Civic Intelligence

Laverna Terrace Housing Corporation

990 • Fiscal year 2016 • EIN 36-3438977

Jul 01, 2015 to Jun 30, 2016 • Filed on Jan 13, 2017

18927 Hickory Creek Drive No 300Mokena, IL 60448

(317) 271-8888

Siviq Scores

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

Liabilities / Assets

76th percentile

0.43x

Higher debt load relative to assets than 76% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2016

Liabilities / Revenue

87th percentile

1.38x

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

2016 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2016

Net Margin

95th percentile

64%

Higher net margin than 95% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2016

Top Officer Pay

100th percentile

$2,611,239

Higher top officer pay than 100% of similar nonprofits.

Top officer pay equals 200.2% of source-year revenue.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2016

Asset Growth

94th percentile

69%

Faster asset growth than 94% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2015 to 2016

Revenue Growth

97th percentile

247%

Faster revenue growth than 97% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2015 to 2016

Assets

Up

$4,197,993

Up $1,715,508 (+69%) from 2015

Net Assets

Up

$2,403,911

Up $833,115 (+53%) from 2015

Liabilities

Up

$1,794,082

Up $882,393 (+97%) from 2015

Revenue

Up

$1,304,408

Up $928,165 (+247%) from 2015

Expenses

Up

$471,293

Up $25,666 (+5.8%) from 2015

Net Income

Up

$833,115

Up $902,499 (+1301%) from 2015

Historical Trend

Balance Sheet Trend

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

$6.0M$4.0M$2.0M$0-$2.0MAssets 2012: $611,268Liabilities 2012: $1,162,244Net Assets 2012: -$550,9762012Assets 2013: $1,795,974Liabilities 2013: $1,174,326Net Assets 2013: $621,6482013Assets 2014: $2,622,757Liabilities 2014: $982,577Net Assets 2014: $1,640,1802014Assets 2015: $2,482,485Liabilities 2015: $911,689Net Assets 2015: $1,570,7962015Assets 2016: $4,197,993Liabilities 2016: $1,794,082Net Assets 2016: $2,403,9112016Assets 2018: $5,083,100Liabilities 2018: $636,790Net Assets 2018: $4,446,3102018Assets 2019: $4,880,665Liabilities 2019: $532,977Net Assets 2019: $4,347,6882019Assets 2020: $4,670,646Liabilities 2020: $399,477Net Assets 2020: $4,271,1692020Assets 2021: $4,435,488Liabilities 2021: $279,244Net Assets 2021: $4,156,2442021Assets 2022: $4,251,296Liabilities 2022: $147,182Net Assets 2022: $4,104,1142022Assets 2023: $4,153,322Liabilities 2023: $121,349Net Assets 2023: $4,031,9732023Assets 2024: $4,070,390Liabilities 2024: $83,109Net Assets 2024: $3,987,2812024

Highlighted filing

2016

Assets$4,197,993
Liabilities$1,794,082
Net Assets$2,403,911

Operations Trend

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

$1.5M$1.0M$500K$0-$500KExpenses 2012: $342,2922012Expenses 2013: $329,3962013Revenue 2014: $1,470,436Expenses 2014: $442,927Net Income 2014: $1,027,5092014Revenue 2015: $376,243Expenses 2015: $445,627Net Income 2015: -$69,3842015Revenue 2016: $1,304,408Expenses 2016: $471,293Net Income 2016: $833,1152016Revenue 2018: $825,261Expenses 2018: $582,155Net Income 2018: $243,1062018Revenue 2019: $499,191Expenses 2019: $597,813Net Income 2019: -$98,6222019Revenue 2020: $505,292Expenses 2020: $581,811Net Income 2020: -$76,5192020Revenue 2021: $459,956Expenses 2021: $574,881Net Income 2021: -$114,9252021Revenue 2022: $528,611Expenses 2022: $580,741Net Income 2022: -$52,1302022Revenue 2023: $469,999Expenses 2023: $542,140Net Income 2023: -$72,1412023Revenue 2024: $571,066Expenses 2024: $615,758Net Income 2024: -$44,6922024

Highlighted filing

2016

Revenue$1,304,408
Expenses$471,293
Net Income$833,115
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
Jan 13, 2017
Return Version
2015v3.0
Gross Receipts
$1,304,888
Mission and Program Overview

