Civic Intelligence

Wesley at Millington Inc.

990 • Fiscal year 2014 • EIN 58-1929230

Jul 01, 2013 to Jun 30, 2014 • Filed on May 15, 2015

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

94th percentile

1.15x

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

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Liabilities / Revenue

96th percentile

7.82x

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

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Net Margin

7th percentile

-39%

Higher net margin than 7% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Top Officer Pay

34th percentile

$0

Higher top officer pay than 34% of similar nonprofits.

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

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Asset Growth

19th percentile

-5.3%

Faster asset growth than 19% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2013 to 2014

Revenue Growth

Score unavailable

No value available

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

Source year 2014

Balance Sheet
Liabilities / Assets94th percentile

Assets

Down

$3,143,489

Down $174,815 (-5.3%) from 2013

Net Assets

Down

-$462,532

Down $180,826 (-64%) from 2013

Liabilities

Up

$3,606,021

Up $6,011 (+0.2%) from 2013

Revenue And Expenses
Liabilities / Revenue96th percentileNet Margin7th percentile

Revenue

$461,106

No earlier filing loaded for comparison.

Expenses

Up

$641,932

Up $6,739 (+1.1%) from 2013

Net Income

-$180,826

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset Growth19th percentile

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

$4.0M$2.0M$0-$2.0M-$4.0MAssets 2011: $3,535,528Liabilities 2011: $3,601,938Net Assets 2011: -$66,4102011Assets 2012: $3,449,944Liabilities 2012: $3,595,563Net Assets 2012: -$145,6192012Assets 2013: $3,318,304Liabilities 2013: $3,600,010Net Assets 2013: -$281,7062013Assets 2014: $3,143,489Liabilities 2014: $3,606,021Net Assets 2014: -$462,5322014Assets 2015: $2,935,393Liabilities 2015: $3,600,169Net Assets 2015: -$664,7762015Assets 2016: $2,761,454Liabilities 2016: $3,616,443Net Assets 2016: -$854,9892016Assets 2017: $2,557,826Liabilities 2017: $3,611,228Net Assets 2017: -$1,053,4022017Assets 2018: $2,436,071Liabilities 2018: $3,633,451Net Assets 2018: -$1,197,3802018Assets 2019: $2,291,087Liabilities 2019: $3,630,203Net Assets 2019: -$1,339,1162019Assets 2020: $2,121,628Liabilities 2020: $3,630,362Net Assets 2020: -$1,508,7342020Assets 2021: $1,946,019Liabilities 2021: $3,618,209Net Assets 2021: -$1,672,1902021Assets 2022: $1,858,745Liabilities 2022: $3,670,383Net Assets 2022: -$1,811,6382022Assets 2023: $1,703,511Liabilities 2023: $3,654,494Net Assets 2023: -$1,950,9832023Assets 2024: $1,582,462Liabilities 2024: $3,695,227Net Assets 2024: -$2,112,7652024

Highlighted filing

2014

Assets$3,143,489
Liabilities$3,606,021
Net Assets-$462,532
Open 2014 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$1.0M$500K$0-$500KExpenses 2011: $628,0402011Expenses 2012: $620,0732012Expenses 2013: $635,1932013Revenue 2014: $461,106Expenses 2014: $641,932Net Income 2014: -$180,8262014Revenue 2015: $462,885Expenses 2015: $665,129Net Income 2015: -$202,2442015Revenue 2016: $466,472Expenses 2016: $656,686Net Income 2016: -$190,2142016Revenue 2017: $473,914Expenses 2017: $672,327Net Income 2017: -$198,4132017Revenue 2018: $488,362Expenses 2018: $632,340Net Income 2018: -$143,9782018Revenue 2019: $517,537Expenses 2019: $659,273Net Income 2019: -$141,7362019Revenue 2020: $501,964Expenses 2020: $671,582Net Income 2020: -$169,6182020Revenue 2021: $499,979Expenses 2021: $663,435Net Income 2021: -$163,4562021Revenue 2022: $621,806Expenses 2022: $761,254Net Income 2022: -$139,4482022Revenue 2023: $674,554Expenses 2023: $813,899Net Income 2023: -$139,3452023Revenue 2024: $695,726Expenses 2024: $857,508Net Income 2024: -$161,7822024

Highlighted filing

2014

Revenue$461,106
Expenses$641,932
Net Income-$180,826
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2013 to Jun 30, 2014
Signed
May 15, 2015
Return Version
2013v4.0
Gross Receipts
$461,106
Mission and Program Overview

Mission

Provide apartment units and other related services under the terms of the u.s. Department of housing and urban development programs for very low and extremely low income elderly individuals.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,811,252$2,608,896▼ $202,356
Cash and Non-Interest-Bearing Accounts$425,634$453,010▲ $27,376
Other Notes and Loans Receivable, Net$45,763$45,763→ $0
Prepaid Expenses and Deferred Charges$10,922$11,122▲ $200
Accounts Receivable$172$927▲ $755
Total Assets$3,318,304$3,143,489▼ $174,815
Other Assets Total$24,561$23,771▼ $790
Liabilities
Mortgage Notes Payable Secured by Investment Property$3,542,800$3,542,800→ $0
Accounts Payable and Accrued Expenses$32,912$38,967▲ $6,055
Other Liabilities$23,761$23,771▲ $10
Deferred Revenue$537$483▼ $54
Total Liabilities$3,600,010$3,606,021▲ $6,011
Net Assets / Fund Balance
Unrestricted Net Assets$-281,706$-462,532▼ $180,826
Total Net Assets Fund Balance$-281,706$-462,532▼ $180,826
Total Liabilities and Net Assets / Fund Balance$3,318,304$3,143,489▼ $174,815

