Civic Intelligence

Summit Apartments Inc

990 • Fiscal year 2020 • EIN 39-1225718

Jan 01, 2020 to Dec 31, 2020 • Filed on May 18, 2021

Organization ProfileN/A
106 Arneson RoadBarneveld, WI 53507

(608) 341-8434

Siviq Scores

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

Liabilities / Assets

98th percentile

1.79x

Higher debt load relative to assets than 98% of similar nonprofits.

2020 filings • 501(c)4 • <$500k nonprofits • Source year 2020

Liabilities / Revenue

98th percentile

3.38x

Higher debt load relative to revenue than 98% of similar nonprofits.

2020 filings • 501(c)4 • <$500k nonprofits • Source year 2020

Net Margin

60th percentile

9.7%

Higher net margin than 60% of similar nonprofits.

2020 filings • 501(c)4 • <$500k nonprofits • Source year 2020

Top Officer Pay

86th percentile

$0

Higher top officer pay than 86% of similar nonprofits.

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

2020 filings • 501(c)4 • <$500k nonprofits • Source year 2020

Asset Growth

63rd percentile

7.1%

Faster asset growth than 63% of similar nonprofits.

2020 filings • 501(c)4 • <$500k nonprofits • Annualized from 2019 to 2020

Revenue Growth

76th percentile

5.8%

Faster revenue growth than 76% of similar nonprofits.

2020 filings • 501(c)4 • <$500k nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets98th percentile

Assets

Up

$478,135

Up $31,662 (+7.1%) from 2019

Net Assets

Up

-$379,272

Up $24,688 (+6.1%) from 2019

Liabilities

Up

$857,407

Up $6,974 (+0.8%) from 2019

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin60th percentile

Revenue

Up

$253,415

Up $13,822 (+5.8%) from 2019

Expenses

Down

$228,727

Down $15,470 (-6.3%) from 2019

Net Income

Up

$24,688

Up $29,292 (+636%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth63rd percentile

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

$1.0M$500K$0-$500KAssets 2010: $572,757Liabilities 2010: $758,241Net Assets 2010: -$185,4842010Assets 2011: $546,831Liabilities 2011: $772,096Net Assets 2011: -$225,2652011Assets 2012: $529,108Liabilities 2012: $784,561Net Assets 2012: -$255,4532012Assets 2013: $507,123Liabilities 2013: $796,229Net Assets 2013: -$289,1062013Assets 2014: $517,816Liabilities 2014: $825,495Net Assets 2014: -$307,6792014Assets 2015: $487,148Liabilities 2015: $814,828Net Assets 2015: -$327,6802015Assets 2016: $482,351Liabilities 2016: $824,277Net Assets 2016: -$341,9262016Assets 2017: $478,071Liabilities 2017: $831,707Net Assets 2017: -$353,6362017Assets 2018: $451,152Liabilities 2018: $850,508Net Assets 2018: -$399,3562018Assets 2019: $446,473Liabilities 2019: $850,433Net Assets 2019: -$403,9602019Assets 2020: $478,135Liabilities 2020: $857,407Net Assets 2020: -$379,2722020Assets 2021: $481,560Liabilities 2021: $851,494Net Assets 2021: -$369,9342021Assets 2022: $0Liabilities 2022: $0Net Assets 2022: $02022

Highlighted filing

2020

Assets$478,135
Liabilities$857,407
Net Assets-$379,272
Open 2020 Filing

Operations Trend

Revenue Growth76th percentile

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

$400K$200K$0-$200K-$400KExpenses 2010: $179,4872010Revenue 2011: $139,489Expenses 2011: $179,270Net Income 2011: -$39,7812011Expenses 2012: $185,6642012Revenue 2013: $185,809Expenses 2013: $219,462Net Income 2013: -$33,6532013Revenue 2014: $198,801Expenses 2014: $217,374Net Income 2014: -$18,5732014Revenue 2015: $226,723Expenses 2015: $246,724Net Income 2015: -$20,0012015Revenue 2016: $218,351Expenses 2016: $232,597Net Income 2016: -$14,2462016Revenue 2017: $220,314Expenses 2017: $232,024Net Income 2017: -$11,7102017Revenue 2018: $223,519Expenses 2018: $269,239Net Income 2018: -$45,7202018Revenue 2019: $239,593Expenses 2019: $244,197Net Income 2019: -$4,6042019Revenue 2020: $253,415Expenses 2020: $228,727Net Income 2020: $24,6882020Revenue 2021: $250,389Expenses 2021: $241,051Net Income 2021: $9,3382021Revenue 2022: -$187,948Expenses 2022: $119,256Net Income 2022: -$307,2042022

