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Nonprofiteer
← SOUTH SEVENTH CORPORATION

Form 990 for tax year 2024

Filed by SOUTH SEVENTH CORPORATION.

Totals

Total revenue
$658,739
Total expenses
$550,551
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$643,046
Investment income
$7,896
Other revenue
$7,797
Total assets, end of year
$868,239
Total liabilities, end of year
$704,086
Net assets or fund balances, end of year
$164,153
Program services expenses (Part IX)
$487,927
Management and general expenses
$62,624
Fundraising expenses
$0
Program service expenses (Part III)
$487,927

Program services were 88.6% 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: RENTAL INCOME

    total $643,046 · related or exempt $643,046

  • 3 · Investment income

    total $7,896 · excluded $7,896

  • 11a · Other revenue: LAUNDRY, VENDING, ETC

    total $7,797 · excluded $7,797

  • 11e · Other revenue, total

    $7,797

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $130,278 · program services $130,278

  • 9 · Other employee benefits

    total $14,524 · program services $14,524

  • 10 · Payroll taxes

    total $9,355 · program services $9,355

  • 11a · Fees: management

    total $35,543 · management and general $35,543

  • 11c · Fees: accounting

    total $15,300 · management and general $15,300

  • 12 · Advertising and promotion

    total $2,902 · program services $2,902

  • 13 · Office expenses

    total $28,409 · program services $25,553 · management and general $2,856

  • 16 · Occupancy

    total $225,382 · program services $216,457 · management and general $8,925

  • 17 · Travel

    total $338 · program services $338

  • 19 · Conferences, conventions and meetings

    total $2,256 · program services $2,256

  • 22 · Depreciation, depletion and amortization

    total $25,866 · program services $25,866

  • 23 · Insurance

    total $59,033 · program services $59,033

  • 24a · Other expenses: MISC TAXES, LICNS, PERM

    total $656 · program services $656

  • 24b · Other expenses: DUES & SUBSCRIPTIONS

    total $540 · program services $540

  • 24c · Other expenses: OTHER RENTING EXPENSES

    total $131 · program services $131

  • 24d · Other expenses: BAD DEBT EXPENSE

    total $38 · program services $38

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $36,818 · end of year $47,446

  • 2 · Savings and temporary cash investments

    beginning of year $368,820 · end of year $428,233

  • 4 · Accounts receivable

    beginning of year $2,093 · end of year $4,940

  • 9 · Prepaid expenses and deferred charges

    beginning of year $60,720 · end of year $42,513

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

    $1,894,584

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

    $1,562,230

  • 10c · Land, buildings and equipment, net

    beginning of year $358,220 · end of year $332,354

  • 15 · Other assets

    beginning of year $11,846 · end of year $12,753

  • 17 · Accounts payable and accrued expenses

    beginning of year $64,412 · end of year $55,050

  • 19 · Deferred revenue

    beginning of year $519 · end of year $354

  • 23 · Secured mortgages and notes payable

    beginning of year $706,085 · end of year $636,233

  • 25 · Other liabilities

    beginning of year $11,536 · end of year $12,449

  • 27 · Net assets without donor restrictions

    beginning of year $55,965 · end of year $164,153

Mission and programs · 2024

Mission

OPERATION AND MAINTENANCE OF A 40 UNIT APARTMENT COMPLEX FOR THE ELDERLY AND THE SELF-SUFFICIENT HANDICAPPED IN ACCORDANCE WITH THE US DEPARTMENT OF HUD'S SECTION 202 HOUSING PROGRAM.

Activities or mission (Part I)

PROVIDE HOUSING FOR THE ELDERLY.

  • OPERATION AND MAINTENANCE OF A 40 UNIT APARTMENT COMPLEX FOR THE ELDERLY AND THE SELF-SUFFICIENT HANDICAPPED IN ACCORDANCE WITH THE US DEPARTMENT OF HUD'S SECTION 202 HOUSING PROGRAM.

    Expenses $487,927 · Revenue $643,046

As filed on the 2024 return.

Listed in Part VII

  • GERALD EICKHOFF

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • JOSEPH F GLENN

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • ELIZABETH C GLENN

    TREASURER/SECRETARY

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • EARLEEN ABERNATHY

    ASSISTANT SECRETARY/ VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • ROBERT REINHART

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • KIM DELACEY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • LARRY GAY REAGIN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • REBECCA BUMM

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • BARRY BUMM

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 1 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.

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
22 October 2025
IRS schema version
2024v5.2
Source object
202512959349301496

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