Civic Intelligence

Psalms Inc.

990 • Fiscal year 2019 • EIN 62-1106224

Jan 01, 2019 to Dec 31, 2019 • Filed on Nov 12, 2020

Organization ProfileWWW.KIRBYPINES.COM

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3535 Kirby ParkwayMemphis, TN 38115

(901) 365-3665

Siviq Scores

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

Liabilities / Assets

96th percentile

1.23x

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

2019 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2019

Liabilities / Revenue

89th percentile

3.11x

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

2019 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2019

Net Margin

22nd percentile

-3.5%

Higher net margin than 22% of similar nonprofits.

2019 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2019

Top Officer Pay

18th percentile

$180,612

Higher top officer pay than 18% of similar nonprofits.

Top officer pay equals 0.6% of source-year revenue.

2019 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2019

Asset Growth

31st percentile

0.4%

Faster asset growth than 31% of similar nonprofits.

2019 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2018 to 2019

Revenue Growth

47th percentile

3.0%

Faster revenue growth than 47% of similar nonprofits.

2019 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets96th percentile

Assets

Up

$76,123,700

Up $339,702 (+0.4%) from 2018

Net Assets

Down

-$17,602,023

Down $1,018,361 (-6.1%) from 2018

Liabilities

Up

$93,725,723

Up $1,358,063 (+1.5%) from 2018

Revenue And Expenses
Liabilities / Revenue89th percentileNet Margin22nd percentile

Revenue

Up

$30,140,651

Up $866,805 (+3.0%) from 2018

Expenses

Up

$31,203,297

Up $1,479,636 (+5.0%) from 2018

Net Income

Down

-$1,062,646

Down $612,831 (-136%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth31st percentile

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

$100M$50M$0-$50MAssets 2010: $69,920,129Liabilities 2010: $88,358,710Net Assets 2010: -$18,438,5812010Assets 2011: $72,603,022Liabilities 2011: $91,899,399Net Assets 2011: -$19,296,3772011Assets 2012: $71,986,158Liabilities 2012: $91,049,834Net Assets 2012: -$19,063,6762012Assets 2013: $73,910,943Liabilities 2013: $92,736,692Net Assets 2013: -$18,825,7492013Assets 2014: $74,181,743Liabilities 2014: $92,634,218Net Assets 2014: -$18,452,4752014Assets 2015: $73,809,338Liabilities 2015: $91,359,583Net Assets 2015: -$17,550,2452015Assets 2016: $74,928,076Liabilities 2016: $92,079,765Net Assets 2016: -$17,151,6892016Assets 2017: $75,614,690Liabilities 2017: $91,678,390Net Assets 2017: -$16,063,7002017Assets 2018: $75,783,998Liabilities 2018: $92,367,660Net Assets 2018: -$16,583,6622018Assets 2019: $76,123,700Liabilities 2019: $93,725,723Net Assets 2019: -$17,602,0232019Assets 2020: $77,389,222Liabilities 2020: $91,961,929Net Assets 2020: -$14,572,7072020Assets 2021: $74,570,809Liabilities 2021: $90,947,507Net Assets 2021: -$16,376,6982021Assets 2022: $74,159,973Liabilities 2022: $93,991,568Net Assets 2022: -$19,831,5952022

Highlighted filing

2019

Assets$76,123,700
Liabilities$93,725,723
Net Assets-$17,602,023
Open 2019 Filing

Operations Trend

Revenue Growth47th percentile

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

$40M$30M$20M$10M$0-$10MExpenses 2010: $24,141,4132010Expenses 2011: $25,857,8712011Expenses 2012: $26,513,5502012Revenue 2013: $27,139,775Expenses 2013: $26,874,043Net Income 2013: $265,7322013Revenue 2014: $27,946,230Expenses 2014: $27,605,156Net Income 2014: $341,0742014Revenue 2015: $28,905,473Expenses 2015: $28,112,769Net Income 2015: $792,7042015Revenue 2016: $28,621,719Expenses 2016: $28,188,466Net Income 2016: $433,2532016Revenue 2017: $30,091,146Expenses 2017: $28,960,689Net Income 2017: $1,130,4572017Revenue 2018: $29,273,846Expenses 2018: $29,723,661Net Income 2018: -$449,8152018Revenue 2019: $30,140,651Expenses 2019: $31,203,297Net Income 2019: -$1,062,6462019Revenue 2020: $33,983,532Expenses 2020: $30,711,013Net Income 2020: $3,272,5192020Revenue 2021: $27,771,852Expenses 2021: $29,937,046Net Income 2021: -$2,165,1942021Revenue 2022: $26,304,402Expenses 2022: $30,249,437Net Income 2022: -$3,945,0352022

Highlighted filing

2019

Revenue$30,140,651
Expenses$31,203,297
Net Income-$1,062,646
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Nov 12, 2020
Return Version
2019v5.1
Gross Receipts
$30,214,522
Mission and Program Overview

Mission

To faithfully serve our residents by offering them security for life, excellence in all we do, respect for individual differences and a vibrant lifestyle in an enriching environment.

