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Nonprofiteer
← LIHUE COURT TOWNHOMES CORPORATION

Form 990 for tax year 2023

Filed by LIHUE COURT TOWNHOMES CORPORATION.

Totals

Total revenue
$2,039,935
Total expenses
$1,901,247
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$1,959,923
Investment income
$29,766
Other revenue
$50,246
Total assets, end of year
$6,617,397
Total liabilities, end of year
$10,959,011
Net assets or fund balances, end of year
-$4,341,614
Program services expenses (Part IX)
$1,835,247
Management and general expenses
$66,000
Fundraising expenses
$0
Program service expenses (Part III)
$1,835,247

Program services were 96.5% 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 $1,959,923 · related or exempt $1,959,923

  • 3 · Investment income

    total $29,766 · excluded $29,766

  • 11a · Other revenue: INCIDENTAL PROGRAM INC

    total $49,397 · related or exempt $49,397

  • 11b · Other revenue: OTHER INCOME

    total $849 · excluded $849

  • 11e · Other revenue, total

    $50,246

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $487,136 · program services $487,136

  • 8 · Pension plan contributions

    total $14,706 · program services $14,706

  • 9 · Other employee benefits

    total $45,654 · program services $45,654

  • 10 · Payroll taxes

    total $45,279 · program services $45,279

  • 11a · Fees: management

    total $66,000 · management and general $66,000

  • 11b · Fees: legal

    total $10,157 · program services $10,157

  • 11g · Fees: other

    total $31,210 · program services $31,210

  • 12 · Advertising and promotion

    total $1,085 · program services $1,085

  • 13 · Office expenses

    total $16,491 · program services $16,491

  • 16 · Occupancy

    total $559,684 · program services $559,684

  • 17 · Travel

    total $581 · program services $581

  • 19 · Conferences, conventions and meetings

    total $993 · program services $993

  • 22 · Depreciation, depletion and amortization

    total $300,193 · program services $300,193

  • 23 · Insurance

    total $18,911 · program services $18,911

  • 24a · Other expenses: REPAIRS & MAINTENANCE

    total $285,593 · program services $285,593

  • 24b · Other expenses: CREDIT & BACKGROUND CHE

    total $6,188 · program services $6,188

  • 24c · Other expenses: MEMBERSHIP DUES

    total $5,996 · program services $5,996

  • 24e · All other expenses

    total $5,390 · program services $5,390

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $881,291 · end of year $755,866

  • 4 · Accounts receivable

    beginning of year $123 · end of year $3,250

  • 9 · Prepaid expenses and deferred charges

    beginning of year $8,298 · end of year $8,298

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

    $11,592,483

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

    $5,745,103

  • 10c · Land, buildings and equipment, net

    beginning of year $6,098,969 · end of year $5,847,380

  • 15 · Other assets

    beginning of year $2,753 · end of year $2,603

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,526,932 · end of year $1,590,097

  • 23 · Secured mortgages and notes payable

    beginning of year $6,455,175 · end of year $6,301,500

  • 25 · Other liabilities

    beginning of year $3,489,629 · end of year $3,067,414

  • 27 · Net assets without donor restrictions

    beginning of year -$5,191,802 · end of year -$5,053,114

  • 28 · Net assets with donor restrictions

    beginning of year $711,500 · end of year $711,500

Mission and programs · 2023

Mission

THE MISSION IS TO DEVELOP, OWN AND MANAGE MULTI-FAMILY RENTAL COMMUNITIES SERVING FAMILIES EARNING 20 TO 80 PERCENT OF MEDIAN INCOME. THE ORGANIZATION WILL ASSIST ITS TARGET FAMILIES TO BECOME MORE SELF SUFFICIENT THROUGH THE PROVISION OF AFFORDABLE RENTAL HOUSING, SUPPORT FOR ECONOMIC DEVELOPMENT ACTIVITIES AND SUPPORTIVE SERVICES AIMED AT ASSISTING RESIDENTS TO BUILD ASSETS, EARN INCOME AND IMPROVE THE QUALITY OF FAMILY LIFE AND THE ECONOMIC VITALITY OF THE SURROUNDING COMMUNITY.

Activities or mission (Part I)

TO PROVIDE AFFORDABLE HOUSING.

  • TO DEVELOP, OWN AND MANAGE SAFE, QUALITY, PERMANENTLY AFFORDABLE HOUSING FOR A GROWING SEGMENT OF THE POPULATION WHICH CAN NO LONGER AFFORD A HOME. APPROXIMATELY 425 INDIVIDUALS BENEFITED.

    Expenses $1,835,247 · Revenue $2,009,320

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Dee Darby

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0.1 + 0.1 related

  • Aarin Gross

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    0.1 + 0.1 related

  • Debora Halbert

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.1 + 0.1 related

  • Ryan Arfman

    TREASURER

    Total calculated
    $0
    Hours/week
    0.1 + 0.1 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.

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.

  • KULIA HOMES LIMITED PARTNERSHIP

    N/A · AFFORDABLE RENTAL HOUSING · HI

  • KOOLOAULA LIMITED PARTNERSHIP

    N/A · AFFORDABLE HOUSING DEVELOPMENT · HI

  • KOOLOAULA II LIMITED PARTNERSHIP

    N/A · AFFORDABLE HOUSING DEVELOPMENT · HI

  • KULIA HOMES LIMITED PARTNERSHIP

    N/A · AFFORDABLE HOUSING DEVELOPMENT · HI

Provenance

Return type
form_990
Tax year
2023
Filed
22 July 2024
IRS schema version
2023v5.1
Source object
202402049349301035

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