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Summerside Woods INC

Tax-deductible

Cincinnati, OH501(c)(3)Housing EIN 26-1913033Revenue $297K in FY2024

On file with the IRS4584 Summerside Rd, 45244-1512 · Cincinnati, OHTax-exempt since Mar 2008Publicly supported charity — 170(b)(1)(A)(vi)

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To provide affordable housing for the elderly.

501(c)(3) charity; gifts are tax-deductible.
70¢ of each $1 spent went to programs.
Run by 14 volunteers.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

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FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists 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
0 of 5
filings with a surplus
Average deficit $107K a year · 38% of revenue · last 5 filings
Concern: a surplus in 0 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
70%
of spending
Fine: 70% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Cash reserves
10 mo
of spending, in cash
Looks good: 9.6 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$40K
1% of total assets
Looks good: liabilities are 1% of assets; 50% or less.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$297K
+9% vs prior year
Spent
$380K
To programs
70%
Net assets
$3.6M
By yearFY2020–FY2024
Revenue
$297K
FY2024▲ +9%
Tap a bar for its year
Revenue by fiscal year
FY2020$251K
FY2021$250K
FY2022$318K
FY2023$273K
FY2024$297K
Expenses
$380K
FY2024▼ -4%
Tap a bar for its year
Expenses by fiscal year
FY2020$366K
FY2021$373K
FY2022$409K
FY2023$395K
FY2024$380K
Net assets
$3.6M
FY2024▼ -2%
Tap a bar for its year
Net assets by fiscal year
FY2020$4.1M
FY2021$3.9M
FY2022$3.8M
FY2023$3.7M
FY2024$3.6M

From the FY2024 Form 990 · see the original

990 PDF Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Mar 2008.

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

Where the money goes

70 cents of each dollar spent went to programs.

Program services 70% · $265K Management & general 30% · $115K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

11 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Tim Rudd
President
$0Pt VII · Sec A
Donna Cann
Treasurer/Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
See Summerside Woods 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 15aNo

Programs and updates

Builds and manages affordable homes for seniors.

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Provided by the organization

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1 program · $265K · in their own filed words · FY2024
01

Summerside Woods, Inc. is a 45 unit apartment complex organized to provide affordable housing to the elderly.

$265Kprogram expense

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$297K
Ln 12
Fees for servicesLn 2g$272K
Other incomeLn 4–11$26K
Money outPt IX
$380K
Ln 25
Programscol B$265K
Managementcol C$115K
Owns and owesPt X
$3.6M
net assets · Ln 32
Cash and savingsLn 1–2$305K
Total assetsLn 16$3.7M
LiabilitiesLn 26$40K
PeoplePt VI, VII
11
listed · VII A
PaidVII A0
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$272K
Other incomeLn 4–11$26K
Total revenueLn 12$297K
Assets in detailPt X, end of year
CashLn 1$7K
SavingsLn 2$297K
Cash and savings togetherLn 1–2$305K
Land, buildings, equipmentLn 10c$3.3M
Other assetsLn 15$26K
Total assetsLn 16$3.7M
LiabilitiesLn 26$40K
Net assetsLn 32$3.6M
OperationsPt I, VI
EmployeesI 50
VolunteersI 614
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$284K$305K
Land, buildings, equipmentLn 10c$3.5M$3.3M
Total assetsLn 16$3.8M$3.7M
LiabilitiesLn 26$58K$40K
Net assetsLn 32$3.7M$3.6M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$56K$26K$30K
Other employee benefitsLn 9$3K$3K
Payroll taxesLn 10$5K$5K
Management feesLn 11a$30K$30K
Legal feesLn 11b$23K$23K
Accounting feesLn 11c$11K$11K
Other fees for servicesLn 11g$32K$27K$5K
Advertising and promotionLn 12$473$473
Office expensesLn 13$26K$12K$14K
OccupancyLn 16$54K$54K
Depreciation, depletion and amortizationLn 22$125K$125K
InsuranceLn 23$9K$9K
Other expenses (24a–d)Ln 24$6K$4K$2K
Total functional expensesLn 25$380K$265K$115K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $297K$380K−$83K$3.6M 990 PDF
FY2023 $273K$395K−$121K$3.7M 990 PDF
FY2022 $318K$409K−$91K$3.8M 990 PDF
FY2021 $250K$373K−$123K$3.9M 990 PDF
FY2020 $251K$366K−$115K$4.1M 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 FY2024 990 (6 parts)
Part I · Summary $297,136 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $273,305$271,508
I-10 Investment incomePrior year $29$0
I-11 Other revenuePrior year $0$25,628
I-12 Total revenuePrior year $273,334$297,136
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $53,828$63,904
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $340,893$316,121
I-18 Total expensesPrior year $394,721$380,025
I-19 Revenue less expensesPrior year −$121,387−$82,889
Part VI · Governance 9 of 9 board members independent, 4 to look at
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $297,136 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $271,508$271,508
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $25,628$25,628
VIII-12 Total revenueRelated to mission $271,508 · Unrelated business $0 · Excluded from tax $25,628$297,136
Part IX · Statement of functional expenses $380,025 across 13 lines filed
IX-7 Other salaries and wagesPrograms $26,100 · Management $29,790$55,890
IX-9 Other employee benefitsPrograms $2,895$2,895
IX-10 Payroll taxesPrograms $5,119$5,119
IX-11a Management feesManagement $29,948$29,948
IX-11b Legal feesManagement $23,170$23,170
IX-11c Accounting feesManagement $10,600$10,600
IX-11g Other fees for servicesPrograms $27,035 · Management $4,862$31,897
IX-12 Advertising and promotionManagement $473$473
IX-13 Office expensesPrograms $11,595 · Management $14,070$25,665
IX-16 OccupancyPrograms $54,192$54,192
IX-22 Depreciation, depletion and amortizationPrograms $124,985$124,985
IX-23 InsurancePrograms $9,339$9,339
IX-24 Other expenses (24a–d)Programs $3,777 · Management $2,075$5,852
IX-25 Total functional expensesPrograms $265,037 · Management $114,988 · Fundraising $0$380,025
Part X · Balance sheet $3,674,682 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $6,975$7,311
X-2 Savings and temporary cash investmentsStart of year $277,459$297,410
X-9 Prepaid expenses and deferred chargesStart of year $2,473$2,789
X-10c Land, buildings and equipment, netStart of year $3,466,265$3,341,280
X-15 Other assetsStart of year $22,445$25,892
X-16 Total assetsStart of year $3,775,617$3,674,682
X-17 Accounts payable and accrued expensesStart of year $40,587$20,673
X-25 Other liabilitiesStart of year $17,510$19,378
X-26 Total liabilitiesStart of year $58,097$40,051
X-27 Net assets without donor restrictionsStart of year −$1,507,258−$1,590,147
X-28 Net assets with donor restrictionsStart of year $5,224,778$5,224,778
X-32 Total net assets or fund balancesStart of year $3,717,520$3,634,631
X-33 Total liabilities and net assetsStart of year $3,775,617$3,674,682
Part XI · Reconciliation of net assets $3,634,631 net assets at year end
XI-1 Total revenue$297,136
XI-2 Total expenses$380,025
XI-3 Revenue less expenses−$82,889
XI-4 Net assets at start of year$3,717,520
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$3,634,631

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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