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Nonprofiteer
← LINCOLN AVENUE APARTMENTS INC

Form 990 for tax year 2024

Filed by LINCOLN AVENUE APARTMENTS INC.

Totals

Total revenue
$235,689
Total expenses
$271,515
Contributions and grants received
$162,998
Grants paid
$0
Program service revenue
$72,585
Investment income
$106
Other revenue
$0
Total assets, end of year
$828,812
Total liabilities, end of year
$997,047
Net assets or fund balances, end of year
-$168,235
Program services expenses (Part IX)
$255,652
Management and general expenses
$15,863
Fundraising expenses
$0
Program service expenses (Part III)
$255,652

Program services were 94.2% 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.

  • 1e · Government grants (contributions)

    $162,998

  • 2a · Program service revenue: TENANT RENTS

    total $71,821 · related or exempt $71,821

  • 2b · Program service revenue: LAUNDRY & TENANT CHARG

    total $764 · related or exempt $764

  • 3 · Investment income

    total $106 · excluded $106

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $53,903 · program services $53,903

  • 9 · Other employee benefits

    total $7,119 · program services $7,119

  • 10 · Payroll taxes

    total $3,902 · program services $3,902

  • 11a · Fees: management

    total $6,528 · management and general $6,528

  • 11b · Fees: legal

    total $15,413 · program services $15,413

  • 11c · Fees: accounting

    total $7,942 · management and general $7,942

  • 11g · Fees: other

    total $1,393 · management and general $1,393

  • 12 · Advertising and promotion

    total $2,586 · program services $2,586

  • 13 · Office expenses

    total $7,542 · program services $7,542

  • 14 · Information technology

    total $5,380 · program services $5,380

  • 16 · Occupancy

    total $113,374 · program services $113,374

  • 19 · Conferences, conventions and meetings

    total $1,781 · program services $1,781

  • 22 · Depreciation, depletion and amortization

    total $37,439 · program services $37,439

  • 23 · Insurance

    total $149 · program services $149

  • 24a · Other expenses: WORKMENS COMPENSATION

    total $4,885 · program services $4,885

  • 24b · Other expenses: MISC. ADMINISTRATIVE EX

    total $1,483 · program services $1,483

  • 24c · Other expenses: MISC. TAXES & LICENSES

    total $696 · program services $696

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $12,011 · end of year $15,406

  • 2 · Savings and temporary cash investments

    beginning of year $71,358 · end of year $85,255

  • 4 · Accounts receivable

    beginning of year $100 · end of year $1,966

  • 9 · Prepaid expenses and deferred charges

    beginning of year $731 · end of year $84

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

    $1,811,592

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

    $1,085,491

  • 10c · Land, buildings and equipment, net

    beginning of year $745,080 · end of year $726,101

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,466 · end of year $33,473

  • 19 · Deferred revenue

    end of year $1,946

  • 23 · Secured mortgages and notes payable

    beginning of year $951,900 · end of year $951,900

  • 25 · Other liabilities

    beginning of year $3,323 · end of year $9,728

  • 27 · Net assets without donor restrictions

    beginning of year -$132,409 · end of year -$168,235

Mission and programs · 2024

Mission

TO PROVIDE LOW-INCOME HOUSING FOR DISABLED PERSONS

  • THE CORPORATION OPERATES A SEVEN UNIT LOW-INCOME APARTMENT COMPLEX IN SAN RAFAEL, CALIFORNIA FOR DEVELOPMENTALLY DISABLED ADULTS UNDER SECTION 811 OF THE NATIONAL HOUSING ACT. THE PROJECT IS REGULATED BY HUD AS TO RENT CHARGES AND OPERATING METHODS.

    Expenses $255,652 · Revenue $72,585

As filed on the 2024 return.

Listed in Part VII

  • LAURA HALL

    PRESIDENT

    Total calculated
    $673,413
    From this org
    $0
    From related orgs
    $626,062
    Other
    $47,351
    Hours/week
    0.1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $555,791 related
    Bonus
    $0 + $70,271 related
    Other
    $0
    Deferred
    $0 + $17,250 related
    Nontaxable benefits
    $0 + $30,101 related
    Filer's total
    $0 + $673,413 related

  • WELTON JORDAN

    VICE PRESIDENT

    Total calculated
    $492,640
    From this org
    $0
    From related orgs
    $458,093
    Other
    $34,547
    Hours/week
    0.1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $409,189 related
    Bonus
    $0 + $48,904 related
    Other
    $0
    Deferred
    $0 + $17,250 related
    Nontaxable benefits
    $0 + $17,297 related
    Filer's total
    $0 + $492,640 related

  • KARIM SULTAN

    SECRETARY/TREAS

    Total calculated
    $249,783
    From this org
    $0
    From related orgs
    $228,614
    Other
    $21,169
    Hours/week
    0.1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $204,114 related
    Bonus
    $0 + $24,500 related
    Other
    $0
    Deferred
    $0 + $11,410 related
    Nontaxable benefits
    $0 + $9,759 related
    Filer's total
    $0 + $249,783 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

The filer's explanations (Part III)

PART I, LINE 3
A COMPENSATION COMMITTEE IS USED TO ESTABLISH COMPENSATION OF RELATED ORGANIZATION'S CEO/CFO,OFFICERS AND KEY EMPLOYEES. BOARD OR COMPENSATION COMMITTEE'S APPROVAL IS ALSO REQUIRED.

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.

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.

Related corporations and trusts

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

Provenance

Return type
form_990
Tax year
2024
Filed
2 February 2026
IRS schema version
2024v5.5
Source object
202620339349301112

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