Civic Intelligence

Volunteer Residences Three Inc.

990 • Fiscal year 2014 • EIN 58-1766357

Oct 01, 2013 to Sep 30, 2014 • Filed on Dec 20, 2014

PO Box 1218Morristown, TN 37816-1218

(423) 587-4500

Siviq Scores

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

Liabilities / Assets

97th percentile

1.63x

Higher debt load relative to assets than 97% of similar nonprofits.

2014 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2014

Liabilities / Revenue

96th percentile

3.77x

Higher debt load relative to revenue than 96% of similar nonprofits.

2014 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2014

Net Margin

47th percentile

2.1%

Higher net margin than 47% of similar nonprofits.

2014 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2014

Top Officer Pay

47th percentile

$0

Higher top officer pay than 47% of similar nonprofits.

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

2014 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2014

Asset Growth

18th percentile

-8.6%

Faster asset growth than 18% of similar nonprofits.

2014 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2013 to 2014

Revenue Growth

38th percentile

-0.8%

Faster revenue growth than 38% of similar nonprofits.

2014 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2013 to 2014

Assets

Down

$606,061

Down $56,819 (-8.6%) from 2013

Net Assets

Up

-$381,896

Up $5,531 (+1.4%) from 2013

Liabilities

Down

$987,957

Down $62,350 (-5.9%) from 2013

Revenue

Down

$261,908

Down $2,226 (-0.8%) from 2013

Expenses

Down

$256,377

Down $69,624 (-21%) from 2013

Net Income

Up

$5,531

Up $67,398 (+109%) from 2013

Historical Trend

Balance Sheet Trend

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

$1.5M$1.0M$500K$0-$500KAssets 2010: $767,674Liabilities 2010: $1,087,519Net Assets 2010: -$319,8452010Assets 2011: $743,541Liabilities 2011: $1,066,025Net Assets 2011: -$322,4842011Assets 2012: $718,005Liabilities 2012: $1,043,565Net Assets 2012: -$325,5602012Assets 2013: $662,880Liabilities 2013: $1,050,307Net Assets 2013: -$387,4272013Assets 2014: $606,061Liabilities 2014: $987,957Net Assets 2014: -$381,8962014Assets 2015: $0Liabilities 2015: $0Net Assets 2015: $02015Assets 2016: $0Liabilities 2016: $0Net Assets 2016: $02016

Highlighted filing

2014

Assets$606,061
Liabilities$987,957
Net Assets-$381,896

Operations Trend

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

$400K$300K$200K$100K$0-$100KRevenue 2010: $232,272Expenses 2010: $257,728Net Income 2010: -$25,4562010Expenses 2011: $249,6242011Expenses 2012: $261,3472012Revenue 2013: $264,134Expenses 2013: $326,001Net Income 2013: -$61,8672013Revenue 2014: $261,908Expenses 2014: $256,377Net Income 2014: $5,5312014Revenue 2015: $133,160Expenses 2015: $132,505Net Income 2015: $6552015Revenue 2016: $0Expenses 2016: $0Net Income 2016: $02016

Highlighted filing

2014

Revenue$261,908
Expenses$256,377
Net Income$5,531
Jump To
Filing Snapshot
Filing Period
Oct 1, 2013 to Sep 30, 2014
Signed
Dec 20, 2014
Return Version
2013v4.0
Gross Receipts
$261,908
Mission and Program Overview

Mission

To provide housing for low-income elderly or handicapped tenants under section 202 of the national housing act.

Housing for low-income elderly & handicapped tenants

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$564,608$537,980▼ $26,628
Prepaid Expenses and Deferred Charges$3,372$12,302▲ $8,930
Cash and Non-Interest-Bearing Accounts$7,491$236▼ $7,255
Total Assets$662,880$606,061▼ $56,819
Other Assets Total$87,409$55,543▼ $31,866
Liabilities
Mortgage Notes Payable Secured by Investment Property$986,919$957,685▼ $29,234
Accounts Payable and Accrued Expenses$23,503$19,746▼ $3,757
Other Liabilities$39,885$10,526▼ $29,359
Total Liabilities$1,050,307$987,957▼ $62,350
Net Assets / Fund Balance
Unrestricted Net Assets$-387,427$-381,896▲ $5,531
Total Net Assets Fund Balance$-387,427$-381,896▲ $5,531
Total Liabilities and Net Assets / Fund Balance$662,880$606,061▼ $56,819

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$443,139$743,986$1,187,125
Land$90,668-$90,668
Other Land Buildings$4,173$50,993$55,166
Other Assets Org$10,549--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Susan LukerPresident
Kathy BoatmanExecutive Vice President
Jack YatesVice-president
Barbara RaperDirector
Chris HorneDirector
Geneva MyersDirector
Joe BenthalDirector
Kim LovedayDirector
Lane WolfenbargerDirector
Michael CollinsDirector
Nancy BishopDirector
Stanley WilderSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$117,654
Program Service Revenue
$144,225
Investment Income
$29
Other Revenue
$0
Change in Net Assets
$5,531

Audited Revenue Reconciliation

Revenue per Audited Statements
$261,908
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$261,908
Total Revenue per Form 990
$261,908
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$256,377
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$87,417--$87,417
Fees for Services Management$28,435$15,666-$44,101
Depreciation Depletion$30,428--$30,428
Other Expenses$26,492--$26,492
Insurance$8,023--$8,023
Office Expenses-$4,696-$4,696
Fees for Services Accounting-$4,175-$4,175
Fees for Services Other-$1,368-$1,368
Advertising$312--$312
Total Functional Expenses$230,472$25,905$0$256,377

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$256,377
Total Expenses per Audited Statements$256,377
Total Expenses per Form 990$256,377
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
Tenant Security Deposits$9,766
Excess Project Funds - Residual Receipts Available for Recapture$760
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
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
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

Day to day operations are performed by a non-profit management agent approved by hud.

