18th & Wabash Corp
- Assets
- $3.3m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Chicago, IL
- Founding
- 11/1996
- Data as of
- 06/2023
- EIN
- 36-4062755
Organization Overview
18th & Wabash Corp is located in Chicago, IL. The organization was established in 1996. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. 18th & Wabash 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 06/2023, 18th & Wabash Corp generated $1.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.9% each year. All expenses for the organization totaled $1.8m during the year ending 06/2023. While expenses have increased by 4.6% 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
TO PROVIDE AFFORDABLE HOUSING FOR LOW & MODERATE INCOME INDIVIDUALS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
18TH & WABASH CORP. WAS ORGANIZED ON AUGUST 24, 1995 AS AN ILLINOIS NONSTOCK, NONPROFIT CORPORATION FOR THE PURPOSE OF CONSTRUCTING AND OPERATING A SINGLE ROOM OCCUPANCY ("SRO") RENTAL HOUSING PROJECT UNDER THE FEDERAL HOME INVESTMENT PARTNERSHIP PROGRAM WITH FUNDS HAVING FLOWED THROUGH THE CITY OF CHICAGO DEPARTMENT OF HOUSING IN THE FORM OF A MORTGAGE LOAN. THE PROJECT CONSISTS OF 170 UNITS LOCATED IN CHICAGO, ILLINOIS AND IS COMMONLY CALLED THE STUDIOS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Douglas Ross President | OfficerTrustee | 2 | $0 |
Jackie Pingel Director | Trustee | 2 | $0 |
Jay Tremblay Treasurer & VP | OfficerTrustee | 2 | $0 |
Monique Patterson Secretary | OfficerTrustee | 2 | $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 | $1,073,654 |
| Investment income | $498 |
| 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 | $1,074,152 |
| 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 | $349,115 |
| Fees for services: Legal | $18,996 |
| Fees for services: Accounting | $30,964 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $15 |
| Office expenses | $39,373 |
| Information technology | $6,426 |
| Royalties | $0 |
| Occupancy | $200,486 |
| Travel | $14 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $190,254 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $332,192 |
| Insurance | $47,821 |
| All other expenses | $0 |
| Total functional expenses | $1,815,950 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $168,315 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $79,254 |
| 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 | $14,183 |
| Net Land, buildings, and equipment | $3,047,299 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $15,595 |
| Total assets | $3,324,646 |
| Accounts payable and accrued expenses | $684,003 |
| Grants payable | $0 |
| Deferred revenue | $21,251 |
| 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 | $10,681,399 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,752,828 |
| Total liabilities | $16,139,481 |
| Net assets without donor restrictions | -$12,814,835 |
| 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 | $3,324,646 |