Civic Intelligence

Independence Square Apartments Inc.

990 • Fiscal year 2014 • EIN 38-2581584

Jan 01, 2014 to Dec 31, 2014 • Filed on Mar 17, 2015

Organization ProfileN/A
3051 Commerce DriveRoom/Suite Ste 5Fort Gratiot, MI 48059

(810) 385-4463

Siviq Scores

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

Liabilities / Assets

97th percentile

2.59x

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

2014 filings • 501(c)3 • <$500k nonprofits • Source year 2014

Liabilities / Revenue

99th percentile

5.17x

Higher debt load relative to revenue than 99% of similar nonprofits.

2014 filings • 501(c)3 • <$500k nonprofits • Source year 2014

Net Margin

14th percentile

-23%

Higher net margin than 14% of similar nonprofits.

2014 filings • 501(c)3 • <$500k nonprofits • Source year 2014

Top Officer Pay

74th percentile

$0

Higher top officer pay than 74% of similar nonprofits.

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

2014 filings • 501(c)3 • <$500k nonprofits • Source year 2014

Asset Growth

26th percentile

-13%

Faster asset growth than 26% of similar nonprofits.

2014 filings • 501(c)3 • <$500k nonprofits • Annualized from 2013 to 2014

Revenue Growth

92nd percentile

93%

Faster revenue growth than 92% of similar nonprofits.

2014 filings • 501(c)3 • <$500k nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets97th percentile

Assets

Down

$174,590

Down $25,691 (-13%) from 2013

Net Assets

Down

-$278,209

Down $20,547 (-8.0%) from 2013

Liabilities

Down

$452,799

Down $5,144 (-1.1%) from 2013

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin14th percentile

Revenue

Up

$87,510

Up $42,207 (+93%) from 2013

Expenses

Up

$108,057

Up $3,412 (+3.3%) from 2013

Net Income

Up

-$20,547

Up $38,795 (+65%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth26th percentile

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

$500K$0-$500KAssets 2010: $313,633Liabilities 2010: $471,006Net Assets 2010: -$157,3732010Assets 2011: $285,249Liabilities 2011: $464,474Net Assets 2011: -$179,2252011Assets 2012: $268,764Liabilities 2012: $467,084Net Assets 2012: -$198,3202012Assets 2013: $200,281Liabilities 2013: $457,943Net Assets 2013: -$257,6622013Assets 2014: $174,590Liabilities 2014: $452,799Net Assets 2014: -$278,2092014Assets 2015: $147,161Liabilities 2015: $455,140Net Assets 2015: -$307,9792015Assets 2016: $125,625Liabilities 2016: $450,008Net Assets 2016: -$324,3832016Assets 2017: $117,333Liabilities 2017: $448,284Net Assets 2017: -$330,9512017Assets 2018: $108,278Liabilities 2018: $434,173Net Assets 2018: -$325,8952018Assets 2019: $98,746Liabilities 2019: $427,632Net Assets 2019: -$328,8862019Assets 2020: $85,792Liabilities 2020: $409,953Net Assets 2020: -$324,1612020Assets 2021: $187,607Liabilities 2021: $390,188Net Assets 2021: -$202,5812021Assets 2022: $181,887Liabilities 2022: $376,604Net Assets 2022: -$194,7172022Assets 2023: $170,257Liabilities 2023: $364,897Net Assets 2023: -$194,6402023Assets 2024: $163,866Liabilities 2024: $351,450Net Assets 2024: -$187,5842024Assets 2025: $164,620Liabilities 2025: $340,144Net Assets 2025: -$175,5242025

Highlighted filing

2014

Assets$174,590
Liabilities$452,799
Net Assets-$278,209
Open 2014 Filing

Operations Trend

Revenue Growth92nd percentile

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

$150K$100K$50K$0-$50K-$100KExpenses 2010: $96,7852010Expenses 2011: $107,2102011Expenses 2012: $107,3102012Revenue 2013: $45,303Expenses 2013: $104,645Net Income 2013: -$59,3422013Revenue 2014: $87,510Expenses 2014: $108,057Net Income 2014: -$20,5472014Revenue 2015: $87,414Expenses 2015: $117,184Net Income 2015: -$29,7702015Revenue 2016: $88,359Expenses 2016: $104,763Net Income 2016: -$16,4042016Revenue 2017: $85,905Expenses 2017: $92,473Net Income 2017: -$6,5682017Revenue 2018: $91,725Expenses 2018: $86,669Net Income 2018: $5,0562018Revenue 2019: $92,225Expenses 2019: $95,216Net Income 2019: -$2,9912019Revenue 2020: $96,463Expenses 2020: $91,738Net Income 2020: $4,7252020Revenue 2021: $97,549Expenses 2021: $79,876Net Income 2021: $17,6732021Revenue 2022: $99,187Expenses 2022: $91,323Net Income 2022: $7,8642022Revenue 2023: $101,574Expenses 2023: $101,497Net Income 2023: $772023Revenue 2024: $104,161Expenses 2024: $97,105Net Income 2024: $7,0562024Revenue 2025: $107,763Expenses 2025: $95,703Net Income 2025: $12,0602025

