Civic Intelligence

Wesley Murray Meadow Inc.

990 • Fiscal year 2018 • EIN 45-4123137

Jan 01, 2018 to Dec 31, 2018 • Filed on Nov 12, 2019

1615 Appling RoadCordova, TN 38016

(901) 380-4900

Siviq Scores

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

Liabilities / Assets

94th percentile

1.22x

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

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Liabilities / Revenue

99th percentile

18.66x

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

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Net Margin

4th percentile

-76%

Higher net margin than 4% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Top Officer Pay

35th percentile

$0

Higher top officer pay than 35% of similar nonprofits.

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

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Asset Growth

26th percentile

-4.4%

Faster asset growth than 26% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Revenue Growth

47th percentile

2.8%

Faster revenue growth than 47% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Assets

Down

$2,110,743

Down $97,193 (-4.4%) from 2017

Net Assets

Down

-$465,205

Down $105,570 (-29%) from 2017

Liabilities

Up

$2,575,948

Up $8,377 (+0.3%) from 2017

Revenue

Up

$138,061

Up $3,695 (+2.7%) from 2017

Expenses

Up

$243,631

Up $17,683 (+7.8%) from 2017

Net Income

Down

-$105,570

Down $13,988 (-15%) from 2017

Historical Trend

Balance Sheet Trend

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

$3.0M$2.0M$1.0M$0-$1.0MAssets 2014: $2,481,249Liabilities 2014: $2,556,166Net Assets 2014: -$74,9172014Assets 2015: $2,398,865Liabilities 2015: $2,562,615Net Assets 2015: -$163,7502015Assets 2016: $2,301,509Liabilities 2016: $2,563,192Net Assets 2016: -$261,6832016Assets 2017: $2,207,936Liabilities 2017: $2,567,571Net Assets 2017: -$359,6352017Assets 2018: $2,110,743Liabilities 2018: $2,575,948Net Assets 2018: -$465,2052018Assets 2019: $2,033,577Liabilities 2019: $2,586,056Net Assets 2019: -$552,4792019Assets 2020: $1,967,131Liabilities 2020: $2,588,168Net Assets 2020: -$621,0372020Assets 2021: $1,901,336Liabilities 2021: $2,596,906Net Assets 2021: -$695,5702021Assets 2022: $1,836,180Liabilities 2022: $2,594,028Net Assets 2022: -$757,8482022Assets 2023: $1,747,018Liabilities 2023: $2,588,711Net Assets 2023: -$841,6932023Assets 2024: $1,693,167Liabilities 2024: $2,580,130Net Assets 2024: -$886,9632024

Highlighted filing

2018

Assets$2,110,743
Liabilities$2,575,948
Net Assets-$465,205

Operations Trend

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

$300K$200K$100K$0-$100K-$200KRevenue 2014: $108,931Expenses 2014: $147,111Net Income 2014: -$38,1802014Revenue 2015: $122,566Expenses 2015: $211,399Net Income 2015: -$88,8332015Revenue 2016: $121,870Expenses 2016: $219,802Net Income 2016: -$97,9322016Revenue 2017: $134,366Expenses 2017: $225,948Net Income 2017: -$91,5822017Revenue 2018: $138,061Expenses 2018: $243,631Net Income 2018: -$105,5702018Revenue 2019: $145,743Expenses 2019: $233,017Net Income 2019: -$87,2742019Revenue 2020: $164,812Expenses 2020: $233,370Net Income 2020: -$68,5582020Revenue 2021: $188,712Expenses 2021: $263,245Net Income 2021: -$74,5332021Revenue 2022: $199,987Expenses 2022: $262,265Net Income 2022: -$62,2782022Revenue 2023: $206,833Expenses 2023: $290,678Net Income 2023: -$83,8452023Revenue 2024: $216,593Expenses 2024: $261,863Net Income 2024: -$45,2702024

Highlighted filing

2018

Revenue$138,061
Expenses$243,631
Net Income-$105,570
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Nov 12, 2019
Return Version
2018v3.1
Gross Receipts
$138,061
Mission and Program Overview

Mission

Wesley murray meadow, inc. Is a not-for-profit corporation formed in december 2011, in accordance with the not-for-profit statutes of the state of kentucky. The corporation was formed for the purpose of operating a 20-unit community located in murray, kentucky, known as wesley murray meadow, which provides housing and related services for very low income elderly persons pursuant to section 202 of the national housing act, as amended.

