
Address
11811 SHAKER BLVD STE 421, CLEVELAND, OH 44120
Preparer
Kevin L Penn
Phone
2164211000
Supplemental Narrative

Additional Explanations

Pt VI, Line 2

Jack Thomas and Victoria Thomas are related. Michelle Corello and Eddie Corello are related.

Pt VI, Line 3

The Project pays management fees to Millennia Housing Management, LTD.

Pt VI, Line 11B

The 990 tax return is reviewed by Members of the Board, before filing.

Pt VI, Line 19

The Organization does not make its governing documents or financial statements available to the Public.

Pt XII, Line 2C

The process has not changed from the prior year.

Financial Statement Notes

Pt X, Line 2

The Project is tax exempt under section 501(C)(3) of the Internal Revenue Code of 1986. No provision for federal income taxes has been reported in its financial statements. Income taxes are accounted for under the provisions of the Income Taxes topic of the FASB ASC. Uncertain income tax positions are evaluated at least annually by management. The Project classifies interest and penalties related income tax matters as taxes and insurance in the accompanying financial statements. As of December 31, 2023 and 2022, the Project has identified no uncertain income tax positions and has incurred no amounts for income tax penalties and interest for the year then ended.

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IRS990/PYSalariesCompEmpBnftPaidAmt0175865
IRS990/PYTotalExpensesAmt0598018
IRS990/PYTotalRevenueAmt0530161
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt0-15745
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt0550117
IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/TotalAmt00
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearAmt0547490
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus1YearAmt0523985
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus2YearsAmt0520040
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus3YearsAmt0505029
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus4YearsAmt0485296
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/TotalAmt02581840
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearAmt0267
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus1YearAmt0457
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus2YearsAmt0513
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus3YearsAmt0420
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus4YearsAmt0421
IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt02078
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt00
IRS990ScheduleA/GrossReceiptsNonUnrltBusGrp/TotalAmt00
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt0267
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt0457
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus2YearsAmt0513
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus3YearsAmt0420
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus4YearsAmt0421
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt02078
IRS990ScheduleA/InvestmentIncomeCYPct00.00080
IRS990ScheduleA/InvestmentIncomePYPct00.00080
IRS990ScheduleA/OtherSupportSumAmt00
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00
IRS990ScheduleA/PublicSupportCY509Pct00.99920
IRS990ScheduleA/PublicSupportPY509Pct00.99920
IRS990ScheduleA/PublicSupportTotal509Amt02581840
IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/TotalAmt00
IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft509Grp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind0X
IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt0547490
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt0523985
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt0520040
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt0505029
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt0485296
IRS990ScheduleA/Total509Grp/TotalAmt02581840
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt02583918
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt0849409
IRS990ScheduleD/BuildingsGrp/DepreciationAmt02079998
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt02929407
IRS990ScheduleD/EquipmentGrp/BookValueAmt010286
IRS990ScheduleD/EquipmentGrp/DepreciationAmt053862
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt064148
IRS990ScheduleD/ExpensesSubtotalAmt0565862
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt05000
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt05000
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt014342
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt115742
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt211788
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Tenant Security Deposits
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1Property Replacement Reserve
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2Residual Receipts Reserve
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt010847
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Tenant Security Deposits
IRS990ScheduleD/RevenueSubtotalAmt0550117
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Project is tax exempt under section 501(C)(3) of the Internal Revenue Code of 1986. No provision for federal income taxes has been reported in its financial statements. Income taxes are accounted for under the provisions of the Income Taxes topic of the FASB ASC. Uncertain income tax positions are evaluated at least annually by management. The Project classifies interest and penalties related income tax matters as taxes and insurance in the accompanying financial statements. As of December 31, 2023 and 2022, the Project has identified no uncertain income tax positions and has incurred no amounts for income tax penalties and interest for the year then ended.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt X, Line 2
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0864695
IRS990ScheduleD/TotalBookValueOtherAssetsAmt041872
IRS990ScheduleD/TotalExpensesPerForm990Amt0565862
IRS990ScheduleD/TotalLiabilityAmt010847
IRS990ScheduleD/TotalRevenuePerForm990Amt0550117
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0550117
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0565862
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Jack Thomas and Victoria Thomas are related. Michelle Corello and Eddie Corello are related.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The Project pays management fees to Millennia Housing Management, LTD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The 990 tax return is reviewed by Members of the Board, before filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The Organization does not make its governing documents or financial statements available to the Public.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4The process has not changed from the prior year.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt VI, Line 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Pt VI, Line 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Pt VI, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Pt VI, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Pt XII, Line 2c
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0OH
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt01186305
IRS990/TotalAssetsEOYAmt01180034
IRS990/TotalAssetsGrp/BOYAmt01186305
IRS990/TotalAssetsGrp/EOYAmt01180034
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0357059
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt030538
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0535324
IRS990/TotalFunctionalExpensesGrp/TotalAmt0565862
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt02967296
IRS990/TotalLiabilitiesEOYAmt02976770
IRS990/TotalLiabilitiesGrp/BOYAmt02967296
IRS990/TotalLiabilitiesGrp/EOYAmt02976770
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-1780991
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-1796736
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0535324
IRS990/TotalProgramServiceRevenueAmt0190431
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0193058
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0550117

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