Community Reinvestment Foundation X Inc
- Assets
- $1.8m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Plainfield, IN
- Founding
- 09/1992
- Data as of
- 03/2024
- EIN
- 35-1986796
Organization Overview
Community Reinvestment Foundation X Inc, operating under the name Cloverleaf Apartments Phase Iii, is located in Plainfield, IN. The organization was established in 1992. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Cloverleaf Apartments Phase Iii 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 03/2024, Cloverleaf Apartments Phase Iii generated $1.2m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 5.2% each year. All expenses for the organization totaled $1.1m during the year ending 03/2024. While expenses have increased by 3.5% per year over the past 5 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE AFFORDABLE HOUSING FOR LOW INCOME INDIVIDUALS AND FAMILIES. OWN AND OPERATE A 94 UNIT APARTMENT COMMUNITY IN INDIANAPOLIS, INDIANA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED AFFORDABLE HOUSING TO LOW INCOME INDIVIDUALS AND FAMILIES. COMMUNITY REINVESTMENT FOUNDATION X, INC. OWNS AND OPERATES A 94 UNIT APARTMENT COMMUNITY LOCATED IN INDIANAPOLIS, INDIANA. THE RENTS CHARGED TENANTS ARE SUBSIDIZED AND REGULATED BY THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Cooper President | OfficerTrustee | 0 | $0 |
Tim Shrout Director | Trustee | 0 | $0 |
Tim Paino Secretary And Treasurer | OfficerTrustee | 0 | $0 |
Adam Bocik Director | Trustee | 0 | $0 |
William Tibbets Director | Trustee | 0 | $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 | $1,212,837 |
| Investment income | $8,239 |
| 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 | $1,221,076 |
| 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 | $129,893 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $17,834 |
| Payroll taxes | $7,461 |
| Fees for services: Management | $60,912 |
| Fees for services: Legal | $9,992 |
| Fees for services: Accounting | $21,627 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $11,149 |
| Office expenses | $13,453 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $53,569 |
| Payments to affiliates | $121,899 |
| Depreciation, depletion, and amortization | $68,590 |
| Insurance | $154,538 |
| All other expenses | $27,010 |
| Total functional expenses | $1,139,897 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $285,024 |
| Savings and temporary cash investments | $21,741 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $9,098 |
| 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 | $1,288 |
| Net Land, buildings, and equipment | $860,056 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $28,073 |
| Other assets | $551,076 |
| Total assets | $1,756,356 |
| Accounts payable and accrued expenses | $45,257 |
| Grants payable | $0 |
| Deferred revenue | $9,793 |
| 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 | $1,698,563 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $16,194 |
| Total liabilities | $1,769,807 |
| Net assets without donor restrictions | -$13,451 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $1,756,356 |