Civic Intelligence

Shorebank Enterprise Group

990 • Fiscal year 2013 • EIN 34-1757217

Jan 01, 2013 to Dec 31, 2013 • Filed on May 14, 2014

Organization Profileenterprisecleveland.org
540 E 105th Street44108

(216) 268-6100

Siviq Scores

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

Liabilities / Assets

84th percentile

0.69x

Higher debt load relative to assets than 84% of similar nonprofits.

2013 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2013

Liabilities / Revenue

87th percentile

1.48x

Higher debt load relative to revenue than 87% of similar nonprofits.

2013 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2013

Net Margin

11th percentile

-26%

Higher net margin than 11% of similar nonprofits.

2013 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2013

Top Officer Pay

40th percentile

$9,315

Higher top officer pay than 40% of similar nonprofits.

Top officer pay equals 1.4% of source-year revenue.

2013 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2013

Asset Growth

9th percentile

-15%

Faster asset growth than 9% of similar nonprofits.

2013 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2012 to 2013

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2013

Balance Sheet
Liabilities / Assets84th percentile

Assets

Down

$1,440,620

Down $2,719,081 (-65%) from 2011

Net Assets

Down

$445,284

Down $274,821 (-38%) from 2011

Liabilities

Down

$995,336

Down $2,444,260 (-71%) from 2011

Revenue And Expenses
Liabilities / Revenue87th percentileNet Margin11th percentile

Revenue

$670,475

No earlier filing loaded for comparison.

Expenses

Down

$845,483

Down $648,714 (-43%) from 2011

Net Income

-$175,008

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset Growth9th percentile

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

$10M$5.0M$0-$5.0MAssets 2010: $9,951,466Liabilities 2010: $4,329,902Net Assets 2010: $5,621,5642010Assets 2011: $4,159,701Liabilities 2011: $3,439,596Net Assets 2011: $720,1052011Assets 2013: $1,440,620Liabilities 2013: $995,336Net Assets 2013: $445,2842013Assets 2014: $1,171,248Liabilities 2014: $973,650Net Assets 2014: $197,5982014Assets 2015: $888,389Liabilities 2015: $927,867Net Assets 2015: -$39,4782015Assets 2016: $0Liabilities 2016: $0Net Assets 2016: $02016

Highlighted filing

2013

Assets$1,440,620
Liabilities$995,336
Net Assets$445,284
Open 2013 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$3.0M$2.0M$1.0M$0-$1.0MExpenses 2010: $2,110,1792010Expenses 2011: $1,494,1972011Revenue 2013: $670,475Expenses 2013: $845,483Net Income 2013: -$175,0082013Revenue 2014: $410,708Expenses 2014: $626,261Net Income 2014: -$215,5532014Revenue 2015: $334,090Expenses 2015: $552,011Net Income 2015: -$217,9212015Revenue 2016: $1,202,343Expenses 2016: $195,965Net Income 2016: $1,006,3782016

Highlighted filing

2013

Revenue$670,475
Expenses$845,483
Net Income-$175,008
Open 2013 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
May 14, 2014
Return Version
2013v3.0
Gross Receipts
$738,131
Mission and Program Overview

Mission

To provide affordable, below market office and warehouse space to small and medium-sized businesses headquartered in Cleveland. The Organization uses a reduced rent structure in the Glenville Enterprise center as an incentive to grow, hire and retain local residents.

To promote economic equity in the City of Cleveland.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$732,344$721,026▼ $11,318
Savings and Temporary Cash Investments$785,881$519,778▼ $266,103
Cash and Non-Interest-Bearing Accounts$56,340$167,222▲ $110,882
Investments Program Related$67,656--
Prepaid Expenses and Deferred Charges$25,042$17,382▼ $7,660
Accounts Receivable$18,071$15,212▼ $2,859
Total Assets$1,685,334$1,440,620▼ $244,714
Liabilities
Mortgage Notes Payable Secured by Investment Property$599,877$604,845▲ $4,968
Accounts Payable and Accrued Expenses$224,496$226,732▲ $2,236
Unsecured Notes Loans Payable$151,700$140,321▼ $11,379
Other Liabilities$69,550$23,438▼ $46,112
Total Liabilities$1,045,623$995,336▼ $50,287
Net Assets / Fund Balance
Temporarily Rstr Net Assets$47,499$320,412▲ $272,913
Unrestricted Net Assets$592,212$124,872▼ $467,340
Total Net Assets Fund Balance$639,711$445,284▼ $194,427
Total Liabilities and Net Assets / Fund Balance$1,685,334$1,440,620▼ $244,714

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$618,776$953,301$1,572,077
Land$102,250-$102,250
Compensation and Service Providers
Top Officer Pay40th percentile

Employees

NameTitleOtherTotal
Stephen M MondozziTreasurer$9,315$9,315

Board Members and Trustees

NameTitle
Matt SattlerChairman
Mark MileyDirector
Steven A LucaDirector
Susan WhiteSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$668,508
Investment Income
$1,232
Other Revenue
$735
Change in Net Assets
$-175,008

