Oak Park Residence Corp
- Assets
- $45.2m
- Revenue
- $10.1m
- Investments
- $0.0
- Employees
- 56
- Location
- Oak Park, IL
- Founding
- 04/1977
- Data as of
- 12/2023
- EIN
- 36-2666771
Organization Overview
Oak Park Residence Corp is located in Oak Park, IL. The organization was established in 1977. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. As of 12/2023, Oak Park Residence Corp employed 56 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Oak Park Residence Corp 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, Oak Park Residence Corp generated $10.1m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 5.2% each year. All expenses for the organization totaled $10.6m during the year ending 12/2023. While expenses have increased by 12.4% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION WAS ESTABLISHED TO PROMOTE THE PROGRESS AND GENERAL WELFARE OF THE RESIDENTS OF THE VILLAGE OF OAK PARK, ILLINOIS BY IMPROVING OR CAUSING TO BE IMPROVED SUBSTANDARD OAK PARK HOUSING STOCK AND DEVELOPING PROJECTS AND ACTIVITIES FOR THE PREVENTION AND ELIMINATION OF BLIGHT INFLUENCE AND IN COOPERATION WITH GOVERNMENT AND CIVIC BODIES FOR THE PREVENTION AND ELIMINATION OF RACIAL AND ETHNIC PREJUDICE AND DISCRIMINATION. THE ORGANIZATION ALSO ASSISTS THE LOCAL GOVERNMENT IN IMPLEMENTING ITS FAIR HOUSING ORDINANCE, INSTRUCTS AND COUNCELS INDIVIDUALS AND GROUPS ON HOUSING MANAGEMENT STANDARDS, HOUSING REHABILITATION TECHNIQUES AND IMPROVEMENT OF RESIDENTIAL PROPERTIES TO PROVIDE ELDERLY PERSONS AND HANDICAPPED PERSONS WITH HOUSING FACILITIES TO MEET THEIR PHYSICAL NEEDS TO PROMOTE THEIR HEALTH, SECURITY, HAPPINESS, AND USEFULNESS IN LONGER LIVING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO REPAIR, PURCHASE, SELL AND MANAGE SUBSTANDARD RESIDEN- TIAL HOUSING IN OAK PARK, ILLINOIS. THE CORPORATION ALSO MANAGES PROPERTIES AND SELLS FORECLOSED HOUSES.
OPERATION OF THE OAKS, AN APARTMENT COMPLEX FOR THE ELDERY AND PHYSICALLY HANDICAPPED THAT IS SUBSUDIZED BY THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David G Pope CEO | Officer | 30 | $187,144 |
Darian Bloom Director | Trustee | 1 | $0 |
Ryan Von Drehle Director | Trustee | 1 | $0 |
Peter Gonzalez Treasurer | OfficerTrustee | 1 | $0 |
Majorie Greenwald Secretary | OfficerTrustee | 1 | $0 |
Nancy Leavy Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Synergy Construction Bldg Consultant | 12/30/23 | $2,095,948 |
Kapetaneas Painting Inc Painting/repair | 12/30/23 | $336,780 |
Flynn Construction Co Rehab & Repairs | 12/30/23 | $204,670 |
Morales General Contractors Masonry | 12/30/23 | $256,265 |
A Plus Cleaning & Maintenance Janitorial Serv | 12/30/23 | $303,432 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $800,467 |
| 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 | $800,467 |
| Total Program Service Revenue | $9,252,865 |
| Investment income | $86,712 |
| 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 | $10,140,044 |
| 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. | $246,242 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,185,076 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $297,537 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $69,652 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,684,038 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,146,093 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,339,915 |
| Insurance | $352,841 |
| All other expenses | $0 |
| Total functional expenses | $10,648,411 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $457,851 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $352,836 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $62,130 |
| Prepaid expenses and deferred charges | $212,660 |
| Net Land, buildings, and equipment | $33,779,192 |
| Investments—publicly traded securities | $817,360 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,536,242 |
| Total assets | $45,218,271 |
| Accounts payable and accrued expenses | $217,155 |
| Grants payable | $0 |
| Deferred revenue | $734,187 |
| Tax-exempt bond liabilities | $17,664,881 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $24,266,727 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,584,853 |
| Total liabilities | $45,467,803 |
| Net assets without donor restrictions | $1,136,849 |
| Net assets with donor restrictions | -$1,386,381 |
| 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 | $45,218,271 |