Civic Intelligence

Milestone Apartments Inc

EIN 84-1851189 • 501(c)3 • Alton, IL

Profile

Provide permanent housing to low income adults and families with disabilities. Apartments have subsidies; tenants may be linked to services they need to retain their housing and realize their fullest potential.

2615 Edwards StAlton, IL 62002-3915

n/A

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Up

$1,652,787

Up $1,614,015 (+4163%) from 2022

Liabilities

Up

$1,656,338

Up $1,650,965 (+30727%) from 2022

Net Assets

Down

-$3,551

Down $36,950 (-111%) from 2022

Operations

Revenue

Up

$134,298

Up $42,490 (+46%) from 2022

Expenses

Up

$152,962

Up $94,553 (+162%) from 2022

Net Income

Down

-$18,664

Down $52,063 (-156%) from 2022

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$2.0M$1.5M$1.0M$500K$0-$500KAssets 2022: $38,772Liabilities 2022: $5,373Net Assets 2022: $33,3992022Assets 2023: $1,652,787Liabilities 2023: $1,656,338Net Assets 2023: -$3,5512023

Highlighted filing

2023

Assets$1,652,787
Liabilities$1,656,338
Net Assets-$3,551

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$200K$150K$100K$50K$0-$50KRevenue 2022: $91,808Expenses 2022: $58,409Net Income 2022: $33,3992022Revenue 2023: $134,298Expenses 2023: $152,962Net Income 2023: -$18,6642023

Highlighted filing

2023

Revenue$134,298
Expenses$152,962
Net Income-$18,664

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
May 15, 2024
Return Version
2022v5.0
Gross Receipts
$134,298
Mission and Program Overview

Mission

Provide permanent housing to low income adults and families with disabilities. Apartments have subsidies; tenants may be linked to services they need to retain their housing and realize their fullest potential.

Provide permanent housing to low-income adults and families with disabilities. Apartments have subsidies; tenants may be linked to services they need to retain their housing and realize their fullest potential.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$3,742$1,586,584▲ $1,582,842
Savings and Temporary Cash Investments$8,144$52,004▲ $43,860
Cash and Non-Interest-Bearing Accounts$25,286$10,526▼ $14,760
Accounts Receivable$10$2,048▲ $2,038
Prepaid Expenses and Deferred Charges$1,270$1,625▲ $355
Total Assets$38,772$1,652,787▲ $1,614,015
Other Assets Total$320$0▼ $320
Liabilities
Unsecured Notes Loans Payable-$1,635,212-
Accounts Payable and Accrued Expenses$3,027$20,295▲ $17,268
Other Liabilities$2,346$817▼ $1,529
Deferred Revenue-$14-
Total Liabilities$5,373$1,656,338▲ $1,650,965
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$33,399$-3,551▼ $36,950
Total Net Assets Fund Balance$33,399$-3,551▼ $36,950
Total Liabilities and Net Assets / Fund Balance$38,772$1,652,787▲ $1,614,015

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$866,343$32,757$899,100
Land$532,218-$532,218
Equipment$126,335$14,037$140,372
Leasehold Improvements$61,688$3,247$64,935
Compensation and Service Providers

Board Members and Trustees

NameTitle
Patricia FischerPresident
Jim IngramVice President
Deniece ShiversDirector
Tom JohnsonDirector
Janette HeathSecretary
Stacey OverturfTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$76,746
Program Service Revenue
$17,792
Investment Income
$1,808
Other Revenue
$37,952
Change in Net Assets
$-18,664

Audited Revenue Reconciliation

Revenue per Audited Statements
$134,298
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$134,298
Total Revenue per Form 990
$134,298
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$150,226
Salaries, Compensation, and Employee Benefits$2,736
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$50,041--$50,041
Occupancy$38,457--$38,457
Insurance$19,351--$19,351
Fees for Services Accounting-$10,500-$10,500
Office Expenses-$4,903-$4,903
Fees for Services Management-$4,640-$4,640
Other Salaries and Wages$2,736--$2,736
Other Expenses$13,638$1,910-$1,910
Fees for Services Legal-$893-$893
Interest$676--$676
Advertising-$33-$33
Total Functional Expenses$124,899$28,063$0$152,962

