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Api Nevada Properties INC FY2023 filing

Not tax-deductible

Las Vegas, NVMutual-benefit / member-servingCommunity Development EIN 20-0274482Revenue $557K in FY2023

On file with the IRSmeetlv.com233 South 4th Street 100, 89101-5782 · Las Vegas, NVTax-exempt since Apr 2015

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To hold title of real estate for another exempt organization.

Mission: Form 990 Part I, line 1

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FY2023 · Form 990Independent: from IRS data, not the org
Download 990
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 5
filings with a surplus
Average deficit $351K a year · 41% of revenue · last 5 filings
Concern: a surplus in 1 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Liabilities
$22.0M
122% of total assets
Concern: liabilities are 122% of assets; over 80%.
Pt X · Ln 26
Independent board members
0
of 3 voting members
Concern: none of 3 voting members are independent.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$557K
+2% vs prior year
Spent
$1.0M
To programs
0%
Net assets
−$4.0M
By yearFY2020–FY2024
Revenue
$557K
FY2023▲ +2%
Tap a bar for its year
Revenue by fiscal year
FY2020$1.4M
FY2021$1.3M
FY2022$547K
FY2023$557K
FY2024$576K
Expenses
$1.0M
FY2023▼ -2%
Tap a bar for its year
Expenses by fiscal year
FY2020$1.3M
FY2021$1.3M
FY2022$1.0M
FY2023$1.0M
FY2024$1.4M
Net assets
−$4.0M
FY2023▼ -13%
Tap a bar for its year
Net assets by fiscal year
FY2020−$8.7M
FY2021−$3.0M
FY2022−$3.5M
FY2023−$4.0M
FY2024−$4.8M

From the FY2023 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Revoked May 2012, reinstated. IRS ruling Apr 2015, per the IRS master file. Latest filing on record: FY2024. IRS ruling in Apr 2015.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

3 people listed on the 990.

Part VII, Section A · reportable compensation
Curtis Tatum
Vice President and Treasurer
$0Pt VII · Sec A
Daniel Maddux
President
$0Pt VII · Sec A
$0Pt VII · Sec A

Daniel J Maddux’s $13K as President is at the 8th percentile of top reported officer pay among 1708 $100K–1M community development nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

See Api Nevada Properties INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Owns real estate for another tax-exempt group.

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1 program · in their own filed words · FY2023
01

To hold title to real estate in nevada for another exempt organization.

Pt IX · col B

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$557K
Ln 12
Other incomeLn 4–11$557K
Money outPt IX
$1.0M
Ln 25
Owns and owesPt X
−$4.0M
net assets · Ln 32
Total assetsLn 16$18.0M
LiabilitiesLn 26$22.0M
PeoplePt VI, VII
3
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b0
2In more detail
Revenue in detailPt VIII
Other incomeLn 4–11$557K
Total revenueLn 12$557K
Assets in detailPt X, end of year
Land, buildings, equipmentLn 10c$18.0M
Other assetsLn 15$0
Total assetsLn 16$18.0M
LiabilitiesLn 26$22.0M
Net assetsLn 32−$4.0M
OperationsPt I, VI
EmployeesI 53
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Land, buildings, equipmentLn 10c$18.9M$18.0M
Total assetsLn 16$18.9M$18.0M
LiabilitiesLn 26$22.5M$22.0M
Net assetsLn 32−$3.5M−$4.0M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$9K
Other fees for servicesLn 11g$0
Depreciation, depletion and amortizationLn 22$1.0M
All other expensesLn 24e$0
Total functional expensesLn 25$1.0M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $576K$1.4M−$807K−$4.8M 990 PDF
FY2023 Viewing $557K$1.0M−$463K−$4.0M 990 PDF
FY2022 $547K$1.0M−$492K−$3.5M 990 PDF
FY2021 $1.3M$1.3M−$44K−$3.0M 990 PDF
FY2020 $1.4M$1.3M$50K−$8.7M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $556,604 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenue$0
I-10 Investment income$0
I-11 Other revenuePrior year $547,084$556,604
I-12 Total revenuePrior year $547,084$556,604
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $4,480$9,304
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $1,034,459$1,010,220
I-18 Total expensesPrior year $1,038,939$1,019,524
I-19 Revenue less expensesPrior year −$491,855−$462,920
Part VI · Governance 0 of 3 board members independent, 1 to look at
VI-1a Voting members of the governing body3
VI-1b Independent voting members0
VI-12a Written conflict of interest policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $556,604 across 4 lines filed
VIII-1h Total contributions, gifts and grants$0
VIII-6 Net rental income or lossExcluded from tax $206,601$206,601
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $350,003$350,003
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $556,604$556,604
Part IX · Statement of functional expenses $1,019,524 across 4 lines filed
IX-7 Other salaries and wages$9,304
IX-22 Depreciation, depletion and amortization$1,010,220
IX-24e All other expenses$0
IX-25 Total functional expenses$1,019,524
Part X · Balance sheet $18,032,819 assets, 9 lines filed
X-4 Accounts receivable$25,642
X-10c Land, buildings and equipment, netStart of year $18,947,494$18,007,177
X-15 Other assetsStart of year $0$0
X-16 Total assetsStart of year $18,947,494$18,032,819
X-25 Other liabilitiesStart of year $22,449,032$22,004,720
X-26 Total liabilitiesStart of year $22,456,475$22,004,720
X-27 Net assets without donor restrictionsStart of year −$3,508,981−$3,971,901
X-32 Total net assets or fund balancesStart of year −$3,508,981−$3,971,901
X-33 Total liabilities and net assetsStart of year $18,947,494$18,032,819
Part XI · Reconciliation of net assets −$3,971,901 net assets at year end
XI-1 Total revenue$556,604
XI-2 Total expenses$1,019,524
XI-3 Revenue less expenses−$462,920
XI-4 Net assets at start of year−$3,508,981
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$3,971,901

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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