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← WESTERN RESERVE REVITALIZATION & MANAGEMENT CO

Form 990 for tax year 2023

Filed by WESTERN RESERVE REVITALIZATION & MANAGEMENT CO.

Totals

Total revenue
$9,660,928
Total expenses
$9,618,508
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$7,554,103
Investment income
$63,552
Other revenue
$2,043,273
Total assets, end of year
$73,909,759
Total liabilities, end of year
$16,878,645
Net assets or fund balances, end of year
$57,031,114
Program services expenses (Part IX)
$8,862,333
Management and general expenses
$756,175
Fundraising expenses
$0
Program service expenses (Part III)
$8,862,333

Program services were 92.1% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: HUD PHA OPERATING GRAN

    total $4,558,607 · related or exempt $4,558,607

  • 2b · Program service revenue: NET RENTAL REVENUE

    total $2,447,161 · related or exempt $2,447,161

  • 2c · Program service revenue: DEVELOPER FEE INCOME

    total $548,335 · related or exempt $548,335

  • 3 · Investment income

    total $63,552 · excluded $63,552

  • 11a · Other revenue: OTHER REVENUE

    total $2,043,273 · related or exempt $2,043,273

  • 11e · Other revenue, total

    $2,043,273

Functional expenses

Part IX, the statement of functional expenses.

  • 6 · Compensation of disqualified persons

    total $1,867,675 · program services $1,495,444 · management and general $372,231

  • 8 · Pension plan contributions

    total $139,282 · program services $139,282

  • 9 · Other employee benefits

    total $213,644 · program services $213,644

  • 11a · Fees: management

    total $325,000 · program services $325,000

  • 11b · Fees: legal

    total $71,996 · program services $19,862 · management and general $52,134

  • 11c · Fees: accounting

    total $115,345 · program services $31,820 · management and general $83,525

  • 11g · Fees: other

    total $335,728 · program services $92,619 · management and general $243,109

  • 13 · Office expenses

    total $436,707 · program services $436,707

  • 20 · Interest

    total $425,281 · program services $425,281

  • 22 · Depreciation, depletion and amortization

    total $605,010 · program services $601,137 · management and general $3,873

  • 23 · Insurance

    total $248,207 · program services $246,904 · management and general $1,303

  • 24a · Other expenses: REPAIRS AND MAINTENANCE

    total $1,809,498 · program services $1,809,498

  • 24b · Other expenses: TAX PASSTHROUGH LOSSES

    total $1,184,531 · program services $1,184,531

  • 24c · Other expenses: UTILITIES

    total $1,148,857 · program services $1,148,857

  • 24d · Other expenses: BAD DEBTS

    total $319,322 · program services $319,322

  • 24e · All other expenses

    total $372,425 · program services $372,425

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $16,971,362 · end of year $12,726,239

  • 4 · Accounts receivable

    beginning of year $20,652,196 · end of year $21,116,900

  • 7 · Other notes and loans receivable

    beginning of year $13,578,553 · end of year $16,578,553

  • 8 · Inventories for sale or use

    beginning of year $6,422 · end of year $108,918

  • 9 · Prepaid expenses and deferred charges

    beginning of year $142,700 · end of year $107,015

  • 10a · Land, buildings and equipment: cost or other basis

    $26,319,193

  • 10b · Land, buildings and equipment: accumulated depreciation

    $14,406,667

  • 10c · Land, buildings and equipment, net

    beginning of year $12,008,095 · end of year $11,912,526

  • 13 · Investments: program-related

    beginning of year $11,782,660 · end of year $10,597,816

  • 15 · Other assets

    beginning of year $667,980 · end of year $761,792

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,188,612 · end of year $1,688,890

  • 19 · Deferred revenue

    beginning of year $15,941 · end of year $512,222

  • 23 · Secured mortgages and notes payable

    beginning of year $14,905,749 · end of year $14,549,046

  • 25 · Other liabilities

    beginning of year $126,515 · end of year $128,487

  • 27 · Net assets without donor restrictions

    beginning of year $58,423,151 · end of year $57,031,114

  • 28 · Net assets with donor restrictions

    beginning of year $150,000 · end of year $0

Mission and programs · 2023

Mission

THE FORMATION OF THE COMPANY IS FOR THE AID IN PLANNING, UNDERTAKING, CONSTRUCTION AND OPERATION OF HOUSING PROJECTS WITHIN CUYAHOGA COUNTY, OHIO. IT WAS FORMED TO DEVELOP LOW AND MODERATE INCOME HOUSING IN TARGET NEIGHBORHOODS IN CUYAHOGA COUNTY.

Activities or mission (Part I)

THE FORMATION OF THE COMPANY IS FOR THE AID IN PLANNING, UNDERTAKING, CONSTRUCTION AND OPERATION OF HOUSING PROJECTS WITHIN CUYAHOGA COUNTY, OHIO.

  • TO DEVELOP LOW AND MODERATE INCOME HOUSING IN TARGET NEIGHBORHOODS IN CUYAHOGA COUNTY.

