Civic Intelligence

Crescent Terrace Inc.

990 • Fiscal year 2022 • EIN 94-2910860

Jan 01, 2022 to Dec 31, 2022 • Filed on Sep 05, 2023

Organization ProfileWWW.MIDPEN-HOUSING.ORG
303 Vintage Park Drive 250Foster City, CA 94404

(650) 356-2900

Siviq Scores

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

Liabilities / Assets

98th percentile

1.94x

Higher debt load relative to assets than 98% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

96th percentile

4.84x

Higher debt load relative to revenue than 96% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Net Margin

22nd percentile

-8.7%

Higher net margin than 22% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

99th percentile

$660,095

Higher top officer pay than 99% of similar nonprofits.

Top officer pay equals 65.0% of source-year revenue.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Asset Growth

23rd percentile

-7.9%

Faster asset growth than 23% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

35th percentile

-2.8%

Faster revenue growth than 35% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets98th percentile

Assets

Down

$2,538,688

Down $217,900 (-7.9%) from 2021

Net Assets

Down

-$2,380,446

Down $88,706 (-3.9%) from 2021

Liabilities

Down

$4,919,134

Down $129,194 (-2.6%) from 2021

Revenue And Expenses
Liabilities / Revenue96th percentileNet Margin22nd percentile

Revenue

Down

$1,015,360

Down $29,146 (-2.8%) from 2021

Expenses

Up

$1,104,066

Up $135,618 (+14%) from 2021

Net Income

Down

-$88,706

Down $164,764 (-217%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth23rd percentile

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

$10M$5.0M$0-$5.0MAssets 2011: $1,865,686Liabilities 2011: $4,176,798Net Assets 2011: -$2,311,1122011Assets 2012: $1,637,660Liabilities 2012: $4,256,878Net Assets 2012: -$2,619,2182012Assets 2013: $1,712,252Liabilities 2013: $4,278,505Net Assets 2013: -$2,566,2532013Assets 2014: $1,641,794Liabilities 2014: $4,245,028Net Assets 2014: -$2,603,2342014Assets 2015: $1,577,062Liabilities 2015: $4,201,636Net Assets 2015: -$2,624,5742015Assets 2016: $2,171,676Liabilities 2016: $4,668,825Net Assets 2016: -$2,497,1492016Assets 2017: $3,233,018Liabilities 2017: $5,518,829Net Assets 2017: -$2,285,8112017Assets 2018: $3,025,702Liabilities 2018: $5,364,913Net Assets 2018: -$2,339,2112018Assets 2019: $2,904,512Liabilities 2019: $5,250,030Net Assets 2019: -$2,345,5182019Assets 2020: $2,829,485Liabilities 2020: $5,197,283Net Assets 2020: -$2,367,7982020Assets 2021: $2,756,588Liabilities 2021: $5,048,328Net Assets 2021: -$2,291,7402021Assets 2022: $2,538,688Liabilities 2022: $4,919,134Net Assets 2022: -$2,380,4462022Assets 2023: $2,509,252Liabilities 2023: $4,857,901Net Assets 2023: -$2,348,6492023Assets 2024: $2,455,121Liabilities 2024: $4,728,106Net Assets 2024: -$2,272,9852024

Highlighted filing

2022

Assets$2,538,688
Liabilities$4,919,134
Net Assets-$2,380,446
Open 2022 Filing

Operations Trend

Revenue Growth35th percentile

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

$1.5M$1.0M$500K$0-$500KExpenses 2011: $601,2642011Expenses 2012: $664,0402012Revenue 2013: $734,405Expenses 2013: $681,440Net Income 2013: $52,9652013Revenue 2014: $650,236Expenses 2014: $687,217Net Income 2014: -$36,9812014Revenue 2015: $724,078Expenses 2015: $745,418Net Income 2015: -$21,3402015Revenue 2016: $811,214Expenses 2016: $683,789Net Income 2016: $127,4252016Revenue 2017: $879,770Expenses 2017: $668,432Net Income 2017: $211,3382017Revenue 2018: $976,132Expenses 2018: $1,029,532Net Income 2018: -$53,4002018Revenue 2019: $978,591Expenses 2019: $984,898Net Income 2019: -$6,3072019Revenue 2020: $996,648Expenses 2020: $1,018,928Net Income 2020: -$22,2802020Revenue 2021: $1,044,506Expenses 2021: $968,448Net Income 2021: $76,0582021Revenue 2022: $1,015,360Expenses 2022: $1,104,066Net Income 2022: -$88,7062022Revenue 2023: $1,107,986Expenses 2023: $1,076,189Net Income 2023: $31,7972023Revenue 2024: $1,194,760Expenses 2024: $1,119,096Net Income 2024: $75,6642024

Highlighted filing

2022

Revenue$1,015,360
Expenses$1,104,066
Net Income-$88,706
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Sep 5, 2023
Return Version
2022v5.0
Gross Receipts
$1,015,360
Mission and Program Overview

Mission

In conjuction with related organizations, midpen housing corporation's mission is to provide safe, affordable housing of high quality to those in need; to help establish stability and opportunity in the lives of residents; and to foster diverse communities that allow people from all ethnic, social and economic backgrounds to live in dignity, harmony and mutual respect.

