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Nonprofiteer
← LAVERNA TERRACE HOUSING CORPORATION

Form 990 for tax year 2022

Filed by LAVERNA TERRACE HOUSING CORPORATION.

Totals

Total revenue
$469,999
Total expenses
$542,140
Contributions and grants received
$296,574
Grants paid
$0
Program service revenue
$214,844
Investment income
-$42,669
Other revenue
$1,250
Total assets, end of year
$4,153,322
Total liabilities, end of year
$121,349
Net assets or fund balances, end of year
$4,031,973
Program services expenses (Part IX)
$493,034
Management and general expenses
$49,106
Fundraising expenses
$0
Program service expenses (Part III)
$493,034

Program services were 90.9% 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.

  • 1e · Government grants (contributions)

    $296,574

  • 2a · Program service revenue: RENTAL INCOME

    total $214,844 · related or exempt $214,844

  • 3 · Investment income

    total $481 · excluded $481

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

    other assets $43,150

  • 7c · Gain or loss

    other assets -$43,150

  • 7d · Net gain or loss

    total -$43,150 · related or exempt -$43,150

  • 11a · Other revenue: TENANT CHARGES

    total $1,250 · related or exempt $1,250

  • 11e · Other revenue, total

    $1,250

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $29,988 · management and general $29,988

  • 11c · Fees: accounting

    total $16,098 · management and general $16,098

  • 12 · Advertising and promotion

    total $2,510 · program services $2,510

  • 13 · Office expenses

    total $10,425 · program services $10,425

  • 16 · Occupancy

    total $165,392 · program services $165,392

  • 19 · Conferences, conventions and meetings

    total $5,208 · program services $2,188 · management and general $3,020

  • 20 · Interest

    total $961 · program services $961

  • 22 · Depreciation, depletion and amortization

    total $193,965 · program services $193,965

  • 24a · Other expenses: MGMT CO EMPLOYEE CHARGE

    total $117,263 · program services $117,263

  • 24b · Other expenses: BAD DEBTS

    total $330 · program services $330

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $16,040 · end of year $99,970

  • 4 · Accounts receivable

    beginning of year $8,261 · end of year $4,549

  • 9 · Prepaid expenses and deferred charges

    beginning of year $332 · end of year $340

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

    $6,186,877

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

    $2,280,225

  • 10c · Land, buildings and equipment, net

    beginning of year $4,069,547 · end of year $3,906,652

  • 13 · Investments: program-related

    beginning of year $137,626 · end of year $99,931

  • 15 · Other assets

    beginning of year $19,490 · end of year $41,880

  • 17 · Accounts payable and accrued expenses

    beginning of year $61,085 · end of year $99,210

  • 19 · Deferred revenue

    beginning of year $117 · end of year $2,559

  • 23 · Secured mortgages and notes payable

    beginning of year $65,491 · end of year $0

  • 25 · Other liabilities

    beginning of year $20,489 · end of year $19,580

  • 27 · Net assets without donor restrictions

    beginning of year $4,104,114 · end of year $4,031,973

Mission and programs · 2022

Mission

PROVIDE AFFORDABLE HOUSING FACILITIES FOR LOW-INCOME ELDERLY AND HANDICAPPED INDIVIDUALS.

  • THE ORGANIZATION PROVIDES AFFORDABLE HOUSING TO LOW-INCOME SENIOR INDIVIDUALS. THE ORGANIZATION OWNS & OPERATES A 51 UNIT APARTMENT COMMUNITY. THE RENTS CHARGED TO TENANTS ARE SUBSIDIZED AND REGULATED BY THE U.S. DEPARTMENT OF HOUSING & URBAN DEVELOPMENT. AS PART OF THE ASCENSION CATHOLIC HEALTH MINISTRY, THE FILING ORGANIZATION SERVED IN SUPPORT OF ASCENSION'S COMMITMENT TO BOTH CARE FOR PATIENTS AND COMMUNITIES AND SUPPORT CAREGIVERS AND OTHER ASSOCIATES THROUGH THE CHALLENGES OF THE COVID-19 GLOBAL PANDEMIC IN 2020, 2021, & 2022.

    Expenses $493,034 · Revenue $172,944

As filed on the 2022 return.

Listed in Part VII

  • DAVID BORDO

    BOARD MEMBER

    Total calculated
    $843,173
    From this org
    $0
    From related orgs
    $794,363
    Other
    $48,810
    Hours/week
    40 + 5 related

    Schedule J breakdown matched by us

    Base
    $0 + $624,450 related
    Bonus
    $0 + $142,500 related
    Other
    $0 + $27,413 related
    Deferred
    $0 + $19,825 related
    Nontaxable benefits
    $0 + $28,985 related
    Filer's total
    $0 + $843,173 related

  • BRAD S FOLEY

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    1 + 43 related

  • KAREN LAUER

    BOARD MEMBER

    Total calculated
    $44,802
    From this org
    $0
    From related orgs
    $38,671
    Other
    $6,131
    Hours/week
    40 + 5 related

