Civic Intelligence

Heron Court Cooperative

EIN 94-2921905 • 501(c)3 • Redwood City, CA

Profile

Operates a 104 unit cooperative housing complex under the regulation of the u.s. Department of housing and urban development.

350 Gunter LaneRedwood City, CA 94065
Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

77th percentile

0.53x

Higher debt load relative to assets than 77% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Liabilities / Revenue

88th percentile

1.90x

Higher debt load relative to revenue than 88% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Net Margin

84th percentile

36%

Higher net margin than 84% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Top Officer Pay

15th percentile

$0

Higher top officer pay than 15% of similar nonprofits.

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

501(c)3 • $10M-$25M nonprofits • Source year 2024

Asset Growth

67th percentile

9.9%

Faster asset growth than 67% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Revenue Growth

44th percentile

4.4%

Faster revenue growth than 44% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets77th percentile

Assets

Up

$16,286,248

Up $1,471,740 (+9.9%) from 2023

Liabilities

Down

$8,562,552

Down $152,251 (-1.7%) from 2023

Net Assets

Up

$7,723,696

Up $1,623,991 (+27%) from 2023

Operations
Liabilities / Revenue88th percentileNet Margin84th percentile

Revenue

Up

$4,514,726

Up $191,904 (+4.4%) from 2023

Expenses

Up

$2,877,864

Up $10,203 (+0.4%) from 2023

Net Income

Up

$1,636,862

Up $181,701 (+12%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth67th percentile

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

$20M$15M$10M$5.0M$0-$5.0MAssets 2011: $6,934,502Liabilities 2011: $6,245,692Net Assets 2011: $688,8102011Assets 2012: $6,666,041Liabilities 2012: $6,075,849Net Assets 2012: $590,1922012Assets 2013: $6,486,253Liabilities 2013: $6,238,240Net Assets 2013: $248,0132013Assets 2014: $6,136,824Liabilities 2014: $6,154,624Net Assets 2014: -$17,8002014Assets 2015: $5,836,423Liabilities 2015: $6,088,110Net Assets 2015: -$251,6872015Assets 2016: $5,751,458Liabilities 2016: $6,014,674Net Assets 2016: -$263,2162016Assets 2017: $5,556,281Liabilities 2017: $5,859,664Net Assets 2017: -$303,3832017Assets 2018: $5,520,438Liabilities 2018: $5,738,509Net Assets 2018: -$218,0712018Assets 2019: $9,770,440Liabilities 2019: $9,325,485Net Assets 2019: $444,9552019Assets 2020: $11,281,603Liabilities 2020: $9,162,392Net Assets 2020: $2,119,2112020Assets 2021: $12,402,264Liabilities 2021: $8,999,588Net Assets 2021: $3,402,6762021Assets 2022: $13,472,879Liabilities 2022: $8,840,414Net Assets 2022: $4,632,4652022Assets 2023: $14,814,508Liabilities 2023: $8,714,803Net Assets 2023: $6,099,7052023Assets 2024: $16,286,248Liabilities 2024: $8,562,552Net Assets 2024: $7,723,6962024

Highlighted filing

2024

Assets$16,286,248
Liabilities$8,562,552
Net Assets$7,723,696
Open 2024 Filing

Operations Trend

Revenue Growth44th percentile

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

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2011: $1,720,561Expenses 2011: $1,890,280Net Income 2011: -$169,7192011Revenue 2012: $1,744,153Expenses 2012: $1,858,997Net Income 2012: -$114,8442012Revenue 2013: $1,748,657Expenses 2013: $2,077,397Net Income 2013: -$328,7402013Revenue 2014: $1,796,587Expenses 2014: $2,076,483Net Income 2014: -$279,8962014Revenue 2015: $1,830,641Expenses 2015: $2,057,908Net Income 2015: -$227,2672015Revenue 2016: $1,872,201Expenses 2016: $1,883,730Net Income 2016: -$11,5292016Revenue 2017: $1,860,667Expenses 2017: $1,889,712Net Income 2017: -$29,0452017Revenue 2018: $1,931,110Expenses 2018: $1,845,798Net Income 2018: $85,3122018Revenue 2019: $3,057,236Expenses 2019: $2,386,140Net Income 2019: $671,0962019Revenue 2020: $3,989,228Expenses 2020: $2,282,332Net Income 2020: $1,706,8962020Revenue 2021: $3,924,662Expenses 2021: $2,632,721Net Income 2021: $1,291,9412021Revenue 2022: $4,120,090Expenses 2022: $2,901,405Net Income 2022: $1,218,6852022Revenue 2023: $4,322,822Expenses 2023: $2,867,661Net Income 2023: $1,455,1612023Revenue 2024: $4,514,726Expenses 2024: $2,877,864Net Income 2024: $1,636,8622024