Psalms, inc. D/b/a kirby pines retirement community is dedicated to providing residents with a quality lifestyle in a quality envirnment, supporting the concept of continued independence as a prioity in the life care decision.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$45,790,741$44,093,180▼ $1,697,561
Savings and Temporary Cash Investments$8,261,575$5,774,867▼ $2,486,708
Accounts Receivable$2,651,021$3,080,059▲ $429,038
Cash and Non-Interest-Bearing Accounts$682,701$2,061,050▲ $1,378,349
Investments in Publicly Traded Securities$2,542,393$1,049,747▼ $1,492,646
Intangible Assets$481,531$434,696▼ $46,835
Investments Other Securities$118,422$206,540▲ $88,118
Inventories for Sale or Use$150,346$170,260▲ $19,914
Prepaid Expenses and Deferred Charges$86,149$77,578▼ $8,571
Total Assets$75,783,998$76,123,700▲ $339,702
Other Assets Total$15,019,119$19,175,723▲ $4,156,604
Liabilities
Other Liabilities$33,671,057$32,542,864▼ $1,128,193
Deferred Revenue$30,274,138$32,371,182▲ $2,097,044
Mortgage Notes Payable Secured by Investment Property$23,929,280$23,780,000▼ $149,280
Accounts Payable and Accrued Expenses$4,493,185$5,031,677▲ $538,492
Total Liabilities$92,367,660$93,725,723▲ $1,358,063
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-16,583,662$-17,602,023▼ $1,018,361
Total Net Assets Fund Balance$-16,583,662$-17,602,023▼ $1,018,361
Total Liabilities and Net Assets / Fund Balance$75,783,998$76,123,700▲ $339,702

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$21,731,811$35,573,414$57,305,225
Leasehold Improvements$15,181,534$7,858,755$23,040,289
Other Land Buildings$4,485,134$3,442,578$7,927,712
Equipment$1,445,604$3,177,090$4,622,694
Land$1,249,097-$1,249,097
Other Assets Org$21,470--
Compensation and Service Providers
Top Officer Pay18th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Annette M MarlarDirector of Medical Services and HrFT$180,612-$180,612
Anna R BradfordNursing Home/assisted Living AdministratorFT$104,618$3,577$108,195
Rudolf W HerzkePresidentPT$54,842-$54,842
Berry E TerrySecretary/treasurerPT$12,462-$12,462

Board Members and Trustees

NameTitle
Dr James LatimerChairman
Boyd L Rhodes JrDirector
Jim EthridgeDirector
Larry BraughtonDirector
Linda HarringtonDirector
Mary Ann HodgesDirector
Rusty E LinkusDirector

Highest Paid Contractors

ContractorServicesLocationCompensation
Retirement Companies Of America LLCManagement, Resale & Development Fees6465 N QUAIL HOLLOW RD SUITE 400, Memphis, TN 38120$1,858,311
RehabcareTherapy ServicesSRS DIVISION PO BOX 5035, St Louis, MO 63150$1,502,851
Professional Construction Solutions LLCConstruction128 BEVERLY DRIVE, Atoka, TN 38004$876,641
Anstey Hodge Advertising GroupAdvertising120 COMMONWEALTH AVENUE NORTHEAST, Roanoke, VA 24016$294,529
Greystone Development CompanyConstruction152 WEST 57TH ST 60TH FLOOR, New York, NY 10019$274,589
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$29,822,696
Investment Income
$258,858
Other Revenue
$59,097
Change in Net Assets
$-1,062,646

