Civic Intelligence

Assets Incorporated

990 • Fiscal year 2021 • EIN 92-0076696

Jul 01, 2020 to Jun 30, 2021 • Filed on May 16, 2022

Organization Profilewww.assetsinc.org

View Organization Page

2330 Nichols StAnchorage, AK 99508

(907) 334-8622

Siviq Scores

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

Liabilities / Assets

67th percentile

0.34x

Higher debt load relative to assets than 67% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

64th percentile

0.39x

Higher debt load relative to revenue than 64% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Net Margin

40th percentile

7.9%

Higher net margin than 40% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

42nd percentile

$150,012

Higher top officer pay than 42% of similar nonprofits.

Top officer pay equals 0.9% of source-year revenue.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Asset Growth

86th percentile

36%

Faster asset growth than 86% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

46th percentile

9.5%

Faster revenue growth than 46% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets67th percentile

Assets

Up

$18,256,017

Up $4,844,798 (+36%) from 2020

Net Assets

Up

$11,965,158

Up $1,684,779 (+16%) from 2020

Liabilities

Up

$6,290,859

Up $3,160,019 (+101%) from 2020

Revenue And Expenses
Liabilities / Revenue64th percentileNet Margin40th percentile

Revenue

Up

$16,116,632

Up $1,402,334 (+9.5%) from 2020

Expenses

Down

$14,845,633

Down $1,147,363 (-7.2%) from 2020

Net Income

Up

$1,270,999

Up $2,549,697 (+199%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth86th percentile

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

$20M$15M$10M$5.0M$0Assets 2010: $10,127,719Liabilities 2010: $1,120,206Net Assets 2010: $9,007,5132010Assets 2011: $10,848,747Liabilities 2011: $1,110,534Net Assets 2011: $9,738,2132011Assets 2012: $11,587,625Liabilities 2012: $1,036,375Net Assets 2012: $10,551,2502012Assets 2013: $12,415,312Liabilities 2013: $1,284,694Net Assets 2013: $11,130,6182013Assets 2014: $13,368,689Liabilities 2014: $1,318,824Net Assets 2014: $12,049,8652014Assets 2015: $13,575,617Liabilities 2015: $1,419,596Net Assets 2015: $12,156,0212015Assets 2016: $13,387,735Liabilities 2016: $1,909,365Net Assets 2016: $11,478,3702016Assets 2017: $12,888,690Liabilities 2017: $1,140,731Net Assets 2017: $11,747,9592017Assets 2018: $13,782,686Liabilities 2018: $3,560,570Net Assets 2018: $10,222,1162018Assets 2019: $12,820,835Liabilities 2019: $1,323,774Net Assets 2019: $11,497,0612019Assets 2020: $13,411,219Liabilities 2020: $3,130,840Net Assets 2020: $10,280,3792020Assets 2021: $18,256,017Liabilities 2021: $6,290,859Net Assets 2021: $11,965,1582021Assets 2022: $12,175,098Liabilities 2022: $31,269Net Assets 2022: $12,143,8292022Assets 2023: $12,418,078Liabilities 2023: $113,016Net Assets 2023: $12,305,0622023Assets 2024: $10,762,526Liabilities 2024: $1,795,089Net Assets 2024: $8,967,4372024Assets 2025: $9,353,254Liabilities 2025: $1,359,223Net Assets 2025: $7,994,0312025

