Civic Intelligence

Wong Center Inc.

990 • Fiscal year 2014 • EIN 94-2205790

Jan 01, 2014 to Dec 31, 2014 • Filed on Jun 10, 2015

331 J StreetSacramento, CA 95814

(916) 930-0143

Siviq Scores

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

Liabilities / Assets

35th percentile

0.03x

Higher debt load relative to assets than 35% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Liabilities / Revenue

39th percentile

0.06x

Higher debt load relative to revenue than 39% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Net Margin

70th percentile

12%

Higher net margin than 70% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Top Officer Pay

34th percentile

$0

Higher top officer pay than 34% of similar nonprofits.

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

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Asset Growth

62nd percentile

6.0%

Faster asset growth than 62% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2013 to 2014

Revenue Growth

35th percentile

-1.2%

Faster revenue growth than 35% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2013 to 2014

Assets

Up

$3,422,366

Up $194,239 (+6.0%) from 2013

Net Assets

Up

$3,303,308

Up $218,173 (+7.1%) from 2013

Liabilities

Down

$119,058

Down $23,934 (-17%) from 2013

Revenue

Down

$1,850,520

Down $22,530 (-1.2%) from 2013

Expenses

Down

$1,632,347

Down $131,326 (-7.4%) from 2013

Net Income

Up

$218,173

Up $108,796 (+99%) from 2013

Historical Trend

Balance Sheet Trend

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

$20M$15M$10M$5.0M$0Assets 2011: $3,421,770Liabilities 2011: $780,685Net Assets 2011: $2,641,0852011Assets 2012: $3,241,020Liabilities 2012: $265,262Net Assets 2012: $2,975,7582012Assets 2013: $3,228,127Liabilities 2013: $142,992Net Assets 2013: $3,085,1352013Assets 2014: $3,422,366Liabilities 2014: $119,058Net Assets 2014: $3,303,3082014Assets 2015: $3,771,360Liabilities 2015: $106,187Net Assets 2015: $3,665,1732015Assets 2016: $15,518,492Liabilities 2016: $742Net Assets 2016: $15,517,7502016Assets 2017: $15,458,968Liabilities 2017: $0Net Assets 2017: $15,458,9682017Assets 2018: $15,568,678Liabilities 2018: $0Net Assets 2018: $15,568,6782018Assets 2019: $15,861,193Liabilities 2019: $0Net Assets 2019: $15,861,1932019Assets 2020: $16,152,143Liabilities 2020: $0Net Assets 2020: $16,152,1432020Assets 2021: $15,288,251Liabilities 2021: $0Net Assets 2021: $15,288,2512021Assets 2022: $15,210,945Liabilities 2022: $0Net Assets 2022: $15,210,9452022Assets 2023: $15,322,988Liabilities 2023: $0Net Assets 2023: $15,322,9882023

Highlighted filing

2014

Assets$3,422,366
Liabilities$119,058
Net Assets$3,303,308

Operations Trend

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

$20M$15M$10M$5.0M$0-$5.0MRevenue 2011: $1,944,871Expenses 2011: $1,677,710Net Income 2011: $267,1612011Revenue 2012: $1,967,668Expenses 2012: $1,632,995Net Income 2012: $334,6732012Revenue 2013: $1,873,050Expenses 2013: $1,763,673Net Income 2013: $109,3772013Revenue 2014: $1,850,520Expenses 2014: $1,632,347Net Income 2014: $218,1732014Revenue 2015: $1,876,278Expenses 2015: $1,514,413Net Income 2015: $361,8652015Revenue 2016: $17,378,787Expenses 2016: $5,526,210Net Income 2016: $11,852,5772016Revenue 2017: $9,246Expenses 2017: $68,028Net Income 2017: -$58,7822017Revenue 2018: $168,449Expenses 2018: $58,739Net Income 2018: $109,7102018Revenue 2019: $371,199Expenses 2019: $78,684Net Income 2019: $292,5152019Revenue 2020: $346,621Expenses 2020: $55,671Net Income 2020: $290,9502020Revenue 2021: $167,597Expenses 2021: $25,334Net Income 2021: $142,2632021Revenue 2022: $3,588Expenses 2022: $80,893Net Income 2022: -$77,3052022Revenue 2023: $38,961Expenses 2023: $19,041Net Income 2023: $19,9202023

Highlighted filing

2014

Revenue$1,850,520
Expenses$1,632,347
Net Income$218,173
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Jun 10, 2015
Return Version
2014v5.0
Gross Receipts
$1,850,520
Mission and Program Overview

Mission

The Project is operated under Section 236 of the National Housing Act and regulated by HUD (Housing and Urban Development). The Wong Center's primary objective is to provide a quality and affordable living experience for low income senior citizens.