In conjunction with related organizations, midpen housing corporation's mission is to provide safe, affordable housing of high quality to those in need; to establish stability and opportunity in the lives of residents; and to foster diverse communities that allow people from all ethnic, social and economic backgrounds to live in dignity, harmony and mutual respect.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,956,500$1,821,261▼ $135,239
Savings and Temporary Cash Investments$429,828$332,725▼ $97,103
Prepaid Expenses and Deferred Charges$2,454$1,686▼ $768
Pledges and Grants Receivable$3,381$342▼ $3,039
Cash and Non-Interest-Bearing Accounts$250$250→ $0
Accounts Receivable$767$170▼ $597
Total Assets$2,756,588$2,538,688▼ $217,900
Other Assets Total$363,408$382,254▲ $18,846
Liabilities
Mortgage Notes Payable Secured by Investment Property$3,638,008$3,516,346▼ $121,662
Other Liabilities$1,375,877$1,365,240▼ $10,637
Accounts Payable and Accrued Expenses$31,795$34,503▲ $2,708
Deferred Revenue$2,648$3,045▲ $397
Total Liabilities$5,048,328$4,919,134▼ $129,194
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-2,291,740$-2,380,446▼ $88,706
Total Net Assets Fund Balance$-2,291,740$-2,380,446▼ $88,706
Total Liabilities and Net Assets / Fund Balance$2,756,588$2,538,688▼ $217,900

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,132,801$3,033,119$4,165,920
Land$675,000-$675,000
Equipment$13,460$108,626$122,086
Other Assets Org$33,891--
Compensation and Service Providers
Top Officer Pay99th percentile

Employees

NameTitleOtherTotal
Lance SmithVP/corp. Counsel & Broker/asst. Secretary$336,044$336,044

Board Members and Trustees

NameTitle
Eric HarrisonChairperson
Matthew O FranklinCEO/president/asst. Secretary
Jessica Garcia-kohlVice Chairperson
Beth BartlettDirector
Chan U LeeDirector
Elisa De Laet JagersonDirector
Fay Sien GoonDirector
Jennifer HicksDirector
Jennifer MartinezDirector
Mark BatteyDirector
Renee McdonnellDirector
Rob HollisterDirector
Terry FreemanDirector
Michael J VerguraCFO / Assistant Secretary
Janine LindCOO / Assistant Secretary
Jan LindenthalCredo / Assistant Secretary
Gina DiazSecretary
Enrique TorresTreasurer
Lance SmithVP/corp. Counsel & Broker/asst. Secr
Revenue and Support

Revenue Composition

Contributions and Grants
$667,014
Program Service Revenue
$343,248
Investment Income
$5,098
Other Revenue
$0
Change in Net Assets
$-88,706

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,015,360
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$1,015,360
Total Revenue per Form 990
$1,015,360
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$797,254
Grants and Similar Amounts Paid$198,962
Salaries, Compensation, and Employee Benefits$107,850
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$198,962--$198,962
Interest$169,576--$169,576
Depreciation Depletion$135,239--$135,239
Other Salaries and Wages$81,406--$81,406
All Other Expenses$49,610--$49,610
Fees for Services Management-$46,408-$46,408
Insurance$27,563--$27,563
Other Expenses$22,368--$22,368
Other Employee Benefits$19,646--$19,646
Fees for Services Accounting-$17,705-$17,705
Office Expenses$13,198--$13,198
Payroll Taxes$6,798--$6,798
Fees for Services Other$1,755--$1,755
Conferences and Meetings$303--$303
Total Functional Expenses$1,039,953$64,113$0$1,104,066

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,104,066
Total Expenses per Form 990$1,104,066
Total Expenses per Audited Statements$905,104
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$-198,962
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Midpen Housing CorporationFoster City, CA501(c)(3)Grant to Support Affordable Housing Activities$198,962
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
Accrued Mortgage Interest$1,316,845
Security Deposits Payable$43,629
Due to Related Parties$4,766
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

“The tax accounting manager completes the 990 questionnaire and accumulates all supporting documentation. The questionnaire is sent to the tax professionals for their preparation of the tax returns. The draft 990 tax return goes through the review of the midpen management. Upon the chief financial officer's approval, the tax return is filed with the internal revenue service.”

