Civic Intelligence

Elevate Housing Foundation

990 • Fiscal year 2023 • EIN 82-1235705

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 15, 2024

Organization ProfileN/A
7366 N Lincoln Ave 301Lincolnwood, 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

1.78x

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

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Liabilities / Revenue

88th percentile

2.48x

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

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Net Margin

29th percentile

-2.7%

Higher net margin than 29% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Top Officer Pay

10th percentile

$40,000

Higher top officer pay than 10% of similar nonprofits.

Top officer pay equals 0.2% of source-year revenue.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Asset Growth

67th percentile

13%

Faster asset growth than 67% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Revenue Growth

55th percentile

7.7%

Faster revenue growth than 55% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets99th percentile

Assets

Up

$36,757,046

Up $4,152,643 (+13%) from 2022

Net Assets

Down

-$28,658,117

Down $710,107 (-2.5%) from 2022

Liabilities

Up

$65,415,163

Up $4,862,750 (+8.0%) from 2022

Revenue And Expenses
Liabilities / Revenue88th percentileNet Margin29th percentile

Revenue

Up

$26,409,094

Up $1,881,341 (+7.7%) from 2022

Expenses

Up

$27,119,201

Up $2,087,772 (+8.3%) from 2022

Net Income

Down

-$710,107

Down $206,431 (-41%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth67th 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

2023

Assets$36,757,046
Liabilities$65,415,163
Net Assets-$28,658,117
Open 2023 Filing

Operations Trend

Revenue Growth55th 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

2023

Revenue$26,409,094
Expenses$27,119,201
Net Income-$710,107
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 15, 2024
Return Version
2023v5.1
Gross Receipts
$26,409,094
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$29,142,705$28,960,399▼ $182,306
Accounts Receivable$4,323,794$5,800,604▲ $1,476,810
Cash and Non-Interest-Bearing Accounts$1,583,748$4,332,068▲ $2,748,320
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-
Receivables From Officers Etc$310,253$-45,761▼ $356,014
Prepaid Expenses and Deferred Charges$-2,756,097$-2,290,264▲ $465,833
Total Assets$32,604,403$36,757,046▲ $4,152,643
Other Assets Total-$0-
Liabilities
Mortgage Notes Payable Secured by Investment Property$31,180,000$31,180,000→ $0
Escrow Account Liability$11,908,876$14,176,890▲ $2,268,014
Unsecured Notes Loans Payable$8,400,000$8,400,000→ $0
Other Liabilities$5,264,402$7,738,994▲ $2,474,592
Accounts Payable and Accrued Expenses$3,799,135$3,919,279▲ $120,144
Total Liabilities$60,552,413$65,415,163▲ $4,862,750
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-27,948,010$-28,658,117▼ $710,107
Total Net Assets Fund Balance$-27,948,010$-28,658,117▼ $710,107
Total Liabilities and Net Assets / Fund Balance$32,604,403$36,757,046▲ $4,152,643

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$19,746,887$2,697,461$22,444,348
Land$4,009,330-$4,009,330
Other Land Buildings$2,482,952$1,279,998$3,762,950
Equipment$1,784,836$296,998$2,081,834
Leasehold Improvements$936,394$93,059$1,029,453
Compensation and Service Providers
Top Officer Pay10th percentile

Employees

NameTitleBaseTotal
Tony ShirBoard Member$40,000$40,000

Board Members and Trustees

NameTitle
Ilya ShulmanPresident
Arkadi RapaportBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$271,807
Program Service Revenue
$26,137,287
Investment Income
$0
Other Revenue
$0
All Other Contributions
$271,807
Change in Net Assets
$-710,107
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$15,208,127
Other Expenses$11,911,074
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$15,168,127--$15,168,127
Occupancy$2,460,791--$2,460,791
Interest$2,202,039--$2,202,039
All Other Expenses$1,882,120$87,549-$1,969,669
Depreciation Depletion$1,064,036--$1,064,036
Other Expenses$566,221--$566,221
Information Technology$314,033--$314,033
Office Expenses$207,925--$207,925
Advertising$47,142--$47,142
Current Officers, Directors, Trustees, and Key Employees$40,000--$40,000
Total Functional Expenses$27,031,652$87,549$0$27,119,201
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 Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees$310,253$-45,761▼ $356,014
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Related Party$4,694,512
Line of Credit$3,044,482
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
7366 N Lincoln Ave 301, LINCOLNWOOD, IL 60712

