Lakewood Senior Citizens Inc
- Assets
- $16.4m
- Revenue
- $313.7k
- Investments
- $3.9m
- Employees
- 0
- Location
- Lakewood, OH
- Founding
- 12/2005
- Data as of
- 12/2023
- EIN
- 34-0893419
Organization Overview
Lakewood Senior Citizens Inc is located in Lakewood, OH. The organization was established in 2005. According to its NTEE Classification (L22) the organization is classified as: Senior Citizens Housing & Retirement Communities, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lakewood Senior Citizens Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Lakewood Senior Citizens Inc generated $313.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (15.2%) each year. All expenses for the organization totaled $35.4k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (30.8%) per year over the past 9 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
LAKEWOOD SENIOR CITIZENS, INC. (LSC) HOLDS A GENERAL PARTNER INTEREST IN THE WESTERLY APARTMENTS. AS PART OF LSC'S CHARITABLE PURPOSE, LSC ASSISTS THE WESTERLY APARTMENTS OPERATE AS QUALIFIED LOW-INCOME HOUSING PROJECTS WITHIN THE MEANING OF SECTION 42 OF THE INTERNAL REVENUE CODE. ADDITIONALLY, LSC OVERSAW THE REHABILITATION OF THE WESTERLY APARTMENTS IN ACCORDANCE OF SECTION 47 OF THE INTERNAL REVENUE CODE. LSC HOLDS SELLER NOTES IN THE WESTERLY APARTMENTS FOR WHICH IT EARNS INTEREST WHICH IS MEANT TO BE RE-INVESTED IN THE PROJECTS AND PROVIDE SERVICES FOR THE TENANTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas Fraser Chair | 0.25 | $0 | |
Christopher Klym Secretary | 1.25 | $0 | |
Richard Beisel Treasurer | 2.3 | $0 | |
Jeanine Gergel Director | 0.25 | $0 | |
Rev Dr James Butler Director | 0.25 | $0 | |
Paul Capka Director | 0.25 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $7,625 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $306,046 |
| Total Revenue | $313,671 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $3,955 |
| Total operating and administrative expenses | $35,396 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $35,396 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,057,736 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $8,983,202 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $3,899,589 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $2,471,060 |
| Total assets | $16,411,587 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $979,288 |
| Other liabilities | $0 |
| Total liabilities | $979,288 |