Civic Intelligence

1717 Ridge Apartments Inc

990 • Fiscal year 2020 • EIN 80-0949310

Jul 01, 2019 to Jun 30, 2020 • Filed on May 17, 2021

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

29th percentile

0.02x

Higher debt load relative to assets than 29% of similar nonprofits.

2020 filings • $50M-$100M nonprofits • Source year 2020

Liabilities / Revenue

60th percentile

0.56x

Higher debt load relative to revenue than 60% of similar nonprofits.

2020 filings • $50M-$100M nonprofits • Source year 2020

Net Margin

96th percentile

89%

Higher net margin than 96% of similar nonprofits.

2020 filings • $50M-$100M nonprofits • Source year 2020

Top Officer Pay

15th percentile

$0

Higher top officer pay than 15% of similar nonprofits.

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

2020 filings • $50M-$100M nonprofits • Source year 2020

Asset Growth

5th percentile

-10%

Faster asset growth than 5% of similar nonprofits.

2020 filings • $50M-$100M nonprofits • Annualized from 2019 to 2020

Revenue Growth

29th percentile

-8.1%

Faster revenue growth than 29% of similar nonprofits.

2020 filings • $50M-$100M nonprofits • Annualized from 2019 to 2020

Assets

Down

$58,896,055

Down $6,558,085 (-10%) from 2019

Net Assets

Down

$57,580,916

Down $6,922,978 (-11%) from 2019

Liabilities

Up

$1,315,139

Up $364,893 (+38%) from 2019

Revenue

Down

$2,368,179

Down $207,430 (-8.1%) from 2019

Expenses

Down

$265,923

Down $30,719 (-10%) from 2019

Net Income

Down

$2,102,256

Down $176,711 (-7.8%) from 2019

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

2020

Assets$58,896,055
Liabilities$1,315,139
Net Assets$57,580,916

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

2020

Revenue$2,368,179
Expenses$265,923
Net Income$2,102,256
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
May 17, 2021
Return Version
2019v5.1
Gross Receipts
$4,539,383
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$72,444,164$72,930,972▲ $486,808
Land, Buildings, and Equipment, Net$71,050,561$71,232,794▲ $182,233
Accounts Receivable$216,640$697,649▲ $481,009
Savings and Temporary Cash Investments$306,080$357,396▲ $51,316
Prepaid Expenses and Deferred Charges$26,125$34,881▲ $8,756
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→ $0
Rtn Earn Endowment Incm Other Fnds$-7,940,280$-15,350,066▼ $7,409,786
Total Assets$65,454,140$58,896,055▼ $6,558,085
Other Assets Total$-6,145,566$-13,426,965▼ $7,281,399
Liabilities
Accounts Payable and Accrued Expenses$911,932$1,271,050▲ $359,118
Deferred Revenue$29,118$34,342▲ $5,224
Other Liabilities$9,196$9,747▲ $551
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$950,246$1,315,139▲ $364,893
Net Assets / Fund Balance
Total Net Assets Fund Balance$64,503,894$57,580,916▼ $6,922,978
Total Liabilities and Net Assets / Fund Balance$65,454,140$58,896,055▼ $6,558,085

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$71,085,066--
Other Land Buildings$126,562--
Land$21,166--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Michael KirbyPresident
Beth ZayicekDirector
R Scott DennisDirector
Haley WaldronTreasurer /ASST SEC
Bert J CrouchVP/asst Sec
Cain KirkVP/asst Sec
Chris CleghornVP/asst Sec
Duncan WalkerVP/asst Sec
Jackson LapinVP/asst Sec
Jeff CavanaughVP/asst Sec
Kevin PirozzoliVP/asst Sec
Perry ChudnoffVP/asst Sec
Peter FeinbergVP/asst Sec
R Lee Phegley JrVP/asst Sec
Tom HurstVP/asst Sec
Jason W GeerVP/sec

Highest Paid Contractors

ContractorServicesLocationCompensation
See Schedule O--$280,791
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$505
Other Revenue
$2,367,674
Change in Net Assets
$2,102,256
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$265,923
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---$265,923
Total Functional Expenses$0$0$0$265,923
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

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$11,900
Security Deposits$-2,153
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
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 $280,791 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
Lee Phegley
Title
Officer
Phone
9727157400
Signed
2021-05-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Lee Phegley
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 486,808 distributions to shareholder (2,229,808) ------------- (1,743,000)

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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IRS990/Form990PartVIISectionAGrp/PersonNm8Peter Feinberg
IRS990/Form990PartVIISectionAGrp/PersonNm9R Lee Phegley Jr
IRS990/Form990PartVIISectionAGrp/PersonNm10Cain Kirk
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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 $280,791 2001 Ross Avenue,Suite 3400 Dallas, TX 75201
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4LINE 9 - OTHER CHANGES IN FUND BALANCE INCLUDE: ADDITIONAL PAID-IN CAPITAL 486,808 DISTRIBUTIONS TO SHAREHOLDER (2,229,808) ------------- (1,743,000)
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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