Highlighted filing

2014

Revenue$87,510
Expenses$108,057
Net Income-$20,547
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Mar 17, 2015
Return Version
2014v5.0
Gross Receipts
$87,510
Mission and Program Overview

Mission

To provide low income, handicapped housing to adult individuals.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$158,203$136,472▼ $21,731
Savings and Temporary Cash Investments$32,703$34,271▲ $1,568
Cash and Non-Interest-Bearing Accounts$3,318$1,480▼ $1,838
Accounts Receivable$1,270$373▼ $897
Total Assets$200,281$174,590▼ $25,691
Other Assets Total$4,787$1,994▼ $2,793
Liabilities
Mortgage Notes Payable Secured by Investment Property$450,809$445,325▼ $5,484
Accounts Payable and Accrued Expenses$4,176$4,842▲ $666
Other Liabilities$2,205$1,994▼ $211
Deferred Revenue$753$638▼ $115
Total Liabilities$457,943$452,799▼ $5,144
Net Assets / Fund Balance
Unrestricted Net Assets$-257,662$-278,209▼ $20,547
Total Net Assets Fund Balance$-257,662$-278,209▼ $20,547
Total Liabilities and Net Assets / Fund Balance$200,281$174,590▼ $25,691

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$126,016$401,284$527,300
Land$10,456-$10,456
Equipment-$1,212$1,212
Compensation and Service Providers
Top Officer Pay74th percentile

Board Members and Trustees

NameTitle
Helen RuffingPresident
Harry OldenburgBoard Member
Judy WorthingtonBoard Member
Peter MallerySecretary
Frank BaconTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$77,622
Program Service Revenue
$9,844
Investment Income
$44
Other Revenue
$0
Change in Net Assets
$-20,547

Audited Revenue Reconciliation

Revenue per Audited Statements
$87,510
Total Revenue per Audited Statements
$87,510
Total Revenue per Form 990
$87,510
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$108,057
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
Interest$29,575--$29,575
Occupancy$25,157--$25,157
Depreciation Depletion$21,731--$21,731
Fees for Services Accounting-$11,470-$11,470
Fees for Services Other-$7,843-$7,843
Insurance$5,424--$5,424
Fees for Services Management-$4,512-$4,512
Office Expenses-$995-$995
Other Expenses$1,230$120-$120
Total Functional Expenses$83,117$24,940$0$108,057

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$108,057
Total Expenses per Audited Statements$108,057
Total Expenses per Form 990$108,057
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 Security Deposits$1,994
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“The board of directors will receive and review the completed 990 prior to submission to the irs.”

Form 990, Page 6, Part VI, Line 12C

“The by-laws of the organization state the following: section 1: board of directors, no duality of interest or conflict of interest on the part of any member of the board of directors shall be allowed. Section 2: others, the officers, administrative staff members, employees, volunteers, and staff members with administrative responsibilities shall exercise the utmost good faith in all transactions in which they are involved in the course of their duties for the corporation. In their dealings with and on behalf of the corporation they shall be held to a strict standard of honest and fair dealings between themselves and the corporation. They shall not use their position or any knowledge gained therefrom in such a way that a conflict may arise between the interest of the corporation and that of the individual. All acts of such persons shall be for the best interest of the corporation. Such persons shall not accept any gift, favor, or hospitality that will influence their decisions or actions which affect the corporation. Any duality of interest or possible conflict of interest on the part of officers, amdinistrative staff members, employees and staff members with administrative responsibilities shall be disclosed and made a matter of record through annual reporting procedures or when the interest is involved in matters for action by such persons.”

Form 990, Page 6, Part VI, Line 19

“Documents are available for review upon request.”