Highlighted filing

2024

Revenue$4,514,726
Expenses$2,877,864
Net Income$1,636,862
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$16,286,248
Liabilities
$8,562,552
Net assets
$7,723,696
Revenue
$4,514,726
Expenses
$2,877,864
Net income
$1,636,862
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$16.3$8.56$7.72$4.51$2.88$1.64
2023Detailed filing. Detailed filing data is available for this year.$14.8$8.71$6.10$4.32$2.87$1.46
2022Detailed filing. Detailed filing data is available for this year.$13.5$8.84$4.63$4.12$2.90$1.22
2021Detailed filing. Detailed filing data is available for this year.$12.4$9.00$3.40$3.92$2.63$1.29
2020Detailed filing. Detailed filing data is available for this year.$11.3$9.16$2.12$3.99$2.28$1.71
2019Detailed filing. Detailed filing data is available for this year.$9.77$9.33$0.44$3.06$2.39$0.67
2018Detailed filing. Detailed filing data is available for this year.$5.52$5.74$0.22$1.93$1.85$0.09
2017Detailed filing. Detailed filing data is available for this year.$5.56$5.86$0.30$1.86$1.89$0.03
2016Detailed filing. Detailed filing data is available for this year.$5.75$6.01$0.26$1.87$1.88$0.01
2015Summary only. Only limited summary data is available for this year.$5.84$6.09$0.25$1.83$2.06$0.23
2014Summary only. Only limited summary data is available for this year.$6.14$6.15$0.02$1.80$2.08$0.28
2013Summary only. Only limited summary data is available for this year.$6.49$6.24$0.25$1.75$2.08$0.33
2012Summary only. Only limited summary data is available for this year.$6.67$6.08$0.59$1.74$1.86$0.11
2011Summary only. Only limited summary data is available for this year.$6.93$6.25$0.69$1.72$1.89$0.17
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Mar 31, 2025
Return Version
2024v5.1
Gross Receipts
$4,514,726
Mission and Program Overview

Mission

Operates a 104 unit cooperative housing complex under the regulation of the u.s. Department of housing and urban development.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$11,013,749$11,717,555▲ $703,806
Investments Program Related$2,915,933$3,665,377▲ $749,444
Intangible Assets$546,818$523,637▼ $23,181
Accounts Receivable$124,057$223,920▲ $99,863
Cash and Non-Interest-Bearing Accounts$160,644$124,049▼ $36,595
Prepaid Expenses and Deferred Charges$53,307$31,710▼ $21,597
Total Assets$14,814,508$16,286,248▲ $1,471,740
Liabilities
Mortgage Notes Payable Secured by Investment Property$8,637,764$8,471,487▼ $166,277
Accounts Payable and Accrued Expenses$52,065$66,551▲ $14,486
Other Liabilities$24,974$24,514▼ $460
Total Liabilities$8,714,803$8,562,552▼ $152,251
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$6,099,705$7,723,696▲ $1,623,991
Total Net Assets Fund Balance$6,099,705$7,723,696▲ $1,623,991
Total Liabilities and Net Assets / Fund Balance$14,814,508$16,286,248▲ $1,471,740

