Civic Intelligence

Luther Terrace Inc.

990 • Fiscal year 2013 • EIN 58-1567594

Jan 01, 2013 to Dec 31, 2013 • Filed on Nov 13, 2014

Organization ProfileWWW.WESLEYLIVING.COM
1615 Appling Road38016

(901) 380-4900

Siviq Scores

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

Liabilities / Assets

89th percentile

0.91x

Higher debt load relative to assets than 89% of similar nonprofits.

2013 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2013

Liabilities / Revenue

90th percentile

2.45x

Higher debt load relative to revenue than 90% of similar nonprofits.

2013 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2013

Net Margin

22nd percentile

-9.0%

Higher net margin than 22% of similar nonprofits.

2013 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2013

Top Officer Pay

38th percentile

$0

Higher top officer pay than 38% of similar nonprofits.

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

2013 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2013

Asset Growth

20th percentile

-5.1%

Faster asset growth than 20% of similar nonprofits.

2013 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2012 to 2013

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2013

Balance Sheet
Liabilities / Assets89th percentile

Assets

Down

$1,170,913

Down $63,102 (-5.1%) from 2012

Net Assets

Down

$109,972

Down $39,055 (-26%) from 2012

Liabilities

Down

$1,060,941

Down $24,047 (-2.2%) from 2012

Revenue And Expenses
Liabilities / Revenue90th percentileNet Margin22nd percentile

Revenue

$433,649

No earlier filing loaded for comparison.

Expenses

Down

$472,704

Down $4,873 (-1.0%) from 2012

Net Income

-$39,055

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset Growth20th percentile

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

$1.5M$1.0M$500K$0-$500KAssets 2010: $1,093,464Liabilities 2010: $1,138,949Net Assets 2010: -$45,4852010Assets 2011: $1,296,906Liabilities 2011: $1,117,574Net Assets 2011: $179,3322011Assets 2012: $1,234,015Liabilities 2012: $1,084,988Net Assets 2012: $149,0272012Assets 2013: $1,170,913Liabilities 2013: $1,060,941Net Assets 2013: $109,9722013Assets 2014: $1,107,077Liabilities 2014: $1,019,021Net Assets 2014: $88,0562014Assets 2015: $1,043,448Liabilities 2015: $987,431Net Assets 2015: $56,0172015Assets 2016: $1,011,957Liabilities 2016: $963,876Net Assets 2016: $48,0812016Assets 2017: $973,109Liabilities 2017: $917,320Net Assets 2017: $55,7892017Assets 2018: $1,020,171Liabilities 2018: $956,917Net Assets 2018: $63,2542018Assets 2019: $890,809Liabilities 2019: $812,083Net Assets 2019: $78,7262019Assets 2020: $845,195Liabilities 2020: $757,457Net Assets 2020: $87,7382020Assets 2021: $841,063Liabilities 2021: $764,022Net Assets 2021: $77,0412021Assets 2022: $807,459Liabilities 2022: $709,161Net Assets 2022: $98,2982022Assets 2023: $819,256Liabilities 2023: $725,578Net Assets 2023: $93,6782023Assets 2024: $801,752Liabilities 2024: $698,530Net Assets 2024: $103,2222024

Highlighted filing

2013

Assets$1,170,913
Liabilities$1,060,941
Net Assets$109,972
Open 2013 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$600K$400K$200K$0-$200KExpenses 2010: $432,4442010Expenses 2011: $461,2122011Expenses 2012: $477,5772012Revenue 2013: $433,649Expenses 2013: $472,704Net Income 2013: -$39,0552013Revenue 2014: $428,790Expenses 2014: $450,706Net Income 2014: -$21,9162014Revenue 2015: $439,471Expenses 2015: $471,510Net Income 2015: -$32,0392015Revenue 2016: $444,095Expenses 2016: $452,031Net Income 2016: -$7,9362016Revenue 2017: $455,216Expenses 2017: $447,508Net Income 2017: $7,7082017Revenue 2018: $472,529Expenses 2018: $465,064Net Income 2018: $7,4652018Revenue 2019: $464,360Expenses 2019: $448,888Net Income 2019: $15,4722019Revenue 2020: $459,879Expenses 2020: $450,867Net Income 2020: $9,0122020Revenue 2021: $471,296Expenses 2021: $481,993Net Income 2021: -$10,6972021Revenue 2022: $482,908Expenses 2022: $461,651Net Income 2022: $21,2572022Revenue 2023: $488,933Expenses 2023: $493,553Net Income 2023: -$4,6202023Revenue 2024: $524,580Expenses 2024: $515,036Net Income 2024: $9,5442024