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$152,962
Total Expenses per Audited Statements$152,962
Total Expenses per Form 990$152,962
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
Tenant Deposits Held in Trust$817
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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

Form 990, Part VI, Section A, Line 3

Line 3 explanation - all administrative and financial functions of the organization during the period covered by this return were provided by centerstone of illinois, a related organization. The organization pays a management fee for these services. These services will be provided by centerstone of illinois, a related organization and as such has been listed on schedule r.

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

Line 11b explanation - copies of the form 990 are provided to board members for review and approval prior to submission.

Form 990, Part VI, Section B, Line 12C

A form as well as list of current vendors is given to each board member on an annual basis in june to disclose any potential conflicts of interest. They are kept on file if during subsequent board meetings a discussion occurs where a conflict of itnerest is identified, the board member must excuse themselves and leave the board room while the discussion and/or decision is made.

Form 990, Part VI, Section C, Line 19

All governing documents, policies and financial statements are made available for review upon request.

Filing and Contact Details

Filer

Filer Name
Milestone Apartments Inc
EIN
84-1851189
Phone
6184650120
Address
2615 EDWARDS ST, ALTON, IL 62002-3915

Signing Officer

Name
Patricia Fischer
Title
President
Phone
6184650120
Signed
2024-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Patricia Fischer
Formed
2021
Legal Domicile
Il
Voting Board Members
6
Independent Board Members
6
Employees
0
Volunteers
0

Preparer

Firm
Cna Tax Professionals Inc
Address
10475 CROSSPOINT BOULEVARD SUITE, 200, INDIANAPOLIS, IN 46256
Preparer
Shawn D Dreiman CPA
Phone
3178413393
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

The corporation qualifies as a tax-exempt organization under section 501(c)(3) of the internal revenue code; therefore, no provision for income taxes is recognized in the financial statements. It is exempt from income taxes under the provisions of section 501(a) of the code. In the event the corporation was to lose its tax-exempt status, income tax expense for the tax reporting entity would include federal and state taxes currently payable and deferred taxes arising from temporary differences between income for financial reporting and income tax purposes. No such differences existed as of june 30, 2023 and 2022. The corporation adopted the standard for accounting for uncertainty in income taxes. The entity recognizes a tax benefit only if it is more likely than not the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the more-likely-than-not test, no tax benefit is recorded. Federal and state tax authorities (if applicable) generally have the right to examine and audit the previous three years of tax returns filed.

