Civic Intelligence

Cardinal Bay Inc.

990 • Fiscal year 2022 • EIN 35-2440075

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 14, 2023

Organization ProfileN/A
317 Martinique PassLakeway, TX 78734

(972) 980-4805

Siviq Scores

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

Liabilities / Assets

95th percentile

1.08x

Higher debt load relative to assets than 95% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2022

Liabilities / Revenue

92nd percentile

5.80x

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

2022 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2022

Net Margin

12th percentile

-14%

Higher net margin than 12% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2022

Top Officer Pay

7th percentile

$137,460

Higher top officer pay than 7% of similar nonprofits.

Top officer pay equals 0.3% of source-year revenue.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2022

Asset Growth

43rd percentile

-3.4%

Faster asset growth than 43% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2021 to 2022

Revenue Growth

41st percentile

1.0%

Faster revenue growth than 41% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets95th percentile

Assets

Down

$210,832,423

Down $7,518,790 (-3.4%) from 2021

Net Assets

Down

-$17,363,301

Down $5,509,075 (-46%) from 2021

Liabilities

Down

$228,195,724

Down $2,009,715 (-0.9%) from 2021

Revenue And Expenses
Liabilities / Revenue92nd percentileNet Margin12th percentile

Revenue

Up

$39,334,699

Up $372,573 (+1.0%) from 2021

Expenses

Up

$44,843,774

Up $3,570,509 (+8.7%) from 2021

Net Income

Down

-$5,509,075

Down $3,197,936 (-138%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth43rd percentile

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

$300M$200M$100M$0-$100MAssets 2016: $246,353,431Liabilities 2016: $247,290,377Net Assets 2016: -$936,9462016Assets 2017: $240,254,986Liabilities 2017: $242,769,728Net Assets 2017: -$2,514,7422017Assets 2018: $235,729,722Liabilities 2018: $239,461,663Net Assets 2018: -$3,731,9412018Assets 2019: $230,845,654Liabilities 2019: $236,240,190Net Assets 2019: -$5,394,5362019Assets 2020: $225,656,938Liabilities 2020: $235,200,025Net Assets 2020: -$9,543,0872020Assets 2021: $218,351,213Liabilities 2021: $230,205,439Net Assets 2021: -$11,854,2262021Assets 2022: $210,832,423Liabilities 2022: $228,195,724Net Assets 2022: -$17,363,3012022Assets 2023: $203,503,755Liabilities 2023: $224,769,910Net Assets 2023: -$21,266,1552023Assets 2024: $199,815,153Liabilities 2024: $224,438,372Net Assets 2024: -$24,623,2192024

Highlighted filing

2022

Assets$210,832,423
Liabilities$228,195,724
Net Assets-$17,363,301
Open 2022 Filing

Operations Trend

Revenue Growth41st percentile

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

$60M$40M$20M$0-$20MRevenue 2016: $22,819,495Expenses 2016: $23,756,441Net Income 2016: -$936,9462016Revenue 2017: $38,205,117Expenses 2017: $39,782,913Net Income 2017: -$1,577,7962017Revenue 2018: $39,326,858Expenses 2018: $40,544,057Net Income 2018: -$1,217,1992018Revenue 2019: $39,930,501Expenses 2019: $41,593,096Net Income 2019: -$1,662,5952019Revenue 2020: $37,782,896Expenses 2020: $41,931,447Net Income 2020: -$4,148,5512020Revenue 2021: $38,962,126Expenses 2021: $41,273,265Net Income 2021: -$2,311,1392021Revenue 2022: $39,334,699Expenses 2022: $44,843,774Net Income 2022: -$5,509,0752022Revenue 2023: $42,013,715Expenses 2023: $45,916,569Net Income 2023: -$3,902,8542023Revenue 2024: $44,184,784Expenses 2024: $47,541,848Net Income 2024: -$3,357,0642024

Highlighted filing

2022

Revenue$39,334,699
Expenses$44,843,774
Net Income-$5,509,075
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 14, 2023
Return Version
2022v5.0
Gross Receipts
$39,334,699
Mission and Program Overview

Mission

It is the mission of cardinal bay, inc., to assert efforts towards developing, financing and operating for the long-term, quality, stable and healthy, program-enriched, affordable housing for families, senior citizens and people with special needs.

