Seaview Lutheran Plaza Inc
- Assets
- $45.7m
- Revenue
- $41.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Corona Del Mar, CA
- Founding
- 03/1980
- Data as of
- 12/2021
- EIN
- 95-3161421
Organization Overview
Seaview Lutheran Plaza Inc is located in Corona Del Mar, CA. The organization was established in 1980. According to its NTEE Classification (L22) the organization is classified as: Senior Citizens Housing & Retirement Communities, 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. Seaview Lutheran Plaza 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, Seaview Lutheran Plaza Inc generated $41.7m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 63.6% each year . All expenses for the organization totaled $992.4k during the year ending 12/2021. 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 LOW INCOME HOUSING AND RELATED FACILITIES TO ELDERLY FAMILIES AND INDIVIDUALS. THE ORGANIZATION PROVIDES, AS NEEDED, SERVICES SPECIALLY DESIGNED TO MEET THE PHYSICAL, SOCIAL AND PSYCHOLOGICAL NEEDS OF THE ELDERLY AND THAT CONTRIBUTES TO THEIR HEALTH, SECURITY AND HAPPINESS.THE PROJECT RECEIVED A SUBSTANTIAL PORTION OF THEIR RENTAL REVENUE FROM HUD UNDER SECTION 202 AND SECTION 8 HOUSING ASSISTANCE PAYMENTS.ON JULY 31,2021, THE ORGANIZATION SOLD THE HOUSING PROJECT AND PROCEEDS FROM SALE OF PROPERTY WILL USED THE FURTHER THE MISSION OF THE ASSOCIATED CHURCH. THE ORGANIZATION PLANS TO DISTRIBUTE (OVER A NUMBER OF YEARS) ALL PROCEEDS TO VARIOUS ASSOCIATED CHURCHES AND OTHER NON-PROFIT ORGANIZATION THAT MEETS THE MISSION OF THE ORGANIZATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOW INCOME HOUSING FOR THE ELDERLY FAMILIES AND INDIVIDUALS - HUD PROGRAM UNDER SECTION 202 AND SECTION 8 (HOUSING ASSISTANCE PAYMENTS)
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eric Satermo President | OfficerTrustee | 2 | $75,000 |
Dorothea Sue Silavs Treasurer | OfficerTrustee | 1 | $14,000 |
Gary Abraham Director | Trustee | 0 | $5,500 |
Ray Flaskamper Vice President | OfficerTrustee | 0.5 | $5,000 |
Pamela Jean Platz Secretary | OfficerTrustee | 0.5 | $4,500 |
Louise Sawyer Director | Trustee | 0 | $3,750 |
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 | $5,050 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,050 |
| Total Program Service Revenue | $1,420,663 |
| Investment income | $27,132 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $40,213,200 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $41,673,186 |
| 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. | $114,500 |
| Compensation of current officers, directors, key employees. | $114,500 |
| 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 | $42,000 |
| Fees for services: Legal | $22,339 |
| Fees for services: Accounting | $7,631 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $10,050 |
| Advertising and promotion | $0 |
| Office expenses | $26,878 |
| 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 | $3,814 |
| Interest | $29,918 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $247,033 |
| Insurance | $28,954 |
| All other expenses | $124,500 |
| Total functional expenses | $992,424 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $81,549 |
| Savings and temporary cash investments | $45,557,414 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $26,027 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $45,664,990 |
| Accounts payable and accrued expenses | $114,500 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $114,500 |
| Net assets without donor restrictions | $45,550,490 |
| 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 | $45,664,990 |
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