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Nonprofiteer
← SOUTHERN ARIZONA LAND TRUST INC

Form 990 for tax year 2023

Filed by SOUTHERN ARIZONA LAND TRUST INC.

Totals

Total revenue
$2,569,672
Total expenses
$1,891,881
Contributions and grants received
$36,855
Grants paid
$0
Program service revenue
$1,724,289
Investment income
$768,333
Other revenue
$40,195
Total assets, end of year
$20,670,576
Total liabilities, end of year
$5,623,871
Net assets or fund balances, end of year
$15,046,705
Program services expenses (Part IX)
$1,731,025
Management and general expenses
$160,856
Fundraising expenses
$0
Program service expenses (Part III)
$1,731,025

Program services were 91.5% 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.

  • 1f · All other contributions, gifts and grants

    $36,855

  • 2a · Program service revenue: RENTAL INCOME

    total $1,724,289 · related or exempt $1,724,289

  • 3 · Investment income

    total $14,998 · excluded $14,998

  • 7a · Gross sales of assets other than inventory

    other assets $1,722,922

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

    other assets $969,587

  • 7c · Gain or loss

    other assets $753,335

  • 7d · Net gain or loss

    total $753,335 · related or exempt $753,335

  • 11a · Other revenue: MORTGAGE PAYOFF INCOME

    total $29,875 · related or exempt $29,875

  • 11b · Other revenue: OTHER REVENUE

    total $10,320 · excluded $10,320

  • 11e · Other revenue, total

    $40,195

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $285,697 · program services $243,229 · management and general $42,468

  • 7 · Other salaries and wages

    total $248,154 · program services $210,609 · management and general $37,545

  • 9 · Other employee benefits

    total $50,545 · program services $42,898 · management and general $7,647

  • 10 · Payroll taxes

    total $37,966 · program services $32,271 · management and general $5,695

  • 11b · Fees: legal

    total $14,354 · program services $10,048 · management and general $4,306

  • 11c · Fees: accounting

    total $18,480 · management and general $18,480

  • 11f · Fees: investment management

    total $9,831 · program services $7,865 · management and general $1,966

  • 11g · Fees: other

    total $14,277 · program services $12,368 · management and general $1,909

  • 12 · Advertising and promotion

    total $7,606 · program services $7,606

  • 13 · Office expenses

    total $36,837 · program services $22,465 · management and general $14,372

  • 16 · Occupancy

    total $532,070 · program services $516,943 · management and general $15,127

  • 17 · Travel

    total $27,873 · program services $25,086 · management and general $2,787

  • 20 · Interest

    total $177,694 · program services $177,694

  • 22 · Depreciation, depletion and amortization

    total $405,477 · program services $400,710 · management and general $4,767

  • 23 · Insurance

    total $14,178 · program services $13,753 · management and general $425

  • 24a · Other expenses: CONTRIBUTIONS

    total $6,154 · program services $6,154

  • 24b · Other expenses: MEALS AND ENTERTAINMENT

    total $2,652 · program services $1,326 · management and general $1,326

  • 24c · Other expenses: TRAINING AND EDUCATION

    total $2,036 · management and general $2,036

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $494,880 · end of year $661,014

  • 2 · Savings and temporary cash investments

    beginning of year $503,432 · end of year $211,051

  • 4 · Accounts receivable

    beginning of year $12,342 · end of year $5,087

  • 7 · Other notes and loans receivable

    beginning of year $1,944 · end of year $2,085

  • 9 · Prepaid expenses and deferred charges

    beginning of year $32,313 · end of year $35,803

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

    $19,469,117

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

    $3,285,645

  • 10c · Land, buildings and equipment, net

    beginning of year $15,453,131 · end of year $16,183,472

  • 11 · Investments: publicly traded securities

    beginning of year $752,820 · end of year $1,034,241

  • 13 · Investments: program-related

    beginning of year $2,712,345 · end of year $2,537,823

  • 17 · Accounts payable and accrued expenses

    beginning of year $170,783 · end of year $240,240

  • 19 · Deferred revenue

    beginning of year $165,071 · end of year $180,130

  • 22 · Loans and payables to officers and key people

    beginning of year $2,000,000 · end of year $2,000,000

  • 24 · Unsecured notes and loans payable

    beginning of year $3,294,948 · end of year $3,203,501

  • 27 · Net assets without donor restrictions

    beginning of year $14,332,405 · end of year $15,046,705

Mission and programs · 2023

Mission

THE MISSION OF SOUTHERN ARIZONA LAND TRUST INC. IS TO PROMOTE COMMUNITY INTERESTS IN PIMA COUNTY AND SOUTHERN ARIZONA BY INVESTING IN AND REVITALIZING NEIGHBORHOODS THROUGH THE DEVELOPMENT OF QUALITY AFFORDABLE HOUSING.