Highlighted filing

2020

Revenue$253,415
Expenses$228,727
Net Income$24,688
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
May 18, 2021
Return Version
2020v4.0
Gross Receipts
$253,415
Mission and Program Overview

Mission

To provide safe, affordable housing to low and moderate income senior citizens, and handicapped and disabled individuals.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$322,207$342,150▲ $19,943
Cash and Non-Interest-Bearing Accounts$85,324$98,726▲ $13,402
Prepaid Expenses and Deferred Charges$15,707$17,979▲ $2,272
Savings and Temporary Cash Investments$17,563$17,569▲ $6
Accounts Receivable$5,672$1,711▼ $3,961
Total Assets$446,473$478,135▲ $31,662
Liabilities
Mortgage Notes Payable Secured by Investment Property$686,051$683,218▼ $2,833
Other Liabilities$153,986$160,638▲ $6,652
Accounts Payable and Accrued Expenses$10,396$13,551▲ $3,155
Total Liabilities$850,433$857,407▲ $6,974
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-403,960$-379,272▲ $24,688
Total Net Assets Fund Balance$-403,960$-379,272▲ $24,688
Total Liabilities and Net Assets / Fund Balance$446,473$478,135▲ $31,662

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$296,661$1,005,567$1,302,228
Equipment$15,047$181,631$196,678
Land$30,442-$30,442
Compensation and Service Providers
Top Officer Pay86th percentile

Board Members and Trustees

NameTitle
Peggy JonesPresident
Arlene TheobaldDirector
Mary Ann BrindleyDirector
Pete DyresonDirector
Rowena KirschbaumSecretary
Ralph KleppeTreasurer
Robert SchallerVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$253,342
Investment Income
$73
Other Revenue
$0
Change in Net Assets
$24,688

Audited Revenue Reconciliation

Revenue per Audited Statements
$253,415
Total Revenue per Audited Statements
$253,415
Total Revenue per Form 990
$253,415
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$228,727
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$141,390--$141,390
Fees for Services Management$3,015$37,558-$40,573
Depreciation Depletion$21,543--$21,543
Fees for Services Accounting-$9,603-$9,603
Insurance$3,614--$3,614
Information Technology$2,299$803-$3,102
Fees for Services Legal-$2,822-$2,822
Other Expenses$2,420--$2,420
Advertising$2,009--$2,009
Office Expenses$1,357$294-$1,651
Total Functional Expenses$177,647$51,080$0$228,727

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$228,727
Total Expenses per Audited Statements$228,727
Total Expenses per Form 990$228,727
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
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accrued Interest$148,885
Security Deposit-tenant$8,634
Prepaid Rents$2,819
Security Deposit-pet$300
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
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, Page 6, Part VI, Line 3

“Wisconsin management company responsibilities include: 1)in case of any construction, direct liaison with contractor and general contractor; 2)market rental units, observe all requirements of the affirmative fair housing marketing plan and maintain all records related to rental compliance; 3)offer for rent, all units and maintain all records; 4)furnish all reports to any oversight agencies including rural development; 5)maintain accounting records of the organization; 6)enforce all leases; 7)maintain and repair the project; 8) make arrangements for all utilities; 8)keep project in compliance with all insurance requirements; 9)provide for the payment of all taxes, assesssments and government fees; 10)employ persons and/or services to perform duties and responsibilities at the project site; 11)maintain and safeguard the projects accounts and tenant security deposits.”

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

“The board of directors relies on the tax preparer for accruate reporting.”

Form 990, Page 6, Part VI, Line 19

“Governing documents are made available upon request.”