Highlighted filing

2021

Assets$18,256,017
Liabilities$6,290,859
Net Assets$11,965,158
Open 2021 Filing

Operations Trend

Revenue Growth46th percentile

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

$20M$10M$0-$10MExpenses 2010: $15,711,0502010Expenses 2011: $16,740,6612011Expenses 2012: $16,223,2342012Expenses 2013: $16,821,6102013Revenue 2014: $18,288,568Expenses 2014: $17,482,072Net Income 2014: $806,4962014Revenue 2015: $18,920,714Expenses 2015: $18,636,562Net Income 2015: $284,1522015Revenue 2016: $18,347,972Expenses 2016: $18,940,996Net Income 2016: -$593,0242016Revenue 2017: $18,378,071Expenses 2017: $18,108,482Net Income 2017: $269,5892017Revenue 2018: $15,836,970Expenses 2018: $16,562,813Net Income 2018: -$725,8432018Revenue 2019: $16,811,335Expenses 2019: $15,675,145Net Income 2019: $1,136,1902019Revenue 2020: $14,714,298Expenses 2020: $15,992,996Net Income 2020: -$1,278,6982020Revenue 2021: $16,116,632Expenses 2021: $14,845,633Net Income 2021: $1,270,9992021Revenue 2022: $14,279,627Expenses 2022: $14,372,015Net Income 2022: -$92,3882022Revenue 2023: $14,025,803Expenses 2023: $13,835,202Net Income 2023: $190,6012023Revenue 2024: $13,596,141Expenses 2024: $14,896,262Net Income 2024: -$1,300,1212024Revenue 2025: $14,504,489Expenses 2025: $15,465,397Net Income 2025: -$960,9082025

Highlighted filing

2021

Revenue$16,116,632
Expenses$14,845,633
Net Income$1,270,999
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
May 16, 2022
Return Version
2020v4.0
Gross Receipts
$16,116,632
Mission and Program Overview

Mission

Assets, Inc. (the Organization) is a not-for-profit corporation organized for the purpose of providing services that promote the independence of Anchorage area individuals who, due to the nature and severity of their disabilities, need support to live and work in the community. The company provides vocational training, supported living, and employment services conductive to this purpose, including assessment, community employment, and ongoing support services.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$3,301,546$9,624,261▲ $6,322,715
Investments in Publicly Traded Securities$5,792,004$6,701,773▲ $909,769
Accounts Receivable$2,226,901$0▼ $2,226,901
Land, Buildings, and Equipment, Net$1,608,187$1,479,763▼ $128,424
Savings and Temporary Cash Investments$334,712$234,745▼ $99,967
Prepaid Expenses and Deferred Charges$82,820$150,428▲ $67,608
Inventories for Sale or Use$65,047$65,047→ $0
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Intangible Assets-$0-
Total Assets$13,411,219$18,256,017▲ $4,844,798
Other Assets Total$2$0▼ $2
Liabilities
Accounts Payable and Accrued Expenses$3,110,702$6,117,364▲ $3,006,662
Other Liabilities$11,900$173,495▲ $161,595
Deferred Revenue$8,238--
Total Liabilities$3,130,840$6,290,859▲ $3,160,019
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$10,280,379$11,965,158▲ $1,684,779
Total Net Assets Fund Balance$10,280,379$11,965,158▲ $1,684,779
Total Liabilities and Net Assets / Fund Balance$13,411,219$18,256,017▲ $4,844,798

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$2,330,865-$2,330,865
Buildings$1,356,462-$1,356,462
Leasehold Improvements$686,050-$686,050
Other Land Buildings$-2,893,614$3,563,799$670,185
Compensation and Service Providers
Top Officer Pay42nd percentile

Employees

NameTitleFull / Part TimeBaseTotal
Matthew JonesCEOFT$150,012$150,012
Chuck AlmasyCOOFT$139,767$139,767
Martha J RomeroDirector of BehaviFT$130,548$130,548
Renee BehrendtFinance DirectoFT$6,197$6,197

Board Members and Trustees

NameTitle
Travers GeeChairman
Brenda DutyBoard Member
Dawn Allen-HerronBoard Member
Gina BastianBoard Member
Michael AshmoreBoard Member
Wallace JenkinsBoard Member
Faith MyersSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$769,905
Program Service Revenue
$14,591,637
Investment Income
$545,971
Other Revenue
$209,119
All Other Contributions
$5,792
Change in Net Assets
$1,270,999

Audited Revenue Reconciliation

Revenue per Audited Statements
$16,116,632
Total Revenue per Audited Statements
$16,116,632
Total Revenue per Form 990
$16,116,632
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$11,541,750
Other Expenses$3,303,883
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$5,019,386$2,862,390-$7,881,776
Other Employee Benefits$2,040,185$1,163,451-$3,203,636
Occupancy$322,075$183,668-$505,743
Current Officers, Directors, Trustees, and Key Employees$290,612$165,726-$456,338
Fees for Services Other$261,862$149,331-$411,193
Information Technology$184,081$104,976-$289,057
All Other Expenses$102,699$58,564-$161,263
Other Expenses$95,449$54,431-$149,880
Insurance$90,031$51,341-$141,372
Depreciation Depletion$81,106$46,252-$127,358
Travel$28,461$16,230-$44,691
Office Expenses$28,103$16,026-$44,129
Fees for Services Accounting$9,186$5,239-$14,425
Fees for Services Legal$3,761$2,144-$5,905
Total Functional Expenses$9,454,212$5,391,421$0$14,845,633

