Civic Intelligence

Cypress Distribution Center Inc

990 • Fiscal year 2017 • EIN 46-4233769

Jan 01, 2017 to Dec 31, 2017 • Filed on May 07, 2018

4 Embarcadero Center Suite 3300San Francisco, CA 94111

(415) 658-3300

Siviq Scores

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

Liabilities / Assets

60th percentile

0.38x

Higher debt load relative to assets than 60% of similar nonprofits.

2017 filings • $50M-$100M nonprofits • Source year 2017

Liabilities / Revenue

92nd percentile

9.11x

Higher debt load relative to revenue than 92% of similar nonprofits.

2017 filings • $50M-$100M nonprofits • Source year 2017

Net Margin

17th percentile

-6.2%

Higher net margin than 17% of similar nonprofits.

2017 filings • $50M-$100M nonprofits • Source year 2017

Top Officer Pay

11th percentile

$0

Higher top officer pay than 11% of similar nonprofits.

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

2017 filings • $50M-$100M nonprofits • Source year 2017

Asset Growth

83rd percentile

17%

Faster asset growth than 83% of similar nonprofits.

2017 filings • $50M-$100M nonprofits • Annualized from 2016 to 2017

Revenue Growth

8th percentile

-25%

Faster revenue growth than 8% of similar nonprofits.

2017 filings • $50M-$100M nonprofits • Annualized from 2016 to 2017

Assets

Up

$83,639,346

Up $11,899,203 (+17%) from 2016

Net Assets

Up

$52,053,161

Up $10,875,751 (+26%) from 2016

Liabilities

Up

$31,586,185

Up $1,023,452 (+3.3%) from 2016

Revenue

Down

$3,466,938

Down $1,144,704 (-25%) from 2016

Expenses

Up

$3,681,146

Up $138,783 (+3.9%) from 2016

Net Income

Down

-$214,208

Down $1,283,487 (-120%) from 2016

Historical Trend

Balance Sheet Trend

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

$100M$50M$0Assets 2014: $64,114,706Liabilities 2014: $31,403,849Net Assets 2014: $32,710,8572014Assets 2015: $64,978,811Liabilities 2015: $30,673,417Net Assets 2015: $34,305,3942015Assets 2016: $71,740,143Liabilities 2016: $30,562,733Net Assets 2016: $41,177,4102016Assets 2017: $83,639,346Liabilities 2017: $31,586,185Net Assets 2017: $52,053,1612017Assets 2018: $94,187,665Liabilities 2018: $31,071,617Net Assets 2018: $63,116,0482018Assets 2019: $99,527,683Liabilities 2019: $30,506,239Net Assets 2019: $69,021,4442019Assets 2020: $54,335Liabilities 2020: $34,882Net Assets 2020: $19,4532020Assets 2021: $0Liabilities 2021: $0Net Assets 2021: $02021

Highlighted filing

2017

Assets$83,639,346
Liabilities$31,586,185
Net Assets$52,053,161

Operations Trend

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

$40M$30M$20M$10M$0-$10MRevenue 2014: $4,825,841Expenses 2014: $4,091,154Net Income 2014: $734,6872014Revenue 2015: $4,310,058Expenses 2015: $3,522,954Net Income 2015: $787,1042015Revenue 2016: $4,611,642Expenses 2016: $3,542,363Net Income 2016: $1,069,2792016Revenue 2017: $3,466,938Expenses 2017: $3,681,146Net Income 2017: -$214,2082017Revenue 2018: $4,496,369Expenses 2018: $3,988,956Net Income 2018: $507,4132018Revenue 2019: $5,114,643Expenses 2019: $4,120,071Net Income 2019: $994,5722019Revenue 2020: $35,704,432Expenses 2020: $2,336,534Net Income 2020: $33,367,8982020Revenue 2021: $0Expenses 2021: $12,714Net Income 2021: -$12,7142021

Highlighted filing

2017

Revenue$3,466,938
Expenses$3,681,146
Net Income-$214,208
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
May 7, 2018
Return Version
2017v2.2
Gross Receipts
$3,466,938
Mission and Program Overview

