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Nonprofiteer
← OPPORTUNITY APARTMENTS INC

Form 990 for tax year 2022

Filed by OPPORTUNITY APARTMENTS INC.

Totals

Total revenue
$174,083
Total expenses
$174,472
Contributions and grants received
$115,199
Grants paid
$0
Program service revenue
$55,833
Investment income
$1,259
Other revenue
$1,792
Total assets, end of year
$456,652
Total liabilities, end of year
$680,093
Net assets or fund balances, end of year
-$223,441
Program services expenses (Part IX)
$129,992
Management and general expenses
$44,480
Fundraising expenses
$0
Program service expenses (Part III)
$129,992

Program services were 74.5% 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.

  • 1e · Government grants (contributions)

    $115,199

  • 2a · Program service revenue: RENTAL INCOME

    total $55,833 · related or exempt $55,833

  • 3 · Investment income

    total $1,259 · excluded $1,259

  • 11a · Other revenue: MISC INCOME

    total $960 · excluded $960

  • 11b · Other revenue: LAUNDRY & VENDING

    total $832 · excluded $832

  • 11e · Other revenue, total

    $1,792

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $11,804 · management and general $11,804

  • 11c · Fees: accounting

    total $8,158 · management and general $8,158

  • 13 · Office expenses

    total $2,304 · management and general $2,304

  • 16 · Occupancy

    total $103,388 · program services $103,388

  • 17 · Travel

    total $1,799 · management and general $1,799

  • 22 · Depreciation, depletion and amortization

    total $24,884 · program services $24,884

  • 23 · Insurance

    total $179 · program services $179

  • 24a · Other expenses: MANAGEMENT COMPANY EMPL

    total $20,415 · management and general $20,415

  • 24b · Other expenses: BAD DEBTS

    total $1,541 · program services $1,541

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,391 · end of year $1,013

  • 4 · Accounts receivable

    beginning of year $2,587 · end of year $819

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,123 · end of year $1,740

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

    $910,064

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

    $612,354

  • 10c · Land, buildings and equipment, net

    beginning of year $287,831 · end of year $297,710

  • 13 · Investments: program-related

    beginning of year $36,765 · end of year $23,303

  • 14 · Intangible assets

    beginning of year $39,111 · end of year $37,333

  • 15 · Other assets

    beginning of year $110,396 · end of year $94,734

  • 17 · Accounts payable and accrued expenses

    beginning of year $31,904 · end of year $24,886

  • 19 · Deferred revenue

    beginning of year $3 · end of year $17

  • 23 · Secured mortgages and notes payable

    beginning of year $656,776 · end of year $639,952

  • 25 · Other liabilities

    beginning of year $14,573 · end of year $15,238

  • 27 · Net assets without donor restrictions

    beginning of year -$223,052 · end of year -$223,441

Mission and programs · 2022

Mission

OPPORTUNITY APARTMENTS, INC. IS AN INDIANA NOT-FOR-PROFIT AND WAS ORGANIZED TO CONSTRUCT, OWN AND OPERATE A 15 UNIT APARTMENT COMPLEX IN KENDALLVILLE, INDIANA KNOWN AS OPPORTUNITY APARTMENTS. IT WAS ORGANIZED PURSUANT TO SECTION 202 OF THE NATIONAL HOUSING ACT. THE ORGANIZATION HAS EXECUTED THE STANDARD REGULATORY AGREEMENTS WITH HUD THAT GOVERN THE OPERATIONS OF THE COMMUNITY WITH THE FEDERAL HOUSING ADMINISTRATION (FHA). IN ADDITION, THE CORPORATION HAS ALSO ENTERED INTO A HOUSING ASSISTANCE PAYMENT CONTRACT (HAP) WITH HUD. THE HAP CONTRACT IS A RENT ASSISTANCE PROGRAM FOR ELIGIBLE LOW INCOME FAMILIES OR PERSONS AS PROVIDED BY HUD.