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$14,845,633
Total Expenses per Audited Statements$14,845,633
Total Expenses per Form 990$14,845,633
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-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Other Liability$173,495
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
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
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, Line 11B: Form 990 Review Process

“The finance director reconciles the numbers on the form 990 to the audited financial statements and reviews the narrative for accuracy.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“When an item comes before the board of directors in which a director, a member of a director's immediate family, the director's employer, and/or any organization with which the director is associated has a direct private or business interest, the affected director shall so state and shall refrain from voting and participating in the board of director's discussion on the matter. The director's abstention from voting and the stated reason shall be recorded in the minutes. A director who knowingly fails to state a conflict of interest and fails to abstain from voting shall be subject to removal from the board in accordance with the provisions of the conflict of interest policy. A director unsure of a conflict of interest may state his or her apparent conflict and ask for a discussion and a vote on the question of the conflict by the other members of the board of directors. If the vote is unanimous, the director may proceed to participate in the discussion and vote on the matter in question.”

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

“Assets utilizes a 360 degree evaluation of employees and peers, reviews strategic plan objective accomplishments, and utilizes a compensation plan developed by a consultant and based on state and national benchmarks. Compensation levels were evaluated for all positions within the company utilizing these tools. The executive Director's compensation was last evaluated in 2014. In 2008 assets hired a compensation consultant to review all job descriptions and create a pay range structure based on job description and market survey data. All employees are compensated within the range which was established for their position. The executive director determines compensation for key employees within the ranges based on performance and company budget. The executive director consults with the HR director (performance) and the finance director (budget) to help decide the appropriateness of increases . The most recent reviews and changes in compensation based on merit were in 2014.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“Assets utilizes a 360 degree evaluation of employees and peers, reviews strategic plan objective accomplishments, and utilizes a compensation plan developed by a consultant and based on state and national benchmarks. Compensation levels were evaluated for all positions within the company utilizing these tools. The executive Director's compensation was last evaluated in 2014. In 2008 assets hired a compensation consultant to review all job descriptions and create a pay range structure based on job description and market survey data. All employees are compensated within the range which was established for their position. The executive director determines compensation for key employees within the ranges based on performance and company budget. The executive director consults with the HR director (performance) and the finance director (budget) to help decide the appropriateness of increases . The most recent reviews and changes in compensation based on merit were in 2014.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“The organization makes its governing documents available upon request.”

Filing and Contact Details

Filer

Filer Name
Assets Inc
EIN
92-0076696
Phone
9073348622
Address
2330 Nichols St, Anchorage, AK 99508

Signing Officer

Name
Renee Behrendt
Title
Finance Director
Signed
2022-05-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Matthew Jones
Formed
1980
Legal Domicile
Ak
Voting Board Members
8
Independent Board Members
8
Employees
371
Volunteers
8

Preparer

Firm
Altman Rogers & Co
Address
3000 C Street Suite 201, Anchorage, AK 99503
Preparer
Ryan T Johns CPA
Phone
9072742992
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

