Civic Intelligence

Lake View Towers Residents Association Inc.

990 • Fiscal year 2016 • EIN 36-3971142

Jan 01, 2016 to Dec 31, 2016 • Filed on May 15, 2017

Organization ProfileN/A
C/O Lmci 5618 N Milwaukee AveChicago, IL 60646

(773) 286-5400

Siviq Scores

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

Liabilities / Assets

96th percentile

1.13x

Higher debt load relative to assets than 96% of similar nonprofits.

2016 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2016

Liabilities / Revenue

94th percentile

5.88x

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

2016 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2016

Net Margin

20th percentile

-6.3%

Higher net margin than 20% of similar nonprofits.

2016 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2016

Top Officer Pay

7th percentile

$0

Higher top officer pay than 7% of similar nonprofits.

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

2016 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2016

Asset Growth

Score unavailable

No value available

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

Source year 2016

Revenue Growth

Score unavailable

No value available

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

Source year 2016

Balance Sheet
Liabilities / Assets96th percentile

Assets

$36,342,218

No earlier filing loaded for comparison.

Net Assets

-$4,705,908

No earlier filing loaded for comparison.

Liabilities

$41,048,126

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue94th percentileNet Margin20th percentile

Revenue

$6,982,164

No earlier filing loaded for comparison.

Expenses

$7,421,231

No earlier filing loaded for comparison.

Net Income

-$439,067

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

$100M$50M$0-$50MAssets 2016: $36,342,218Liabilities 2016: $41,048,126Net Assets 2016: -$4,705,9082016Assets 2017: $35,581,599Liabilities 2017: $40,570,254Net Assets 2017: -$4,988,6552017Assets 2018: $35,412,357Liabilities 2018: $40,249,920Net Assets 2018: -$4,837,5632018Assets 2019: $60,938,090Liabilities 2019: $66,912,856Net Assets 2019: -$5,974,7662019Assets 2020: $60,286,859Liabilities 2020: $66,347,560Net Assets 2020: -$6,060,7012020Assets 2021: $58,558,713Liabilities 2021: $64,951,733Net Assets 2021: -$6,393,0202021Assets 2022: $45,962,939Liabilities 2022: $64,018,050Net Assets 2022: -$18,055,1112022Assets 2023: $45,032,987Liabilities 2023: $63,483,377Net Assets 2023: -$18,450,3902023Assets 2024: $43,298,271Liabilities 2024: $61,466,373Net Assets 2024: -$18,168,1022024

Highlighted filing

2016

Assets$36,342,218
Liabilities$41,048,126
Net Assets-$4,705,908
Open 2016 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$30M$20M$10M$0-$10M-$20MRevenue 2016: $6,982,164Expenses 2016: $7,421,231Net Income 2016: -$439,0672016Revenue 2017: $6,991,909Expenses 2017: $7,274,656Net Income 2017: -$282,7472017Revenue 2018: $7,313,114Expenses 2018: $7,162,022Net Income 2018: $151,0922018Revenue 2019: $9,247,590Expenses 2019: $8,955,663Net Income 2019: $291,9272019Revenue 2020: $9,028,041Expenses 2020: $9,113,976Net Income 2020: -$85,9352020Revenue 2021: $9,007,735Expenses 2021: $9,340,054Net Income 2021: -$332,3192021Revenue 2022: $9,205,558Expenses 2022: $20,867,649Net Income 2022: -$11,662,0912022Revenue 2023: $9,354,049Expenses 2023: $9,749,328Net Income 2023: -$395,2792023Revenue 2024: $10,686,240Expenses 2024: $10,403,952Net Income 2024: $282,2882024

Highlighted filing

2016

Revenue$6,982,164
Expenses$7,421,231
Net Income-$439,067
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
May 15, 2017
Return Version
2016v3.0
Gross Receipts
$6,982,164
Mission and Program Overview

