Civic Intelligence

Psm Development Corporation

EIN 36-3762965 • 501(c)3 • Chicago, IL

Profile

Low income housing development and support of providence st. Mel school

119 S Central Park BlvdChicago, IL 60624

n/A

Siviq Scores

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

Liabilities / Assets

Score unavailable

No value available

Liabilities-to-assets requires both liabilities and assets on the latest valid filing.

Source year 2019

Liabilities / Revenue

Score unavailable

No value available

Liabilities-to-revenue requires both liabilities and revenue on the latest valid filing.

Source year 2019

Net Margin

Score unavailable

No value available

Net margin requires both revenue and expenses on the latest valid filing.

Source year 2019

Top Officer Pay

99th percentile

$224,424

Higher top officer pay than 99% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2019

Asset Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2017 to 2019

Revenue Growth

3rd percentile

-100%

Faster revenue growth than 3% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2017 to 2019

Balance Sheet
Liabilities / AssetsScore unavailable

Assets

Flat

$0

Flat from 2017

Liabilities

Up

$875,584

Up $653,128 (+294%) from 2017

Net Assets

Down

-$875,584

Down $653,128 (-294%) from 2017

Operations
Liabilities / RevenueScore unavailableNet MarginScore unavailable

Revenue

Down

$0

Down $16 (-100%) from 2017

Expenses

Up

$106,769

Up $63,417 (+146%) from 2017

Net Income

Down

-$106,769

Down $63,433 (-146%) from 2017

Trend Graphs

Balance Sheet Trend

Asset GrowthScore unavailable

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

$2.0M$1.0M$0-$1.0MAssets 2011: $1,387,188Liabilities 2011: $1,509,458Net Assets 2011: -$122,2702011Assets 2012: $1,392,877Liabilities 2012: $1,494,848Net Assets 2012: -$101,9712012Assets 2013: $0Liabilities 2013: $91,790Net Assets 2013: -$91,7902013Assets 2014: $0Liabilities 2014: $118,305Net Assets 2014: -$118,3052014Assets 2015: $0Liabilities 2015: $148,268Net Assets 2015: -$148,2682015Assets 2016: $0Liabilities 2016: $179,120Net Assets 2016: -$179,1202016Assets 2017: $0Liabilities 2017: $222,456Net Assets 2017: -$222,4562017Assets 2019: $0Liabilities 2019: $875,584Net Assets 2019: -$875,5842019

Highlighted filing

2019

Assets$0
Liabilities$875,584
Net Assets-$875,584
Open 2019 Filing

Operations Trend

Revenue Growth3rd percentile

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

$200K$100K$0-$100K-$200KExpenses 2011: $68,4792011Expenses 2012: $02012Revenue 2013: $10,181Expenses 2013: $0Net Income 2013: $10,1812013Revenue 2014: $33Expenses 2014: $26,548Net Income 2014: -$26,5152014Revenue 2015: $29Expenses 2015: $29,992Net Income 2015: -$29,9632015Revenue 2016: $21Expenses 2016: $30,873Net Income 2016: -$30,8522016Revenue 2017: $16Expenses 2017: $43,352Net Income 2017: -$43,3362017Revenue 2019: $0Expenses 2019: $106,769Net Income 2019: -$106,7692019

Highlighted filing

2019

Revenue$0
Expenses$106,769
Net Income-$106,769
Open 2019 Filing

Filings

Most recent year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$0
Liabilities
$875,584
Net assets
-$875,584
Revenue
$0
Expenses
$106,769
Net income
-$106,769
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2019Detailed filing. Detailed filing data is available for this year.$0.00$0.88$0.88$0.00$0.11$0.11
2017Detailed filing. Detailed filing data is available for this year.$0.00$0.22$0.22$0.00$0.04$0.04
2016Detailed filing. Detailed filing data is available for this year.$0.00$0.18$0.18$0.00$0.03$0.03
2015Detailed filing. Detailed filing data is available for this year.$0.00$0.15$0.15$0.00$0.03$0.03
2014Detailed filing. Detailed filing data is available for this year.$0.00$0.12$0.12$0.00$0.03$0.03
2013XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.00$0.09$0.09$0.01$0.00$0.01
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.39$1.49$0.10$0.00
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.39$1.51$0.12$0.07
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Jul 14, 2020
Return Version
2018v3.1
Gross Receipts
$0
Mission and Program Overview

Mission

Low income housing development and support of providence st. Mel school

Low income housing development and support of Providence St Mel School.

