Lodgic Workplace INC FY2022 filing

Mooseheart, ILUnknown exempt organizationEIN 32-0530137Revenue $1.9M in FY2022

On file with the IRSlodgic.org155 South International Drive · Mooseheart, IL

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Lodgic Workplace is an open coworking environment designed to cultivate collaboration and shared economic opportunity through proximity of its members.

67¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2023
latest Form 990
Fine: the latest return is for FY2023, 3 tax years back; within 3 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 3
filings with a surplus
Average deficit $651K a year · 54% of revenue · last 3 filings
Concern: a surplus in 1 of the last 3 filings.
Pt I · Ln 19 · 3 filings
Spent on programs
67%
of spending
Fine: 67% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Concern: 0.1 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $939K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$2.6M
×131 of total assets
Concern: liabilities are 13100% 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
$1.9M
+677% vs prior year
Spent
$2.0M
To programs
67%
Net assets
−$2.5M
By yearFY2021–FY2023
Revenue
$1.9M
FY2022▲ +677%
Tap a bar for its year
Revenue by fiscal year
FY2021$247K
FY2022$1.9M
FY2023$1.4M
Expenses
$2.0M
FY2022▼ -8%
Tap a bar for its year
Expenses by fiscal year
FY2021$2.2M
FY2022$2.0M
FY2023$1.3M
Net assets
−$2.5M
FY2022▼ -5%
Tap a bar for its year
Net assets by fiscal year
FY2021−$2.4M
FY2022−$2.5M
FY2023−$2.4M

From the FY2022 Form 990 (year ending April 2022) · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2023.

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

Where the money goes

67 cents of each dollar spent went to programs.

Program services 67% · $1.4M Management & general 33% · $669K

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

3 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2022 filing did not itemize Part VII
Director and President
$0Pt VII · Sec A
Director and Secretary/Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
See Lodgic Workplace 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

Fosters collaboration and shared economic opportunity through an open coworking space.

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Provided by the organization

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1 program · $1.4M · in their own filed words · FY2021
01

Operation of Lodgic Workplace, a productive professional working collective of independent workers, businesses, families, and kids who believe that communities can thrive more, aspire more, achieve more, and enjoy more when they work together.

$1.4Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2021
Total grants receivedfrom 1 funder$939K

By the numbers

The FY2022 990, line by line.