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

“A conflict of interest disclosure questionnaire is submitted annually to the board of directors and key employees, who complete and return the forms disclosing any conditions of potential or actual conflict of interest. The disclosures are reviewed by the corporate counsel and the cfo. A summary of the disclosures is presented to the governance committee, which assesses if any conflict of interest actually exists. Any conditions which warrant elevation to the board of directors is done so on a case-by-case basis. As of the reporting date, there has been no reportable condition of conflict of interest.”

Form 990, Part VI, Section B, Line 15

“Data from an external compensation survey is reviewed and discussed with the bod.”

Form 990, Part VI, Section C, Line 19

“Governing documents available upon request.”

Filing and Contact Details

Filer

Filer Name
Crescent Terrace Inc
EIN
94-2910860
Phone
6503562900
Address
303 VINTAGE PARK DRIVE 250, FOSTER CITY, CA 94404

Signing Officer

Name
Michael J Vergura
Title
CFO/assistant Secretary
Phone
6503562900
Signed
2023-09-05
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Matthew O Franklin
Formed
1983
Legal Domicile
CA
Voting Board Members
14
Independent Board Members
14
Employees
0
Volunteers
0

Preparer

Firm
Novogradac & Company Llp
Address
2033 N MAIN ST SUITE 400, WALNUT CREEK, CA 94596
Preparer
Eric Barnett
Phone
9259494300
Supplemental Narrative

Additional Explanations

FORM 990, PART V, LINE 2A & 2B:

“The organization has no employees. Salaries and wages reported in part ix, functional expenses were reimbursements to midpen property management corporation. The amount was listed to conform with the requirements of federal and/or state regulatory agency and/or lender on audited financial statements.”

FORM 990, PART XII, LINE 2C:

“The process of overseeing the audit and selecting an independent accountant has not changed from the prior year.”

Financial Statement Notes

PART X, LINE 2:

“The corporation believes that it has appropriate support for any tax positions taken, and as such, does not have any uncertain tax positions that are material to the combined financial statements. The federal and state income tax returns for the years 2018 through 2021 are subject to examination by regulatory agencies, generally for three years and four years after they were filed for federal and state, respectively.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Trasnfer to affiliate -198,962.”

Raw XML AppendixShowing 400 of 2,851 raw XML fields

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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IRS990/Form990PartVIISectionAGrp/TitleTxt0CHAIRPERSON
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE CHAIRPERSON
IRS990/Form990PartVIISectionAGrp/TitleTxt2SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt3TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14CEO/PRESIDENT/ASST. SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt15CREDO / ASSISTANT SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt16CFO / ASSISTANT SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt17COO / ASSISTANT SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt18VP/CORP. COUNSEL & BROKER/ASST. SECRETARY
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IRS990/OperateHospitalInd00
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IRS990/OtherExpensesGrp/Desc1CONTRACTS
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IRS990/PayPremiumsPrsnlBnftCntrctInd00
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Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,538,688
Liabilities
$4,919,134
Net assets
-$2,380,446
Revenue
$1,015,360
Expenses
$1,104,066
Net income
-$88,706
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$2.46$4.73$2.27$1.19$1.12$0.08
2023Summary only. Only limited summary data is available for this year.$2.51$4.86$2.35$1.11$1.08$0.03
2022Detailed filing. Detailed filing data is available for this year.$2.54$4.92$2.38$1.02$1.10$0.09
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.76$5.05$2.29$1.04$0.97$0.08
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.83$5.20$2.37$1.00$1.02$0.02
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.90$5.25$2.35$0.98$0.98$0.01
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.03$5.36$2.34$0.98$1.03$0.05
2017Summary only. Only limited summary data is available for this year.$3.23$5.52$2.29$0.88$0.67$0.21
2016Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.17$4.67$2.50$0.81$0.68$0.13
2015Detailed filing. Detailed filing data is available for this year.$1.58$4.20$2.62$0.72$0.75$0.02
2014Detailed filing. Detailed filing data is available for this year.$1.64$4.25$2.60$0.65$0.69$0.04
2013Detailed filing. Detailed filing data is available for this year.$1.71$4.28$2.57$0.73$0.68$0.05
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.64$4.26$2.62$0.66
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.87$4.18$2.31$0.60