  • DANIEL STRICKER

    PRESIDENT & CEO, ASCENSION

    Total calculated
    $1,455,162
    From this org
    $0
    From related orgs
    $1,429,457
    Other
    $25,705
    Hours/week
    1 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $875,500 related
    Bonus
    $0 + $283,444 related
    Other
    $0 + $270,513 related
    Deferred
    $0 + $6,296 related
    Nontaxable benefits
    $0 + $19,409 related
    Filer's total
    $0 + $1,455,162 related

  • LISA ANN MUSGRAVE

    SENIOR VP

    Total calculated
    $444,524
    From this org
    $0
    From related orgs
    $418,580
    Other
    $25,944
    Hours/week
    1 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $363,090 related
    Bonus
    $0 + $40,000 related
    Other
    $0 + $15,490 related
    Deferred
    $0 + $14,725 related
    Nontaxable benefits
    $0 + $11,219 related
    Filer's total
    $0 + $444,524 related

  • MICHAEL GORDON

    CFO

    Total calculated
    $589,477
    From this org
    $0
    From related orgs
    $547,100
    Other
    $42,377
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $438,596 related
    Bonus
    $0 + $100,980 related
    Other
    $0 + $7,524 related
    Deferred
    $0 + $19,825 related
    Nontaxable benefits
    $0 + $22,552 related
    Filer's total
    $0 + $589,477 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:
DETERMINATION OF COMPENSATION OF ORGANIZATION'S CEO/EXECUTIVE DIRECTOR: COMPENSATION FOR THE CORPORATION'S CEO AND OTHER OFFICERS OR KEY EMPLOYEES IS DETERMINED IN ACCORDANCE WITH WRITTEN POLICIES AND PROCEDURES ADOPTED BY THE BOARD OF DIRECTORS OF PRESENCE HEALTH NETWORK, THE ULTIMATE PARENT OF THE CORPORATION. SUCH POLICIES AND PROCEDURES ARE APPLIED BY THE HUMAN RESOURCES COMMITTEE OF PRESENCE HEALTH NETWORK, WHICH CONSISTS WHOLLY OF INDEPENDENT DIRECTORS. PRESENCE HEALTH NETWORK USES MARKET DATA COMPILED BY AN INDEPENDENT COMPENSATION CONSULTANT TO ESTABLISH BASE SALARIES AND TOTAL CASH COMPENSATION OPPORTUNITIES. THE HUMAN RESOURCES COMMITTEE MONITORS EXECUTIVE TOTAL COMPENSATION, ANNUALLY REVIEWING AND APPROVING COMPENSATION CHANGES FOR EACH EXECUTIVE, AND REGULARLY REPORTING ITS ACTIVITIES TO THE BOARD.
SCHEDULE J, PART I, LINE 4A:
SEVERANCE PAYMENTS: PRESENCE HAS THREE SEVERANCE PLANS DEPENDING UPON LEVEL. THESE PLANS ALLOW INDIVIDUALS WHOSE JOBS HAVE BEEN ELIMINATED AND WHO HAVE NOT BEEN ABLE TO FIND A SIMILAR POSITION WITHIN THE SYSTEM TIME TO TRANSITION. THE NUMBER OF WEEKS OF WAGE CONTINUATION ARE BASED UPON LENGTH OF SERVICE. THE PLANS ARE NOT FUNDED.
SCHEDULE J, PART I, QUESTION 4B:
PAYMENTS FROM A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN: IN ORDER TO ENHANCE THE ABILITY OF PRESENCE HEALTH TO ATTRACT AND RETAIN QUALIFIED MANAGEMENT PERSONNEL BY PROVIDING ELIGIBLE EXECUTIVES WITH ADDITIONAL RETIREMENT BENEFITS ON A DEFERRED BASIS, PRESENCE HEALTH NETWORK MAINTAINS AN UNFUNDED SUPPLEMENTAL RETIREMENT PLAN (THE "PLAN") FOR A SELECT GROUP OF MANAGEMENT, WHICH IS INTENDED TO COMPLY WITH SECTION 457(F), AND SECTION 409A OF THE INTERNAL REVENUE CODE. THE PLAN, PRESENCE HEALTH NETWORK CREDITS TO SUCH ELIGIBLE EXECUTIVE'S RETIREMENT ACCOUNT AN AMOUNT BASED ON A PERCENTAGE OF SALARY. EARNINGS AND/OR LOSSES ON INVESTMENTS ARE CREDITED AT A RATE EQUAL TO THE RATE OF RETURN OVER THE SAME PERIOD ON INVESTMENT OPTIONS SLECTED BY THE ELIGIBLE EXECUTIVE. ELIGIBLE EXECUTIVES ARE ENTITLED TO RECEIVE BENEFITS ON THE EARLIEST OF (I) JANUARY 1 OF THE THIRD CALENDAR YEAR BEGINNING AFTER THE YEAR IN WHICH SUCH CONTRIBUTION IS CREDITED, (II) ATTAINING AGE 62, OR (III) ATTAINING THE AGE OF 60 IF THE ELIGIBLE EXECUTIVE HAS COMPLETED TEN (10) YEARS OF SERVICE.

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.

Related corporations and trusts

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

Provenance

Return type
form_990
Tax year
2022
Filed
14 May 2024
IRS schema version
2022v5.0
Source object
202401359349307680

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