Civic Intelligence

1717 Ridge Apartments Inc

990 • Fiscal year 2019 • EIN 80-0949310

Jul 01, 2018 to Jun 30, 2019 • Filed on Apr 24, 2020

2001 Ross Avenue Suite 3400Dallas, TX 75201

(972) 715-7400

Siviq Scores

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

Liabilities / Assets

25th percentile

0.01x

Higher debt load relative to assets than 25% of similar nonprofits.

2019 filings • $50M-$100M nonprofits • Source year 2019

Liabilities / Revenue

54th percentile

0.37x

Higher debt load relative to revenue than 54% of similar nonprofits.

2019 filings • $50M-$100M nonprofits • Source year 2019

Net Margin

97th percentile

88%

Higher net margin than 97% of similar nonprofits.

2019 filings • $50M-$100M nonprofits • Source year 2019

Top Officer Pay

13th percentile

$0

Higher top officer pay than 13% of similar nonprofits.

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

2019 filings • $50M-$100M nonprofits • Source year 2019

Asset Growth

6th percentile

-8.2%

Faster asset growth than 6% of similar nonprofits.

2019 filings • $50M-$100M nonprofits • Annualized from 2018 to 2019

Revenue Growth

17th percentile

-15%

Faster revenue growth than 17% of similar nonprofits.

2019 filings • $50M-$100M nonprofits • Annualized from 2018 to 2019

Assets

Down

$65,454,140

Down $5,808,077 (-8.2%) from 2018

Net Assets

Down

$64,503,894

Down $5,809,596 (-8.3%) from 2018

Liabilities

Up

$950,246

Up $1,519 (+0.2%) from 2018

Revenue

Down

$2,575,609

Down $447,976 (-15%) from 2018

Expenses

Down

$296,642

Down $20,626 (-6.5%) from 2018

Net Income

Down

$2,278,967

Down $427,350 (-16%) from 2018

Historical Trend

Balance Sheet Trend

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

$80M$60M$40M$20M$0Assets 2014: $71,583,563Liabilities 2014: $666,239Net Assets 2014: $70,917,3242014Assets 2015: $75,797,216Liabilities 2015: $1,119,534Net Assets 2015: $74,677,6822015Assets 2016: $75,765,679Liabilities 2016: $957,528Net Assets 2016: $74,808,1512016Assets 2017: $72,717,544Liabilities 2017: $984,011Net Assets 2017: $71,733,5332017Assets 2018: $71,262,217Liabilities 2018: $948,727Net Assets 2018: $70,313,4902018Assets 2019: $65,454,140Liabilities 2019: $950,246Net Assets 2019: $64,503,8942019Assets 2020: $58,896,055Liabilities 2020: $1,315,139Net Assets 2020: $57,580,9162020Assets 2021: $59,741,170Liabilities 2021: $1,183,807Net Assets 2021: $58,557,3632021

Highlighted filing

2019

Assets$65,454,140
Liabilities$950,246
Net Assets$64,503,894

Operations Trend

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

$4.0M$3.0M$2.0M$1.0M$0Revenue 2014: $2,202,644Expenses 2014: $305,400Net Income 2014: $1,897,2442014Revenue 2015: $3,167,200Expenses 2015: $341,462Net Income 2015: $2,825,7382015Revenue 2016: $2,855,744Expenses 2016: $336,835Net Income 2016: $2,518,9092016Revenue 2017: $3,152,078Expenses 2017: $324,638Net Income 2017: $2,827,4402017Revenue 2018: $3,023,585Expenses 2018: $317,268Net Income 2018: $2,706,3172018Revenue 2019: $2,575,609Expenses 2019: $296,642Net Income 2019: $2,278,9672019Revenue 2020: $2,368,179Expenses 2020: $265,923Net Income 2020: $2,102,2562020Revenue 2021: $2,340,816Expenses 2021: $261,824Net Income 2021: $2,078,9922021

Highlighted filing

2019

Revenue$2,575,609
Expenses$296,642
Net Income$2,278,967
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Apr 24, 2020
Return Version
2018v3.3
Gross Receipts
$4,570,594
Mission and Program Overview

