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Fec Holdings INC FY2020 filing

East Chicago, INUnknown exempt organizationEIN 46-2487908Revenue $2.8M in FY2020

On file with the IRS100 West Chicago Ave · East Chicago, IN

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To serve as the holding company for interests in low-income affordable housing apartments

Mission: Form 990 Part I, line 1

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FY2020 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2022
latest Form 990
Worth a look: the latest return is for FY2022, 4 tax years back; more than 3 tax years.
IRS e-file · Filing history
Liabilities
$0
total owed
No data yet: the filing does not give total assets.
Pt X · Ln 26
Independent board members
0
of 4 voting members
Concern: none of 4 voting members are independent.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$2.8M
Spent
$0
Net assets
$0

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

990 PDF Claim
You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2022) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2022.

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

Who runs it and what they're paid

5 people listed on the 990.

Part VII, Section A · reportable compensation
George Weems
President
$0Pt VII · Sec A
$0Pt VII · Sec A
Nadyne Kokot
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Rosa Pena
Executive Dir.
$0Pt VII · Sec A
See Fec Holdings 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 15aYes

Programs and updates

Develops and manages affordable housing for low-income residents.

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Provided by the organization

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1 program · in their own filed words · FY2020
01

Through affiliate businesses, FEC Holdings, Inc. acquired, recapitalized and revitalized an economically distressed affordable housing project in East Chicago, Indiana.

Pt IX · col B

By the numbers

The FY2020 990, line by line.

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1The main four
Money inPt VIII
$2.8M
Ln 12
Other incomeLn 4–11$2.8M
Investment incomeLn 3$434
Money outPt IX
$0
Ln 25
Owns and owesPt X
$0
net assets · Ln 32
Total assetsLn 16$0
LiabilitiesLn 26$0
PeoplePt VI, VII
5
listed · VII A
PaidVII A0
Voting boardVI 1a4
IndependentVI 1b0
2In more detail
Revenue in detailPt VIII
Investment incomeLn 3$434
Other incomeLn 4–11$2.8M
Gains on assetsLn 7−$1.8M
Total revenueLn 12$2.8M
Assets in detailPt X, end of year
Total assetsLn 16$0
LiabilitiesLn 26$0
Net assetsLn 32$0
OperationsPt I, VI
EmployeesI 50
VolunteersI 65
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
Total assetsLn 16$360K$0
LiabilitiesLn 26$150K$0
Net assetsLn 32$210K$0
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Total functional expensesLn 25$0$0$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2022 Latest 990 PDF
FY2021 990 PDF
FY2020 Viewing $2.8M$0$2.8M$0 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants O · Explanations
See the full FY2020 990 (6 parts)
Part I · Summary $2,790,807 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $0−$1,763,608
I-11 Other revenuePrior year $0$4,554,415
I-12 Total revenuePrior year $0$2,790,807
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 $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $0$0
I-18 Total expensesPrior year $0$0
I-19 Revenue less expensesPrior year $0$2,790,807
Part VI · Governance 0 of 4 board members independent, 1 to look at
VI-1a Voting members of the governing body4
VI-1b Independent voting members0
VI-13 Written whistleblower policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $2,790,807 across 4 lines filed
VIII-3 Investment incomeExcluded from tax $434$434
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$1,764,042−$1,764,042
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $4,554,415$4,554,415
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $2,790,807$2,790,807
Part IX · Statement of functional expenses $0 across 0 lines filed
IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$0
Part X · Balance sheet $0 assets, 6 lines filed
X-16 Total assetsStart of year $360,209$0
X-24 Unsecured notes and loans payableStart of year $150,000$0
X-26 Total liabilitiesStart of year $150,000$0
X-27 Net assets without donor restrictionsStart of year $210,209$0
X-32 Total net assets or fund balancesStart of year $210,209$0
X-33 Total liabilities and net assetsStart of year $360,209$0
Part XI · Reconciliation of net assets $0 net assets at year end
XI-1 Total revenue$2,790,807
XI-2 Total expenses$0
XI-3 Revenue less expenses$2,790,807
XI-4 Net assets at start of year$210,209
XI-9 Other changes in net assets−$3,001,016
XI-10 Net assets at end of year$0

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

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