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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0817
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0TENANT DEPOSITS HELD IN TRUST
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0134298
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE CORPORATION QUALIFIES AS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE; THEREFORE, NO PROVISION FOR INCOME TAXES IS RECOGNIZED IN THE FINANCIAL STATEMENTS. IT IS EXEMPT FROM INCOME TAXES UNDER THE PROVISIONS OF SECTION 501(A) OF THE CODE. IN THE EVENT THE CORPORATION WAS TO LOSE ITS TAX-EXEMPT STATUS, INCOME TAX EXPENSE FOR THE TAX REPORTING ENTITY WOULD INCLUDE FEDERAL AND STATE TAXES CURRENTLY PAYABLE AND DEFERRED TAXES ARISING FROM TEMPORARY DIFFERENCES BETWEEN INCOME FOR FINANCIAL REPORTING AND INCOME TAX PURPOSES. NO SUCH DIFFERENCES EXISTED AS OF JUNE 30, 2023 AND 2022. THE CORPORATION ADOPTED THE STANDARD FOR ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. THE ENTITY RECOGNIZES A TAX BENEFIT ONLY IF IT IS MORE LIKELY THAN NOT THE TAX POSITION WOULD BE SUSTAINED IN A TAX EXAMINATION, WITH A TAX EXAMINATION BEING PRESUMED TO OCCUR. THE AMOUNT RECOGNIZED IS THE LARGEST AMOUNT OF TAX BENEFIT THAT IS GREATER THAN 50% LIKELY OF BEING REALIZED ON EXAMINATION. FOR TAX POSITIONS NOT MEETING THE MORE-LIKELY-THAN-NOT TEST, NO TAX BENEFIT IS RECORDED. FEDERAL AND STATE TAX AUTHORITIES (IF APPLICABLE) GENERALLY HAVE THE RIGHT TO EXAMINE AND AUDIT THE PREVIOUS THREE YEARS OF TAX RETURNS FILED.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt01586584
IRS990ScheduleD/TotalExpensesPerForm990Amt0152962
IRS990ScheduleD/TotalLiabilityAmt0817
IRS990ScheduleD/TotalRevenuePerForm990Amt0134298
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0134298
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0152962
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0LINE 3 EXPLANATION - ALL ADMINISTRATIVE AND FINANCIAL FUNCTIONS OF THE ORGANIZATION DURING THE PERIOD COVERED BY THIS RETURN WERE PROVIDED BY CENTERSTONE OF ILLINOIS, A RELATED ORGANIZATION. THE ORGANIZATION PAYS A MANAGEMENT FEE FOR THESE SERVICES. THESE SERVICES WILL BE PROVIDED BY CENTERSTONE OF ILLINOIS, A RELATED ORGANIZATION AND AS SUCH HAS BEEN LISTED ON SCHEDULE R.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1LINE 11B EXPLANATION - COPIES OF THE FORM 990 ARE PROVIDED TO BOARD MEMBERS FOR REVIEW AND APPROVAL PRIOR TO SUBMISSION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2A FORM AS WELL AS LIST OF CURRENT VENDORS IS GIVEN TO EACH BOARD MEMBER ON AN ANNUAL BASIS IN JUNE TO DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST. THEY ARE KEPT ON FILE IF DURING SUBSEQUENT BOARD MEETINGS A DISCUSSION OCCURS WHERE A CONFLICT OF ITNEREST IS IDENTIFIED, THE BOARD MEMBER MUST EXCUSE THEMSELVES AND LEAVE THE BOARD ROOM WHILE THE DISCUSSION AND/OR DECISION IS MADE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ALL GOVERNING DOCUMENTS, POLICIES AND FINANCIAL STATEMENTS ARE MADE AVAILABLE FOR REVIEW UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd10
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd20
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd30
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd40
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd50
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd1N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd2N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd3N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd4N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd5N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0AMY'S CROSSING
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt1YAKUBIAN HOMES INC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt2MHC DEVELOPMENT COMPANY INC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt3THEODORO PLACE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt4CENTERSTONE OF ILLINOIS
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt5HEMPEL HOUSE INC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0454926707
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN1371393454
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt1501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt2501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt3501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt4501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt5501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0IL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd1IL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd2IL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd3IL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd4IL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd5IL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0PROVIDE HOUSING FOR THE DISABLED
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt1PROVIDE HOUSING FOR THE DISABLED
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt2PROVIDE HOUSING FOR THE DISABLED
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt3PROVIDE HOUSING FOR THE DISABLED
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt4MENTAL HEALTH CARE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt5PROVIDE HOUSING FOR THE DISABLED
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0LINE 9
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt1LINE 9
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt2LINE 9
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt3LINE 9
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt4LINE 7
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt5LINE 9
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt0120 MANOR COURT
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt1120 MANOR COURT
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt2120 MANOR COURT
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt3120 MANOR COURT
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt42615 EDWARDS ST
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt5120 MANOR COURT
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0ALTON
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm1ALTON
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm2ALTON
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm3ALTON
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm4ALTON
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm5ALTON
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0IL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd1IL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd2IL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd3IL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd4IL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd5IL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd062002
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd162002
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd262002
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd362002
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd462002
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd562002
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd01
IRS990ScheduleR/PerformOfServicesByOtherOrgInd01
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd01
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00

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