Lighthouse Housing Foundation INC

Tax-deductible

Iowa City, IA501(c)(3)HousingEIN 45-2942323Revenue $2.9M in FY2024

On file with the IRSlighthousehousingfoundation.orgPo Box 1226, 52244-1226 · Iowa City, IATax-exempt since Sep 2012Publicly supported — 509(a)(2)

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To provide decent, safe, clean Housing for rent at an affordable rate to low to moderate income individuals, including families, elderly and the handicapped, as appropriate.

501(c)(3) charity; gifts are tax-deductible.
100¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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
2 of 5
filings with a surplus
Average deficit $61K a year · 2% of revenue · last 5 filings
Concern: a surplus in 2 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
7 mo
of spending, in cash
Looks good: 6.9 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$9.8M
119% of total assets
Concern: liabilities are 119% of assets; over 80%.
Pt X · Ln 26
Independent board members
3
of 3 voting members
Looks good: 3 of 3 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$2.9M
+0.5% vs prior year
Spent
$2.9M
To programs
100%
Net assets
−$1.6M
By yearFY2020–FY2024
Revenue
$2.9M
FY2024+0.5%
Tap a bar for its year
Revenue by fiscal year
FY2020$2.5M
FY2021$2.6M
FY2022$2.8M
FY2023$2.9M
FY2024$2.9M
Expenses
$2.9M
FY2024▲ +5%
Tap a bar for its year
Expenses by fiscal year
FY2020$2.7M
FY2021$2.7M
FY2022$2.9M
FY2023$2.8M
FY2024$2.9M
Net assets
−$1.6M
FY2024▲ +2%
Tap a bar for its year
Net assets by fiscal year
FY2020−$1.4M
FY2021−$1.6M
FY2022−$1.8M
FY2023−$1.6M
FY2024−$1.6M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

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Is it real?

Yes. Exemption reinstated (2011-05-15). Per the IRS revocation list. Latest filing on record: FY2024. IRS ruling in Sep 2012.

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

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $2.9M

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

3 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
See Lighthouse Housing Foundation 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
  • Loans to or from officersSch L · Pt II1 listed

Programs and updates

Provides affordable, safe rental housing for low-to-moderate income individuals and families.

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Provided by the organization

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1 program · $2.9M · in their own filed words · FY2024
01

Lighthouse develops, acquires, rehabilitates, owns and operates affordable housing rental units intended to be rented to individuals and families with low and very-low INCOMES.THE housing units are occupied by residents that qualify as low income and very-low income individuals and families as defined by the income limits established by…

$2.9Mprogram expense

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$2.9M
Ln 12
Fees for servicesLn 2g$2.9M
Investment incomeLn 3$2K
Money outPt IX
$2.9M
Ln 25
Programscol B$2.9M
Owns and owesPt X
−$1.6M
net assets · Ln 32
Cash and savingsLn 1–2$1.7M
Total assetsLn 16$8.2M
LiabilitiesLn 26$9.8M
PeoplePt VI, VII
3
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$2.9M
Investment incomeLn 3$2K
Total revenueLn 12$2.9M
Assets in detailPt X, end of year
CashLn 1$1.7M
Cash and savings togetherLn 1–2$1.7M
Land, buildings, equipmentLn 10c$6.3M
Other assetsLn 15$146K
Total assetsLn 16$8.2M
LiabilitiesLn 26$9.8M
Net assetsLn 32−$1.6M
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$1.5M$1.7M
Land, buildings, equipmentLn 10c$6.6M$6.3M
Total assetsLn 16$8.4M$8.2M
LiabilitiesLn 26$10.0M$9.8M
Net assetsLn 32−$1.6M−$1.6M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$482K$482K
Other employee benefitsLn 9$3K$3K
Payroll taxesLn 10$35K$35K
Management feesLn 11a$256K$256K
Legal feesLn 11b$24K$24K
Accounting feesLn 11c$110K$110K
Advertising and promotionLn 12$16K$16K
Office expensesLn 13$20K$20K
OccupancyLn 16$1.5M$1.5M
InterestLn 20$11K$11K
Depreciation, depletion and amortizationLn 22$347K$347K
All other expensesLn 24e$58K$58K
Total functional expensesLn 25$2.9M$2.9M$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $2.9M$2.9M$37K−$1.6M 990 PDF
FY2023 $2.9M$2.8M$152K−$1.6M 990 PDF
FY2022 $2.8M$2.9M−$148K−$1.8M 990 PDF
FY2021 $2.6M$2.7M−$194K−$1.6M 990 PDF
FY2020 $2.5M$2.7M−$152K−$1.4M 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 $2,943,517 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $2,927,640$2,941,138
I-10 Investment incomePrior year $2,270$2,379
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $2,929,910$2,943,517
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 $475,850$519,659
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $2,302,275$2,387,058
I-18 Total expensesPrior year $2,778,125$2,906,717
I-19 Revenue less expensesPrior year $151,785$36,800
Part VI · Governance 3 of 3 board members independent, 3 to look at
VI-1a Voting members of the governing body3
VI-1b Independent voting members3
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
VI-12a Written conflict of interest policyYes
Part VIII · Statement of revenue $2,943,517 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $2,941,138$2,941,138
VIII-3 Investment incomeExcluded from tax $2,379$2,379
VIII-12 Total revenueRelated to mission $2,941,138 · Unrelated business $0 · Excluded from tax $2,379$2,943,517
Part IX · Statement of functional expenses $2,906,717 across 12 lines filed
IX-7 Other salaries and wagesPrograms $481,514$481,514
IX-9 Other employee benefitsPrograms $3,112$3,112
IX-10 Payroll taxesPrograms $35,033$35,033
IX-11a Management feesPrograms $256,017$256,017
IX-11b Legal feesPrograms $24,381$24,381
IX-11c Accounting feesPrograms $109,808$109,808
IX-12 Advertising and promotionPrograms $16,325$16,325
IX-13 Office expensesPrograms $19,837$19,837
IX-16 OccupancyPrograms $1,543,928$1,543,928
IX-20 InterestPrograms $11,345$11,345
IX-22 Depreciation, depletion and amortizationPrograms $347,437$347,437
IX-24e All other expensesPrograms $57,980$57,980
IX-25 Total functional expensesPrograms $2,906,717 · Management $0 · Fundraising $0$2,906,717
Part X · Balance sheet $8,233,385 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $1,461,151$1,680,692
X-4 Accounts receivableStart of year $125,513$19,153
X-9 Prepaid expenses and deferred chargesStart of year $59,872$51,190
X-10c Land, buildings and equipment, netStart of year $6,567,594$6,336,510
X-15 Other assetsStart of year $146,304$145,840
X-16 Total assetsStart of year $8,360,434$8,233,385
X-17 Accounts payable and accrued expensesStart of year $420,025$636,019
X-25 Other liabilitiesStart of year $806,440$750,959
X-26 Total liabilitiesStart of year $9,961,874$9,798,768
X-32 Total net assets or fund balancesStart of year −$1,601,440−$1,565,383
X-33 Total liabilities and net assetsStart of year $8,360,434$8,233,385
Part XI · Reconciliation of net assets −$1,565,383 net assets at year end
XI-1 Total revenue$2,943,517
XI-2 Total expenses$2,906,717
XI-3 Revenue less expenses$36,800
XI-4 Net assets at start of year−$1,601,440
XI-9 Other changes in net assets−$743
XI-10 Net assets at end of year−$1,565,383

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

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