Mission

NONE

To operate as a title holding corporation within the meaning of irc section 501(c)(25) and hold title to real property on behalf of public employees' retirement system of nevada.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pd in Cap Srpls Land Bldg Eqp Fund$72,126,528$72,444,164▲ $317,636
Land, Buildings, and Equipment, Net$70,890,998$71,050,561▲ $159,563
Savings and Temporary Cash Investments$544,898$306,080▼ $238,818
Accounts Receivable$80,870$216,640▲ $135,770
Prepaid Expenses and Deferred Charges$31,154$26,125▼ $5,029
Cash and Non-Interest-Bearing Accounts$300$300→ $0
Cap Stk Tr Prin Current Funds$10$10→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$-1,813,048$-7,940,280▼ $6,127,232
Total Assets$71,262,217$65,454,140▼ $5,808,077
Other Assets Total$-286,003$-6,145,566▼ $5,859,563
Liabilities
Accounts Payable and Accrued Expenses$818,445$911,932▲ $93,487
Deferred Revenue$6,968$29,118▲ $22,150
Other Liabilities$123,314$9,196▼ $114,118
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$948,727$950,246▲ $1,519
Net Assets / Fund Balance
Total Net Assets Fund Balance$70,313,490$64,503,894▼ $5,809,596
Total Liabilities and Net Assets / Fund Balance$71,262,217$65,454,140▼ $5,808,077

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$70,905,906--
Other Land Buildings$123,489--
Land$21,166--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Michael KirbyPresident
Beth ZayicekDirector
R Scott DennisDirector
Tracy GreenTreas/asst Sec
Cain KirkVP/asst Sec
Duncan WalkerVP/asst Sec
Jackson LapinVP/asst Sec
Jeff CavanaughVP/asst Sec
Kevin PirozzoliVP/asst Sec
Lee PhegleyVP/asst Sec
Paul MichaelsVP/asst Sec
Perry ChudnoffVP/asst Sec
Peter FeinbergVP/asst Sec
Sam GillespieVP/asst Sec
Tom HurstVP/asst Sec
Jason W GreerVP/sec

Highest Paid Contractors

ContractorServicesLocationCompensation
See Schedule O--$308,391
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$278
Other Revenue
$2,575,331
Change in Net Assets
$2,278,967
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$296,642
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Management---$296,642
Total Functional Expenses$0$0$0$296,642
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
INVESCO Real EstateCommon Officer/DirectorManagement FeesYes$296,642

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Tennant Clearing$10,850
Security Deposits$-1,654
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Backup withholding compliance
Yes
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
Yes
Management duties delegated
Yes

Governance Explanations

Part VI: GOVERNANCE, MANAGEMENT, AND DISCLOSURE

Line 2 all officers and directors of the filing organization have a business relationship with one another by virtue of their positions as officers, directors, and/or key employees of invesco advisers, inc.

Part VI: GOVERNANCE, MANAGEMENT, AND DISCLOSURE

Line 3, 6, 7a, 7b, 11B, 19 Ridge Apartments, Inc.'s stock is owned 100% by Public Employees' Retirement System of Nevada. Public Employees' Retirement System of Nevada has engaged Invesco Real Estate, an independent management company, to manage all aspects of the entity including preparing the financial statements and tax returns. Public Employees' Retirement System of Nevada has the ability to hire and fire the management company at any time, and Public Employees' Retirement System of Nevada is ultimately responsible for all decisions. Invesco personnel hold the officer positions, but Public Employees' Retirement System of Nevada has the ability to remove/change officers at any time. Invesco engages a paid preparer to prepare the tax return based on financial statements provided by Invesco. Once the return is prepared, it is sent to Invesco for review by the accountant assigned to the entity and the officer signing the return. Organization documents and financial statements related to the entity are not made available to the public.

Part VI: GOVERNANCE, MANAGEMENT, AND DISCLOSURE

Line 8B 1717 Ridge Apartments, Inc. does not have any committee with authority to act on behalf of the governing body. As such, no committee meeting minutes or other documentation have been required.

PART VII: SECTION B. INDEPENDENT CONTRACTORS

LINE 1 INVESCO Advisers, Inc. Management Services $308,391 2001 Ross Avenue,Suite 3400 Dallas, TX 75201

Filing and Contact Details

Filer

Filer Name
1717 Ridge Apartments Inc
EIN
80-0949310
In Care Of
% INVESCO ADVISERS INC
Phone
9727157400
Address
2001 Ross Avenue Suite 3400, Dallas, TX 75201

Signing Officer

Name
Tracy Green
Title
Officer
Phone
9727157400
Signed
2020-04-24
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Tracy Green
Formed
2013
Legal Domicile
De
Voting Board Members
2
Independent Board Members
2
Employees
0