Highlighted filing

2013

Revenue$433,649
Expenses$472,704
Net Income-$39,055
Open 2013 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
Nov 13, 2014
Return Version
2013v3.0
Gross Receipts
$433,649
Mission and Program Overview

Mission

Luther terrace, inc. Is a not-for-profit general welfare corporation formed in may 1978, in accordance with the not-for-profit statutes of the state of tennessee. The corporation was formed for the purpose of operating a 40 unit community located in memphis, tennessee known as luther terrace, which provides housing and related services for very low and extremely low income elderly persons pursuant to section 202 of the national housing act, as amended.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,101,253$1,014,829▼ $86,424
Savings and Temporary Cash Investments$62,877$76,107▲ $13,230
Cash and Non-Interest-Bearing Accounts$34,883$48,888▲ $14,005
Prepaid Expenses and Deferred Charges$17,516$18,322▲ $806
Accounts Receivable$6,674$2,414▼ $4,260
Total Assets$1,234,015$1,170,913▼ $63,102
Other Assets Total$10,812$10,353▼ $459
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,036,164$1,007,217▼ $28,947
Accounts Payable and Accrued Expenses$15,561$22,413▲ $6,852
Deferred Revenue$22,598$21,105▼ $1,493
Other Liabilities$10,665$10,206▼ $459
Total Liabilities$1,084,988$1,060,941▼ $24,047
Net Assets / Fund Balance
Unrestricted Net Assets$149,027$109,972▼ $39,055
Total Net Assets Fund Balance$149,027$109,972▼ $39,055
Total Liabilities and Net Assets / Fund Balance$1,234,015$1,170,913▼ $63,102

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$649,881$757,358$1,407,239
Equipment$282,667$204,134$486,801
Land$82,281-$82,281
Compensation and Service Providers
Top Officer Pay38th percentile

Board Members and Trustees

NameTitle
Nick NashPresident
Rev Donald ParkVice President
Diane SluderMember
Dwight DavisMember
Earline MatthewsMember
Michelle FracchiaMember
Pam JeffriesMember
Rev Steve CavittMember
Wallace McalexanderMember
William KeithMember
Larry KalerNon-voting CEO
James C NassoNon-voting COO
Mary Lou CushingSecretary/treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$269,146
Program Service Revenue
$160,550
Investment Income
$3,953
Other Revenue
$0
Change in Net Assets
$-39,055

Audited Revenue Reconciliation

Revenue per Audited Statements
$433,649
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$433,649
Total Revenue per Form 990
$433,649
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$381,206
Salaries, Compensation, and Employee Benefits$91,498
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$181,031--$181,031
Depreciation Depletion$111,818--$111,818
Other Salaries and Wages$74,065--$74,065
Fees for Services Management-$27,598-$27,598
Office Expenses-$19,824-$19,824
Other Employee Benefits$10,141--$10,141
Fees for Services Accounting-$9,325-$9,325
Fees for Services Legal$6,581--$6,581
Payroll Taxes$5,287--$5,287
Information Technology$2,901--$2,901
Pension Plan Contributions$2,005--$2,005
Conferences and Meetings$1,746--$1,746
Advertising$1,585--$1,585
Other Expenses$1,551--$1,551
Total Functional Expenses$415,957$56,747$0$472,704

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$472,704
Total Expenses per Audited Statements$472,704
Total Expenses per Form 990$472,704
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$10,206
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

“Luther terrace, inc. Is managed by wesley housing corporation of memphis, a professional property management company. Wesley housing corporation of memphis 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 to manage the luther terrace, inc. 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 11

“A copy of the form 990 is reviewed by a board member prior to filing.”