Asset Categories

AssetBook ValueDepreciationBasis
Investment Program Related Org$358,512--
Buildings$6,812,963$11,625,748-
Other Land Buildings$1,818,647$1,079,673-
Land$2,961,000--
Equipment$124,945$485,749-
Compensation and Service Providers
Top Officer Pay15th percentile

Board Members and Trustees

NameTitle
Marco GutierrezPresident
Vanessa CoreaVice President
Edit J LinaresBoard Member
Jacquel KehlBoard Member
Nancy StavesBoard Member
Raquel SagonBoard Member
Cheryl BrennanSecretary
Haywood BroussardTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$4,500,489
Investment Income
$14,237
Other Revenue
$0
Change in Net Assets
$1,636,862

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,514,726
Total Revenue per Audited Statements
$4,514,726
Total Revenue per Form 990
$4,514,726
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,305,463
Salaries, Compensation, and Employee Benefits$572,401
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
All Other Expenses$890,948--$890,948
Depreciation Depletion$728,509--$728,509
Other Salaries and Wages$395,578$81,267-$476,845
Interest$272,183--$272,183
Fees for Services Management-$119,501-$119,501
Insurance$104,006--$104,006
Other Employee Benefits$49,298$10,128-$59,426
Office Expenses$51,829--$51,829
Conferences and Meetings$6,724$42,685-$49,409
Payroll Taxes$29,972$6,158-$36,130
Fees for Services Accounting-$29,924-$29,924
Fees for Services Legal$8,877--$8,877
Other Expenses$3,122--$3,122
Total Functional Expenses$2,588,201$289,663$0$2,877,864

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,877,864
Total Expenses per Audited Statements$2,877,864
Total Expenses per Form 990$2,877,864
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 Interest$24,514
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
No
Key decisions subject to board approval
Yes
Management duties delegated
Yes

Governance Explanations

Management duties delegation Part VI line 3

“Daily operation of the cooperative is under a hud approved management company”

Members or stockholder classes and rights Part VI line 6

“The corporation was organized in 1982 to acquire and operate a cooperative apartment project consisting of 104 units in redwood city, california under section 221(d) (3) of the national housing act. Such projects are regulated by hud as to occupancy charges and operating methods.”

Member election for additional members Part VI line 7A

“Members of the governing body are elected by the general membership upon expiration of the terms of the board of directors.”

Governing body decisions Part VI line 7B

“Each member represents each unit and has one vote per unit.”

Form 990 governing body review Part VI line 11

“Form 990, part vi, line 11-form 990 review process:the organizations chief financial officer reviews the 990 and provides a summary review to the board of directors. The review of form 990 is discussed by its members at annual board meeting.”

Conflict of interest policy compliance Part VI line 12C

“Form 990, part vi, line 12c- explanation of monitoring and enforcement:monitoring consists of execution of annual written disclosure as required in the policy manual.”

CEO executive director top management comp Part VI line 15A

“Performed annually by the board and human resources and finance committee. Performed annually by the board and human resources and finance committee.”

Other officer or key employee compensation Part VI line 15B

“Form 990, part vi, line 15b compensation review & approval process for officers and key employees:performed annually by the board and human resources and finance committee.”

Governing documents etc available to public Part VI line 19

“Upon request upon request”

Filing and Contact Details

Filer

Filer Name
Heron Court Cooperative
EIN
94-2921905
In Care Of
% BILLY HUTTON
Phone
6505931915
Address
350 GUNTER LANE, REDWOOD CITY, CA 94065

Signing Officer

Name
Billy Hutton
Title
Managing Agent
Phone
6505931915
Signed
2025-03-31
Discuss with paid preparer
No

Organization Details

Formed
1982
Legal Domicile
CA
Voting Board Members
8
Independent Board Members
0
Employees
0

Preparer

Firm
Christopher Chime Ogbodo CPA
Address
4225 TELEGRAPH AVENUE, OAKLAND, CA 94609
Preparer
Christopher Chime Ogbodo CPA
Phone
5106526213
Supplemental Narrative

Additional Explanations

List of other expenses Part IX line 24E

“SEE ATTACHED LISTING”