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,347,729$1,963,719$4,311,448
Equipment$108,233$80,511$188,744
Land$131,622-$131,622
Leasehold Improvements$21,312$39,797$61,109
Compensation and Service Providers
Top Officer Pay34th percentile

Board Members and Trustees

NameTitle
Nick NashPresident
William KeithVice President
Diane SluderBoard Member
Dwight DavisBoard Member
Earline MatthewsBoard Member
Michelle FracchiaBoard Member
Pam JeffriesBoard Member
Rev Donald ParkBoard Member
Rev Steve CavittBoard Member
Wallace McalexanderBoard Member
Larry KalerNon-voting CEO
Jim NassoNon-voting COO
Mary Lou CushingSecretary/treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$177,323
Program Service Revenue
$283,652
Investment Income
$131
Other Revenue
$0
Change in Net Assets
$-180,826

Audited Revenue Reconciliation

Revenue per Audited Statements
$461,106
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$461,106
Total Revenue per Form 990
$461,106
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$500,639
Salaries, Compensation, and Employee Benefits$141,293
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$220,032--$220,032
Occupancy$159,086--$159,086
Other Salaries and Wages$107,470--$107,470
Fees for Services Management-$61,816-$61,816
Other Employee Benefits$24,874--$24,874
Office Expenses-$15,933-$15,933
Fees for Services Accounting-$13,901-$13,901
Other Expenses$8,126--$8,126
Payroll Taxes$6,380--$6,380
Information Technology$4,037--$4,037
Pension Plan Contributions$2,569--$2,569
Advertising$2,177--$2,177
Conferences and Meetings$1,498--$1,498
Travel$204--$204
Total Functional Expenses$550,282$91,650$0$641,932

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$641,932
Total Expenses per Audited Statements$641,932
Total Expenses per Form 990$641,932
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$23,771
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 at millington, inc. 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 at millington, 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

“Information is available through www.guidestar.org or upon 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
58-1929230
Phone
9013804900

Signing Officer

Name
Don Ollio
Title
CFO
Phone
9013804900
Signed
2015-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Don Ollio
Formed
1993
Legal Domicile
Tn
Voting Board Members
11
Independent Board Members
11
Employees
5
Volunteers
0

Preparer

Preparer
Steven C Levy
Phone
3178485700
Supplemental Narrative

Additional Explanations

FORM 990, 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 were subject to examinations from the three years after the later of the original or extended due date or the date filed by the applicable tax authority.”

Raw XML AppendixShowing 400 of 779 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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IRS990/MissionDesc0PROVIDE APARTMENT UNITS AND OTHER RELATED SERVICES UNDER THE TERMS OF THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT PROGRAMS FOR VERY LOW AND EXTREMELY LOW INCOME ELDERLY INDIVIDUALS.
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IRS990ScheduleA/InvestmentIncomePYPct00.00540
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IRS990ScheduleA/OtherIncome509Grp/TotalAmt02697
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
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IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/TotalAmt00
IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
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IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
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IRS990ScheduleD/EquipmentGrp/BookValueAmt0108233
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0TENANT SECURITY DEPOSITS
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IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0461106
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 WERE SUBJECT TO EXAMINATIONS FROM THE 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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0WESLEY AT MILLINGTON, INC. 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 AT MILLINGTON, 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4INFORMATION IS AVAILABLE THROUGH WWW.GUIDESTAR.ORG OR UPON 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 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,143,489
Liabilities
$3,606,021
Net assets
-$462,532
Revenue
$461,106
Expenses
$641,932
Net income
-$180,826
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.58$3.70$2.11$0.70$0.86$0.16
2023Detailed filing. Detailed filing data is available for this year.$1.70$3.65$1.95$0.67$0.81$0.14
2022Detailed filing. Detailed filing data is available for this year.$1.86$3.67$1.81$0.62$0.76$0.14
2021Detailed filing. Detailed filing data is available for this year.$1.95$3.62$1.67$0.50$0.66$0.16
2020Detailed filing. Detailed filing data is available for this year.$2.12$3.63$1.51$0.50$0.67$0.17
2019Detailed filing. Detailed filing data is available for this year.$2.29$3.63$1.34$0.52$0.66$0.14
2018Detailed filing. Detailed filing data is available for this year.$2.44$3.63$1.20$0.49$0.63$0.14
2017Detailed filing. Detailed filing data is available for this year.$2.56$3.61$1.05$0.47$0.67$0.20
2016Detailed filing. Detailed filing data is available for this year.$2.76$3.62$0.85$0.47$0.66$0.19
2015Detailed filing. Detailed filing data is available for this year.$2.94$3.60$0.66$0.46$0.67$0.20
2014Detailed filing. Detailed filing data is available for this year.$3.14$3.61$0.46$0.46$0.64$0.18
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.32$3.60$0.28$0.64
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.45$3.60$0.15$0.62
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.54$3.60$0.07$0.63