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Nonprofiteer
← INDIANAPOLIS EASTSIDE REVITALIZATION CORPORATION

Form 990 for tax year 2024

Filed by INDIANAPOLIS EASTSIDE REVITALIZATION CORPORATION.

Totals

Total revenue
-$9,997,398
Total expenses
$198,872
Contributions and grants received
$1,690,000
Grants paid
$100,000
Program service revenue
$119,065
Investment income
-$11,861,105
Other revenue
$54,642
Total assets, end of year
$9,605,256
Total liabilities, end of year
$2,203,619
Net assets or fund balances, end of year
$7,401,637
Program services expenses (Part IX)
$173,070
Management and general expenses
$25,802
Fundraising expenses
$0
Program service expenses (Part III)
$173,070

Program services were 87.0% 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.

  • 1f · All other contributions, gifts and grants

    $1,690,000

  • 1g · Noncash contributions included above

    $1,690,000

  • 2a · Program service revenue: LOAN ORIGINATION FEE

    total $50,000 · related or exempt $50,000

  • 2b · Program service revenue: PARTNERSHIP MANGEMENT FEE

    total $44,065 · related or exempt $44,065

  • 2c · Program service revenue: PARTNERSHIP ADMINSSION FEE

    total $25,000 · related or exempt $25,000

  • 3 · Investment income

    total $202,995 · related or exempt $202,995

  • 7a · Gross sales of assets other than inventory

    securities $639,258 · other assets $773,368

  • 7b · Less cost or other basis and sales expenses

    securities $13,476,726 · other assets $0

  • 7c · Gain or loss

    securities -$12,837,468 · other assets $773,368

  • 7d · Net gain or loss

    total -$12,064,100 · related or exempt -$12,064,100

  • 11a · Other revenue: DEVELOPMENT ADVANCES

    total $54,543 · related or exempt $54,543

  • 11b · Other revenue: TENANT CHARGES

    total $99 · related or exempt $99

  • 11e · Other revenue, total

    $54,642

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $100,000 · program services $100,000

  • 11b · Fees: legal

    total $2,129 · management and general $2,129

  • 11c · Fees: accounting

    total $23,673 · management and general $23,673

  • 12 · Advertising and promotion

    total $1,739 · program services $1,739

  • 13 · Office expenses

    total $12,937 · program services $12,937

  • 16 · Occupancy

    total $56,644 · program services $56,644

  • 23 · Insurance

    total $1,750 · program services $1,750

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $221,839 · end of year $417,040

  • 4 · Accounts receivable

    beginning of year $0 · end of year $138,177

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

    $1,690,000

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $1,690,000

  • 12 · Investments: other securities

    beginning of year $112 · end of year $9,469

  • 15 · Other assets

    beginning of year $19,608,359 · end of year $7,350,570

  • 17 · Accounts payable and accrued expenses

    beginning of year $9,695 · end of year $19,040

  • 25 · Other liabilities

    beginning of year $2,222,708 · end of year $2,184,579

  • 27 · Net assets without donor restrictions

    beginning of year $17,597,907 · end of year $7,401,637

Mission and programs · 2024

Mission

THE EXEMPT PURPOSE OF THE CORPORATION IS TO EXCLUSIVELY BE ORGANIZED FOR CHARITABLE AND EDUCATIONAL PURPOSES, INCLUDING BUT NOT LIMITED TO, COMBATING COMMUNITY DETERIORATION BY DEVELOPING AND FOSTERING LOW-INCOME HOUSING, WHILE MAINTAINING THE HISTORIC FOUNDATION OF THE COMMUNITY, IN ORDER TO PROVIDE EDUCATIONAL, SOCIAL, AND CULTURAL SERVICES BASED ON COMMUNITY AND NEIGHBORHOOD NEEDS THROUGHOUT THE MIDWEST

  • REAL ESTATE DEVELOPMENT - THE ORGANIZATION PARTICIPATES IN LEADING DEVELOPMENT AND HISTORIC REHABILITATION OF COMMERCIAL OR MIXED USE BUILDINGS ALONG IN THE MIDWEST. AS A DEVELOPER, CO-DEVELOPER, OR FACILITATOR, THE ORGANIZATION RECEIVES FINANCING AND SUBSIDY FUNDS TO DIRECTLY IMPROVE, OR ENCOURAGE IMPROVEMENT, OF KEY PROPERTIES CRITICAL TO THE OVERALL REDEVELOPMENT EFFORTS IN THE MIDWEST.

