Civic Intelligence

Gorman Towers Inc.

990 • Fiscal year 2018 • EIN 71-0508225

Sep 01, 2017 to Aug 31, 2018 • Filed on Nov 28, 2018

Organization ProfileN/A
PO Box 1526Fort Smith, AR 72902

(479) 782-7268

Siviq Scores

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

Liabilities / Assets

97th percentile

1.58x

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

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Liabilities / Revenue

92nd percentile

2.61x

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

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Net Margin

75th percentile

17%

Higher net margin than 75% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Top Officer Pay

35th percentile

$0

Higher top officer pay than 35% of similar nonprofits.

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

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Asset Growth

66th percentile

6.6%

Faster asset growth than 66% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Revenue Growth

33rd percentile

-2.7%

Faster revenue growth than 33% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets97th percentile

Assets

Up

$3,179,028

Up $196,785 (+6.6%) from 2017

Net Assets

Up

-$1,850,774

Up $330,955 (+15%) from 2017

Liabilities

Down

$5,029,802

Down $134,170 (-2.6%) from 2017

Revenue And Expenses
Liabilities / Revenue92nd percentileNet Margin75th percentile

Revenue

Down

$1,926,252

Down $52,672 (-2.7%) from 2017

Expenses

Down

$1,595,297

Down $67,887 (-4.1%) from 2017

Net Income

Up

$330,955

Up $15,215 (+4.8%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth66th percentile

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

$10M$5.0M$0-$5.0MAssets 2011: $3,770,224Liabilities 2011: $5,968,784Net Assets 2011: -$2,198,5602011Assets 2012: $3,547,325Liabilities 2012: $5,829,522Net Assets 2012: -$2,282,1972012Assets 2013: $3,321,998Liabilities 2013: $5,726,857Net Assets 2013: -$2,404,8592013Assets 2014: $3,006,167Liabilities 2014: $5,602,957Net Assets 2014: -$2,596,7902014Assets 2015: $2,792,217Liabilities 2015: $5,395,488Net Assets 2015: -$2,603,2712015Assets 2016: $2,771,305Liabilities 2016: $5,268,774Net Assets 2016: -$2,497,4692016Assets 2017: $2,982,243Liabilities 2017: $5,163,972Net Assets 2017: -$2,181,7292017Assets 2018: $3,179,028Liabilities 2018: $5,029,802Net Assets 2018: -$1,850,7742018Assets 2019: $2,955,998Liabilities 2019: $4,563,447Net Assets 2019: -$1,607,4492019Assets 2020: $3,287,976Liabilities 2020: $4,595,016Net Assets 2020: -$1,307,0402020Assets 2021: $3,551,810Liabilities 2021: $4,463,993Net Assets 2021: -$912,1832021Assets 2022: $3,620,907Liabilities 2022: $4,192,858Net Assets 2022: -$571,9512022Assets 2023: $3,597,272Liabilities 2023: $3,944,746Net Assets 2023: -$347,4742023

Highlighted filing

2018

Assets$3,179,028
Liabilities$5,029,802
Net Assets-$1,850,774
Open 2018 Filing

Operations Trend

Revenue Growth33rd percentile

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

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2011: $1,750,072Expenses 2011: $1,764,637Net Income 2011: -$14,5652011Revenue 2012: $1,778,916Expenses 2012: $1,862,553Net Income 2012: -$83,6372012Revenue 2013: $1,780,538Expenses 2013: $1,903,200Net Income 2013: -$122,6622013Revenue 2014: $1,816,437Expenses 2014: $2,008,368Net Income 2014: -$191,9312014Revenue 2015: $1,875,166Expenses 2015: $1,881,647Net Income 2015: -$6,4812015Revenue 2016: $2,008,116Expenses 2016: $1,902,314Net Income 2016: $105,8022016Revenue 2017: $1,978,924Expenses 2017: $1,663,184Net Income 2017: $315,7402017Revenue 2018: $1,926,252Expenses 2018: $1,595,297Net Income 2018: $330,9552018Revenue 2019: $1,988,735Expenses 2019: $1,745,410Net Income 2019: $243,3252019Revenue 2020: $1,960,493Expenses 2020: $1,660,084Net Income 2020: $300,4092020Revenue 2021: $2,108,818Expenses 2021: $1,713,961Net Income 2021: $394,8572021Revenue 2022: $2,069,509Expenses 2022: $1,729,277Net Income 2022: $340,2322022Revenue 2023: $2,077,309Expenses 2023: $1,852,832Net Income 2023: $224,4772023

Highlighted filing

2018

Revenue$1,926,252
Expenses$1,595,297
Net Income$330,955
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Sep 1, 2017 to Aug 31, 2018
Signed
Nov 28, 2018
Return Version
2017v2.3
Gross Receipts
$1,926,252
Mission and Program Overview

