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Nonprofiteer
← ADVANTIX DEVELOPMENT CORPORATION

Form 990 for tax year 2023

Filed by ADVANTIX DEVELOPMENT CORPORATION.

Totals

Total revenue
$9,303,730
Total expenses
$4,351,297
Contributions and grants received
$1,087,684
Grants paid
$0
Program service revenue
$1,019,300
Investment income
$187,697
Other revenue
$7,009,049
Total assets, end of year
$26,673,336
Total liabilities, end of year
$5,554,016
Net assets or fund balances, end of year
$21,119,320
Program services expenses (Part IX)
$4,351,297
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$4,351,297

Program services were 100.0% 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.

  • 1e · Government grants (contributions)

    $32,442

  • 1f · All other contributions, gifts and grants

    $1,055,242

  • 1g · Noncash contributions included above

    $1,043,000

  • 2a · Program service revenue: Management Fee

    total $551,766 · related or exempt $551,766

  • 2b · Program service revenue: Development Fee Income

    total $248,953 · related or exempt $248,953

  • 2c · Program service revenue: Tenant Rental Income

    total $218,581 · related or exempt $218,581

  • 3 · Investment income

    total $232,349 · excluded $232,349

  • 7a · Gross sales of assets other than inventory

    other assets $1,043,000

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

    other assets $1,087,652

  • 7c · Gain or loss

    other assets -$44,652

  • 7d · Net gain or loss

    total -$44,652 · excluded -$44,652

  • 10a · Gross sales of inventory

    $20,586,067

  • 10b · Cost of goods sold

    $13,655,796

  • 10c · Net income from sales of inventory

    total $6,930,271 · related or exempt $6,930,271

  • 11a · Other revenue: Misc Income

    total $78,778 · excluded $78,778

  • 11e · Other revenue, total

    $78,778

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $4,100 · program services $4,100

  • 7 · Other salaries and wages

    total $1,111,850 · program services $1,111,850

  • 8 · Pension plan contributions

    total $10,028 · program services $10,028

  • 9 · Other employee benefits

    total $199,164 · program services $199,164

  • 10 · Payroll taxes

    total $56,502 · program services $56,502

  • 11b · Fees: legal

    total $42,172 · program services $42,172

  • 11c · Fees: accounting

    total $162,872 · program services $162,872

  • 11g · Fees: other

    total $747,179 · program services $747,179

  • 12 · Advertising and promotion

    total $5,376 · program services $5,376

  • 13 · Office expenses

    total $253,788 · program services $253,788

  • 14 · Information technology

    total $158,693 · program services $158,693

  • 16 · Occupancy

    total $103,227 · program services $103,227

  • 17 · Travel

    total $89,449 · program services $89,449

  • 19 · Conferences, conventions and meetings

    total $41,566 · program services $41,566

  • 22 · Depreciation, depletion and amortization

    total $344,775 · program services $344,775

  • 23 · Insurance

    total $303,961 · program services $303,961

  • 24a · Other expenses: Rental Maintenance

    total $637,209 · program services $637,209

  • 24b · Other expenses: Other Expenses

    total $71,913 · program services $71,913

  • 24c · Other expenses: Taxes and Licenses

    total $7,473 · program services $7,473

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $9,624,720 · end of year $7,033,267

  • 2 · Savings and temporary cash investments

    end of year $307,286

  • 4 · Accounts receivable

    beginning of year $5,167,162 · end of year $4,631,969

  • 7 · Other notes and loans receivable

    beginning of year $8,117,750 · end of year $8,117,750

  • 9 · Prepaid expenses and deferred charges

    beginning of year $932,980 · end of year $2,849,689

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

    $5,889,749

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

    $3,617,084

  • 10c · Land, buildings and equipment, net

    beginning of year $1,791,939 · end of year $2,272,665

  • 12 · Investments: other securities

    beginning of year $574,288 · end of year $1,059,637

  • 15 · Other assets

    beginning of year $428,588 · end of year $401,073

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,767,015 · end of year $2,221,816

  • 19 · Deferred revenue

    beginning of year $12,750 · end of year $17,806

  • 24 · Unsecured notes and loans payable

    beginning of year $400,000 · end of year $400,000

  • 25 · Other liabilities

    beginning of year $7,733,124 · end of year $2,914,394

  • 27 · Net assets without donor restrictions

    beginning of year $2,214,642 · end of year $2,668,733

  • 28 · Net assets with donor restrictions

    beginning of year $14,509,896 · end of year $18,450,587

Mission and programs · 2023

Mission

To own, operate, purchase, sell and manage real estate and affordable housing.

  • Managing non federal low income housing.

    Expenses $4,351,297 · Revenue $7,949,571

As filed on the 2023 return.

Listed in Part VII

  • David G Hatfield

    Chairman

    Total calculated
    $1,400
    From this org
    $1,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Glenda B Hampton

    Commissioner

    Total calculated
    $1,300
    From this org
    $1,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Mildred Thacker

    Secretary

    Total calculated
    $1,300
    From this org
    $1,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Richard Engbers

    Commissioner

    Total calculated
    $1,400
    From this org
    $1,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Daphne J Robinson

    Vice Chairman

    Total calculated
    $1,400
    From this org
    $1,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Sabino Humbane

    Commissioner

    Total calculated
    $400
    From this org
    $400
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.5

  • Dianna McGuire

    Commissioner

    Total calculated
    $1,400
    From this org
    $1,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Rick Moore

    Executive Director

    Total calculated
    $249,271
    From this org
    $0
    From related orgs
    $210,800
    Other
    $38,471
    Hours/week
    30 + 10 related

    Schedule J breakdown matched by us

    Base
    $0 + $210,800 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $19,319 related
    Nontaxable benefits
    $0 + $19,152 related
    Filer's total
    $0 + $249,271 related

  • Tim Martin

    COO

    Total calculated
    $215,585
    From this org
    $0
    From related orgs
    $172,760
    Other
    $42,825
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $172,760 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $23,610 related
    Nontaxable benefits
    $0 + $19,215 related
    Filer's total
    $0 + $215,585 related

  • Thomas Gibbs

    VP of Construction

    Total calculated
    $117,118
    From this org
    $117,118
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Angela Harper-Sperry

    Director of Finance

    Total calculated
    $111,034
    From this org
    $102,717
    From related orgs
    $0
    Other
    $8,317
    Hours/week
    40

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

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.