Filing and Contact Details

Filer

Filer Name
Summit Apartments Inc
EIN
39-1225718
Phone
6083418434
Address
106 ARNESON ROAD, BARNEVELD, WI 53507

Signing Officer

Name
Peggy Jones
Title
President
Phone
6089241016
Signed
2021-05-18
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Peggy Jones
Formed
1975
Legal Domicile
Wi
Voting Board Members
7
Independent Board Members
7
Employees
0

Preparer

Firm
Johnson Block & Co Inc
Address
2500 BUSINESS PARK ROAD, MINERAL POINT, WI 53565
Preparer
Brent Nelson
Phone
6089872206
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 3, Part X

“Summit apartments, inc. Is exempt from federal and state income taxes under section 501(c) (4) of the internal revenue code and chapter 181 of the wisconsin statutes. Only unrelated business income, as defined by section 512(a) (1) of the code, is subject to federal income taxes. The organization has adopted accounting guidance for recognizing and measuring uncertain tax positions. The organization follows statutory requirements for income tax accounting and generally avoids risks associated with potentially problematic tax positions that may be challenged upon examination. Management believes any liability resulting from taxing authorities imposing income taxes from activities deemed to be unrelated to the organization's tax-exempt status would not be material to the financial statements. The organization's federal exempt organization returns are subject to examination by the internal revenue service, generally for three years after they are filed. With few exceptions, the organization is no longer subject to such examinations for tax years before 2017.”