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

“Review 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

EIN
58-1567594
Phone
9013804900

Signing Officer

Name
Larry Kaler
Title
CEO
Phone
9013804900
Signed
2014-11-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Larry Kaler
Formed
1978
Legal Domicile
Tn
Voting Board Members
11
Independent Board Members
11
Employees
4
Volunteers
0

Preparer

Preparer
Steven C Levy
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 provison 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/Form990PartVIISectionAGrp/PersonNm11LARRY KALER
IRS990/Form990PartVIISectionAGrp/PersonNm12JAMES C NASSO
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IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt2SECRETARY/TREASURER
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IRS990/InfoInScheduleOPartVIIInd0X
IRS990/InfoInScheduleOPartVIInd0X
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IRS990/InformationTechnologyGrp/TotalAmt02901
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IRS990/LoanOutstandingInd00
IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0LUTHER TERRACE, INC. IS A NOT-FOR-PROFIT GENERAL WELFARE CORPORATION FORMED IN MAY 1978, IN ACCORDANCE WITH THE NOT-FOR-PROFIT STATUTES OF THE STATE OF TENNESSEE. THE CORPORATION WAS FORMED FOR THE PURPOSE OF OPERATING A 40 UNIT COMMUNITY LOCATED IN MEMPHIS, TENNESSEE KNOWN AS LUTHER TERRACE, WHICH PROVIDES HOUSING AND RELATED SERVICES FOR VERY LOW AND EXTREMELY 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
IRS990/OccupancyGrp/ProgramServicesAmt0181031
IRS990/OccupancyGrp/TotalAmt0181031
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt019824
IRS990/OfficeExpensesGrp/TotalAmt019824
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt010812
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IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt010141
IRS990/OtherEmployeeBenefitsGrp/TotalAmt010141
IRS990/OtherExpensesGrp/Desc0INCENTIVE PERFORMANCE F
IRS990/OtherExpensesGrp/Desc1SERVICE COORDINATOR CON
IRS990/OtherExpensesGrp/Desc2BAD DEBTS
IRS990/OtherExpensesGrp/Desc3VEHICLE OPERATION REPAI
IRS990/OtherExpensesGrp/ProgramServicesAmt012491
IRS990/OtherExpensesGrp/ProgramServicesAmt12955
IRS990/OtherExpensesGrp/ProgramServicesAmt21800
IRS990/OtherExpensesGrp/ProgramServicesAmt31551
IRS990/OtherExpensesGrp/TotalAmt012491
IRS990/OtherExpensesGrp/TotalAmt12955
IRS990/OtherExpensesGrp/TotalAmt21800
IRS990/OtherExpensesGrp/TotalAmt31551
IRS990/OtherLiabilitiesGrp/BOYAmt010665
IRS990/OtherLiabilitiesGrp/EOYAmt010206
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt074065
IRS990/OtherSalariesAndWagesGrp/TotalAmt074065
IRS990/OtherWebsiteInd0X
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/ProgramServicesAmt05287
IRS990/PayrollTaxesGrp/TotalAmt05287
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt02005
IRS990/PensionPlanContributionsGrp/TotalAmt02005
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt017516
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt018322
IRS990/PrincipalOfficerNm0LARRY KALER
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0531110
IRS990/ProgramServiceRevenueGrp/Desc0RENTAL INCOME
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0160550
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt0273655
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt087
IRS990/PYOtherExpensesAmt0360224
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt0173530
IRS990/PYRevenuesLessExpensesAmt0-30305
IRS990/PYSalariesCompEmpBnftPaidAmt0117353
IRS990/PYTotalExpensesAmt0477577
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0447272
IRS990/QuidProQuoContributionsInd00
IRS990/ReconcilationRevenueExpnssAmt0-39055
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt0164412
IRS990/SavingsAndTempCashInvstGrp/BOYAmt062877
IRS990/SavingsAndTempCashInvstGrp/EOYAmt076107
IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/TotalAmt00
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearAmt0269146
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus1YearAmt0273655
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus2YearsAmt0536560
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus3YearsAmt0573084
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus4YearsAmt0405021
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/TotalAmt02057466
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearAmt091
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus1YearAmt087
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus2YearsAmt039
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus3YearsAmt052
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus4YearsAmt077
IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt0346
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt0160550
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt0173530
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt0164108
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt0150200
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt0648388
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt091
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt087
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus2YearsAmt039
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus3YearsAmt052
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus4YearsAmt077
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt0346
IRS990ScheduleA/InvestmentIncomeCYPct00.00010
IRS990ScheduleA/InvestmentIncomePYPct00.00020
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportCY509Pct00.99990
IRS990ScheduleA/PublicSupportPY509Pct00.99980
IRS990ScheduleA/PublicSupportTotal509Amt02705854
IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/TotalAmt00
IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind0X
IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt0429696
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt0447185
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt0700668
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt0723284
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt0405021
IRS990ScheduleA/Total509Grp/TotalAmt02705854
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt0429787
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt0447272
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt0700707
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0723336
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt0405098
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt02706200
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/BuildingsGrp/BookValueAmt0649881
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0757358
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt01407239
IRS990ScheduleD/EquipmentGrp/BookValueAmt0282667
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0204134
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0486801
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0472704
IRS990ScheduleD/FootnoteTextInd0X
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IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt082281
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt010206
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0SECURITY DEPOSITS
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0433649
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 PROVISON 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:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt01014829
IRS990ScheduleD/TotalExpensesPerForm990Amt0472704
IRS990ScheduleD/TotalLiabilityAmt010206
IRS990ScheduleD/TotalRevenuePerForm990Amt0433649
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0433649
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0472704
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0LUTHER TERRACE, INC. IS MANAGED BY WESLEY HOUSING CORPORATION OF MEMPHIS, A PROFESSIONAL PROPERTY MANAGEMENT COMPANY. WESLEY HOUSING CORPORATION OF MEMPHIS 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 TO MANAGE THE LUTHER TERRACE, INC. 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 A BOARD MEMBER PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2REVIEW 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.

