Civic Intelligence

Keystone Terrace Inc

990 • Fiscal year 2023 • EIN 42-1051222

Jan 01, 2023 to Dec 31, 2023 • Filed on Apr 17, 2024

Organization Profile
PO Box 157Strawberry Point, IA 52076

(563) 933-4973

Siviq Scores

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

Liabilities / Assets

62nd percentile

0.07x

Higher debt load relative to assets than 62% of similar nonprofits.

2023 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2023

Liabilities / Revenue

70th percentile

0.19x

Higher debt load relative to revenue than 70% of similar nonprofits.

2023 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2023

Net Margin

85th percentile

43%

Higher net margin than 85% of similar nonprofits.

2023 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2023

Top Officer Pay

71st percentile

$0

Higher top officer pay than 71% of similar nonprofits.

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

2023 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2023

Asset Growth

74th percentile

14%

Faster asset growth than 74% of similar nonprofits.

2023 filings • 501(c)4 • $500k-$1M nonprofits • Annualized from 2022 to 2023

Revenue Growth

88th percentile

69%

Faster revenue growth than 88% of similar nonprofits.

2023 filings • 501(c)4 • $500k-$1M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets62nd percentile

Assets

Flat

$692,252

Flat from 2023

Net Assets

Flat

$643,776

Flat from 2023

Liabilities

Flat

$48,476

Flat from 2023

Revenue And Expenses
Liabilities / Revenue70th percentileNet Margin85th percentile

Revenue

Flat

$253,310

Flat from 2023

Expenses

Flat

$144,928

Flat from 2023

Net Income

Flat

$108,382

Flat from 2023

Historical Trend

Balance Sheet Trend

Asset Growth74th percentile

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

$800K$600K$400K$200K$0Assets 2011: $485,177Liabilities 2011: $346,1122011Assets 2012: $510,218Liabilities 2012: $323,4282012Assets 2013: $522,336Liabilities 2013: $302,084Net Assets 2013: $220,2522013Assets 2014: $526,673Liabilities 2014: $276,423Net Assets 2014: $250,2502014Assets 2015: $546,021Liabilities 2015: $254,420Net Assets 2015: $291,6012015Assets 2016: $513,658Liabilities 2016: $174,804Net Assets 2016: $338,8542016Assets 2017: $507,124Liabilities 2017: $128,423Net Assets 2017: $378,7012017Assets 2018: $522,633Liabilities 2018: $104,153Net Assets 2018: $418,4802018Assets 2019: $532,165Liabilities 2019: $91,745Net Assets 2019: $440,4202019Assets 2020: $563,518Liabilities 2020: $80,546Net Assets 2020: $482,9722020Assets 2021: $583,724Liabilities 2021: $68,733Net Assets 2021: $514,9912021Assets 2022: $608,119Liabilities 2022: $72,725Net Assets 2022: $535,3942022Assets 2023: $692,252Liabilities 2023: $48,476Net Assets 2023: $643,7762023Assets 2023: $692,252Liabilities 2023: $48,476Net Assets 2023: $643,7762023