Balance Sheet Detail
LineBeginningEndChange
Assets
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0--
Investments Program Related$0--
Land, Buildings, and Equipment, Net-$0-
Loans From Officers Directors-$0-
Other Assets Total$0$0→ $0
Total Assets$0$0→ $0
Liabilities
Other Liabilities$768,815$875,584▲ $106,769
Total Liabilities$768,815$875,584▲ $106,769
Net Assets / Fund Balance
Unrestricted Net Assets$-768,815$-875,584▼ $106,769
Total Net Assets Fund Balance$-768,815$-875,584▼ $106,769
Total Liabilities and Net Assets / Fund Balance$0$0→ $0
Compensation and Service Providers
Top Officer Pay99th percentile

Employees

NameTitleOtherTotal
-Board President$224,424$224,424

Board Members and Trustees

NameTitle
-Board Member
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-106,769
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$106,769
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
Other Expenses$106,769--$106,769
Total Functional Expenses$106,769$0$0$106,769
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees-$0-
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Investment in EGPPLP$875,584
Governance and Compliance

Governance Checklist

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

Governance Explanations

Form 990, Part VI, Line 11B Review of form 990 by governing body

“The business manager and finance committee chair review a draft of the form 990 prepared by the outside cpa firm, with assistance from management. A final copy of the return is provided to all board members for review prior to filing.”

Form 990, Part VI, Line 12C Conflict of interest policy

“PSM Development Corporation FOLLOWS THE CONFLICT OF INTEREST POLICY OF ITS RELATED ORGANIZATION, PROVIDENCE ST. MEL SCHOOL. ANNUALLY, DIRECTORS AND OFFICERS SIGN A CONFLICT OF INTEREST FORM AND DISCLOSE AREAS OF POTENTIAL CONFLICT. THESE FORMS ARE REVIEWED BY THE BOARD CHAIR AND PRESIDENT. POTENTIAL CONFLICTS ARISING DURING THE YEAR ARE ALSO REVIEWED BY THE BOARD CHAIR AND PRESIDENT, WHEN REQUIRED. IF FURTHER ACTION NEEDS TO BE TAKEN, THE ISSUE IS BROUGHT BEFORE THE EXECUTIVE COMMITTEE AND IF NECESSARY, THE FULL BOARD.”

Form 990, Part VI, Line 19 Required documents available to the public

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public to the extent provided by law.”

Filing and Contact Details

Filer

Filer Name
PSM Development Corporation
EIN
36-3762965
Phone
7732652202
Address
119 S Central Park Blvd, Chicago, IL 60624

Signing Officer

Name
Paul J Adams III
Title
President
Signed
2020-07-14
Discuss with paid preparer
Yes

Organization Details

Formed
1991
Legal Domicile
Il
Voting Board Members
3
Independent Board Members
2
Employees
0
Volunteers
0

Preparer

Firm
Crowe Llp
Address
225 West Wacker Drive Suite 2600, Chicago, IL 60606-1224
Preparer
Jennifer R Burke
Phone
3128997000
Supplemental Narrative

Financial Statement Notes

Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote

“PSM Development Corporation is exempt from federal income tax under Section 501(c)(3) of the Code. However, income from certain activities not directly related to PSM Development Corporation's tax-exempt purpose, including taxable income generated by EGPPLP, is subject to taxation as unrelated business income. In addition, PSM Development Corporation qualifies for the charitable contribution deduction under Section 170(b)(1)(A) and has been classified as an organization other than a private foundation under Section 509(a)(2) of the Code. Management has determined there are no material uncertain positions that require recognition in the financial statements. There are no interest or penalties recognized in the statements of activities or statements of financial position”

Raw XML Appendix390 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.

