Civic Intelligence

Wave Property Inc

990 • Fiscal year 2014 • EIN 95-4297104

Aug 01, 2013 to Jul 31, 2014 • Filed on Jun 12, 2015

24255 Pacific Coast Highway90263-4497

(310) 506-4497

Siviq Scores

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

Liabilities / Assets

51st percentile

0.25x

Higher debt load relative to assets than 51% of similar nonprofits.

2014 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2014

Liabilities / Revenue

98th percentile

16.88x

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

2014 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2014

Net Margin

91st percentile

51%

Higher net margin than 91% of similar nonprofits.

2014 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2014

Top Officer Pay

93rd percentile

$720,216

Higher top officer pay than 93% of similar nonprofits.

Top officer pay equals 255.5% of source-year revenue.

2014 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2014

Asset Growth

95th percentile

60%

Faster asset growth than 95% of similar nonprofits.

2014 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2013 to 2014

Revenue Growth

8th percentile

-29%

Faster revenue growth than 8% of similar nonprofits.

2014 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2012 to 2014

Assets

Flat

$19,087,162

Flat from 2014

Net Assets

Flat

$14,329,318

Flat from 2014

Liabilities

Flat

$4,757,844

Flat from 2014

Revenue

Flat

$281,873

Flat from 2014

Expenses

Flat

$138,089

Flat from 2014

Net Income

Flat

$143,784

Flat from 2014

Historical Trend

Balance Sheet Trend

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

$30M$20M$10M$0Assets 2011: $11,608,895Liabilities 2011: $3,378,390Net Assets 2011: $8,230,5052011Assets 2012: $15,351,776Liabilities 2012: $3,738,004Net Assets 2012: $11,613,7722012Assets 2013: $11,958,333Liabilities 2013: $3,861,434Net Assets 2013: $8,096,8992013Assets 2014: $19,087,162Liabilities 2014: $4,757,844Net Assets 2014: $14,329,3182014Assets 2014: $19,087,162Liabilities 2014: $4,757,844Net Assets 2014: $14,329,3182014Assets 2015: $16,909,381Liabilities 2015: $4,930,560Net Assets 2015: $11,978,8212015Assets 2016: $20,458,871Liabilities 2016: $3,585,435Net Assets 2016: $16,873,4362016Assets 2017: $22,279,956Liabilities 2017: $3,772,108Net Assets 2017: $18,507,8482017Assets 2018: $18,143,083Liabilities 2018: $4,284,268Net Assets 2018: $13,858,8152018Assets 2019: $20,938,440Liabilities 2019: $4,870,310Net Assets 2019: $16,068,1302019Assets 2020: $20,934,470Liabilities 2020: $5,259,853Net Assets 2020: $15,674,6172020

Highlighted filing

2014

Assets$19,087,162
Liabilities$4,757,844
Net Assets$14,329,318

Operations Trend

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

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2011: $588,833Expenses 2011: $182,244Net Income 2011: $406,5892011Revenue 2012: $558,851Expenses 2012: $302,544Net Income 2012: $256,3072012Expenses 2013: $157,5272013Revenue 2014: $281,873Expenses 2014: $138,089Net Income 2014: $143,7842014Revenue 2014: $281,873Expenses 2014: $138,089Net Income 2014: $143,7842014Revenue 2015: $88,967Expenses 2015: $239,464Net Income 2015: -$150,4972015Revenue 2016: $5,284,707Expenses 2016: $390,092Net Income 2016: $4,894,6152016Revenue 2017: $8,950Expenses 2017: $524,538Net Income 2017: -$515,5882017Revenue 2018: -$382,058Expenses 2018: $216,975Net Income 2018: -$599,0332018Revenue 2019: -$214,096Expenses 2019: $276,589Net Income 2019: -$490,6852019Revenue 2020: -$179,989Expenses 2020: $213,524Net Income 2020: -$393,5132020

Highlighted filing

2014

Revenue$281,873
Expenses$138,089
Net Income$143,784
Jump To
Filing Snapshot
Filing Period
Aug 1, 2013 to Jul 31, 2014
Signed
Jun 12, 2015
Return Version
2013v4.0
Gross Receipts
$281,873
Mission and Program Overview