To assert efforts towards developing, financing and operating for the long-term, quality, stable and healthy, program-enriched, affordable housing for families, senior citizens and people with special needs.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$189,898,067$185,254,239▼ $4,643,828
Intangible Assets$8,729,739$8,281,018▼ $448,721
Cash and Non-Interest-Bearing Accounts$390,525$1,363,467▲ $972,942
Savings and Temporary Cash Investments$1,147,786$865,905▼ $281,881
Prepaid Expenses and Deferred Charges$422,047$627,548▲ $205,501
Accounts Receivable$113,974$132,258▲ $18,284
Total Assets$218,351,213$210,832,423▼ $7,518,790
Other Assets Total$17,649,075$14,307,988▼ $3,341,087
Liabilities
Tax Exempt Bond Liabilities$209,055,654$209,754,805▲ $699,151
Mortgage Notes Payable Secured by Investment Property$11,745,000$10,750,000▼ $995,000
Accounts Payable and Accrued Expenses$8,663,415$6,902,111▼ $1,761,304
Deferred Revenue$667,671$788,808▲ $121,137
Other Liabilities$73,699$0▼ $73,699
Total Liabilities$230,205,439$228,195,724▼ $2,009,715
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-11,854,226$-17,363,301▼ $5,509,075
Total Net Assets Fund Balance$-11,854,226$-17,363,301▼ $5,509,075
Total Liabilities and Net Assets / Fund Balance$218,351,213$210,832,423▼ $7,518,790

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$159,779,105$31,391,392$191,170,497
Land$21,500,000-$21,500,000
Equipment$3,975,134$3,829,401$7,804,535
Other Assets Org$2,743,432--
Compensation and Service Providers
Top Officer Pay7th percentile

Employees

NameTitleOtherTotal
Lloyd Kitchen IiiPresident$137,460$137,460
Robbie L WittnerChairman, COO, Secretary$39,398$39,398
Lloyd KitchenExecutive Vice President$21,729$21,729

Board Members and Trustees

NameTitle
Doug LeeDirector
Ernest GarciaDirector

Highest Paid Contractors

ContractorServicesLocationCompensation
The Long Hill CompanyManagement580 LONG HILL AVENUE, Shelton, CT 06484$1,451,011
Norton Rose Fulbright US LLPLegal ServicesPO BOX 122613, Dallas, TX 75312$645,132
Hd Supply Facilities Maintenance LtdMaintenancePO BOX 509058, San Diego, CA 92150$415,367
The Sherwin Williams CoPaintingPO BOX 840943, Dallas, TX 75284$303,496
Berkeley Research Group LLCConsultingPO BOX 676158, Dallas, TX 75267$291,111
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$39,165,170
Investment Income
$169,529
Other Revenue
$0
Change in Net Assets
$-5,509,075

Audited Revenue Reconciliation

Revenue per Audited Statements
$39,334,699
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$39,334,699
Total Revenue per Form 990
$39,334,699
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$31,290,014
Salaries, Compensation, and Employee Benefits$13,553,760
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$11,823,231--$11,823,231
Interest$10,072,814--$10,072,814
Depreciation Depletion$6,019,419--$6,019,419
Fees for Services Legal-$2,453,059-$2,453,059
Occupancy$1,594,676--$1,594,676
Fees for Services Management-$1,552,534-$1,552,534
Insurance$1,307,713--$1,307,713
Payroll Taxes$1,129,762--$1,129,762
Advertising$794,074--$794,074
Office Expenses$647,632--$647,632
Other Employee Benefits$535,159--$535,159
Information Technology$259,228--$259,228
Other Expenses$216,146$827,882-$216,146
Fees for Services Other-$205,355-$205,355
Pension Plan Contributions$65,608--$65,608
Fees for Services Accounting-$53,000-$53,000
All Other Expenses$45,848--$45,848
Travel-$23,260-$23,260
Total Functional Expenses$39,728,684$5,115,090$0$44,843,774

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$44,843,774
Total Expenses per Audited Statements$44,843,774
Total Expenses per Form 990$44,843,774
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
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-Former Board Member Who Became President of Interested PartyLegal FeesNo$25,960
Debt and Bond Financing

Bond Issues

BondIssuerIssuedIssue PricePurpose
ANew Hope Cultural Education Facilities Finance Corporation2016-05-26$222,025,966SENIOR HOUSING

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$222,025,966--$4,440,519

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
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
Yes
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 2

“Robbie wittner and lloyd kitchen are wife and husband. Lloyd kitchen iii is the son of lloyd kitchen and robbie wittner.”

Form 990, Part VI, Section A, Line 3

“The organization uses a management company to operate the apartment complexes and to verify that the tenants are in compliance with the organization's exempt purpose.”

Form 990, Part VI, Section B, Line 11B

“The board of directors review form 990 prior to filing.”

Form 990, Part VI, Section B, Line 12C

“Quarterly 96-32 compliance is completed during board meetings and disclosures are made at that time, if any.”

Form 990, Part VI, Section B, Line 15B

“An independent board reviews the information and performs a test of reasonableness.”

