Lourexis Inc
- Assets
- $3.1m
- Revenue
- $985.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Cleveland, OH
- Founding
- 09/1983
- Data as of
- 10/2021
- EIN
- 34-1401768
Organization Overview
Lourexis Inc is located in Cleveland, OH. The organization was established in 1983. According to its NTEE Classification (P75) the organization is classified as: Supportive Housing for Older Adults, under the broad grouping of Human Services and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lourexis 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 10/2021, Lourexis Inc generated $985.6k in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $877.9k during the year ending 10/2021. While expenses have increased by 0.9% 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
TO PROVIDE SUBSIDIZED HOUSING TO LOW-INCOME SENIOR CITIZENS
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION OPERATES A 70 UNIT APARTMENT COMPLEX UNDER SECTION 202 OF THE NATIONAL HOUSING ACT. THE PROJECT IS REGULATED BY HUD AS TO RENT CHARGES AND OPERATING METHODS.
TO PROVIDE SUPPORTIVE SERVICES TO LOW-INCOME SENIOR CITIZENS.
THE CORPORATION OPERATES A 70 UNIT APARTMENT COMPLEX UNDER SECTION 202 OF THE NATIONAL HOUSING ACT. THE PROJECT IS REGULATED BY HUD AS TO RENT CHARGES AND OPERATING METHODS.
TO PROVIDE SUPPORTIVE SERVICES TO LOW-INCOME SENIOR CITIZENS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lawrence Leaman President | OfficerTrustee | 0.5 | $0 |
Francis Smoot Vice President | OfficerTrustee | 0.5 | $0 |
James Guzowski Secretary/treasurer | OfficerTrustee | 0.5 | $0 |
Javier Lopez Trustee | Trustee | 0.5 | $0 |
Rev Frank Godic Trustee | Trustee | 0.5 | $0 |
Betty Skrha Trustee | Trustee | 0.5 | $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 | $33,573 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $33,573 |
| Total Program Service Revenue | $834,422 |
| Investment income | $117,581 |
| 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 | $985,576 |
| 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 | $90,377 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $15,430 |
| Payroll taxes | $8,774 |
| Fees for services: Management | $36,960 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $11,300 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,212 |
| Office expenses | $32,056 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $203,355 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $113 |
| Interest | $97,133 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $190,996 |
| Insurance | $57,443 |
| All other expenses | $35,460 |
| Total functional expenses | $877,851 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $159,149 |
| Savings and temporary cash investments | $670,575 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $30,366 |
| 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 | $35,302 |
| Net Land, buildings, and equipment | $1,163,574 |
| Investments—publicly traded securities | $791,651 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $240,636 |
| Total assets | $3,091,253 |
| Accounts payable and accrued expenses | $133,891 |
| Grants payable | $0 |
| Deferred revenue | $9,797 |
| 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 | $2,838,059 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $15,240 |
| Total liabilities | $2,996,987 |
| Net assets without donor restrictions | -$150,022 |
| Net assets with donor restrictions | $244,288 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $3,091,253 |
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