To provide housing and services to very low and extremely low income elderly.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,118,094$2,019,500▼ $98,594
Investments Program Related$62,189$69,861▲ $7,672
Prepaid Expenses and Deferred Charges$9,246$10,374▲ $1,128
Cash and Non-Interest-Bearing Accounts$11,888$4,071▼ $7,817
Accounts Receivable$338$501▲ $163
Total Assets$2,207,936$2,110,743▼ $97,193
Other Assets Total$6,181$6,436▲ $255
Liabilities
Mortgage Notes Payable Secured by Investment Property$2,547,600$2,547,600→ $0
Accounts Payable and Accrued Expenses$14,076$22,150▲ $8,074
Other Liabilities$5,892$6,159▲ $267
Deferred Revenue$3$39▲ $36
Total Liabilities$2,567,571$2,575,948▲ $8,377
Net Assets / Fund Balance
Unrestricted Net Assets$-359,635$-465,205▼ $105,570
Total Net Assets Fund Balance$-359,635$-465,205▼ $105,570
Total Liabilities and Net Assets / Fund Balance$2,207,936$2,110,743▼ $97,193

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,967,567$440,824$2,408,391
Other Land Buildings$22,807$20,301$43,108
Land$25,000-$25,000
Equipment$4,126$8,145$12,271
Compensation and Service Providers

Board Members and Trustees

NameTitle
Wallace McalexanderPresident
Scott BlountVice President
Amanda WardMember
Dr Cynthia DavisMember
Dwight DavisMember
Nancy AlbonetttiMember
Rev Andrew ThompsonMember
William KeithMember
James C NassoNon-voting CEO
Donald OllioNon-voting CFO
Ronald BudynasNon-voting COO
Mary Lou CushingSecretary/treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$68,385
Program Service Revenue
$69,472
Investment Income
$204
Other Revenue
$0
Change in Net Assets
$-105,570

Audited Revenue Reconciliation

Revenue per Audited Statements
$138,061
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$138,061
Total Revenue per Form 990
$138,061
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$193,660
Salaries, Compensation, and Employee Benefits$49,971
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$98,594--$98,594
Occupancy$59,512--$59,512
Other Salaries and Wages$35,532--$35,532
Other Employee Benefits$11,526--$11,526
Fees for Services Management-$11,280-$11,280
Fees for Services Accounting-$8,406-$8,406
Information Technology$5,190--$5,190
Office Expenses-$3,252-$3,252
Conferences and Meetings$2,562--$2,562
Payroll Taxes$2,272--$2,272
Other Expenses$1,262--$1,262
Pension Plan Contributions$641--$641
Total Functional Expenses$220,693$22,938$0$243,631

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$243,631
Total Expenses per Audited Statements$243,631
Total Expenses per Form 990$243,631
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
Security Deposits$6,159
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
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

Wesley murray meadow is managed by wesley housing corporation of memphis, inc., a professional property management company. Wesley housing corporation of memphis, inc. Has a project owner's and management agent's certification for multifamily housing projects with the us department of housing and urban development. Under this certification, hud has approved wesley housing corporation of memphis, inc. To manage the wesley murray meadow apartment community. The management contract encompasses the day to day operations of the project including, but not limited to, collection of rents, maintenance of facilities, supervision of staff, and ongoing support for both the owners and tenants as needed in order to establish a safe, sanitary and affordable environment.

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

A copy of the form 990 is reviewed by an officer prior to filing.

Form 990, Part VI, Section B, Line 12C

Review of the policy on an annual basis with the board of directors to make sure that everyone is in compliance.

Form 990, Part VI, Section B, Line 15

The compensation of all employees is determined through the approval of the budget.

Form 990, Part VI, Section C, Line 19

The organization provides its financial information to the public through www.guidestar.org and upon written request.

Form 990, Part VII, Section A, Line 1A, Column B

All of the officers, directors, and employees listed in part vii, section a perform similar duties and have similar responsibilities for related organizations as they do for this organization. Their total hours worked per week for this organization are similar to their hours worked for related organizations both in terms of number of hours and type of work performed.

Filing and Contact Details

Filer

Filer Name
Wesley Murray Meadow Inc
EIN
45-4123137
Phone
9013804900
Address
1615 APPLING ROAD, CORDOVA, TN 38016

Signing Officer

Name
Don Ollio
Title
CFO
Phone
9013804900
Signed
2019-11-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
James C Nasso
Formed
2011
Legal Domicile
Ky
Voting Board Members
10
Independent Board Members
10
Employees
0
Volunteers
10

Preparer

Firm
DAUBY O'CONNOR & ZALESKI LLC
Address
501 CONGRESSIONAL BLVD 300, CARMEL, IN 46032
Preparer
Abby Shafer
Phone
3178485700
Supplemental Narrative

Additional Explanations

Part XII, Line 2C

An audit committee reviews the audit results and selection of the auditing firm through a periodic competitive bidding process.

Financial Statement Notes

PART X, LINE 2:

The corporation is exempt from federal income tax under section 501(c)(3) of the internal revenue code and state income tax and has been classified as an other than private foundation. Accordingly, no provision for federal and state taxes on revenue and income has been recognized in the accompanying financial statements. Generally, the federal and state tax returns are subject to examination for three years after the later of the original or extended due date or the date filed by the applicable tax authority.

