Civic Intelligence

Fair Oaks Apartments LLC C/O Aew Capital Management LP

990 • Fiscal year 2017 • EIN 94-3379053

Jan 01, 2017 to Dec 31, 2017 • Filed on May 08, 2018

Organization ProfileN/A
Two Seaport LaneBoston, MA 02210-2021

(617) 261-9000

Siviq Scores

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

Liabilities / Assets

12th percentile

0.00x

Higher debt load relative to assets than 12% of similar nonprofits.

2017 filings • 501(c)25 • $25M-$50M nonprofits • Source year 2017

Liabilities / Revenue

28th percentile

0.05x

Higher debt load relative to revenue than 28% of similar nonprofits.

2017 filings • 501(c)25 • $25M-$50M nonprofits • Source year 2017

Net Margin

32nd percentile

47%

Higher net margin than 32% of similar nonprofits.

2017 filings • 501(c)25 • $25M-$50M nonprofits • Source year 2017

Top Officer Pay

95th percentile

$0

Higher top officer pay than 95% of similar nonprofits.

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

2017 filings • 501(c)25 • $25M-$50M nonprofits • Source year 2017

Asset Growth

47th percentile

1.4%

Faster asset growth than 47% of similar nonprofits.

2017 filings • 501(c)25 • $25M-$50M nonprofits • Annualized from 2016 to 2017

Revenue Growth

36th percentile

1.6%

Faster revenue growth than 36% of similar nonprofits.

2017 filings • 501(c)25 • $25M-$50M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets12th percentile

Assets

Up

$44,283,009

Up $601,467 (+1.4%) from 2016

Net Assets

Up

$44,085,788

Up $586,812 (+1.3%) from 2016

Liabilities

Up

$197,221

Up $14,655 (+8.0%) from 2016

Revenue And Expenses
Liabilities / Revenue28th percentileNet Margin32nd percentile

Revenue

Up

$3,596,663

Up $58,168 (+1.6%) from 2016

Expenses

Up

$1,893,645

Up $159,831 (+9.2%) from 2016

Net Income

Down

$1,703,018

Down $101,663 (-5.6%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth47th percentile

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

$60M$40M$20M$0Assets 2011: $41,381,500Liabilities 2011: $317,014Net Assets 2011: $41,064,4862011Assets 2012: $42,214,437Liabilities 2012: $104,158Net Assets 2012: $42,110,2792012Assets 2013: $43,018,256Liabilities 2013: $160,873Net Assets 2013: $42,857,3832013Assets 2014: $44,389,447Liabilities 2014: $175,264Net Assets 2014: $44,214,1832014Assets 2015: $45,526,999Liabilities 2015: $326,634Net Assets 2015: $45,200,3652015Assets 2016: $43,681,542Liabilities 2016: $182,566Net Assets 2016: $43,498,9762016Assets 2017: $44,283,009Liabilities 2017: $197,221Net Assets 2017: $44,085,7882017Assets 2018: $44,538,313Liabilities 2018: $389,155Net Assets 2018: $44,149,1582018Assets 2019: $44,743,529Liabilities 2019: $887,186Net Assets 2019: $43,856,3432019Assets 2020: $0Liabilities 2020: $0Net Assets 2020: $02020

Highlighted filing

2017

Assets$44,283,009
Liabilities$197,221
Net Assets$44,085,788
Open 2017 Filing

Operations Trend

Revenue Growth36th percentile

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

$20M$15M$10M$5.0M$0Revenue 2011: $3,257,901Expenses 2011: $1,227,618Net Income 2011: $2,030,2832011Revenue 2012: $3,343,891Expenses 2012: $1,196,890Net Income 2012: $2,147,0012012Revenue 2013: $3,416,732Expenses 2013: $1,578,708Net Income 2013: $1,838,0242013Revenue 2014: $3,405,692Expenses 2014: $1,571,863Net Income 2014: $1,833,8292014Revenue 2015: $3,434,240Expenses 2015: $1,622,603Net Income 2015: $1,811,6372015Revenue 2016: $3,538,495Expenses 2016: $1,733,814Net Income 2016: $1,804,6812016Revenue 2017: $3,596,663Expenses 2017: $1,893,645Net Income 2017: $1,703,0182017Revenue 2018: $3,732,803Expenses 2018: $2,487,968Net Income 2018: $1,244,8352018Revenue 2019: $3,829,305Expenses 2019: $1,961,457Net Income 2019: $1,867,8482019Revenue 2020: $16,541,937Expenses 2020: $332,102Net Income 2020: $16,209,8352020

Highlighted filing

2017

Revenue$3,596,663
Expenses$1,893,645
Net Income$1,703,018
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
May 8, 2018
Return Version
2017v2.3
Gross Receipts
$3,596,663
Mission and Program Overview

Mission

The company was organized for the exclusive purpose of acquiring and holding title to real property, collecting the income therefrom, and turning over the entire amount thereof, less expenses, to its shareholders, which are exempt from tax under irc sec. 401(a).

