Civic Intelligence

Willow Terrace Inc.

990 • Fiscal year 2022 • EIN 74-2835142

Jul 01, 2021 to Jun 30, 2022 • Filed on Jul 15, 2022

Organization Profile
PO Box 19035Albuquerque, NM 87119

(505) 452-1553

Siviq Scores

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

Liabilities / Assets

91st percentile

2.34x

Higher debt load relative to assets than 91% of similar nonprofits.

2022 filings • NTEE L • <$500k nonprofits • Source year 2022

Liabilities / Revenue

94th percentile

8.92x

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

2022 filings • NTEE L • <$500k nonprofits • Source year 2022

Net Margin

19th percentile

-36%

Higher net margin than 19% of similar nonprofits.

2022 filings • NTEE L • <$500k nonprofits • Source year 2022

Top Officer Pay

78th percentile

$0

Higher top officer pay than 78% of similar nonprofits.

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

2022 filings • NTEE L • <$500k nonprofits • Source year 2022

Asset Growth

34th percentile

-5.8%

Faster asset growth than 34% of similar nonprofits.

2022 filings • NTEE L • <$500k nonprofits • Annualized from 2021 to 2022

Revenue Growth

27th percentile

-11%

Faster revenue growth than 27% of similar nonprofits.

2022 filings • NTEE L • <$500k nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets91st percentile

Assets

Down

$416,209

Down $25,476 (-5.8%) from 2021

Net Assets

Down

-$559,574

Down $39,923 (-7.7%) from 2021

Liabilities

Up

$975,783

Up $14,447 (+1.5%) from 2021

Revenue And Expenses
Liabilities / Revenue94th percentileNet Margin19th percentile

Revenue

Down

$109,429

Down $13,113 (-11%) from 2021

Expenses

Up

$149,352

Up $38,850 (+35%) from 2021

Net Income

Down

-$39,923

Down $51,963 (-432%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth34th percentile

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

$1.5M$1.0M$500K$0-$500K-$1.0MAssets 2019: $489,131Liabilities 2019: $976,763Net Assets 2019: -$487,6322019Assets 2020: $462,459Liabilities 2020: $994,146Net Assets 2020: -$531,6872020Assets 2021: $441,685Liabilities 2021: $961,336Net Assets 2021: -$519,6512021Assets 2022: $416,209Liabilities 2022: $975,783Net Assets 2022: -$559,5742022Assets 2023: $390,365Liabilities 2023: $996,222Net Assets 2023: -$605,8572023Assets 2024: $383,223Liabilities 2024: $1,002,350Net Assets 2024: -$619,1272024

Highlighted filing

2022

Assets$416,209
Liabilities$975,783
Net Assets-$559,574
Open 2022 Filing

Operations Trend

Revenue Growth27th percentile

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

$200K$100K$0-$100KRevenue 2019: $75,747Expenses 2019: $103,352Net Income 2019: -$27,6052019Revenue 2020: $89,744Expenses 2020: $133,796Net Income 2020: -$44,0522020Revenue 2021: $122,542Expenses 2021: $110,502Net Income 2021: $12,0402021Revenue 2022: $109,429Expenses 2022: $149,352Net Income 2022: -$39,9232022Revenue 2023: $134,977Expenses 2023: $181,260Net Income 2023: -$46,2832023Revenue 2024: $145,051Expenses 2024: $158,320Net Income 2024: -$13,2692024

Highlighted filing

2022

Revenue$109,429
Expenses$149,352
Net Income-$39,923
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Jul 15, 2022
Return Version
2021v4.2
Gross Receipts
$109,429
Mission and Program Overview

Mission

To provide affordable housing for low income disabled person

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$421,658$398,670▼ $22,988
Cash and Non-Interest-Bearing Accounts$6,146$888▼ $5,258
Prepaid Expenses and Deferred Charges$160--
Accounts Receivable$143$133▼ $10
Total Assets$441,685$416,209▼ $25,476
Other Assets Total$13,578$16,518▲ $2,940
Liabilities
Unsecured Notes Loans Payable$953,200$953,200→ $0
Accounts Payable and Accrued Expenses$4,589$18,895▲ $14,306
Other Liabilities$3,397$3,688▲ $291
Deferred Revenue$150--
Total Liabilities$961,336$975,783▲ $14,447
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-519,651$-559,574▼ $39,923
Total Net Assets Fund Balance$-519,651$-559,574▼ $39,923
Total Liabilities and Net Assets / Fund Balance$441,685$416,209▼ $25,476