    Expenses $173,070 · Grants $100,000 · Revenue $376,702

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Janine Betsey

    CHAIR / TREASURER

    Total calculated
    $0
    Hours/week
    5

  • Kristen Davis

    SECRETARY

    Total calculated
    $0
    Hours/week
    5

  • James Taylor

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    5

  • Tracy Aldrich

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    5

  • Dustin Detzler

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    5

  • Aaron Laster

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    5

  • Ken Bretz

    FORMER BOARD MEMBER

    Total calculated
    $0
    Hours/week
    5

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

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.

  • EASTSIDE REVITALIZATION I LLC

    HOLDING · IN

    Directly controlled by MIDWEST SUPPORT FOUNDATION INC

  • EASTSIDE REVITALIZATION IV LLC

    HOLDING · IN

    Directly controlled by MIDWEST SUPPORT FOUNDATION INC

  • MIDWEST SUPPORT FOUNDATION LLC

    HOLDING · IN

    Directly controlled by MIDWEST SUPPORT FOUNDATION INC

  • MSF HILLCREST II APARTMENTS LLC

    HOLDING · IN

    Directly controlled by MIDWEST SUPPORT FOUNDATION INC

  • MSF FAIRGROUND FLATS LLC

    HOLDING · IN

    Directly controlled by MIDWEST SUPPORT FOUNDATION INC

  • MSF SUNLAND GP LLC

    HOLDING · IN

    Directly controlled by MIDWEST SUPPORT FOUNDATION INC

  • DAVENPORT WF LLC

    HOLDING · IN · income $0 · assets $423

    Directly controlled by MIDWEST SUPPORT FOUNDATION INC

  • MSF GLENDALE GP LLC

    HOLDING · IN

    Directly controlled by MIDWEST SUPPORT FOUNDATION INC

Related partnerships

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

  • EASTSIDE REVITALIZATION II LLC

    IN · 51% owned

  • CLIFFORD CORNERS APARTMENTS LP

    IN · 49% owned

  • EASTSIDE REVITALIZATION III LLC

    IN · 49% owned

  • R&T LOFTS LP

    RENTAL · IN · 1% owned · share of assets $283,777

  • COMMONWEALTH SENIOR APARTMENTS LP

    RENTAL · IN · 0.1% owned · share of income -$3 · share of assets $110

  • SOUTHRIDGE APARTMENTS PARTNERS LP

    RENTAL · IN · 0% owned · share of assets $371

  • ASPEN COURT GP LLC

    RENTAL · IN · 25% owned · share of income -$5 · share of assets $363,348

  • MSF DEVELOPMENT GROUP LLC

    RENTAL · IN · 50% owned · share of income $100,323 · share of assets $1,477,075

  • WESTDALE APARTMENTS LP

    RENTAL · IN · 0.01% owned · share of assets $2,011

Related corporations and trusts

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

  • CLIFFORD CORNERS CONDOMINIUM ASSOC

    C · MANAGEMENT · IN

  • TIPTON SENIOR APARTMENTS GP LLC

    C · RENTAL · IN · 100% owned

    Directly controlled by MIDWEST SUPPORT FOUNDATION INC

  • MSF SEYMOUR GP LLC

    C · RENTAL · IN · 100% owned

    Directly controlled by MIDWEST SUPPORT FOUNDATION INC

  • CHEROKEE LANDING MSF GP LLC

    C · RENTAL · IN · 100% owned

    Directly controlled by MIDWEST SUPPORT FOUNDATION INC

Assets distributed on this return

Schedule N, as filed: what the organization did with its assets when it liquidated or dissolved, or disposed of more than a quarter of them, and who received them. A recipient with an EIN is usually a successor organization; filers also list expenses such as legal fees here.

  • TWG GP III LLC

    $100,000

    Disposition · NOTE RECEIVABLE - R&T LOFTS GP LLC · Dec 31, 2024 · PARTNERSHIP

  • TWG GP III LLC

    $12,593

    Disposition · NOTE RECEIVABLE - COMMONWEALTH SENIOR APARTMENTS GP LLC · Dec 31, 2024 · PARTNERSHIP

  • TWG GP III LLC

    $268,672

    Disposition · NOTE RECEIVABLE - COMMONWEALTH SENIOR APARTMENTS LP · Dec 31, 2024 · PARTNERSHIP

  • TWG GP III LLC

    $109,677

    Disposition · NOTE RECEIVABLE - SOUTHRIDGE APARTMENTS PARTNERS LP · Dec 31, 2024 · PARTNERSHIP

  • TWG GP III LLC

    $148,316

    Disposition · NOTE RECEIVABLE - WESTDALE APARTMENTS LP · Dec 31, 2024 · PARTNERSHIP

Provenance

Return type
form_990
Tax year
2024
Filed
17 November 2025
IRS schema version
2024v5.2
Source object
202523219349308822

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