Civic Intelligence

Elevate Housing Foundation

990 • Fiscal year 2022 • EIN 82-1235705

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 13, 2023

Organization ProfileN/A

View Organization Page

7101 N Cicero Ave 200Lincolnwood, IL 60712

(708) 596-3050

Siviq Scores

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

Liabilities / Assets

99th percentile

1.86x

Higher debt load relative to assets than 99% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Liabilities / Revenue

88th percentile

2.47x

Higher debt load relative to revenue than 88% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Net Margin

25th percentile

-2.1%

Higher net margin than 25% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Top Officer Pay

9th percentile

$0

Higher top officer pay than 9% of similar nonprofits.

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

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Asset Growth

78th percentile

15%

Faster asset growth than 78% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2021 to 2022

Revenue Growth

76th percentile

24%

Faster revenue growth than 76% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets99th percentile

Assets

Up

$32,604,403

Up $4,232,093 (+15%) from 2021

Net Assets

Down

-$27,948,010

Down $503,676 (-1.8%) from 2021

Liabilities

Up

$60,552,413

Up $4,735,769 (+8.5%) from 2021

Revenue And Expenses
Liabilities / Revenue88th percentileNet Margin25th percentile

Revenue

Up

$24,527,753

Up $4,752,300 (+24%) from 2021

Expenses

Down

$25,031,429

Down $115,404 (-0.5%) from 2021

Net Income

Up

-$503,676

Up $4,867,704 (+91%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth78th percentile

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

$100M$50M$0-$50MAssets 2017: $0Liabilities 2017: $87,386Net Assets 2017: -$87,3862017Assets 2018: $8,785,799Liabilities 2018: $9,777,225Net Assets 2018: -$991,4262018Assets 2019: $32,627,581Liabilities 2019: $35,839,783Net Assets 2019: -$3,212,2022019Assets 2020: $33,651,372Liabilities 2020: $50,029,699Net Assets 2020: -$16,378,3272020Assets 2021: $28,372,310Liabilities 2021: $55,816,644Net Assets 2021: -$27,444,3342021Assets 2022: $32,604,403Liabilities 2022: $60,552,413Net Assets 2022: -$27,948,0102022Assets 2023: $36,757,046Liabilities 2023: $65,415,163Net Assets 2023: -$28,658,1172023Assets 2024: $43,035,202Liabilities 2024: $68,741,735Net Assets 2024: -$25,706,5332024

Highlighted filing

2022

Assets$32,604,403
Liabilities$60,552,413
Net Assets-$27,948,010
Open 2022 Filing

Operations Trend

Revenue Growth76th percentile

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

$30M$20M$10M$0-$10MRevenue 2017: $0Expenses 2017: $87,386Net Income 2017: -$87,3862017Revenue 2018: $4,817,960Expenses 2018: $5,722,000Net Income 2018: -$904,0402018Revenue 2019: $14,186,749Expenses 2019: $16,407,525Net Income 2019: -$2,220,7762019Revenue 2020: $19,130,686Expenses 2020: $22,230,167Net Income 2020: -$3,099,4812020Revenue 2021: $19,775,453Expenses 2021: $25,146,833Net Income 2021: -$5,371,3802021Revenue 2022: $24,527,753Expenses 2022: $25,031,429Net Income 2022: -$503,6762022Revenue 2023: $26,409,094Expenses 2023: $27,119,201Net Income 2023: -$710,1072023Revenue 2024: $28,854,452Expenses 2024: $25,902,868Net Income 2024: $2,951,5842024

Highlighted filing

2022

Revenue$24,527,753
Expenses$25,031,429
Net Income-$503,676
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 13, 2023
Return Version
2022v5.0
Gross Receipts
$24,527,753
Mission and Program Overview

