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Luther Crest INC FY2020 filing

Tax-deductible

Bettendorf, IA501(c)(3)Housing EIN 42-1492887Revenue $404K in FY2020

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.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2020 · 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
$59K
2% of total assets
Looks good: liabilities are 2% of assets; 50% or less.
Pt X · Ln 26
Independent board members
13
of 13 voting members
Looks good: 13 of 13 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$404K
Spent
$529K
To programs
86%
Net assets
$3.1M
By yearFY2020–FY2024
Revenue
$404K
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$404K
FY2021$406K
FY2022$423K
FY2023$470K
FY2024$515K
Expenses
$529K
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$529K
FY2021$562K
FY2022$566K
FY2023$613K
FY2024$591K
Net assets
$3.1M
FY2020
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 FY2020 Form 990 · see the original

990 PDF Claim
You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2024) →

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% · $455K Management & general 14% · $74K

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 Wilkims
Vice President
$0Pt VII · Sec A
Ellen Hogbin
Secretary
$0Pt VII · Sec A
John Newman
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
Ken Wellnitz
Director
$0Pt VII · Sec A
Kevin Krebs
Director
$0Pt VII · Sec A
Gene Zager
Director
$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 · $455K · in their own filed words · FY2020
01

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

$424Kprogram expense
02

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

$31Kprogram 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 FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$404K
Ln 12
Fees for servicesLn 2g$404K
Investment incomeLn 3$45
Money outPt IX
$529K
Ln 25
Programscol B$455K
Managementcol C$74K
Owns and owesPt X
$3.1M
net assets · Ln 32
Cash and savingsLn 1–2$12K
Total assetsLn 16$3.2M
LiabilitiesLn 26$59K
PeoplePt VI, VII
14
listed · VII A
PaidVII A0
Voting boardVI 1a13
IndependentVI 1b13
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$404K
Investment incomeLn 3$45
Total revenueLn 12$404K
Assets in detailPt X, end of year
CashLn 1$12K
Cash and savings togetherLn 1–2$12K
Land, buildings, equipmentLn 10c$3.0M
Other assetsLn 15$163K
Total assetsLn 16$3.2M
LiabilitiesLn 26$59K
Net assetsLn 32$3.1M
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 FY20End FY20
Cash and savingsLn 1–2$25K$12K
Land, buildings, equipmentLn 10c$3.2M$3.0M
Total assetsLn 16$3.3M$3.2M
LiabilitiesLn 26$54K$59K
Net assetsLn 32$3.3M$3.1M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$114K$114K
Other employee benefitsLn 9$15K$15K
Payroll taxesLn 10$5K$5K
Management feesLn 11a$45K$45K
Accounting feesLn 11c$27K$27K
Advertising and promotionLn 12$2K$2K
Office expensesLn 13$7K$7K
OccupancyLn 16$109K$109K
Conferences, conventions and meetingsLn 19$924$924
Depreciation, depletion and amortizationLn 22$146K$146K
InsuranceLn 23$16K$16K
Other expenses (24a–d)Ln 24$41K$39K$2K
All other expensesLn 24e$601$601
Total functional expensesLn 25$529K$455K$74K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $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 Viewing $404K$529K−$125K$3.1M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2020 990 (6 parts)
Part I · Summary $403,640 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $400,380$403,595
I-10 Investment incomePrior year $226$45
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $400,606$403,640
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 $117,551$134,615
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $379,807$394,289
I-18 Total expensesPrior year $497,358$528,904
I-19 Revenue less expensesPrior year −$96,752−$125,264
Part VI · Governance 13 of 13 board members independent, 3 to look at
VI-1a Voting members of the governing body13
VI-1b Independent voting members13
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 $403,640 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $403,595$403,595
VIII-3 Investment incomeExcluded from tax $45$45
VIII-12 Total revenueRelated to mission $403,595 · Unrelated business $0 · Excluded from tax $45$403,640
Part IX · Statement of functional expenses $528,904 across 13 lines filed
IX-7 Other salaries and wagesPrograms $114,241$114,241
IX-9 Other employee benefitsPrograms $15,020$15,020
IX-10 Payroll taxesPrograms $5,354$5,354
IX-11a Management feesManagement $44,908$44,908
IX-11c Accounting feesManagement $26,867$26,867
IX-12 Advertising and promotionPrograms $2,293$2,293
IX-13 Office expensesPrograms $6,756$6,756
IX-16 OccupancyPrograms $109,388$109,388
IX-19 Conferences, conventions and meetingsPrograms $924$924
IX-22 Depreciation, depletion and amortizationPrograms $145,716$145,716
IX-23 InsurancePrograms $16,197$16,197
IX-24 Other expenses (24a–d)Programs $38,627 · Management $2,012$40,639
IX-24e All other expensesPrograms $601$601
IX-25 Total functional expensesPrograms $455,117 · Management $73,787 · Fundraising $0$528,904
Part X · Balance sheet $3,208,300 assets, 14 lines filed
X-1 Cash, non-interest-bearingStart of year $25,432$12,378
X-4 Accounts receivableStart of year $1,990$296
X-9 Prepaid expenses and deferred charges$21,372
X-10c Land, buildings and equipment, netStart of year $3,154,746$3,011,656
X-15 Other assetsStart of year $145,899$162,598
X-16 Total assetsStart of year $3,328,067$3,208,300
X-17 Accounts payable and accrued expensesStart of year $23,911$20,899
X-19 Deferred revenueStart of year $604$917
X-25 Other liabilitiesStart of year $29,126$37,322
X-26 Total liabilitiesStart of year $53,641$59,138
X-27 Net assets without donor restrictionsStart of year −$1,858,374−$1,983,638
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 $3,274,426$3,149,162
X-33 Total liabilities and net assetsStart of year $3,328,067$3,208,300
Part XI · Reconciliation of net assets $3,149,162 net assets at year end
XI-1 Total revenue$403,640
XI-2 Total expenses$528,904
XI-3 Revenue less expenses−$125,264
XI-4 Net assets at start of year$3,274,426
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$3,149,162

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

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