Preparer

Firm
Kpmg Llp
Address
2323 Ross Avenue Suite 1400, Dallas, TX 75201-2709
Preparer
Amy Koronka
Phone
2148402000
Supplemental Narrative

Additional Explanations

PART XI: RECONCILIATION OF NET ASSETS

Line 9 - other changes in fund balance include: additional paid-in capital 317,636 distributions to shareholder (2,546,636) ------------- (2,229,000)

PART XII: FINANCIAL STATEMENTS AND REPORTING

LINE 2B AN OUTSIDE ACCOUNTING FIRM PERFORMS AN ANNUAL AUDIT ON THE CONSOLIDATED FINANCIAL STATEMENTS OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM OF NEVADA'S (PARENT'S) CORE REAL ESTATE PORTOLIO. THE CONSOLIDATED FINANCIAL STATEMENTS INCLUDE THE FINANCIAL INFORMATION FOR 1717 Ridge Apartments, Inc. (TAXPAYER). HOWEVER, TO ACCOMODATE THE PARENT'S FINANCIAL STATEMENT AUDIT, THE CONSOLIDATED FINANCIAL STATEMENTS OF THE REAL ESTATE PORTFOLIO ARE AUDITED ON THE FICAL YEAR ENDED MARCH 31, WHICH DIFFERS FROM THE TAXPAYER'S FISCAL AND TAX YEAR ENDED JUNE 30.

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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0SECURITY DEPOSITS
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0LINE 2 ALL OFFICERS AND DIRECTORS OF THE FILING ORGANIZATION HAVE A BUSINESS RELATIONSHIP WITH ONE ANOTHER BY VIRTUE OF THEIR POSITIONS AS OFFICERS, DIRECTORS, AND/OR KEY EMPLOYEES OF INVESCO ADVISERS, INC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Line 3, 6, 7a, 7b, 11B, 19 Ridge Apartments, Inc.'s stock is owned 100% by Public Employees' Retirement System of Nevada. Public Employees' Retirement System of Nevada has engaged Invesco Real Estate, an independent management company, to manage all aspects of the entity including preparing the financial statements and tax returns. Public Employees' Retirement System of Nevada has the ability to hire and fire the management company at any time, and Public Employees' Retirement System of Nevada is ultimately responsible for all decisions. Invesco personnel hold the officer positions, but Public Employees' Retirement System of Nevada has the ability to remove/change officers at any time. Invesco engages a paid preparer to prepare the tax return based on financial statements provided by Invesco. Once the return is prepared, it is sent to Invesco for review by the accountant assigned to the entity and the officer signing the return. Organization documents and financial statements related to the entity are not made available to the public.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Line 8B 1717 Ridge Apartments, Inc. does not have any committee with authority to act on behalf of the governing body. As such, no committee meeting minutes or other documentation have been required.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3LINE 1 INVESCO Advisers, Inc. Management Services $308,391 2001 Ross Avenue,Suite 3400 Dallas, TX 75201
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4LINE 9 - OTHER CHANGES IN FUND BALANCE INCLUDE: ADDITIONAL PAID-IN CAPITAL 317,636 DISTRIBUTIONS TO SHAREHOLDER (2,546,636) ------------- (2,229,000)
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5LINE 2B AN OUTSIDE ACCOUNTING FIRM PERFORMS AN ANNUAL AUDIT ON THE CONSOLIDATED FINANCIAL STATEMENTS OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM OF NEVADA'S (PARENT'S) CORE REAL ESTATE PORTOLIO. THE CONSOLIDATED FINANCIAL STATEMENTS INCLUDE THE FINANCIAL INFORMATION FOR 1717 Ridge Apartments, Inc. (TAXPAYER). HOWEVER, TO ACCOMODATE THE PARENT'S FINANCIAL STATEMENT AUDIT, THE CONSOLIDATED FINANCIAL STATEMENTS OF THE REAL ESTATE PORTFOLIO ARE AUDITED ON THE FICAL YEAR ENDED MARCH 31, WHICH DIFFERS FROM THE TAXPAYER'S FISCAL AND TAX YEAR ENDED JUNE 30.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Part VI: GOVERNANCE, MANAGEMENT, AND DISCLOSURE
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Part VI: GOVERNANCE, MANAGEMENT, AND DISCLOSURE
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Part VI: GOVERNANCE, MANAGEMENT, AND DISCLOSURE
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3PART VII: SECTION B. INDEPENDENT CONTRACTORS
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4PART XI: RECONCILIATION OF NET ASSETS
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5PART XII: FINANCIAL STATEMENTS AND REPORTING
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