Mission

To provide and maintain safe and affordable housing for low to moderate income individuals and families.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$33,494,385$32,736,376▼ $758,009
Intangible Assets$471,126$457,894▼ $13,232
Prepaid Expenses and Deferred Charges$150,627$149,442▼ $1,185
Cash and Non-Interest-Bearing Accounts$19,154$84,483▲ $65,329
Accounts Receivable$22,026$50,588▲ $28,562
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Inventories for Sale or Use-$0-
Total Assets$36,930,313$36,342,218▼ $588,095
Other Assets Total$2,772,995$2,863,435▲ $90,440
Liabilities
Mortgage Notes Payable Secured by Investment Property$38,745,121$38,253,992▼ $491,129
Other Liabilities$2,243,380$2,370,025▲ $126,645
Accounts Payable and Accrued Expenses$208,653$424,109▲ $215,456
Total Liabilities$41,197,154$41,048,126▼ $149,028
Net Assets / Fund Balance
Unrestricted Net Assets$-4,266,841$-4,705,908▼ $439,067
Total Net Assets Fund Balance$-4,266,841$-4,705,908▼ $439,067
Total Liabilities and Net Assets / Fund Balance$36,930,313$36,342,218▼ $588,095

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$31,001,769$21,682,868$52,684,637
Land$1,550,000-$1,550,000
Equipment$72,863$957,290$1,030,153
Other Land Buildings$53,199$386,532$439,731
Leasehold Improvements$58,545$31,518$90,063
Other Assets Org$231,682--
Compensation and Service Providers
Top Officer Pay7th percentile

Board Members and Trustees

NameTitle
Stephen SomuahPresident
Serafim KoganVice President
Lena McclellanDirector
Peter MaziyaDirector
Rashid ShaikhDirector
Valeda WilliamsDirector
Diane SantucciSecretary/Treas

Highest Paid Contractors

ContractorServicesLocationCompensation
Yale Enforcement Services INCSecurity3601 N BELT WEST, Belleville, IL 62226$437,885
Preza Construction INCConstruction3913 FARGO AVE, Slokie, IL 60076$422,253
Leasing & Management Company INCProperty Management5618 N MILWAUKEE AVE, Chicago, IL 60646$345,307
Combine Construction CoConstruction3715 W BELMONT AVE, Chicago, IL 60618$265,000
Masuda Funai Eifert & Mitchell LtdLegal203 NORTH LASALLE STREET STE 2500, Chicago, IL 60601$207,681
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$6,763,209
Investment Income
$1,049
Other Revenue
$217,906
Change in Net Assets
$-439,067

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,982,164
Total Revenue per Audited Statements
$6,982,164
Total Revenue per Form 990
$6,982,164
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$6,553,623
Salaries, Compensation, and Employee Benefits$867,608
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$2,010,746--$2,010,746
Interest$1,005,462--$1,005,462
All Other Expenses$915,982--$915,982
Other Salaries and Wages$665,484--$665,484
Fees for Services Management$345,307--$345,307
Fees for Services Legal$301,835--$301,835
Other Expenses$294,225--$294,225
Other Employee Benefits$138,949--$138,949
Insurance$127,057--$127,057
Office Expenses$75,350--$75,350
Payroll Taxes$63,175--$63,175
Fees for Services Accounting$9,255--$9,255
Advertising$565--$565
Total Functional Expenses$7,421,231$0$0$7,421,231

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$7,421,231
Total Expenses per Audited Statements$7,421,231
Total Expenses per Form 990$7,421,231
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

Loans and Receivables

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

Other Reported Liabilities

LiabilityAmount
Accrued Interest$1,777,796
Accrued Real Estate Taxes$318,700
Tenant Security Deposits$212,979
Accrued Management Fees$28,274
Prepaid Rents$18,006
Accrued Payroll$14,270
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
Yes
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, Line 3: Description of Delegated Duties to Management Company

“Property management of building owned by Association”

Form 990, Part VI, Line 11B: Form 990 Review Process

“Board is provided a review copy.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“Officers and directors are volunteers. Personnel are all employees of professional real estate management company that provides management services to the Association pursuant to an agreement approved by HUD.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“Available at Board's building office and from management company”

Filing and Contact Details

Filer

Filer Name
Lake View Towers
EIN
36-3971142
Phone
7732865400
Address
C/O LMCI 5618 N MILWAUKEE AVE, CHICAGO, IL 60646

Signing Officer

Name
Stephen Somuah
Title
President
Signed
2017-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Stephen Somuah
Formed
2004
Legal Domicile
Il
Voting Board Members
7
Independent Board Members
7
Employees
0
Volunteers
20