1The main four
Money inPt VIII
$1.9M
Ln 12
Gifts and grantsLn 1h$987K
Fees for servicesLn 2g$928K
Money outPt IX
$2.0M
Ln 25
Programscol B$1.4M
Managementcol C$669K
Owns and owesPt X
−$2.5M
net assets · Ln 32
Cash and savingsLn 1–2$18K
Total assetsLn 16$20K
LiabilitiesLn 26$2.6M
PeoplePt VI, VII
3
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b0
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$987K
Government grantsLn 1e$48K
Noncash giftsLn 1g$0
Fundraising eventsLn 1c$0
Fees for servicesLn 2g$928K
Gains on assetsLn 7$0
Total revenueLn 12$1.9M
Assets in detailPt X, end of year
CashLn 1$18K
SavingsLn 2$0
Cash and savings togetherLn 1–2$18K
InvestmentsLn 11–13$0
Land, buildings, equipmentLn 10c$936
Other assetsLn 15$0
Total assetsLn 16$20K
LiabilitiesLn 26$2.6M
Net assetsLn 32−$2.5M
OperationsPt I, VI
EmployeesI 510
VolunteersI 60
Fiscal year endsHeaderApril
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 FY22End FY22
Cash and savingsLn 1–2$20K$18K
InvestmentsLn 11–13$0$0
Land, buildings, equipmentLn 10c$66K$936
Total assetsLn 16$85K$20K
LiabilitiesLn 26$2.5M$2.6M
Net assetsLn 32−$2.4M−$2.5M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$0$0
Grants to domestic individualsLn 2$0$0
Grants and assistance to foreign recipientsLn 3$0$0
Benefits paid to or for membersLn 4$0$0
Pay of current officers, directors and key staffLn 5$0$0$0$0
Pay of disqualified personsLn 6$0$0$0$0
Other salaries and wagesLn 7$274K$219K$55K$0
Pension plan contributionsLn 8$0$0$0$0
Other employee benefitsLn 9$28K$24K$4K$0
Payroll taxesLn 10$25K$22K$3K$0
Management feesLn 11a$0$0$0$0
Legal feesLn 11b$0$0$0$0
Accounting feesLn 11c$0$0$0$0
Lobbying feesLn 11d$0$0$0$0
Professional fundraising feesLn 11e$0$0
Investment management feesLn 11f$0$0$0$0
Other fees for servicesLn 11g$0$0$0$0
Advertising and promotionLn 12$527K$0$527K$0
Office expensesLn 13$10K$8K$2K$0
Information technologyLn 14$0$0$0$0
RoyaltiesLn 15$0$0$0$0
OccupancyLn 16$1.0M$1.0M$0$0
TravelLn 17$1K$21$1K$0
Travel and entertainment for public officialsLn 18$0$0$0$0
Conferences, conventions and meetingsLn 19$0$0$0$0
InterestLn 20$0$0$0$0
Payments to affiliatesLn 21$0$0$0$0
Depreciation, depletion and amortizationLn 22$2K$2K$310$0
InsuranceLn 23$41K$40K$813$0
Other expenses (24a–d)Ln 24$73K$854$72K$0
All other expensesLn 24e$41K$38K$4K$0
Total functional expensesLn 25$2.0M$1.4M$669K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2023 Latest $1.4M$1.3M$132K−$2.4M 990 PDF
FY2022 Viewing $1.9M$2.0M−$121K−$2.5M 990 PDF
FY2021 $247K$2.2M−$2.0M−$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 FY2022 990 (6 parts)
Part I · Summary $1,915,389 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$987,154
I-9 Program service revenuePrior year $246,545$928,235
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $246,545$1,915,389
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 $205,649$326,694
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $2,005,848$1,710,126
I-18 Total expensesPrior year $2,211,497$2,036,820
I-19 Revenue less expensesPrior year −$1,964,952−$121,431
Part VI · Governance 0 of 3 board members independent, 4 to look at
VI-1a Voting members of the governing body3
VI-1b Independent voting members0
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 $1,915,389 across 15 lines filed
VIII-1a Federated campaigns$0
VIII-1b Membership dues$0
VIII-1c Fundraising events$0
VIII-1d Related organizations$938,956
VIII-1e Government grants$48,198
VIII-1f All other contributions, gifts and grants$0
VIII-1g Noncash contributions (included above)$0
VIII-1h Total contributions, gifts and grants$987,154
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $928,235 · Unrelated business $0 · Excluded from tax $0$928,235
VIII-3 Investment incomeRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-5 RoyaltiesRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-6 Net rental income or lossRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-7 Net gain or loss on sales of assetsRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-8 Net income from fundraising eventsUnrelated business $0 · Excluded from tax $0$0
VIII-12 Total revenueRelated to mission $928,235 · Unrelated business $0 · Excluded from tax $0$1,915,389
Part IX · Statement of functional expenses $2,036,820 across 31 lines filed