Form 990, Part VI, Section A, Line 6

One class of members comprised of individuals with an interest in housing for elderly and low-income persons.

Form 990, Part VI, Section A, Line 7A

All members have voting right to elect the governing body (board of directors).

Form 990, Part VI, Section B, Line 11

Form 990 is reviewed by the executive director of the management company.

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

Annual training sessions with on-site managers.

Form 990, Part VI, Section C, Line 19

Governing documents, conflict of interest policy, and financial statements are available upon request.

Filing and Contact Details

Filer

EIN
58-1766357
Phone
4235874500

Signing Officer

Name
Susan Luker
Title
President
Phone
4235874500
Signed
2014-12-20
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Susan Luker
Formed
1983
Legal Domicile
Tn
Voting Board Members
11
Independent Board Members
11
Employees
0
Volunteers
0

Preparer

Preparer
Doyle Carter CPA
Phone
4235864850
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

The project follows the guidance of asc topic 740, income taxes "accounting for uncertainty in income taxes - an interpretation of fasb statement 109" which clarifies the accounting for uncertainty in income taxes recognized in an entity's financial statements. Management evaluated the project's tax positions and concluded that the project had maintained its exempt status and had taken no uncertain tax positions that require adjustment to the financial statements. Therefore, no provision or liability for income taxes has been included in the financial statements. With few exceptions, the project is no longer subject to income tax examinations by the u.s. Federal, state, or local authorities for years beyond 3 years.

Raw XML AppendixShowing 400 of 1,002 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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IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus1YearAmt0123283
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus2YearsAmt0141585
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus3YearsAmt0131383
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus4YearsAmt0125591
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/TotalAmt0639496
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearAmt029
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus1YearAmt042
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus2YearsAmt044
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus3YearsAmt047
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus4YearsAmt050
IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt0212
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt0144225
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt0140809
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt0116642
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt0115555
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt0106631
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt0623862
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt029
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt042
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus2YearsAmt044
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus3YearsAmt047
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus4YearsAmt050
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt0212
IRS990ScheduleA/InvestmentIncomeCYPct00.00020
IRS990ScheduleA/InvestmentIncomePYPct00.00050
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportCY509Pct00.99980
IRS990ScheduleA/PublicSupportPY509Pct00.99950
IRS990ScheduleA/PublicSupportTotal509Amt01263358
IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/TotalAmt00
IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind0X
IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt0261879
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt0264092
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt0258227
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt0246938
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt0232222
IRS990ScheduleA/Total509Grp/TotalAmt01263358
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt0261908
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt0264134
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt0258271
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0246985
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt0232272
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt01263570
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/BookValueAmt0443139
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0743986
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt01187125
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0256377
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt090668
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt090668
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt01600
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt19766
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt24078
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt329550
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt410549
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0UTILITY DEPOSITS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1TENANT SECURITY DEPOSITS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2ESCROW DEPOSITS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc3REPLACEMENT RESERVE
IRS990ScheduleD/OtherAssetsOrgGrp/Desc4RESIDUAL RECEIPTS
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt04173
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt050993
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt055166
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt09766
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1760
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0TENANT SECURITY DEPOSITS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1EXCESS PROJECT FUNDS - RESIDUAL RECEIPTS AVAILABLE FOR RECAPTURE
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0261908
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE PROJECT FOLLOWS THE GUIDANCE OF ASC TOPIC 740, INCOME TAXES "ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES - AN INTERPRETATION OF FASB STATEMENT 109" WHICH CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ENTITY'S FINANCIAL STATEMENTS. MANAGEMENT EVALUATED THE PROJECT'S TAX POSITIONS AND CONCLUDED THAT THE PROJECT HAD MAINTAINED ITS EXEMPT STATUS AND HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS. THEREFORE, NO PROVISION OR LIABILITY FOR INCOME TAXES HAS BEEN INCLUDED IN THE FINANCIAL STATEMENTS. WITH FEW EXCEPTIONS, THE PROJECT IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE, OR LOCAL AUTHORITIES FOR YEARS BEYOND 3 YEARS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0537980
IRS990ScheduleD/TotalBookValueOtherAssetsAmt055543
IRS990ScheduleD/TotalExpensesPerForm990Amt0256377
IRS990ScheduleD/TotalLiabilityAmt010526
IRS990ScheduleD/TotalRevenuePerForm990Amt0261908
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0261908
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0256377
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0DAY TO DAY OPERATIONS ARE PERFORMED BY A NON-PROFIT MANAGEMENT AGENT APPROVED BY HUD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ONE CLASS OF MEMBERS COMPRISED OF INDIVIDUALS WITH AN INTEREST IN HOUSING FOR ELDERLY AND LOW-INCOME PERSONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ALL MEMBERS HAVE VOTING RIGHT TO ELECT THE GOVERNING BODY (BOARD OF DIRECTORS).
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3FORM 990 IS REVIEWED BY THE EXECUTIVE DIRECTOR OF THE MANAGEMENT COMPANY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4ANNUAL TRAINING SESSIONS WITH ON-SITE MANAGERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN0621328332
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt0C
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd0TN
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt0REAL ESTATE MANAGEMENT
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine10CENTURY PROPERTIES INC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/AddressLine10PO BOX 1218

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