Title holding company for real property.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$27,296,137$27,725,948▲ $429,811
Rtn Earn Endowment Incm Other Fnds$23,298,002$23,680,409▲ $382,407
Pd in Cap Srpls Land Bldg Eqp Fund$20,200,974$20,405,379▲ $204,405
Savings and Temporary Cash Investments$161,221$166,399▲ $5,178
Prepaid Expenses and Deferred Charges$11,850$19,281▲ $7,431
Accounts Receivable$8,471$5,648▼ $2,823
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
Total Assets$43,681,542$44,283,009▲ $601,467
Other Assets Total$16,203,863$16,365,733▲ $161,870
Liabilities
Accounts Payable and Accrued Expenses$99,922$133,390▲ $33,468
Other Liabilities$70,914$54,861▼ $16,053
Deferred Revenue$11,730$8,970▼ $2,760
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$182,566$197,221▲ $14,655
Net Assets / Fund Balance
Total Net Assets Fund Balance$43,498,976$44,085,788▲ $586,812
Total Liabilities and Net Assets / Fund Balance$43,681,542$44,283,009▲ $601,467

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$21,550,684--
Land$5,500,000--
Equipment$675,264--
Other Assets Org$91,681--
Compensation and Service Providers
Top Officer Pay95th percentile

Board Members and Trustees

NameTitle
See Attached StatementOfficer

Highest Paid Contractors

ContractorServicesLocationCompensation
Bozzuto Associates PayrollN/a6406 Ivy Lane SUITE 700, Greenbelt, MD 20770$351,301
Aew Capital Management LPManagementTWO SEAPORT LANE, Boston, MA 02210-2021$197,676
Fire And Life Safety AmericaN/a3017 VERNON ROAD, Richmond, VA 23228$158,606
Bozzuto Management CompanyManagement6406 Ivy Lane SUITE 700, Greenbelt, MD 20770$114,697
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$3,482,585
Investment Income
$185
Other Revenue
$113,893
Change in Net Assets
$1,703,018
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,528,170
Salaries, Compensation, and Employee Benefits$365,475
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$365,475--$365,475
All Other Expenses$357,656--$357,656
Fees for Services Management$197,676--$197,676
Other Expenses$105,590--$105,590
Advertising$69,542--$69,542
Office Expenses$46,244--$46,244
Insurance$38,700--$38,700
Fees for Services Accounting$11,353--$11,353
Fees for Services Other$3,874--$3,874
Fees for Services Legal$1,633--$1,633
Total Functional Expenses$1,893,645$0$0$1,893,645
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
Subject to proxy tax
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Tenant Security Deposits$51,688
Pepaid Rent$3,173
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
Yes
Key decisions subject to board approval
Yes
Management duties delegated
Yes

Governance Explanations

Part VI

“3) All management of the organization is vested to the manager. 6) The members are pension trusts described in and exempt from federal income tax under section 401 and 501 of the internal revenue code. 7a) The members may appoint or remove the manager at any time at the members full discretion. 7b) The business of the organization is managed by its manager. All decisions made by the manager are authorized by the members. 8b) There are no committees or delegation of authority within the governing body. Decisions are made by the members of the governing body. 11b) The 990 is reviewed by the portfolio accounting department and by the signer who is also an authorized signatory designated by the manager of the organization. 19) Information about the organization's investment programs and the financial statements are available to the public on their website: www.nvpers.org”

Filing and Contact Details

Filer

Filer Name
Fair Oaks Apartments LLC
EIN
94-3379053
In Care Of
% AEW CAPITAL MANAGEMENT LP
Phone
6172619000
Address
TWO SEAPORT LANE, BOSTON, MA 02210-2021

Signing Officer

Name
Susan Bouchard
Title
Vice President
Phone
6172619000
Signed
2018-05-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Susan Bouchard
Formed
2000
Legal Domicile
De
Voting Board Members
0
Independent Board Members
0
Employees
0

Preparer

Firm
Pricewaterhousecoopers Llp
Address
101 SEAPORT BLVD SUITE 500, BOSTON, MA 02210
Preparer
John Sheehan
Phone
6175305000
Supplemental Narrative

Additional Explanations

Part XI

“5) Description amount Distributions (1,390,800) Contributions 204,405 ____________ Total (1,186,395)”

Form 990 Part IX Line 24 - Other Expenses

“Description:security total expenses:23678 program services:23678”

Form 990 Part IX Line 24 - Other Expenses

“Description:janitorial/trash removal total expenses:18546 program services:18546”

Form 990 Part IX Line 24 - Other Expenses

“Description:licenses/permits total expenses:13345 program services:13345”

Form 990 Part IX Line 24 - Other Expenses

“Description:multifamily expense total expenses:98885 program services:98885”