    Expenses $8,862,333 · Revenue $9,597,376

As filed on the 2023 return.

Listed in Part VII

  • Sharhonda Greer

    TRUSTEE

    Total calculated
    $158,155
    From this org
    $0
    From related orgs
    $131,410
    Other
    $26,745
    Hours/week
    2 + 38 related

  • Stephanie Pope-Earley

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0

  • Jeffery K Patterson

    VICE PRESIDENT

    Total calculated
    $337,478
    From this org
    $0
    From related orgs
    $289,501
    Other
    $47,977
    Hours/week
    10 + 30 related

    Schedule J breakdown matched by us

    Base
    $0 + $289,501 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $289,501 related

  • Jeffery Wade

    TREASURER

    Total calculated
    $244,257
    From this org
    $0
    From related orgs
    $190,274
    Other
    $53,983
    Hours/week
    4 + 36 related

    Schedule J breakdown matched by us

    Base
    $0 + $190,274 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $190,274 related

  • Rachel Loewy

    SECRETARY

    Total calculated
    $152,322
    From this org
    $0
    From related orgs
    $125,211
    Other
    $27,111
    Hours/week
    8 + 32 related

  • Matthew Schmidt

    SECRETARY

    Total calculated
    $154,624
    From this org
    $0
    From related orgs
    $126,166
    Other
    $28,458
    Hours/week
    8 + 32 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • CUYAHOGA METROPOLITAN HOUSING AUTHORITY

    501 (C)(3) · AFFORDABLE HOUSING · OH

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • QUARRYTOWN REDEVELOPMENT LLC

