Civic Intelligence

Willow Terrace Inc.

990 • Fiscal year 2024 • EIN 74-2835142

Jul 01, 2023 to Jun 30, 2024 • Filed on Jul 22, 2024

Organization Profile
PO Box 80009Albuquerque, NM 87198

(505) 452-1553

Siviq Scores

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

Liabilities / Assets

92nd percentile

2.62x

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

2024 filings • NTEE L • <$500k nonprofits • Source year 2024

Liabilities / Revenue

93rd percentile

6.91x

Higher debt load relative to revenue than 93% of similar nonprofits.

2024 filings • NTEE L • <$500k nonprofits • Source year 2024

Net Margin

30th percentile

-9.1%

Higher net margin than 30% of similar nonprofits.

2024 filings • NTEE L • <$500k nonprofits • Source year 2024

Top Officer Pay

83rd percentile

$0

Higher top officer pay than 83% of similar nonprofits.

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

2024 filings • NTEE L • <$500k nonprofits • Source year 2024

Asset Growth

45th percentile

-1.8%

Faster asset growth than 45% of similar nonprofits.

2024 filings • NTEE L • <$500k nonprofits • Annualized from 2023 to 2024

Revenue Growth

60th percentile

7.5%

Faster revenue growth than 60% of similar nonprofits.

2024 filings • NTEE L • <$500k nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets92nd percentile

Assets

Flat

$383,223

Flat from 2024

Net Assets

Flat

-$619,127

Flat from 2024

Liabilities

Flat

$1,002,350

Flat from 2024

Revenue And Expenses
Liabilities / Revenue93rd percentileNet Margin30th percentile

Revenue

Flat

$145,051

Flat from 2024

Expenses

Flat

$158,320

Flat from 2024

Net Income

Flat

-$13,269

Flat from 2024

Historical Trend

Balance Sheet Trend

Asset Growth45th 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: -$619,1272024Assets 2024: $383,223Liabilities 2024: $1,002,350Net Assets 2024: -$619,1272024

Highlighted filing

2024

Assets$383,223
Liabilities$1,002,350
Net Assets-$619,127
Open 2024 Filing

Operations Trend

Revenue Growth60th 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: -$13,2692024Revenue 2024: $145,051Expenses 2024: $158,320Net Income 2024: -$13,2692024

Highlighted filing

2024

Revenue$145,051
Expenses$158,320
Net Income-$13,269
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Jul 22, 2024
Return Version
2023v5.1
Gross Receipts
$145,051
Mission and Program Overview

Mission

To provide affordable housing for low income disabled person

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$375,681$352,693▼ $22,988
Accounts Receivable$590$13,476▲ $12,886
Cash and Non-Interest-Bearing Accounts$909$178▼ $731
Total Assets$390,364$383,223▼ $7,141
Other Assets Total$13,184$16,876▲ $3,692
Liabilities
Unsecured Notes Loans Payable$953,200$953,200→ $0
Accounts Payable and Accrued Expenses$39,092$45,427▲ $6,335
Other Liabilities$3,930$3,723▼ $207
Total Liabilities$996,222$1,002,350▲ $6,128
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-605,858$-619,127▼ $13,269
Total Net Assets Fund Balance$-605,858$-619,127▼ $13,269
Total Liabilities and Net Assets / Fund Balance$390,364$383,223▼ $7,141

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$317,693$597,550-
Land$35,000--
Equipment-$13,280-
Other Assets Org$3,817--
Compensation and Service Providers
Top Officer Pay83rd percentile

Board Members and Trustees

NameTitle
Kara SummersPresident
Michelle DrumSecretary
Allen DrumTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$144,980
Investment Income
$71
Other Revenue
$0
Change in Net Assets
$-13,269

Audited Revenue Reconciliation

Revenue per Audited Statements
$145,051
Total Revenue per Audited Statements
$145,051
Total Revenue per Form 990
$145,051
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$127,198
Salaries, Compensation, and Employee Benefits$31,122
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$24,859--$24,859
Depreciation Depletion$22,988--$22,988
Insurance$17,090--$17,090
Fees for Services Accounting$15,567--$15,567
Fees for Services Management$12,236--$12,236
Other Expenses$7,970--$7,970
All Other Expenses$5,543--$5,543
Other Employee Benefits$4,309--$4,309
Office Expenses$3,884--$3,884
Payroll Taxes$1,954--$1,954
Conferences and Meetings$504--$504
Total Functional Expenses$158,320$0$0$158,320

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$158,320
Total Expenses per Audited Statements$158,320
Total Expenses per Form 990$158,320
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$3,714
Prepaid Rental Income$9
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 80009, Albuquerque, NM 87198
Doing Business As
Willow Terrace Apartments

Signing Officer

Name
Kara Summers
Title
President
Phone
5054521553
Signed
2024-07-22
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
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Officer directors etc family relationship Part VI line 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Management duties delegation Part VI line 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990 governing body review Part VI line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Conflict of interest policy compliance Part VI line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Governing documents etc available to public Part VI line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Explanation of other changes in net assets or fund balances Part XI line 9
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IRS990/TotalLiabilitiesEOYAmt01002350
IRS990/TotalLiabilitiesGrp/BOYAmt0996222
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IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-619127
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IRS990/TotalProgramServiceExpensesAmt0158320
IRS990/TotalProgramServiceRevenueAmt0144980
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IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0145051
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ReturnHeader/BuildTS02024-10-15 13:58:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0false
ReturnHeader/BusinessOfficerGrp/PersonNm0KARA SUMMERS
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum05054521553
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-07-22
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0WILLOW TERRACE INC
ReturnHeader/Filer/BusinessNameControlTxt0WILL
ReturnHeader/Filer/EIN0742835142
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 80009
ReturnHeader/Filer/USAddress/CityNm0Albuquerque
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NM
ReturnHeader/Filer/USAddress/ZIPCd087198
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0BLOOM & BLOOM LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0356 MILLBURN AVE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Millburn
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NJ
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd007041
ReturnHeader/PreparerPersonGrp/PhoneNum09739120300
ReturnHeader/PreparerPersonGrp/PreparationDt02024-11-13
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0RICHARD BLOOM
ReturnHeader/ReturnTs02024-11-13T15:08:32-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-07-01
ReturnHeader/TaxPeriodEndDt02024-06-30
ReturnHeader/TaxYr02023

Document Assets

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Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$383,223
Liabilities
$1,002,350
Net assets
-$619,127
Revenue
$145,051
Expenses
$158,320
Net income
-$13,269
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.38$1.00$0.62$0.15$0.16$0.01
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
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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