  • OPPORTUNITY APARTMENTS, INC. IS AN INDIANA NOT-FOR-PROFIT AND WAS ORGANIZED TO CONSTRUCT, OWN AND OPERATE A 15 UNIT APARTMENT COMPLEX IN KENDALLVILLE, INDIANA KNOWN AS OPPORTUNITY APARTMENTS. IT WAS ORGANIZED PURSUANT TO SECTION 202 OF THE NATIONAL HOUSING ACT. THE ORGANIZATION HAS EXECUTED THE STANDARD REGULATORY AGREEMENTS WITH HUD THAT GOVERN THE OPERATIONS OF THE COMMUNITY WITH THE FEDERAL HOUSING ADMINISTRATION (FHA). IN ADDITION, THE CORPORATION HAS ALSO ENTERED INTO A HOUSING ASSISTANCE PAYMENT CONTRACT (HAP) WITH HUD. THE HAP CONTRACT IS A RENT ASSISTANCE PROGRAM FOR ELIGIBLE LOW INCOME FAMILIES OR PERSONS AS PROVIDED BY HUD.

    Expenses $129,992 · Revenue $55,833

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Steve Howell

    PRESIDENT/CEO

    Total calculated
    $240,754
    From this org
    $0
    From related orgs
    $238,463
    Other
    $2,291
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $238,463 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $2,291 related
    Filer's total
    $0 + $240,754 related

  • Dorothy Fuentes

    SECRETARY/TREASURER

    Total calculated
    $118,349
    From this org
    $0
    From related orgs
    $116,617
    Other
    $1,732
    Hours/week
    1 + 40 related

  • Jerry Stoner

    DIRECTOR

    Total calculated
    $111,832
    From this org
    $0
    From related orgs
    $110,100
    Other
    $1,732
    Hours/week
    1 + 40 related

  • Rebecca Calhoun

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Jenny Landez

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Virgilia Mueller

    HR DIRECTOR

    Total calculated
    $114,102
    From this org
    $0
    From related orgs
    $112,370
    Other
    $1,732
    Hours/week
    0.5 + 40 related

  • Teresa Greiner

    MEDICAL DIRECTOR

    Total calculated
    $381,710
    From this org
    $0
    From related orgs
    $379,978
    Other
    $1,732
    Hours/week
    0.5 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $379,978 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $1,732 related
    Filer's total
    $0 + $381,710 related

  • Manuel Ozoa

    PHYSICIAN

    Total calculated
    $249,062
    From this org
    $0
    From related orgs
    $249,062
    Other
    $0
    Hours/week
    0.5 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $249,062 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $249,062 related

  • Wendy Bodwell

    NURSE PRACTITIONER

    Total calculated
    $104,076
    From this org
    $0
    From related orgs
    $103,904
    Other
    $172
    Hours/week
    0.5 + 40 related

  • Samir Ishak

    PHYSICIAN

    Total calculated
    $291,240
    From this org
    $0
    From related orgs
    $284,862
    Other
    $6,378
    Hours/week
    0.5 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $284,862 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $6,378 related
    Filer's total
    $0 + $291,240 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)

PART I, LINE 6
PER AGREEMENT BETWEEN THE AGENCY AND THE CEO, A BONUS IS PROVIDED TO THE CEO EQUIVALENT TO TWO WEEKS BASE COMPENSATION WHEN THE AGENCY HAS A NET SURPLUS IN ITS AUDITED FINANCIALS, AND THE CEO INCURS A LOSS EQUIVALENT TO TWO WEEKS BASE COMPENSATION WHEN A NET DEFICIT OCCURS IN THE AGENCY'S AUDITED FINANCIALS.

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.

  • NORTHEASTERN CENTER INC

    501(C)(3) · COMMUNITY MENTAL HEALTH CENTER · IN

  • PIONEER LODGE I

    501(C)(3) · LOW INCOME HOUSING FOR DISABLED · IN

    Directly controlled by NORTHEASTERN CENTER INC

  • PIONEER LODGE II

    501(C)(3) · LOW INCOME HOUSING FOR DISABLED · IN

    Directly controlled by NORTHEASTERN CENTER INC

  • COMMUNITY FOUNDATION INC

    501(C)(3) · PROGRAM DEVELOPMENT AND SPECIAL PROJECTS · IN

    Directly controlled by NORTHEASTERN CENTER INC

Provenance

Return type
form_990
Tax year
2022
Filed
27 January 2024
IRS schema version
2022v5.0
Source object
202410329349300001

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