“Assets, Inc. is a nonprofit corporation exempt from income taxation under Section 501(c)(3) of the Internal Revenue Code. Although the Organization is exempt from federal income taxes, any income derived from unrelated business activities is subject to the requirement of filing Federal Income Tax Form 990-T and a tax liability may be determined on these activities. The Organization had no income derived from unrelated business activities as of June 30, 2021 or 2020.The organization believes it is in compliance with all applicable laws; however upon audit by a taxing authority, if amounts are found due, the company may be liable for such taxes. Management has analyzed the companys tax positions taken on Federal income tax returns for all open tax years and has concluded that, as of June 30, 2021, no liabilities are required to be recorded in connection with such tax positions in the organizations financial statements. The fiscal 2018 through 2020 tax years remain open for examination by the taxing authorities. The organization is not under examination by the internal revenue service for any open tax years.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt5Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt6Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt7Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt8Board Member
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IRS990/MissionDesc0Assets, Inc. (the Organization) is a not-for-profit corporation organized for the purpose of providing services that promote the independence of Anchorage area individuals who, due to the nature and severity of their disabilities, need support to live and work in the community. The company provides vocational training, supported living, and employment services conductive to this purpose, including assessment, community employment, and ongoing support services.
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IRS990/OtherEmployeeBenefitsGrp/TotalAmt03203636
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IRS990/OtherExpensesGrp/Desc2Supplies
IRS990/OtherExpensesGrp/Desc3Repairs and Maintenance
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt1194534
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt2112381
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt354431
IRS990/OtherExpensesGrp/ProgramServicesAmt0359020
IRS990/OtherExpensesGrp/ProgramServicesAmt1341127
IRS990/OtherExpensesGrp/ProgramServicesAmt2197068
IRS990/OtherExpensesGrp/ProgramServicesAmt395449
IRS990/OtherExpensesGrp/TotalAmt0563757
IRS990/OtherExpensesGrp/TotalAmt1535661
IRS990/OtherExpensesGrp/TotalAmt2309449
IRS990/OtherExpensesGrp/TotalAmt3149880
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IRS990/OtherRevenueTotalAmt076004
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IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt05019386
IRS990/OtherSalariesAndWagesGrp/TotalAmt07881776
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
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IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt082820
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0150428
IRS990/PrincipalOfficerNm0Matthew Jones
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IRS990/ProfessionalFundraisingInd0false
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IRS990/ProgramServiceRevenueGrp/BusinessCd1621400
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt16191768
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt08399869
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt16191768
IRS990/ProgSrvcAccomActy2Grp/Desc0Supported Living Services - skill building, coaching, and resource coordination to assist individuals to live in their own homes.
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt06191768
IRS990/ProgSrvcAccomActy3Grp/Desc0Supported Employment - assists individuals to obtain and retain employment within local businesses. Currently works with over 40 local employers.
IRS990/ProhibitedTaxShelterTransInd0false
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IRS990/PYExcessBenefitTransInd0false
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IRS990/PYOtherRevenueAmt0146885
IRS990/PYProgramServiceRevenueAmt014343311
IRS990/PYRevenuesLessExpensesAmt0-1278698
IRS990/PYSalariesCompEmpBnftPaidAmt012497998
IRS990/PYTotalExpensesAmt015992996
IRS990/PYTotalRevenueAmt014714298
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IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
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IRS990/RelatedOrganizationCtrlEntInd0false
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IRS990/ReportLandBuildingEquipmentInd0true
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IRS990/ReportOtherLiabilitiesInd0true
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IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus2YearsAmt0771403
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Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$18,256,017
Liabilities
$6,290,859
Net assets
$11,965,158
Revenue
$16,116,632
Expenses
$14,845,633
Net income
$1,270,999
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$9.35$1.36$7.99$14.5$15.5$0.96
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$10.8$1.80$8.97$13.6$14.9$1.30
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$12.4$0.11$12.3$14.0$13.8$0.19
2022Detailed filing. Detailed filing data is available for this year.$12.2$0.03$12.1$14.3$14.4$0.09
2021Detailed filing. Detailed filing data is available for this year.$18.3$6.29$12.0$16.1$14.8$1.27
2020Detailed filing. Detailed filing data is available for this year.$13.4$3.13$10.3$14.7$16.0$1.28
2019Detailed filing. Detailed filing data is available for this year.$12.8$1.32$11.5$16.8$15.7$1.14
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$13.8$3.56$10.2$15.8$16.6$0.73
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$12.9$1.14$11.7$18.4$18.1$0.27
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$13.4$1.91$11.5$18.3$18.9$0.59
2015Detailed filing. Detailed filing data is available for this year.$13.6$1.42$12.2$18.9$18.6$0.28
2014Detailed filing. Detailed filing data is available for this year.$13.4$1.32$12.0$18.3$17.5$0.81
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$12.4$1.28$11.1$16.8
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$11.6$1.04$10.6$16.2
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$10.8$1.11$9.74$16.7
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$10.1$1.12$9.01$15.7