Civic Intelligence

Gateway Towers Inc C/O Hra of Duluth

990 • Fiscal year 2016 • EIN 41-1431933

Jan 01, 2016 to Dec 31, 2016 • Filed on Jun 21, 2017

Organization ProfileN/A
222 East Second StreetDuluth, MN 55816

(218) 529-6339

Siviq Scores

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

Liabilities / Assets

95th percentile

1.05x

Higher debt load relative to assets than 95% of similar nonprofits.

2016 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2016

Liabilities / Revenue

32nd percentile

0.02x

Higher debt load relative to revenue than 32% of similar nonprofits.

2016 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2016

Net Margin

94th percentile

62%

Higher net margin than 94% of similar nonprofits.

2016 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2016

Top Officer Pay

59th percentile

$0

Higher top officer pay than 59% of similar nonprofits.

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

2016 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2016

Asset Growth

1st percentile

-90%

Faster asset growth than 1% of similar nonprofits.

2016 filings • 501(c)4 • $1M-$5M nonprofits • Annualized from 2015 to 2016

Revenue Growth

95th percentile

145%

Faster revenue growth than 95% of similar nonprofits.

2016 filings • 501(c)4 • $1M-$5M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets95th percentile

Assets

Down

$34,595

Down $318,848 (-90%) from 2015

Net Assets

Up

-$1,863

Up $1,239,012 (+100%) from 2015

Liabilities

Down

$36,458

Down $1,557,860 (-98%) from 2015

Revenue And Expenses
Liabilities / Revenue32nd percentileNet Margin94th percentile

Revenue

Up

$2,007,755

Up $1,188,384 (+145%) from 2015

Expenses

Down

$768,743

Down $59,271 (-7.2%) from 2015

Net Income

Up

$1,239,012

Up $1,247,655 (+14435%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth1st percentile

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

$2.0M$1.0M$0-$1.0M-$2.0MAssets 2010: $448,759Liabilities 2010: $971,655Net Assets 2010: -$522,8962010Assets 2011: $487,427Liabilities 2011: $1,247,988Net Assets 2011: -$760,5612011Assets 2012: $405,895Liabilities 2012: $1,300,559Net Assets 2012: -$894,6642012Assets 2013: $317,093Liabilities 2013: $1,484,375Net Assets 2013: -$1,167,2822013Assets 2014: $257,657Liabilities 2014: $1,489,889Net Assets 2014: -$1,232,2322014Assets 2015: $353,443Liabilities 2015: $1,594,318Net Assets 2015: -$1,240,8752015Assets 2016: $34,595Liabilities 2016: $36,458Net Assets 2016: -$1,8632016Assets 2017: $0Liabilities 2017: $0Net Assets 2017: $02017

Highlighted filing

2016

Assets$34,595
Liabilities$36,458
Net Assets-$1,863
Open 2016 Filing

Operations Trend

Revenue Growth95th percentile

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

$3.0M$2.0M$1.0M$0-$1.0MExpenses 2010: $765,5232010Revenue 2011: $630,985Expenses 2011: $868,650Net Income 2011: -$237,6652011Revenue 2012: $678,933Expenses 2012: $813,036Net Income 2012: -$134,1032012Revenue 2013: $729,182Expenses 2013: $1,001,800Net Income 2013: -$272,6182013Revenue 2014: $708,492Expenses 2014: $773,442Net Income 2014: -$64,9502014Revenue 2015: $819,371Expenses 2015: $828,014Net Income 2015: -$8,6432015Revenue 2016: $2,007,755Expenses 2016: $768,743Net Income 2016: $1,239,0122016Revenue 2017: $4,813Expenses 2017: $2,950Net Income 2017: $1,8632017

Highlighted filing

2016

Revenue$2,007,755
Expenses$768,743
Net Income$1,239,012
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Jun 21, 2017
Return Version
2016v3.0
Gross Receipts
$2,341,565
Mission and Program Overview

Mission

LOW-INCOME HOUSING

AFFORDABLE housing

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$184,877--
Cash and Non-Interest-Bearing Accounts$140,463$31,909▼ $108,554
Prepaid Expenses and Deferred Charges$3,263--
Accounts Receivable$20,763$2,686▼ $18,077
Total Assets$353,443$34,595▼ $318,848
Other Assets Total$4,077--
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,086,678--
Other Liabilities$60,170$0▼ $60,170
Accounts Payable and Accrued Expenses$440,665$36,458▼ $404,207
Deferred Revenue$6,805--
Total Liabilities$1,594,318$36,458▼ $1,557,860
Net Assets / Fund Balance
Unrestricted Net Assets$-1,240,875$-1,863▲ $1,239,012
Total Net Assets Fund Balance$-1,240,875$-1,863▲ $1,239,012
Total Liabilities and Net Assets / Fund Balance$353,443$34,595▼ $318,848
Compensation and Service Providers
Top Officer Pay59th percentile

