Salem Village Iii Inc
- Assets
- $6.2m
- Revenue
- $4.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Des Plaines, IL
- Founding
- 04/1987
- Data as of
- 06/2023
- EIN
- 36-3736904
Organization Overview
Salem Village Iii Inc is located in Des Plaines, IL. The organization was established in 1987. 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 a subordinate organization within an affiliated group for tax-exemption purposes. Salem Village Iii 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 06/2023, Salem Village Iii Inc generated $4.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.6% each year. All expenses for the organization totaled $4.7m during the year ending 06/2023. While expenses have increased by 4.1% per year over the past 8 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
HUD SUBSIDIZED HOUSING FOR THE ELDERLY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED HOUSING FOR THE ELDERLY, IN A FACILITY WITH 242 UNITS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rev Kathie Bender Schwich Chair | OfficerTrustee | 0.1 | $0 |
Esther M Macchione Vice Chair | OfficerTrustee | 0.1 | $0 |
John T Rudy Chair Emeritus | OfficerTrustee | 0.1 | $0 |
Rev Youngshim E Pitcher Secretary | OfficerTrustee | 0.1 | $0 |
Rev Dr M Wyvetta Bullock Treasurer | Trustee | 0.1 | $0 |
Donald B Erickson Director | Trustee | 0.1 | $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 | $4,624,642 |
| Investment income | $19,259 |
| 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 | $4,679,542 |
| 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 | $354,260 |
| Pension plan accruals and contributions | $8,564 |
| Other employee benefits | $86,572 |
| Payroll taxes | $34,847 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,374 |
| Fees for services: Accounting | $46,921 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $6,053 |
| Office expenses | $70,280 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $239,590 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,776 |
| Interest | $263,174 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $470,944 |
| Insurance | $284,741 |
| All other expenses | $1,352 |
| Total functional expenses | $4,689,133 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $228,958 |
| Savings and temporary cash investments | $2,065,837 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $319,434 |
| 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 | $1,991 |
| Net Land, buildings, and equipment | $3,608,385 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,224,605 |
| Accounts payable and accrued expenses | $767,380 |
| Grants payable | $0 |
| Deferred revenue | $3,602,995 |
| 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 | $6,606,809 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $362,990 |
| Total liabilities | $11,340,174 |
| Net assets without donor restrictions | -$5,115,569 |
| 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 | $6,224,605 |