Mission

Wave property, inc. Is a supporting organization of pepperdine university.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$7,000,000$19,000,000▲ $12,000,000
Other Notes and Loans Receivable, Net$3,944,975$0▼ $3,944,975
Investments Other Securities$918,935--
Accounts Receivable$77,366$77,366→ $0
Cash and Non-Interest-Bearing Accounts$17,057$9,796▼ $7,261
Total Assets$11,958,333$19,087,162▲ $7,128,829
Liabilities
Other Liabilities$3,845,434$4,733,844▲ $888,410
Accounts Payable and Accrued Expenses$16,000$24,000▲ $8,000
Total Liabilities$3,861,434$4,757,844▲ $896,410
Net Assets / Fund Balance
Unrestricted Net Assets$8,096,899$14,329,318▲ $6,232,419
Total Net Assets Fund Balance$8,096,899$14,329,318▲ $6,232,419
Total Liabilities and Net Assets / Fund Balance$11,958,333$19,087,162▲ $7,128,829

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$19,000,000--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Andrew K BentonChairman of the Board
Charles J PippinVice Chairman and President
Dennis TorresVice President
Harold R SmethillsDirector
Jose CollazoDirector
Russell L Ray JrDirector (through 12/2013)
Terry M GilesDirector (through 12/2013)
Brian M ThomasonController
Paul B LasiterSecretary/VP/CFO
Revenue and Support

Revenue Composition

Contributions and Grants
$187,873
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$94,000
All Other Contributions
$187,873
Change in Net Assets
$143,784

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Secur Prtnrshp Trust Intrsts1$187,873Appraisal
Total Noncash Contributions1$187,873-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$138,089
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses$59,402--$59,402
Occupancy$15,836--$15,836
Office Expenses$2,273--$2,273
Travel$55--$55
Total Functional Expenses$138,089$0$0$138,089
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
Due to Pepperdine University$4,733,844
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
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 8B

The organization had no committees with authority to act on behalf of the governing body.

Form 990, Part VI, Section B, Line 11

Wave property, inc's form 990 is prepared by the paid preparer. Once it is completed, it is reviewed by an officer of the organization. A full copy of form 990 is distributed to all board members electronically prior to filing with the irs. Form 990, part vi, section b, line 12, line 13, and line 14: wave property, inc. Is a subsidiary of pepperdine university. Officers and board members are employed by or are regents of pepperdine university. Pepperdine university has a written conflict of interest policy, whistleblower policy and document retention and destruction policy in place which applies to these individuals.

Form 990, Part VI, Section B, Line 15

All officers are compensated by pepperdine university. Since the organization did not compensate the individuals described on line 15a and 15b, it has indicated no for these lines.

Form 990, Part VI, Section C, Line 19

Wave property, inc. Is a subsidiary of pepperdine university. The organization does not have separate policies, and it follows pepperdine university's policies. The organization's financial statements were audited as part of the consolidated financial statements of pepperdine university. The university's financial statements are available via the university's website. The university does not make its conflict of interest policy and governing documents available to the public upon request.

Filing and Contact Details

Filer

EIN
95-4297104
Phone
3105064497

Signing Officer

Name
Brian Thomason
Title
Controller
Phone
3105064497
Signed
2015-06-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Andrew K Benton
Formed
1990
Legal Domicile
CA
Voting Board Members
4
Independent Board Members
2
Employees
0
Volunteers
2

Preparer

Preparer
Tracy S Paglia
Phone
2099556100
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

The organization's financial statements were audited as part of the consolidated financial statements of pepperdine university. The financial statements did not report a fin 48 liability.