  • INVEST AND REVITALIZE AREAS IN TUCSON HIT HARDEST IN THE GREAT RECESSION WITH GRANT FUNDING RECEIVED FROM THE NEIGHBORHOOD STABILIZATION PROGRAM 2 (NSP2) AND IN SUPPORT OF THE ACTIVITIES OF THE INDUSTRIAL DEVELOPMENT AUTHORITY OF PIMA COUNTY. ACCOMPLISHMENT: TOTAL RENTAL PORTFOLIO INCLUDES 128 SINGLE FAMILY HOMES, 20% OF WHICH, SERVE FAMILIES AT OR BELOW 50% OF MEDIAN INCOME (AMI). THIS PROGRAM SERVICE CONTINUES TO ACCOMPLISH STABLE AFFORDABLE HOUSING WITH THE AVERAGE LENGTH OF OCCUPANCY OF APPROXIMATELY FIVE (5) YEARS.

    Expenses $1,731,025 · Revenue $1,754,164

  • SUPPORT THE AFFORDABLE HOUSING AND ECONOMIC DEVELOPMENT PURPOSES AND ACTIVITIES OF THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF PIMA. ACCOMPLISHMENT: DEVELOPED AND CONSTRUCTED 4 SINGLE-FAMILY HOMES (CDP) FOR THE PURPOSE OF PROVIDING NEW AFFORDABLE HOUSING TO MODERATE INCOME FAMILIES IN TUCSON. 100% OF THE HOMES BUILT WERE ADDED TO THE EXISTING RENTAL PORTFOLIO. THE LATEST 1.2M PROJECT AT CORAZON DEL PUEBLO (CDP) PROVIDED ECONOMIC OPPORTUNITIES FOR SUBCONSTRACTORS, VENDORS AND MATERIAL SUPPLIERS. THIS NEW CONSRUCTION ACTIVITY, WHICH CONVERTED VACANT LOTS INTO NEW ENERGY EFFICIENT HOMES & ADDED VALUABLE HOUSING STOCK TO A COMMUNITY THAT IS LACKING AFFORDABLE HOUSING INVENTORY.

    Revenue $753,335

  • PROVIDE NEW AFFORDABLE HOUSING TO LOW INCOME AND MODERATE INCOME FAMILIES IN TUCSON THROUGH DEVELOPMENT OF LANDBANK PROPERTIES. BELNOR VISTA: SECURED WATER TO BLOCK I & BLOCK V, DESIGNING LOT LAYOUT AND SEWER PLANS FOR BLOCK I. BENTLEY ON THE LOOP: STARTED CONSTRUCTION ON THREE NEW ENERGY EFFICIENT AND AFFORDABLE HOMES. EMERY PARK PLACE: OBTAINED A GRANT COMMITMENT AS A CO-APPLICANT TO BUILD FOUR(4) DUPLEXES. PINAL VISTA PLACE: PLANNING THE INSTALLATION OF UTILITIES, GRADING AND DEVELOPMENT ACTIVITIES FOR THIS NEW SIX (6) LOT SUBDIVISION WHICH COULD EITHER BE A HOMEOWNERSHIP OR RENTAL PROJECT.

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

Listed in Part VII

  • GREGG T SASSE

    EXECUTIVE DI

    Total calculated
    $177,812
    From this org
    $154,790
    From related orgs
    $0
    Other
    $23,022
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $154,790
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $23,022
    Filer's total
    $177,812

  • DEBRA SEIDL

    ACCT/FINANCE

    Total calculated
    $107,885
    From this org
    $93,035
    From related orgs
    $0
    Other
    $14,850
    Hours/week
    40

  • SHAIMA NAMAZIFORD

    BOARD SECRET

    Total calculated
    $0
    Hours/week
    0.25

  • KENNETH SILVERMAN

    BOARD TREASU

    Total calculated
    $0
    Hours/week
    0.33

  • FRANK VALENZUELA

    BOARD CHAIRM

    Total calculated
    $0
    Hours/week
    0.5

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

  • 3 · Approval by the board or compensation committee

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.

Provenance

Return type
form_990
Tax year
2023
Filed
13 August 2024
IRS schema version
2023v5.0
Source object
202442279349302294

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