The Wong Center, Inc. ("Wong Center") is a nonprofit public benefit corporation incorporated in California in 1971. The Wong Center operates a 187 unit apartment community (the "Project") located in Sacramento California.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,233,767$2,060,111▼ $173,656
Cash and Non-Interest-Bearing Accounts$93,470$654,948▲ $561,478
Savings and Temporary Cash Investments$854,049$651,820▼ $202,229
Prepaid Expenses and Deferred Charges$43,668$46,011▲ $2,343
Accounts Receivable$3,173$9,476▲ $6,303
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-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$3,228,127$3,422,366▲ $194,239
Other Assets Total-$0-
Liabilities
Accounts Payable and Accrued Expenses$88,999$60,750▼ $28,249
Other Liabilities$53,993$54,038▲ $45
Deferred Revenue-$4,270-
Total Liabilities$142,992$119,058▼ $23,934
Net Assets / Fund Balance
Unrestricted Net Assets$3,085,135$3,303,308▲ $218,173
Total Net Assets Fund Balance$3,085,135$3,303,308▲ $218,173
Total Liabilities and Net Assets / Fund Balance$3,228,127$3,422,366▲ $194,239

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$6,497,199-$6,497,199
Equipment$2,543,010-$2,543,010
Land$40,749-$40,749
Other Land Buildings$-7,020,847$7,020,847-
Compensation and Service Providers

Board Members and Trustees

NameTitle
Richard WongPresident
Lawrence WongVice President
Albert WongBoard Member
Eugson WongBoard Member
Fabio WongBoard Member
Howard WongBoard Member
Jack WongBoard Member
John C WongBoard Member
Kin WongBoard Member
Wai Hung WongBoard Member
Michael WongTreasurer/Secty

Highest Paid Contractors

ContractorServicesLocationCompensation
TerraCorp FinancialManagement Oversight1043 STUART STREET 220, Lafayette, CA 94549$145,676
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,850,404
Investment Income
$116
Other Revenue
$0
Change in Net Assets
$218,173

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,850,520
Total Revenue per Audited Statements
$1,850,520
Total Revenue per Form 990
$1,850,520
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,189,705
Salaries, Compensation, and Employee Benefits$442,642
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$327,862--$327,862
Depreciation Depletion$218,072--$218,072
Fees for Services Management$145,676--$145,676
Other Employee Benefits$86,183--$86,183
Insurance$47,449--$47,449
Fees for Services Accounting-$30,418-$30,418
Payroll Taxes$28,597--$28,597
Other Expenses$25,773$203,419-$25,773
Office Expenses$14,949--$14,949
Advertising$11,083--$11,083
Travel-$6,113-$6,113
All Other Expenses$4,683--$4,683
Total Functional Expenses$1,392,397$239,950$0$1,632,347

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$1,632,347
Expenses per Audited Statements$1,428,928
Total Expenses per Audited Statements$1,428,928
Expenses Not Reported on Financial Statements$203,419
Other Expense Adjustments$203,419
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
Tenants' security deposits$54,038
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 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
Yes

Governance Explanations

Form 990, Part VI, Line 2: Description of Business or Family Relationship of Officers, Directors, Et

Certain members of the board of directors and related to each other by blood and/or marriage.

Form 990, Part VI, Line 3: Description of Delegated Duties to Management Company

Management:The Project utilizes third-party management services under agreements which have been reviewed and approved by the U.S. Department of Housing and Urban Ddevelopment. During the year ended December 31, 2014, management fees amounted to $145,676.

Form 990, Part VI, Line 11B: Form 990 Review Process

Form 990 is prepared by an outside tax professional. The form is then reviewed bythe organization's management agent, a member of the board of directors, and a member of the wong center management team. This group of individuals then discusses the contents of the return with the outside tax professional. After a full review (with modifications where necessary), the final version of the tax return is provided to all members of the organization's voting body. A representative of management authorizes the final form 990 which is then e-filed with the internal revenue service.

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

Members of the board of directors review all potential conflicts of interest atleast annually. The executive director and all board members are required to disclose (in writing) potential conflicts and any related party affiliations. Loans between the organization and members of management and the board are strictly prohibited. The organization seeks full transparency on all relationships. Any potential conflicts (in fact or appearance) are discussed openly and resolved in accordance with the organization's policies and procedures.

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

Management of the Wong Center is provided by an outside management company. The Board of Directors carefully evaluates the expertise and cost effectiveness of the outside management company.

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

Compensation of other key employees is reviewed periodically by members of management. Efforts are made to secure compensation data from industry sources in order to determine competitiveness and appropriateness of salaries and all related benefits. All decisions are then documented in personnel files.

