Lake View Towers Residents Association Inc
- Assets
- $58.6m
- Revenue
- $9.0m
- Investments
- $0.0
- Employees
- 0
- Location
- Chicago, IL
- Founding
- 11/1995
- Data as of
- 12/2021
- EIN
- 36-3971142
Organization Overview
Lake View Towers Residents Association Inc is located in Chicago, IL. The organization was established in 1995. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake View Towers Residents Association 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 12/2021, Lake View Towers Residents Association Inc generated $9.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.9% each year. All expenses for the organization totaled $9.3m during the year ending 12/2021. While expenses have increased by 4.6% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE AND MAINTAIN SAFE AND AFFORDABLE HOUSING FOR LOW TO MODERATE INCOME INDIVIDUALS AND FAMILIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATED AND MAINTAINED LAKE VIEW TOWERS, A 500-UNIT AFFORDABLE HOUSING PROJECT IN CHICAGO. DURING THE REPORTING PERIOD THE ORGANIZATION OPERATED THE PROPERTY FOR THE BENEFIT OF LOW TO MODERATE INCOME INDIVIDUALS AND FAMILIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stephen Somuah Deceased President | OfficerTrustee | 2 | $0 |
Serafim Kogan Vice President | OfficerTrustee | 2 | $0 |
Diane Santucci Secretary/treas | OfficerTrustee | 2 | $0 |
Seid Degu Director | Trustee | 2 | $0 |
Lena Mcclellan Director | Trustee | 2 | $0 |
M Ali Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Leasing & Management Company Inc Property Management | 12/30/21 | $0 |
William Hach & Associates Inc Construction | 12/30/21 | $0 |
Agb Investigative Services Security | 12/30/21 | $0 |
Preza Construction Inc Construction | 12/30/21 | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $8,584,198 |
| Investment income | $8,703 |
| 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 | $9,007,735 |
| 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 | $854,703 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $155,287 |
| Payroll taxes | $60,270 |
| Fees for services: Management | $420,000 |
| Fees for services: Legal | $162,881 |
| Fees for services: Accounting | $10,125 |
| 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 | $118,637 |
| 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 | $2,084,398 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,371,371 |
| Insurance | $304,167 |
| All other expenses | $938,805 |
| Total functional expenses | $9,340,054 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $232,599 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $68,080 |
| 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 | $154,182 |
| Net Land, buildings, and equipment | $31,990,310 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $1,294,130 |
| Other assets | $24,819,412 |
| Total assets | $58,558,713 |
| Accounts payable and accrued expenses | $247,328 |
| 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 | $63,796,147 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $908,258 |
| Total liabilities | $64,951,733 |
| Net assets without donor restrictions | -$6,393,020 |
| 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 | $58,558,713 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
North East Community Action Corporation Bowling Green, MO | $19,489,309 | $16,722,475 |
Affordable Housing Development Fund Inc Rockford, IL | $87,465,066 | $18,557,415 |
Chicago Low Income Housing Trust Fund Chicago, IL | $68,435,328 | $24,410,244 |
Interfaith Housing Development Corporation Of Chicago Chicago, IL | $13,790,371 | $15,355,980 |
European American Association Chicago, IL | $18,209,689 | $14,984,488 |
Milwaukee Habitat For Humanity Milwaukee, WI | $24,987,795 | $20,382,762 |
Hispanic Housing Development Corp Chicago, IL | $88,735,655 | $15,154,061 |
Habitat For Humanity International Inc Des Moines, IA | $24,118,438 | $12,529,342 |
Residential Options Inc Alton, IL | $11,785,898 | $11,284,358 |
Habitat For Humanity International Inc Indianapolis, IN | $27,221,776 | $14,208,425 |
Oak Park Residence Corp Oak Park, IL | $43,726,959 | $10,429,189 |
Affordable Housing Partners Inc Carmel, IN | $150,650,716 | $9,214,618 |