Audited Revenue Reconciliation

Revenue per Audited Statements
$670,475
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$5,000
Total Revenue per Audited Statements
$675,475
Total Revenue per Form 990
$670,475
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$836,168
Salaries, Compensation, and Employee Benefits$9,315
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$648,072--$648,072
Insurance$48,297--$48,297
Fees for Services Management-$42,600-$42,600
Depreciation Depletion$38,909--$38,909
Fees for Services Other$16,957--$16,957
Interest$15,847--$15,847
Fees for Services Accounting-$9,990-$9,990
Current Officers, Directors, Trustees, and Key Employees-$9,315-$9,315
Office Expenses$6,716$86-$6,802
Fees for Services Legal$3,773$2,351-$6,124
Other Expenses-$1,200-$1,200
Travel-$1,170-$1,170
Advertising-$200-$200
Total Functional Expenses$778,571$66,912$0$845,483

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$869,902
Expenses per Audited Statements$845,483
Total Expenses per Form 990$845,483
Expenses Not Reported on Form 990$24,419
Expenses Not Reported on Financial Statements$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
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Rent security deposits$23,438
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
Yes
Backup withholding compliance
Yes
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
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, line 3

“The organization engaged Mondozzi, LLC to perform Accounting, Accounts Receivable, Investing, Budgeting, Forecasting, Cash Flows, Board reports, Audit Compliance, and Tax Reporting services. Mondozzi,LLC was compensated $9,315 for these services in 2013.”

Form 990, Part VI, Section B, line 11

“The 990 was reviewed by the President and Chief Financial Officer. A copy was provided to each voting member of the Governing Body for review prior to filing the return.”

Form 990, Part VI, Section B, line 15

“There were no employees during 2013. The Organization was managed by the volunteer Board of Directors with daily operations outsourced to a third party property manager.”

Form 990, Part VI, Section C, line 19

“Governing documents, conflict of Interest Policy, and Financial Statements are not required disclosures pursuant to Internal revenue Code Section 6104. These documents are not available to the general public at this time.”

Filing and Contact Details

Filer

EIN
34-1757217
Phone
2162686100

Signing Officer

Name
Stephen Mondozzi
Title
Chief Financial Officer
Phone
2162686100
Signed
2014-05-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Susan White
Formed
1993
Legal Domicile
Oh
Voting Board Members
5
Independent Board Members
4
Employees
0
Volunteers
4

Preparer

Preparer
Hugh J Ahern CPA
Phone
7737794720
Supplemental Narrative

Additional Explanations

Form 990, Part XI, line 9:

“Imputed Interest -24,419. Provision for loan loss Reduction in loan loss guarantee Discount on below market loans Reduction in loan loss guarantee 5,000.”

Financial Statement Notes

Part X, Line 2:

“FIN 48 Note from Audited Financial Statements SEG has been granted tax-exempt status under Section 501(c)(3) of the Internal Revenue Code and qualifies for the charitable contribution deduction under Section 170(b)(1)(A)(vi). SEG has been classified as an organization that is not a private foundation under Section 509(a)(1). The tax exempt purpose of SEG and the nature in which it operates is described in the first paragraph of Note 1. SEG continues to operate in compliance with its tax exempt purpose. Evergreen Cooperative Development Fund, LLC (ECDF) is organized as an LLC with SEG being the sole member. For tax purposes, ECDF is treated as a disregarded entity and will be included in SEG's financial statements and tax reporting. The Corporation's annual information and income tax returns filed with the federal and state governments are subject to examination for the statutory periods Decvember 2011 through December 2013.”

Part XI, Line 2D - Other Adjustments:

“Reduction in loan loss guarantee 5,000. Discount on below market loans”

Part XII, Line 2D - Other Adjustments:

“Imputed interest 24,419. Provision for loan loss”