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

All of the organization's governing documents, financial statements and other legalfilings are maintained in a secure environment and held available for inspection bytax authorities and the general public. Tax returns are posted annually towww.guidestar.org (where they are available for viewing as electronic copies) and are also available at the organization's office in sacramento, california (for a physical inspection).

Filing and Contact Details

Filer

Filer Name
Wong Center Inc
EIN
94-2205790
Phone
9169300143
Address
331 J STREET, SACRAMENTO, CA 95814

Signing Officer

Name
Richard Wong
Title
President
Signed
2015-06-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Richard Wong
Formed
1971
Legal Domicile
CA
Voting Board Members
11
Independent Board Members
9
Employees
9

Preparer

Firm
Regalia & Associates CPAs
Address
103 Town Country Dr Ste K, Danville, CA 94526
Preparer
Douglas W Regalia
Phone
9253140390
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

Income Taxes:Financial statement presentation follows the recommendations of ASC 740, Income Taxes. Under ASC 740, Wong Center is required to report information regarding its exposure to various tax positions taken by Wong Center and requires a two-step process that separates recognition from measurement. The first step is determining whether a tax position has met the recognition threshold; the second step is measuring a tax position that meets the recognition threshold. Management believes that Wong Center has adequately evaluated its current tax positions and has concluded that as of December 31, 2014 Wong Center does not have any uncertain tax positions for which a reserve or an accrual for a tax liability would be necessary.Wong Center has received notification from the Internal Revenue Service and the State of California that it qualifies for tax-exempt status under Section 501(c)(3) of the Internal Revenue Code and Section 23701d of the California Revenue and Taxation Code. The exemptions are subject to periodic review by the federal and state taxing authorities and management is confident that Wong Center continues to satisfy all federal and state statutes in order to qualify for continued tax exemption status. Wong Center may periodically receive unrelated business income requiring Wong Center to file separate tax returns under federal and state statutes. Under such conditions, Wong Center calculates and accrues the applicable taxes.

Part XII, Line 4B: Other revenue amounts included on 990 but not included in F/S

Owner overhead disbursements $203419

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IRS990/Form990PartVIISectionAGrp/PersonNm0Richard Wong
IRS990/Form990PartVIISectionAGrp/PersonNm1Lawrence Wong
IRS990/Form990PartVIISectionAGrp/PersonNm2Michael Wong
IRS990/Form990PartVIISectionAGrp/PersonNm3John C Wong
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IRS990/Form990PartVIISectionAGrp/PersonNm5Kin Wong
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IRS990/Form990PartVIISectionAGrp/PersonNm7Eugson Wong
IRS990/Form990PartVIISectionAGrp/PersonNm8Albert Wong
IRS990/Form990PartVIISectionAGrp/PersonNm9Wai Hung Wong
IRS990/Form990PartVIISectionAGrp/PersonNm10Jack Wong
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IRS990/Form990PartVIISectionAGrp/TitleTxt1Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt2Treasurer/Secty
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IRS990/Form990PartVIISectionAGrp/TitleTxt4Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt5Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt6Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt7Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt8Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt9Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt10Board Member
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IRS990/MissionDesc0The Project is operated under Section 236 of the National Housing Act and regulated by HUD (Housing and Urban Development). The Wong Center's primary objective is to provide a quality and affordable living experience for low income senior citizens.
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IRS990/PrincipalOfficerNm0Richard Wong
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Income Taxes:Financial statement presentation follows the recommendations of ASC 740, Income Taxes. Under ASC 740, Wong Center is required to report information regarding its exposure to various tax positions taken by Wong Center and requires a two-step process that separates recognition from measurement. The first step is determining whether a tax position has met the recognition threshold; the second step is measuring a tax position that meets the recognition threshold. Management believes that Wong Center has adequately evaluated its current tax positions and has concluded that as of December 31, 2014 Wong Center does not have any uncertain tax positions for which a reserve or an accrual for a tax liability would be necessary.Wong Center has received notification from the Internal Revenue Service and the State of California that it qualifies for tax-exempt status under Section 501(c)(3) of the Internal Revenue Code and Section 23701d of the California Revenue and Taxation Code. The exemptions are subject to periodic review by the federal and state taxing authorities and management is confident that Wong Center continues to satisfy all federal and state statutes in order to qualify for continued tax exemption status. Wong Center may periodically receive unrelated business income requiring Wong Center to file separate tax returns under federal and state statutes. Under such conditions, Wong Center calculates and accrues the applicable taxes.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1Owner overhead disbursements $203419
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Part XII, Line 4b: Other revenue amounts included on 990 but not included in F/S
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Certain members of the board of directors and related to each other by blood and/or marriage.

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