Independence Plaza Investment Group Inc
- Assets
- $102.2m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 0
- Location
- chicago, IL
- Founding
- 02/2009
- Data as of
- 12/2022
- EIN
- 26-1492445
Organization Overview
Independence Plaza Investment Group Inc is located in chicago, IL. The organization was established in 2009. According to its NTEE Classification (S47) the organization is classified as: Real Estate Associations, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations.
For the year ending 12/2022, Independence Plaza Investment Group Inc generated $1.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (36.9%) each year.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TITLE HOLDING COMPANY
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION OPERATED THE RENTAL REAL ESTATE PROPERTY FOR ITS TAX EXEMPT SHAREHOLDER, THE ALASKA PERMANENT FUND (TAX ID NUMBER 92-6001185). TOTAL DISTRIBUTIONS TO ITS SHAREHOLDER IN 2022 WERE $1,381,000
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Theresa Ranck President | OfficerTrustee | 0 | $0 |
Thomas Kelly Vp/secretary | OfficerTrustee | 0 | $0 |
Paul Rezents Vice President | OfficerTrustee | 0 | $0 |
Lawrence Christensen Vp/secretary | Officer | 0 | $0 |
Caroline Vasquez-Hurman Assistant Secretary | Officer | 0 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
The Vertex Companies General Contractor | 12/30/22 | $492,976 |
Commercial Cleaning Systems Janitorial Services | 12/30/22 | $533,246 |
Allied Universal Security Services Security Services | 12/30/22 | $464,912 |
Jones Lang Lasalle Americas Inc Property Management | 12/30/22 | $1,003,795 |
Xcel Energy Energy | 12/30/22 | $961,868 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $29,063 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,174,332 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,203,395 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $0 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,479,901 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $363,114 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $64,691 |
| Net Land, buildings, and equipment | $99,300,000 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $102,207,706 |
| Accounts payable and accrued expenses | $3,889,235 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $68,890,677 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $892,840 |
| Total liabilities | $73,672,752 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $29,333,306 |
| Retained earnings, endowment, accumulated income, or other funds | -$798,352 |
| Total liabilities and net assets/fund balances | $102,207,706 |