Form 990, Part VI, Section C, Line 19

“The governing documents, conflict of interest policy and financial statements are available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Cardinal Bay Inc
EIN
35-2440075
Phone
9729804805
Address
317 MARTINIQUE PASS, LAKEWAY, TX 78734

Signing Officer

Name
Robbie L Wittner
Title
COO
Phone
9729804805
Signed
2023-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Robbie L Wittner
Formed
2012
Legal Domicile
TX
Voting Board Members
4
Independent Board Members
2
Employees
0
Volunteers
0

Preparer

Firm
Carter & Company Cpas LLC
Address
PO BOX 279, DESTIN, FL 32540
Preparer
Samuel T Boerma
Phone
8506500125
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

“The corporation is classified as exempt from federal income tax under section 501(c)(3) of the internal revenue code. The corporation has adopted the provisions of fasb interpretation no. 48, accounting for uncertainty in income taxes (fasb accounting standards codification (asc) 740, income taxes). It requires that a tax position be recognized or derecognized based on a 'more-likely-than-not' threshold. This applies to positions taken or expected to be taken in a tax return. The implementation of fin 48 had no impact on the corporation's statement of financial position or statement of activities. Management does not believe its financial statements include any uncertain tax positions and that no income taxes are due for its activities. Therefore, no provision for income taxes is included in the financial statement.”

Raw XML AppendixShowing 400 of 805 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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IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt039165170
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt035391629
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IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind0X
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IRS990/ScheduleBRequiredInd00
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IRS990ScheduleD/FootnoteTextInd0X
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IRS990ScheduleD/OtherAssetsOrgGrp/Desc1BOND RESERVES
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IRS990ScheduleD/OtherAssetsOrgGrp/Desc3CONSTRUCTION IN PROGRESS
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE CORPORATION IS CLASSIFIED AS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE CORPORATION HAS ADOPTED THE PROVISIONS OF FASB INTERPRETATION NO. 48, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES (FASB ACCOUNTING STANDARDS CODIFICATION (ASC) 740, INCOME TAXES). IT REQUIRES THAT A TAX POSITION BE RECOGNIZED OR DERECOGNIZED BASED ON A 'MORE-LIKELY-THAN-NOT' THRESHOLD. THIS APPLIES TO POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE IMPLEMENTATION OF FIN 48 HAD NO IMPACT ON THE CORPORATION'S STATEMENT OF FINANCIAL POSITION OR STATEMENT OF ACTIVITIES. MANAGEMENT DOES NOT BELIEVE ITS FINANCIAL STATEMENTS INCLUDE ANY UNCERTAIN TAX POSITIONS AND THAT NO INCOME TAXES ARE DUE FOR ITS ACTIVITIES. THEREFORE, NO PROVISION FOR INCOME TAXES IS INCLUDED IN THE FINANCIAL STATEMENT.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleJ/HousingAllowanceOrResidenceInd0X
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IRS990ScheduleJ/PersonalServicesInd0X
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IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SubstantiationRequiredInd00
IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION AND ITS AFFILIATES HAVE AN EMPLOYMENT CONTRACT WITH ROBBIE WITTNER, THE CHAIRMAN, COO, AND SECRETARY OF THE ORGANIZATION, TO COMPENSATE HER FOR HER SERVICES TO THE ORGANIZATION. THE CURRENT CONTRACT ALLOWS FOR BASE COMPENSATION PLUS MEDICAL BENEFITS AND CAR ALLOWANCE. THE ORGANIZATION AND ITS AFFILIATES ALSO HAVE AN EMPLOYMENT CONTRACT FOR LLOYD KITCHEN, THE EXECUTIVE VICE PRESIDENT, TO COMPENSATE HIM FOR HIS SERVICES TO THE ORGANIZATION AND ITS AFFILIATES. THE CURRENT CONTRACT ALLOWS FOR BASE COMPENSATION PLUS MEDICAL BENEFITS AND CAR ALLOWANCE. DUE TO LACK OF FUNDS, SOME OF THE COMPENSATION HAS BEEN DEFERRED BY THE ORGANIZATION AND ITS AFFILIATES.
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IRS990ScheduleK/TaxExemptBondsArbitrageGrp/RebateNotDueYetInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/VariableRateIssueInd00

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Filings

Displayed year

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

Open filing
Assets
$210,832,423
Liabilities
$228,195,724
Net assets
-$17,363,301
Revenue
$39,334,699
Expenses
$44,843,774
Net income
-$5,509,075
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$200$224$24.6$44.2$47.5$3.36
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$204$225$21.3$42.0$45.9$3.90
2022Detailed filing. Detailed filing data is available for this year.$211$228$17.4$39.3$44.8$5.51
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$218$230$11.9$39.0$41.3$2.31
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$226$235$9.54$37.8$41.9$4.15
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$231$236$5.39$39.9$41.6$1.66
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$236$239$3.73$39.3$40.5$1.22
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$240$243$2.51$38.2$39.8$1.58
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$246$247$0.94$22.8$23.8$0.94