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IRS990/Desc0WESLEY MURRAY MEADOW, INC. IS A NOT-FOR-PROFIT CORPORATION FORMED IN DECEMBER 2011, IN ACCORDANCE WITH THE NOT-FOR-PROFIT STATUTES OF THE STATE OF KENTUCKY. THE CORPORATION WAS FORMED FOR THE PURPOSE OF OPERATING A 20-UNIT COMMUNITY LOCATED IN MURRAY, KENTUCKY, KNOWN AS WESLEY MURRAY MEADOW, WHICH PROVIDES HOUSING AND RELATED SERVICES FOR VERY LOW INCOME ELDERLY PERSONS PURSUANT TO SECTION 202 OF THE NATIONAL HOUSING ACT, AS AMENDED.
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IRS990/MissionDesc0WESLEY MURRAY MEADOW, INC. IS A NOT-FOR-PROFIT CORPORATION FORMED IN DECEMBER 2011, IN ACCORDANCE WITH THE NOT-FOR-PROFIT STATUTES OF THE STATE OF KENTUCKY. THE CORPORATION WAS FORMED FOR THE PURPOSE OF OPERATING A 20-UNIT COMMUNITY LOCATED IN MURRAY, KENTUCKY, KNOWN AS WESLEY MURRAY MEADOW, WHICH PROVIDES HOUSING AND RELATED SERVICES FOR VERY LOW INCOME ELDERLY PERSONS PURSUANT TO SECTION 202 OF THE NATIONAL HOUSING ACT, AS AMENDED.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
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IRS990/NondeductibleContributionsInd00
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IRS990/OperateHospitalInd00
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IRS990/PoliticalCampaignActyInd00
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IRS990/PrincipalOfficerNm0JAMES C NASSO
IRS990/ProfessionalFundraisingInd00
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IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
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IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
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IRS990/ScheduleBRequiredInd01
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IRS990ScheduleD/BuildingsGrp/DepreciationAmt0440824
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IRS990ScheduleD/FootnoteTextInd0X
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0SECURITY DEPOSITS
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IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0138061
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE CORPORATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND STATE INCOME TAX AND HAS BEEN CLASSIFIED AS AN OTHER THAN PRIVATE FOUNDATION. ACCORDINGLY, NO PROVISION FOR FEDERAL AND STATE TAXES ON REVENUE AND INCOME HAS BEEN RECOGNIZED IN THE ACCOMPANYING FINANCIAL STATEMENTS. GENERALLY, THE FEDERAL AND STATE TAX RETURNS ARE SUBJECT TO EXAMINATION FOR THREE YEARS AFTER THE LATER OF THE ORIGINAL OR EXTENDED DUE DATE OR THE DATE FILED BY THE APPLICABLE TAX AUTHORITY.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0WESLEY MURRAY MEADOW IS MANAGED BY WESLEY HOUSING CORPORATION OF MEMPHIS, INC., A PROFESSIONAL PROPERTY MANAGEMENT COMPANY. WESLEY HOUSING CORPORATION OF MEMPHIS, INC. HAS A PROJECT OWNER'S AND MANAGEMENT AGENT'S CERTIFICATION FOR MULTIFAMILY HOUSING PROJECTS WITH THE US DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. UNDER THIS CERTIFICATION, HUD HAS APPROVED WESLEY HOUSING CORPORATION OF MEMPHIS, INC. TO MANAGE THE WESLEY MURRAY MEADOW APARTMENT COMMUNITY. THE MANAGEMENT CONTRACT ENCOMPASSES THE DAY TO DAY OPERATIONS OF THE PROJECT INCLUDING, BUT NOT LIMITED TO, COLLECTION OF RENTS, MAINTENANCE OF FACILITIES, SUPERVISION OF STAFF, AND ONGOING SUPPORT FOR BOTH THE OWNERS AND TENANTS AS NEEDED IN ORDER TO ESTABLISH A SAFE, SANITARY AND AFFORDABLE ENVIRONMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1A COPY OF THE FORM 990 IS REVIEWED BY AN OFFICER PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2REVIEW OF THE POLICY ON AN ANNUAL BASIS WITH THE BOARD OF DIRECTORS TO MAKE SURE THAT EVERYONE IS IN COMPLIANCE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE COMPENSATION OF ALL EMPLOYEES IS DETERMINED THROUGH THE APPROVAL OF THE BUDGET.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION PROVIDES ITS FINANCIAL INFORMATION TO THE PUBLIC THROUGH WWW.GUIDESTAR.ORG AND UPON WRITTEN REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5ALL OF THE OFFICERS, DIRECTORS, AND EMPLOYEES LISTED IN PART VII, SECTION A PERFORM SIMILAR DUTIES AND HAVE SIMILAR RESPONSIBILITIES FOR RELATED ORGANIZATIONS AS THEY DO FOR THIS ORGANIZATION. THEIR TOTAL HOURS WORKED PER WEEK FOR THIS ORGANIZATION ARE SIMILAR TO THEIR HOURS WORKED FOR RELATED ORGANIZATIONS BOTH IN TERMS OF NUMBER OF HOURS AND TYPE OF WORK PERFORMED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6AN AUDIT COMMITTEE REVIEWS THE AUDIT RESULTS AND SELECTION OF THE AUDITING FIRM THROUGH A PERIODIC COMPETITIVE BIDDING PROCESS.
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 B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VII, SECTION A, LINE 1A, COLUMN B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6PART XII, LINE 2C
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd10
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd20
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd30

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