Civic Intelligence

Koram Senior Housing Corporation

EIN 36-3314048 • 501(c)3 • Chicago, IL

Profile

Operate and manage a 60 unit apartment building that provides hud-subsidized housing to elderly and handicapped individuals.

4444 N Harding AvenueChicago, IL 60625

n/A

Siviq Scores

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

Liabilities / Assets

97th percentile

1.70x

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

501(c)3 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

94th percentile

2.55x

Higher debt load relative to revenue than 94% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Net Margin

60th percentile

10%

Higher net margin than 60% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

40th percentile

$0

Higher top officer pay than 40% of similar nonprofits.

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

501(c)3 • $1M-$5M nonprofits • Source year 2024

Asset Growth

42nd percentile

0.9%

Faster asset growth than 42% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

46th percentile

5.0%

Faster revenue growth than 46% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Assets

Up

$1,438,944

Up $12,230 (+0.9%) from 2023

Liabilities

Down

$2,447,546

Down $84,251 (-3.3%) from 2023

Net Assets

Up

-$1,008,602

Up $96,481 (+8.7%) from 2023

Revenue

Up

$960,081

Up $45,410 (+5.0%) from 2023

Expenses

Up

$863,600

Up $53,245 (+6.6%) from 2023

Net Income

Down

$96,481

Down $7,835 (-7.5%) from 2023

Trend Graphs

Balance Sheet Trend

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

$4.0M$2.0M$0-$2.0MAssets 2020: $1,523,027Liabilities 2020: $2,785,018Net Assets 2020: -$1,261,9912020Assets 2021: $1,384,802Liabilities 2021: $2,670,889Net Assets 2021: -$1,286,0872021Assets 2022: $1,410,194Liabilities 2022: $2,619,593Net Assets 2022: -$1,209,3992022Assets 2023: $1,426,714Liabilities 2023: $2,531,797Net Assets 2023: -$1,105,0832023Assets 2024: $1,438,944Liabilities 2024: $2,447,546Net Assets 2024: -$1,008,6022024

Highlighted filing

2024

Assets$1,438,944
Liabilities$2,447,546
Net Assets-$1,008,602

Operations Trend

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

$1.0M$500K$0-$500KRevenue 2020: $856,332Expenses 2020: $860,248Net Income 2020: -$3,9162020Revenue 2021: $862,617Expenses 2021: $886,713Net Income 2021: -$24,0962021Revenue 2022: $883,152Expenses 2022: $806,464Net Income 2022: $76,6882022Revenue 2023: $914,671Expenses 2023: $810,355Net Income 2023: $104,3162023Revenue 2024: $960,081Expenses 2024: $863,600Net Income 2024: $96,4812024

Highlighted filing

2024

Revenue$960,081
Expenses$863,600
Net Income$96,481

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Apr 25, 2025
Return Version
2024v5.1
Gross Receipts
$960,081
Mission and Program Overview

Mission

Manage 60 unit apartment building that provides HUD-subsidized housing for the elderly and handicapped.

Manage apartment building that provides hud-subsidized housing for the elderly and handicapped.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$750,011$709,229▼ $40,782
Cash and Non-Interest-Bearing Accounts$121,184$77,483▼ $43,701
Accounts Receivable$286$286→ $0
Total Assets$1,426,714$1,438,944▲ $12,230
Other Assets Total$555,233$651,946▲ $96,713
Liabilities
Mortgage Notes Payable Secured by Investment Property$2,448,808$2,371,723▼ $77,085
Accounts Payable and Accrued Expenses$65,878$58,842▼ $7,036
Other Liabilities$17,111$16,981▼ $130
Total Liabilities$2,531,797$2,447,546▼ $84,251
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-1,105,083$-1,008,602▲ $96,481
Total Net Assets Fund Balance$-1,105,083$-1,008,602▲ $96,481
Total Liabilities and Net Assets / Fund Balance$1,426,714$1,438,944▲ $12,230

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$230,699$3,153,385$3,384,084
Land$437,500-$437,500
Equipment$41,030$238,017$279,047
Other Assets Org$140,295--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Arnold ChoiPresident
Dr Joseph KimDirector
Ok Kyung KimDirector
Shinhae OhDirector
Danae KovacExecutive Director
Inhe ChoiExecutive Director
Kent Chaegu LeeSecretary
Heon J WooTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$957,664
Investment Income
$855
Other Revenue
$1,562
Change in Net Assets
$96,481

Audited Revenue Reconciliation

Revenue per Audited Statements
$960,081
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$960,081
Total Revenue per Form 990
$960,081
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$546,751
Salaries, Compensation, and Employee Benefits$316,849
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$146,706$112,718-$259,424
Occupancy$174,280--$174,280
Interest$102,701--$102,701
Depreciation Depletion$86,041--$86,041
Fees for Services Management-$57,471-$57,471
Other Employee Benefits$35,229--$35,229
Office Expenses-$31,904-$31,904
Insurance$29,098--$29,098
Fees for Services Accounting-$25,600-$25,600
Payroll Taxes$20,115--$20,115
Other Expenses$22,620$12,574-$12,574
Travel-$3,562-$3,562
Pension Plan Contributions$2,081--$2,081
Advertising$900--$900
Total Functional Expenses$619,771$243,829$0$863,600

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$863,600
Total Expenses per Audited Statements$863,600
Total Expenses per Form 990$863,600
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Tenant Deposits Held in Trust$16,981
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
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
Yes
CEO compensation reviewed
Yes
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 3

Hana center performs management duties for the organization subject to board oversight.