    RENTAL REAL ESTATE · OH · income -$69,619 · assets $4,858,085

    Directly controlled by WESTERN RESERVE REVITALIZATION AND MANAGEMENT COMPANY INC

  • SEVERANCE REDEVELOPMENT LLC

    RENTAL REAL ESTATE · OH · income $416,183 · assets $6,798,399

    Directly controlled by WESTERN RESERVE REVITALIZATION AND MANAGEMENT COMPANY INC

  • AMBLESIDE REDEVELOPMENT LLC

    RENTAL REAL ESTATE · OH · income $283,691 · assets $5,349,971

    Directly controlled by WESTERN RESERVE REVITALIZATION AND MANAGEMENT COMPANY INC

  • 1701 HOLDINGS LLC

    RENTAL REAL ESTATE · OH · income $16,166 · assets $892,614

    Directly controlled by WESTERN RESERVE REVITALIZATION AND MANAGEMENT COMPANY INC

  • CARVER PARK PHASE III GP LLC

    RENTAL REAL ESTATE · OH · income -$83 · assets $1,584,208

    Directly controlled by WESTERN RESERVE REVITALIZATION AND MANAGEMENT COMPANY INC

  • WADE PARK GP LLC

    RENTAL REAL ESTATE · OH · income -$179 · assets $87

    Directly controlled by WESTERN RESERVE REVITALIZATION AND MANAGEMENT COMPANY INC

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • RIVERSIDE PARK HOMES LP

    RELATED · RENTAL REAL ESTATE · OH · 0.1% owned

    Directly controlled by RIVERSIDE PARK HOMES INC

  • GARDEN VALLEY HOUSING PARTNERSHIP I LP

    RELATED · RENTAL REAL ESTATE · OH · 0.03% owned

    Directly controlled by GARDEN VALLEY REDEVELOPMENT LLC

  • GARDEN VALLEY HOUSING PARTNERSHIP II LP

    RELATED · RENTAL REAL ESTATE · OH · 0.01% owned

    Directly controlled by GARDEN VALLEY REDEVELOPMENT LLC

  • GARDEN VALLEY HOUSING PARTNERSHIP III LP

    RELATED · RENTAL REAL ESTATE · OH · 0.01% owned

    Directly controlled by GARDEN VALLEY REDEVELOPMENT LLC

  • EUCLID-LEE SENIOR LP

    RELATED · RENTAL REAL ESTATE · OH · 0.1% owned

    Directly controlled by CLEVELAND EAST LLC

  • MILES POINTE ELDERLY LP

    RELATED · RENTAL REAL ESTATE · OH · 0.1% owned

    Directly controlled by MILES POINTE GP INC

  • FAIRFAX INTERGENERATIONAL HOUSING LP

    RELATED · RENTAL REAL ESTATE · OH · 0.1% owned

    Directly controlled by WRRMC INTERGENERATIONAL HOUSING INC

  • BOHN TOWER REDEVELOPMENT LP

    RELATED · RENTAL REAL ESTATE · OH · 0.01% owned

    Directly controlled by BOHN TOWER GP INC

  • CARVER PARK PHASE I LP

    RELATED · RENTAL REAL ESTATE · OH · 0.01% owned

    Directly controlled by CARVER PARK PHASE I GP LLC

  • GARDEN VALLEY HOUSING PARTNERSHIP IV LP

    RELATED · RENTAL REAL ESTATE · OH · 0.03% owned

    Directly controlled by GARDEN VALLEY REDEVELOPMENT LLC

  • CEDAR REDEVELOPMENT PHASE I LP

    RELATED · RENTAL REAL ESTATE · PA · 0.03% owned

    Directly controlled by PENNROSE GP LLC

  • CEDAR REDEVELOPMENT PHASE II LP

    RELATED · RENTAL REAL ESTATE · PA · 0.03% owned

    Directly controlled by PENNROSE GP LLC

  • RIVERSIDE PARK PHASE II LP

    RELATED · RENTAL REAL ESTATE · OH · 0.01% owned

    Directly controlled by RIVERSIDE PHASE II GP LLC

  • CARVER PARK PHASE II LP

    RELATED · RENTAL REAL ESTATE · OH · 0.01% owned

    Directly controlled by CARVER PARK PHASE II GP LLC

  • RIVERSIDE PARK PHASE III LP

    RELATED · RENTAL REAL ESTATE · OH · 0.01% owned

    Directly controlled by RIVERSIDE PARK PHASE III GP LLC

  • CEDAR REDEVELOPMENT PHASE III LP

    RELATED · RENTAL REAL ESTATE · PA · 0.03% owned

    Directly controlled by PENNROSE GP LLC

  • WADE PARK LP

    RELATED · RENTAL REAL ESTATE · OH · 0.01% owned

    Directly controlled by WADE PARK GP LLC

  • CARVER PARK PHASE III LP

    RELATED · RENTAL REAL ESTATE · OH · 0.01% owned

    Directly controlled by CARVER PARK PHASE III GP LLC

  • CEDAR REDEVELOPMENT PHASE III LLC

    RELATED · RENTAL REAL ESTATE · OH · 0.01% owned

    Directly controlled by CEDAR REDEVELOPMENT LLC

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • RIVERSIDE PARK HOMES INC

    C · PROPERTY LESSOR · OH · 100% owned · share of income -$458,158 · share of assets $9,762,655

    Directly controlled by WESTERN RESERVE REVITALIZATION AND MANAGEMENT COMPANY INC

  • MILES POINTE GP INC

    C · PROPERTY LESSOR · OH · 100% owned · share of income -$444 · share of assets $105,656

    Directly controlled by WESTERN RESERVE REVITALIZATION AND MANAGEMENT COMPANY INC

  • WRRMC INTERGENERATIONAL HOUSING INC

    C · PROPERTY LESSOR · OH · 100% owned · share of income -$270,006 · share of assets $472,593

    Directly controlled by WESTERN RESERVE REVITALIZATION AND MANAGEMENT COMPANY INC

  • BOHN TOWER GP INC

    C · PROPERTY LESSOR · OH · 100% owned · share of income -$87 · share of assets $225,189

    Directly controlled by WESTERN RESERVE REVITALIZATION AND MANAGEMENT COMPANY INC

  • CARVER PARK PHASE I GP LLC

    C · PROPERTY LESSOR · OH · 100% owned · share of income -$1,642 · share of assets -$5,937

    Directly controlled by WESTERN RESERVE REVITALIZATION AND MANAGEMENT COMPANY INC

  • CARVER PARK PHASE II GP LLC

    C · PROPERTY LESSOR · OH · 100% owned · share of income -$1,116 · share of assets -$3,756

    Directly controlled by WESTERN RESERVE REVITALIZATION AND MANAGEMENT COMPANY INC

  • RIVERSIDE PARK PHASE II GP LLC

    C · PROPERTY LESSOR · OH · 100% owned · share of income -$1,979 · share of assets -$5,884

    Directly controlled by WESTERN RESERVE REVITALIZATION AND MANAGEMENT COMPANY INC

  • RIVERSIDE PARK PHASE III GP LLC

    C · PROPERTY LESSOR · OH · 100% owned · share of income -$2,410 · share of assets -$7,087

    Directly controlled by WESTERN RESERVE REVITALIZATION AND MANAGEMENT COMPANY INC

  • GARDEN VALLEY REDEVELOPMENT LLC

    C · PROPERTY LESSOR · OH · 100% owned · share of income -$289,615 · share of assets -$1,040,791

    Directly controlled by WESTERN RESERVE REVITALIZATION AND MANAGEMENT COMPANY INC

  • CLEVELAND EAST LLC

    C · PROPERTY LESSOR · OH · 100% owned · share of income -$158,994 · share of assets $364,930

    Directly controlled by WESTERN RESERVE REVITALIZATION AND MANAGEMENT COMPANY INC

  • CEDAR REDEVELOPMENT LLC

    C · PROPERTY LESSOR · OH · 100% owned · share of income -$80 · share of assets $730,248

    Directly controlled by WESTERN RESERVE REVITALIZATION AND MANAGEMENT COMPANY INC

Provenance

Return type
form_990
Tax year
2023
Filed
6 November 2024
IRS schema version
2023v5.1
Source object
202443119349300429

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