Mission

Elevate Housing Foundation(Elevate) is organized and shall be operated exclusively for charitable purposes, including relieving the poor and distressed by providingsafe, decent and sanitary housing to seniors and families in need of affordable housing. While not limited to such, Elevate may provide housing that is subsidized by HUD or by other governmental programs. However, regardless of any subsidy, occupancy in housing owned by Elevate will be limited in accordance with the standards set forth fo nonprofit affordable housing in Rev. Proc 96-32.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$28,305,014$29,142,705▲ $837,691
Accounts Receivable$2,360,711$4,323,794▲ $1,963,083
Cash and Non-Interest-Bearing Accounts$760,525$1,583,748▲ $823,223
Receivables From Officers Etc-$310,253-
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges$-3,053,940$-2,756,097▲ $297,843
Total Assets$28,372,310$32,604,403▲ $4,232,093
Other Assets Total-$0-
Liabilities
Mortgage Notes Payable Secured by Investment Property$31,180,000$31,180,000→ $0
Escrow Account Liability$9,906,241$11,908,876▲ $2,002,635
Unsecured Notes Loans Payable$8,400,000$8,400,000→ $0
Other Liabilities$2,505,819$5,264,402▲ $2,758,583
Accounts Payable and Accrued Expenses$3,824,584$3,799,135▼ $25,449
Total Liabilities$55,816,644$60,552,413▲ $4,735,769
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-27,444,334$-27,948,010▼ $503,676
Total Net Assets Fund Balance$-27,444,334$-27,948,010▼ $503,676
Total Liabilities and Net Assets / Fund Balance$28,372,310$32,604,403▲ $4,232,093

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$20,322,361$2,121,987$22,444,348
Land$4,009,330-$4,009,330
Other Land Buildings$2,764,020$998,930$3,762,950
Equipment$1,084,204$115,900$1,200,104
Leasehold Improvements$962,790$66,663$1,029,453
Compensation and Service Providers
Top Officer Pay9th percentile

Board Members and Trustees

NameTitle
Ilya ShulmanPresident
Alla StavnitserBoard Member
Tony ShirBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$24,527,753
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-503,676
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$13,592,990
Other Expenses$11,438,439
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$13,592,990--$13,592,990
Occupancy$2,577,377--$2,577,377
Interest$2,475,159--$2,475,159
All Other Expenses$1,386,949$79,066-$1,466,015
Depreciation Depletion$958,115--$958,115
Other Expenses$508,964--$508,964
Information Technology$250,500--$250,500
Office Expenses$93,302--$93,302
Advertising$88,156--$88,156
Total Functional Expenses$24,952,363$79,066$0$25,031,429
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees-$310,253-
Receivables from Disqualified Persons-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Line of Credit$3,088,294
Due to Related Party$2,176,108
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
No
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“Board Meetings”

Form 990, Part VI, Section C, Line 19

“No documents available to the public.”

Filing and Contact Details

Filer

Filer Name
Elevate Housing Foundation
EIN
82-1235705
Phone
7085963050
Address
7101 N CICERO AVE 200, LINCOLNWOOD, IL 60712

Signing Officer

Name
Tony Shir
Title
Vice President
Signed
2023-11-13
Discuss with paid preparer
Yes

Organization Details

Formed
2017
Legal Domicile
Oh
Voting Board Members
3
Independent Board Members
0
Employees
550
Volunteers
10

Preparer

Firm
Reifler Sharps Schuetz Ltd
Address
9550 Bormet Dr Suite 301, Mokena, IL 60448
Preparer
Joseph D Schuetz
Phone
3128760100
Supplemental Narrative

Additional Explanations

Statement Note 1

“Elevate was organized April 18, 2017. However, no funding was obtained until January 2018.The tax return was prepared based on the information provided by management of Elevate Housing Foundation. Should additional information become available the tax return will be amended accordingly.”