Signing Officer

Name
Tony Shir
Title
Vice President
Signed
2024-11-15
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 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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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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IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt022377753
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt018275453
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt019130686
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt014186749
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt0100107928
IRS990ScheduleA/GrossReceiptsNonUnrltBusGrp/TotalAmt00
IRS990ScheduleA/InvestmentIncomeCYPct00.00000
IRS990ScheduleA/NetIncomeFromOtherUBIGrp/TotalAmt00
IRS990ScheduleA/OtherIncome509Grp/TotalAmt00
IRS990ScheduleA/Post1975UBTIGrp/TotalAmt00
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportCY509Pct01.00000
IRS990ScheduleA/PublicSupportTotal509Amt0104029735
IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft509Grp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind0X
IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt026409094
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt024527753
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt019775453
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt019130686
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt014186749
IRS990ScheduleA/Total509Grp/TotalAmt0104029735
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt026409094
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt024527753
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt019775453
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt019130686
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt014186749
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt0104029735
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/AgentTrusteeEtcInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt019746887
IRS990ScheduleD/BuildingsGrp/DepreciationAmt02697461
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt022444348
IRS990ScheduleD/EquipmentGrp/BookValueAmt01784836
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0296998
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt02081834
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd0true
IRS990ScheduleD/LandGrp/BookValueAmt04009330
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt04009330
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt0936394
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt093059
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt01029453
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt02482952
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt01279998
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt03762950
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt04694512
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt13044482
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Due to Related Party
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1LINE OF CREDIT
IRS990ScheduleD/TotalBookValueLandBuildingsAmt028960399
IRS990ScheduleD/TotalLiabilityAmt07738994
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/TotalAssetsBOYAmt032604403
IRS990/TotalAssetsEOYAmt036757046
IRS990/TotalAssetsGrp/BOYAmt032604403
IRS990/TotalAssetsGrp/EOYAmt036757046
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0271807
IRS990/TotalEmployeeCnt0550
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt087549
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt027031652
IRS990/TotalFunctionalExpensesGrp/TotalAmt027119201
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt060552413
IRS990/TotalLiabilitiesEOYAmt065415163
IRS990/TotalLiabilitiesGrp/BOYAmt060552413
IRS990/TotalLiabilitiesGrp/EOYAmt065415163
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-27948010
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-28658117
IRS990/TotalProgramServiceExpensesAmt027031652
IRS990/TotalProgramServiceRevenueAmt026137287
IRS990/TotalReportableCompFromOrgAmt040000
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt026137287
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt026409094
IRS990/TotalVolunteersCnt010
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt032604403
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt036757046
IRS990/TravelGrp/TotalAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt08400000
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt08400000
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt07366 N Lincoln Ave 301
IRS990/USAddress/CityNm0LINCOLNWOOD
IRS990/USAddress/StateAbbreviationCd0IL
IRS990/USAddress/ZIPCd060712
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt00
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02024-10-15 13:58:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0Tony Shir
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Vice President
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-11-15
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0ELEVATE HOUSING FOUNDATION
ReturnHeader/Filer/BusinessNameControlTxt0ELEV
ReturnHeader/Filer/EIN0821235705
ReturnHeader/Filer/PhoneNum07085963050
ReturnHeader/Filer/USAddress/AddressLine1Txt07366 N Lincoln Ave 301
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 Suite 301
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Mokena
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0IL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd060448
ReturnHeader/PreparerPersonGrp/PhoneNum03128760100
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JOSEPH D SCHUETZ
ReturnHeader/ReturnTs02024-11-15T08:38:06-08:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-01-01
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$36,757,046
Liabilities
$65,415,163
Net assets
-$28,658,117
Revenue
$26,409,094
Expenses
$27,119,201
Net income
-$710,107
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