Document Assets

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Filings

Displayed year

2013 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,170,913
Liabilities
$1,060,941
Net assets
$109,972
Revenue
$433,649
Expenses
$472,704
Net income
-$39,055
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.80$0.70$0.10$0.52$0.52$0.01
2023Detailed filing. Detailed filing data is available for this year.$0.82$0.73$0.09$0.49$0.49$0.00
2022Detailed filing. Detailed filing data is available for this year.$0.81$0.71$0.10$0.48$0.46$0.02
2021Detailed filing. Detailed filing data is available for this year.$0.84$0.76$0.08$0.47$0.48$0.01
2020Detailed filing. Detailed filing data is available for this year.$0.85$0.76$0.09$0.46$0.45$0.01
2019Detailed filing. Detailed filing data is available for this year.$0.89$0.81$0.08$0.46$0.45$0.02
2018Detailed filing. Detailed filing data is available for this year.$1.02$0.96$0.06$0.47$0.47$0.01
2017Detailed filing. Detailed filing data is available for this year.$0.97$0.92$0.06$0.46$0.45$0.01
2016Detailed filing. Detailed filing data is available for this year.$1.01$0.96$0.05$0.44$0.45$0.01
2015Detailed filing. Detailed filing data is available for this year.$1.04$0.99$0.06$0.44$0.47$0.03
2014Detailed filing. Detailed filing data is available for this year.$1.11$1.02$0.09$0.43$0.45$0.02
2013Detailed filing. Detailed filing data is available for this year.$1.17$1.06$0.11$0.43$0.47$0.04
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.23$1.08$0.15$0.48
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.30$1.12$0.18$0.46
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.09$1.14$0.05$0.43