18th & Wabash Corp

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18th & Wabash Corp. Was formed to construct and operate a 170 room single residency occupancy (sro). The corporation's primary purpose is to provide affordable housing for low & moderate income individuals.

Form 990 Part I, line 1, FY2025. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 36-4062755) · Dispute this line
501(c)(3) charity; gifts are tax-deductible.
98¢ of each $1 spent went to programs.
Run by 4 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
Listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
The IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
The latest return is for FY2025, 1 tax year back.
IRS e-file · Filing history
Surplus or deficit
0 of 6
filings with a surplus
Average deficit $677K a year · 73% of revenue · last 6 filings
A surplus in 0 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
98%
of spending
98% of spending went to programs.
Pt IX · Ln 25 · col B
1.4 mo
of spending, in cash
1.4 months of spending in cash.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$17.0M
640% of total assets
Liabilities are 640% of assets.
Pt X · Ln 26
Independent board members
4
of 4 voting members
4 of 4 voting members are independent.
Pt VI · Ln 1a–1b
Revenue
$660K
-30% vs prior year
Spent
$1.5M
To programs
98%
Net assets
−$14.4M
By yearFY2020–FY2025
Revenue
$660K
FY2025▼ -30%
Tap a bar for its year
Revenue by fiscal year
FY2020$1.0M
FY2021$959K
FY2022$958K
FY2023$1.1M
FY2024$941K
FY2025$660K
Expenses
$1.5M
FY2025▼ -11%
Tap a bar for its year
Expenses by fiscal year
FY2020$1.5M
FY2021$1.6M
FY2022$1.6M
FY2023$1.8M
FY2024$1.7M
FY2025$1.5M
Net assets
−$14.4M
FY2025▼ -6%
Tap a bar for its year
Net assets by fiscal year
FY2020−$10.8M
FY2021−$11.5M
FY2022−$12.1M
FY2023−$12.8M
FY2024−$13.5M
FY2025−$14.4M

From the FY2025 Form 990 (year ending June 2025) · figures checked against the IRS filing · see the original

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Nov 1996.

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

Where the money goes

98 cents of each dollar spent went to programs.

Program services 98% · $1.5M Management & general 2% · $24K

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

Something off? Claim to add context

Who runs it and what they're paid

4 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Secretary
$0Pt VII · Sec A
Board Member At-Large
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
See 18th & Wabash Corp executive salaries →

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 people with low and moderate incomes.

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1 program · $1.5M · in their own filed words · FY2024
01

18TH & wabash corp. Was organized on august 24, 1995 as an illinois nonstock, nonprofit corporation for the purpose of constructing and operating a single room occupancy ("sro") rental housing project under the federal home investment partnership program with funds having flowed through the city of chicago department of housing in the…

Form 990 Part III, line 4, FY2024. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 36-4062755) · Dispute this line
$1.5Mprogram expense

Funders

Who pays for it.

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

Federal money

Single Audit · Federal Audit Clearinghouse · money spent from federal programs
Year ending Jun 2025 · $9.6M federal money spent
Home Investment Partnerships ProgramDepartment of Housing and Urban Development · ALN 14.239 · Through City of Chicago Department of Housing$9.5M
Supportive Housing for Persons with DisabilitiesDepartment of Housing and Urban Development · ALN 14.181 · Direct$94K

The auditor reported no findings.

Year ending Jun 2024 · $9.6M federal money spent
Home Investment Partnerships ProgramDepartment of Housing and Urban Development · ALN 14.239 · Direct$9.5M
Supportive Housing for Persons with DisabilitiesDepartment of Housing and Urban Development · ALN 14.181 · Direct$124K

The auditor reported: doubt the group can keep going.

Year ending Jun 2023 · $9.6M federal money spent
Home Investment Partnerships ProgramDepartment of Housing and Urban Development · ALN 14.239 · Through City of Chicago Department of Housing$9.5M
Supportive Housing for Persons with DisabilitiesDepartment of Housing and Urban Development · ALN 14.181 · Direct$122K

The auditor reported: doubt the group can keep going.

Year ending Jun 2022 · $9.6M federal money spent
Home Investment Partnerships ProgramDepartment of Housing and Urban Development · ALN 14.239 · Through City of Chicago Department of Housing$9.5M
Supportive Housing for Persons with DisabilitiesDepartment of Housing and Urban Development · ALN 14.181 · Direct$56K

The auditor reported: doubt the group can keep going.

By the numbers

The FY2025 990, line by line.

