Civic Intelligence

Coon Rapids Voa Elderly Housing Inc Oxbowl Bend Apartments

990 • Fiscal year 2017 • EIN 41-1401612

Jul 01, 2016 to Jun 30, 2017 • Filed on Sep 28, 2017

Refreshing map…

1660 Duke StreetAlexandria, VA 22314

(703) 341-5000

Siviq Scores

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

Liabilities / Assets

81st percentile

0.52x

Higher debt load relative to assets than 81% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Liabilities / Revenue

94th percentile

3.85x

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

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Net Margin

14th percentile

-18%

Higher net margin than 14% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Top Officer Pay

98th percentile

$538,642

Higher top officer pay than 98% of similar nonprofits.

Top officer pay equals 86.1% of source-year revenue.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Asset Growth

18th percentile

-5.5%

Faster asset growth than 18% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2016 to 2017

Revenue Growth

64th percentile

11%

Faster revenue growth than 64% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2016 to 2017

Assets

Down

$4,655,910

Down $269,843 (-5.5%) from 2016

Net Assets

Up

$2,246,630

Up $90,678 (+4.2%) from 2016

Liabilities

Down

$2,409,280

Down $360,521 (-13%) from 2016

Revenue

Up

$625,240

Up $64,376 (+11%) from 2016

Expenses

Up

$738,932

Up $78,959 (+12%) from 2016

Net Income

Down

-$113,692

Down $14,583 (-15%) from 2016

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 2011: $1,176,163Liabilities 2011: $1,394,482Net Assets 2011: -$218,3192011Assets 2012: $2,723,576Liabilities 2012: $2,874,206Net Assets 2012: -$150,6302012Assets 2013: $2,436,060Liabilities 2013: $2,674,443Net Assets 2013: -$238,3832013Assets 2014: $2,371,612Liabilities 2014: $2,647,576Net Assets 2014: -$275,9642014Assets 2015: $2,366,193Liabilities 2015: $2,624,330Net Assets 2015: -$258,1372015Assets 2016: $4,925,753Liabilities 2016: $2,769,801Net Assets 2016: $2,155,9522016Assets 2017: $4,655,910Liabilities 2017: $2,409,280Net Assets 2017: $2,246,6302017Assets 2018: $4,424,868Liabilities 2018: $2,363,610Net Assets 2018: $2,061,2582018Assets 2019: $4,261,411Liabilities 2019: $2,365,576Net Assets 2019: $1,895,8352019Assets 2020: $4,073,985Liabilities 2020: $2,299,271Net Assets 2020: $1,774,7142020Assets 2021: $3,935,345Liabilities 2021: $2,258,693Net Assets 2021: $1,676,6522021Assets 2022: $3,772,945Liabilities 2022: $2,223,079Net Assets 2022: $1,549,8662022Assets 2023: $3,591,450Liabilities 2023: $2,182,034Net Assets 2023: $1,409,4162023Assets 2024: $3,732,383Liabilities 2024: $2,343,294Net Assets 2024: $1,389,0892024Assets 2025: $5,357,020Liabilities 2025: $4,072,818Net Assets 2025: $1,284,2022025

Highlighted filing

2017

Assets$4,655,910
Liabilities$2,409,280
Net Assets$2,246,630

Operations Trend

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

$1.5M$1.0M$500K$0-$500KExpenses 2011: $598,9712011Expenses 2012: $558,2362012Revenue 2013: $633,471Expenses 2013: $721,224Net Income 2013: -$87,7532013Revenue 2014: $599,532Expenses 2014: $637,113Net Income 2014: -$37,5812014Revenue 2015: $590,491Expenses 2015: $641,902Net Income 2015: -$51,4112015Revenue 2016: $560,864Expenses 2016: $659,973Net Income 2016: -$99,1092016Revenue 2017: $625,240Expenses 2017: $738,932Net Income 2017: -$113,6922017Revenue 2018: $619,738Expenses 2018: $805,110Net Income 2018: -$185,3722018Revenue 2019: $646,400Expenses 2019: $811,823Net Income 2019: -$165,4232019Revenue 2020: $666,763Expenses 2020: $787,884Net Income 2020: -$121,1212020Revenue 2021: $662,708Expenses 2021: $760,770Net Income 2021: -$98,0622021Revenue 2022: $677,761Expenses 2022: $804,547Net Income 2022: -$126,7862022Revenue 2023: $694,056Expenses 2023: $834,506Net Income 2023: -$140,4502023Revenue 2024: $850,398Expenses 2024: $870,725Net Income 2024: -$20,3272024Revenue 2025: $921,962Expenses 2025: $1,026,849Net Income 2025: -$104,8872025

Highlighted filing

2017

Revenue$625,240
Expenses$738,932
Net Income-$113,692
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Sep 28, 2017
Return Version
2016v3.0
Gross Receipts
$625,240
Mission and Program Overview

Mission

Provides housing for elderly persons and families under section 207/223(f) of the national housing act under an agreement with the u.s. Department of hud.