Audited Revenue Reconciliation

Revenue per Audited Statements
$30,140,651
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$44,285
Total Revenue per Audited Statements
$30,184,936
Total Revenue per Form 990
$30,140,651
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$20,396,402
Salaries, Compensation, and Employee Benefits$10,806,895
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$8,686,444$960,428-$9,646,872
Depreciation Depletion$3,994,780$22,117-$4,016,897
Fees for Services Other$625,094$1,607,218-$2,232,312
Interest$1,148,218$799,578-$1,947,796
Occupancy$1,802,845$40,235-$1,843,080
All Other Expenses$307,315$1,098,063-$1,405,378
Fees for Services Management$1,208,280--$1,208,280
Advertising$10,899$970,993-$981,892
Insurance$315,378$505,542-$820,920
Other Expenses$775,042$26,521-$775,042
Payroll Taxes$653,017$84,232-$737,249
Office Expenses$435,524$242,955-$678,479
Other Employee Benefits$282,664$140,110-$422,774
Fees for Services Legal-$202,652-$202,652
Fees for Services Accounting-$105,678-$105,678
Travel$11,335$16,089-$27,424
Total Functional Expenses$24,380,886$6,822,411$0$31,203,297

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$31,203,297
Total Expenses per Audited Statements$31,203,297
Total Expenses per Form 990$31,203,297
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
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
CHRISTIE'S COIFFURESOwner Also Owns Management CompanyPassthrough Payments for Salon CollectionsNo$225,941
Water ProOWNER IS KURT HERZKE; SON OF PRESIDENT RUDY HERZKEInstallation/maintenance of Irrigation SystemNo$27,890
Charlie S Trammell JrPresident and Owner of Rca, Llc. Managaement Co.BonusNo$17,750
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Refundable Fees$19,369,991
Wait List Deposits$12,065,585
Refundable Entrance Fees$1,107,288
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 35% controlled entity
No
Business relationship with family members
Yes
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

“Management duties are performed by retirement companies of america, llc, and its employees.”

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

“Management is involved throughout the preparation of the 990. Management then reviews the 990 and provides a copy to the board of directors via email for approval.”

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

“Conflict of interest diclosures from the voting board members, officers, and charles s. Trammell jr. Are required on an annual basis and are reviewed by outside council.”

Form 990, Part VI, Section B, Line 15

“An independent consultant is hired to perform a comparability analysis which is then reviewed by outside council and approved by independent board members.”

Form 990, Part VI, Section C, Line 19

“All applicable policies are available upon request to the management company.”

Filing and Contact Details

Filer

Filer Name
Psalms Inc
EIN
62-1106224
Phone
9013653665
Address
3535 KIRBY PARKWAY, MEMPHIS, TN 38115
Doing Business As
Kirby Pines Retirement Community

Signing Officer

Name
Rudolf W Herzke
Title
President
Phone
9013653665
Signed
2020-11-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Rudolf W Herzke
Formed
1983
Legal Domicile
Tn
Voting Board Members
9
Independent Board Members
7
Employees
682
Volunteers
178

Preparer

Firm
Watkins Uiberall Pllc
Address
1661 AARON BRENNER DR STE 300, MEMPHIS, TN 38120
Preparer
Michael Kennedy
Phone
9017612720
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Increase in cash surrender value of life insurance 30,026.”

Part XII, Line 2C

“The process has not changed from the prior year.”

Financial Statement Notes

PART XI, LINE 2D - OTHER ADJUSTMENTS:

“Increase in cash surrender value of life insurance 30,026.”