Highlighted filing

2023

Assets$692,252
Liabilities$48,476
Net Assets$643,776
Open 2023 Filing

Operations Trend

Revenue Growth88th percentile

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

$300K$200K$100K$0Revenue 2011: $153,054Expenses 2011: $113,645Net Income 2011: $39,4092011Revenue 2012: $149,535Expenses 2012: $101,810Net Income 2012: $47,7252012Revenue 2013: $150,433Expenses 2013: $116,972Net Income 2013: $33,4612013Revenue 2014: $147,725Expenses 2014: $117,727Net Income 2014: $29,9982014Revenue 2015: $153,908Expenses 2015: $112,556Net Income 2015: $41,3522015Revenue 2016: $150,706Expenses 2016: $103,453Net Income 2016: $47,2532016Revenue 2017: $146,483Expenses 2017: $106,636Net Income 2017: $39,8472017Revenue 2018: $147,456Expenses 2018: $107,677Net Income 2018: $39,7792018Revenue 2019: $139,565Expenses 2019: $116,905Net Income 2019: $22,6602019Revenue 2020: $158,756Expenses 2020: $116,204Net Income 2020: $42,5522020Revenue 2021: $150,881Expenses 2021: $118,861Net Income 2021: $32,0202021Revenue 2022: $149,647Expenses 2022: $129,244Net Income 2022: $20,4032022Revenue 2023: $253,310Expenses 2023: $144,928Net Income 2023: $108,3822023Revenue 2023: $253,310Expenses 2023: $144,928Net Income 2023: $108,3822023

Highlighted filing

2023

Revenue$253,310
Expenses$144,928
Net Income$108,382
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Apr 17, 2024
Return Version
2023v5.0
Gross Receipts
$253,310
Mission and Program Overview

Mission

Provide low-income rental housing to those that qualify with usda rural development regulations.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$328,357$392,804▲ $64,447
Savings and Temporary Cash Investments$212,481$262,424▲ $49,943
Cash and Non-Interest-Bearing Accounts$64,423$33,717▼ $30,706
Prepaid Expenses and Deferred Charges$2,858$3,307▲ $449
Total Assets$608,119$692,252▲ $84,133
Liabilities
Unsecured Notes Loans Payable$46,860$35,987▼ $10,873
Other Liabilities$13,850$10,157▼ $3,693
Accounts Payable and Accrued Expenses$12,015$2,332▼ $9,683
Total Liabilities$72,725$48,476▼ $24,249
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$535,394$643,776▲ $108,382
Total Net Assets Fund Balance$535,394$643,776▲ $108,382
Total Liabilities and Net Assets / Fund Balance$608,119$692,252▲ $84,133

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$249,316$440,290$689,606
Leasehold Improvements$79,918$126,424$206,342
Equipment$41,949$74,572$116,521
Land$21,621-$21,621
Compensation and Service Providers
Top Officer Pay71st percentile

Board Members and Trustees

NameTitle
Bruce CollinsPresident/se
Chelsie SperfslageMember
Claudia MccalleyMember
Darla KelchenMember
Jessie PenselMember
Justin VorwaldMember
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$149,581
Investment Income
$103,629
Other Revenue
$100
Change in Net Assets
$108,382
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$134,928
Salaries, Compensation, and Employee Benefits$10,000
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$66,873--$66,873
Depreciation Depletion$31,703--$31,703
Fees for Services Management$10,144$10,144-$20,288
Insurance-$12,258-$12,258
Other Salaries and Wages$9,240--$9,240
Fees for Services Accounting-$1,745-$1,745
Information Technology$794--$794
Payroll Taxes$760--$760
Interest$416--$416
Office Expenses$338--$338
Advertising$45--$45
Other Expenses$22--$22
Total Functional Expenses$120,781$24,147$0$144,928
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
Security Deposits$9,816
Payroll Liabilities$330
Accrued Interest$11
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Backup withholding compliance
No
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

“The board of directors delegates duties of the accounting, accepting & approving tenant applications and other responsibilities included in an approved agreement with usda rural development to hertz farm management, its management company.”

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

“The board of diretors are elected at the march annual meeting of the membership.”

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

“The form 990 will be reviewed by the management company and then a copy is given to the board for review.”

Form 990, Page 6, Part VI, Line 19

“The organization's governing documents, policies, and financial statements are available at the management company's address listed on the form 990.”

