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1848 Properties INC FY2024 filing

Not tax-deductible

Lexington, KYMutual-benefit / member-servingRecreation & SportsEIN 82-2795986Revenue $17K in FY2024

On file with the IRS1201 Red Mile Rd, 40504-2648 · Lexington, KYTax-exempt since Jan 2018

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The corporation is organized for the exclusive purpose of holding title to property, collecting income therefrom, and turning over the entire amount thereof, less expenses, to its sole member, phi gamma delta fraternity, INC. ("fraternity"), a non-profit corporation exempt from federal income tax under internal revenue code ("code") section 501(c)(7).

Mission: Form 990 Part I, line 1

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 4
filings with a surplus
Average deficit $41K a year · 690% of revenue · last 4 filings
Concern: a surplus in 1 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
39 mo
of spending, in cash
Looks good: 38.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$30
0.01% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
5
of 5 voting members
Looks good: 5 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
$17K
+356% vs prior year
Spent
$18K
To programs
0%
Net assets
$277K
By yearFY2021–FY2025
Revenue
$17K
FY2024▲ +356%
Tap a bar for its year
Revenue by fiscal year
FY2021$8K
FY2023−$7K
FY2024$17K
FY2025$5K
Expenses
$18K
FY2024▼ -85%
Tap a bar for its year
Expenses by fiscal year
FY2021$894
FY2023$117K
FY2024$18K
FY2025$52K
Net assets
$277K
FY2024▲ +1%
Tap a bar for its year
Net assets by fiscal year
FY2021$381K
FY2023$274K
FY2024$277K
FY2025$240K

From the FY2024 Form 990 (year ending June 2024) · see the original

Form 990 (PDF) Claim
You’re viewing the FY2024 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jan 2018.

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

Where the money goes

What each dollar paid for.

Management & general 100% · $18K

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

6 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
$0Pt VII · Sec A
D Mark Smith
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Rob Caudill
Executive Director
$0Pt VII · Sec A
See 1848 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

Manages property and collects income for Phi Gamma Delta Fraternity.

Questions for 1848 Properties INC

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Provided by the organization

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1 program · in their own filed words · FY2023
01

To hold title to property, collecting income therefrom, and turning over the entire amount thereof, less expenses, to its sole member, phi gamma delta fraternity, inc. ("fraternity"), a non-profit corporation exempt from federal income tax under internal revenue code ("code") section 501(c)(7).

Pt IX · col B

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$17K
Ln 12
Other incomeLn 4–11$9K
Investment incomeLn 3$8K
Money outPt IX
$18K
Ln 25
Managementcol C$18K
Owns and owesPt X
$277K
net assets · Ln 32
Cash and savingsLn 1–2$58K
Total assetsLn 16$277K
LiabilitiesLn 26$30
PeoplePt VI, VII
6
listed · VII A
PaidVII A0
Voting boardVI 1a5
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Investment incomeLn 3$8K
Other incomeLn 4–11$9K
Total revenueLn 12$17K
Assets in detailPt X, end of year
CashLn 1$58K
Cash and savings togetherLn 1–2$58K
InvestmentsLn 11–13$219K
Total assetsLn 16$277K
LiabilitiesLn 26$30
Net assetsLn 32$277K
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 FY24End FY24
Cash and savingsLn 1–2$67K$58K
InvestmentsLn 11–13$207K$219K
Total assetsLn 16$274K$277K
LiabilitiesLn 26$30$30
Net assetsLn 32$274K$277K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other expenses (24a–d)Ln 24$18K$18K
Total functional expensesLn 25$18K$0$18K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $5K$52K−$47K$240K 990 PDF
FY2024 Viewing $17K$18K−$1K$277K 990 PDF
FY2023 −$7K$117K−$124K$274K 990 PDF
FY2022 Not on file
FY2021 $8K$894$8K$381K 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 $16,897 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 −$6,592$8,037
I-11 Other revenuePrior year $0$8,860
I-12 Total revenuePrior year −$6,592$16,897
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 $117,157$18,004
I-18 Total expensesPrior year $117,157$18,004
I-19 Revenue less expensesPrior year −$123,749−$1,107
Part VI · Governance 5 of 5 board members independent, 4 to look at
VI-1a Voting members of the governing body5
VI-1b Independent voting members5
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 $16,897 across 3 lines filed
VIII-3 Investment incomeExcluded from tax $8,037$8,037
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $8,860$8,860
VIII-12 Total revenueRelated to mission $8,860 · Unrelated business $0 · Excluded from tax $8,037$16,897
Part IX · Statement of functional expenses $18,004 across 1 line filed
IX-24 Other expenses (24a–d)Management $18,004$18,004
IX-25 Total functional expensesPrograms $0 · Management $18,004 · Fundraising $0$18,004
Part X · Balance sheet $277,119 assets, 8 lines filed
X-1 Cash, non-interest-bearingStart of year $67,243$58,099
X-12 Other securitiesStart of year $206,563$219,020
X-16 Total assetsStart of year $273,806$277,119
X-17 Accounts payable and accrued expensesStart of year $30$30
X-26 Total liabilitiesStart of year $30$30
X-28 Net assets with donor restrictionsStart of year $273,776$277,089
X-32 Total net assets or fund balancesStart of year $273,776$277,089
X-33 Total liabilities and net assetsStart of year $273,806$277,119
Part XI · Reconciliation of net assets $277,089 net assets at year end
XI-1 Total revenue$16,897
XI-2 Total expenses$18,004
XI-3 Revenue less expenses−$1,107
XI-4 Net assets at start of year$273,776
XI-5 Net unrealized gains (losses) on investments$4,420
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$277,089

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

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