Civic Intelligence

Edison Office Commons Inc

990 • Fiscal year 2020 • EIN 85-0767863

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

2001 Ross Ave Ste 3400Dallas, TX 75201

(972) 715-7400

Siviq Scores

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

Liabilities / Assets

45th percentile

0.11x

Higher debt load relative to assets than 45% of similar nonprofits.

2020 filings • $25M-$50M nonprofits • Source year 2020

Liabilities / Revenue

Score unavailable

No value available

Liabilities-to-revenue requires both liabilities and revenue on this filing.

Source year 2020

Net Margin

99th percentile

167%

Higher net margin than 99% of similar nonprofits.

2020 filings • $25M-$50M nonprofits • Source year 2020

Top Officer Pay

19th percentile

$0

Higher top officer pay than 19% of similar nonprofits.

2020 filings • $25M-$50M nonprofits • Source year 2020

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2020

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2020

Assets

$38,102,203

No earlier filing loaded for comparison.

Net Assets

$33,984,543

No earlier filing loaded for comparison.

Liabilities

$4,117,660

No earlier filing loaded for comparison.

Revenue

-$121,378

No earlier filing loaded for comparison.

Expenses

$80,946

No earlier filing loaded for comparison.

Net Income

-$202,324

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

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

$60M$40M$20M$0Assets 2020: $38,102,203Liabilities 2020: $4,117,660Net Assets 2020: $33,984,5432020Assets 2021: $40,244,814Liabilities 2021: $358,268Net Assets 2021: $39,886,5462021

Highlighted filing

2020

Assets$38,102,203
Liabilities$4,117,660
Net Assets$33,984,543

Operations Trend

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

$1.0M$500K$0-$500KRevenue 2020: -$121,378Expenses 2020: $80,946Net Income 2020: -$202,3242020Revenue 2021: $946,567Expenses 2021: $344,804Net Income 2021: $601,7632021

Highlighted filing

2020

Revenue-$121,378
Expenses$80,946
Net Income-$202,324
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
May 17, 2021
Return Version
2019v5.1
Gross Receipts
$178
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$0$34,313,620▲ $34,313,620
Land, Buildings, and Equipment, Net$0$34,280,629▲ $34,280,629
Savings and Temporary Cash Investments$0$3,489,600▲ $3,489,600
Accounts Receivable$0$458,727▲ $458,727
Cash and Non-Interest-Bearing Accounts$0$0→ $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
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$0$-329,077▼ $329,077
Total Assets$0$38,102,203▲ $38,102,203
Other Assets Total$0$-126,753▼ $126,753
Liabilities
Accounts Payable and Accrued Expenses$0$3,994,979▲ $3,994,979
Deferred Revenue$0$122,681▲ $122,681
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$0$4,117,660▲ $4,117,660
Net Assets / Fund Balance
Total Net Assets Fund Balance$0$33,984,543▲ $33,984,543
Total Liabilities and Net Assets / Fund Balance$0$38,102,203▲ $38,102,203

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$30,151,469--
Leasehold Improvements$4,129,160--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Michael KirbyPresident
Beth ZayicekDirector
R Scott DennisDirector
Haley WaldronTreasurer/asst Sec
Kevin PirozzoliVP & Ass Sec
Jason W GreerVP & Secretary
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
Perry ChudnoffVP/asst Sec
Peter FeinbergVP/asst Sec
R Lee Phegley JrVP/asst Sec
Tom HurstVP/asst Sec
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$178
Other Revenue
$-121,556
Change in Net Assets
$-202,324
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$80,946
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---$80,946
Total Functional Expenses$0$0$0$80,946
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
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
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 Edison Office Commons, 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 Edison Office Commons, 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.

Filing and Contact Details

Filer

Filer Name
Edison Office Commons Inc
EIN
85-0767863
In Care Of
% INVESCO ADVISERS INC
Phone
9727157400
Address
2001 ROSS AVE STE 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
2020
Legal Domicile
De
Voting Board Members
0
Independent Board Members
0
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 34,313,620 distributions to shareholder - ------------- 34,313,620

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 edisob office commons, 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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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 Edison Office Commons, 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 Edison Office Commons, 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 9 - OTHER CHANGES IN FUND BALANCE INCLUDE: ADDITIONAL PAID-IN CAPITAL 34,313,620 DISTRIBUTIONS TO SHAREHOLDER - ------------- 34,313,620
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4LINE 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 EDISOB OFFICE COMMONS, 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 XI: RECONCILIATION OF NET ASSETS
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4PART XII: FINANCIAL STATEMENTS AND REPORTING
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt0REAL ESTATE
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt2REAL ESTATE
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt3REAL ESTATE
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt0LONDONBURY APARTMENTS GP LLC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt1URANIUM DRIVE ASSOCIATES GP LLC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt2EC Owner GP 1 LLC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt3Anthem on Ashley GP LLC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/AddressLine1Txt02001 Ross Avenue Suite 3400
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/AddressLine1Txt12001 Ross Avenue Suite 3400

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