Form 990 Part IX Line 24 - Other Expenses

“Description:bank fees total expenses:5992 program services:5992”

Form 990 Part IX Line 24 - Other Expenses

“Description:filing fees total expenses:381 program services:381”

Form 990 Part IX Line 24 - Other Expenses

“Description:other expenses total expenses:184516 program services:184516”

Form 990 Part IX Line 24 - Other Expenses

“Description:bad debt expense total expenses:12313 program services:12313”

Raw XML AppendixShowing 400 of 441 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/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt023680409
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IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt191681
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0TENANT SECURITY DEPOSITS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1PEPAID RENT
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IRS990ScheduleD/TotalLiabilityAmt054861
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt03) All management of the organization is vested to the manager. 6) The members are pension trusts described in and exempt from federal income tax under section 401 and 501 of the internal revenue code. 7a) The members may appoint or remove the manager at any time at the members full discretion. 7b) The business of the organization is managed by its manager. All decisions made by the manager are authorized by the members. 8b) There are no committees or delegation of authority within the governing body. Decisions are made by the members of the governing body. 11b) The 990 is reviewed by the portfolio accounting department and by the signer who is also an authorized signatory designated by the manager of the organization. 19) Information about the organization's investment programs and the financial statements are available to the public on their website: www.nvpers.org
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt15) Description amount Distributions (1,390,800) Contributions 204,405 ____________ Total (1,186,395)
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2DESCRIPTION:SECURITY TOTAL EXPENSES:23678 PROGRAM SERVICES:23678
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3DESCRIPTION:JANITORIAL/TRASH REMOVAL TOTAL EXPENSES:18546 PROGRAM SERVICES:18546
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4DESCRIPTION:LICENSES/PERMITS TOTAL EXPENSES:13345 PROGRAM SERVICES:13345
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5DESCRIPTION:MULTIFAMILY EXPENSE TOTAL EXPENSES:98885 PROGRAM SERVICES:98885
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6DESCRIPTION:BANK FEES TOTAL EXPENSES:5992 PROGRAM SERVICES:5992
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7DESCRIPTION:FILING FEES TOTAL EXPENSES:381 PROGRAM SERVICES:381
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8DESCRIPTION:OTHER EXPENSES TOTAL EXPENSES:184516 PROGRAM SERVICES:184516
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt9DESCRIPTION:BAD DEBT EXPENSE TOTAL EXPENSES:12313 PROGRAM SERVICES:12313
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Part VI
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Part XI
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990 PART IX LINE 24 - OTHER EXPENSES
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990 PART IX LINE 24 - OTHER EXPENSES
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990 PART IX LINE 24 - OTHER EXPENSES
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990 PART IX LINE 24 - OTHER EXPENSES
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990 PART IX LINE 24 - OTHER EXPENSES
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990 PART IX LINE 24 - OTHER EXPENSES
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8FORM 990 PART IX LINE 24 - OTHER EXPENSES
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc9FORM 990 PART IX LINE 24 - OTHER EXPENSES
IRS990ScheduleR/AssetExchangeInd0false
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd0false
IRS990ScheduleR/AssetSaleToOtherOrgInd0false
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd0true
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0See attachment
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IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd0false
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IRS990ScheduleR/SharingOfFacilitiesInd0false
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IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt1204405
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IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt1cash
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0Public Employees Retirement System of Nevada
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt1Public Employees Retirement System of Nevada
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IRS990/USAddress/AddressLine1Txt0TWO SEAPORT LANE
IRS990/USAddress/CityNm0BOSTON

Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$44,283,009
Liabilities
$197,221
Net assets
$44,085,788
Revenue
$3,596,663
Expenses
$1,893,645
Net income
$1,703,018
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2020Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$16.5$0.33$16.2
2019Detailed filing. Detailed filing data is available for this year.$44.7$0.89$43.9$3.83$1.96$1.87
2018Detailed filing. Detailed filing data is available for this year.$44.5$0.39$44.1$3.73$2.49$1.24
2017Detailed filing. Detailed filing data is available for this year.$44.3$0.20$44.1$3.60$1.89$1.70
2016Detailed filing. Detailed filing data is available for this year.$43.7$0.18$43.5$3.54$1.73$1.80
2015Detailed filing. Detailed filing data is available for this year.$45.5$0.33$45.2$3.43$1.62$1.81
2014Detailed filing. Detailed filing data is available for this year.$44.4$0.18$44.2$3.41$1.57$1.83
2013Detailed filing. Detailed filing data is available for this year.$43.0$0.16$42.9$3.42$1.58$1.84
2012Summary only. Only limited summary data is available for this year.$42.2$0.10$42.1$3.34$1.20$2.15
2011Summary only. Only limited summary data is available for this year.$41.4$0.32$41.1$3.26$1.23$2.03