Adel Manor INC FY2020 filing

Adel, IAUnknown exempt organization EIN 42-0952944Revenue $420K in FY2020Latest return filed Nov 11, 2024

On file with the IRSAdel, IA

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Provide affordable housing to low-income, elderly or handicapped individuals in Adel, iowa.

Form 990 Part I, line 1, FY2020. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 42-0952944) · Dispute this line
79¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2023
latest Form 990
The latest return is for FY2023, 3 tax years back.
IRS e-file · Filing history
Surplus or deficit
4 of 4
filings with a surplus
Average surplus $72K a year · 16% of revenue · last 4 filings
A surplus in 4 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
79%
of spending
79% of spending went to programs.
Pt IX · Ln 25 · col B
1.1 mo
of spending, in cash
1.1 months of spending in cash.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$1.1M
97% of total assets
Liabilities are 97% of assets.
Pt X · Ln 26
Independent board members
9
of 9 voting members
9 of 9 voting members are independent.
Pt VI · Ln 1a–1b
Revenue
$420K
Spent
$420K
To programs
79%
Net assets
$28K
By yearFY2020–FY2023
Revenue
$420K
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$420K
FY2021$666K
FY2022$447K
FY2023$286K
Expenses
$420K
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$420K
FY2021$473K
FY2022$418K
FY2023$219K
Net assets
$28K
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$28K
FY2021$221K
FY2022$250K
FY2023$0

From the FY2020 Form 990 · figures checked against the IRS filing · see the original

You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2023) →

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

79 cents of each dollar spent went to programs.

Program services 79% · $330K Management & general 21% · $90K

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

9 people listed on the 990.

Part VII, Section A · reportable compensation
President
$0Pt VII · Sec A
Vice President
$0Pt VII · Sec A
Secretary/Treasurer
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Adel Manor INC 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

Offers affordable housing to low-income, elderly, or handicapped individuals in Adel, Iowa.

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1 program · $330K · in their own filed words · FY2020
01

Adel Manor, INC. Provides affordable housing to low-income, elderly and handicapped individuals through operation of 26-unit and 48-unit multifamily communities located in Adel, iowa.

Form 990 Part III, line 4, FY2020. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 42-0952944) · Dispute this line
$330Kprogram 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 Dec 2022 · $1.2M federal money spent
Rural Rental Housing LoansDepartment of Agriculture · ALN 10.415 · Direct$1.1M
Rural Rental Assistance PaymentsDepartment of Agriculture · ALN 10.427 · Direct$138K

The auditor reported no findings.

Year ending Dec 2021 · $1.2M federal money spent
Rural Rental Housing LoansDepartment of Agriculture · ALN 10.415 · Direct$1.1M
Rural Rental Assistance PaymentsDepartment of Agriculture · ALN 10.427 · Direct$130K

The auditor reported no findings.

Year ending Dec 2020 · $1.3M federal money spent
Rural Rental Housing LoansDepartment of Agriculture · ALN 10.415 · Direct$1.2M
Rural Rental Assistance PaymentsDepartment of Agriculture · ALN 10.427 · Direct$115K

The auditor reported no findings.

Year ending Dec 2019 · $1.3M federal money spent
Rural Rental Housing LoansDepartment of Agriculture · ALN 10.415 · Direct$1.2M
Rural Rental Assistance PaymentsDepartment of Agriculture · ALN 10.427 · Direct$92K

The auditor reported no findings.

By the numbers

The FY2020 990, line by line.

