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Luther Crest INC

Tax-deductible

Bettendorf, IA501(c)(3)HousingEIN 42-1492887Revenue $515K in FY2024

On file with the IRS3118 Devils Glen Road, 52722-3391 · Bettendorf, IATax-exempt since Sep 1999Publicly supported — 509(a)(2)

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Provide affordable housing for low-income senior citizens.

501(c)(3) charity; gifts are tax-deductible.
86¢ of each $1 spent went to programs.
Run by 10 volunteers.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2024 · 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
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
0 of 5
filings with a surplus
Average deficit $128K a year · 29% of revenue · last 5 filings
Concern: a surplus in 0 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
86%
of spending
Looks good: 86% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Concern: 0.3 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $10K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$51K
2% of total assets
Looks good: liabilities are 2% of assets; 50% or less.
Pt X · Ln 26
Independent board members
14
of 14 voting members
Looks good: 14 of 14 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$515K
+10% vs prior year
Spent
$591K
To programs
86%
Net assets
$2.6M
By yearFY2020–FY2024
Revenue
$515K
FY2024▲ +10%
Tap a bar for its year
Revenue by fiscal year
FY2020$404K
FY2021$406K
FY2022$423K
FY2023$470K
FY2024$515K
Expenses
$591K
FY2024▼ -4%
Tap a bar for its year
Expenses by fiscal year
FY2020$529K
FY2021$562K
FY2022$566K
FY2023$613K
FY2024$591K
Net assets
$2.6M
FY2024▼ -3%
Tap a bar for its year
Net assets by fiscal year
FY2020$3.1M
FY2021$3.0M
FY2022$2.9M
FY2023$2.7M
FY2024$2.6M

From the FY2024 Form 990 · see the original

990 PDF Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Sep 1999.

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

Where the money goes

86 cents of each dollar spent went to programs.

Program services 86% · $510K Management & general 14% · $81K

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

14 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Kim Wilkins
Vice President
$0Pt VII · Sec A
John Newman
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
Kevin Krebs
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Jane Rock
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
See Luther Crest 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 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Offers affordable housing to low-income seniors.

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Provided by the organization

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2 programs · $510K · in their own filed words · FY2024
01

The organization provides 77 units of affordable quality housing for the elderly.

$482Kprogram expense
02

To provide service to enhance the quality of living of the residents.

$28Kprogram 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 · FY2024
Fraternal Order of Eagles 4264 AerieFY2024$10K
Total grants receivedfrom 1 funder$10K