Raw XML Appendix399 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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IRS990/Desc0Glenville Enterprise Center is a 166,000 square foot, mixed use facility that the Organization renovated in a neighborhood characterized by high levels of unemployment, poverty, and deteriorated physical infrastructure. Today, the Center is home to nearly 40 businesses and 200 employees. Local businesses can find affordable space in this facility.
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt02533333
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt04055400
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt010290084
IRS990ScheduleA/TotalSupportAmt010447124
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt0618776
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0953301
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt01572077
IRS990ScheduleD/ExpensesNotReportedAmt024419
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0845483
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt0102250
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0102250
IRS990ScheduleD/OtherExpensesIncludedAmt024419
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt023438
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Rent security deposits
IRS990ScheduleD/OtherRevenueAmt05000
IRS990ScheduleD/RevenueNotReportedAmt05000
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0670475
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0FIN 48 Note from Audited Financial Statements SEG has been granted tax-exempt status under Section 501(c)(3) of the Internal Revenue Code and qualifies for the charitable contribution deduction under Section 170(b)(1)(A)(vi). SEG has been classified as an organization that is not a private foundation under Section 509(a)(1). The tax exempt purpose of SEG and the nature in which it operates is described in the first paragraph of Note 1. SEG continues to operate in compliance with its tax exempt purpose. Evergreen Cooperative Development Fund, LLC (ECDF) is organized as an LLC with SEG being the sole member. For tax purposes, ECDF is treated as a disregarded entity and will be included in SEG's financial statements and tax reporting. The Corporation's annual information and income tax returns filed with the federal and state governments are subject to examination for the statutory periods Decvember 2011 through December 2013.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1Reduction in loan loss guarantee 5,000. Discount on below market loans
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2Imputed interest 24,419. Provision for loan loss
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X, Line 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Part XI, Line 2d - Other Adjustments:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2Part XII, Line 2d - Other Adjustments:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0721026
IRS990ScheduleD/TotalExpensesPerForm990Amt0845483
IRS990ScheduleD/TotalLiabilityAmt023438
IRS990ScheduleD/TotalRevenuePerForm990Amt0670475
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0675475
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0869902
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The organization engaged Mondozzi, LLC to perform Accounting, Accounts Receivable, Investing, Budgeting, Forecasting, Cash Flows, Board reports, Audit Compliance, and Tax Reporting services. Mondozzi,LLC was compensated $9,315 for these services in 2013.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The 990 was reviewed by the President and Chief Financial Officer. A copy was provided to each voting member of the Governing Body for review prior to filing the return.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2There were no employees during 2013. The Organization was managed by the volunteer Board of Directors with daily operations outsourced to a third party property manager.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Governing documents, conflict of Interest Policy, and Financial Statements are not required disclosures pursuant to Internal revenue Code Section 6104. These documents are not available to the general public at this time.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Imputed Interest -24,419. Provision for loan loss Reduction in loan loss guarantee Discount on below market loans Reduction in loan loss guarantee 5,000.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, line 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, line 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section C, line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part XI, line 9:
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0OH
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TemporarilyRstrNetAssetsGrp/BOYAmt047499
IRS990/TemporarilyRstrNetAssetsGrp/EOYAmt0320412
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt01685334
IRS990/TotalAssetsEOYAmt01440620
IRS990/TotalAssetsGrp/BOYAmt01685334
IRS990/TotalAssetsGrp/EOYAmt01440620
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt066912
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0778571
IRS990/TotalFunctionalExpensesGrp/TotalAmt0845483
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt01045623
IRS990/TotalLiabilitiesEOYAmt0995336
IRS990/TotalLiabilitiesGrp/BOYAmt01045623
IRS990/TotalLiabilitiesGrp/EOYAmt0995336
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0639711
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0445284
IRS990/TotalOtherCompensationAmt09315
IRS990/TotalProgramServiceExpensesAmt0778571
IRS990/TotalProgramServiceRevenueAmt0668508
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt01232
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0669243
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0670475
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt04
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01685334
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01440620
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ManagementAndGeneralAmt01170
IRS990/TravelGrp/TotalAmt01170
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0592212
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0124872
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt0151700
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt0140321
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine10540 E 105th Street
IRS990/USAddress/City0Cleveland
IRS990/USAddress/State0OH
IRS990/USAddress/ZIPCode044108
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt04
IRS990/WebsiteAddressTxt0enterprisecleveland.org
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02015-11-30 17:44:51Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0Stephen Mondozzi
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Chief Financial Officer
ReturnHeader/BusinessOfficerGrp/PhoneNum02162686100
ReturnHeader/BusinessOfficerGrp/SignatureDt02014-05-14
ReturnHeader/Filer/BusinessName/BusinessNameLine10Shorebank Enterprise Group
ReturnHeader/Filer/BusinessNameControlTxt0SHOR
ReturnHeader/Filer/EIN0341757217
ReturnHeader/Filer/PhoneNum02162686100
ReturnHeader/Filer/USAddress/AddressLine10540 E 105th Street
ReturnHeader/Filer/USAddress/City0Cleveland
ReturnHeader/Filer/USAddress/State0OH
ReturnHeader/Filer/USAddress/ZIPCode044108
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0363321958
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine10Desmond & Ahern Ltd
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1010827 S Western Ave
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/City0Chicago
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/State0IL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCode060643
ReturnHeader/PreparerPersonGrp/PhoneNum07737794720
ReturnHeader/PreparerPersonGrp/PreparationDt02014-05-14
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Hugh J Ahern CPA
ReturnHeader/ReturnTs02014-05-14T13:59:20-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02013-01-01
ReturnHeader/TaxPeriodEndDt02013-12-31
ReturnHeader/TaxYr02013

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2013 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,440,620
Liabilities
$995,336
Net assets
$445,284
Revenue
$670,475
Expenses
$845,483
Net income
-$175,008
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.00$0.00$0.00$1.20$0.20$1.01
2015Detailed filing. Detailed filing data is available for this year.$0.89$0.93$0.04$0.33$0.55$0.22
2014Detailed filing. Detailed filing data is available for this year.$1.17$0.97$0.20$0.41$0.63$0.22
2013Detailed filing. Detailed filing data is available for this year.$1.44$1.00$0.45$0.67$0.85$0.18
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.16$3.44$0.72$1.49
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.95$4.33$5.62$2.11