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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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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0SUMMIT APARTMENTS, INC. IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER SECTION 501(C) (4) OF THE INTERNAL REVENUE CODE AND CHAPTER 181 OF THE WISCONSIN STATUTES. ONLY UNRELATED BUSINESS INCOME, AS DEFINED BY SECTION 512(A) (1) OF THE CODE, IS SUBJECT TO FEDERAL INCOME TAXES. THE ORGANIZATION HAS ADOPTED ACCOUNTING GUIDANCE FOR RECOGNIZING AND MEASURING UNCERTAIN TAX POSITIONS. THE ORGANIZATION FOLLOWS STATUTORY REQUIREMENTS FOR INCOME TAX ACCOUNTING AND GENERALLY AVOIDS RISKS ASSOCIATED WITH POTENTIALLY PROBLEMATIC TAX POSITIONS THAT MAY BE CHALLENGED UPON EXAMINATION. MANAGEMENT BELIEVES ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES FROM ACTIVITIES DEEMED TO BE UNRELATED TO THE ORGANIZATION'S TAX-EXEMPT STATUS WOULD NOT BE MATERIAL TO THE FINANCIAL STATEMENTS. THE ORGANIZATION'S FEDERAL EXEMPT ORGANIZATION RETURNS ARE SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE, GENERALLY FOR THREE YEARS AFTER THEY ARE FILED. WITH FEW EXCEPTIONS, THE ORGANIZATION IS NO LONGER SUBJECT TO SUCH EXAMINATIONS FOR TAX YEARS BEFORE 2017.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0342150
IRS990ScheduleD/TotalExpensesPerForm990Amt0228727
IRS990ScheduleD/TotalLiabilityAmt0160638
IRS990ScheduleD/TotalRevenuePerForm990Amt0253415
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0253415
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0228727
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0WISCONSIN MANAGEMENT COMPANY RESPONSIBILITIES INCLUDE: 1)IN CASE OF ANY CONSTRUCTION, DIRECT LIAISON WITH CONTRACTOR AND GENERAL CONTRACTOR; 2)MARKET RENTAL UNITS, OBSERVE ALL REQUIREMENTS OF THE AFFIRMATIVE FAIR HOUSING MARKETING PLAN AND MAINTAIN ALL RECORDS RELATED TO RENTAL COMPLIANCE; 3)OFFER FOR RENT, ALL UNITS AND MAINTAIN ALL RECORDS; 4)FURNISH ALL REPORTS TO ANY OVERSIGHT AGENCIES INCLUDING RURAL DEVELOPMENT; 5)MAINTAIN ACCOUNTING RECORDS OF THE ORGANIZATION; 6)ENFORCE ALL LEASES; 7)MAINTAIN AND REPAIR THE PROJECT; 8) MAKE ARRANGEMENTS FOR ALL UTILITIES; 8)KEEP PROJECT IN COMPLIANCE WITH ALL INSURANCE REQUIREMENTS; 9)PROVIDE FOR THE PAYMENT OF ALL TAXES, ASSESSSMENTS AND GOVERNMENT FEES; 10)EMPLOY PERSONS AND/OR SERVICES TO PERFORM DUTIES AND RESPONSIBILITIES AT THE PROJECT SITE; 11)MAINTAIN AND SAFEGUARD THE PROJECTS ACCOUNTS AND TENANT SECURITY DEPOSITS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BOARD OF DIRECTORS RELIES ON THE TAX PREPARER FOR ACCRUATE REPORTING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2GOVERNING DOCUMENTS ARE MADE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0446473
IRS990/TotalAssetsEOYAmt0478135
IRS990/TotalAssetsGrp/BOYAmt0446473
IRS990/TotalAssetsGrp/EOYAmt0478135
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt051080
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0177647
IRS990/TotalFunctionalExpensesGrp/TotalAmt0228727
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0850433
IRS990/TotalLiabilitiesEOYAmt0857407
IRS990/TotalLiabilitiesGrp/BOYAmt0850433
IRS990/TotalLiabilitiesGrp/EOYAmt0857407
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-403960
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-379272
IRS990/TotalProgramServiceExpensesAmt0177647
IRS990/TotalProgramServiceRevenueAmt0253342
IRS990/TotalRevenueGrp/ExclusionAmt073
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0253342
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0253415
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0446473
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0478135
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0106 ARNESON ROAD
IRS990/USAddress/CityNm0BARNEVELD
IRS990/USAddress/StateAbbreviationCd0WI
IRS990/USAddress/ZIPCd053507
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0PEGGY JONES
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum06089241016
ReturnHeader/BusinessOfficerGrp/SignatureDt02021-05-18
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0SUMMIT APARTMENTS INC
ReturnHeader/Filer/BusinessNameControlTxt0SUMM
ReturnHeader/Filer/EIN0391225718
ReturnHeader/Filer/PhoneNum06083418434
ReturnHeader/Filer/USAddress/AddressLine1Txt0106 ARNESON ROAD
ReturnHeader/Filer/USAddress/CityNm0BARNEVELD
ReturnHeader/Filer/USAddress/StateAbbreviationCd0WI
ReturnHeader/Filer/USAddress/ZIPCd053507
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0391628949
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0JOHNSON BLOCK & CO INC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt02500 BUSINESS PARK ROAD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0MINERAL POINT
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0WI
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd053565
ReturnHeader/PreparerPersonGrp/PhoneNum06089872206
ReturnHeader/PreparerPersonGrp/PreparationDt02021-05-28
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0BRENT NELSON
ReturnHeader/ReturnTs02021-06-04T16:04:36-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0PEGGY
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0JONES
ReturnHeader/TaxPeriodBeginDt02020-01-01
ReturnHeader/TaxPeriodEndDt02020-12-31
ReturnHeader/TaxYr02020

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$478,135
Liabilities
$857,407
Net assets
-$379,272
Revenue
$253,415
Expenses
$228,727
Net income
$24,688
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.00$0.00$0.00$1.88$1.19$3.07
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.82$8.51$3.70$2.50$2.41$0.09
2020Detailed filing. Detailed filing data is available for this year.$4.78$8.57$3.79$2.53$2.29$0.25
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.46$8.50$4.04$2.40$2.44$0.05
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.51$8.51$3.99$2.24$2.69$0.46
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.78$8.32$3.54$2.20$2.32$0.12
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.82$8.24$3.42$2.18$2.33$0.14
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.87$8.15$3.28$2.27$2.47$0.20
2014XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.18$8.25$3.08$1.99$2.17$0.19
2013Detailed filing. Detailed filing data is available for this year.$5.07$7.96$2.89$1.86$2.19$0.34
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.29$7.85$2.55$1.86
2011Summary only. Only limited summary data is available for this year.$5.47$7.72$2.25$1.39$1.79$0.40
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.73$7.58$1.85$1.79