Parmly Lakeview Inc
- Assets
- $681.7k
- Revenue
- $635.9k
- Investments
- $0.0
- Employees
- 0
- Location
- Shoreview, MN
- Founding
- 04/1988
- Data as of
- 12/2022
- EIN
- 26-3789732
Organization Overview
Parmly Lakeview Inc is located in Shoreview, MN. The organization was established in 1988. According to its NTEE Classification (S22) the organization is classified as: Neighborhood & Block Associations, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Parmly Lakeview Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Parmly Lakeview Inc generated $635.9k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.9% each year. All expenses for the organization totaled $652.9k during the year ending 12/2022. While expenses have increased by 1.3% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE LOW INCOME HOUSING FOR THE ELDERLY AND DISABLED THROUGH A HUD-SPONSORED PROGRAM.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PARMLY LAKEVIEW, INC. PROVIDES LOW INCOME HOUSING FOR THE ELDERLY THROUGH A HUD-SPONSORED 60-UNIT COMPLEX IN CHISAGO CITY, MINNESOTA. IN 2022, PARMLY LAKEVIEW, INC. HAD AN OCCUPANCY RATE OF 97.2%
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Shelley Kendrick President & CEO | OfficerTrustee | 0.1 | $0 |
Morshed Alam Cfo, Secretary/treasurer To 8/2022 | OfficerTrustee | 0.1 | $0 |
Bret Anderson Vice President | Trustee | 0.1 | $0 |
Scott Bjerketvedt Svp, CFO | Trustee | 0.1 | $0 |
Mellanie Sullivan Sr VP And Chief People Officer | Trustee | 0.1 | $0 |
Emily Sommer Assistant Secretary | OfficerTrustee | 0.1 | $0 |
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 | $135 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $135 |
| Total Program Service Revenue | $628,994 |
| Investment income | $149 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $635,919 |
| 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 | $155,693 |
| Pension plan accruals and contributions | $6,658 |
| Other employee benefits | $37,799 |
| Payroll taxes | $11,165 |
| Fees for services: Management | $45,992 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $11,654 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $421 |
| Advertising and promotion | $0 |
| Office expenses | $8,304 |
| Information technology | $9,056 |
| Royalties | $0 |
| Occupancy | $151,179 |
| Travel | $148 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $174 |
| Interest | $78,391 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $94,210 |
| Insurance | $24,961 |
| All other expenses | $305 |
| Total functional expenses | $652,899 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $25,504 |
| Savings and temporary cash investments | $262,048 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $597 |
| 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 | $1,823 |
| Net Land, buildings, and equipment | $355,164 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $36,590 |
| Total assets | $681,726 |
| Accounts payable and accrued expenses | $33,582 |
| Grants payable | $0 |
| Deferred revenue | $1,471 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $27,917 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,847,703 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $75,787 |
| Total liabilities | $1,986,460 |
| Net assets without donor restrictions | -$1,304,734 |
| 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 | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $681,726 |