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Adel Manor INC FY2021 filing

Adel, IAUnknown exempt organizationEIN 42-0952944Revenue $666K in FY2021

On file with the IRS500 Van Fossen Ln · Adel, IA

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

77¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

FY2021 · 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
4 of 4
filings with a surplus
Average surplus $72K a year · 16% of revenue · last 4 filings
Looks good: a surplus in 4 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
77%
of spending
Looks good: 77% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
7 mo
of spending, in cash
Looks good: 7.0 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$1.0M
82% of total assets
Concern: liabilities are 82% of assets; over 80%.
Pt X · Ln 26
Independent board members
8
of 8 voting members
Looks good: 8 of 8 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$666K
+58% vs prior year
Spent
$473K
To programs
77%
Net assets
$221K
By yearFY2020–FY2023
Revenue
$666K
FY2021▲ +58%
Tap a bar for its year
Revenue by fiscal year
FY2020$420K
FY2021$666K
FY2022$447K
FY2023$286K
Expenses
$473K
FY2021▲ +13%
Tap a bar for its year
Expenses by fiscal year
FY2020$420K
FY2021$473K
FY2022$418K
FY2023$219K
Net assets
$221K
FY2021▲ +686%
Tap a bar for its year
Net assets by fiscal year
FY2020$28K
FY2021$221K
FY2022$250K
FY2023$0

From the FY2021 Form 990 · see the original

Form 990 (PDF) Claim
You’re viewing the FY2021 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

77 cents of each dollar spent went to programs.

Program services 77% · $366K Management & general 23% · $107K

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

8 people listed on the 990.

Part VII, Section A · reportable compensation
Dan Hawkins
President
$0Pt VII · Sec A
Jim Peters
Vice President
$0Pt VII · Sec A
Linda Fuller
Secretary/Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Mary Hughes
Director
$0Pt VII · Sec A
See Adel Manor 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

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

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Provided by the organization

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1 program · $366K · in their own filed words · FY2021
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.

$366Kprogram expense

By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$666K
Ln 12
Fees for servicesLn 2g$360K
Investment incomeLn 3$220K
Other incomeLn 4–11$86K
Money outPt IX
$473K
Ln 25
Programscol B$366K
Managementcol C$107K
Owns and owesPt X
$221K
net assets · Ln 32
Cash and savingsLn 1–2$277K
Total assetsLn 16$1.2M
LiabilitiesLn 26$1.0M
PeoplePt VI, VII
8
listed · VII A
PaidVII A0
Voting boardVI 1a8
IndependentVI 1b8
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$360K
Investment incomeLn 3$220K
Other incomeLn 4–11$86K
Gains on assetsLn 7$220K
Total revenueLn 12$666K
Assets in detailPt X, end of year
CashLn 1$240K
SavingsLn 2$37K
Cash and savings togetherLn 1–2$277K
Land, buildings, equipmentLn 10c$933K
Other assetsLn 15$17K
Total assetsLn 16$1.2M
LiabilitiesLn 26$1.0M
Net assetsLn 32$221K
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 FY21End FY21
Cash and savingsLn 1–2$38K$277K
Land, buildings, equipmentLn 10c$1.0M$933K
Total assetsLn 16$1.1M$1.2M
LiabilitiesLn 26$1.1M$1.0M
Net assetsLn 32$28K$221K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$60K$34K$26K
Other employee benefitsLn 9$4K$4K
Payroll taxesLn 10$5K$5K
Management feesLn 11a$49K$49K
Legal feesLn 11b$3K$3K
Accounting feesLn 11c$6K$6K
Other fees for servicesLn 11g$6K$6K
Advertising and promotionLn 12$5K$5K
Office expensesLn 13$5K$5K
InterestLn 20$74K$74K
Depreciation, depletion and amortizationLn 22$67K$67K
InsuranceLn 23$17K$17K
Other expenses (24a–d)Ln 24$171K$163K$7K
Total functional expensesLn 25$473K$366K$107K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2023 Latest $286K$219K$67K$0 990 PDF
FY2022 $447K$418K$29K$250K 990 PDF
FY2021 Viewing $666K$473K$193K$221K 990 PDF
FY2020 $420K$420K$293$28K 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 FY2021 990 (6 parts)
Part I · Summary $665,891 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $331,123$360,333
I-10 Investment incomePrior year $78$219,854
I-11 Other revenuePrior year $89,277$85,704
I-12 Total revenuePrior year $420,478$665,891
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 $65,430$69,770
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $354,755$403,339
I-18 Total expensesPrior year $420,185$473,109
I-19 Revenue less expensesPrior year $293$192,782
Part VI · Governance 8 of 8 board members independent, 4 to look at
VI-1a Voting members of the governing body8
VI-1b Independent voting members8
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 $665,891 across 5 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $360,333$360,333
VIII-3 Investment incomeExcluded from tax $43$43
VIII-7 Net gain or loss on sales of assetsRelated to mission $219,811$219,811
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $85,704$85,704
VIII-12 Total revenueRelated to mission $665,848 · Unrelated business $0 · Excluded from tax $43$665,891
Part IX · Statement of functional expenses $473,109 across 13 lines filed
IX-7 Other salaries and wagesPrograms $34,394 · Management $25,891$60,285
IX-9 Other employee benefitsPrograms $4,024$4,024
IX-10 Payroll taxesPrograms $5,461$5,461
IX-11a Management feesManagement $48,560$48,560
IX-11b Legal feesManagement $3,446$3,446
IX-11c Accounting feesManagement $6,000$6,000
IX-11g Other fees for servicesManagement $5,873$5,873
IX-12 Advertising and promotionManagement $5,416$5,416
IX-13 Office expensesManagement $4,785$4,785
IX-20 InterestPrograms $74,367$74,367
IX-22 Depreciation, depletion and amortizationPrograms $67,432$67,432
IX-23 InsurancePrograms $16,842$16,842
IX-24 Other expenses (24a–d)Programs $163,491 · Management $7,127$170,618
IX-25 Total functional expensesPrograms $366,011 · Management $107,098 · Fundraising $0$473,109
Part X · Balance sheet $1,231,394 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $6,939$240,181
X-2 Savings and temporary cash investmentsStart of year $31,235$36,735
X-9 Prepaid expenses and deferred chargesStart of year $4,966$4,618
X-10c Land, buildings and equipment, netStart of year $1,041,487$932,866
X-15 Other assetsStart of year $17,140$16,994
X-16 Total assetsStart of year $1,102,801$1,231,394
X-17 Accounts payable and accrued expensesStart of year $34,749$24,155
X-25 Other liabilitiesStart of year $17,077$17,929
X-26 Total liabilitiesStart of year $1,074,708$1,010,519
X-27 Net assets without donor restrictionsStart of year $28,093$220,875
X-32 Total net assets or fund balancesStart of year $28,093$220,875
X-33 Total liabilities and net assetsStart of year $1,102,801$1,231,394
Part XI · Reconciliation of net assets $220,875 net assets at year end
XI-1 Total revenue$665,891
XI-2 Total expenses$473,109
XI-3 Revenue less expenses$192,782
XI-4 Net assets at start of year$28,093
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$220,875

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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