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← LANCER EDUCATIONAL HOUSINGCORPORATION

Form 990 for tax year 2023

Filed by LANCER EDUCATIONAL HOUSINGCORPORATION.

Totals

Total revenue
$27,933,482
Total expenses
$27,314,943
Contributions and grants received
$0
Grants paid
$2,000,000
Program service revenue
$26,675,395
Investment income
$1,252,022
Other revenue
$6,065
Total assets, end of year
$203,897,029
Total liabilities, end of year
$183,383,231
Net assets or fund balances, end of year
$20,513,798
Program services expenses (Part IX)
$26,306,756
Management and general expenses
$1,008,187
Fundraising expenses
$0
Program service expenses (Part III)
$26,306,756

Program services were 96.3% 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: STUDENT HOUSING FEES

    total $22,153,436 · related or exempt $22,153,436

  • 2b · Program service revenue: LEASE INCOME

    total $4,521,959 · related or exempt $4,521,959

  • 3 · Investment income

    total $1,252,022 · excluded $1,252,022

  • 11a · Other revenue: OTHER REVENUE

    total $6,065 · excluded $6,065

  • 11e · Other revenue, total

    $6,065

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,000,000 · program services $2,000,000

  • 11a · Fees: management

    total $1,815,903 · program services $1,595,981 · management and general $219,922

  • 11g · Fees: other

    total $3,095,938 · program services $3,095,938

  • 20 · Interest

    total $8,676,810 · program services $8,676,810

  • 22 · Depreciation, depletion and amortization

    total $6,692,079 · program services $6,692,079

  • 23 · Insurance

    total $698,243 · management and general $698,243

  • 24a · Other expenses: UTILITIES

    total $2,184,973 · program services $2,184,973

  • 24b · Other expenses: REPAIRS & MAINTENANCE

    total $2,060,975 · program services $2,060,975

  • 24c · Other expenses: OTHER OPERATING EXPENSE

    total $90,022 · management and general $90,022

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $25,397,964 · end of year $27,006,626

  • 2 · Savings and temporary cash investments

    beginning of year $12,724,153 · end of year $12,724,153

  • 4 · Accounts receivable

    beginning of year $1,272,455 · end of year $3,426,377

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

    $211,081,859

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

    $50,591,986

  • 10c · Land, buildings and equipment, net

    beginning of year $164,329,307 · end of year $160,489,873

  • 15 · Other assets

    beginning of year $250,000 · end of year $250,000

  • 17 · Accounts payable and accrued expenses

    beginning of year $8,793,008 · end of year $11,836,345

  • 19 · Deferred revenue

    beginning of year $396,533 · end of year $401,754

  • 20 · Tax-exempt bond liabilities

    beginning of year $174,879,551 · end of year $171,135,604

  • 25 · Other liabilities

    beginning of year $9,528 · end of year $9,528

  • 27 · Net assets without donor restrictions

    beginning of year $19,895,259 · end of year $20,513,798

Mission and programs · 2023

Mission

THE CORPORATION FACILITATES THE EDUCATION AND SUPPORT OF STUDENTS, FACULTY, AND STAFF OF CALIFORNIA BAPTIST UNIVERSITY (CBU) BY PURCHASING AND CONSTRUCTING HOUSING STOCK AND LEASING IT TO STUDENTS AND TO CBU.

Activities or mission (Part I)

THE CORPORATION FACILITATES THE EDUCATION AND SUPPORT OF STUDENTS, FACULTY, AND STAFF OF CALIFORNIA BAPTIST UNIVERSITY (CBU) BY PURCHASING HOUSING STOCK AND LEASING IT TO STUDENTS AND TO CBU.

  • LANCER EDUCATIONAL HOUSING CORPORATION MAXIMIZES THE EFFICIENT USE OF HOUSING RESOURCES BY LEASING PROPERTY TO CALIFORNIA BAPTIST UNIVERSITY AND FURTHER ACQUIRING, CONSTRUCTING AND OWNING RESIDENTIAL FACILITIES FOR STUDENTS, FACULTY, AND STAFF.

    Expenses $26,306,756 · Grants $2,000,000 · Revenue $26,675,395

As filed on the 2023 return.

Listed in Part VII

  • RONALD L ELLIS

    PRESIDENT

    Total calculated
    $1,913,846
    From this org
    $0
    From related orgs
    $1,788,009
    Other
    $125,837
    Hours/week
    0.25 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,438,009 related
    Bonus
    $0 + $350,000 related
    Other
    $0
    Deferred
    $0 + $48,900 related
    Nontaxable benefits
    $0 + $76,937 related
    Filer's total
    $0 + $1,913,846 related

  • MARK HOWE

    SECRETARY/TREASURER

    Total calculated
    $579,220
    From this org
    $0
    From related orgs
    $501,021
    Other
    $78,199
    Hours/week
    0.25 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $486,021 related
    Bonus
    $0 + $15,000 related
    Other
    $0
    Deferred
    $0 + $38,722 related
    Nontaxable benefits
    $0 + $39,477 related
    Filer's total
    $0 + $579,220 related

  • MATTHEW ALBEE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25

  • DR RICK MILLER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25

  • DAVID PEERY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25

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

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.

Disregarded entities

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

  • LANCER EDUCATIONAL HOUSING LLC

    HOLDING COMPANY · CA · income $25,320,758 · assets $178,358,315

    Directly controlled by LANCER EDUCATIONAL HOUSING CORPORATION

  • LANCER PLAZA LLC

    HOLDING COMPANY · CA · income $2,612,724 · assets $26,765,719

    Directly controlled by LANCER EDUCATIONAL HOUSING CORPORATION

Provenance

Return type
form_990
Tax year
2023
Filed
15 May 2025
IRS schema version
2023v6.0
Source object
202521359349311187

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