Lakes Senior Housing Inc
- Assets
- $867.7k
- Revenue
- $692.9k
- Investments
- $0.0
- Employees
- 0
- Location
- Akron, OH
- Founding
- 11/1981
- Data as of
- 06/2021
- EIN
- 34-1343665
Organization Overview
Lakes Senior Housing Inc is located in Akron, OH. The organization was established in 1981. 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. Lakes Senior Housing 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 06/2021, Lakes Senior Housing Inc generated $692.9k in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $726.4k during the year ending 06/2021. While expenses have increased by 4.2% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
LOW-INCOME HOUSING FOR ELDERLY
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION OPERATES LOW-INCOME HOUSING FOR THE ELDERLY AND DISABLED PERSONS. THE FACILITY CONSISTS OF 45 UNITS AND IS REGULATED BY HUD.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thurman Cole III President | OfficerTrustee | 1 | $0 |
Thomas E Burge Treasurer | OfficerTrustee | 1 | $0 |
Susan J Fassoles Secretary | OfficerTrustee | 1 | $0 |
Jim Davis Director | OfficerTrustee | 1 | $0 |
Alfred Grzeschik Trustee | Trustee | 1 | $0 |
John P Schermesser Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $692,771 |
| Investment income | $126 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $692,897 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $23,760 |
| Fees for services: Legal | $15 |
| Fees for services: Accounting | $15,790 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $205,675 |
| Advertising and promotion | $1,882 |
| Office expenses | $34,401 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $304,628 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $60,604 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $65,577 |
| Insurance | $8,020 |
| All other expenses | $0 |
| Total functional expenses | $726,359 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $100 |
| Savings and temporary cash investments | $59,190 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,445 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $48,423 |
| Net Land, buildings, and equipment | $442,807 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $314,706 |
| Total assets | $867,671 |
| Accounts payable and accrued expenses | $83,697 |
| Grants payable | $0 |
| Deferred revenue | $1,900 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,730,834 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $17,254 |
| Total liabilities | $1,833,685 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | -$966,014 |
| Total liabilities and net assets/fund balances | $867,671 |
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