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$515K
Ln 12
Fees for servicesLn 2g$515K
Investment incomeLn 3$486
Money outPt IX
$591K
Ln 25
Programscol B$510K
Managementcol C$81K
Owns and owesPt X
$2.6M
net assets · Ln 32
Cash and savingsLn 1–2$17K
Total assetsLn 16$2.7M
LiabilitiesLn 26$51K
PeoplePt VI, VII
14
listed · VII A
PaidVII A0
Voting boardVI 1a14
IndependentVI 1b14
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$515K
Investment incomeLn 3$486
Total revenueLn 12$515K
Assets in detailPt X, end of year
CashLn 1$17K
Cash and savings togetherLn 1–2$17K
Land, buildings, equipmentLn 10c$2.5M
Other assetsLn 15$137K
Total assetsLn 16$2.7M
LiabilitiesLn 26$51K
Net assetsLn 32$2.6M
OperationsPt I, VI
EmployeesI 50
VolunteersI 610
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$79K$17K
Land, buildings, equipmentLn 10c$2.7M$2.5M
Total assetsLn 16$2.9M$2.7M
LiabilitiesLn 26$166K$51K
Net assetsLn 32$2.7M$2.6M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$135K$135K
Other employee benefitsLn 9$8K$8K
Payroll taxesLn 10$11K$11K
Management feesLn 11a$58K$58K
Legal feesLn 11b$2K$2K
Accounting feesLn 11c$17K$17K
Advertising and promotionLn 12$2K$2K
Office expensesLn 13$7K$7K
Information technologyLn 14$7K$7K
OccupancyLn 16$83K$83K
TravelLn 17$42$42
Depreciation, depletion and amortizationLn 22$146K$146K
InsuranceLn 23$31K$30K$412
Other expenses (24a–d)Ln 24$85K$82K$3K
All other expensesLn 24e$595$595
Total functional expensesLn 25$591K$510K$81K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $515K$591K−$76K$2.6M 990 PDF
FY2023 $470K$613K−$142K$2.7M 990 PDF
FY2022 $423K$566K−$143K$2.9M 990 PDF
FY2021 $406K$562K−$156K$3.0M 990 PDF
FY2020 $404K$529K−$125K$3.1M 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 FY2024 990 (6 parts)
Part I · Summary $515,196 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $467,610$514,710
I-10 Investment incomePrior year $2,830$486
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $470,440$515,196
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 $161,579$154,193
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $451,135$436,858
I-18 Total expensesPrior year $612,714$591,051
I-19 Revenue less expensesPrior year −$142,274−$75,855
Part VI · Governance 14 of 14 board members independent, 3 to look at
VI-1a Voting members of the governing body14
VI-1b Independent voting members14
VI-2 Family or business relationship among officers or directorsYes
VI-13 Written whistleblower policyNo
VI-15a Process for setting top official's payNo
VI-12a Written conflict of interest policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $515,196 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $514,710$514,710
VIII-3 Investment incomeExcluded from tax $486$486
VIII-12 Total revenueRelated to mission $514,710 · Unrelated business $0 · Excluded from tax $486$515,196
Part IX · Statement of functional expenses $591,051 across 15 lines filed
IX-7 Other salaries and wagesPrograms $135,053$135,053
IX-9 Other employee benefitsPrograms $7,797$7,797
IX-10 Payroll taxesPrograms $11,343$11,343
IX-11a Management feesManagement $57,661$57,661
IX-11b Legal feesManagement $1,887$1,887
IX-11c Accounting feesManagement $17,255$17,255
IX-12 Advertising and promotionPrograms $1,673$1,673
IX-13 Office expensesPrograms $6,792$6,792
IX-14 Information technologyPrograms $6,762$6,762
IX-16 OccupancyPrograms $82,651$82,651
IX-17 TravelManagement $42$42
IX-22 Depreciation, depletion and amortizationPrograms $145,954$145,954
IX-23 InsurancePrograms $30,167 · Management $412$30,579
IX-24 Other expenses (24a–d)Programs $81,575 · Management $3,432$85,007
IX-24e All other expensesPrograms $595$595
IX-25 Total functional expensesPrograms $510,362 · Management $80,689 · Fundraising $0$591,051
Part X · Balance sheet $2,682,709 assets, 14 lines filed
X-1 Cash, non-interest-bearingStart of year $79,322$16,966
X-4 Accounts receivableStart of year $1,655$1,609
X-9 Prepaid expenses and deferred chargesStart of year $27,883$1,968
X-10c Land, buildings and equipment, netStart of year $2,670,985$2,525,031
X-15 Other assetsStart of year $94,402$137,135
X-16 Total assetsStart of year $2,874,247$2,682,709
X-17 Accounts payable and accrued expensesStart of year $135,630$19,144
X-19 Deferred revenueStart of year $725$72
X-25 Other liabilitiesStart of year $30,004$31,460
X-26 Total liabilitiesStart of year $166,359$50,676
X-27 Net assets without donor restrictionsStart of year −$2,424,912−$2,500,767
X-28 Net assets with donor restrictionsStart of year $5,132,800$5,132,800
X-32 Total net assets or fund balancesStart of year $2,707,888$2,632,033
X-33 Total liabilities and net assetsStart of year $2,874,247$2,682,709
Part XI · Reconciliation of net assets $2,632,033 net assets at year end
XI-1 Total revenue$515,196
XI-2 Total expenses$591,051
XI-3 Revenue less expenses−$75,855
XI-4 Net assets at start of year$2,707,888
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$2,632,033

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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