Filing and Contact Details

Filer

Filer Name
Independence Square Apartments Inc
EIN
38-2581584
Phone
8103854463
Address
3051 COMMERCE DRIVE, ROOM/SUITE STE 5, FORT GRATIOT, MI 48059

Signing Officer

Name
Helen Ruffing
Title
President
Phone
8103854463
Signed
2015-03-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Helen Ruffing
Formed
1985
Legal Domicile
Mi
Voting Board Members
5
Independent Board Members
5
Employees
0

Preparer

Firm
Stewart Beauvais & Whipple Pc
Address
1979 HOLLAND AVE SUITE A, PORT HURON, MI 48060-8639
Preparer
Christine I Latour CPA Mst
Phone
8109843829
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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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE BOARD OF DIRECTORS WILL RECEIVE AND REVIEW THE COMPLETED 990 PRIOR TO SUBMISSION TO THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BY-LAWS OF THE ORGANIZATION STATE THE FOLLOWING: SECTION 1: BOARD OF DIRECTORS, NO DUALITY OF INTEREST OR CONFLICT OF INTEREST ON THE PART OF ANY MEMBER OF THE BOARD OF DIRECTORS SHALL BE ALLOWED. SECTION 2: OTHERS, THE OFFICERS, ADMINISTRATIVE STAFF MEMBERS, EMPLOYEES, VOLUNTEERS, AND STAFF MEMBERS WITH ADMINISTRATIVE RESPONSIBILITIES SHALL EXERCISE THE UTMOST GOOD FAITH IN ALL TRANSACTIONS IN WHICH THEY ARE INVOLVED IN THE COURSE OF THEIR DUTIES FOR THE CORPORATION. IN THEIR DEALINGS WITH AND ON BEHALF OF THE CORPORATION THEY SHALL BE HELD TO A STRICT STANDARD OF HONEST AND FAIR DEALINGS BETWEEN THEMSELVES AND THE CORPORATION. THEY SHALL NOT USE THEIR POSITION OR ANY KNOWLEDGE GAINED THEREFROM IN SUCH A WAY THAT A CONFLICT MAY ARISE BETWEEN THE INTEREST OF THE CORPORATION AND THAT OF THE INDIVIDUAL. ALL ACTS OF SUCH PERSONS SHALL BE FOR THE BEST INTEREST OF THE CORPORATION. SUCH PERSONS SHALL NOT ACCEPT ANY GIFT, FAVOR, OR HOSPITALITY THAT WILL INFLUENCE THEIR DECISIONS OR ACTIONS WHICH AFFECT THE CORPORATION. ANY DUALITY OF INTEREST OR POSSIBLE CONFLICT OF INTEREST ON THE PART OF OFFICERS, AMDINISTRATIVE STAFF MEMBERS, EMPLOYEES AND STAFF MEMBERS WITH ADMINISTRATIVE RESPONSIBILITIES SHALL BE DISCLOSED AND MADE A MATTER OF RECORD THROUGH ANNUAL REPORTING PROCEDURES OR WHEN THE INTEREST IS INVOLVED IN MATTERS FOR ACTION BY SUCH PERSONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2DOCUMENTS ARE AVAILABLE FOR REVIEW UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19
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IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt1BLUE RIVER HOUSING CORP
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ReturnHeader/BuildTS02016-03-07 17:11:31Z
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ReturnHeader/BusinessOfficerGrp/SignatureDt02015-03-17
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0INDEPENDENCE SQUARE APARTMENTS INC
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$174,590
Liabilities
$452,799
Net assets
-$278,209
Revenue
$87,510
Expenses
$108,057
Net income
-$20,547
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$1.65$3.40$1.76$1.08$0.96$0.12
2024Detailed filing. Detailed filing data is available for this year.$1.64$3.51$1.88$1.04$0.97$0.07
2023Detailed filing. Detailed filing data is available for this year.$1.70$3.65$1.95$1.02$1.01$0.00
2022Detailed filing. Detailed filing data is available for this year.$1.82$3.77$1.95$0.99$0.91$0.08
2021Detailed filing. Detailed filing data is available for this year.$1.88$3.90$2.03$0.98$0.80$0.18
2020Detailed filing. Detailed filing data is available for this year.$0.86$4.10$3.24$0.96$0.92$0.05
2019Detailed filing. Detailed filing data is available for this year.$0.99$4.28$3.29$0.92$0.95$0.03
2018Detailed filing. Detailed filing data is available for this year.$1.08$4.34$3.26$0.92$0.87$0.05
2017Detailed filing. Detailed filing data is available for this year.$1.17$4.48$3.31$0.86$0.92$0.07
2016Detailed filing. Detailed filing data is available for this year.$1.26$4.50$3.24$0.88$1.05$0.16
2015Detailed filing. Detailed filing data is available for this year.$1.47$4.55$3.08$0.87$1.17$0.30
2014Detailed filing. Detailed filing data is available for this year.$1.75$4.53$2.78$0.88$1.08$0.21
2013Detailed filing. Detailed filing data is available for this year.$2.00$4.58$2.58$0.45$1.05$0.59
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.69$4.67$1.98$1.07
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.85$4.64$1.79$1.07
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.14$4.71$1.57$0.97
Peer Organizations

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