Skip to content
Nonprofiteer
← RAINBOW HEIGHTS INCE

Form 990 for tax year 2024

Filed by RAINBOW HEIGHTS INCE.

Totals

Total revenue
$527,379
Total expenses
$566,949
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$526,765
Investment income
$427
Other revenue
$187
Total assets, end of year
$2,294,208
Total liabilities, end of year
$3,828,375
Net assets or fund balances, end of year
-$1,534,167
Program services expenses (Part IX)
$500,321
Management and general expenses
$66,628
Fundraising expenses
$0
Program service expenses (Part III)
$500,321

Program services were 88.2% 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.

  • 2a · Program service revenue: Rent Revenue

    total $526,765 · related or exempt $526,765

  • 3 · Investment income

    total $427 · excluded $427

  • 11a · Other revenue: Other Revenue

    total $187 · related or exempt $187

  • 11e · Other revenue, total

    $187

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $97,886 · program services $97,886

  • 9 · Other employee benefits

    total $13,073 · program services $13,073

  • 10 · Payroll taxes

    total $8,960 · program services $8,960

  • 11a · Fees: management

    total $39,847 · management and general $39,847

  • 11c · Fees: accounting

    total $26,180 · management and general $26,180

  • 22 · Depreciation, depletion and amortization

    total $89,437 · program services $89,437

  • 23 · Insurance

    total $14,003 · program services $14,003

  • 24a · Other expenses: Operating and Maintenan

    total $179,509 · program services $179,509

  • 24b · Other expenses: Utilities Expense

    total $66,541 · program services $66,541

  • 24c · Other expenses: Administrative

    total $31,513 · program services $30,912 · management and general $601

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $18,728 · end of year $93,673

  • 4 · Accounts receivable

    beginning of year $27,145 · end of year $27,800

  • 9 · Prepaid expenses and deferred charges

    end of year $8,867

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

    $3,812,993

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

    $1,769,674

  • 10c · Land, buildings and equipment, net

    beginning of year $2,097,950 · end of year $2,043,319

  • 15 · Other assets

    beginning of year $103,647 · end of year $120,549

  • 17 · Accounts payable and accrued expenses

    beginning of year $36,660 · end of year $121,787

  • 19 · Deferred revenue

    beginning of year $2,904 · end of year $3,235

  • 25 · Other liabilities

    beginning of year $3,702,503 · end of year $3,703,353

  • 27 · Net assets without donor restrictions

    beginning of year -$1,494,597 · end of year -$1,534,167

Mission and programs · 2024

Mission

Providing housing for elderly persons by operating a HUD-assisted aparment community regulated under Section 202 of the National Housing Act of 1959.

  • Providing housing for elderly persons by operating a HUD-assisted aparment community regulated under Section 202 of the National Housing Act of 1959.

    Expenses $500,321 · Revenue $526,952

As filed on the 2024 return.

Listed in Part VII

  • Misoon Lee

    Chair

    Total calculated
    $0
    Hours/week
    2

  • Elba Ramos Algarin

    Secretary

    Total calculated
    $0
    Hours/week
    2

  • Erin Chun

    Treasurer

    Total calculated
    $0
    Hours/week
    2

  • Javier Benavides Esq

    Director

    Total calculated
    $0
    Hours/week
    2

  • Saumeth Cardona MD

    Director

    Total calculated
    $0
    Hours/week
    2

  • Yenny Feliz

    Director

    Total calculated
    $0
    Hours/week
    2

  • Isaac Hwang

    Director

    Total calculated
    $0
    Hours/week
    2

  • Miryung Lee

    Director

    Total calculated
    $0
    Hours/week
    2

  • Jong K Song MD

    Director

    Total calculated
    $0
    Hours/week
    2

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.

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.

Provenance

Return type
form_990
Tax year
2024
Filed
13 October 2025
IRS schema version
2024v5.2
Source object
202502879349301405

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.