Mission

Non profit housing for the elderly and the handicapped

Non-profit housing for the elderly & handicapped.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,237,620$2,452,141▲ $214,521
Intangible Assets$229,887$218,252▼ $11,635
Savings and Temporary Cash Investments$44,525$77,558▲ $33,033
Cash and Non-Interest-Bearing Accounts$12,642$46,355▲ $33,713
Prepaid Expenses and Deferred Charges$9,914$10,664▲ $750
Accounts Receivable$5,322$3,625▼ $1,697
Total Assets$2,982,243$3,179,028▲ $196,785
Other Assets Total$442,333$370,433▼ $71,900
Liabilities
Mortgage Notes Payable Secured by Investment Property$4,950,276$4,778,435▼ $171,841
Accounts Payable and Accrued Expenses$163,335$184,091▲ $20,756
Other Liabilities$43,263$42,731▼ $532
Deferred Revenue$7,098$24,545▲ $17,447
Total Liabilities$5,163,972$5,029,802▼ $134,170
Net Assets / Fund Balance
Unrestricted Net Assets$-2,181,729$-1,850,774▲ $330,955
Total Net Assets Fund Balance$-2,181,729$-1,850,774▲ $330,955
Total Liabilities and Net Assets / Fund Balance$2,982,243$3,179,028▲ $196,785

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,063,867$6,797,656$8,861,523
Equipment$148,302$1,254,420$1,402,722
Land$239,972-$239,972
Other Assets Org$47,483--
Compensation and Service Providers
Top Officer Pay35th percentile

Board Members and Trustees

NameTitle
Audra BaileyBoard Member
Jeff FenwickBoard Member
Dr William HutchinsonBoard Presid
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,926,099
Investment Income
$153
Other Revenue
$0
Change in Net Assets
$330,955

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,926,252
Total Revenue per Audited Statements
$1,926,252
Total Revenue per Form 990
$1,926,252
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,139,082
Salaries, Compensation, and Employee Benefits$456,215
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$423,776--$423,776
Depreciation Depletion$182,523--$182,523
Interest$181,193--$181,193
Insurance$112,796--$112,796
Fees for Services Management$107,355--$107,355
Payroll Taxes$32,439--$32,439
Office Expenses$30,839--$30,839
Fees for Services Accounting$10,442--$10,442
Conferences and Meetings$824--$824
Other Expenses$382--$382
Advertising$172--$172
Total Functional Expenses$1,595,297$0$0$1,595,297

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,595,297
Total Expenses per Audited Statements$1,595,297
Total Expenses per Form 990$1,595,297
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$39,395
Pet Deposits Refundable$2,954
Accrued S/d Interest Paya$382
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
No
Backup withholding compliance
No
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“The organization's governing body reviewed form 990 before filing.”

Form 990, Page 6, Part VI, Line 19

“Gorman towers, inc. Submits all documents and policies to the department of housing and urban development and these documents are a matter of public record.”

Filing and Contact Details

Filer

Filer Name
Gorman Towers Inc
EIN
71-0508225
Phone
4797827268
Address
PO BOX 1526, FORT SMITH, AR 72902

Signing Officer

Name
Dr William Hutchinson
Title
Board President
Phone
5017827268
Signed
2018-11-28
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dr William Hutchinson
Formed
1980
Legal Domicile
Ar
Voting Board Members
3
Independent Board Members
3
Employees
10

Preparer

Firm
JIMMY D HALL & ASSOCIATES CPA'S
Address
3307 OLD GREENWOOD RD STE C, FORT SMITH, AR 72903-5459
Preparer
Jimmy D Hall CPA
Phone
4797833100
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 4D

“Gorman towers, inc. Operates on a non-profit basis and provides housing for the elderly and handicapped. Gorman towers, inc consists of 150 units (apartments) and is regulated by the us dept of housing & urban development.”

