Levi Towers INC FY2023 filing

Tax-deductible

Hot Springs, AR501(c)(3)Since 2012HousingEIN 71-0508917Revenue $1.2M in FY2023

On file with the IRSlevitowers.com240 Prospect Avenue, 71901-4005 · Hot Springs, ARTax-exempt since Dec 1978Publicly supported charity — 170(b)(1)(A)(vi)

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Operation of low income, elderly housing project in hot springs, arkansas.

501(c)(3) charity; gifts are tax-deductible.
80¢ 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
5 of 5
filings with a surplus
Average surplus $112K a year · 9% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
80%
of spending
Looks good: 80% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Concern: 0.0 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$3.1M
106% of total assets
Concern: liabilities are 106% of assets; over 80%.
Pt X · Ln 26
Independent board members
8
of 8 voting members
Looks good: 8 of 8 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.2M
+0.3% vs prior year
Spent
$1.2M
To programs
80%
Net assets
−$179K
By yearFY2020–FY2024
Revenue
$1.2M
FY2023+0.3%
Tap a bar for its year
Revenue by fiscal year
FY2020$1.2M
FY2021$1.2M
FY2022$1.2M
FY2023$1.2M
FY2024$1.3M
FY2024$1.3M
Expenses
$1.2M
FY2023▲ +5%
Tap a bar for its year
Expenses by fiscal year
FY2020$1.1M
FY2021$1.1M
FY2022$1.1M
FY2023$1.2M
FY2024$1.1M
FY2024$1.2M
Net assets
−$179K
FY2023▲ +35%
Tap a bar for its year
Net assets by fiscal year
FY2020−$529K
FY2021−$427K
FY2022−$277K
FY2023−$179K
FY2024−$50K
FY2024$128K

From the FY2023 Form 990 (year ending September 2023) · figures checked against the IRS filing · see the original

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You’re viewing the FY2023 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 Dec 1978.

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

Where the money goes

80 cents of each dollar spent went to programs.

Program services 80% · $920K Management & general 20% · $230K

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

9 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
$0Pt VII · Sec A
Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
See Levi Towers 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

Provides affordable housing for low-income families using federal programs.

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Provided by the organization

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1 program · $920K · in their own filed words · FY2022
01

Levi towers, inc. (the project) is a nonprofit corporation that operates a low income, elderly housing project in hot springs, arkansas. The project consists of 102 apartments and was refinanced under section 223(f) of the national housing act, as amended, and is administered by the U.S.

