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Wallace Place Nfp FY2020 filing

Tax-deductible

Loves Park, IL501(c)(3)HousingEIN 27-3746927Revenue $42K in FY2020

On file with the IRS4060 McFarland Rd, 61111-4402 · Loves Park, ILTax-exempt since Dec 2010Publicly supported charity — 170(b)(1)(A)(vi)

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The organization's purpose is to provide affordable hosuing for the developmentally disabled.

501(c)(3) charity; gifts are tax-deductible.
83¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2020 · 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
0 of 6
filings with a surplus
Average deficit $32K a year · 51% of revenue · last 6 filings
Concern: a surplus in 0 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
83%
of spending
Looks good: 83% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Worth a look: 0.9 months of spending in cash; under 1.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$379K
25% of total assets
Looks good: liabilities are 25% of assets; 50% or less.
Pt X · Ln 26
Independent board members
4
of 4 voting members
Looks good: 4 of 4 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$42K
Spent
$87K
To programs
83%
Net assets
$1.2M
By yearFY2020–FY2025
Revenue
$42K
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$42K
FY2021$85K
FY2022$68K
FY2023$58K
FY2024$61K
FY2025$62K
Expenses
$87K
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$87K
FY2021$89K
FY2022$91K
FY2023$100K
FY2024$98K
FY2025$103K
Net assets
$1.2M
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$1.2M
FY2021$1.1M
FY2022$1.1M
FY2023$1.1M
FY2024$1.0M
FY2025$1.0M

From the FY2020 Form 990 (year ending June 2020) · see the original

Form 990 (PDF) Claim
You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Dec 2010.

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

Where the money goes

83 cents of each dollar spent went to programs.

Program services 83% · $72K Management & general 17% · $15K

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

4 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2019); the FY2020 filing did not itemize Part VII
M Shawn Way
President
$0Pt VII · Sec A
Ben Holmstrom
Vice President
$0Pt VII · Sec A
Chris Kinsman
Treasurer/Secretary
$0Pt VII · Sec A
Judd Gastel
Director
$0Pt VII · Sec A
See Wallace Place Nfp 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 housing for people with developmental disabilities.

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Provided by the organization

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1 program · $72K · in their own filed words · FY2019
01

Wallace place is organized to provide low cost housing for developmentally disabled individuals in rockford illinois under section 202 of the national housing act. The organization currently operates a nine unit residence.

$72Kprogram expense

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$42K
Ln 12
Fees for servicesLn 2g$26K
Gifts and grantsLn 1h$16K
Investment incomeLn 3$15
Money outPt IX
$87K
Ln 25
Programscol B$72K
Managementcol C$15K
Owns and owesPt X
$1.2M
net assets · Ln 32
Cash and savingsLn 1–2$7K
Total assetsLn 16$1.5M
LiabilitiesLn 26$379K
PeoplePt VI, VII
4
listed · VII A
PaidVII A0
Voting boardVI 1a4
IndependentVI 1b4
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$16K
Government grantsLn 1e$16K
Fees for servicesLn 2g$26K
Investment incomeLn 3$15
Total revenueLn 12$42K
Assets in detailPt X, end of year
CashLn 1$7K
Cash and savings togetherLn 1–2$7K
Land, buildings, equipmentLn 10c$1.5M
Other assetsLn 15$49K
Total assetsLn 16$1.5M
LiabilitiesLn 26$379K
Net assetsLn 32$1.2M
OperationsPt I, VI
EmployeesI 50
VolunteersI 64
Fiscal year endsHeaderJune
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 FY20End FY20
Cash and savingsLn 1–2$7K$7K
Land, buildings, equipmentLn 10c$1.5M$1.5M
Total assetsLn 16$1.6M$1.5M
LiabilitiesLn 26$359K$379K
Net assetsLn 32$1.2M$1.2M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$6K$6K
Accounting feesLn 11c$9K$9K
Office expensesLn 13$25$25
OccupancyLn 16$33K$33K
Depreciation, depletion and amortizationLn 22$31K$31K
InsuranceLn 23$9K$9K
Total functional expensesLn 25$87K$72K$15K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $62K$103K−$40K$1.0M 990 PDF
FY2024 $61K$98K−$36K$1.0M 990 PDF
FY2023 $58K$100K−$42K$1.1M 990 PDF
FY2022 $68K$91K−$24K$1.1M 990 PDF
FY2021 $85K$89K−$4K$1.1M 990 PDF
FY2020 Viewing $42K$87K−$45K$1.2M 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 FY2020 990 (6 parts)
Part I · Summary $41,583 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $16,382$16,039
I-9 Program service revenuePrior year $25,186$25,529
I-10 Investment incomePrior year $18$15
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $41,586$41,583
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 $79,563$86,971
I-18 Total expensesPrior year $79,563$86,971
I-19 Revenue less expensesPrior year −$37,977−$45,388
Part VI · Governance 4 of 4 board members independent, 2 to look at
VI-1a Voting members of the governing body4
VI-1b Independent voting members4
VI-12a Written conflict of interest policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $41,583 across 5 lines filed
VIII-1e Government grants$16,039
VIII-1h Total contributions, gifts and grants$16,039
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $25,529$25,529
VIII-3 Investment incomeExcluded from tax $15$15
VIII-12 Total revenueRelated to mission $25,529 · Unrelated business $0 · Excluded from tax $15$41,583
Part IX · Statement of functional expenses $86,971 across 6 lines filed
IX-11a Management feesManagement $6,048$6,048
IX-11c Accounting feesManagement $8,678$8,678
IX-13 Office expensesManagement $25$25
IX-16 OccupancyPrograms $32,586$32,586
IX-22 Depreciation, depletion and amortizationPrograms $30,685$30,685
IX-23 InsurancePrograms $8,949$8,949
IX-25 Total functional expensesPrograms $72,220 · Management $14,751 · Fundraising $0$86,971
Part X · Balance sheet $1,532,063 assets, 10 lines filed
X-1 Cash, non-interest-bearingStart of year $6,721$6,614
X-10c Land, buildings and equipment, netStart of year $1,507,530$1,476,845
X-15 Other assetsStart of year $43,068$48,604
X-16 Total assetsStart of year $1,557,319$1,532,063
X-17 Accounts payable and accrued expensesStart of year $58,211$78,342
X-25 Other liabilitiesStart of year $297,930$297,930
X-26 Total liabilitiesStart of year $358,585$378,717
X-27 Net assets without donor restrictionsStart of year $1,198,734$1,153,346
X-32 Total net assets or fund balancesStart of year $1,198,734$1,153,346
X-33 Total liabilities and net assetsStart of year $1,557,319$1,532,063
Part XI · Reconciliation of net assets $1,153,346 net assets at year end
XI-1 Total revenue$41,583
XI-2 Total expenses$86,971
XI-3 Revenue less expenses−$45,388
XI-4 Net assets at start of year$1,198,734
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$1,153,346

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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