IX-1 Grants to domestic organizationsPrograms $0$0
IX-2 Grants to domestic individualsPrograms $0$0
IX-3 Grants and assistance to foreign recipientsPrograms $0$0
IX-4 Benefits paid to or for membersPrograms $0$0
IX-5 Pay of current officers, directors and key staffPrograms $0 · Management $0 · Fundraising $0$0
IX-6 Pay of disqualified personsPrograms $0 · Management $0 · Fundraising $0$0
IX-7 Other salaries and wagesPrograms $219,365 · Management $54,841 · Fundraising $0$274,206
IX-8 Pension plan contributionsPrograms $0 · Management $0 · Fundraising $0$0
IX-9 Other employee benefitsPrograms $23,593 · Management $4,163 · Fundraising $0$27,756
IX-10 Payroll taxesPrograms $21,764 · Management $2,968 · Fundraising $0$24,732
IX-11a Management feesPrograms $0 · Management $0 · Fundraising $0$0
IX-11b Legal feesPrograms $0 · Management $0 · Fundraising $0$0
IX-11c Accounting feesPrograms $0 · Management $0 · Fundraising $0$0
IX-11d Lobbying feesPrograms $0 · Management $0 · Fundraising $0$0
IX-11e Professional fundraising feesFundraising $0$0
IX-11f Investment management feesPrograms $0 · Management $0 · Fundraising $0$0
IX-11g Other fees for servicesPrograms $0 · Management $0 · Fundraising $0$0
IX-12 Advertising and promotionPrograms $0 · Management $526,875 · Fundraising $0$526,875
IX-13 Office expensesPrograms $7,797 · Management $2,072 · Fundraising $0$9,869
IX-14 Information technologyPrograms $0 · Management $0 · Fundraising $0$0
IX-15 RoyaltiesPrograms $0 · Management $0 · Fundraising $0$0
IX-16 OccupancyPrograms $1,015,467 · Management $0 · Fundraising $0$1,015,467
IX-17 TravelPrograms $21 · Management $1,021 · Fundraising $0$1,042
IX-18 Travel and entertainment for public officialsPrograms $0 · Management $0 · Fundraising $0$0
IX-19 Conferences, conventions and meetingsPrograms $0 · Management $0 · Fundraising $0$0
IX-20 InterestPrograms $0 · Management $0 · Fundraising $0$0
IX-21 Payments to affiliatesPrograms $0 · Management $0 · Fundraising $0$0
IX-22 Depreciation, depletion and amortizationPrograms $1,514 · Management $310 · Fundraising $0$1,824
IX-23 InsurancePrograms $39,842 · Management $813 · Fundraising $0$40,655
IX-24 Other expenses (24a–d)Programs $854 · Management $72,348 · Fundraising $0$73,202
IX-24e All other expensesPrograms $37,592 · Management $3,600 · Fundraising $0$41,192
IX-25 Total functional expensesPrograms $1,367,809 · Management $669,011 · Fundraising $0$2,036,820
Part X · Balance sheet $19,745 assets, 24 lines filed
X-1 Cash, non-interest-bearingStart of year $19,608$17,786
X-2 Savings and temporary cash investmentsStart of year $0$0
X-3 Pledges and grants receivableStart of year $0$0
X-4 Accounts receivableStart of year $162$0
X-8 Inventories for sale or useStart of year $0$0
X-9 Prepaid expenses and deferred chargesStart of year $0$1,023
X-10c Land, buildings and equipment, netStart of year $65,616$936
X-11 Publicly traded securitiesStart of year $0$0
X-12 Other securitiesStart of year $0$0
X-13 Program-related investmentsStart of year $0$0
X-14 Intangible assetsStart of year $0$0
X-15 Other assetsStart of year $0$0
X-16 Total assetsStart of year $85,386$19,745
X-17 Accounts payable and accrued expensesStart of year $6,059$6,909
X-18 Grants payableStart of year $0$0
X-19 Deferred revenueStart of year $327,303$363,666
X-20 Tax-exempt bond liabilitiesStart of year $0$0
X-24 Unsecured notes and loans payableStart of year $0$0
X-25 Other liabilitiesStart of year $2,174,986$2,193,563
X-26 Total liabilitiesStart of year $2,508,348$2,564,138
X-27 Net assets without donor restrictionsStart of year −$2,422,962−$2,544,393
X-28 Net assets with donor restrictionsStart of year $0$0
X-32 Total net assets or fund balancesStart of year −$2,422,962−$2,544,393
X-33 Total liabilities and net assetsStart of year $85,386$19,745
Part XI · Reconciliation of net assets −$2,544,393 net assets at year end
XI-1 Total revenue$1,915,389
XI-2 Total expenses$2,036,820
XI-3 Revenue less expenses−$121,431
XI-4 Net assets at start of year−$2,422,962
XI-5 Net unrealized gains (losses) on investments$0
XI-6 Donated services and use of facilities$0
XI-7 Investment expenses$0
XI-8 Prior period adjustments$0
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$2,544,393

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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