$920Kprogram expense

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$1.2M
Ln 12
Gifts and grantsLn 1h$820K
Fees for servicesLn 2g$392K
Other incomeLn 4–11$34K
Money outPt IX
$1.2M
Ln 25
Programscol B$920K
Managementcol C$230K
Owns and owesPt X
−$179K
net assets · Ln 32
Cash and savingsLn 1–2$174
Total assetsLn 16$3.0M
LiabilitiesLn 26$3.1M
PeoplePt VI, VII
9
listed · VII A
PaidVII A0
Voting boardVI 1a8
IndependentVI 1b8
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$820K
Government grantsLn 1e$820K
Fees for servicesLn 2g$392K
Investment incomeLn 3$2K
Other incomeLn 4–11$34K
Gains on assetsLn 7$0
Total revenueLn 12$1.2M
Assets in detailPt X, end of year
CashLn 1$174
SavingsLn 2$0
Cash and savings togetherLn 1–2$174
InvestmentsLn 11–13$0
Land, buildings, equipmentLn 10c$1.1M
Other assetsLn 15$1.8M
Total assetsLn 16$3.0M
LiabilitiesLn 26$3.1M
Net assetsLn 32−$179K
OperationsPt I, VI
EmployeesI 50
Fiscal year endsHeaderSeptember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$62K$174
InvestmentsLn 11–13$0
Land, buildings, equipmentLn 10c$1.1M$1.1M
Total assetsLn 16$3.0M$3.0M
LiabilitiesLn 26$3.3M$3.1M
Net assetsLn 32−$277K−$179K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$0
Grants to domestic individualsLn 2$0
Grants and assistance to foreign recipientsLn 3$0
Benefits paid to or for membersLn 4$0
Pay of current officers, directors and key staffLn 5$0
Pay of disqualified personsLn 6$0
Other salaries and wagesLn 7$0
Pension plan contributionsLn 8$0
Other employee benefitsLn 9$0
Payroll taxesLn 10$0
Management feesLn 11a$60K$48K$12K
Legal feesLn 11b$0
Accounting feesLn 11c$14K$12K$3K
Lobbying feesLn 11d$0
Professional fundraising feesLn 11e$0
Investment management feesLn 11f$0
Other fees for servicesLn 11g$0
Advertising and promotionLn 12$1K$1K$284
Office expensesLn 13$7K$6K$1K
Information technologyLn 14$0
RoyaltiesLn 15$0
OccupancyLn 16$10K$8K$2K
TravelLn 17$0
Travel and entertainment for public officialsLn 18$0
Conferences, conventions and meetingsLn 19$0
InterestLn 20$100K$80K$20K
Payments to affiliatesLn 21$0
Depreciation, depletion and amortizationLn 22$176K$141K$35K
InsuranceLn 23$137K$110K$27K
Other expenses (24a–d)Ln 24$602K$481K$120K
All other expensesLn 24e$43K$34K$9K
Total functional expensesLn 25$1.2M$920K$230K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $1.3M$1.1M$129K−$50K 990 PDF
FY2023 Viewing $1.2M$1.2M$98K−$179K 990 PDF
FY2022 $1.2M$1.1M$151K−$277K 990 PDF
FY2021 $1.2M$1.1M$101K−$427K 990 PDF
FY2020 $1.2M$1.1M$80K−$529K 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 (6 parts)
Part I · Summary $1,247,882 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $821,034$820,109
I-9 Program service revenuePrior year $359,104$391,822
I-10 Investment incomePrior year $536$2,120
I-11 Other revenuePrior year $63,283$33,831
I-12 Total revenuePrior year $1,243,957$1,247,882
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $244,861$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $848,441$1,150,100
I-18 Total expensesPrior year $1,093,302$1,150,100
I-19 Revenue less expensesPrior year $150,655$97,782
Part VI · Governance 8 of 8 board members independent, 4 to look at
VI-1a Voting members of the governing body8
VI-1b Independent voting members8
VI-12a Written conflict of interest policyNo
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
Part VIII · Statement of revenue $1,247,882 across 10 lines filed
VIII-1e Government grants$820,109
VIII-1h Total contributions, gifts and grants$820,109
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $391,822$391,822
VIII-3 Investment incomeRelated to mission $2,120$2,120
VIII-5 Royalties$0
VIII-6 Net rental income or loss$0
VIII-7 Net gain or loss on sales of assets$0
VIII-8 Net income from fundraising events$0
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $33,831$33,831
VIII-12 Total revenueRelated to mission $427,773$1,247,882
Part IX · Statement of functional expenses $1,150,100 across 31 lines filed
IX-1 Grants to domestic organizations$0
IX-2 Grants to domestic individuals$0
IX-3 Grants and assistance to foreign recipients$0
IX-4 Benefits paid to or for members$0
IX-5 Pay of current officers, directors and key staff$0
IX-6 Pay of disqualified persons$0
IX-7 Other salaries and wages$0
IX-8 Pension plan contributions$0
IX-9 Other employee benefits$0
IX-10 Payroll taxes$0
IX-11a Management feesPrograms $47,937 · Management $11,984$59,921
IX-11b Legal fees$0
IX-11c Accounting feesPrograms $11,520 · Management $2,880$14,400
IX-11d Lobbying fees$0
IX-11e Professional fundraising fees$0
IX-11f Investment management fees$0
IX-11g Other fees for services$0
IX-12 Advertising and promotionPrograms $1,136 · Management $284$1,420
IX-13 Office expensesPrograms $5,788 · Management $1,447$7,235
IX-14 Information technology$0
IX-15 Royalties$0
IX-16 OccupancyPrograms $7,607 · Management $1,902$9,509
IX-17 Travel$0
IX-18 Travel and entertainment for public officials$0
IX-19 Conferences, conventions and meetings$0
IX-20 InterestPrograms $79,911 · Management $19,978$99,889
IX-21 Payments to affiliates$0
IX-22 Depreciation, depletion and amortizationPrograms $140,945 · Management $35,237$176,182
IX-23 InsurancePrograms $109,703 · Management $27,426$137,129
IX-24 Other expenses (24a–d)Programs $481,329 · Management $120,332$601,661
IX-24e All other expensesPrograms $34,203 · Management $8,551$42,754
IX-25 Total functional expensesPrograms $920,079 · Management $230,021 · Fundraising $0$1,150,100
Part X · Balance sheet $2,963,638 assets, 20 lines filed
X-1 Cash, non-interest-bearingStart of year $61,605$174
X-2 Savings and temporary cash investments$0
X-3 Pledges and grants receivable$0
X-4 Accounts receivable$0
X-8 Inventories for sale or use$0
X-9 Prepaid expenses and deferred chargesStart of year $57,036$78,105
X-10c Land, buildings and equipment, netStart of year $1,124,530$1,112,553
X-11 Publicly traded securities$0
X-12 Other securities$0
X-13 Program-related investments$0
X-14 Intangible assets$0
X-15 Other assetsStart of year $1,771,623$1,772,806
X-16 Total assetsStart of year $3,014,794$2,963,638
X-17 Accounts payable and accrued expensesStart of year $32,192$50,641
X-19 Deferred revenueStart of year $7,442$5,620
X-25 Other liabilitiesStart of year $30,750$31,596
X-26 Total liabilitiesStart of year $3,291,303$3,142,365
X-27 Net assets without donor restrictionsStart of year −$276,509−$178,727
X-32 Total net assets or fund balancesStart of year −$276,509−$178,727
X-33 Total liabilities and net assetsStart of year $3,014,794$2,963,638
Part XI · Reconciliation of net assets −$178,727 net assets at year end
XI-1 Total revenue$1,247,882
XI-2 Total expenses$1,150,100
XI-3 Revenue less expenses$97,782
XI-4 Net assets at start of year−$276,509
XI-10 Net assets at end of year−$178,727

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

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