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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/ProgramServiceRevenueGrp/Desc1LAUNDRY & VENDING
IRS990/ProgramServiceRevenueGrp/Desc2TENANT CHARGES
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IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt03982358
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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt014237
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt08796
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt02016
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt01347
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt06870
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IRS990ScheduleA/TotalSupportAmt020871528
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IRS990ScheduleD/BuildingsGrp/BookValueAmt06812963
IRS990ScheduleD/BuildingsGrp/DepreciationAmt011625748
IRS990ScheduleD/BuildingsGrp/InvestmentCostOrOtherBasisAmt018438711
IRS990ScheduleD/EquipmentGrp/BookValueAmt0124945
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0485749
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt0610694
IRS990ScheduleD/ExpensesSubtotalAmt02877864
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt059490
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt1537271
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt213567
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IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc1RESERVE FOR REPLACEMENT
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc2RESIDUAL RECEIPTS
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc3GENERAL OPERATING RESERVE
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc4OTHER RESERVES
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IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt02961000
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt01818647
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IRS990ScheduleD/TotalBookValueLandBuildingsAmt011717555
IRS990ScheduleD/TotalBookValueProgramRltdAmt03665377
IRS990ScheduleD/TotalExpensesPerForm990Amt02877864
IRS990ScheduleD/TotalLiabilityAmt024514
IRS990ScheduleD/TotalRevenuePerForm990Amt04514726
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0DAILY OPERATION OF THE COOPERATIVE IS UNDER A HUD APPROVED MANAGEMENT COMPANY
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE CORPORATION WAS ORGANIZED IN 1982 TO ACQUIRE AND OPERATE A COOPERATIVE APARTMENT PROJECT CONSISTING OF 104 UNITS IN REDWOOD CITY, CALIFORNIA UNDER SECTION 221(D) (3) OF THE NATIONAL HOUSING ACT. SUCH PROJECTS ARE REGULATED BY HUD AS TO OCCUPANCY CHARGES AND OPERATING METHODS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2MEMBERS OF THE GOVERNING BODY ARE ELECTED BY THE GENERAL MEMBERSHIP UPON EXPIRATION OF THE TERMS OF THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3EACH MEMBER REPRESENTS EACH UNIT AND HAS ONE VOTE PER UNIT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4FORM 990, PART VI, LINE 11-FORM 990 REVIEW PROCESS:THE ORGANIZATIONS CHIEF FINANCIAL OFFICER REVIEWS THE 990 AND PROVIDES A SUMMARY REVIEW TO THE BOARD OF DIRECTORS. THE REVIEW OF FORM 990 IS DISCUSSED BY ITS MEMBERS AT ANNUAL BOARD MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5FORM 990, PART VI, LINE 12C- EXPLANATION OF MONITORING AND ENFORCEMENT:MONITORING CONSISTS OF EXECUTION OF ANNUAL WRITTEN DISCLOSURE AS REQUIRED IN THE POLICY MANUAL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6PERFORMED ANNUALLY BY THE BOARD AND HUMAN RESOURCES AND FINANCE COMMITTEE. PERFORMED ANNUALLY BY THE BOARD AND HUMAN RESOURCES AND FINANCE COMMITTEE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7FORM 990, PART VI, LINE 15B COMPENSATION REVIEW & APPROVAL PROCESS FOR OFFICERS AND KEY EMPLOYEES:PERFORMED ANNUALLY BY THE BOARD AND HUMAN RESOURCES AND FINANCE COMMITTEE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8UPON REQUEST UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt9SEE ATTACHED LISTING
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Management duties delegation Part VI line 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Members or stockholder classes and rights Part VI line 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Member election for additional members Part VI line 7a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Governing body decisions Part VI line 7b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990 governing body review Part VI line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Conflict of interest policy compliance Part VI line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6CEO executive director top management comp Part VI line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7Other officer or key employee compensation Part VI line 15b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8Governing documents etc available to public Part VI line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc9List of other expenses Part IX line 24e
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IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0false
ReturnHeader/BusinessOfficerGrp/PersonNm0BILLY HUTTON

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