Mission

Title Holding Corporation For Real Property

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$70,500,000$83,300,000▲ $12,800,000
Cap Stk Tr Prin Current Funds$30,633,246$31,054,371▲ $421,125
Rtn Earn Endowment Incm Other Fnds$10,544,164$20,998,790▲ $10,454,626
Cash and Non-Interest-Bearing Accounts$1,113,010$187,655▼ $925,355
Accounts Receivable$1,638$59,544▲ $57,906
Prepaid Expenses and Deferred Charges$13,677$13,563▼ $114
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$71,740,143$83,639,346▲ $11,899,203
Other Assets Total$111,818$78,584▼ $33,234
Liabilities
Mortgage Notes Payable Secured by Investment Property$30,064,395$30,108,067▲ $43,672
Accounts Payable and Accrued Expenses$256,107$876,457▲ $620,350
Other Liabilities$242,231$601,661▲ $359,430
Total Liabilities$30,562,733$31,586,185▲ $1,023,452
Net Assets / Fund Balance
Total Net Assets Fund Balance$41,177,410$52,053,161▲ $10,875,751
Total Liabilities and Net Assets / Fund Balance$71,740,143$83,639,346▲ $11,899,203

Asset Categories

AssetBook ValueDepreciationBasis
Land$32,964,761-$32,964,761
Buildings$27,441,895-$27,441,895
Other Land Buildings$21,639,680-$21,639,680
Leasehold Improvements$1,253,664-$1,253,664
Compensation and Service Providers

Board Members and Trustees

NameTitle
See Supplemental InformationSee Supplementa

Highest Paid Contractors

ContractorServicesLocationCompensation
Cushman and Wakefield of California IncBroker2020 Main Street Suite 100, Irvine, CA 92614$1,795,104
Core and Value Advisors LLCManagement services4 Embarcadero Ctr 3300, San Francisco, CA 94111$448,000
Marsh USA IncInsurance brokerPO Box 846112, Dallas, TX 75284$141,376
Vertical Dock and DoorContractor407 W Imperial Hwy Suite H-244, Brea, CA 92821$141,051
Transwestern Property Company West LLCManagement services20920 Warner Center Lne Ste C, Woodland Hills, CA 91367$120,730
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$3,466,938
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-214,208
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,681,146
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
Interest---$1,211,322
Depreciation Depletion---$701,574
All Other Expenses---$227,108
Insurance---$142,051
Other Expenses---$104,318
Total Functional Expenses$0$0$0$3,681,146
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Security Deposits$537,097
Rents received in advance$64,564
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
Yes
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Line 3: Description of Delegated Duties to Management Company

All management duties and management decision making of the taxpayer is delegated to Core and Value Advisors, LLC pursuant to the terms of certain management agreements.

Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder

Taxpayer is organized as a nonprofit corporation under the laws of the state of Delaware. Each stockholder of the taxpayer shall at all times be either (1) a qualified pension, profit-sharing or stock bonus plan that meets the requirements of Section 401(a) of the IRC; (2) a governmental plan (within the meaning of Section 414(d) of the Code); (3) the United States, any State or political subdivision thereof, or any agency or instrumentality of the foregoing; or (4) any organization described in Section 501(c)(3) of the Code. Taxpayer has only one class of stock and such class is entitled to vote or execute consents either in person or by agent or agents authorized by written proxy. Such class of stockholder is entitled to distributions of profits or a share of the net assets upon dissolution.

Form 990, Part VI, Line 11B: Form 990 Review Process

Form 990 is reviewed annually prior to filing by an officer of the management company engaged by the taxpayer to manage the operations of the taxpayer. The return is then signed by a member of the taxpayer's governing body.

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

All employees of Core and Value Advisors, LLC, which includes the members of the taxpayer's governing body, are required to at least annually disclose and certify via an electronic reporting system that they have: received, read and understand all of the conflict of interest and other related policies and that understand and agree to conform with such policies.