Path#Value
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IRS990/Form990PartVIISectionAGrp/TitleTxt1Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt2BOARD MEMBER
IRS990/Form990ProvidedToGvrnBodyInd0true
IRS990/FormationYr01991
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IRS990/GainOrLossGrp/SecuritiesAmt00
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IRS990/InvestmentInJointVentureInd0true
IRS990/InvestmentsOtherSecuritiesGrp/BOYAmt00
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IRS990/IRPDocumentCnt00
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IRS990/LegalDomicileStateCd0IL
IRS990/LoanOutstandingInd0false
IRS990/LoansFromOfficersDirectorsGrp/EOYAmt00
IRS990/LobbyingActivitiesInd0false
IRS990/LocalChaptersInd0false
IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
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IRS990/MiscellaneousRevenueGrp/ExclusionAmt00
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IRS990/MiscellaneousRevenueGrp/UnrelatedBusinessRevenueAmt00
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IRS990/MoreThan5000KToIndividualsInd0false
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IRS990/NetAssetsOrFundBalancesBOYAmt0-768815
IRS990/NetAssetsOrFundBalancesEOYAmt0-875584
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0PSM Development Corporation is exempt from federal income tax under Section 501(c)(3) of the Code. However, income from certain activities not directly related to PSM Development Corporation's tax-exempt purpose, including taxable income generated by EGPPLP, is subject to taxation as unrelated business income. In addition, PSM Development Corporation qualifies for the charitable contribution deduction under Section 170(b)(1)(A) and has been classified as an organization other than a private foundation under Section 509(a)(2) of the Code. Management has determined there are no material uncertain positions that require recognition in the financial statements. There are no interest or penalties recognized in the statements of activities or statements of financial position
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE BUSINESS MANAGER AND FINANCE COMMITTEE CHAIR REVIEW A DRAFT OF THE FORM 990 PREPARED BY THE OUTSIDE CPA FIRM, WITH ASSISTANCE FROM MANAGEMENT. A FINAL COPY OF THE RETURN IS PROVIDED TO ALL BOARD MEMBERS FOR REVIEW PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1PSM Development Corporation FOLLOWS THE CONFLICT OF INTEREST POLICY OF ITS RELATED ORGANIZATION, PROVIDENCE ST. MEL SCHOOL. ANNUALLY, DIRECTORS AND OFFICERS SIGN A CONFLICT OF INTEREST FORM AND DISCLOSE AREAS OF POTENTIAL CONFLICT. THESE FORMS ARE REVIEWED BY THE BOARD CHAIR AND PRESIDENT. POTENTIAL CONFLICTS ARISING DURING THE YEAR ARE ALSO REVIEWED BY THE BOARD CHAIR AND PRESIDENT, WHEN REQUIRED. IF FURTHER ACTION NEEDS TO BE TAKEN, THE ISSUE IS BROUGHT BEFORE THE EXECUTIVE COMMITTEE AND IF NECESSARY, THE FULL BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC TO THE EXTENT PROVIDED BY LAW.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 11b Review of form 990 by governing body
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 12c Conflict of interest policy
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 19 Required documents available to the public
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ReturnHeader/BuildTS02021-01-29 14:40:06Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0Paul J Adams III
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0President
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-07-14
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0PSM Development Corporation
ReturnHeader/Filer/BusinessNameControlTxt0PSMD
ReturnHeader/Filer/EIN0363762965
ReturnHeader/Filer/PhoneNum07732652202
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ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0350921680
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0CROWE LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0225 West Wacker Drive Suite 2600
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Chicago
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0IL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0606061224
ReturnHeader/PreparerPersonGrp/PhoneNum03128997000
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Jennifer R Burke
ReturnHeader/ReturnTs02020-07-14T18:01:12-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02018-07-01
ReturnHeader/TaxPeriodEndDt02019-06-30
ReturnHeader/TaxYr02018

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