1The main four
Money inPt VIII
$420K
Ln 12
Fees for servicesLn 2g$331K
Other incomeLn 4–11$89K
Investment incomeLn 3$78
Money outPt IX
$420K
Ln 25
Programscol B$330K
Managementcol C$90K
Owns and owesPt X
$28K
net assets · Ln 32
Cash and savingsLn 1–2$38K
Total assetsLn 16$1.1M
LiabilitiesLn 26$1.1M
PeoplePt VI, VII
9
listed · VII A
PaidVII A0
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$331K
Investment incomeLn 3$78
Other incomeLn 4–11$89K
Total revenueLn 12$420K
Assets in detailPt X, end of year
CashLn 1$7K
SavingsLn 2$31K
Cash and savings togetherLn 1–2$38K
Accounts receivableLn 4$1K
Prepaid expenses and deferred chargesLn 9$5K
Land, buildings, equipmentLn 10c$1.0M
Other assetsLn 15$17K
Total assetsLn 16$1.1M
LiabilitiesLn 26$1.1M
Net assetsLn 32$28K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
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 FY20End FY20
Cash and savingsLn 1–2$52K$38K
Land, buildings, equipmentLn 10c$1.1M$1.0M
Total assetsLn 16$1.1M$1.1M
LiabilitiesLn 26$1.1M$1.1M
Net assetsLn 32$28K$28K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$58K$34K$25K
Other employee benefitsLn 9$2K$972$711
Payroll taxesLn 10$6K$3K$2K
Management feesLn 11a$42K$42K
Legal feesLn 11b$1K$1K
Accounting feesLn 11c$8K$8K
Advertising and promotionLn 12$5K$5K
Office expensesLn 13$6K$6K
InterestLn 20$78K$78K
Depreciation, depletion and amortizationLn 22$68K$68K
Other expenses (24a–d)Ln 24$146K$146K
All other expensesLn 24e$252$252
Total functional expensesLn 25$420K$330K$90K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2023 LatestFiled with the IRS Nov 11, 2024 $286K$219K$67K$0 990 PDF
FY2022Filed with the IRS Aug 3, 2023 $447K$418K$29K$250K 990 PDF
FY2021Filed with the IRS Nov 14, 2022 $666K$473K$193K$221K 990 PDF
FY2020 ViewingFiled with the IRS Jul 27, 2021 $420K$420K$293$28K 990 PDF

Schedules filed Part IV

I · Grants O · Explanations
See the full FY2020 990
Part I · Summary $420,478 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $287,443$331,123
I-10 Investment incomePrior year $180$78
I-11 Other revenuePrior year $79,292$89,277
I-12 Total revenuePrior year $366,915$420,478
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 $62,842$65,430
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $358,743$354,755
I-18 Total expensesPrior year $421,585$420,185
I-19 Revenue less expensesPrior year −$54,670$293
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 $420,478 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $331,123$331,123
VIII-3 Investment incomeExcluded from tax $78$78
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $89,277$89,277
VIII-12 Total revenueRelated to mission $420,400 · Unrelated business $0 · Excluded from tax $78$420,478
Part IX · Statement of functional expenses $420,185 across 12 lines filed
IX-7 Other salaries and wagesPrograms $33,600 · Management $24,570$58,170
IX-9 Other employee benefitsPrograms $972 · Management $711$1,683
IX-10 Payroll taxesPrograms $3,222 · Management $2,355$5,577
IX-11a Management feesManagement $41,850$41,850
IX-11b Legal feesManagement $1,262$1,262
IX-11c Accounting feesManagement $8,500$8,500
IX-12 Advertising and promotionManagement $4,605$4,605
IX-13 Office expensesManagement $5,590$5,590
IX-20 InterestPrograms $78,473$78,473
IX-22 Depreciation, depletion and amortizationPrograms $68,155$68,155
IX-24 Other expenses (24a–d)Programs $146,068$146,068
IX-24e All other expensesManagement $252$252
IX-25 Total functional expensesPrograms $330,490 · Management $89,695 · Fundraising $0$420,185
Part X · Balance sheet $1,102,801 assets, 14 lines filed
X-1 Cash, non-interest-bearingStart of year $6,816$6,939
X-2 Savings and temporary cash investmentsStart of year $45,596$31,235
X-4 Accounts receivableStart of year $1,096$1,034
X-9 Prepaid expenses and deferred chargesStart of year $5,892$4,966
X-10c Land, buildings and equipment, netStart of year $1,073,311$1,041,487
X-15 Other assetsStart of year $13,303$17,140
X-16 Total assetsStart of year $1,146,014$1,102,801
X-17 Accounts payable and accrued expensesStart of year $38,949$34,749
X-23 Secured mortgages and notes payableStart of year $1,066,038$1,022,882
X-25 Other liabilitiesStart of year $13,227$17,077
X-26 Total liabilitiesStart of year $1,118,214$1,074,708
X-27 Net assets without donor restrictionsStart of year $27,800$28,093
X-32 Total net assets or fund balancesStart of year $27,800$28,093
X-33 Total liabilities and net assetsStart of year $1,146,014$1,102,801
Part XI · Reconciliation of net assets $28,093 net assets at year end
XI-1 Total revenue$420,478
XI-2 Total expenses$420,185
XI-3 Revenue less expenses$293
XI-4 Net assets at start of year$27,800
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$28,093

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

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