Civic Intelligence

Gorman Towers Inc.

990 • Fiscal year 2015 • EIN 71-0508225

Sep 01, 2014 to Aug 31, 2015 • Filed on Nov 02, 2015

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

98th percentile

1.93x

Higher debt load relative to assets than 98% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Liabilities / Revenue

92nd percentile

2.88x

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

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Net Margin

38th percentile

-0.3%

Higher net margin than 38% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

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.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Asset Growth

17th percentile

-7.1%

Faster asset growth than 17% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Revenue Growth

50th percentile

3.2%

Faster revenue growth than 50% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets98th percentile

Assets

Down

$2,792,217

Down $213,950 (-7.1%) from 2014

Net Assets

Down

-$2,603,271

Down $6,481 (-0.2%) from 2014

Liabilities

Down

$5,395,488

Down $207,469 (-3.7%) from 2014

Revenue And Expenses
Liabilities / Revenue92nd percentileNet Margin38th percentile

Revenue

Up

$1,875,166

Up $58,729 (+3.2%) from 2014

Expenses

Down

$1,881,647

Down $126,721 (-6.3%) from 2014

Net Income

Up

-$6,481

Up $185,450 (+97%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth17th 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

2015

Assets$2,792,217
Liabilities$5,395,488
Net Assets-$2,603,271
Open 2015 Filing

Operations Trend

Revenue Growth50th 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

2015

Revenue$1,875,166
Expenses$1,881,647
Net Income-$6,481
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Sep 1, 2014 to Aug 31, 2015
Signed
Nov 2, 2015
Return Version
2014v5.0
Gross Receipts
$1,875,166
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$2,330,582$2,054,257▼ $276,325
Intangible Assets$256,115$244,857▼ $11,258
Prepaid Expenses and Deferred Charges$9,062$94,540▲ $85,478
Cash and Non-Interest-Bearing Accounts$16,194$13,897▼ $2,297
Savings and Temporary Cash Investments$79,825$8,730▼ $71,095
Accounts Receivable$7,201$5,836▼ $1,365
Total Assets$3,006,167$2,792,217▼ $213,950
Other Assets Total$307,188$370,100▲ $62,912
Liabilities
Mortgage Notes Payable Secured by Investment Property$5,376,586$5,259,251▼ $117,335
Accounts Payable and Accrued Expenses$173,726$84,751▼ $88,975
Other Liabilities$43,014$42,475▼ $539
Deferred Revenue$9,631$9,011▼ $620
Total Liabilities$5,602,957$5,395,488▼ $207,469
Net Assets / Fund Balance
Temporarily Rstr Net Assets$4,314--
Unrestricted Net Assets$-2,601,104$-2,603,271▼ $2,167
Total Net Assets Fund Balance$-2,596,790$-2,603,271▼ $6,481
Total Liabilities and Net Assets / Fund Balance$3,006,167$2,792,217▼ $213,950

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,488,073$6,292,614$7,780,687
Equipment$326,212$1,034,411$1,360,623
Land$239,972-$239,972
Other Assets Org$597--
Compensation and Service Providers
Top Officer Pay35th percentile

Board Members and Trustees

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

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,875,020
Investment Income
$146
Other Revenue
$0
Change in Net Assets
$-6,481

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,875,166
Total Revenue per Audited Statements
$1,875,166
Total Revenue per Form 990
$1,875,166
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,414,388
Salaries, Compensation, and Employee Benefits$467,259
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$426,801--$426,801
Depreciation Depletion$361,619--$361,619
Interest$305,531--$305,531
Insurance$110,173--$110,173
Fees for Services Management$103,599--$103,599
Payroll Taxes$40,458--$40,458
Office Expenses$30,219--$30,219
Fees for Services Accounting$6,559--$6,559
Conferences and Meetings$4,705--$4,705
Other Expenses$1,854--$1,854
Advertising$1,292--$1,292
Fees for Services Legal$150--$150
Total Functional Expenses$1,881,647$0$0$1,881,647

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,881,647
Total Expenses per Audited Statements$1,881,647
Total Expenses per Form 990$1,881,647
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$39,331
Pet Deposits Offset Clearing Acct$2,979
Accrued S/d Interest Paya$165
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
EIN
71-0508225
Phone
4797827268
Address
PO BOX 1526, FORT SMITH, AR 72902

Signing Officer

Name
William Hutchinson
Title
President
Phone
4797827268
Signed
2015-11-02
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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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt01248188
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt06366804
IRS990ScheduleA/TotalSupportAmt06368056
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt01488073
IRS990ScheduleD/BuildingsGrp/DepreciationAmt06292614
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt07780687
IRS990ScheduleD/EquipmentGrp/BookValueAmt0326212
IRS990ScheduleD/EquipmentGrp/DepreciationAmt01034411
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt01360623
IRS990ScheduleD/ExpensesSubtotalAmt01881647
IRS990ScheduleD/LandGrp/BookValueAmt0239972
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0239972
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt0238204
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt156324
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt248679
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt326296
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt4597
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0RESERVE FOR REPLACEMENTS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1ESCROW
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2TENANT SECURITY DEPOSITS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc3MISC OTHER ASSETS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc4RESIDUAL RECEIPTS ACCT
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt039331
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt12979
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt2165
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0TENANT SECURITY DEPOSITS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1PET DEPOSITS OFFSET CLEARING ACCT
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2ACCRUED S/D INTEREST PAYA
IRS990ScheduleD/RevenueSubtotalAmt01875166
IRS990ScheduleD/TotalBookValueLandBuildingsAmt02054257
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0370100
IRS990ScheduleD/TotalExpensesPerForm990Amt01881647
IRS990ScheduleD/TotalLiabilityAmt042475
IRS990ScheduleD/TotalRevenuePerForm990Amt01875166
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01875166
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01881647
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/TemporarilyRstrNetAssetsGrp/BOYAmt04314
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt03006167
IRS990/TotalAssetsEOYAmt02792217
IRS990/TotalAssetsGrp/BOYAmt03006167
IRS990/TotalAssetsGrp/EOYAmt02792217
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt010
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01881647
IRS990/TotalFunctionalExpensesGrp/TotalAmt01881647
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt05602957
IRS990/TotalLiabilitiesEOYAmt05395488
IRS990/TotalLiabilitiesGrp/BOYAmt05602957
IRS990/TotalLiabilitiesGrp/EOYAmt05395488
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-2596790
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-2603271
IRS990/TotalOthProgramServiceRevGrp/RelatedOrExemptFuncIncomeAmt0-10950
IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt0-10950
IRS990/TotalProgramServiceExpensesAmt01881647
IRS990/TotalProgramServiceRevenueAmt01875020
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt01875166
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01875166
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt03006167
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt02792217
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0-2601104
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0-2603271
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt02505 MARKET TRACE
IRS990/USAddress/CityNm0FORT SMITH
IRS990/USAddress/StateAbbreviationCd0AR
IRS990/USAddress/ZIPCd072902
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt03
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02016-04-25 22:37:26Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0WILLIAM HUTCHINSON
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum04797827268
ReturnHeader/BusinessOfficerGrp/SignatureDt02015-11-02
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0GORMAN TOWERS
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/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/PreparationDt02015-11-04
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JIMMY D HALL CPA
ReturnHeader/ReturnTs02015-12-10T16:46:23-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02014-09-01
ReturnHeader/TaxPeriodEndDt02015-08-31
ReturnHeader/TaxYr02014

Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,792,217
Liabilities
$5,395,488
Net assets
-$2,603,271
Revenue
$1,875,166
Expenses
$1,881,647
Net income
-$6,481
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
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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