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

The corporate bylaws of the taxpayer provide that no officers of the taxpayer shall receive any compensation. All voting members of the governing body are independent as detailed in Part VI, Section A, lines 1a and 1b above. The governing body insures that this policy and corporate bylaw is enforced and none of its members nor any officer or employee of the taxpayer receives any compensation from the taxpayer.

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

No documents available to the public.

Filing and Contact Details

Filer

Filer Name
Cypress Distribution Center Inc
EIN
46-4233769
Phone
4156583300
Address
4 Embarcadero Center Suite 3300, San Francisco, CA 94111

Signing Officer

Name
Breanna Staggs
Title
Treasurer
Signed
2018-05-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Breanna Staggs
Formed
2013
Legal Domicile
De
Voting Board Members
8
Independent Board Members
8
Employees
0

Preparer

Firm
Comyns Smith McCleary & Deaver LLP
Address
3470 Mt Diablo Blvd A110, Lafayette, CA 94549
Preparer
Dan K Deaver
Phone
9252991040
Supplemental Narrative

Additional Explanations

Client Note 1

Client Note 1 - Form 990Part VII, Section AAs provided in the corporate bylaws of the taxpayer, all officers and directors of the taxpayer serve as such without compensation and, as a result, the taxpayer is precluded from paying any compensation to any of the following officers/directors.OFFICERS AND DIRECTORSDIRECTOR Albert J. JehleOFFICERSPresident Albert J. JehleVice President Mark D. CarlsonVice President Sol RasoVice President Drew StepanekVice President Matthew JerryVice President & Secretary Douglas D. SturialeVice President& Assistant Secretary Jean-Marie MurphyTreasurer Breanna Staggs

Other Changes In Net Assets Or Fund Balances - Other Increases

Contributions = $421125

Other Changes In Net Assets Or Fund Balances - Other Increases

Depreciation = $701574

Financial Statement Notes

Part X : FIN48 Footnote

The Trust has been classified as a qualified trust under Section 401(a) of the Internal Revenue Code (the Code) and is exempt under Section 501(a) of the Code. The Trust maintains interests in entities that generally, for tax purposes, are treated as a division of their sole member. For the entities not treated as a division of their sole member, income taxes are not considered in the accompanying combined consolidated financial statements since such taxes, if any, are the responsibility of the individual members. Additionally, the Trust includes title-holding companies that are classified as tax exempt under Code Section 501(c)(25) and related state income tax law. Accordingly, no provision for income taxes has been made in the accompanying combined consolidated financial statements. If an uncertain tax position were to be identified, the Trust would account for such in accordance with Accounting Standard Codification (ASC) Topic 740, Income Taxes.