Filing and Contact Details

Filer

Filer Name
Keystone Terrace Inc
EIN
42-1051222
Phone
5639334973
Address
PO BOX 157, STRAWBERRY POINT, IA 52076

Signing Officer

Name
Bruce Collins
Title
President/secretary
Phone
5639334973
Signed
2024-04-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Bruce Collins
Formed
1976
Legal Domicile
Ia
Voting Board Members
7
Independent Board Members
7
Employees
1

Preparer

Firm
Gosling & Company Pc
Address
217 N FRANKLIN ST, MANCHESTER, IA 52057-1538
Preparer
Ann O Manson
Phone
5639274810
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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 DELEGATES DUTIES OF THE ACCOUNTING, ACCEPTING & APPROVING TENANT APPLICATIONS AND OTHER RESPONSIBILITIES INCLUDED IN AN APPROVED AGREEMENT WITH USDA RURAL DEVELOPMENT TO HERTZ FARM MANAGEMENT, ITS MANAGEMENT COMPANY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BOARD OF DIRETORS ARE ELECTED AT THE MARCH ANNUAL MEETING OF THE MEMBERSHIP.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE FORM 990 WILL BE REVIEWED BY THE MANAGEMENT COMPANY AND THEN A COPY IS GIVEN TO THE BOARD FOR REVIEW.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION'S GOVERNING DOCUMENTS, POLICIES, AND FINANCIAL STATEMENTS ARE AVAILABLE AT THE MANAGEMENT COMPANY'S ADDRESS LISTED ON THE FORM 990.
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IRS990/TotalAssetsEOYAmt0692252
IRS990/TotalAssetsGrp/BOYAmt0608119
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IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt024147
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0120781
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IRS990/TotalProgramServiceExpensesAmt0120781
IRS990/TotalProgramServiceRevenueAmt0149581
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IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0253310
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IRS990/USAddress/CityNm0ELKADER
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IRS990/USAddress/ZIPCd052043
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ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0BRUCE COLLINS
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT/SECRETARY
ReturnHeader/BusinessOfficerGrp/PhoneNum05639334973
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-04-17
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0KEYSTONE TERRACE INC
ReturnHeader/Filer/BusinessNameControlTxt0KEYS
ReturnHeader/Filer/EIN0421051222
ReturnHeader/Filer/PhoneNum05639334973
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 157
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ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0MANCHESTER
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0IA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0520571538
ReturnHeader/PreparerPersonGrp/PhoneNum05639274810
ReturnHeader/PreparerPersonGrp/PreparationDt02024-05-13
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0ANN O MANSON
ReturnHeader/ReturnTs02024-05-13T17:47:55-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0BRUCE
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0COLLINS
ReturnHeader/TaxPeriodBeginDt02023-01-01
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$692,252
Liabilities
$48,476
Net assets
$643,776
Revenue
$253,310
Expenses
$144,928
Net income
$108,382
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Detailed filing. Detailed filing data is available for this year.$6.92$0.48$6.44$2.53$1.45$1.08
2023Summary only. Only limited summary data is available for this year.$6.92$0.48$6.44$2.53$1.45$1.08
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6.08$0.73$5.35$1.50$1.29$0.20
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.84$0.69$5.15$1.51$1.19$0.32
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.64$0.81$4.83$1.59$1.16$0.43
2019Summary only. Only limited summary data is available for this year.$5.32$0.92$4.40$1.40$1.17$0.23
2018Summary only. Only limited summary data is available for this year.$5.23$1.04$4.18$1.47$1.08$0.40
2017Summary only. Only limited summary data is available for this year.$5.07$1.28$3.79$1.46$1.07$0.40
2016Summary only. Only limited summary data is available for this year.$5.14$1.75$3.39$1.51$1.03$0.47
2015Summary only. Only limited summary data is available for this year.$5.46$2.54$2.92$1.54$1.13$0.41
2014Summary only. Only limited summary data is available for this year.$5.27$2.76$2.50$1.48$1.18$0.30
2013Summary only. Only limited summary data is available for this year.$5.22$3.02$2.20$1.50$1.17$0.33
2012Summary only. Only limited summary data is available for this year.$5.10$3.23$1.50$1.02$0.48
2011Summary only. Only limited summary data is available for this year.$4.85$3.46$1.53$1.14$0.39