Raw XML AppendixShowing 400 of 703 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/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt40
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IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt1SECRETARY/TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt2CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR OF MEDICAL SERVICES AND HR
IRS990/Form990PartVIISectionAGrp/TitleTxt10NURSING HOME/ASSISTED LIVING ADMINISTRATOR
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IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0PSALMS, INC. D/B/A KIRBY PINES RETIREMENT COMMUNITY IS DEDICATED TO PROVIDING RESIDENTS WITH A QUALITY LIFESTYLE IN A QUALITY ENVIRONMENT, SUPPORTING THE CONCEPT OF CONTINUED INDEPENDENCE AS A PRIOITY IN THE LIFE CARE DECISION.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
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IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt023780000
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IRS990/NetAssetsOrFundBalancesEOYAmt0-17602023
IRS990/NetGainOrLossInvestmentsGrp/RelatedOrExemptFuncIncomeAmt0-57904
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt0-57904
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NetUnrlzdGainsLossesInvstAmt014259
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IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt0-17602023
IRS990/NondeductibleContributionsInd00
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IRS990/OccupancyGrp/ProgramServicesAmt01802845
IRS990/OccupancyGrp/TotalAmt01843080
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt0242955
IRS990/OfficeExpensesGrp/ProgramServicesAmt0435524
IRS990/OfficeExpensesGrp/TotalAmt0678479
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
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IRS990/OtherAssetsTotalGrp/EOYAmt019175723
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IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt0140110
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0282664
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0422774
IRS990/OtherExpensesGrp/Desc0THERAPY EXPENSES
IRS990/OtherExpensesGrp/Desc1DIETARY SUPPLIES
IRS990/OtherExpensesGrp/Desc2REPAIRS AND MAINTENANCE
IRS990/OtherExpensesGrp/Desc3OTHER SUPPLIES
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IRS990/OtherExpensesGrp/ProgramServicesAmt01753869
IRS990/OtherExpensesGrp/ProgramServicesAmt11552615
IRS990/OtherExpensesGrp/ProgramServicesAmt2817567
IRS990/OtherExpensesGrp/ProgramServicesAmt3775042
IRS990/OtherExpensesGrp/TotalAmt01753869
IRS990/OtherExpensesGrp/TotalAmt11552615
IRS990/OtherExpensesGrp/TotalAmt2844088
IRS990/OtherExpensesGrp/TotalAmt3775042
IRS990/OtherLiabilitiesGrp/BOYAmt033671057
IRS990/OtherLiabilitiesGrp/EOYAmt032542864
IRS990/OtherRevenueMiscGrp/BusinessCd0722210
IRS990/OtherRevenueMiscGrp/Desc0OTHER INCOME
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IRS990/OtherRevenueTotalAmt059097
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0960428
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt08686444
IRS990/OtherSalariesAndWagesGrp/TotalAmt09646872
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt084232
IRS990/PayrollTaxesGrp/ProgramServicesAmt0653017
IRS990/PayrollTaxesGrp/TotalAmt0737249
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IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt086149
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt077578
IRS990/PrincipalOfficerNm0RUDOLF W HERZKE
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt14560331
IRS990/ProgSrvcAccomActy2Grp/Desc0ASSISTED LIVING CARE
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt02016423
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt01365097
IRS990/ProgSrvcAccomActy3Grp/Desc0LONG-TERM CARE
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt08370358
IRS990/ProgSrvcAccomActy3Grp/RevenueAmt07897972
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IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
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IRS990/PYOtherExpensesAmt019460727
IRS990/PYOtherRevenueAmt014329
IRS990/PYProgramServiceRevenueAmt028959445
IRS990/PYRevenuesLessExpensesAmt0-449815
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IRS990/PYTotalExpensesAmt029723661
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt029273846
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0-1062646
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd01
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IRS990/SavingsAndTempCashInvstGrp/BOYAmt08261575
IRS990/SavingsAndTempCashInvstGrp/EOYAmt05774867
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IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus3YearsAmt0308292
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IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt028973774
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IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt028408217

Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$76,123,700
Liabilities
$93,725,723
Net assets
-$17,602,023
Revenue
$30,140,651
Expenses
$31,203,297
Net income
-$1,062,646
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2022Summary only. Only limited summary data is available for this year.$74.2$94.0$19.8$26.3$30.2$3.95
2021Summary only. Only limited summary data is available for this year.$74.6$90.9$16.4$27.8$29.9$2.17
2020Summary only. Only limited summary data is available for this year.$77.4$92.0$14.6$34.0$30.7$3.27
2019Detailed filing. Detailed filing data is available for this year.$76.1$93.7$17.6$30.1$31.2$1.06
2018Summary only. Only limited summary data is available for this year.$75.8$92.4$16.6$29.3$29.7$0.45
2017Summary only. Only limited summary data is available for this year.$75.6$91.7$16.1$30.1$29.0$1.13
2016Summary only. Only limited summary data is available for this year.$74.9$92.1$17.2$28.6$28.2$0.43
2015Summary only. Only limited summary data is available for this year.$73.8$91.4$17.6$28.9$28.1$0.79
2014Summary only. Only limited summary data is available for this year.$74.2$92.6$18.5$27.9$27.6$0.34
2013Summary only. Only limited summary data is available for this year.$73.9$92.7$18.8$27.1$26.9$0.27
2012Summary only. Only limited summary data is available for this year.$72.0$91.0$19.1$26.5
2011Summary only. Only limited summary data is available for this year.$72.6$91.9$19.3$25.9
2010Summary only. Only limited summary data is available for this year.$69.9$88.4$18.4$24.1
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2019 filings • 501(c)3 • $50M-$100M nonprofits