Skip to content
Nonprofiteer
← MIDWEST COMMUNITY REAL ESTATE CORPORATION

Form 990 for tax year 2023

Filed by MIDWEST COMMUNITY REAL ESTATE CORPORATION.

Totals

Total revenue
$2,491,364
Total expenses
$2,195,224
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$1,877,098
Investment income
$501,523
Other revenue
$112,743
Total assets, end of year
$39,475,707
Total liabilities, end of year
$50,530,451
Net assets or fund balances, end of year
-$11,054,744
Program services expenses (Part IX)
$2,165,068
Management and general expenses
$30,156
Fundraising expenses
$0
Program service expenses (Part III)
$2,165,068

Program services were 98.6% 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: Affiliate Rental Reven

    total $1,877,098 · related or exempt $1,877,098

  • 6a · Gross rents

    real property $511,298

  • 6b · Less rental expenses

    real property $398,555

  • 6c · Rental income or loss

    real property $112,743

  • 6d · Net rental income or loss

    total $112,743 · unrelated business $112,743

  • 7a · Gross sales of assets other than inventory

    other assets $957,234

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

    other assets $455,711

  • 7c · Gain or loss

    other assets $501,523

  • 7d · Net gain or loss

    total $501,523 · excluded $501,523

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $33,888 · program services $33,888

  • 11g · Fees: other

    total $690,843 · program services $661,352 · management and general $29,491

  • 13 · Office expenses

    total $38,558 · program services $38,558

  • 16 · Occupancy

    total $404,926 · program services $404,261 · management and general $665

  • 22 · Depreciation, depletion and amortization

    total $1,005,311 · program services $1,005,311

  • 24e · All other expenses

    total $21,698 · program services $21,698

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $152,288 · end of year $89,683

  • 4 · Accounts receivable

    beginning of year $78,142 · end of year $1,109,168

  • 9 · Prepaid expenses and deferred charges

    beginning of year $4,790 · end of year $4,790

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

    $46,331,168

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

    $17,502,248

  • 10c · Land, buildings and equipment, net

    beginning of year $27,217,913 · end of year $28,828,920

  • 15 · Other assets

    beginning of year $7,608,409 · end of year $9,443,146

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,304,185 · end of year $648,489

  • 25 · Other liabilities

    beginning of year $45,108,241 · end of year $49,881,962

  • 27 · Net assets without donor restrictions

    beginning of year -$11,350,884 · end of year -$11,054,744

Mission and programs · 2023

Mission

Real Estate Management - Midwest Community Real Estate Corporation owns, manages and maintains real estate for affiliated charitable organizations.

  • Management and maintenance of office buildings, housing, physician offices, and medical clinics in support of affiliated organizations in furtherance of the organization's charitable purposes.

    Expenses $2,165,068 · Revenue $1,877,098

As filed on the 2023 return.

Listed in Part VII

  • Ruth Colby

    Treasurer (until 10/16/23)

    Total calculated
    $1,463,100
    From this org
    $0
    From related orgs
    $1,398,739
    Other
    $64,361
    Hours/week
    1 + 43 related

    Schedule J breakdown matched by us

    Base
    $0 + $855,218 related
    Bonus
    $0 + $320,046 related
    Other
    $0 + $223,475 related
    Deferred
    $0 + $19,800 related
    Nontaxable benefits
    $0 + $44,561 related
    Filer's total
    $0 + $1,463,100 related

  • Vincent Pryor

    Secretary

    Total calculated
    $1,048,966
    From this org
    $0
    From related orgs
    $988,016
    Other
    $60,950
    Hours/week
    1 + 41 related

    Schedule J breakdown matched by us

    Base
    $0 + $629,273 related
    Bonus
    $0 + $200,747 related
    Other
    $0 + $157,996 related
    Deferred
    $0 + $19,800 related
    Nontaxable benefits
    $0 + $41,150 related
    Filer's total
    $0 + $1,048,966 related

  • Michael Mutterer

    Treasurer

    Total calculated
    $659,292
    From this org
    $0
    From related orgs
    $600,516
    Other
    $58,776
    Hours/week
    1 + 42 related

    Schedule J breakdown matched by us

    Base
    $0 + $464,662 related
    Bonus
    $0 + $135,854 related
    Other
    $0
    Deferred
    $0 + $19,800 related
    Nontaxable benefits
    $0 + $38,976 related
    Filer's total
    $0 + $659,292 related

  • Kay Novak

    President

    Total calculated
    $325,566
    From this org
    $0
    From related orgs
    $271,500
    Other
    $54,066
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $247,316 related
    Bonus
    $0 + $24,184 related
    Other
    $0
    Deferred
    $0 + $16,820 related
    Nontaxable benefits
    $0 + $37,246 related
    Filer's total
    $0 + $325,566 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

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 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 3
Silver Cross Health System, the parent organization of Midwest Community Real Estate, uses the following to establish executive compensation: 1) Compensation committee, 2) Independent compensation consultant.
Part I, Line 4b
The supplemental executive retirement program (SERP) is a non-qualified compensation program designed to provide additional, market-competitive retirement benefits to certain management employees. The SERP was designed to provide retirement benefits that take into account an employee's total compensation without regard to the annual limit on compensation that applies under qualified retirement plans. The board has reviewed and approved the SERP benefits, concluding that it is a market-competitive benefit and that the total retirement benefits and total compensation are reasonable when compared to the benefits and compensation provided by similarly situated organizations to employees in comparable positions. For the reporting year the following reported persons participated in the SERP and received the following employer-funded amounts: Ruth Colby - $208,730 and Vincent Pryor - $157,996.

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
2023
Filed
14 August 2025
IRS schema version
2023v6.0
Source object
202542279349301804

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.