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1717 Ridge Apartments INC

IRS exemption revoked

Dallas, TXUnknown exempt organization EIN 80-0949310Revenue $2.3M in FY2021

On file with the IRS2001 Ross Avenue Suite 3400 · Dallas, TX

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To operate as a title holding corporation within the meaning of irc section 501(c)(25) and hold title to real property on behalf of public employees' retirement system of nevada.

Mission: Form 990 Part I, line 1

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FY2021 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
Revoked
IRS exemption revoked
Concern: the IRS revoked its tax exemption.
IRS Auto-Revocation List
Latest return
FY2021
latest Form 990
Concern: the latest return is for FY2021, 5 tax years back; more than 4 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 2
filings with a surplus
Average surplus $2.1M a year · 89% of revenue · last 2 filings
Looks good: a surplus in 2 of the last 2 filings.
Pt I · Ln 19 · 2 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
20 mo
of spending, in cash
Looks good: 19.9 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$1.2M
2% of total assets
Looks good: liabilities are 2% of assets; 50% or less.
Pt X · Ln 26
Independent board members
2
of 2 voting members
Looks good: 2 of 2 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$2.3M
-1% vs prior year
Spent
$262K
To programs
0%
Net assets
$58.6M
By yearFY2020–FY2021
Revenue
$2.3M
FY2021▼ -1%
Tap a bar for its year
Revenue by fiscal year
FY2020$2.4M
FY2021$2.3M
Expenses
$262K
FY2021▼ -2%
Tap a bar for its year
Expenses by fiscal year
FY2020$266K
FY2021$262K
Net assets
$58.6M
FY2021▲ +2%
Tap a bar for its year
Net assets by fiscal year
FY2020$57.6M
FY2021$58.6M

From the FY2021 Form 990 (year ending June 2021) · figures checked against the IRS filing · see the original

990 PDF Claim
IRS revoked this organization's tax-exempt status on November 15, 2024

Is it real?

No. The IRS revoked its tax exemption. Latest filing on record: FY2021.

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

Where the money goes

What each dollar paid for.

Management & general 100% · $262K

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

16 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
$0Pt VII · Sec A
Beth Zayicek
Director
$0Pt VII · Sec A
Michael Kirby
President
$0Pt VII · Sec A
$0Pt VII · Sec A
Bert J Crouch
VP/Asst Sec
$0Pt VII · Sec A
Jeff Cavanaugh
VP/Asst Sec
$0Pt VII · Sec A
Chris Cleghorn
VP/Asst Sec
$0Pt VII · Sec A
Jackson Lapin
VP/Asst Sec
$0Pt VII · Sec A
See 1717 Ridge Apartments 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

Holds title to real property for public employees' retirement system.

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Provided by the organization

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1 program · in their own filed words · FY2020
01

1717 ridge apartments, inc. Operates as a title holding corporation within the meaning of irc section 501(c)(25) and holdstitle to real property on behalf of public employees' retirementsystem of nevada (retirement system). The organization collectsthe income from the property and remits it to the retirementsystem.

Pt IX · col B

By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$2.3M
Ln 12
Other incomeLn 4–11$2.3M
Investment incomeLn 3$296
Money outPt IX
$262K
Ln 25
Managementcol C$262K
Owns and owesPt X
$58.6M
net assets · Ln 32
Cash and savingsLn 1–2$433K
Total assetsLn 16$59.7M
LiabilitiesLn 26$1.2M
PeoplePt VI, VII
16
listed · VII A
PaidVII A0
Voting boardVI 1a2
IndependentVI 1b2
2In more detail
Revenue in detailPt VIII
Investment incomeLn 3$296
Other incomeLn 4–11$2.3M
Total revenueLn 12$2.3M
Assets in detailPt X, end of year
SavingsLn 2$433K
Cash and savings togetherLn 1–2$433K
Land, buildings, equipmentLn 10c$71.4M
Other assetsLn 15−$12.3M
Total assetsLn 16$59.7M
LiabilitiesLn 26$1.2M
Net assetsLn 32$58.6M
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderJune
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 FY21End FY21
Cash and savingsLn 1–2$357K$433K
Land, buildings, equipmentLn 10c$71.2M$71.4M
Total assetsLn 16$58.9M$59.7M
LiabilitiesLn 26$1.3M$1.2M
Net assetsLn 32$57.6M$58.6M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$262K$262K
Total functional expensesLn 25$262K$0$262K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2021 Latest Viewing $2.3M$262K$2.1M$58.6M 990 PDF
FY2020 $2.4M$266K$2.1M$57.6M 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 FY2021 990 (6 parts)
Part I · Summary $2,340,816 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 $505$296
I-11 Other revenuePrior year $2,367,674$2,340,520
I-12 Total revenuePrior year $2,368,179$2,340,816
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 $265,923$261,824
I-18 Total expensesPrior year $265,923$261,824
I-19 Revenue less expensesPrior year $2,102,256$2,078,992
Part VI · Governance 2 of 2 board members independent, 5 to look at
VI-1a Voting members of the governing body2
VI-1b Independent voting members2
VI-2 Family or business relationship among officers or directorsYes
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
Part VIII · Statement of revenue $2,340,816 across 3 lines filed
VIII-3 Investment incomeExcluded from tax $296$296
VIII-6 Net rental income or lossExcluded from tax $2,340,520$2,340,520
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $2,340,816$2,340,816
Part IX · Statement of functional expenses $261,824 across 1 line filed
IX-11a Management feesManagement $261,824$261,824
IX-25 Total functional expensesPrograms $0 · Management $261,824 · Fundraising $0$261,824
Part X · Balance sheet $59,741,170 assets, 12 lines filed
X-2 Savings and temporary cash investmentsStart of year $357,396$433,391
X-4 Accounts receivableStart of year $697,649$169,660
X-9 Prepaid expenses and deferred chargesStart of year $34,881$32,289
X-10c Land, buildings and equipment, netStart of year $71,232,794$71,384,339
X-15 Other assetsStart of year −$13,426,965−$12,278,509
X-16 Total assetsStart of year $58,896,055$59,741,170
X-17 Accounts payable and accrued expensesStart of year $1,271,050$1,117,937
X-19 Deferred revenueStart of year $34,342$58,727
X-25 Other liabilitiesStart of year $9,747$7,143
X-26 Total liabilitiesStart of year $1,315,139$1,183,807
X-32 Total net assets or fund balancesStart of year $57,580,916$58,557,363
X-33 Total liabilities and net assetsStart of year $58,896,055$59,741,170
Part XI · Reconciliation of net assets $58,557,363 net assets at year end
XI-1 Total revenue$2,340,816
XI-2 Total expenses$261,824
XI-3 Revenue less expenses$2,078,992
XI-4 Net assets at start of year$57,580,916
XI-5 Net unrealized gains (losses) on investments$1,148,455
XI-9 Other changes in net assets−$2,251,000
XI-10 Net assets at end of year$58,557,363

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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