Laverna Terrace Housing Corporation
- Assets
- $4.3m
- Revenue
- $528.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Mokena, IL
- Founding
- 03/1946
- Data as of
- 06/2022
- EIN
- 36-3438977
Organization Overview
Laverna Terrace Housing Corporation, operating under the name Provena Laverna Terrace, is located in Mokena, IL. The organization was established in 1946. According to its NTEE Classification (E30) the organization is classified as: Ambulatory & Primary Health Care, under the broad grouping of Health Care and related organizations. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Provena Laverna Terrace 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 06/2022, Provena Laverna Terrace generated $528.6k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (14.0%) each year. All expenses for the organization totaled $580.7k during the year ending 06/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE AFFORDABLE HOUSING FACILITIES FOR LOW-INCOME ELDERLY AND HANDICAPPED INDIVIDUALS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION PROVIDES AFFORDABLE HOUSING TO LOW-INCOME SENIOR INDIVIDUALS. THE ORGANIZATION OWNS & OPERATES A 51 UNIT APARTMENT COMMUNITY. THE RENTS CHARGED TO TENANTS ARE SUBSIDIZED AND REGULATED BY THE U.S. DEPARTMENT OF HOUSING & URBAN DEVELOPMENT. AS PART OF THE ASCENSION CATHOLIC HEALTH MINISTRY, THE FILING ORGANIZATION SERVED IN SUPPORT OF ASCENSION'S COMMITMENT TO BOTH CARE FOR PATIENTS AND COMMUNITIES AND SUPPORT CAREGIVERS AND OTHER ASSOCIATES THROUGH THE CHALLENGES OF THE COVID-19 GLOBAL PANDEMIC IN 2020 & 2021. THE APARTMENT COMMUNITY WAS CLASSIFIED AS HELD FOR SALE AS OF MAY 31, 2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Bordo Board Member | Trustee | 40 | $0 |
Joan Bachleitner Secretary | OfficerTrustee | 1 | $0 |
Brad S Foley Board Chair | OfficerTrustee | 1 | $0 |
Karen Lauer Board Member | Trustee | 40 | $0 |
Daniel Stricker President & Ceo, Ascension | Officer | 0 | $0 |
Michael Gordon CFO | Officer | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $23,526 |
| Government grants | $294,777 |
| 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 | $318,303 |
| Total Program Service Revenue | $212,210 |
| Investment income | $162 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$2,878 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $528,611 |
| 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 | $29,988 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $15,080 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $5,414 |
| Office expenses | $9,976 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $186,106 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,780 |
| Interest | $12,316 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $244,151 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $580,741 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $16,040 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,261 |
| 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 | $332 |
| Net Land, buildings, and equipment | $4,069,547 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $137,626 |
| Intangible assets | $0 |
| Other assets | $19,490 |
| Total assets | $4,251,296 |
| Accounts payable and accrued expenses | $61,085 |
| Grants payable | $0 |
| Deferred revenue | $117 |
| 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 | $65,491 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $20,489 |
| Total liabilities | $147,182 |
| Net assets without donor restrictions | $4,104,114 |
| 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 | $4,251,296 |