  • The Housing Authority of the City of Evansville Indiana

    Affordable Housing · IN

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.

  • Evansville RAD Four LLC

    Affordable Housing · IN

    Directly controlled by Advantix Development Corporation

Related partnerships

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

  • CSSL LP

    Related · Affordable Housing · IN · 0.01% owned · share of income -$14 · share of assets -$443 · general or managing partner

    Directly controlled by Corydon SSL LLC

  • EHA RAD I LP

    Related · Affordable Housing · IN · 0.01% owned · share of income -$488,385 · share of assets -$1,550,315 · general or managing partner

    Directly controlled by Evansville Rad One LLC

  • EHA RAD II LP

    Related · Affordable Housing · IN · 0.01% owned · share of income -$423,696 · share of assets -$669,804 · general or managing partner

    Directly controlled by Evansville Rad One LLC

  • EHA RAD IV LP

    Related · Affordable Housing · IN · 0.01% owned · share of income -$101 · share of assets -$470 · general or managing partner

    Directly controlled by Advantix Development Corporation

  • Erie Pointe LP

    Related · Affordable Housing · IN · 0.01% owned · share of income -$50 · share of assets $82,269 · general or managing partner

    Directly controlled by Erie Evansville LLC

  • Evansville Townhomes II LP

    Related · Affordable Housing · IN · 0.01% owned · share of income -$17 · share of assets -$106 · general or managing partner

    Directly controlled by ET 2 Evansville LLC

  • Evansville Townhomes LP

    Related · Affordable Housing · IN · 0.01% owned · share of income -$12 · share of assets $146,894 · general or managing partner

    Directly controlled by ET Evansville LLC

  • KHA RAD I LP

    Related · Affordable Housing · IN · 0.01% owned · share of income -$222 · share of assets -$935 · general or managing partner

    Directly controlled by KHA RAD One LLC

  • River View Vincennes LP

    Related · Affordable Housing · IN · 0.01% owned · share of income -$25 · share of assets $396,658 · general or managing partner

    Directly controlled by RVV LLC

  • Trailside Commons LP

    Related · Affordable Housing · IN · 0.01% owned · share of income -$31 · share of assets -$253 · general or managing partner

    Directly controlled by SP Kokomo LLC

  • Trailside Townhomes LP

    Related · Affordable Housing · IN · 0.01% owned · share of income -$3 · share of assets $104,704 · general or managing partner

    Directly controlled by Trailside Townhomes GP LLC

  • Vision 1505 LP

    Related · Affordable Housing · IN · 0.01% owned · share of income -$29 · share of assets -$215 · general or managing partner

    Directly controlled by ADC V1505 Inc

  • Princetown Place LP

    Related · Affordable Housing · IN · general or managing partner

    Directly controlled by PP Princeton LLC

  • Southern Terrace LP

    Related · Affordable Housing · IN · 99.99% owned

    Directly controlled by ST Munice LLC

Related corporations and trusts

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

  • 34E Marion LLC

    C · Affordable Housing · IN · 100% owned · share of assets $94 · controlled entity

    Directly controlled by Advantix Development Corporation

  • Corydon SSL LLC

    C · Affordable Housing · IN · 100% owned · controlled entity

    Directly controlled by Advantix Development Corporation

  • Erie Evansville LLC

    C · Affordable Housing · IN · 100% owned · share of assets $82,269 · controlled entity

    Directly controlled by Advantix Development Corporation

  • ET 2 Evansville LLC

    C · Affordable Housing · IN · 100% owned · controlled entity

    Directly controlled by Advantix Development Corporation

  • ET 3 Evansville LLC

    C · Affordable Housing · IN · 100% owned · share of assets $42 · controlled entity

    Directly controlled by Advantix Development Corporation

  • ET Evansville LLC

    C · Affordable Housing · IN · 100% owned · share of assets $146,894 · controlled entity

    Directly controlled by Advantix Development Corporation

  • Evansville RAD One LLC

    C · Affordable Housing · IN · 100% owned · share of income $8 · controlled entity

    Directly controlled by Advantix Development Corporation

  • KHA RAD One LLC

    C · Affordable Housing · IN · 100% owned · share of income $2 · controlled entity

    Directly controlled by Advantix Development Corporation

  • RVV LLC

    C · Affordable Housing · IN · 100% owned · share of assets $396,658 · controlled entity

    Directly controlled by Advantix Development Corporation

  • SP Kokomo LLC

    C · Affordable Housing · IN · 100% owned · controlled entity

    Directly controlled by Advantix Development Corporation

  • Trailside Townhomes GP LLC

    C · Affordable Housing · IN · 100% owned · share of assets $104,704 · controlled entity

    Directly controlled by Advantix Development Corporation

  • ADC V1505 Inc

    C · Affordable Housing · IN · 49% owned

  • PP Princeton LLC

    C · Affordable Housing · IN · 100% owned · share of assets $1,043,100 · controlled entity

    Directly controlled by Advantix Development Corporation

  • ST Muncie LLC

    C · Affordable Housing · IN · 100% owned · controlled entity

    Directly controlled by Advantix Development Corporation

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202413209349308586

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