1The main four
Money inPt VIII
$660K
Ln 12
Fees for servicesLn 2g$659K
Investment incomeLn 3$913
Money outPt IX
$1.5M
Ln 25
Programscol B$1.5M
Managementcol C$24K
Owns and owesPt X
−$14.4M
net assets · Ln 32
Cash and savingsLn 1–2$168K
Total assetsLn 16$2.7M
LiabilitiesLn 26$17.0M
PeoplePt VI, VII
4
listed · VII A
PaidVII A0
Voting boardVI 1a4
IndependentVI 1b4
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$659K
Investment incomeLn 3$913
Total revenueLn 12$660K
Assets in detailPt X, end of year
CashLn 1$168K
Cash and savings togetherLn 1–2$168K
Accounts receivableLn 4$77K
Prepaid expenses and deferred chargesLn 9$4K
Land, buildings, equipmentLn 10c$2.4M
Other assetsLn 15$17K
Total assetsLn 16$2.7M
LiabilitiesLn 26$17.0M
Net assetsLn 32−$14.4M
OperationsPt I, VI
EmployeesI 50
VolunteersI 64
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
Cash and savingsLn 1–2$259K$168K
Land, buildings, equipmentLn 10c$2.7M$2.4M
Total assetsLn 16$3.1M$2.7M
LiabilitiesLn 26$16.6M$17.0M
Net assetsLn 32−$13.5M−$14.4M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$239K$239K
Legal feesLn 11b$15K$15K
Accounting feesLn 11c$24K$24K
Other fees for servicesLn 11g$192$192
Office expensesLn 13$29K$29K
Information technologyLn 14$6K$6K
OccupancyLn 16$726K$726K
Depreciation, depletion and amortizationLn 22$333K$333K
Other expenses (24a–d)Ln 24$113K$113K
Total functional expensesLn 25$1.5M$1.5M$24K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest ViewingFiled with the IRS May 11, 2026 $660K$1.5M−$825K−$14.4M 990 PDF
FY2024Filed with the IRS May 13, 2025 $941K$1.7M−$732K−$13.5M 990 PDF
FY2023Filed with the IRS Mar 15, 2024 $1.1M$1.8M−$742K−$12.8M 990 PDF
FY2022Filed with the IRS Mar 31, 2023 $958K$1.6M−$606K−$12.1M 990 PDF
FY2021Filed with the IRS May 16, 2022 $959K$1.6M−$643K−$11.5M 990 PDF
FY2020Filed with the IRS Feb 23, 2021 $1.0M$1.5M−$513K−$10.8M 990 PDF

Schedules filed Part IV

A · Public support D · Assets and endowments O · Explanations
See the full FY2025 990
Part I · Summary $659,669 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $939,788$658,756
I-10 Investment incomePrior year $1,061$913
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $940,849$659,669
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 $1,672,744$1,484,758
I-18 Total expensesPrior year $1,672,744$1,484,758
I-19 Revenue less expensesPrior year −$731,895−$825,089
Part VI · Governance 4 of 4 board members independent, 4 to look at
VI-1a Voting members of the governing body4
VI-1b Independent voting members4
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 $659,669 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $658,756$658,756
VIII-3 Investment incomeExcluded from tax $913$913
VIII-12 Total revenueRelated to mission $658,756 · Unrelated business $0 · Excluded from tax $913$659,669
Part IX · Statement of functional expenses $1,484,758 across 9 lines filed
IX-11a Management feesPrograms $239,430$239,430
IX-11b Legal feesPrograms $14,599$14,599
IX-11c Accounting feesManagement $24,345$24,345
IX-11g Other fees for servicesPrograms $192$192
IX-13 Office expensesPrograms $29,018$29,018
IX-14 Information technologyPrograms $6,154$6,154
IX-16 OccupancyPrograms $725,617$725,617
IX-22 Depreciation, depletion and amortizationPrograms $332,874$332,874
IX-24 Other expenses (24a–d)Programs $112,529$112,529
IX-25 Total functional expensesPrograms $1,460,413 · Management $24,345 · Fundraising $0$1,484,758
Part X · Balance sheet $2,660,664 assets, 14 lines filed
X-1 Cash, non-interest-bearingStart of year $259,387$168,055
X-4 Accounts receivableStart of year $67,672$76,843
X-9 Prepaid expenses and deferred chargesStart of year $5,047$3,931
X-10c Land, buildings and equipment, netStart of year $2,715,107$2,394,633
X-15 Other assetsStart of year $16,428$17,202
X-16 Total assetsStart of year $3,063,641$2,660,664
X-17 Accounts payable and accrued expensesStart of year $980,549$1,235,784
X-19 Deferred revenueStart of year $19,709$10,472
X-23 Secured mortgages and notes payableStart of year $10,680,570$10,679,741
X-25 Other liabilitiesStart of year $4,929,543$5,106,486
X-26 Total liabilitiesStart of year $16,610,371$17,032,483
X-27 Net assets without donor restrictionsStart of year −$13,546,730−$14,371,819
X-32 Total net assets or fund balancesStart of year −$13,546,730−$14,371,819
X-33 Total liabilities and net assetsStart of year $3,063,641$2,660,664
Part XI · Reconciliation of net assets −$14,371,819 net assets at year end
XI-1 Total revenue$659,669
XI-2 Total expenses$1,484,758
XI-3 Revenue less expenses−$825,089
XI-4 Net assets at start of year−$13,546,730
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$14,371,819

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

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