Avery Properties INC FY2023 filing

Tax-deductible

Decatur, GA501(c)(3)Since 1997EducationEIN 58-2328397

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Charitable organization to support the furtherance of Agnes Scott College's educational purposes.

501(c)(3) charity; gifts are tax-deductible.
99¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2023 · 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
1 of 5
filings with a surplus
Average surplus $3.2M a year · 48% of revenue · last 5 filings
Worth a look: a surplus in 1 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
99%
of spending
Looks good: 99% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
2 mo
of spending, in cash
Fine: 1.9 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$1K
<0.01% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
4
of 5 voting members
Looks good: 4 of 5 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$871K
-97% vs prior year
Spent
$7.2M
To programs
99%
Net assets
$22.8M
By yearFY2020–FY2024
Revenue
$871K
FY2023▼ -97%
Revenue by fiscal year
FY2020$1.1M
FY2021$518K
FY2022$28.5M
FY2023$871K
FY2024$2.0M
FY2024$518K
Expenses
$7.2M
FY2023▲ +780%
Expenses by fiscal year
FY2020$1.1M
FY2021$1.1M
FY2022$821K
FY2023$7.2M
FY2024$6.7M
FY2024$14.6M
Net assets
$22.8M
FY2023▼ -22%
Net assets by fiscal year
FY2020$2.1M
FY2021$1.6M
FY2022$29.2M
FY2023$22.8M
FY2024$18.1M
FY2024$4.0M

From the FY2023 Form 990 (year ending June 2023) · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Mar 2001.

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

Where the money goes

99 cents of each dollar spent went to programs.

Program services 99% · $7.2M Management & general 1% · $42K

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 · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
President of Agnes Scott C
$0Pt VII · Sec A
VP Finance & Admin
$0Pt VII · Sec A
Secretary/Associate VP
$0Pt VII · Sec A
VP Finance & Admin
$0Pt VII · Sec A
$0Pt VII · Sec A
Secretary/Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Avery Properties 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

Supports Agnes Scott College's educational goals through charitable giving.

Provided by the organization

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1 program service account for $7.2M of program spending, described in the organization's own filed words · FY2022.
01

To provide affordable housing for the students and to support the operations of Agnes Scott College

$7.2Mprogram expense

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Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · this organization's grantmaking
Grants paid · 3 grants · $28.1M · 2022–2024
Agnes Scott CollegeGA · FY2024$14,464,607
Agnes Scott CollegeGA · FY2023$6,560,312
Agnes Scott CollegeGA · FY2022$7,060,000

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$871K
Ln 12
Investment incomeLn 3$871K
Money outPt IX
$7.2M
Ln 25
Programscol B$7.2M
Managementcol C$42K
Owns and owesPt X
$22.8M
net assets · Ln 32
Cash and savingsLn 1–2$1.2M
Total assetsLn 16$22.8M
LiabilitiesLn 26$1K
PeoplePt VI, VII
8
listed · VII A
PaidVII A0
Voting boardVI 1a5
IndependentVI 1b4
2In more detail
Revenue in detailPt VIII
Investment incomeLn 3$871K
Gains on assetsLn 7$204K
Total revenueLn 12$871K
Assets in detailPt X, end of year
CashLn 1$1.2M
Cash and savings togetherLn 1–2$1.2M
InvestmentsLn 11–13$21.7M
Total assetsLn 16$22.8M
LiabilitiesLn 26$1K
Net assetsLn 32$22.8M
OperationsPt I, VI
EmployeesI 53
VolunteersI 65
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$29.1M$1.2M
InvestmentsLn 11–13$21.7M
Total assetsLn 16$29.2M$22.8M
LiabilitiesLn 26$1K$1K
Net assetsLn 32$29.2M$22.8M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$7.1M$7.1M
Investment management feesLn 11f$42K$42K
Other fees for servicesLn 11g$36K$36K
Office expensesLn 13$3K$3K
OccupancyLn 16$69K$69K
TravelLn 17$866$866
Conferences, conventions and meetingsLn 19$210$210
Other expenses (24a–d)Ln 24$13K$13K
Total functional expensesLn 25$7.2M$7.2M$42K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $2.0M$6.7M−$4.8M$18.1M 990 PDF
FY2023 Viewing $871K$7.2M−$6.4M$22.8M 990 PDF
FY2022 $28.5M$821K$27.6M$29.2M 990 PDF
FY2021 $518K$1.1M−$558K$1.6M 990 PDF
FY2020 $1.1M$1.1M−$18K$2.1M 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 FY2023 990 (4 parts)
Part VIII · Statement of revenue $870,944 across 3 lines filed
VIII-3 Investment incomeExcluded from tax $666,531$666,531
VIII-7 Net gain or loss on sales of assetsExcluded from tax $204,413$204,413
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $870,944$870,944
Part IX · Statement of functional expenses $7,224,714 across 8 lines filed
IX-1 Grants to domestic organizationsPrograms $7,060,000$7,060,000
IX-11f Investment management feesManagement $41,799$41,799
IX-11g Other fees for servicesPrograms $36,260$36,260
IX-13 Office expensesPrograms $3,186$3,186
IX-16 OccupancyPrograms $69,240$69,240
IX-17 TravelPrograms $866$866
IX-19 Conferences, conventions and meetingsPrograms $210$210
IX-24 Other expenses (24a–d)Programs $13,153$13,153
IX-25 Total functional expensesPrograms $7,182,915 · Management $41,799 · Fundraising $0$7,224,714
Part X · Balance sheet $22,844,993 assets, 8 lines filed
X-1 Cash, non-interest-bearingStart of year $29,086,263$1,168,072
X-4 Accounts receivableStart of year $112,500$0
X-11 Publicly traded securities$21,676,921
X-16 Total assetsStart of year $29,198,763$22,844,993
X-26 Total liabilitiesStart of year $1,385$1,385
X-27 Net assets without donor restrictionsStart of year $29,197,378$22,843,608
X-32 Total net assets or fund balancesStart of year $29,197,378$22,843,608
X-33 Total liabilities and net assetsStart of year $29,198,763$22,844,993
Part XI · Reconciliation of net assets $22,843,608 net assets at year end
XI-1 Total revenue$870,944
XI-2 Total expenses$7,224,714
XI-3 Revenue less expenses−$6,353,770
XI-4 Net assets at start of year$29,197,378
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$22,843,608

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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