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Nonprofiteer
← LOWELL TERRACE CORP

Form 990 for tax year 2024

Filed by LOWELL TERRACE CORP.

Totals

Total revenue
$189,210
Total expenses
$270,023
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$188,787
Investment income
$423
Other revenue
$0
Total assets, end of year
$928,350
Total liabilities, end of year
$741,191
Net assets or fund balances, end of year
$187,159
Program services expenses (Part IX)
$226,477
Management and general expenses
$43,546
Fundraising expenses
$0
Program service expenses (Part III)
$226,477

Program services were 83.9% 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: PROGRAM HOUSING RENT

    total $71,551 · related or exempt $71,551

  • 2b · Program service revenue: HUD HOUSING/RENTAL

    total $117,236 · related or exempt $117,236

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $423 · excluded $423

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $17,141 · program services $17,141

  • 11b · Fees: legal

    total $1,683 · program services $1,683

  • 11c · Fees: accounting

    total $32,681 · management and general $32,681

  • 11g · Fees: other

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 12 · Advertising and promotion

    total $10,865 · management and general $10,865

  • 16 · Occupancy

    total $53,610 · program services $53,610

  • 22 · Depreciation, depletion and amortization

    total $60,326 · program services $60,326

  • 23 · Insurance

    total $7,959 · program services $7,959

  • 24a · Other expenses: REPAIR & MAINTENANCE

    total $57,012 · program services $57,012

  • 24b · Other expenses: BAD DEBT EXPENSE

    total $28,746 · program services $28,746

  • 24e · All other expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,924 · end of year $4,587

  • 2 · Savings and temporary cash investments

    beginning of year $206,196 · end of year $225,583

  • 4 · Accounts receivable

    beginning of year $3,102 · end of year $5,413

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

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

    $2,059,691

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

    $1,366,924

  • 10c · Land, buildings and equipment, net

    beginning of year $720,293 · end of year $692,767

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $11,532 · end of year $7,925

  • 19 · Deferred revenue

    beginning of year $1,095 · end of year $7,127

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $653,916 · end of year $726,139

  • 27 · Net assets without donor restrictions

    beginning of year -$1,111,228 · end of year -$1,192,041

  • 28 · Net assets with donor restrictions

    beginning of year $1,379,200 · end of year $1,379,200

Mission and programs · 2024

Mission

ENRICHING LIVES AND MINDS THROUGH FOCUSING ON THE STRENGTHS AND WELL-BEING OF INDIVIDUALS BY DEVELOPING AND OPERATING QUALITY, AFFORDABLE AND SUPPORTIVE HOUSING FOR DENVER RESIDENTS WITH BEHAVIORAL HEALTH NEEDS.

Activities or mission (Part I)

PROVIDE QUALITY, AFFORDABLE HOUSING FOR PEOPLE WITH BEHAVIORAL HEALTH NEEDS.

  • AFFORDABLE HOUSING APARTMENT BUILDING WITH 18 ONE BEDROOM UNITS PROVIDE LOW-INCOME HOUSING FOR PEOPLE DISABLED WITH BEHAVIORAL HEALTH NEEDS.

    Expenses $226,477 · Revenue $188,787

As filed on the 2024 return.

Listed in Part VII

  • Angela Oakley

    BOARD TREASURER & CFO OF MHCD

    Total calculated
    $392,718
    From this org
    $0
    From related orgs
    $351,534
    Other
    $41,184
    Hours/week
    0.5 + 43 related

    Schedule J breakdown matched by us

    Base
    $0 + $337,274 related
    Bonus
    $0 + $14,022 related
    Other
    $0 + $238 related
    Deferred
    $0 + $17,250 related
    Nontaxable benefits
    $0 + $23,934 related
    Filer's total
    $0 + $392,718 related

  • Carl Clark MD

    FORMER BOARD PRESIDENT & CEO OF MHCD (RETIRED 12/31/24)

    Total calculated
    $622,973
    From this org
    $0
    From related orgs
    $596,670
    Other
    $26,303
    Hours/week
    0.5 + 43 related

    Schedule J breakdown matched by us

    Base
    $0 + $548,739 related
    Bonus
    $0 + $39,068 related
    Other
    $0 + $8,863 related
    Deferred
    $0 + $17,013 related
    Nontaxable benefits
    $0 + $9,290 related
    Filer's total
    $0 + $622,973 related

  • James Greer

    BOARD PRESIDENT & CEO OF MHCD STARTING 5/15/25

    Total calculated
    $315,852
    From this org
    $0
    From related orgs
    $296,679
    Other
    $19,173
    Hours/week
    0.5 + 43 related

    Schedule J breakdown matched by us

    Base
    $0 + $291,596 related
    Bonus
    $0 + $5,000 related
    Other
    $0 + $83 related
    Deferred
    $0 + $9,883 related
    Nontaxable benefits
    $0 + $9,290 related
    Filer's total
    $0 + $315,852 related

  • Cynthia Lowery-Graber

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 2 related

  • Jason Hopcus

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 2 related

  • Marjorie Lewis

    BOARD DIRECTOR SABIN & MHCD

    Total calculated
    $0
    Hours/week
    0.5 + 2.5 related

  • Thomas Bryan CPA

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 2 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)

Schedule J, Part I, Line 3 Executive Compensation Process
EXECUTIVE COMPENSATION POLICY AND PROCEDURES: OFFICERS ARE COMPENSATED BY A RELATED ORGANIZATION, WELLPOWER. THE WELLPOWER BOARD RETAINED THE FIRM OF HARLON GROUP TO COMPLETE A SALARY COMPARABILITY STUDY FOR THE CEO IN MAY 2023. HARLON GROUP USES A NUMBER OF SURVEYS, COMPARING SALARIES BASED ON THE SIZE OF THE ORGANIZATION, HEALTHCARE, MENTAL HEALTH, NONPROFIT, REGION, AND OTHER FACTORS. THE WELLPOWER BOARD HAS A CEO COMPENSATION SUBCOMMITTEE WHICH IS COMPRISED OF THE PERSONNEL COMMITTEE AND EXECUTIVE COMMITTEE MEMBERS WHO CONSIDER THE DATA REPORTED FROM HARLON GROUP AS WELL AS MSEC DATA AND OTHER SOURCES OF INFORMATION IN DETERMINING THE CEO'S SALARY AND INCENTIVE COMPENSATION. THE WELLPOWER BOARD THEN HAS OVERSIGHT AND COMMUNICATION WITH THE CEO OVER THE EXECUTIVE TEAM COMPENSATION PACKAGES, REVIEWS PERFORMANCE METRICS WITHIN THE COMPENSATION PACKAGE QUARTERLY, AND AUTHORIZES THE CEO TO OPERATE WITHIN THE PARAMETERS OF THE AGREED UPON COMPENSATION STRUCTURE.

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 partnerships

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

  • SANDERSON LLP

    N/A · HOUSING PROJECT · CO

    Directly controlled by NA

  • SHERIDAN SUPPORTIVE HOUSING LLP

    N/A · HOUSING PROJECT · CO

    Directly controlled by NA

Provenance

Return type
form_990
Tax year
2024
Filed
4 May 2026
IRS schema version
2024v5.1
Source object
202601249349300120

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