Provides housing for elderly and disabled persons and families under section 202 of the national housing act under an agreement with the department of hud.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$4,496,079$4,326,968▼ $169,111
Intangible Assets$92,901--
Prepaid Expenses and Deferred Charges$18,805$25,208▲ $6,403
Cash and Non-Interest-Bearing Accounts$34,003$974▼ $33,029
Accounts Receivable$1,082$228▼ $854
Total Assets$4,925,753$4,655,910▼ $269,843
Other Assets Total$282,883$302,532▲ $19,649
Liabilities
Mortgage Notes Payable Secured by Investment Property$2,493,505$2,358,853▼ $134,652
Accounts Payable and Accrued Expenses$255,656$30,828▼ $224,828
Other Liabilities$20,603$19,550▼ $1,053
Deferred Revenue$37$49▲ $12
Total Liabilities$2,769,801$2,409,280▼ $360,521
Net Assets / Fund Balance
Unrestricted Net Assets$2,155,952$2,246,630▲ $90,678
Total Net Assets Fund Balance$2,155,952$2,246,630▲ $90,678
Total Liabilities and Net Assets / Fund Balance$4,925,753$4,655,910▼ $269,843

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$4,168,081$2,307,296$6,475,377
Other Land Buildings$154,107$203,081$357,188
Equipment$4,780$22,703$27,483
Other Assets Org$302,532--
Compensation and Service Providers

Employees

NameTitleOtherTotal
Thomas D TurnbullAsst. Sec/tr$430,765$430,765
Joseph a BudzynskiAsst. Sec/tr$295,181$295,181
Nancy GavinAsst. Sec/tr$212,905$212,905
Deborah PerryAsst. Sec/tr$187,200$187,200

Board Members and Trustees

NameTitle
Jane BurksBoard Chair
Michael W KingPresident
C David KikumotoVice Chairma
Andy EdeburnDirector
James LeblancDirector
Karen DaleDirector
Keith KnappDirector
Michael SullivanDirector
Nancy RaseDirector
Patti ArnoldDirector
Stephen WakefieldDirector
Wilfred N Cooper SrDirector
Patrick SheridanAsst. Sec.
Robin KellerAsst. Sec.
Deborah PerryAsst. Sec/treas
Nancy GavinAsst. Sec/treas
Thomas D TurnbullAsst. Sec/treas
Joseph a BudzynskiAsst. Sec/treas, CFO
Robert D GibsonKey Employee
Wayne C OlsonKey Employee
Edwina CarringtonSecretary
Carol MooreTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Volunteers Of America Of MinnesotaMgmt, Payroll,5905 GOLDEN VALLEY RD, Golden Valley, MN 55422$224,569
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$625,101
Investment Income
$139
Other Revenue
$0
Change in Net Assets
$-113,692

Audited Revenue Reconciliation

Revenue per Audited Statements
$625,240
Revenue Not Reported on Form 990
$204,370
Total Revenue per Audited Statements
$829,610
Total Revenue per Form 990
$625,240
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$625,772
Salaries, Compensation, and Employee Benefits$113,160
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$206,259--$206,259
Depreciation Depletion$202,965--$202,965
Other Salaries and Wages$89,393--$89,393
Fees for Services Management-$46,278-$46,278
Office Expenses$23,483--$23,483
Other Employee Benefits$15,031--$15,031
Fees for Services Accounting-$11,161-$11,161
Payroll Taxes$8,736--$8,736
Advertising$5,844--$5,844
Conferences and Meetings$4,751--$4,751
Fees for Services Legal-$1,496-$1,496
Other Expenses$267--$267
Total Functional Expenses$679,997$58,935$0$738,932

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$738,932
Total Expenses per Audited Statements$738,932
Total Expenses per Form 990$738,932
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$19,550
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
Yes
Key decisions subject to board approval
Yes
Management duties delegated
Yes

Governance Explanations

Form 990, Page 6, Part VI, Line 1A

The organizations governing body delegated broad authority to an executive committee. The executive committee is composed of the following five officers of the organization: chair, president, vice chair, secretary, and treasurer. There are no executive committee members who are not on the governing body. The executive committee has the authority of the governing body in the management of the business of the organization.