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

A draft of form 990 is circulated to all board members for review and comments prior to being submitted.

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

Board members are required to provide a written declaration as to whether or not he/she has a conflict of interest.

Form 990, Part VI, Section B, Line 15

Staff salaries are reviewed by the board on an annual basis as part of the budgeting process.

Form 990, Part VI, Section C, Line 19

Disclosure of governing documents, policies, and financial statements are made available to the general public upon written request.

Filing and Contact Details

Filer

Filer Name
Koram Senior Housing Corporation
EIN
36-3314048
Phone
7735835501
Address
4444 N HARDING AVENUE, CHICAGO, IL 60625

Signing Officer

Name
Danae Kovac
Title
Executive Director
Phone
7735835501
Signed
2025-04-25
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Danae Kovac
Formed
1982
Legal Domicile
Il
Voting Board Members
6
Independent Board Members
6
Employees
7
Volunteers
6

Preparer

Firm
Porte Brown LLC
Address
845 OAKTON STREET, ELK GROVE VILLAGE, IL 60007
Preparer
Genevra Knight
Phone
8479561040
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

No changes from prior year

Financial Statement Notes

PART X, LINE 2:

The corporation has adopted the provision of asc topic 740, income taxes, relating to the accounting for uncertainty in income taxes. The corporation files information returns in the us federal jurisdiction and the state of illinois. Management is not aware of any uncertain tax positions.

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IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt0912705
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt0881759
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt0859540
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt0166001
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt03777669
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt0855
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt0659
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus2YearsAmt0199
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus3YearsAmt0157
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus4YearsAmt0190
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt02060
IRS990ScheduleA/InvestmentIncomeCYPct00.00050
IRS990ScheduleA/InvestmentIncomePYPct00.00030
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearAmt01562
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus1YearAmt01307
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus2YearsAmt01194
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus3YearsAmt02920
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus4YearsAmt08763
IRS990ScheduleA/OtherIncome509Grp/TotalAmt015746
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportCY509Pct00.99600
IRS990ScheduleA/PublicSupportPY509Pct00.99590
IRS990ScheduleA/PublicSupportTotal509Amt04459047
IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/TotalAmt00
IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind0X
IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt0957664
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt0912705
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt0881759
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt0859540
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt0847379
IRS990ScheduleA/Total509Grp/TotalAmt04459047
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt0960081
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt0914671
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt0883152
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0862617
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt0856332
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt04476853
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt0230699
IRS990ScheduleD/BuildingsGrp/DepreciationAmt03153385
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt03384084
IRS990ScheduleD/EquipmentGrp/BookValueAmt041030
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0238017
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0279047
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0863600
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt0437500
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0437500
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt033286
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt1469130
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt29235
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt3140295
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0TENANT DEPOSITS HELD IN TRUST
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1REPLACEMENT RESERVE
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2INSURANCE RESERVE
IRS990ScheduleD/OtherAssetsOrgGrp/Desc3RESIDUAL RECEIPT RESERVES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt016981
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0TENANT DEPOSITS HELD IN TRUST
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0960081
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE CORPORATION HAS ADOPTED THE PROVISION OF ASC TOPIC 740, INCOME TAXES, RELATING TO THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. THE CORPORATION FILES INFORMATION RETURNS IN THE US FEDERAL JURISDICTION AND THE STATE OF ILLINOIS. MANAGEMENT IS NOT AWARE OF ANY UNCERTAIN TAX POSITIONS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0709229
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0651946
IRS990ScheduleD/TotalExpensesPerForm990Amt0863600
IRS990ScheduleD/TotalLiabilityAmt016981
IRS990ScheduleD/TotalRevenuePerForm990Amt0960081
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0960081
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0863600
IRS990ScheduleJ/AnyNonFixedPaymentsInd00
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd00
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd00
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990ScheduleJ/InitialContractExceptionInd00
IRS990/ScheduleJRequiredInd01
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt0UNRELATED ORGANIZATION: THE HANA CENTER, EIN 36-2746468 EMPLOYEE: DANAE KOVAC, EXECUTIVE DIRECTOR BASE COMPENSATION: $90,811 DEFERRED COMPENSATION: $7,051 NONTAXABLE BENEFITS: $11,390
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VII, SECTION A, LINE 5, COMPENSATION FROM AN UNRELATED PARTY
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0HANA CENTER PERFORMS MANAGEMENT DUTIES FOR THE ORGANIZATION SUBJECT TO BOARD OVERSIGHT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1A DRAFT OF FORM 990 IS CIRCULATED TO ALL BOARD MEMBERS FOR REVIEW AND COMMENTS PRIOR TO BEING SUBMITTED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2BOARD MEMBERS ARE REQUIRED TO PROVIDE A WRITTEN DECLARATION AS TO WHETHER OR NOT HE/SHE HAS A CONFLICT OF INTEREST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3STAFF SALARIES ARE REVIEWED BY THE BOARD ON AN ANNUAL BASIS AS PART OF THE BUDGETING PROCESS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4DISCLOSURE OF GOVERNING DOCUMENTS, POLICIES, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE GENERAL PUBLIC UPON WRITTEN REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5NO CHANGES FROM PRIOR YEAR
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XII, LINE 2C:
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0MOOGOONG TERRACE INC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0363085027
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0IL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0HUD-SUBSIDIZED HOUSING FOR THE ELDERLY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0LINE 10
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt04848 N KEDZIE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0CHICAGO
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0IL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd060625
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00

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