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IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt021639680
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Security Deposits
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Rents received in advance
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Trust has been classified as a qualified trust under Section 401(a) of the Internal Revenue Code (the Code) and is exempt under Section 501(a) of the Code. The Trust maintains interests in entities that generally, for tax purposes, are treated as a division of their sole member. For the entities not treated as a division of their sole member, income taxes are not considered in the accompanying combined consolidated financial statements since such taxes, if any, are the responsibility of the individual members. Additionally, the Trust includes title-holding companies that are classified as tax exempt under Code Section 501(c)(25) and related state income tax law. Accordingly, no provision for income taxes has been made in the accompanying combined consolidated financial statements. If an uncertain tax position were to be identified, the Trust would account for such in accordance with Accounting Standard Codification (ASC) Topic 740, Income Taxes.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
IRS990ScheduleD/TotalBookValueLandBuildingsAmt083300000
IRS990ScheduleD/TotalLiabilityAmt0601661
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Client Note 1 - Form 990Part VII, Section AAs provided in the corporate bylaws of the taxpayer, all officers and directors of the taxpayer serve as such without compensation and, as a result, the taxpayer is precluded from paying any compensation to any of the following officers/directors.OFFICERS AND DIRECTORSDIRECTOR Albert J. JehleOFFICERSPresident Albert J. JehleVice President Mark D. CarlsonVice President Sol RasoVice President Drew StepanekVice President Matthew JerryVice President & Secretary Douglas D. SturialeVice President& Assistant Secretary Jean-Marie MurphyTreasurer Breanna Staggs
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1All management duties and management decision making of the taxpayer is delegated to Core and Value Advisors, LLC pursuant to the terms of certain management agreements.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Taxpayer is organized as a nonprofit corporation under the laws of the state of Delaware. Each stockholder of the taxpayer shall at all times be either (1) a qualified pension, profit-sharing or stock bonus plan that meets the requirements of Section 401(a) of the IRC; (2) a governmental plan (within the meaning of Section 414(d) of the Code); (3) the United States, any State or political subdivision thereof, or any agency or instrumentality of the foregoing; or (4) any organization described in Section 501(c)(3) of the Code. Taxpayer has only one class of stock and such class is entitled to vote or execute consents either in person or by agent or agents authorized by written proxy. Such class of stockholder is entitled to distributions of profits or a share of the net assets upon dissolution.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Form 990 is reviewed annually prior to filing by an officer of the management company engaged by the taxpayer to manage the operations of the taxpayer. The return is then signed by a member of the taxpayer's governing body.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4All employees of Core and Value Advisors, LLC, which includes the members of the taxpayer's governing body, are required to at least annually disclose and certify via an electronic reporting system that they have: received, read and understand all of the conflict of interest and other related policies and that understand and agree to conform with such policies.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5The corporate bylaws of the taxpayer provide that no officers of the taxpayer shall receive any compensation. All voting members of the governing body are independent as detailed in Part VI, Section A, lines 1a and 1b above. The governing body insures that this policy and corporate bylaw is enforced and none of its members nor any officer or employee of the taxpayer receives any compensation from the taxpayer.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6No documents available to the public.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7Contributions = $421125
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8Depreciation = $701574
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Client Note 1
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 3: Description of Delegated Duties to Management Company
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7Other Changes In Net Assets Or Fund Balances - Other Increases
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8Other Changes In Net Assets Or Fund Balances - Other Increases
IRS990ScheduleR/AssetExchangeInd0false
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IRS990ScheduleR/AssetSaleToOtherOrgInd0false
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IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0false
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IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/EIN0260285169
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/EIN1371778551
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/EIN2475519973
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/EIN3813141562
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IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/LegalDomicileStateCd1DE
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/LegalDomicileStateCd2DE
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/LegalDomicileStateCd3DE
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/PrimaryActivitiesTxt0Real Estate
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/PrimaryActivitiesTxt1Real Estate
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/PrimaryActivitiesTxt2Real Estate
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/PrimaryActivitiesTxt3Real Estate
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/RelatedOrganizationName/BusinessNameLine1Txt0Chicago Metro Retail Partners LLC
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/RelatedOrganizationName/BusinessNameLine1Txt1South Dallas Industrial LP
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/RelatedOrganizationName/BusinessNameLine1Txt2The Grand Sherman Oaks LLC
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/RelatedOrganizationName/BusinessNameLine1Txt3Alta Sobo Station LLC
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/AddressLine1Txt04 Embarcadero Center Suite 3300
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/AddressLine1Txt14 Embarcadero Center Suite 3300
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/AddressLine1Txt22525 E Camelback Road Suite 500
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/AddressLine1Txt33715 Northside Parkway NW STE4-600
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/CityNm0San Francisco
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/CityNm1San Francisco
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/CityNm2Phoenix
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/CityNm3Atlanta
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/StateAbbreviationCd0CA
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/StateAbbreviationCd1CA
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/StateAbbreviationCd2AZ
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/StateAbbreviationCd3GA
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/ZIPCd094111
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IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/ZIPCd285016
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/ZIPCd330327
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0See Attached Schedule
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0DE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt04 Embarcadero Center Suite 3300
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0San Francisco
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0CA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd094111
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IRS990/TaxableDistributionsInd0false
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IRS990/TaxExemptBondsInd0false
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IRS990/TerminateOperationsInd0false
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