Form 990, Page 6, Part VI, Line 2

Michael king president dir and/or officer of voa sharon wilson geno director dir and/or officer of voa thomas turnbull asst. Sec./a dir and/or officer of voa patrick sheridan assistant se dir and/or officer of voa joseph budzynski asst. Sec./a dir and/or officer of voa nancy gavin asst. Sec./a dir and/or officer of voa deborah perry asst. Sec./a dir and/or officer of voa robin keller assistant se dir and/or officer of voa

Form 990, Page 6, Part VI, Line 3

The organization has no employees, and has delegated control over certain property management duties to volunteers of america minnesota pursuant to a property management agreement. Volunteers of america national services, as the parent and sponsoring corporation, assists in providing to its subordinate corporations general and administrative supervision, financial management, quality assurance, regulatory compliance, real estate development and strategic planning.

Form 990, Page 6, Part VI, Line 7A

Volunteers of america, inc. Has the right to approve or appoint directors and volunteers of america, inc. Has, in turn, transferred this authority to volunteers of america national services.

Form 990, Page 6, Part VI, Line 7B

The articles of incorporation and bylaws of the corporation may not be amended without the prior written approval of the secretary of the u.s. Department of housing and urban development. Directors may be removed with or without cause at the request of the u.s. Department of housing and urban development. The bylaws may not be amended without the prior written consent of volunteers of america, inc.

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

The final form 990 is reviewed by asset management and an officer of the board of directors prior to filing with the irs. All members of the organizations board of directors and all officers of the board are also provided an opportunity to review the form 990 in electronic form immediately prior to filing.

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

The policy requires officers, directors and key employees to disclose annually interests that could give rise to conflicts. The policy and disclosure form are distributed and collected annually, and individuals are required to update the disclosure form throughout the year in the event actual or potential conflicts arise. Conflicts of interest are reviewed by the board of directors. Persons with a conflict are prohibited from participating in the governing body's deliberations and decisions in the transaction.

Form 990, Page 6, Part VI, Line 19

Available at the address below: 1660 duke street alexandria, va 22314

Filing and Contact Details

Filer

Filer Name
Coon Rapids Voa Elderly Housing Inc
EIN
41-1401612
Phone
7033415000
Address
1660 DUKE STREET, ALEXANDRIA, VA 22314

Signing Officer

Name
Joseph a Budzynski
Title
Asst. Sec/treas, CFO
Phone
7033415000
Signed
2017-09-28
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Joseph a Budzynski
Formed
1981
Legal Domicile
Mn
Voting Board Members
14
Independent Board Members
12
Employees
0

Preparer

Firm
Maddox & Associates Apc
Address
5627 BANKERS AVE BLDG 2, BATON ROUGE, LA 70808-2610
Preparer
William B Beale
Phone
2259263360
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

Assisted living conversion grant 204,370 section 202b of the national housing act authorized hud to provide funds as capital advances to nonprofit owners for new construction or acquisition/rehabilitation of supportive housing facilities. The project has entered into an assisted living conversion grant agreement with hud. The grantee covenants with hud that the grantee will continue to operate the project as a facility for the elderly in accordance with the provisions of section 202b of the housing act of 1959 for the term of the mortgage, and its application as described in the grant agreement for the term fo the mortgage and for at least twenty (20) years after the end maturity of the mortgage (the extended operation period). The maximum funds awarded for this project is 3,000,000. As of june 30, 2016, 2,513,198 has been advanced to the project under the program. The grant is classified in the statement of financial position as net assets.

Financial Statement Notes

Schedule D, Page 4, Part XI, Line 2D

Assisted living conversion grant 204,370

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IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$5.36$4.07$1.28$0.92$1.03$0.10
2024Detailed filing. Detailed filing data is available for this year.$3.73$2.34$1.39$0.85$0.87$0.02
2023Detailed filing. Detailed filing data is available for this year.$3.59$2.18$1.41$0.69$0.83$0.14
2022Detailed filing. Detailed filing data is available for this year.$3.77$2.22$1.55$0.68$0.80$0.13
2021Detailed filing. Detailed filing data is available for this year.$3.94$2.26$1.68$0.66$0.76$0.10
2020Detailed filing. Detailed filing data is available for this year.$4.07$2.30$1.77$0.67$0.79$0.12
2019Detailed filing. Detailed filing data is available for this year.$4.26$2.37$1.90$0.65$0.81$0.17
2018Detailed filing. Detailed filing data is available for this year.$4.42$2.36$2.06$0.62$0.81$0.19
2017Detailed filing. Detailed filing data is available for this year.$4.66$2.41$2.25$0.63$0.74$0.11
2016Detailed filing. Detailed filing data is available for this year.$4.93$2.77$2.16$0.56$0.66$0.10
2015Detailed filing. Detailed filing data is available for this year.$2.37$2.62$0.26$0.59$0.64$0.05
2014Detailed filing. Detailed filing data is available for this year.$2.37$2.65$0.28$0.60$0.64$0.04
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.44$2.67$0.24$0.63$0.72$0.09
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.72$2.87$0.15$0.56
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.18$1.39$0.22$0.60