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IRS990ScheduleD/BuildingsGrp/DepreciationAmt02121987
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt022444348
IRS990ScheduleD/EquipmentGrp/BookValueAmt01084204
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0115900
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt01200104
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd0true
IRS990ScheduleD/LandGrp/BookValueAmt04009330
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt04009330
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt0962790
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt066663
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt01029453
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt02764020
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0998930
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt03762950
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt02176108
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt13088294
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Due to Related Party
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1LINE OF CREDIT
IRS990ScheduleD/TotalBookValueLandBuildingsAmt029142705
IRS990ScheduleD/TotalLiabilityAmt05264402
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Board Meetings
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1No documents available to the public.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Elevate was organized April 18, 2017. However, no funding was obtained until January 2018.The tax return was prepared based on the information provided by management of Elevate Housing Foundation. Should additional information become available the tax return will be amended accordingly.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section C, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Statement Note 1
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt028372310
IRS990/TotalAssetsEOYAmt032604403
IRS990/TotalAssetsGrp/BOYAmt028372310
IRS990/TotalAssetsGrp/EOYAmt032604403
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt00
IRS990/TotalEmployeeCnt0550
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt079066
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt024952363
IRS990/TotalFunctionalExpensesGrp/TotalAmt025031429
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt055816644
IRS990/TotalLiabilitiesEOYAmt060552413
IRS990/TotalLiabilitiesGrp/BOYAmt055816644
IRS990/TotalLiabilitiesGrp/EOYAmt060552413
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-27444334
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-27948010
IRS990/TotalProgramServiceExpensesAmt024952363
IRS990/TotalProgramServiceRevenueAmt024527753
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt024527753
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt024527753
IRS990/TotalVolunteersCnt010
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt028372310
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt032604403
IRS990/TravelGrp/TotalAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt08400000
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt08400000
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt07101 N CICERO AVE 200
IRS990/USAddress/CityNm0LINCOLNWOOD
IRS990/USAddress/StateAbbreviationCd0IL
IRS990/USAddress/ZIPCd060712
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt00
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/FederatedAssuranceLevelCd0FAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0Tony Shir
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Vice President
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-11-13
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0ELEVATE HOUSING FOUNDATION
ReturnHeader/Filer/BusinessNameControlTxt0ELEV
ReturnHeader/Filer/EIN0821235705
ReturnHeader/Filer/PhoneNum07085963050
ReturnHeader/Filer/USAddress/AddressLine1Txt07101 N CICERO AVE 200
ReturnHeader/Filer/USAddress/CityNm0LINCOLNWOOD
ReturnHeader/Filer/USAddress/StateAbbreviationCd0IL
ReturnHeader/Filer/USAddress/ZIPCd060712
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0362882027
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Reifler Sharps Schuetz Ltd
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt09550 Bormet Dr Suite 301
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Mokena
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0IL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd060448
ReturnHeader/PreparerPersonGrp/PhoneNum03128760100
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JOSEPH D SCHUETZ
ReturnHeader/ReturnTs02023-11-13T11:46:06-08:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0Tony
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0Shir
ReturnHeader/TaxPeriodBeginDt02022-01-01
ReturnHeader/TaxPeriodEndDt02022-12-31
ReturnHeader/TaxYr02022

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$32,604,403
Liabilities
$60,552,413
Net assets
-$27,948,010
Revenue
$24,527,753
Expenses
$25,031,429
Net income
-$503,676
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$43.0$68.7$25.7$28.9$25.9$2.95
2023Detailed filing. Detailed filing data is available for this year.$36.8$65.4$28.7$26.4$27.1$0.71
2022Detailed filing. Detailed filing data is available for this year.$32.6$60.6$27.9$24.5$25.0$0.50
2021Detailed filing. Detailed filing data is available for this year.$28.4$55.8$27.4$19.8$25.1$5.37
2020Detailed filing. Detailed filing data is available for this year.$33.7$50.0$16.4$19.1$22.2$3.10
2019Detailed filing. Detailed filing data is available for this year.$32.6$35.8$3.21$14.2$16.4$2.22
2018Summary only. Only limited summary data is available for this year.$8.79$9.78$0.99$4.82$5.72$0.90
2017Detailed filing. Detailed filing data is available for this year.$0.00$0.09$0.09$0.00$0.09$0.09