Mission

Provide affordable housing facilities for low-income elderly and handicapped individuals.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,342,566$2,220,284▼ $122,282
Cash and Non-Interest-Bearing Accounts$5,790$757,449▲ $751,659
Accounts Receivable$845$179,556▲ $178,711
Investments Program Related$116,441$112,675▼ $3,766
Total Assets$2,482,485$4,197,993▲ $1,715,508
Other Assets Total$16,843$928,029▲ $911,186
Liabilities
Other Liabilities$16,785$988,944▲ $972,159
Mortgage Notes Payable Secured by Investment Property$861,468$776,668▼ $84,800
Accounts Payable and Accrued Expenses$33,364$28,464▼ $4,900
Deferred Revenue$72$6▼ $66
Total Liabilities$911,689$1,794,082▲ $882,393
Net Assets / Fund Balance
Unrestricted Net Assets$1,570,796$2,403,911▲ $833,115
Total Net Assets Fund Balance$1,570,796$2,403,911▲ $833,115
Total Liabilities and Net Assets / Fund Balance$2,482,485$4,197,993▲ $1,715,508

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,009,905$1,281,632$3,291,537
Equipment$142,098$323,876$465,974
Land$68,281-$68,281
Other Land Buildings$0$10,565$10,565
Other Assets Org$910,644--
Compensation and Service Providers

Employees

NameTitleOtherTotal
Jean BlakeSystem CEO Appointee/director Ex-officio$441,692$441,692

Board Members and Trustees

NameTitle
Sister Marie Mason SscmChair/director
Sallie MillerVice Chair/director
Joseph G HugarCEO/director Ex-officio
Dr James HagenDirector
Florida FreemanDirector
John LarsonDirector
Lawrence Pankau MdDirector
Lucia JonesDirector
Michael GordonDirector
Nancy DowdDirector
Phyllis NicholsDirector
Susan a EnrightDirector
Theresa KwiatkowskiDirector
Tim PhillippeDirector
Tom SmithDirector
Jean BlakeSystem CEO Appointee/director Ex-off
Julie RoknichAssistant Secretary
Patrick QuinnAssistant Treasurer
Jeannie C FreySecretary
Anthony J FilerTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,145,239
Program Service Revenue
$158,245
Investment Income
$-183
Other Revenue
$1,107
Change in Net Assets
$833,115

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,304,888
Revenue Not Reported on Financial Statements
$-480
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$-480
Total Revenue per Audited Statements
$1,304,888
Total Revenue per Form 990
$1,304,408
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$471,293
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$155,446--$155,446
Depreciation Depletion$128,850--$128,850
Interest$74,919--$74,919
Fees for Services Management-$26,668-$26,668
Fees for Services Accounting-$12,877-$12,877
Office Expenses$9,454--$9,454
Conferences and Meetings-$3,628-$3,628
Advertising$417--$417
Other Expenses$71--$71
Total Functional Expenses$428,120$43,173$0$471,293

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$471,773
Expenses per Audited Statements$471,293
Total Expenses per Form 990$471,293
Expenses Not Reported on Form 990$480
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
Construction Payable$972,295
Security Deposits$14,446
Accrued Mgmt Fee Payable$2,203
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
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

Governance Explanations

Form 990, Part VI, Section A, Line 3

Provena laverna terrace is managed by national church residences. National church residences has a project owner's and management agent's certification for multifamily housing projects with the u.s. Department of housing and urban development. Under this certification, hud has approved national church residences to manage the provena laverna terrace community. The management contract encompasses the day to day operations of the project including, but not limited to, collection of rents, maintenance of facilities, supervision of staff, and ongoing support for both the owners and tenants as needed in order to establish a safe, sanitary and affordable environment.

Form 990, Part VI, Section B, Line 11

The organization's officers & directors receive and review a copy of form 990 prior to filing the return.

Form 990, Part VI, Section C, Line 19

The organization makes its governing documents, financial statements and tax returns available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Provena Laverna Terrace
EIN
36-3438977
Phone
3172718888
Address
18927 HICKORY CREEK DRIVE NO 300, MOKENA, IL 60448

Signing Officer

Name
Joseph Hugar
Title
President
Phone
3172718888
Signed
2017-01-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michael Gordon
Formed
1982
Legal Domicile
In
Voting Board Members
3
Independent Board Members
0
Employees
0
Volunteers
11

Preparer

Firm
DAUBY O'CONNOR & ZALESKI LLC
Address
501 CONGRESSIONAL BLVD STE 300, CARMEL, IN 46032
Preparer
Jessica Cooper
Phone
3178485700
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 2C:

The organization's officers and directors are responsible for overseeing the audit process, reviewing the financial statements and for the selection of an independent accountant.

Financial Statement Notes

PART X, LINE 2:

The corporation is exempt from federal income tax under section 501(c)(3) of the internal revenue code and state income tax and has been classified as an other than private foundation. Accordingly, no provision for federal and state taxes on revenue and income has been recognized in the accompanying financial statements. Generally, the federal and state tax returns were subject to examinations from the three years after the later of the original or extended due date or the date filed by the applicable tax authority.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Book/tax difference gain/loss on dispoasl -480.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Book/tax difference in gain/loss on disposal 480.

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