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Ahepa 192-III

Tax-deductible

Ankeny, IA501(c)(3)HousingEIN 27-0084978Revenue $339K in FY2025

On file with the IRS112 Se 30th St, 50021-9355 · Ankeny, IATax-exempt since Jun 2004Publicly supported charity — 170(b)(1)(A)(vi)

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The corporation was organized to construct, own, and operate an affordable housing apartment community

501(c)(3) charity; gifts are tax-deductible.
91¢ of each $1 spent went to programs.
Run by 11 volunteers.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2025 · 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
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 5
filings with a surplus
Average deficit $15K a year · 5% of revenue · last 5 filings
Concern: a surplus in 1 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
91%
of spending
Looks good: 91% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Liabilities
$37K
2% of total assets
Looks good: liabilities are 2% of assets; 50% or less.
Pt X · Ln 26
Independent board members
10
of 10 voting members
Looks good: 10 of 10 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$339K
+2% vs prior year
Spent
$354K
To programs
91%
Net assets
$2.3M
By yearFY2021–FY2025
Revenue
$339K
FY2025▲ +2%
Tap a bar for its year
Revenue by fiscal year
FY2021$289K
FY2022$319K
FY2023$317K
FY2024$332K
FY2025$339K
Expenses
$354K
FY2025▼ -7%
Tap a bar for its year
Expenses by fiscal year
FY2021$301K
FY2022$298K
FY2023$336K
FY2024$381K
FY2025$354K
Net assets
$2.3M
FY2025▼ -0.6%
Tap a bar for its year
Net assets by fiscal year
FY2021$2.4M
FY2022$2.4M
FY2023$2.4M
FY2024$2.3M
FY2025$2.3M

From the FY2025 Form 990 (year ending June 2025) · see the original

Form 990 (PDF) Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jun 2004.

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

Where the money goes

91 cents of each dollar spent went to programs.

Program services 91% · $321K Management & general 9% · $33K

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

10 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII
James Karthan
President
$0Pt VII · Sec A
Theodore T Velman
Vice President
$0Pt VII · Sec A
Elias Karthan
Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
Zack J Zazas
Director
$0Pt VII · Sec A
Peter T Cade
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Ahepa 192-III 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 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Builds and manages affordable housing for residents.

Questions for Ahepa 192-III

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Provided by the organization

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1 program · $321K · in their own filed words · FY2024
01

Provide housing to low income individuals

$321Kprogram expense

By the numbers

The FY2025 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$339K
Ln 12
Fees for servicesLn 2g$322K
Investment incomeLn 3$16K
Other incomeLn 4–11$989
Money outPt IX
$354K
Ln 25
Programscol B$321K
Managementcol C$33K
Owns and owesPt X
$2.3M
net assets · Ln 32
Total assetsLn 16$2.4M
LiabilitiesLn 26$37K
PeoplePt VI, VII
10
listed · VII A
PaidVII A0
Voting boardVI 1a10
IndependentVI 1b10
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$322K
Investment incomeLn 3$16K
Other incomeLn 4–11$989
Total revenueLn 12$339K
Assets in detailPt X, end of year
Land, buildings, equipmentLn 10c$1.8M
Other assetsLn 15$479K
Total assetsLn 16$2.4M
LiabilitiesLn 26$37K
Net assetsLn 32$2.3M
OperationsPt I, VI
EmployeesI 50
VolunteersI 611
Fiscal year endsHeaderJune
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 FY25End FY25
Land, buildings, equipmentLn 10c$1.9M$1.8M
Total assetsLn 16$2.4M$2.4M
LiabilitiesLn 26$51K$37K
Net assetsLn 32$2.3M$2.3M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$20K$20K
Legal feesLn 11b$3K$3K
Accounting feesLn 11c$10K$10K
Advertising and promotionLn 12$2K$2K
Office expensesLn 13$2K$2K
Information technologyLn 14$9K$9K
OccupancyLn 16$21K$21K
Conferences, conventions and meetingsLn 19$3K$3K
Depreciation, depletion and amortizationLn 22$88K$88K
InsuranceLn 23$39K$39K
Other expenses (24a–d)Ln 24$145K$145K
All other expensesLn 24e$11K$11K
Total functional expensesLn 25$354K$321K$33K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $339K$354K−$15K$2.3M 990 PDF
FY2024 $332K$381K−$49K$2.3M 990 PDF
FY2023 $317K$336K−$18K$2.4M 990 PDF
FY2022 $319K$298K$21K$2.4M 990 PDF
FY2021 $289K$301K−$12K$2.4M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2025 990 (6 parts)
Part I · Summary $339,070 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $318,290$322,233
I-10 Investment incomePrior year $12,786$15,848
I-11 Other revenuePrior year $1,006$989
I-12 Total revenuePrior year $332,082$339,070
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 $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $381,476$354,060
I-18 Total expensesPrior year $381,476$354,060
I-19 Revenue less expensesPrior year −$49,394−$14,990
Part VI · Governance 10 of 10 board members independent, 5 to look at
VI-1a Voting members of the governing body10
VI-1b Independent voting members10
VI-2 Family or business relationship among officers or directorsYes
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
Part VIII · Statement of revenue $339,070 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $322,233$322,233
VIII-3 Investment incomeExcluded from tax $15,848$15,848
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $989$989
VIII-12 Total revenueRelated to mission $322,233 · Unrelated business $0 · Excluded from tax $16,837$339,070
Part IX · Statement of functional expenses $354,060 across 12 lines filed
IX-11a Management feesManagement $19,980$19,980
IX-11b Legal feesPrograms $3,141$3,141
IX-11c Accounting feesManagement $10,225$10,225
IX-12 Advertising and promotionPrograms $2,363$2,363
IX-13 Office expensesPrograms $2,253$2,253
IX-14 Information technologyPrograms $8,558$8,558
IX-16 OccupancyPrograms $20,944$20,944
IX-19 Conferences, conventions and meetingsManagement $3,237$3,237
IX-22 Depreciation, depletion and amortizationPrograms $88,121$88,121
IX-23 InsurancePrograms $38,944$38,944
IX-24 Other expenses (24a–d)Programs $144,978$144,978
IX-24e All other expensesPrograms $11,316$11,316
IX-25 Total functional expensesPrograms $320,618 · Management $33,442 · Fundraising $0$354,060
Part X · Balance sheet $2,364,941 assets, 12 lines filed
X-4 Accounts receivableStart of year $22,327$19,562
X-9 Prepaid expenses and deferred chargesStart of year $27,689$22,415
X-10c Land, buildings and equipment, netStart of year $1,880,036$1,844,423
X-15 Other assetsStart of year $463,747$478,541
X-16 Total assetsStart of year $2,393,799$2,364,941
X-17 Accounts payable and accrued expensesStart of year $30,115$17,871
X-19 Deferred revenueStart of year $2,101$1,287
X-25 Other liabilitiesStart of year $18,436$17,626
X-26 Total liabilitiesStart of year $50,652$36,784
X-27 Net assets without donor restrictionsStart of year $2,343,147$2,328,157
X-32 Total net assets or fund balancesStart of year $2,343,147$2,328,157
X-33 Total liabilities and net assetsStart of year $2,393,799$2,364,941
Part XI · Reconciliation of net assets $2,328,157 net assets at year end
XI-1 Total revenue$339,070
XI-2 Total expenses$354,060
XI-3 Revenue less expenses−$14,990
XI-4 Net assets at start of year$2,343,147
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$2,328,157

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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