Preparer

Firm
Wieland & Company Inc Cpas
Address
201 HOUSTON STREET SUITE 301, BATAVIA, IL 60510
Preparer
Paul H Wieland CPA
Phone
6304064490
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 24E: Other Expenses

“: Column (A) - Total = $0; Column (B) - Program Services = $0; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E: Other Expenses

“: Column (A) - Total = $0; Column (B) - Program Services = $0; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E: Other Expenses

“: Column (A) - Total = $0; Column (B) - Program Services = $0; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E: Other Expenses

“BAD DEBTS (Net recoveries): Column (A) - Total = $13800; Column (B) - Program Services = $13800; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E: Other Expenses

“BOARD EXPENSES: Column (A) - Total = $40312; Column (B) - Program Services = $40312; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E: Other Expenses

“ELECTRICITY: Column (A) - Total = $143063; Column (B) - Program Services = $143063; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E: Other Expenses

“FITNESS ROOM EXPENSE: Column (A) - Total = $1671; Column (B) - Program Services = $1671; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E: Other Expenses

“GARBAGE REMOVAL: Column (A) - Total = $62541; Column (B) - Program Services = $62541; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E: Other Expenses

“GAS: Column (A) - Total = $239080; Column (B) - Program Services = $239080; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E: Other Expenses

“HVAC: Column (A) - Total = $25741; Column (B) - Program Services = $25741; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E: Other Expenses

“MISCELLANEOUS FINANCIAL: Column (A) - Total = $2682; Column (B) - Program Services = $2682; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E: Other Expenses

“MISCELLANEOUS OPERATING: Column (A) - Total = $1300; Column (B) - Program Services = $1300; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E: Other Expenses

“MISCELLANEOUS TAXES AND INSUR.: Column (A) - Total = $4635; Column (B) - Program Services = $4635; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E: Other Expenses

“MORTGAGE INSURANCE PREMIUMS: Column (A) - Total = $151817; Column (B) - Program Services = $151817; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E: Other Expenses

“OPERATING SUPPLIES: Column (A) - Total = $63960; Column (B) - Program Services = $63960; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E: Other Expenses

“OTHER RENTING EXPENSES: Column (A) - Total = $4974; Column (B) - Program Services = $4974; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E: Other Expenses

“RENT FREE UNIT, OPERATING: Column (A) - Total = $23382; Column (B) - Program Services = $23382; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E: Other Expenses

“SOCIAL PROGRAMMING: Column (A) - Total = $137024; Column (B) - Program Services = $137024; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Financial Statement Notes

Part X : FIN48 Footnote

“The Organization is tax exempt under Internal Revenue Code Section 501 (c) (3), is classified as a public charity and has no unrelated business income. Accordingly, no provision for income taxes is reported. The financial statement effects of a tax position taken or expected to be taken are recognized when it is more likely than not, based on technical merits, that the position will be sustained upon examination. As of December 31, 2016, the Organization had no uncertain tax positions that qualify for recognition or disclosure in the financial statements.”

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IRS990/RegularMonitoringEnfrcInd0false
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0true
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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$36,342,218
Liabilities
$41,048,126
Net assets
-$4,705,908
Revenue
$6,982,164
Expenses
$7,421,231
Net income
-$439,067
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$43.3$61.5$18.2$10.7$10.4$0.28
2023Detailed filing. Detailed filing data is available for this year.$45.0$63.5$18.5$9.35$9.75$0.40
2022Detailed filing. Detailed filing data is available for this year.$46.0$64.0$18.1$9.21$20.9$11.7
2021Detailed filing. Detailed filing data is available for this year.$58.6$65.0$6.39$9.01$9.34$0.33
2020Detailed filing. Detailed filing data is available for this year.$60.3$66.3$6.06$9.03$9.11$0.09
2019Detailed filing. Detailed filing data is available for this year.$60.9$66.9$5.97$9.25$8.96$0.29
2018Detailed filing. Detailed filing data is available for this year.$35.4$40.2$4.84$7.31$7.16$0.15
2017Detailed filing. Detailed filing data is available for this year.$35.6$40.6$4.99$6.99$7.27$0.28
2016Detailed filing. Detailed filing data is available for this year.$36.3$41.0$4.71$6.98$7.42$0.44