Board Members and Trustees

NameTitle
Patrick ContardoPresident
William DinanVice President
Candace MadischDirector
Michael DonahueDirector
Richard PetersonDirector
Richard GurskeSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$120,000
Program Service Revenue
$679,540
Investment Income
$1,208,215
Other Revenue
$0
Change in Net Assets
$1,239,012
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$673,136
Salaries, Compensation, and Employee Benefits$95,607
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$300,988--$300,988
Other Salaries and Wages$81,223--$81,223
Interest$52,680--$52,680
Fees for Services Management$48,944--$48,944
Insurance$24,452--$24,452
Office Expenses$22,837--$22,837
Other Expenses$15,326--$15,326
Payroll Taxes$8,681--$8,681
Depreciation Depletion$7,802--$7,802
Fees for Services Legal$7,190--$7,190
Other Employee Benefits$5,703--$5,703
All Other Expenses$1,071--$1,071
Fees for Services Accounting$-1,382--$-1,382
Total Functional Expenses$768,743$0$0$768,743
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
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, Part VI, Section A, line 3

“Management company services include: supervising personnel, planning and executing budgets, and financial operations.”

Form 990, Part VI, Section B, line 11B

“The return is reviewed by the Board before filing.”

Form 990, Part VI, Section C, line 19

“Available upon request at the management company's offices during normal business.”

Filing and Contact Details

Filer

Filer Name
Gateway Towers Inc
EIN
41-1431933
Phone
2185296339
Address
222 East Second Street, Duluth, MN 55816

Signing Officer

Name
William Dinan
Title
Vice President
Phone
2185296339
Signed
2017-06-21
Discuss with paid preparer
Yes

Organization Details

Principal Officer
William Dinan
Formed
1969
Legal Domicile
Mn
Voting Board Members
6
Independent Board Members
6
Employees
0
Volunteers
0

Preparer

Firm
MahoneyUlbrichChristiansen & Russ PA
Address
10 River Park Plaza Suite 800, Saint Paul, MN 55107
Preparer
Daniel J Flicek
Phone
6512276695
Raw XML Appendix357 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.

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IRS990/Desc0Operation of a 154 unit apartment complex IN DULUTH, MINNESOTA, under section 236 of the National Housing Act. The complex was sold for the outstanding debt on November 22, 2016 to a Limited Partnership that plans to renovate the complex.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The return is reviewed by the Board before filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Available upon request at the management company's offices during normal business.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, line 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section C, line 19
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IRS990/UnrestrictedNetAssetsGrp/EOYAmt0-1863
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0222 East Second Street
IRS990/USAddress/CityNm0Duluth
IRS990/USAddress/StateAbbreviationCd0MN
IRS990/USAddress/ZIPCd055816
IRS990/VotingMembersGoverningBodyCnt06
IRS990/VotingMembersIndependentCnt06
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02017-02-10 21:41:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0William Dinan
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Vice President
ReturnHeader/BusinessOfficerGrp/PhoneNum02185296339
ReturnHeader/BusinessOfficerGrp/SignatureDt02017-06-21
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Gateway Towers Inc
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0C/O HRA of Duluth
ReturnHeader/Filer/BusinessNameControlTxt0GATE
ReturnHeader/Filer/EIN0411431933
ReturnHeader/Filer/PhoneNum02185296339
ReturnHeader/Filer/USAddress/AddressLine1Txt0222 East Second Street
ReturnHeader/Filer/USAddress/CityNm0Duluth
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MN
ReturnHeader/Filer/USAddress/ZIPCd055816
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId00AF5FB469502354BFE1026A501C4F7C172E36A0E
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId08FCC0AE5B5C62EA2E1ECCE65A8D774828604CBA2
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt0173.160.107.97
ReturnHeader/FilingSecurityInformation/IPDt02017-06-21
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CD
ReturnHeader/FilingSecurityInformation/IPTm011:07:45
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0411647057
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0MahoneyUlbrichChristiansen & Russ PA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt010 River Park Plaza Suite 800
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Saint Paul
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd055107
ReturnHeader/PreparerPersonGrp/PhoneNum06512276695
ReturnHeader/PreparerPersonGrp/PreparationDt02017-06-21
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Daniel J Flicek
ReturnHeader/ReturnTs02017-06-29T16:41:56-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02016-01-01
ReturnHeader/TaxPeriodEndDt02016-12-31
ReturnHeader/TaxYr02016

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

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

Open filing
Assets
$34,595
Liabilities
$36,458
Net assets
-$1,863
Revenue
$2,007,755
Expenses
$768,743
Net income
$1,239,012
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2017Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.00$0.00$0.00
2016Detailed filing. Detailed filing data is available for this year.$0.03$0.04$0.00$2.01$0.77$1.24
2015Detailed filing. Detailed filing data is available for this year.$0.35$1.59$1.24$0.82$0.83$0.01
2014Detailed filing. Detailed filing data is available for this year.$0.26$1.49$1.23$0.71$0.77$0.06
2013Summary only. Only limited summary data is available for this year.$0.32$1.48$1.17$0.73$1.00$0.27
2012Summary only. Only limited summary data is available for this year.$0.41$1.30$0.89$0.68$0.81$0.13
2011Summary only. Only limited summary data is available for this year.$0.49$1.25$0.76$0.63$0.87$0.24
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.45$0.97$0.52$0.77