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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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IRS990ScheduleD/BuildingsGrp/BookValueAmt02063867
IRS990ScheduleD/BuildingsGrp/DepreciationAmt06797656
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt08861523
IRS990ScheduleD/EquipmentGrp/BookValueAmt0148302
IRS990ScheduleD/EquipmentGrp/DepreciationAmt01254420
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt01402722
IRS990ScheduleD/ExpensesSubtotalAmt01595297
IRS990ScheduleD/LandGrp/BookValueAmt0239972
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0239972
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt0260679
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt162271
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt247483
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0RESERVE FOR REPLACEMENTS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1ESCROW
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2SECURITY DEPOSITS SAVINGS - OZARK
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt039395
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt12954
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt2382
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0TENANT SECURITY DEPOSITS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1PET DEPOSITS REFUNDABLE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2ACCRUED S/D INTEREST PAYA
IRS990ScheduleD/RevenueSubtotalAmt01926252
IRS990ScheduleD/TotalBookValueLandBuildingsAmt02452141
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0370433
IRS990ScheduleD/TotalExpensesPerForm990Amt01595297
IRS990ScheduleD/TotalLiabilityAmt042731
IRS990ScheduleD/TotalRevenuePerForm990Amt01926252
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01926252
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01595297
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0GORMAN TOWERS, INC. OPERATES ON A NON-PROFIT BASIS AND PROVIDES HOUSING FOR THE ELDERLY AND HANDICAPPED. GORMAN TOWERS, INC CONSISTS OF 150 UNITS (APARTMENTS) AND IS REGULATED BY THE US DEPT OF HOUSING & URBAN DEVELOPMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION'S GOVERNING BODY REVIEWED FORM 990 BEFORE FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2GORMAN TOWERS, INC. SUBMITS ALL DOCUMENTS AND POLICIES TO THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT AND THESE DOCUMENTS ARE A MATTER OF PUBLIC RECORD.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 2, PART III, LINE 4D
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt02982243
IRS990/TotalAssetsEOYAmt03179028
IRS990/TotalAssetsGrp/BOYAmt02982243
IRS990/TotalAssetsGrp/EOYAmt03179028
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt010
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01595297
IRS990/TotalFunctionalExpensesGrp/TotalAmt01595297
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt05163972
IRS990/TotalLiabilitiesEOYAmt05029802
IRS990/TotalLiabilitiesGrp/BOYAmt05163972
IRS990/TotalLiabilitiesGrp/EOYAmt05029802
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-2181729
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-1850774
IRS990/TotalOthProgramServiceRevGrp/RelatedOrExemptFuncIncomeAmt0-57067
IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt0-57067
IRS990/TotalProgramServiceExpensesAmt01595297
IRS990/TotalProgramServiceRevenueAmt01926099
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt01926252
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01926252
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt02982243
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt03179028
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0-2181729
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0-1850774
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0701 SOUTH 21ST STREET
IRS990/USAddress/CityNm0FORT SMITH
IRS990/USAddress/StateAbbreviationCd0AR
IRS990/USAddress/ZIPCd072901
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt03
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02019-02-21 02:37:17Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0DR WILLIAM HUTCHINSON
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0BOARD PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum05017827268
ReturnHeader/BusinessOfficerGrp/SignatureDt02018-11-28
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0GORMAN TOWERS INC
ReturnHeader/Filer/BusinessNameControlTxt0GORM
ReturnHeader/Filer/EIN0710508225
ReturnHeader/Filer/PhoneNum04797827268
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 1526
ReturnHeader/Filer/USAddress/CityNm0FORT SMITH
ReturnHeader/Filer/USAddress/StateAbbreviationCd0AR
ReturnHeader/Filer/USAddress/ZIPCd072902
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId04D11494423E004E2E67D00BA5839B84D868B6A40
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId04D11494423E004E2E67D00BA5839B84D868B6A40
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt0184.188.191.231
ReturnHeader/FilingSecurityInformation/IPDt02018-12-10
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CS
ReturnHeader/FilingSecurityInformation/IPTm016:17:25
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0710667874
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0JIMMY D HALL & ASSOCIATES CPA'S
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt03307 OLD GREENWOOD RD STE C
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0FORT SMITH
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0AR
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0729035459
ReturnHeader/PreparerPersonGrp/PhoneNum04797833100
ReturnHeader/PreparerPersonGrp/PreparationDt02018-12-07
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JIMMY D HALL CPA
ReturnHeader/ReturnTs02018-12-10T16:17:25-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02017-09-01
ReturnHeader/TaxPeriodEndDt02018-08-31
ReturnHeader/TaxYr02017

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,179,028
Liabilities
$5,029,802
Net assets
-$1,850,774
Revenue
$1,926,252
Expenses
$1,595,297
Net income
$330,955
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Summary only. Only limited summary data is available for this year.$3.60$3.94$0.35$2.08$1.85$0.22
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.62$4.19$0.57$2.07$1.73$0.34
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.55$4.46$0.91$2.11$1.71$0.39
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.29$4.60$1.31$1.96$1.66$0.30
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.96$4.56$1.61$1.99$1.75$0.24
2018Detailed filing. Detailed filing data is available for this year.$3.18$5.03$1.85$1.93$1.60$0.33
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.98$5.16$2.18$1.98$1.66$0.32
2016Summary only. Only limited summary data is available for this year.$2.77$5.27$2.50$2.01$1.90$0.11
2015Detailed filing. Detailed filing data is available for this year.$2.79$5.40$2.60$1.88$1.88$0.01
2014Summary only. Only limited summary data is available for this year.$3.01$5.60$2.60$1.82$2.01$0.19
2013Summary only. Only limited summary data is available for this year.$3.32$5.73$2.40$1.78$1.90$0.12
2012Summary only. Only limited summary data is available for this year.$3.55$5.83$2.28$1.78$1.86$0.08
2011Summary only. Only limited summary data is available for this year.$3.77$5.97$2.20$1.75$1.76$0.01