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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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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0CHARLES J PIPPIN
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1ANDREW K BENTON
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm2PAUL B LASITER
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm3DENNIS TORRES
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm4BRIAN M THOMASON
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0VICE CHAIRMAN AND PRESIDENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1CHAIRMAN OF THE BOARD
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt2SECRETARY/VP/CFO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt3VICE PRESIDENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt4CONTROLLER
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IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt0WAVE PROPERTY, INC. IS A SUBSIDIARY OF PEPPERDINE UNIVERSITY. ALL OFFICERS ARE COMPENSATED BY PEPPERDINE UNIVERSITY. THE UNIVERSITY USED ONE OR MORE OF THE METHODS DESCRIBED IN PART I, LINE 3 TO ESTABLISH THE TOP MANAGEMENT OFFICIAL'S COMPENSATION.
IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt1UNDER A NONQUALIFIED SUPPLEMENTAL RETIREMENT PLAN, SUBJECT TO THE PERFORMANCE OF FUTURE SERVICES AND OTHER CONDITIONS, PRESIDENT BENTON IS ENTITLED TO RECEIVE COMPENSATION OF APPROXIMATELY ONE YEAR'S SALARY AS THE RESULT OF THE COMPLETION OF FOUR YEARS OF SERVICE IN HIS EMPLOYMENT AS PRESIDENT OF PEPPERDINE IN 2015.
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc0PART I, LINE 3
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc1PART I, LINE 4B
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd01
IRS990ScheduleM/AnyPropertyThatMustBeHeldInd00
IRS990ScheduleM/Form8283ReceivedCnt01
IRS990ScheduleM/ReviewProcessUnusualNCGiftsInd00
IRS990ScheduleM/SecurPrtnrshpTrustIntrstsGrp/ContributionCnt01
IRS990ScheduleM/SecurPrtnrshpTrustIntrstsGrp/MethodOfDeterminingRevenuesTxt0APPRAISAL
IRS990ScheduleM/SecurPrtnrshpTrustIntrstsGrp/NonCashCheckboxInd0X
IRS990ScheduleM/SecurPrtnrshpTrustIntrstsGrp/NoncashContributionsRptF990Amt0187873
IRS990ScheduleM/ThirdPartiesUsedInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION HAD NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1WAVE PROPERTY, INC'S FORM 990 IS PREPARED BY THE PAID PREPARER. ONCE IT IS COMPLETED, IT IS REVIEWED BY AN OFFICER OF THE ORGANIZATION. A FULL COPY OF FORM 990 IS DISTRIBUTED TO ALL BOARD MEMBERS ELECTRONICALLY PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12, LINE 13, AND LINE 14: WAVE PROPERTY, INC. IS A SUBSIDIARY OF PEPPERDINE UNIVERSITY. OFFICERS AND BOARD MEMBERS ARE EMPLOYED BY OR ARE REGENTS OF PEPPERDINE UNIVERSITY. PEPPERDINE UNIVERSITY HAS A WRITTEN CONFLICT OF INTEREST POLICY, WHISTLEBLOWER POLICY AND DOCUMENT RETENTION AND DESTRUCTION POLICY IN PLACE WHICH APPLIES TO THESE INDIVIDUALS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ALL OFFICERS ARE COMPENSATED BY PEPPERDINE UNIVERSITY. SINCE THE ORGANIZATION DID NOT COMPENSATE THE INDIVIDUALS DESCRIBED ON LINE 15A AND 15B, IT HAS INDICATED NO FOR THESE LINES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3WAVE PROPERTY, INC. IS A SUBSIDIARY OF PEPPERDINE UNIVERSITY. THE ORGANIZATION DOES NOT HAVE SEPARATE POLICIES, AND IT FOLLOWS PEPPERDINE UNIVERSITY'S POLICIES. THE ORGANIZATION'S FINANCIAL STATEMENTS WERE AUDITED AS PART OF THE CONSOLIDATED FINANCIAL STATEMENTS OF PEPPERDINE UNIVERSITY. THE UNIVERSITY'S FINANCIAL STATEMENTS ARE AVAILABLE VIA THE UNIVERSITY'S WEBSITE. THE UNIVERSITY DOES NOT MAKE ITS CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd0N/A
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IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/PrimaryActivitiesTxt0INVESTMENTS
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/RelatedOrganizationName/BusinessNameLine10ANDURIL HOLDINGS LLC
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/AddressLine1015 LOCKERMAN ST
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/City0DOVER
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/State0DE
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/ZIPCode019901
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