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$363,670$551,574-
Land$35,000--
Equipment-$13,280-
Other Assets Org$1,813--
Compensation and Service Providers
Top Officer Pay78th percentile

Board Members and Trustees

NameTitle
Kara SummersPresident
Michelle DrumSecretary
Allen DrumTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$53
Program Service Revenue
$109,372
Investment Income
$4
Other Revenue
$0
All Other Contributions
$53
Change in Net Assets
$-39,923

Audited Revenue Reconciliation

Revenue per Audited Statements
$109,429
Total Revenue per Audited Statements
$109,429
Total Revenue per Form 990
$109,429
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$132,913
Salaries, Compensation, and Employee Benefits$16,439
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses$27,120--$27,120
Depreciation Depletion$22,988--$22,988
Fees for Services Accounting$12,600--$12,600
Other Salaries and Wages$11,382--$11,382
Fees for Services Management$10,924--$10,924
Insurance$9,924--$9,924
Office Expenses$8,431--$8,431
Other Employee Benefits$4,148--$4,148
Conferences and Meetings$975--$975
Payroll Taxes$909--$909
All Other Expenses$435--$435
Total Functional Expenses$149,352$0$0$149,352

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$149,351
Total Expenses per Audited Statements$149,351
Total Expenses per Form 990$149,351
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
Security Deposits$3,599
Prepaid Rental Income$89
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
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
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Officer directors etc family relationship Part VI line 2

“Allen DRUM KARA SUMMERS TREASURER PRESIDENT MICHELLE DRUM KARA SUMMERS SECRETARY PRESIDENT”

Management duties delegation Part VI line 3

“Management is provided by managing agent under a contract approved by us department of hud”

Form 990 governing body review Part VI line 11

“No review was or will be conducted”

Conflict of interest policy compliance Part VI line 12C

“Conflict of interest are discussed at board meetings”

Governing documents etc available to public Part VI line 19

“A copy of the tax return is provided free of charge upon request”

Filing and Contact Details

Filer

Filer Name
Willow Terrace Inc
EIN
74-2835142
Address
PO BOX 19035, Albuquerque, NM 87119
Doing Business As
Willow Terrace Apartments

Signing Officer

Name
Kara Summers
Title
President
Phone
5054521553
Signed
2022-07-15
Discuss with paid preparer
No

Organization Details

Formed
1997
Legal Domicile
Nm
Voting Board Members
3
Independent Board Members
0
Employees
0
Volunteers
3

Preparer

Firm
Bloom & Bloom Llp
Address
356 MILLBURN AVE, Millburn, NJ 07041
Preparer
Richard Bloom
Phone
9739120300
Supplemental Narrative

Additional Explanations

Explanation of other changes in net assets or fund balances Part XI line 9

“ROUNDING ADJ”

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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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1MANAGEMENT IS PROVIDED BY MANAGING AGENT UNDER A CONTRACT APPROVED BY US DEPARTMENT OF HUD
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2NO REVIEW WAS OR WILL BE CONDUCTED
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3CONFLICT OF INTEREST ARE DISCUSSED AT BOARD MEETINGS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4A COPY OF THE TAX RETURN IS PROVIDED FREE OF CHARGE UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5ROUNDING ADJ
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Governing documents etc available to public Part VI line 19
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ReturnHeader/TaxYr02021

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$416,209
Liabilities
$975,783
Net assets
-$559,574
Revenue
$109,429
Expenses
$149,352
Net income
-$39,923
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Summary only. Only limited summary data is available for this year.$0.38$1.00$0.62$0.15$0.16$0.01
2023Summary only. Only limited summary data is available for this year.$0.39$1.00$0.61$0.13$0.18$0.05
2022Detailed filing. Detailed filing data is available for this year.$0.42$0.98$0.56$0.11$0.15$0.04
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.44$0.96$0.52$0.12$0.11$0.01
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.46$0.99$0.53$0.09$0.13$0.04
2019Summary only. Only limited summary data is available for this year.$0.49$0.98$0.49$0.08$0.10$0.03